There he is. Hello. All right. Now, there we are. The meeting has started, and let me welcome you to our fourth webinar, investor webinar. I can see that we do not have that many participants today, but so be it. It is, anything over none, I will give it as good. I am Stein Ulve. I am the founder and CEO of Eevia Health. And with me, I have Erik Eide, who is our Commercial Director, who is up late from Canada, and Petri Lackman, our Chief Technology Officer, who is basically running our head office in Seinäjoki in Finland right now. I am actually in Nuremberg in Germany at a very large organic trade fair, trade show. I am taking it from this webinar from my hotel room here, but I think it is fine. Anyway, thank you very much. Let me share my screen. And, let's see here. Can you see my screen now? Yep. Yeah, we've invited for this kind of series of webinars to basically present our strategy and our, you know, what exactly are we doing these days and which is the direction we have chosen to do. As you will see, we're gonna talk a lot about very specific health problems, particularly related to gut, gut and digestive health, which is the spearhead of our new strategy. Yeah, I presented Petri and Erik and myself. Of course, we have a strong board, and we have a series of younger managers that, sorry, just shortly about Eevia Health. I mean, we are still a young company, but we were founded in 2017. We are actually a public company listed at Spotlight Stock Market in Stockholm. Recently, the market capitalization is very low, about EUR 400,000, recently. Our core strength is, of course, that we are a manufacturer of nutraceutical ingredients, which we are marketing globally. Last week, we had customers from Taiwan, Australia, US, France, etc. It is very much a global business. We are expert in what you could call phenolic compounds, that we are extracting and standardizing from these type of wild-harvested raw materials, primarily Sweden and Finland. Recently, the strategy has been to focus on gut health. That strategy evolved, you know, quite a lot last year. We started this early part of the year to splitting out what we call condition-specific bioactives, meaning these are bioactives that have a very clear point on what type of health issues you are addressing. Furthermore, that these, let's say, the effects that these products have on this particular problem is substantiated and documented via scientific work, clinical studies, human data, etc., which is different from what we call compendial extracts. Basically, standard extracts, they're described in, maybe in a typically in a monograph type. European Pharmacopeia has a monograph for bilberry extract. These are standard. That means that these extracts would be, if you compare a bilberry extract from a Chinese supplier or an Asian supplier, the product is more or less the same, you know, literally the same, I would say, as our product. There's very little differentiation. Maybe we have a little bit less contaminants or heavy metals, but all over, the products are similar or the same. These are, of course, obviously then more competing on price, and they are not proprietary. We also have food ingredients. You know, we have a lot of side streams that we sell to food. That is why I'm in Nuremberg this week, because this is mainly a food show, but there is very interesting upside in valorizing some of these side streams and utilizing that part of the berry. Just to say then, you know, what was the change in strategy? It was going away from these compendial standard products, you know, which are raw material focused, you know, bilberry extract, lingonberry extract, over to really focusing on what are the problems we are solving and doing that in a really strong way. From the raw material focus, you get this compendial focus. From the solution focus, you get what we call condition-specific products. Some people say branded ingredients, and, obviously, they can be protected. You can have IPR, patent protection, etc., because these are unique products to our company. The strategy also implies another main shift, which is from a very, you know, if you have a raw material focus, you might have a very broad indication span, and you might not have any or little documentation on each of the indications, moving to a very focused solution, kind of, i.e., that means, of course, you have a very, very narrow and clear focus, not only on the product and the benefits, but also who would be the target group, who's the, who can derive those benefits by using the products. Of course, the other part is that, having a, being a small company atin resource base, we can focus, we can bring in new company and new funding on something very specific. Why gut health? It's a space where we have products that can take a kind of first mover position in terms of problems we are solving and which and how we're solving them. The market itself is very, very large. It's a, you know, vast market estimated over $40 billion, and also expected to grow, you know, very strongly over the next decade or so. Of course, driven by multiple drivers, in terms of the rising amounts of people with gut health issues. Also the fact that, as many researchers and a lot of the literature are pointing out, gut health and the digestive system really is a starting point for all health and has a very big importance in everything you take in orally, whether it's food or supplements or pharmaceuticals. is a very strong connection between what is going on in the gut and other, other parts, cardiovascular, kidney, brain. There is a big conference in Amsterdam this week just about the gut-brain connection, gut-brain axis, as they say. We are addressing very specific orders that are widely, you know, prevalent in the population, gut disorders, leaky gut, etc. We are very interested in things that are very close to the gut microbiome, such as the kidney and also the urinary microbiome. I will have Petri say a few more words about that very in particular. Petri. Oh, it's muted. You are muted, Petri. I was hoping Petri would say a few words about the very specific of what, how are we using our products to address. Yeah. Yeah? Right. Yes. Next slide, please. We didn't hear you on the first slide. Sorry. We need to start over. I see that the gut market opportunity for Arctic Polyphenols. I do not see the other slides. Yes. Yeah. Basically, when we talk about digestive system health, we are talking everything coming from all the way to the stomach to the colon, and especially about this thin lining that exists, one cell thick layer called gut epithelial lining. That is basically the barrier between us and our environment. Next slide, please. There is some tremendous market push for these sort of applications. What we have in here with the MaxBIOME™ project is a simple aim with a simple goal. We want to exploit the innate efficacy of proanthocyanidins towards restoration and maintenance of this gut epithelial lining. Consume proanthocyanidins, restore the normal balance and function of your digestive system. We have quite a good opportunity that is presented in the next slide because our existing products contain high concentration of these proanthocyanidins, especially lingonberry and Fenoprolic, which are actually complementary to each other as they contain B-type and A-type proanthocyanidins. The idea with Max Biome is to combine the best of both of these worlds and leverage them towards, say, gut epithelial lining and microbial modulation product. I think the next, yes. We have gathered quite a team of world-class science partners working with this. Good mentions in here are, for example, Dr. Hani El-Nezami from University of Eastern Finland, one of the leading authorities in gut health and especially on the microbiome modulation in Finland. Of course, Professor Johan Edlund from Karolinska Institute, who is an expert in kidney health, which also can be considered to be part of the digestive health because it's an organ responsible for excretion, for example, the metabolites that are coming from the metabolism of proanthocyanidins. If we talk about markets, maybe Erik can take a deeper. Just before Erik jumps in, I just want to say just to sum up that, you know, the gut and digestive market for supplements and for other products is very much dominated by things that are based on bacteria. Basically, probiotic, postbiotic, prebiotic, you know, is a huge part of any of these trade shows we go to, for instance. Our approach is very different than that. Instead of what you could call bugs in a bottle, bringing in bacteria to your gut, our polysaccharides are actually helping the gut system to balance itself and in a way restore and address problems by letting the microbiome balance itself. There is a distinguishing factor, the differentiating factor, and there are very few actors in this space. It is a very big opportunity for us. Anyway, Erik, markets. Yeah. What you just said there in terms of how trends move through the supplement industry, I think is relevant. We have an existing network we're seeing here. We operate in three main regions, Europe, North America, Australasia. We have four main distributors who are largely specialist distributors and one major branded supplement manufacturer as customers. Our plan is to leverage this same network with these new products, and follow how trends move through the supplement industry. The first step would be to bring these novel solutions to what would be called the practitioner channel, 10-15 large brands that work very closely with Naturopaths or natural health specialists. We then would move to direct-to-consumer brands, largely through the Amazon channel, which is not read well, but is the fastest growing channel in the supplement industry. Finally, moving to the mainstream brands, which are the brands most of us would be familiar with, those are also the brands that tend to have the weakest formulations because they have to compete the most on price. We would focus on the fact that we have a substantive claim. This is a novel plant-based, gut health solution. It's a sticky value proposition. The information that we have and that we're using to bring these claims forward is that consumers will have an effect. They will notice a difference. And when they stop, they will notice the difference or the symptom returning. It is all platformed on a sustainable Nordic quality brand. Next slide, please. Yeah. There. Oop. There we go. What we see here is a sales history by quarter. It really clearly illustrates the old business, which had an over-reliance on one customer on a compendial, what Stein had referred to as a compendial, almost generic type formulation. We had the surge and echo of COVID. That customer wound up with an inventory challenge that then reflected into us and really highlighted our inability to convert new customers with old compendial extracts and highlighted the need for us to go further into this strategy we're now introducing. We do believe the old business will return, but it just highlights how compendial formulations have risk, especially for a business of Eevia Health's size. Okay. I think that, you know, that's clear that at the core of our, you know, challenge, it's about bringing back revenues, getting the revenue growth back in again and building revenue going forward. Obviously, in the short term, we also need to mitigate by reducing costs and focusing. That has led us also to accelerate the initial strategy of focusing on these condition-specific products to also move into an accelerated turnaround strategy with aggressive cost cutting, but also divestments of some of the business activities we have that may be requiring most of the capital going forward. Basically, Eevia will focus more on these, what, proprietary, branded products that can be protected by patents, can, you know, will be under the, you know, focus of clinical studies and other type of ways of documenting bio-effect. These are branded ingredients. We hope to get a positive decision from Business Finland on a large application that we have now filed for a gut health study, primarily on the Max Biome, but they might actually have some additional arms there. To clean up and structure and streamline Eevia, it has been decided that we will divest primarily an eye health development product we have been working on for many years, which is named Retinari. Depending on funding and other hurdles that Havu has to work on, they might also overtake more wood-based and maybe all the wood-based business that Eevia has. There is a range there, but it has started with Havu now working on commercializing the eye health product, Retinari. For that, they are looking for, they are talking to a venture fund, a local, very focused corporate venture fund here in Finland. They will also have, Havu will also apply for Business Finland funding and other funding. In that way, Eevia can shed off all the attention and resources that Retinari is taking, and it can be commercialized in a separate company, but still benefiting the shareholders of Eevia, and not this, you know, not disturbing the Eevia business. At the same time, we're doing the same on the other side. These compendial products, there is a large market. There is a huge opportunity in actually taking market share in standard extracts. As we have alluded to now multiple times, it requires that you are cost competitive. It doesn't mean that you have to always compete on price. We are specialists in organic. We have a very good sustainability story. There might be macroeconomic factors such as, you know, US placing customs on Asian or Chinese products. There are many reasons that you do not necessarily have to compete on price, but ignoring cost and being much higher in price obviously does not incentivize big brands to switch. If these products are not seen as strategic products for them, they will primarily seek to have a lowest possible cost. We have the expertise. We have the competence. We know what we need to do to bring down the cost, how to, and it is centered around three elements: automation, basically lowering significant costs like energy, and improving yields. This Buckasalu will also have a better funding position. The idea is to build this facility in the north of Finland. I'll come back to that in a second, but it will have a much better position to get, for instance, funding from ELY-keskus, which are, one of the instruments they have is an investment grant from an EU rural fund, which basically we are, Eevia is not eligible to get because we're a public company. Buckasalu will be a private company, not a public company. Yes. Before, when we go on now, we will just give a little bit of further view into these two divested businesses, starting with the Retinari Petri. I'll let Petri explain that one. One key part of the Havu Health side of the investment is the project Retinari, which is product development that tries to solve a global problem that affects people's vision. Western populations are getting older and older, and a degenerative eye condition called age-related macular degeneration, or AMD in short, is already now pushing the healthcare systems to the breaking point. There are over 200 million people affected by AMD worldwide already today, with 200 million more coming with the few decades to come. It is a condition that eventually progresses to a loss of vision and blindness. Our objective with Retinari is to reduce this AMD-related onset of blindness by 25% with the Nutraceutical approach that is actually able to slow down and prevent that from occurring. The problem is presented in the next slide. Right now, AMD is treated almost exclusively only in the late stage of the condition. While drugs designed for the late stage condition are effective, they do not work yet in the early stage, and they require administration directly to the eye using painful injections. Once you need these injections to maintain vision, it is immediately a lifelong commitment. That is a huge economical burden, not only to the people affected, but also to the national healthcare systems. With Retinari, we aim to manage this problem already before the onset of AMD, years before the injections are required. The product is basically able to slow down the progression to the late stage by restoring the capacity of retinal cells to maintain cells, an ability that is lost when we get older. With an invasive dietary supplement or a medical food, this sort of food for special medical purpose type of category to prevent AMD development years before the injections are required. With Retinari, there could be no need for painful injections, no need for monthly doctor visits, and the price is less than 10% of the even most affordable injection option right there. Based on our preclinical research on the AMD mice models, we have exhausted the kind of requirement for this sort of in vitro research. Retinari indeed appears to be able to slow down the progression of AMD and perhaps even reverse the development. In AMD mice, the product consumption has resulted in a recovery of already built-up eye damage and restoration of vision performance back to normal levels, which is really nothing short of remarkable. The next phase would be to continue with the human safety studies and actual clinical efficacy studying in humans. You were done, Petri, were you? Yes. Yeah, thanks for that. Just a few words also about this other divestment. The core, as I mentioned, the core idea here is to really drive down the cost of these, you know, standard products, the cost of producing, which is done through higher, much higher level of automation, much smarter use of energy, lowering the energy cost, which steam, for instance, is one of our biggest costs. Doing that, we are moving this production to the northern part of Finland in an area called Lapland, which also has very, very favorable funding schemes, the highest rates of, let's say, investment grants from the Economic Center of Development. It also happens to be the area where you have the most potent berries and extremely clean, clean soil, clean berries, very, very abundant available berry, for both the lingonberries, bilberries, and other berries. It gives a lot of strong points for the company to make this move. Here's just an illustration of how we can change the cost profile. The target is to be at or maybe even lower than the Asian manufacturers in terms of both the raw material, part of the raw material of the cost of goods sold, and of course, the conversion cost, the cost per kilo of converting raw materials to a finished product. If we can get this cost position down, we can kind of recover our position in these type of compendial products, which is clearly an opportunity, but it requires these type of improvements to the process and to the whole cost structure. Of course, Eevia divesting these companies will also mean that we have a significant reduction in personnel, and that is also a big cost factor for us. You can see now that we have really, really far down in terms of payroll cost. We are also aggressively attacking other costs as a short-term measure of regaining positive cash flow and regaining positive EBITDA and eventually positive net results. Here you can see the trajectory, as I mentioned before, Erik was also alluding to, we had strong growth in the early part of the 2020s, 2021, 2022, we were growing fast, mostly on one compendial product to one customer. When they ran out of steam, we started having a decline into 2023, they stopped ordering. As Erik said, they will probably come back, this customer. In fact, we have very close contact with them, and we have good relations. They probably will come back in 2025 or 2026, but they stopped ordering in 2023. Of course, we had a huge decline in 2024, which led also to the return of negative EBITDA. The EBITDA had improved dramatically from 2021 to 2023. In fact, 2023, we had the first year of significant positive EBITDA. Most of that came from a very dramatic increase in gross margin, as you can see from very low gross margin in the early 2020s to 2023, we were approaching 60% gross margin. That just shows the ability to learn and ability to improve, which is, which we think we can continue, in fact, with these changes we are making. The green bars here are really targets. They're not the forecast, I have to say that. They are just to illustrate. Obviously, we are in a transition year in 2025. We have a EUR 3 million revenue target and a slight positive EBITDA target. The, you know, that's, we're not going to flatten out at EUR 3 million. That's, we are a tiny player and we need to quadruple our revenues very soon. We are aggressively looking for growth, obviously, but it needs to be profitable growth. That is clear. When it comes to stabilizing the funding and financial situation and the liquidity in Eevia, of course, we have multiple actions now that will contribute to do that. One is, of course, we hope to have proceeds from the rights issue. We have just here budgeted EUR 500,000, but we also plan to get cash payments for this divestment to Buckasalu. Of course, we are continuing reducing a very large inventory. We hope to have another EUR 500,000 out of the inventory during the spring, which will also improve our liquidity. Part of the equity issue we now are running, there is a debt to equity swap. Some debt will actually disappear also during this transaction. It's just a rough, these are rough numbers, but basically all of these will help, reducing. We have about EUR 1 million in unsecured credits in Eevia, and then we can reduce that to a normalized dose level. In short, from all of this, we end up with three, as we say, from having one horse, we now have three horses in the race. All of them will benefit the Eevia shareholders. Eevia helped with a focus on proprietary products, patent protected, clinically substantiated, solving very specific products that can be marketed and sold to very specific target groups. Eevia will be, by being focused, will have better funding opportunities, better, you know, will stabilize our financial situation. You now have a value upside on Eevia. At the same time, if Havu Health can succeed in their project, that has a big upside, commercializing the Retinari, but possibly also, developing other, value out of wood-based materials. Buckasalu is the third value option, which is simply, if you can develop, a cost position, you might have significant growth opportunities, in these more standard extracts. Of course, it is also aligned to achieve funding in a much better way, by having, by introducing new technologies, relocating to Lapland, et cetera. It will be a company with a unique position in terms of sustainability, et cetera. That was shortly our presentation of the strategy and the direction we're taking. Obviously we have multiple funding, you know, these non-dilutive public funding events coming in the next few months. There will be a lot of trigger points regarding those. The transaction we're looking at right now is the equity, the rights issue, which is, basically, we're in the end of it now. The subscription period ends in Sweden on Tuesday and in Finland on Thursday next week. There is, and by the way, sometimes in Sweden, the banks are closing a bit early. I think it's important to react soon if you want to be part of this rights issue. It's about, we're going to issue 134 million shares approximately and, pre-money valuation about EUR 6 million. That's the core of it. The issuing agent in Finland is Nordea Bank, and in Sweden, it's Akkurat Fondkommission. There is a landing page at the Analyst Group, which, which there's a lot of more information about the rights issue. That's the issue and the equity transaction we're looking at now. Obviously, we're hoping that that will be successful because it will have a domino effect on these other funding options and our ability to execute the strategy that we have been telling about. I would say, thank you very much for the attention, listening to us. I forgot to say it in the beginning, but we have, we're happy to have a little Q&A session now. And if you want to talk, I mean, we have a few participants here. Basically, you can push that hand at the top of the screen and wave if you want to have any questions to us. We're open to answer any questions, but we have basically said what we wanted to say. I don't know, Erik, if you have any further comments. I'll just sum up what you said, you know, when I would talk to customers or I talk to people who ask what we do just broadly, not necessarily webinars in the middle of the night in Canada, but the idea of these polyphenols are becoming more understood, better understood by customers and consumers. That's clear. Also, what we've learned is that the compendial space, which is our old business, is very difficult. The competition is massive. The risk to switching on the supplier to the customer is high. As a result, you wind up with a business that's really transactionally quite narrow with customers. Having said all of that, when you look back at our business and what we know and where these trends are going, we have huge competitive leverage. Customers need claims to navigate this new space, and we know we can do that. When we do that, we know that the value proposition is a sticky one for the customer or the consumer. We really have a unique opportunity to change the game. It reflects really positively into macro trends around plant-based and sustainability. It is easy for consumers to get their head around, and this is the right thing to do. The business, if we can manage these things and execute the plan, has a bright future. Okay. I didn't see any hands up. Oh, hey, there is a Q&A. Let me see here. Is there a question? Thank you for, can you elaborate on your, so the question is, I understand you are subscribing significantly yourself in the ongoing rights. Can you elaborate on your personal reasons for, for being the, for being, for, for behind the support, I imagine they should say. Yeah, that's simple. Of course, they are personal, so that's important to say. I'm, and I don't blame anyone. I'm just saying that we were way too slow to realize that what, for instance, Erik has been underlying. I would say previous boards were not responsive to the fact that having clinical substantiation isn't a choice almost if you want to make health claim. It's defined by law. You have to substantiate health claims. Finally, in the last, in 2024, we took that, you know, we basically put the, highlighted the assumptions of our business and realized that if you want to be in that space, you need to move towards clinical substantiation. Finally, I feel that the company really is oriented towards the future. Like Erik has pointed out, there are significant opportunities there. I feel that we are, you know, we are very realistic now about how to grab market share. We are in many ways, a little bit in front of or ahead of the game because we are, you know, I think that when I see my career, when I started 25 years ago with Omega 3, we thought we were late to the game then. We were completely wrong. I mean, the Omega, the enormous growth that Omega had in that, you know, from around 2000 to 2015, it was in front of us. I, by that experience, know it's the same now. The polyphenols, polysaccharides, natural products to solve very specific health problems, it's in front of us. I personally think that the market haven't got it. The Swedish stock market is, to me, irrational. I'm not sure if it's working in a rational way. We have a company that has a lot of experience now. I would say we are de-risked from what we were in 2020, 2021 when we did the IPO. We're a company that has lots of experience. We have market access. We have systems. We have products, protocols. A capitalization of EUR 600,000 is to me, an extremely attractive investment opportunity. I would have invested much more if I just had the funding. You know, that was about, it was what I was able to scrape up. I just see an enormous upside in this company, and that's my main reason for investing. Yeah, I believe in the company. Any other questions? Okay. I think then, today we use 36 minutes. That's a few minutes more than the two first one and three minutes less than the last one. I think it's pretty much average. Thank you very much for taking time and participating. Thanks for the question. Yeah, I mean, I hope we succeed with the subscriptions and we'll do our best to bring value after that as well. you know, build a strong, profitable company. Okay. Thank you very much. Have a nice day. Have a nice weekend. Cheers. Thank you, everyone. Bye-bye.