ASP Isotopes Inc. trades on the NASDAQ ASPI. It's a pre-commercial stage advanced materials company dedicated to the development of technology and processes to produce isotopes for use in multiple industries. Happy to welcome CEO Paul Mann. Welcome to the conference today, Paul. The floor is yours. Thanks, Anna. Good to see you again. It's great for the interest from investors in the audience. Today we'll go through the slide deck, but actually, unlike previous versions, we're going to run through a very much reduced version of the slide deck today, allowing more time for Q&A because we struggled to fit things into half an hour. Obviously we've got some forward-looking statements in our presentation, so please refer to our SEC filings and your final notes on our website for most recent up-to-date news and disclosures and what have you. What is ASP Isotopes? If you look at this slide here, this kind of explains what we've built over the last four years. We've built a company that has three verticals. The first is ASP Isotopes in the middle, and that has built three manufacturing facilities here in South Africa that will produce isotopes and enable many of the future technologies the world needs in the future. Those plants are in the process of starting up now, and we'll update you on production timelines and volumes and things during the course of this presentation. To the left, you see PET Labs. PET Labs is the leading supplier of fluorinated PET isotopes into the nuclear imaging market in South Africa. That business is doing about $4 million in revenue per year, about a seven-figure gross margin. Our plan is to grow that business around the world, both organically and inorganically, and look at a number of opportunities. It's a great symbiotic relationship between ASP Isotopes and PET Labs because PET Labs consumes a lot of stabilized tips, and ASP Isotopes produces a lot of stabilized tips. To the right, you see Quantum Leap Energy, and that's going to focus on the nuclear fuels for the future, specifically lithium-6, helium, and lithium-7, to enable things like next-generation small modular reactors and nuclear fusion. Our goal is to spin out Quantum Leap Energy later on this year, looking for the October kind of timeframe, subject to all the regulatory filings and what have you. We've just recently hired a CEO for Quantum Leap Energy, Dr. Ryno Pretorius, who'll be in New York with me in August to meet investors. The three industries we operate in are medical, semiconductors, and nuclear energy. Now, I wouldn't be, you wouldn't be right without talking about the acquisition we're making at the moment. We're in the process of acquiring Renergen, which is a South African helium producer. I figured we'd talk a bit about the synergies between the two and why this transaction makes so much sense for both businesses. I think at ASP Isotopes, we've got a very strong proven track record of acquiring distressed assets and creating substantial shareholder value. If you remember, we acquired our ASP Isotopes assets for, I think, $0.75 million in 2021, and we've invested about $40 million into them since. We've created three plants, and they're all now operational. We've got a good track record of project management and constructing plants on time. We've got a deep understanding of global supply chains. We're on the ground in South Africa every day. Myself or the COO spend the majority of our time in South Africa focused on project execution. We've got a great relationship with the South African government. I'm happy to persuade them to give us permission to emit uranium in South Africa, and that they did. We've got a strong balance sheet as well. We've never let our balance sheet become a weakness for the company or for shareholders. Renergen is very unique in that it has a huge helium asset. I'll talk more about helium in a moment, but it's a critical material by most governments. They have a strong relationship with the U.S. government. They've managed to secure $530 million of committed capital or drawn capital for their projects. They've got access to very low-cost energy, about $0.35 per MBTU well-head gas. There are also very strong macro tailwinds in terms of driving demand for their products. The key highlights of the proposed transaction are that both isotopes and helium are critical and strategically important materials. We intend to become a fully integrated producer of these very special materials. The U.S. government has been the principal lender for the business, and there's a huge amount of support from the U.S. government for what we're doing here. The end markets are very similar, and we have a very shared customer base. Renergen's customer network is basically many electronics customers, as are ours. This will create a vertical and horizontal supply chain with large-scale plants using significant energy. This could lower our cost of energy by the cost of cash cost of production by 94%, which would be spectacular. You know, we see a huge revenue opportunity for the combined group. Our goal is to generate over $300 million in EBITDA in 2030 as post-security spin. This is accretive to our revenues, our EBITDA, our earnings per share, and our cash flow per share from 2026 onwards. That reflects the strength of the combined businesses and how we're going to execute these projects on time and on budget. One of the reasons I've always been interested in isotopes is because of the severely compromised supply chain. Russia dominates the global isotope production. Ivanko is the other producer. There's no real domestic isotope production in, or stable isotope production in the United States. Almost every Western government identifies isotopes as critical materials. The helium supply chain is also fragile and concentrated. 80% of the world's helium just comes from three countries, and that's by about 15 companies. We've seen huge shortages of helium over the last 20 years. Price volatility has been persistent, and there have been many, many price spikes during the years. Helium has a very strong, very strong growth rate in terms of prices. What I like about helium is that it's absolutely essential for semiconductor production. That makes it a very important asset for many of our customers in the isotope side of the business. People ask, you know, why is the asset so unique? Actually, it was created by two asteroid strikes about 3 billion and 2 billion years ago, landing exactly in the same place. What happens is that when you look at natural gas fields in the United States, perhaps there's 0.35% helium contained within it. We have between 3% and 4% helium in some parts of the field, as much as 12%. We're really drilling for helium. We're getting natural gas as a byproduct. That's how we think about it. It's about acquiring a helium asset here, and we get cheap gas with it. We use that cheap gas to generate substantial shareholder returns by driving down energy costs in our isotope side of the business. In terms of our, back to ASP now. In terms of our technologies, we have two technologies we've spoken about over the last several months. The first is the ASP process. The second is the quantum enrichment process. We've built two ASP plants in South Africa, one for carbon and the other for silicon, and then one quantum enrichment plant for your ytterbium-176. Actually, ytterbium-171 as well. The ASP process uses a stationary wall centrifuge. Our plants are much cheaper to build than a traditional centrifuge, with much, much lower capital needs. They're much smaller and modular, which enables us to expand plants as demand grows. Quantum enrichment, we feel, is the most powerful method to enrich isotopes, and it's great for anything that does not turn into a gas. Not everything turns into a gas, so you can't use a centrifuge for that. Let's go through some of the end markets, and then we'll start on Q&A. Nuclear medicine is one of our larger opportunities. This is actually where I got interested in the industry four or five years ago. In the global nuclear medicine market, it's growing at an exponential rate. There are new medicines coming to market that the world needs to treat things like cancer, and there's a huge shortage of stable isotopes. This diagram here shows the symbiotic relationship between ASPI and PET Labs. In the future, we have to enrich stable isotopes on the left, so carbon, zinc, nickel, ytterbium, lithium. PET Labs and radiopharmacies will convert those into radioisotopes that are then used to treat patients who have diseases such as cancer. You take zinc and turn it to gallium-68 or copper-67, depending whether you use a cyclotron or a linear accelerator. Nickel-64, you turn it to copper-64, and that's used to treat cancer. There are a number of synergistic or symbiotic relations between the two. Our first medical plant is ytterbium-176. That's up and running today, producing commercial samples. We said in our press release today, we've enriched to the mid-90% and should get to 99.75% during August. That'll allow us to start shipping our first products. Ytterbium-176 is used to make lutetium-177, and that's the feedstock for Novartis' new oncology drug, Pluvicto. We're seeing huge growth on Pluvicto. It's forecast to be a $4+ billion drug in years to come, and the whole category could be as large as $15 billion, as many market commentators are very excited about this market. One of the problems with ytterbium, historically, is it's all come from Russia. During the Novartis clinical trial, 5% of patients died because they couldn't make the active drug. They couldn't get the feedstock to make the active drug. We hope to solve that supply chain problem with our plant. We believe the plant could do about a kilogram a year when it's in full continuous production mode, which will be hopefully second half of this year, starting over the summer. We've got a demand for probably nearer two kilos of ytterbium-176. Most customers are happy to pay about $20,000 a gram for this product. Zinc-68 is probably the next laser plant we'll build in South Africa, one of the next laser plants we'll build in South Africa. That's used to make a diagnostic marker called gallium-68. Most of these new oncology drugs need a diagnostic marker to identify the patients. Zinc-68 is used for that, to make gallium-68. Carbon-14, carbon-12. The carbon-14 plant has been quite frustrating. We built the plant and completed construction last year. We've been ready to produce carbon-14 for the last 12 months. There's been delays in getting the feedstock to our plant. Our customer's responsible for supplying the feedstock. We just produce, we just enrich on a tolling basis. We finally got our first batch of feedstock in the first part of this year. Our second batch hasn't, our third batch hasn't quite arrived. We've been a bit of a delay in producing carbon-14. We decided to enrich some carbon-12 instead. Carbon-12 is actually a larger market than carbon-14. Few customers are interested in it. We'll ship carbon-12 probably in August of this year. If the customers like it, and we think they will, we'll actually expand this plant so it can produce carbon-14 and carbon-12, which would be great. This chart here just shows our timeline and our aspirations for medical isotopes over the next several years. You can see a number of isotopes that are needed in the medical market and various ways of doing it via ASP or quantum enrichment. Semiconductors is actually the market I'm most excited about from an ASP standpoint. Moore's Law has dictated the development of semiconductors over the last 70 years. Moore's Law dictates or states that approximately every two years, a semiconductor improves in speed approximately twofold. That's been consistent until 2024 when Moore's Law broke down and we recognized, or people recognized, that we can't do much more. We've exhausted the laws of physics here. We can't do much more with currently available materials. There's a lot of interest in silicon-28 from customers because if we can remove the 29 isotope, the silicon that goes into the semiconductor increases conductivity by thousands of fold. Maybe we can get one or two more turns on Moore's Law by using silicon-28. To kind of give you an idea of the interest here, we're talking to one fab who had two customers last year who wanted silicon-28. Now there are 35 customers wanting semiconductors enriched or produced with silicon-28. There's been an exponential growth there of silicon-28. We've signed two contracts, one with a large U.S. semiconductor company, one with a large global industrial gas company. We've got lots more customers interested in wanting to sign contracts we expect to do over the next sort of few months or balance of the year. We also intend to produce germanium-70, as well as other isotopes that enable quantum computing, such as ytterbium-171 and barium-137. You see on this chart here our expectations or aspirations for medical isotopes, electronic isotopes. I would add that if we combine our isotopically pure electronic gases and helium, we're the only company on planet Earth that can actually produce both. It's also become a one-stop shop for electronic gases for large labs that kind of need them. That puts us in a very strong strategic position. Nuclear energy, the final part of my presentation. SMRs are widely considered to be the next wave in nuclear energy. I won't be explaining what they are. Most people know, but basically you increase the amount of, you reduce the footprint, make it smaller, make it cheaper energy for everyone using nuclear. Some of the major companies are TerraPower, Rolls-Royce, X Energy, and OCLO. We speak to all of them. One of the problems with SMRs is most of them require a new type of fuel called helium. ISA alone enriched uranium enriched to 19.75%. There's no Western supplier of that helium today in commercial quantities. Most of the SMRs have been delayed because of a lack of supply. We believe our enrichment technology, quantum enrichment, is the best way to create helium, given we're going to a slightly higher level of enrichment versus traditional uranium. This chart here kind of compares and contrasts different types of enrichment. You'll see a gaseous centrifuge. It's about 1.15 in the enrichment factor. That's the fourth line down in selectivity. Quantum is greater than 50, and we feel that allows us to have a real competitive advantage over the traditional centrifuge. Here are some examples of quantum enrichment in real life. You'll see to the left, ytterbium coming out of the ytterbium plant and lithium, which is the subject of our Chief Technology Officer's PhD. You'll see the enrichment factor, the betas are well over 100. Actually, for ytterbium, we're scaling that back, and we're only operating at a beta of just over 50, 52, I believe, in order to optimize throughput and enrichment. That kind of shows you the power of this method. We actually have to tone it down a bit in order to get the level we want to get to, which is great. Nuclear fuel supply chain, as most people are aware, the nuclear fuel supply chain has been very constrained, and we've seen prices increase five to sevenfold for many components of it. There are not many commodity industries where prices go up fivefold and you see no supply-side response. That's what we're seeing here. There's been very little supply-side response to these higher prices, and the world is scrambling to try and find new supply of all components of it. We're interested really in the conversion and the enrichment in this part of it. For a nuclear fuel, our goal is to be able to take nuclear waste as depleted tails and convert it straight into helium. That'll really dramatically lower the cost of producing helium. That'll enable helium and nuclear reactors to be used in emerging markets around the rest of the world or suddenly, you know, frontier and emerging markets where we have to price nuclear fuel, nuclear energy at a discount to hydrocarbon-based energy. This little table here shows our aspirations for nuclear fuel. Our goal is to have lithium-7 and lithium-6 being produced in the 2027 timeframe. Just to summarize, we have a proven approach to technology developed over the last 20 years, multiple sectoral and geopolitical tailwinds driving growth of demand, as well as the need for alternative, secure Western suppliers. We built three manufacturing plants in three years. I can't think of many other isotope companies that have built three plants in three years, and we're pretty proud of our team of engineers who have done that. Ana, I'll stop there, and we'll take any questions in the final sort of 10, 15 minutes. Wonderful, Paul. Thank you so much. Let's jump in. Describe some of the challenges you've overcome in getting the three plants producing commercially. Thanks. Yeah. You know, nothing ever goes as planned when you're starting up plants. You hit multiple speed bumps along the way. As long as you don't hit a brick wall, it's fine. Speed bumps we can get over. Things like cryogenic distillation columns. We need helium at minus, I think, 190 degrees C. The cryogenic pump that produces the liquid helium can only get down to like minus 120. We had to change that, get the OEM provider to come out and make some changes to it. Then it worked, and we kind of got there. Problems with compressors. We put a couple of compressor shafts again. You just order them and replace them. Things like that in the silicon plants, the silicon plant. In ytterbium, you know, we had a problem with the molar mass meter, actually. Initially, the team wanted to use a time-of-flight mass spectrometer, and it wasn't working. They couldn't make it work. We got the OEM provider to come out, actually, from Cambridge, UK, and they kind of got it working. They decided they didn't like the term mass, wanted a quadrupole mass spectrometer. They changed to a quadrupole mass spectrometer. Anyway, they got it working now. The time of the mass spectrometer allows them to control the plant. Otherwise, it's like driving when you can't see through the windscreen. Things like that. The team overcame them all. That's a tribute to our engineers and scientists who are working on the plants to get them up and running. No problem is ever, ever too big. Now they're all working, humming away perfectly. It's a very exciting time for the company. We look forward to building new plants. Good. I'm glad you overcame those challenges. Talk a little bit about what contribution from each business unit gets to the $300 million of EBITDA in 2030. Yeah. I think before I can answer that question, let's let the transaction close. The transaction is scheduled to close in the third quarter of this year. We received shareholder support for the transaction about 10 days ago. We had 99.4% of shareholders voting in favor of the transaction, which is encouraging. From now to the close, we need to list our shares on the Johannesburg Stock Exchange. There's a lot of enthusiasm from South African investors to invest in the company. There aren't many companies like us in South Africa. I'm doing four days of meetings next week in Cape Town, Johannesburg, meeting investors who are very excited about what we're doing here. After the listing, the merger will happen, and their shares will delist. In order for the merger to finalize, we need competition commission approval and exchange control approval, both of which we view as formalities. We've got a great relationship with the government. Everyone seems to be very in favor of the transaction. Let's let the transaction close before we give a proper bridge of how we get to $3 million of EBITDA. I think in September, we'll likely have a large analyst event or webcast, and we'll talk more about what the business looks like when they're combined together, what this means for us and our customers, and how we get to that $3 million of EBITDA in 2030. Perfect. Talk about the next isotope plant you will construct. When and where will that be? We've already started the procurement for three more plants in South Africa. Gadolinium-160, zinc-68, and nickel-64, they will all be quantum plants. The capital needs for those are pretty low. They're quite quick to build. Once we've got the equipment in the country, our team can build them in two to three months and commission them in a few months. They're pretty quick to build. I'm not sure we have two of those plants up and running next year in 2026, maybe even all three in 2026. We'll see. We have aspirations to build a much larger plant in Iceland. I think we've been kind of slow-walking that a little bit simply because our return on capital for a quantum plant is much greater than our return on capital for an ASP plant. Also, our first ASP plant was going to be zinc-68. Actually, we think quantum looks so much better than ASP, we decided to use quantum instead. We're talking to a customer for the first isotope to come out of Iceland. It's going to be a large ASP plant, probably later on this year. That kind of timeframe is my guess. A lot of excitement, lots of plants to build. All of these have got very high IRRs and strong return on capitals. I'm looking forward to it. How much cash do you have on the balance sheet? What are your capital needs for the next 12 months? Yeah. I think I mentioned that earlier. I'll bring that slide up again quickly now. At the end of Q3, we had about $56 million of cash. At the end of Q1, March 31, we had about $56 million of cash on our balance sheet. We raised an additional $50 million of equity minus expenses and what have you to deal with it as gross proceeds during June. We actually feel really well capitalized now. We've got a lot of high-return projects to invest that capital into. We're very careful where we spend our money. I would add, Renergen needs about $30 million to complete its phase 1C to get the company where its cash flow break-even or producing cash flow is profits. We've actually put our money into the company already, and we're accelerating that so we can try and get that business generating positive EBITDA by the end of this year. I think we've told everyone to expect the middle of next year, but I think we can bring that forward by quite a bit. Do you plan on building a uranium enrichment facility here in the U.S.? Good question. Yes, we do. We will most likely build a plant in the U.S. with a partner. We're talking to a couple of partners about this. Likewise, in the UK as well. We're a small company, and for us to go into, obviously, to build these large plants with long regulatory lead times that require a lot of regulatory and licensing expertise, it may be helpful for us to draw on partners who've got that experience and may also have a site which has a lot of the approvals in place already. If we wanted to build a greenfield site in the United States by ourselves, it could take years just to get the permit before we put a shovel in the ground. Who knows? The last people to try and do it, I think it took 12 years just to get the technology into the United States. We think there's a kind of a better way to do it. We're talking to a number of partners. Hopefully, they'll come with some capital and with a site and regulatory expertise and everything we need to accelerate the project to get helium to the market as quickly as possible. Ryno Pretorius, the CEO of Quantum Leap that we hired about two months ago, he's based in the United States, has a good relationship with most of the SMR companies in the U.S. They know him. He knows them. He's also worked for the South African Nuclear Energy Corporation for five years. Plus he 's a PhD in fluorination technology. There's no one better to run this company than him. He's busy leading that charge right now. We'd expect to have some news on that in the next, I'd say, several months. Good. With all of that said, can you get some funding from the DOE or any other government? Yeah, we're talking to three governments about funding. There's nothing, you know, best capital is free capital. We'll see what we can get. You know, the DOE have been to our facilities in South Africa. I think they're very impressed by what they saw. I'm going to Washington in August to present to them and meet with them again. We've met with them a number of times now. When we met with them previously, we didn't have any plants up and running. Now we have plants up and running. It's a very different conversation with the DOE now about we've done what we can do, our capabilities. All of the stuff we do is considered strategically important to the United States, be it faster semiconductors, medical isotopes, or nuclear fuel. I think, you know, I'm hopeful and optimistic that we can. Certainly, we've got a good relationship with the government, most governments actually. The same is true for the UK government as well. Let's see. Fingers crossed. Talk a little bit more about that. Howard asks, have you gotten any feedback from the current administration here in the U.S. in regards to relaxing what's required to bring ASP plants to the U.S. and maybe address any tariff issues that might affect the company? Yeah, so tariffs become the problem of our customer, not ourselves. We sell everything ex-factory. They're responsible for the shipping and any tariffs that are due. My understanding from our conversation with our customers is that all of the products we are shipping are means from tariffs, aren't included in tariffs because they're so critical and important to the future of the U.S. and we're the only supplier kind of globally other than Russia for a lot of these products. That's fine. The second part of your question was around, is the administration aware of us and stuff? Yes, I mean, you know, I think the DOE and certain members of the government are very aware of what we're doing. There's a lot of enthusiasm to bring our facilities to the United States. I think that's one reason why we're looking to partner with people and to get them to do this. You know, we can't spend 12 years bringing our technology to the United States next decade. We need it this decade. That needs an aggressive, fast approach. I believe the current administration will be able to facilitate that far more than previous administrations have been able to do. We're very optimistic about the outlook there. We have a good relationship with a lot of people in Washington, DC. Good. Good. A few viewers are asking about the QLE spin-out. Freddie says, congratulations on the amazing year so far. Talk about the QLE spin-out, an IPO or direct listing. What's the update on that? Yeah, good question. To be determined still. I quite like the idea of doing a direct listing, but let's wait and see. We've engaged four groups of bankers to advise and work on this for us. We're going through the SEC documentation right now for the spin-out. I'm hoping we'll be ready to go very early in the fourth quarter. Certainly on track for that either way, but obviously, things can get delayed. The SEC can have more questions. NASDAQ can have more questions or what have you. I just remind everyone the rationale for the spin-out. When we created QLE, we were approached by TerraPower to ask us if we can enrich uranium. Of course, you know, we said, yeah, of course we can. That's relatively easy to do versus a lot of the other stuff we enrich. We're not doing it on our balance sheet. They offered to fund the first plant and fund the first research. We needed additional capital to do that. At that time, I think our market cap was, you know, $50 million, $70 million, $80 million. We decided to raise $25 million. We weren't doing it at a $50 million capitalization, or $80 million capitalization for our lowest return on capital projects. We decided then to convert all the bond into QLE, spin it out as a separate entity, and finance it separately. Also, we signed end-use certificates in our medical business, stating we're not enriching uranium. That's hard to do if we are. That was the main rationale for spinning out Quantum Leap. Right now we're on track for everything to go second half of this year, early fourth quarter of this year. Fantastic. Can you talk a little bit about the capital raise as part of the QLE spin-off? Might there be some strategic investors involved? Yeah, I can't really talk too much about that. Most of our customers have asked if they could invest in both ASP and QLE in some way. Those discussions obviously continue. I can't talk much more about it. They're confidential between ourselves and the customers. QLE is a very strategic asset for many of those companies. I think, you know, there's a desire to have a closer relationship with them and a less close relationship with them. Jeffrey asks, does ASPI potentially qualify for the recently announced U.S. Department of Energy nuclear fuel pilot project, or do you intend to apply for it? If we have a partnership with a U.S. partner, we'd very likely qualify for it. I think, you know, let's try and get that partnership cemented quickly and try and get some money for it. There seems to be a lot of appetite right now, both at the U.S. Department of Energy and at our customers, to get us into the United States as quickly as possible. LeBron asks, to address the challenges, what challenges caused the shipment of silicon-28 and ytterbium-176 to be delayed? You know, the challenges I kind of mentioned earlier, and I wouldn't say major delay. I'd say a couple of weeks delayed. I think we're kind of hoping to do it in July. It looks like it's moving into August now. I suspect you would get that question on the call today, which is why I put out the press release. It's updating everyone and making sure from a B.E.D. F.D. standpoint, we were kind of covered from that aspect. You know, starting up any plant, you go over these speed bumps, like I mentioned, compressors break, cryogenic distillate, cryogenic columns don't quite work unless they wanted to. You just need tweaking and fixing, and then they get going. For your turbine, we had the problem with a mass spectrometer. Mass spectrometers break, vacuum pumps break, you mend them, you get them going again. That's the case with any plant you build. I kind of think, you know, for us to build three plants in three years, I'm really, I'm very impressed by our engineers' ability to do that. They've done an amazing job. To start three plants up in six months in the first half of the year, I think it's also an incredible achievement. I think this goes to show the quality of the engineers we have here in South Africa. We hire the best engineers in South Africa. We pay the highest wages. You know, if you pay peanuts, you get monkeys. We pay the highest wages. We get the best graduates out of university every year. They come and work for us. They love working for a U.S. company. They work six to six, five or six days a week. They've seen what poverty looks like. They don't want to be poor, and they're really hard workers. Very different to graduates leading a lot of U.S. and European universities nowadays. They've done an amazing job getting these plants up and running. Yeah, they're really excited about building the next one. Yeah, it's good. A last question for you, and you can close on this. A few questions about your competitors. Who are they specifically? Connor asks about the recent emergence of Hexium as an industry competitor. Talk about that and how you stand out. Yeah, I'm not sure I'd consider them an active competitor today, not producing isotopes. I don't believe they've raised enough money to build an isotope plant, although I don't know for certain. There's a lot of information in the public domain. My understanding is they're looking more at the Lawrence Livermore process, the AVLIS process, to see if they can use that to enrich things like lithium and uranium. We know they can. It's, you know, they did it back in the day, or it's been done before. We kind of think quantum's better than AVLIS. Our Chief Technology Officer would describe quantum enrichment as AVLIS on steroids. It's a more complex spectroscopy, different beam shaping, different lasers. It's a bit like, you know, describing a Mini Cooper from the 1970s and a Rolls-Royce today. Very different vehicles. Both of them are placed in the market, but I prefer the Rolls-Royce today. That's kind of how I think. Yeah, listen, they're a good group of scientists, and we wish them well. Perfect. Paul, thank you so much for this thorough presentation and the Q&A. We appreciate you being on here and answering all these questions, and continued good luck. Thank you for your interest and questions, and see you next time. That's ASP Isotopes, NASDAQ: ASPI. All right, everyone, thank you so much. We'll be right back with our next presenter.