I turn to you, CEO of BioInvent, Martin Welschof, please, welcome. Thank you very much. Welcome everybody. Very happy to be here today to tell you the latest update on BioInvent. We have made actually quite some interesting progress. Without any further ado, I'll jump right into the presentation. Actually, we are in the process of developing the new standard of care for recurring ovarian cancer, that's based on our data release that we had just a little bit more than a week ago. I will come back to that later in a little bit more detail. It's actually in high unmet need. That's also why it's commercially quite interesting. You see, we estimate based on the data that we have currently, SEK 1.5 billion peak sales, and this is a very conservative estimate. Just to give you a quick summary about the company. Basically, we're developing the next generation of immuno-oncology. You might know the number one oncology drug that is selling is KEYTRUDA. The development of KEYTRUDA actually quite a while ago, and since then, nothing meaningful has been developed in that space. We feel with our two assets, and mainly with BI-1808, we have two new first-in-class mode of actions that can address this space. As a company, we're very well positioned because we're based in Lund. We're very integrated, I think, which also is very helpful in order to proceed and develop this product quickly. We do besides target discovery and antibody discovery, also do own manufacturing and even formulations, and of course, at the end, clinical development. Just to spend a little bit of time on the current major shareholders. As you can see, we are listed in Stockholm, OMX, but we have a quite international shareholder base. Redmile, large U.S. investors, they own 15.2%. Van Herk is a blue-chip European investor, also very active in the Nordic space, close to 14%. Forbion, another blue-chip European, close to 10%. HBM, close to 8%. Omega, another U.S. fund based in Boston. Of course, then a very high-quality Nordic investor, which is AP4, and they own more than 6%. The space that we're trying to address is obviously immuno-oncology. That is a very interesting space, still growing, but there are still a couple of bottlenecks, as you can see on the right-hand side of this slide. We are addressing the number one bottleneck, which is the immunosuppressive tumor microenvironment. That's what we are focusing on. You have to see it like this, that when you have solid cancer, they always create a tumor microenvironment around them, which supports their growth. What we're trying to do is to change this tumor-friendly tumor microenvironment into a tumor non-friendly, basically helping to fight the solid cancer. That's what we are trying to do. Just to mention also the success of other immuno-oncology drugs, as I said, number one is KEYTRUDA, top-selling, but all of them face a patent cliff, which means our development that we are doing is actually quite timely. We feel that we can help those needs and those gaps that are starting to develop, to fill them. This is our portfolio. Very focused. We last summer actually had a larger portfolio, then we decided to focus on the most mature programs, which is around TNF Receptor 2, BI-1808, and around FcγRIIB, BI-1206. As you can see, the 1808 is developed in ovarian cancer, and we'll get back to the data in more detail in a minute. But also in T-cell lymphoma, we can do that because the target, TNF Receptor 2, can be used in both solid tumor as well as in liquid tumor. FcγRIIB, BI-1206, is a similar situation. There we are in development for non-Hodgkin lymphoma, as well as solid cancer, which is first-line non-small cell lung cancer and uveal melanoma. The ovarian cancer data we just updated a little bit more than a week ago at ASCO, also in conjunction with a very good KOL event. We'll have further updates during the second half of this year. T-cell lymphoma and the non-Hodgkin lymphoma data will actually be presented tomorrow, also in a KOL event, then also there will be presentations at EHA that is happening this week in Stockholm. Basically, in all those programs that we are currently running, I have seen complete responses and partial responses. All in all, I think together, I would say around 50, which is actually quite good, and which leads us to say that both programs have shown proof of concept in liquid as well as in solid cancer. Both also have a very good safety profile, which is very important for development in cancer, because once you treat recurring late- stage cancer, you need products that you can combine that have a good safety profile, and we have that. We have good efficacy and good safety, basically. Now going a little bit more in detail into the program, starting with TNF Receptor 2. This is in ovarian cancer, and this explains a little bit the way it works. On the left-hand side, you see a cartoon which demonstrates a tumor microenvironment, which is very tumor-friendly. Once we add 1808, we turn that into a tumor hostile environment, and we do that in three ways. We delete the most suppressive T regulatory cells, which regulate the immune system down. We activate so-called dendritic cells, which are a very important cell class in the tumor microenvironment, which then in turn leads to the recruitment and influx of CD8 positive cells, those you need in order to fight the cancer. We work in these 3 ways, and from there you can see that we have good activity as a single agent, as I will show you also in one of the next slides. But also very high synergies with anti-PD-1 since we get those cells into the tumor microenvironment where KEYTRUDA is working on. The clinical trial that we ran for BI-1808, basically 3 parts. Part A was the single agent dose escalation that we already have done, and I will show you 2 examples from that data set. Part B is then the combination with pembrolizumab where we focus on CTCL as well as ovarian cancer. Part C is something that we might start towards the end of the year. Starting with some data. This was from the single agent dose escalation. We saw very early a very nice complete response. This is a patient heavily pre-treated, no other treatment options, and she basically, after a couple of weeks, 9 weeks into the study with single agent dosing of our product or our compound, developed a very nice complete response. And you can see in the middle panel that the T regulatory cells that should go down are also having a nice decline. This is another example for a so-called cold tumor, as that suggests. And when you focus on the right-hand side, you see those 2 pictures in blue. On the left of that shows the pre-dose where you can see no green dots, which means no CD8 positive cells. So really cold tumor microenvironment, that's how you call this. After 5 weeks of treatment with our antibody, we see all those little green dots infiltrating the tumor tissue, which are the CD8 positive cells, which then lead to regression of the lesions. And that's also what happened here with this patient. At the same time point, you could also see that the T-regulatory cells are going down. So that's a nice demonstration of the mechanism, how this antibody works in those patients. And again, this patient also was heavily pre-treated, so he received actually 12 regimens before he was put on BI-1808. Now switching gears a little bit, also showing you some data from the T-cell lymphoma. On the left-hand side, you see a PTCL patient, which is also a very difficult to treat patient population. Normally, when you have that disease, there's only one fate. At the end, the patients will die because there's nothing really out there that can treat. And what you have to focus on is just around the collarbone, you see those black areas, which are ganglia, where the tumor T cells are sitting, and we cleaned them completely out after 5 weeks, again, also with a single agent of BI-1808. And on the right-hand side, you see a CTCL patient with those very nasty skin lesions that also were healing after a couple of weeks of treatment. And the mode of action here is kind of a combination. So we kill the tumor T cells, but we also activate the immune system such that CD8 positive cells go into the cell lesions. A little bit more then detail on the ovarian cancer data. So we developed this based on the preclinical characterization with KEYTRUDA. Keytruda, pembro, which is the lower bar alone, achieves in this patient population 8% objective response. We crank that up by a factor of three to 24%, which is very meaningful. At the same time point, also with a much higher disease control rate. Very significant data. Here you see the full patient set. The waterfall plot is in the middle. Besides the very nice objective response of 24% and the almost 60% disease control rate, we saw something very important, which is progression-free survival of more than 10 months. This is super meaningful because progression-free survival means that also the overall survival will be better, because there's a lot of competing drugs in the market that have nice initial objective response, but then no duration, and I think that's the point here. That you can see that also here in another graph. In the middle is a spider plot where you see those long lines, which indicate a very long-lasting response, a deep, durable immune response. That's exactly what you want. The treating paradigm is as such that if you look at the lower part of this slide, it's a busy one. What we're focusing on is second line, so basically patients that have received the standard of care, which is cisplatin, and recur, and there, the current standard of care is pembro plus paclitaxel. We'll basically put our drug on top of this, and our expectation is that we push the objective response at least to a factor of 60. Then also already now we have a better progression-free survival than compared with the standard of care. Those are the forecasts that we have made. As I said, it's a very conservative one, peak sales of SEK 1.5 billion. This does not take into account other solid tumors that are cold tumors that also should be calculated in. At the moment, we are very conservative and just focus on ovarian cancer. Those are the timelines. We basically have done phase II Part A. We are now in 2026 and follow through the combo throughout the year. There will be another update during the second half of this year. Then we go for Fast Track designation and then start the combination with the standard of care. Once that is done, this can go directly into a pivotal study, which I think is always what we try to do. Since we are a small company, we have to focus directly on direct approval as much as we can. CTCL very briefly. Strong data set, 40% objective response as a single agent. The combination looks actually quite promising. I just wanted to show this plot. You see there BioInvent on the right-hand side, and on the X-axis, you should be to the right because it means high safety. On the Y-axis, you should be as much to the top as you can. That means the efficacy. Then you can see there's only one compound on the left-hand side, which is an ADC that is stronger, but also more toxic and very limited because you have to be in a very specific patient population. Very good positioning for the compound as a first-line monotherapy treatment. This is the further development. We'll start, of course, with a smaller indication, which is around a half billion. Once we move into ovarian cancer and other solid cancer, will be SEK 1.5 and bigger. At the end, very briefly, the second compound anti-FcγRIIB. This is developed in non-Hodgkin lymphomas as well as in solid tumors. In non-Hodgkin lymphoma, we position ourselves as the second line, very safe options. Of course, you have those competing programs, but they're all very toxic. As you can see, they lead at the end to severe infections that lead to patient death, because this is a very elderly and frail patient population. What we offer is the same efficacy but no toxicity, and a very easy application because this antibody is a subcu formulation, which is just a very easy 2-ml subcu injection. Those are the data, very strong, 80% overall response rate, 100% disease control, and that will be discussed in more detail also tomorrow in our KOL event as the CTCL data. Then we developed BI-1206 also in solid tumors. We are focusing there on patients that have received several lines of either anti-PD-1 or anti-PD-L1-containing regimens, do not respond anymore. We saw really nice responses as, for instance, this one, which is a uveal melanoma, showing a very strong partial response. Based on this data, we discussed with MSD and decided to go together with them into first line. I go through this slide first. Non-small cell lung cancer and uveal melanoma, we have done the left part. We are now in the middle part, we'll have the first readout during the second half of this year. What we're trying to do is obviously to move pembro, that you see in the upper right corner, even higher. It means higher objective response and better duration. Of course, the safety profile also for BI-1206 is a very good one. That leads me to the key expected milestones, I mentioned most of them already. For TNFR2 BI-1808, we had the KOL event at ASCO just a little bit more than a week ago, we'll have further update during the second half of this year. Very strong data. In 2027, we will have the first readout for the combination with the standard of care. At EHA, also tomorrow on the KOL event, we will have data for the T-cell lymphoma and for the non-Hodgkin lymphoma. In both settings, we will be also ready for a pivotal study during the second half of next year. Last but not least, the lower line, which is BI-1206 in first-line non-small cell lung cancer and uveal melanoma, where we have the first readout during the second half of this year. What we're really trying to do is to develop new therapies for cancer that are safe, because that's very important. At the same time point, of course, also efficacious because current drugs really lack a good safety profile. Most of them are still very toxic. They work, but they're very toxic. We try to really, by focusing on the tumor microenvironment, come up with new ways that are safe and efficacious. Thank you very much. Thank you so much for that presentation. Obviously, you have several clinical programs running. Capital allocation becomes very important. How do you determine when a project should be advanced, paused, or how do you prioritize it? It's all data-driven. Right. That means you should generate meaningful data regarding efficacy and safety that is meaningful for the patient. If you can't reach a good efficacy, which is really better than what is out there as a standard of care, combined with a good safety profile, then it doesn't make sense to develop. You drop it, or do you pause it, or do you? That depends on the detail. Right. If it's really bad, you would drop it. Yeah. Of course. If it's, let's say, not good enough, you might pause it and try to partner it with somebody. So far, those two programs that you see, they're both very good. For sure. Also there, we have some prioritization because the major value driver is BI-1808 in ovarian cancer, because that really has changed a lot for the company. Brought a lot of attention from investors as well as from corporates. We have now discussions with large and small pharma companies, and that is our main focus. BI-1206 in non-Hodgkin lymphoma, that's something which has really good data, but which we would rather partner at this stage. All right. Yeah. What is holding you back from tying a partner? Well, you have to find the right partner, right? Yeah. All right. You have quite a substantial cash position. How long do you think your current financial position will last? We have a runway into Q1 next year. All right. Yeah. Then what kind of financial solutions do you see? Yeah. Currently we push very hard on partnering. Yeah. That's one way. And we have done, just here for the audience also to remind. We have from earlier collaborations with pharma, we have also programs that are now in phase III, Our programs are with the pharma, Then they would tie further milestones and royalties. That's something that we can look into and commercialize. We did that with our antibody that we have generated for Takeda. We sold our royalty stream to XOMA that generated altogether $30 million. That's something that we're looking into. Obviously other partnering around our key portfolio programs at the moment. Plus also, of course, we're talking to investors all the time. Financing is always on the table as well. Yeah, for sure. Yeah. Immuno-oncology is quite a competitive field. What makes your antibodies sufficiently differentiated in order to gain a solid position here? Yeah. I tried to describe it during my presentation. These are a completely new mode of actions that really modulate the tumor microenvironment in a way that you get long, durable, and very tolerable responses. Because when you look at the current cancer treatment, and I elucidated also that at the end a little bit, you have drugs that are efficacious. For instance, non-Hodgkin lymphoma, just as an example, you saw those three different compound classes or bispecific CAR T, and then lenalidomide-based regimens that are currently standard of care in second line for non-Hodgkin lymphoma. They're all very toxic. That means the quality of life of patients is absolutely bad. What you need to come up with, and that's something that we are really different than our competition, is new mode of actions that provide the same efficacy but less toxicity. Yeah. What we have, that's all phase II data now, is very convincing. I would say we have the proof of concept in liquid as well as in solid cancer. It's just adding further patients into the clinical programs to bring it to a certain maturity that you can basically be ready for pivotal studies. For CTCL, T-cell lymphoma, non-Hodgkin lymphoma, we'll be ready already next year. In terms of patient recruitment, how far are you in that? For those two studies, as I said, the preparation for the pivotal studies that are already done, so we have all the patients recruited, and it's basically a follow-up, at least in non-Hodgkin lymphoma. For T-cell lymphoma, there are still some patients to be recruited in the dose optimization, that will be done by end of this year, early next year, then we will be ready for a pivotal study there as well. What upcoming data point do you think is most important for investors during 2026? Yeah, I think the strongest value driver I also try to address is the ovarian cancer data, because this is obviously a large unmet market. Recurrent ovarian cancer is a big problem. Yes, you have a lot of compounds there. Recently ADCs, that's maybe some compound class that some of you will know, moved into that field heavily. They have good objective response, that means a primary response, then don't have duration. They're very toxic on top of it. I think the ovarian cancer, that will be the most important value driver, as somebody on the board always say, so ovarian cancer, this is the key, and the rest is gravy on the top. All right. If you succeed over the coming two years, what do you think the company will look like then? Just some final words. Yeah. Basically, already next year, I think we have data that would prepare the ovarian cancer program for pivotal study, which of course bring us into the limelight for partnering M&A or even a listing in the U.S. All right. How exciting. Thank you so much, Martin. Thank you very much.