Joining me today is Inhalation Sciences CEO, Manoush Masarrat, to comment on the report for the first quarter 2024. Welcome, Manoush. Thank you. So let us dive straight into the report. In Q1, you disclosed revenues of SEK 3.9 million, which was 17% higher compared to the same quarter in 2023. Can you give your comments on the quarter's revenues? Yes. We started the year strongly and did manage to deliver on our signed commitments and milestones. Majority of the Q1 revenue was generated by our existing customers, by almost 90%, and we have an increasing share of recurring customers that keep coming back to buy additional services, which we view as a very positive sign of strength for our offering. Reviewing the report, we can also see that the sales in terms of new signed orders have been relatively low in Q1. What is your reflection on that? We do see an increase in our pipeline, especially on the service side of the business, IRS, Inhalation Research Services, which is our main focus area to grow. We have a strong pipeline of around SEK 35 million, but have experienced slower conversion to firm orders during Q1 2024. This is mainly driven by the timing of new inhalation projects by our customers and the still challenging financial environment for many life science companies. On the positive side of the coin is that the fact that there hasn't been any cancellations, but rather delay or postponement of projects. So we are still having on the ongoing discussions, and our job remains to be the conversion of these opportunities to firm orders, which is what we are working on. In terms of the results, we can see a significant improvement in Q1 versus the same period last year. Is this something you expect to continue for the rest of the year? Yes, our goal is to become profitable in the near-term future, and we have managed to significantly improve the results of the company over the last 12 months. We intend to continue improving the results of the company for the months and years to come. In terms of your cash position, at the end of the quarter, it amounted to around SEK 7.8 million. Do you see the current cash position as sufficient, or do you foresee a scenario where you need capital to accelerate the business further? We have touched base on this before. We expect and plan to have the current cash position to be sufficient. We had almost the same amount by end of last year as well. However, there are opportunities to accelerate the growth and strength our offering, in case we want to expand the portfolio with additional services and/or any M&A activities that may need additional investment if we were about to pursue them. You are also involved in an ongoing FDA study. Could you first tell our new viewers about this study? What is it all about? An update on where you stand currently, and also what will happen after this study is finalized. It is a study on our dissolution model, DissolvIt, that we have developed and have patents on. There is no standard dissolution method in the market, and FDA would like to evaluate DissolvIt with a high number of different formulations, around 14, some of them well-known and some of them brand new, to see the difference in dissolution before and after using the DissolvIt. So far we are one and a half years through this study that is supported by FDA, as well as financed by FDA, with almost SEK 5 million during the two-year period. So far we have checked all the boxes and delivered all the milestones, so we are really looking forward to have the final data by the end of this year. The potential with this study is that the research companies and pharmaceutical companies, instead of submitting their own dissolution studies to FDA, they can use the DissolvIt studies, which will gain them and save them a tremendous amount of time and cost, because it has already been FDA-validated, and that is where we see the huge potential with this. You also published your clinical study earlier in March, in March this year. What is the next step there? The clinical study that we performed, it was a phase one and a proof of concept study with total 12 healthy volunteers to show the technology being applicable in a clinical market as well. The three endpoints of the study was one, showing the technology being superior than a regular inhaler in the market, which we managed to do so. The second one was that to show the ability of regional targeting, to be able to target different part of the lung and control the dosage. Also, we managed to do so. And this third one was to not having any adverse effect, which was also met. Where we are now, we are in discussions with partners that are within the clinical market, to see how we can take the PreciseInhale instrument into the clinical markets, because we'd like to have that as a collaboration. And that is exactly where we are, and the potential of the clinical market is at least four times more than our current preclinical market, and that is where we are. ...And you've also announced a collaboration with a German company called Actarmo. Can you tell us more about that cooperation? Actarmo Medical is a private German company, almost the same size as Inhalation Sciences. Our collaboration is in line with our strategy of expanding our portfolio, especially on the service side. We believe Actarmo Medical services, complementing our services very well. They include everything from GMP setup, stability studies, CMC support, formulation, and full development of respiratory products, to name a few. We have been in collaboration with them almost a year now, and we have for now around 10 different quotations to potential customers for our combined services. So we are viewing this collaboration as definitely in line with our strategy, and also we are in discussions with additional partners to expand our services even more. Finally, what would you highlight as the main takeaways from this report? I would highlight the fact that we are continuing our growth journey and taking additional market shares. We have a stable pipeline and working us through to convert these to firm orders. Even though Q1 ended up in relatively low sales, we believe we can manage to regain this for the months and quarters to come. We have our clinical paper out recently, and there is high demand, especially for regional targeting in clinical setting, in which we also reconfirmed in our recent webinar with our customer and partner at AstraZeneca. Last but not least, as we discussed, we are not very far from having the final data in our ongoing FDA study for dissolution and DissolvIt, in which we will have a FDA-verified and hopefully FDA-endorsed technology in DissolvIt very soon. Thank you very much, Manoush, for this update. Thank you.