[Non-English content]. Yes, I will be doing my presentation in English. As I said, I'm a Dane, so the presentation will be in English. During the Q&A, [Non-English content]. You can also do it in English. I will reply in English. That's probably easier for everyone to understand. Again, my name is Johnny Stilou. I am the CFO of Saniona. Saniona is a biotech company working within the disease areas of psychiatric and neurological diseases. We are listed here in Stockholm on Nasdaq Stockholm on the main market. Our market cap is approximately SEK 2 billion. If we take it in dollars, approximately $200 million. We have a very strong cash position. We have more than SEK 500 million in cash. On top of that, I look into receiving within the next 12 months, approximately, I expect to see two milestones payment from our two partnership agreements with Acadia and Jazz, totaling SEK 17.5 million. Further, we have the ability to monetize our headquarter, which we own, through a sale and leaseback structure, which should give us approximately an additional SEK 70 million. Totaling approximately SEK 800 million in cash, which is highly unusual for a biotech company. That enables us to progress our pipeline through to 2028. As shown here to the right, our cash money mainly derives from two significant partner deals we have done in recent years. In 2024, we made a license agreement with Acadia for one of our early-stage assets. They paid $28 million upfront. Last year we did a second large license agreement with Jazz Pharmaceuticals for a preclinical asset, which they paid $42.5 million for. Just a little about those two assets, and the value of those assets. One is they have the monetary value, but they also validates Saniona. It validates what we do. We have had a lot of interactions with institutional investors. We have been on roadshows to the U.S., and we have had several meetings where investors come in and saying, "I do not know who Saniona is, but I do know that Saniona have made two major deals with two world-renowned companies, Acadia and Jazz, at a value which is highly unusual for early-stage asset. I need to learn more about Saniona." That is very positive. T o that question, what is Saniona? Where do we come from? Why do we believe that we can progress into what I am going to present? In the 1990s and the 2000s, there was a big Danish biotech company, NeuroSearch, at one point in time, the biggest biotech company in Europe, working within the CNS space. They ran into problems in the early 2010s. Saniona acquired and is built upon all their preclinical assets, all the data from all the studies they have done for 20 years and their vast library of molecules. We own that. That gives us a strong foundation of what we are doing today. On top of that, we hired many of the best researchers they had at NeuroSearch still working for us. They today have 30, 40 years of experience within the CNS space. The combination of this world-class research team combined with the foundation and the molecule enables us to internally identify, progress, optimize molecules, and drive them forward towards clinic. Over the last five years, we have identified, optimized four molecules and taking them forward. One of them is out-licensed. That model of continuously being able to identify and progress new programs with significant potential has provided us with the strong cash position we have, and it's a model that will continue to work going forward. It has also enabled us to build our current internal pipeline of three products. You see them to the right, two of them in epilepsy and one in depression. Both of these areas, epilepsy and depression, are huge areas, disease areas with high unmet medical need. Epilepsy, that's in Europe alone, a $20 billion market cost-wise, healthcare cost. There is approximately 30% of patients who struggles, who are not able to receive proper medication to stop their seizures, and they cost 80% of the overall cost. A significant market there for selective drugs, which we are developing. An even major area is depression, costs more than EUR 100 billion in Europe alone. It is a very severe disease. We probably all know someone who suffers from depression or let's say, related diseases like stress, anxiety and so on. It comes with a huge burden for the individual, for the families, workplaces, and society. More than 50% of all healthcare-related cost is going to depression. Importantly, approximately 60% of all suicides can be related to depression. Here is an overview of our internal pipeline. As mentioned, the blue one at the bottom, the two partner programs with Jazz and Acadia. On top, the yellow ones, our three internal programs, SAN2668 in epilepsy. That is in pediatric epilepsy, that meaning in children, where there are some severe diseases. SAN2219 is in focal epilepsy. Focal is the one you typically think about when you think epilepsy, that where people get the seizures. There are a number of various epilepsies, and some of them are very, very severe and target children. We have SAN2465 in depression. All three of them are in preclinical stage, and we are progressing them towards all three to enter phase I clinical trials by the end of this year, beginning of next year. Just going back here. As you can see, all of them, at least the top four ones, they are GABA programs. You will see the GABA α 1, α 2, α 3, and α 5. It means that they are selective products. Just a little about what GABA is. This is known within the industry. GABA is the brain's main inhibitory signal. It can drive the activity in the cells up or down. Again, it's inhibition. If you increase the activity of GABA, it will reduce the activity in the cells, which is what you want to do in diseases like epilepsy. Epilepsy, the activity goes way too high, and you want to lower it. We can also turn down the GABA and increase the activity. That's what you want to do with diseases like depression, where activity is way too low, so you want to increase it. We can go both ways. The GABA α 1, α 2, α 3, and α 5 means that they are different in the way they work, and they work differently within the brain. Take an example, the GABA α 5 is known, that's highly selective only in the hippocampus, a small area of the brain, where our mood, feelings, sense of joy is located. That's highly relevant when we talk depression, anxiety, and diseases like that. Some of the others target different places. You can see if we take seizure control, you can see GABA α 1 and GABA α 2 are very potent. Actually, GABA α 1 is an extremely potent GABA. The problem is that it works throughout the entire brain. If you have the benzodiazepines, which go for the GABA α 1, it is an amazing drug, and it works really good against epilepsies. As you can see here, it comes with the full package of side effects relating to sedation, impairment, addiction. We all know that many of the drugs within these disease areas comes with addiction problems. If you can find a selective drug without the side effects, that would be having a huge effect in the market. That is what we're going for. I will just go back to the two license program. Here you see the monetary value of the two programs. Should they go all the way, we will receive a total of SEK 1.6 billion. As mentioned, the first one, the near-term milestones. When Acadia, they are done now with phase I. When they start the phase II, and we expect them to do that within the next 12 months, we will receive an additional $10 million. When Jazz enter phase I, they are at a similar stage as our own internal programs, expect to be in the next 12 months, we will receive an additional $7.5 million. Should they go all the way, both of them, total milestones value of SEK 1.6 billion. On top of that, royalties. We have the ability with our three internal programs to further partner one or more of them, similar to what we did with Acadia and Jazz. Just to describe the value of those partnered programs. On top of the validation, I just spoke about the value here. Let's be honest, we all know that drug development, rarely drugs go all the way. One drug would be fine, but if we have two licensed or maybe three licensed product, we have more shots at goal. Let's say that one went all the way, that would bring in a value of $800 million. Remember, our market cap today is $ 200 million, to put it into context of the potential future value coming from here. These are not our main focus area. Our main focus area is our three internal programs. Here you can see an overview of the development plan. Development here. As mentioned, all three is expected to go into phase I by the end of this year, beginning of next year. We will have data readout by the end, during 2027. It's important we can do the three phase I studies, have the data, prepare for phase II with the current cash, which will take us into the middle of 2028. Our plan is to build, let's call it our next five years, to take one to two of the programs you see here into and through phase II. Meaning that by 2030, we should be a company with maybe one or two phase II products ready for phase III, a new phase I coming from behind, and some preclinical assets. That is the company that we are trying to build with Saniona. Very briefly on one of the products. We don't have time to go through all of them. SAN2668, as I mentioned, it is a strong anti-seizure medication without the significant side effects we see with other drugs. It targets the core biology of some of the severe pediatric diseases out there, and it has the potential to do a broad basket of the various child epilepsies we see. In animal models, we see a strong anti-seizure effect without the side effects. We see superior seizure control compared to other selective products, and we potentially see even stronger seizure protection compared to the non-selective benzodiazepines on the market. We have patents until 2025. Significant potential here. The phase I study will be performed. This is what we'll do with all three of them. They will be looking for biomarkers. They'll get the helmet where we can see the activity in the brain when we dose. There will be PET imaging to see how the drug is absorbed into the brain, so exposure and occupancy in the brain. You can see it's marked yellow. You do phase I in healthy volunteers. In parallel, we can do a photosensitivity study in patients at the same time. Some patients, epilepsy patients, they react to light. If they go outside, they need to wear sunglasses to not get seizures. What you do is you flash some light into their eyes, which will provoke a potential seizure, then we give them one dose of our drug, then we can see how it works. That gives us very strong early indications, data on how the drug works. What to look at in the coming future? What are the value inflection points of Saniona in the near future? As mentioned, later this year, beginning of next year, we will initiate the three phase I programs. Next year, we will have readout of all three programs, including the photosensitivity study. Other potential milestones that you should be looking out for is the Acadia and Jazz milestone payments I've talked about. We have other programs I've not mentioned here, there could be potential milestone payments from other agreements with Boehringer Ingelheim and AstronauTx. As I mentioned, we could out-license another of our programs similar to Acadia and Jazz. Finally, we had an obesity drug in Mexico that could get approved. Final slide, just showing here what it is we're trying to build with the 2030 plan. If we take Lundbeck, they acquired in 2024 a U.S. company, Longboard. Longboard was a one-drug company. They had one drug in pediatric epilepsy. They had a broad basket study, phase II, consisting of 52 patients with good data. If you recall, as I described with SAN2668, it says exactly what we're doing there. That is a head-to-head competitor to the Longboard drug. Lundbeck paid $2.4 billion for that. We're not trying to build the new Longboard. We want, as mentioned, a broader pipeline similar to what Karuna and Cerevel looked like when they were acquired by BMS and AbbVie for $8 billion versus $14 billion. Finally, before the questions, just one comment, a little commercial here. We will be hosting a series of webinars. The first one next week, June 17th, where our chief medical officer and chief science officer and an external physician will talk about epilepsy and SAN2668, the pediatric epilepsies. Later this year, we will have on the two other products. I can encourage you, everyone can listen in, and you can also listen to it afterwards. Thank you. Thank you very much, Johnny. We have a few minutes for questions. I think I start off with, there is quite a lot of news coming up when it comes to phase I. When you move these three products forward, will you add something more eventually? Yes. As I mentioned, we do have the engine to build continuously new products. As I said, over the past five years, we have pushed forward four. Yeah. The three ones and one of the partnered. The plan is to continue that work as I said. Those three will go forward, behind we will identify new drug candidates. Yes. Not this year. It will probably next year. Yeah. Yes. Yeah. All right. You have a history of licensing these three products. How long do you think you will take care of them by yourselves? As mentioned, all the three programs in our internal pipeline, we do not have the resources or the financial muscles to take them all the way. We are a biotech company, we will need to partner one or two of them. We definitely want to keep one or two of them internally and progress them forward, certainly. I understand. It may be a little bit early, I think, when it comes to study design, do you think you will have to run phase II on your projects, or do you think like phase IIa and phase IIb and then a phase III? The typical study design, of course, as you mentioned the phase I. The phase II programs, we will do one of two of those, and in parallel prepare for phase III to keep up the pace time-wise. When we get to phase III, then we are at a stage where most likely we will need to partner out. At that time, as shown on the slide here, a significant value creation should have taken place. Yeah. Okay. When it comes next six months, from development point of view, it's focused on moving into the phase I, and results are coming next year. Is it the first half of the year or when can we expect results? The results are expected in the second half of next year. Yeah. Okay. On all three programs. Yeah. All right. Going forward, if you're going to bring new development projects, is it the same sort of into the neurological or what are you looking at? We are a CNS company. Our expertise is within the area of neurological and psychiatric diseases. Yeah. That's where we have our expertise, so it will be within those areas. Yeah. Okay. What about risks? All life science companies, of course, drug development is, of course, risk. Yeah. When it comes to these first stages, is it recruitment of patients, or what do you see? So, as you said, there's always risk i n drug development. Of course there is risk. Being a biotech company, there is financial risk. Yeah. We are in the lucky situation that, with the cash position we have to do the phase I and into 2028, we have eliminated the financial risk, which is a huge thing for a biotech company. We are moving all three programs into phase I. Obviously, there is risk. There always is. We believe that we have three strong candidates, but yes, there are risk. Yeah. Of course there is. If this was the first time you're listening to Saniona, what kind of owners do you have in the company? We are, I mentioned, listed here in Sweden. Yeah. We are mainly owned by retail shareholders. We do not have any major anchor investors in the company. It is truly a company owned by a lot of retail shareholders. Yeah. Okay. You don't need any more capital until you need to move into the next phase with your three projects. You were talking about the milestones, that is out of your control, right? As I mentioned, the near-term milestones, the SEK 17.5 million. Yeah. Those, as said, I basically bank those money despite the risk because the partners recently paid a lot of money upfront, so it would make zero sense for them not to go into the next stage. Beyond that, I have not budgeted, assumed anything because then it's suddenly much more risky. Yes, you can say financing going forward, it could come from further milestones, payments from Jazz Acadia- Yeah ...to fund our further progression. Yes, it could. It could come from additional licensing agreements, could also help. Okay. There are some of the other programs that could, yes, we could try to get some institutional investors in down the road also. Yes. Okay. Time flies. We don't have any time for more questions. Thank you very much for coming here. Thank you very much. Thank you. Thank you. Thank you.