Inhalation Sciences have released their Q2 report. And with me to discuss this report in more detail, I have the company's CEO, Manoush Masarrat. Manoush, reviewing this report, we can see that the revenues and also sales in terms of new signed orders in Q2 were lower than for the same period last year. What is your reflection on that? The general situation for the life science industry globally, a number of major reorganization at several pharmaceutical companies, and a continued tough investment climate for funding research projects are some of the underlying reasons that have affected us, like many others. That said, our pipeline is in form of ongoing discussions, and the sent offer is still high and around SEK 30 million. We are hopeful and are working purposefully to convert a larger number of these quotations into signed orders as soon as possible. In terms of operating profit, the company has improved the results by 24% in the first half of 2024. Can you comment on this? Our journey towards achieving the company's strategic goals, including a positive cash flow, has continued during the second quarter, and we intend to build on this momentum for the remaining part of the year as well. In terms of the cash position, I know that we talked about this the last time we met. By the end of the quarter, it amounted to SEK 5.6 million. What is your view on the current cash position, and do you see it as being sufficient going forward? Based on our activities, where we have streamlined the organization, with six FTEs and a couple of consultants, and in which we have reduced our operating expenses significantly, we believe the cash should be sufficient for the remaining part of the year, on top of the additional orders that will generate new cash in the company. For obvious reasons, we are monitoring this very closely and will surely take any necessary actions when and if needed. And I wanted you to comment also on the ongoing study for your in vitro lung simulation module, DissolvIt. This one is co-financed by the U.S. FDA. How is this study proceeding? Yes, and I have received a number of questions from investors also. It's great that we are touch base in that. The study is moving forward as planned. All the collaborative work has been finalized. 23 out of 24 deliverables have been fulfilled. 95% of the total value of the project has been invoiced and paid by FDA for a total of $4.5 million since last year. What is remaining is, one, the last part of the study, which includes PBPK modeling, and two, the final report and conclusion of the whole project together with the FDA. And these steps are planned to happening during the coming months and definitely before end of this year. What will happen next after the finalization of the report and given the positive data, we will use this as one of our main selling arguments towards any pharmaceutical companies that's looking into the solution and submitting files to authorities both in the U.S. and Europe. An FDA-validated and hopefully endorsed study will open huge opportunities for ISAB, saving tremendous amount of time and cost for our customers, and we are really looking forward to have the final data before end of this year. I also wanted to ask you about the Precise Inhale system, because you have previously reported some very strong in-human clinical results there, which have also been published. What is the next step here for Precise Inhale? Well, as I mentioned in the Q2 report, we are in continued dialogue with potential partners regarding clinical application. Our goal is to be able to present one or more forms of collaboration shortly. This collaboration could be either using the PreciseInhale as it is for similar feasibility studies that we performed in our study and published, or having a clinical application where the products obviously needs to be CE marked. Today, it's CE marked only for preclinical use, but when and if for a clinical application, it needs to be CE marked first, which will add some times in terms of both regulatory and design of the product, and that is exactly where we are, and as soon as these discussions have finalized, we will surely inform the market about it. Manoush, one final question then. What do you believe is the most important thing for investors to consider when deciding if Inhalation Sciences is a company to invest in? A number of points. Number one, the company's growth potential in preclinical as well as clinical market. As we have shown during the last couple years, we have been growing double digits, and so there is a huge potential in the markets. The fact that we have been and are very close to be profitable is, as a second point, and last but not least, and what we have already touched base, that's the upcoming results of our ongoing FDA study with DissolvIt, which will happen during the coming months. And all of these should be very intriguing facts for any investors, both existing and new potential investors in ISAB. Perfect. Thank you very much, and let's connect again in connection with the next quarterly report. Absolutely. Thank you. Thank you.
Loading workspace