Oxford Biomedica plc

Hello, and welcome to the OXB's 2025 Interim Results Presentation. We are joined today by Dr. Frank Mathias, Chief Executive Officer, Dr. Lucinda Crabtree, Chief Financial Officer, and Dr. Sébastien Ribault, Chief Business Officer. There will be a Q&A session following the presentation, and if you'd like to ask a question, please signal by pressing star 1 on your keypad. We ask that please limit your questions to just one with a follow-up, if necessary. I would now like to hand the call over to Dr. Franck Mathias. Please go ahead.

Good afternoon, everyone, or good morning, depending where you are. So, for those on the other side of the ocean, good morning, and thank you for joining us for OXB's 2025 Interim Results Presentation. It's a pleasure to be with you today, virtually this time. With me today, as already said, is our Chief Financial Officer, Lucy Cretry, who came on board just over a year ago and quickly established herself as an integral part of the team. And with our Chief Business Officer, Sébastien Ribaud, who plays a key role in driving our commercial progress. Next slide, please. So here, obviously, is our legal disclaimer, as always, as a quick reminder that today's presentation includes forward-looking statements. The details are here in the disclaimer. Please go to the next slide. So let me begin by outlining today's agenda. I will start with an overview of the key achievements over the period. highlighting the steps we have taken this year to further cement OXP's positions as a leading global cell and gene therapy CDMO. I will then hand over to Sébastien to provide an update on our strong commercial performance, and then Lucie will take us through the group's financial performance. I will finish the presentation with some closing remarks, after which there will be a Q&A session. So please, next slide. So the first half of 2025 has been a period of strong delivery for our company, driven by sustained high demand for our CDMO services across all vector types. Our performance in the period has also led a few days ago to our inclusion in the FTSE 250 index, which, in my view, reflects the progress we have made in building a stronger and more resilient company. Building on the growth seen in 2024, Roman Youth continued to grow in the first half of the year, increasing by 44% to 73.2 million pounds. Meanwhile, contracted clients' order grew by 166 year-on-year to 149 million pounds, providing us with clear revenue visibility. This growth has been driven by several factors, including increased lentiviral vector manufacturing for clients in clinical development, as well as those preparing for late-stage or commercial activities. Thanks to the growing revenues and careful cost management, we also achieved a significant improvement in profitability. Our EBITDA loss narrowed significantly by £12 million to £8.3 million for the period, compared to a loss of over £20 million for the same period in 2024. Turning your attention to the operational side of the business, we continue to deliver operational excellence by further aligning operations and driving manufacturing optimization across the UK, US, and France. This has resulted in improved efficiency and agility, strengthening our ability to respond to client needs across geographies. In line with our multi-vector, multi-size strategy, we started to transfer our AAV vector platform to France. Process development and pilot manufacturing capabilities for AAV are now available for clients in France, with transfer of GMP capabilities targeted for completion by the first half of 2026. Similarly, in the UK, additional antivirus GMP manufacturing capacity is also due to be added by the first half of 2026, following strong demand for both manufacturing and development services. To support the growing number of late-stage client programs, we bolstered our balance sheet with a new debt facility of up to 100 million US dollars and an equity placement of 60 million pounds, in this case, post-period in August. We will strategically invest this added financial flexibility to strengthen our CDMO network globally, including commercial-stage AED manufacturing and fill-and-finish capabilities in the U.S. This impressive first-half-year performance, combined with our robust balance sheet, underpins our reiterated full-year 2025 guidance and supports our medium-term outlook for sustainable growth and profitability. Next slide, please. The reason OXP continues to succeed is clear. We combine differentiated capabilities with a proven track record of delivering and unmatched expertise in viral vector manufacturing. For now more than 30 years, we have been driving innovation in vector design, process optimization, and large-scale manufacturing, and our track record speaks for itself. About 1,000 successfully released GMP patches, more than 40 client programs currently, 30 INDs, and 65 successful audits worldwide. Add to this our highly experienced business development team, very talented scientific professionals throughout the company, state-of-the-art facility, scalable platforms, and a global footprint in key biotech hubs. And we are always positioned to meet the complex development and manufacturing needs of our clients. Next slide, please. Building on the previous slide, here you can see the scale of our global viral factor CDMO network, strategically located across leading biotech hubs in the UK, US, and France. This footprint not only places us close to our clients in the end markets, but also provides resilience against tariffs, pressures, regulatory shifts, and other external headwinds by balancing capacity across regions. As mentioned earlier, we raised 60 million pounds to strengthen this network. We found to be directed towards expanding our USAV commercial capabilities and targeted investment across the network to enhance quality, productivity, and yield, all to meet growing client demand. I would now like to hand over to Sébastien, who will provide an update on our commercial pipeline and the market dynamics that continue to support our business. Please, Sébastien.

Thank you, Frank. Good morning, good afternoon, everyone. We can move directly to slide number eight and talk about the market situation to start. up to preregistration are increased. The most impressive, at least for me, is to look at the last three categories, the phase two, the phase three, and the preregistration. The phase two programs have moved from slightly shy of 280 to 330, which means an additional 50 programs in phase two for cell and gene therapy. Likewise, phase 30 is moving from 34 to 45, and preregistration from 5 to 13. Seems like it's a small increase, but it's a growth that is above 200%. That is the reason why we continue to see a strong momentum all around the world in the number of CGT programs. The programs are for us through phase one, through phase two, and they are now either entering phase three or being at pre-registration. Looking at the right side of the slide, we see that 10 to 12 CGT approvals were expected in 2025 across U.S. and Europe, and a number have already been approved, as you can see here. So, it was difficult in the case of Oxford-Bayern handicaps to talk about CGT Although we are a CGT company, we're specialized in viral vector manufacturing, and some programs can be cell therapy only, as we have listed one here. XenCell Pro from Excel Terra is a cell therapy program only that doesn't trigger viral vectors. Still, the trends. directly applicable to the OMB business. And if we move to slide number nine, the growth of the market is the same growth that we enjoy when we look at the overall value for Oxford Biomedica. Starting on the left side of the slide, we have signed 56 million pounds of orders at the end of H1 last year, and we have signed 149 million pounds at the end of the first semester of this year, corresponding to 166% growth. It's a very significant increase, and if we look now on the right side of the slide, how this translates in terms of pipeline value, we tried to indicate here what the pipeline situation was at the end of H1-2024. So, you see the pipeline by category of vector, and we listed here the lengthy pipeline in pink. the AD pipeline in green, and all other vectors in dark blue. At the end of H1 2024, the pipeline was around $570 million. We added on top what we had signed at the end of H1, since the pipeline variations are due to what enters new opportunities, but also what exits the pipeline, meaning the order we signed. If there are orders, there are not any more opportunities. It means that the total volume of opportunities that we had handled in H1 2024 was up to $642 million. Doing the same exercise at the end of H1 2025, you see that the sum of the opportunities, which were at $541 million for what stayed in the pipeline at the end of H1, plus what we had signed, was giving us a value of $732 million, plus 13% compared to last year. that plus 14% compared to what we had seen on the previous slide, which was 7% year-on-year growth of all the programs, accumulating preclinical phase 1, 2, 3, and registration, shows that OXB is growing across markets. Not a big surprise, and I often hear that there is an excess of capacity, indeed physical capacity, But there is a gap in the number of experts available for the late-stage activities, and that's where OXV has a value, and that's the reason why LAMC remains a key driver of our pipeline today, although the AUV value is significantly increased from 91 million last year to 100 million this year. Moving now to slide number 10. It illustrates how the OXV strategy has an impact on the type of contract that we sign. Our clients are happy with OXV. We see it through the customer satisfaction, and more than 80% of the signed contracts are from existing clients, reflecting not only the satisfaction, but the fact that they progress through late-stage activity, as we'll see in one of the next slides, but let's stay on this one for a couple of more minutes. We have a lot of new clients in the AAV space, something that is not pictured on the slide here, but in age one, 100% of the contracts from new clients were AAV contracts. That reflects the strong roles we have seen in the pipeline, but also the fact that OAV is not seen only as a LENC company now, but as a LENC and AAV and other vectors companies, as we have defined it in the one-way . We didn't want to diversify only in terms of vectors, but by geography as well. And if in the past the North American clients were 80% to 90% of that geographical split, today it's 60% with a significant share for EMEA and for Asia Pacific, which shows that people understand that we're now operating as a global company that can deliver at the minimum two vectors per site. Moving to the next slide, you'll see the evolution that we decided to show you over three years. In each category, preclinical and development, early stage, late stage, and commercial activities, you have at the bottom in gray the bar that corresponds to the number of programs on which we were working in September 2023. And at the top, you see in dark blue the number of programs that we are running in September 2025. We have 25 technical and development programs in 2023. 14 today, but if you go to the category just below early stage clinical, you see that we have 23 early stage clinical to be compared to 14 only in September 2020. What does that mean? It means that many of our clients who were at feasibility stage have progressed into phase one and stayed with us. That's why we see an increasing number of programs. Good for the company. After feasibility, we developed the process and we made the GMP manufacturing for phase one and also phase two. The biggest increase we've seen is in the third category covering late stage clinical in phase three activity. one stage program only in September 2023 versus five programs in September 2025. They are corresponding to VLA filing expected between the end of this year, Q4 2025, and the first half of 2026, which will clearly change the number of programs that we have in commercial or next year, we see today that we are running two commercial programs versus one in September 23. That number is going to increase significantly as our clients' clinical data are extremely positive and we're already discussing with them the capacity that they need for 2026 and beyond. Even 2027 numbers are actively discussed at the moment. Moving to slide 12, that will be my last slide before I hand over to my colleague, Lucy, that explains the reason why we have raised 16 million pounds recently to strengthen our global CDMO network. There are strong CDT market fundamentals, as we've seen on my first slide. The number of programs keeps increasing and is increasing faster in the later stage of the activity. We are the client demand, and the pipeline continues to grow. And the U.S. situation is such that we need to continue to build infrastructure in U.S.A., not only for AED that today is fueling the growth, but in the future for LAMC vector manufacturing as well. We want to continue that acceleration of revenue and margin improvement. We want to add commercial scale, GMP capacity in the U.S. That was the plan out of last year. It's still the plan this year, and we're working on a plan to make it happen very soon. And last but not least, strengthen the global CDMO network so that we can deliver all vectors from everywhere and strengthen our competitive position in the global all-vector market. Lucy, the stage is yours.

Thank you, Sébastien. So turning to slide 14 now, please. So I'm delighted to be speaking to you today on OXB's H1 2025 financial performance. Now, precisely a year into the role, I've gained a clear perspective on the strength of the business and the exceptional team behind it. Today's results underline that strength, delivering another strong set of numbers, which I'll take you through now. Looking at the left-hand side of this slide, You'll see that we have actual growth in the first half of the year. Total revenues increased by 44% to £73.2 million, a significant jump from the £50.8 million in the first half of 2024. This builds on the positive momentum we saw in 2024, driven by strong demand from clients, including an increase in late-stage programme activity. This included strong revenues from GMP batch manufacture, which saw an increase in the number of batches manufactured for clinical clients and for clients preparing for commercial launch. As a result, revenue generated from manufacturing services increased by 25% to £34.4 million. Development services also delivered solid growth, with revenues up 48% to £28.5 million, supported by an increase in revenues from process characterisation and validation work. Focusing now on our commercial KPIs, which highlight continued momentum across the business. The contracted value of client orders signed during the first half of 2025 totalled approximately £149 billion, compared to £56 million to the six-month ended 30 June 2024. This includes signed orders with binding forecasts from clients preparing for late stage and commercial activities, representing more than half of orders. and providing strong visibility for the remainder of 2025 through to early 2027. The order continued to grow to the end, with total signed orders reaching £190 million for the eight months ended 31st August. Revenue backlog was approximately £222 million at 30th June, increasing to £241 million by the end of August. This represents contracted future revenues from current orders and provides a strong indicator of client demand and revenue visibility. We closed the period with a solid balance sheet, holding cash at £53.9 million and £17.1 million in net cash. As Frank and Sebastian highlighted, client demand continues to grow, and to meet this, we proactively strengthened our financial position post-period through an approximately £60 million equity placing and a new four-year, $125 million loan facility with Oaktree. This ensures that we are well capitalised to support growth and deliver for our clients, particularly in the US, as set out by the video earlier. In terms of stability, operating EBITDA improved materially to a loss of 8.3 million pounds, compared with a loss of 20.3 million pounds last year, driven by higher revenues and a continued focus on cost control. On a constant currency basis, the operating EBITDA loss would have been 3.9 million pounds. From the start to 2025 and the progress we have continued to make, we are firmly on track for sustainable profitability for the full year 2025. Stronger revenues, disciplined cost management and the significant improvement in operating EBITDA performance position us for sustained growth through the rest of the year and reinforce confidence in our medium term outlook. Next, on slide 15, I'd like to take a closer look at our cash position. As mentioned earlier, we closed the period with cash of £53.9 million. Here, I'd like to mention again that we strengthened the balance sheet considerably post-period with a circa £60 million equity placing and a new four-year loan facility of up to $125 million, taking us to a much improved cash position of £113.7 million at 31 August. Returning to H1 2025 cash flow movements, Operating cash outflow reduced significantly to £4.8 million, compared with £48.6 million for the first half of 2024. This improvement was driven by stronger operating performance, disciplined cash management and enhanced working capital practices, including receipt of batch deposits and upfront client payments. We are now very well placed to fund strategic investments and deliver in line with client demand. to strengthen balance sheet and improve cash generation, give us the financial flexibility to expand our global Seeding Roam network and to execute on our medium-term growth plans. Next, moving to slide 16, our financial guidance, which was given at the time of announcing the placing in August, whereby we upgraded our medium-term guidance. Proceeds from the placing that support planned strategic investments to strengthen the group's global CEO network and are expected to accelerate revenue and margin growth. In the near term, for 2025, we expect revenues of 160 million to 170 million pounds and low single digit million pounds operating EBITDA profitability on a constant currency basis. For 2026, we expect revenues of 220 to 240 million pounds, representing circa 35 to 39% CAGR for 2023 to 2026. Longer term, we expect to outperform the broader market, with revenue growth of 25% to 30% year-on-year for 2027 and 2028. We will maintain cost discipline and expect margin expansion as capacity utilisation builds. Including strategic investments, we are targeting operating EBITDA margins of more than 10% in 2026, and at least 20% in 2027, with long-term potential to approach around 30% within five to six years. Two factors underpin our confidence in this outlook. First, visibility. We ended June with a record £220 million, rising to £241 million by 31st August. A high proportion of first-half signed orders are backed by binding client forecasts. And for 2025, we already have over £171 million of revenue covered by contracted orders, compared to £106 million at the same time last year. The second factor underpinning our competence is capacity and capability. Our planned investments, particularly in the US, are designed to come online in time to support late-stage commercial programmes, enhancing end-to-end service for existing potential clients. This supports both top-line growth and operating leverage. On capital expenditure, we expect approximately £60 million in aggregate across 2026 and 2027, before moving to steady-state capex of approximately £20 million to £25 million per year thereafter, deployed with discipline across our global network. In summary, we have delivered another set of strong financial results. OXB's strong market position, rising client activity and a high-quality client portfolio, together with a strengthened balance sheet, provide a solid platform for sustainable growth in 2025 and beyond. With that, I will now hand back to Frank.

Thank you. Thank you, Lucy. Very impressive figures. Let's move to slide 18, please. And before we go to our closing summary, let me take just a moment to remind you of the vision, mission, and values that underpin our strategy and guide how we work at OXB. Our vision is to transform lives through cell and gene therapies. Our mission is to enable our clients to deliver these therapies to patients, and our strategy is to lead the BioVector CDMO field as a trusted partner, recognized for quality and innovation. All this is based on our values, responsible, responsive, resilient, and respect, the four R's of our DNA. how we work with one another, with our clients, and they have enabled us to deliver consistently in a complex and involving sector to build long-term value for patients first, for our clients, and for our shareholders. Next slide, please. Turning now to the final slide, I want to leave you with a brief summary of our progress during the period and how we see the outlook for OXP. In the first half year, OHP delivered strong commercial operational progress driven by sustained demand for our CDMO services across all vector types. While Lentivile programs remain the core of our clinical and commercial work, an increasing proportion of our contracts and clients' interest relate to AAV and other vector types, which broadens our growth potential. With a strong order book, an expanding pipeline, and increasing number of cell and gene therapies molecules in development worldwide, we are confident in sustaining momentum in growing our client portfolio. And to meet this growing demand and deliver on our growth objectives, we have strengthened our balance sheets through the $60 million fund. found placing a new loan facility, providing the flexibility to expand global manufacturing capabilities. None of the significant progress we have outlined today would be possible without the unwavering commitment and resilience of the team with us, whose expertise and energy continue to drive our success and help us deliver on our strategies. As I draw this presentation to a close now, I want to reiterate that I'm confident that OXP is well positioned to deliver sustainable above industry growth and long-term profitability. With good revenues visibility, we remain fully on track to reach profitability in 2025 and achieve significant revenue growth consistent with our medium and long-term guidance. Now I would like to open the session to Q&A and take any questions you might have. So operator, please open the line.

Thank you. As a reminder, if you would like to ask a question, please press star 1 on your telephone keypad. If you change your mind and want to withdraw your question, it's star 2. And please ensure your lines are unmuted locally. as you'll be prompted when to ask your questions. So again, to join the queue for questions, please press star one on your keypad. The first question today comes from a line of Charles Weston from RBC. Please go ahead.

Hello, thank you for taking the questions. I have two, please. The first is just on visibility. It looks like you haven't the orders this year to effectively meet the top end of your range, so it's more about execution. I was wondering about 2026, though. You've got this revenue backlog of 222 million at the half year with say 90 or so millions come out of that in the second half revenues. And then you've also been signing additional client orders. So I was just wondering if we can do some maths on that and figure out roughly what proportion of 2026 revenues you already have covered in your orders. And my second question, please, is just on the prepayments. There was a big step up in H1. Clearly, that's going to unwind in 2026. But as you see more clients ordering commercial batches, perhaps others will do prepayments as well. So is that a sustainable step up or should we model that unwinding in 2026? Thank you.

Thank you Charles. So why don't we start with sustainable, the second question on sustainability of the orders, Sébastien, then go into visibility.

Yeah, let's start with sustainability. We do not expect that our clients for a commercial launch will decrease the volume that they need in 26 compared to 25, 27 compared to 26, and so on. So the sustainability is not a question of modeling. It's a question of forecasting, which is different. The model is based on assumption. The forecast is based on real data communicated by our clients. which are not assumptions. I mean, they are solid numbers of patients that they need to treat that are, and this number is translated into number of batches on which we need to execute. So, we have clear visibility on what they want to sign before the end of the year to make sure that it's executed next year. And as I mentioned during my presentation, we already have discussions about capacity for 2027, because when we're talking about future commercial products, there is a need to forecast to make sure that all patients are treated in a timely manner. So except major clinical issue at the very last minute, this would completely change the positive view we have on their clinical data. now sustainability for me and I'm confident saying that this is sustainable. It's also sustainable because as indicated we're going in all the segments and not only as we were in the past only in the Lenti vector state but today Lenti, AEV, MVA, Avenue and so on. So considering that the pipeline value is not going down but it's been going up. As we've seen, I don't see any reason why it would not be sustainable. Talking about mathematics, not something I'm going to be able to do today because the figures we've seen here are the figures at the end of H1, and these figures have changed quite a lot. We're going to be at the end of Q3 in a week from now, so we've signed more. The only comment I will make is that we're confident in 2026. uh to start working on on the plan for h226 and and h1 2027 meaning that we're actively working with our teams and with our hr business partners to build the people plan for exhibition in h1 2026 um so we looked enough to be considered for next year thank you so much

The question I was asking was more about the sustainability of the prepayments. So should we assume that as you get more launches, you know, commercial preparation batches, you'll see further prepayments from customers?

We don't have anything in our contract that we call a pre-payment. And each contract being unique, we have clients that are extremely prudent and want to make sure that they have slots or suites. reserved so it's not a pre-payment it's a reservation which is different you don't prepare for the activity you block capacity it's a different mechanism um not all the clients have this level of of presence uh so i think that with the clients who have already made the decision to block capacity for the future year it will continue some others want to continue looking at the last minute facing situations where sometimes they don't access the slots that they wanted. I hope they will be more present in the future. But if I look from a commercial perspective, and I'm sure that you see we'll be able to add on the financial side, but contractually speaking, I think it's wise for people going to commercial scale to have a reservation mechanism in place and make sure that they have no problem of supply. Financially, I'll leave it to Lucy.

Yeah, Charles, I mean, I suppose what you're asking here is around the contract liabilities. And I think, you know, based on our expectations looking into 2027, I think the answer is likely yes in terms of, you know, the pure impact of what you're talking about, the balance sheet impact of contract liabilities or vis-a-vis the prepayments and our ability to sort of invoice more upfront as well from a cash perspective.

Perfect. Thank you. The next question comes from a line of Julie Simmons from . Please go ahead.

Thank you very much for taking the question. I was just wondering, you're talking more about sort of more and more about global market and global customers. Is the current footprint sufficient to do that, particularly looking at the proportion of customers from the Asian regions?

Oh, Sebastian, I believe that's a nice question to you. You like this question.

Absolutely. Yeah, it's not that much about where the client is. It's about where we can execute for the project. In my experience, I mean, at OSB and even before OSB, Most of the clients in Asia Pacific, specifically about this geographical segment, are actually quite happy having the activities run from Europe or from the U.S., depending on where they are in Asia. The footprint as of today is sufficient to execute projects in the U.S., in the UK, and in France. We did not have specific demands for execution directly from Asia. They are countries, and China is very well known for that, where it's in China for China. And that's the reason why we've not aggressively broached opportunities in China. But for the other countries where we work, Japan, Korea, Australia, and so on, the network is sufficient today. And looking at the capacity we have left, it will be sufficient next year and even the year after. Depending on how fast we grow, we may want to re-look at the situation in 2028. But as of now, the infrastructure is not insufficient.

Lovely. Thank you.

The next question comes from a line of Christian Glennie from . Please go ahead.

Thanks, guys. Just on the late-stage clinical programs you're working on, you said five today. Is it possible to say how many of those the company already has their late-stage clinical data in hand? And did you say that all five of those, you know, obviously, barring successful development, would expect to file by the first half of next year? That's the first question. Thanks.

I think that three out of the five have clinical data, in-game clinical data, not final yet. Yeah, I think the right number is three. And I expect that three, potentially four, will have filed before the end of H1 next year. number five will probably be later in the year probably Q4 next year if not early 2027.

Thank you and then maybe I mean you've sort of hinted at this on the visibility you know it sounds like you've got reasonable cover for 26 and you're talking into 27 but I guess just a bit more on your confidence on that 25 to 30 continuing through 27 through 28 just a bit more that underpins that sort of level of confidence, particularly in the sort of 28 range.

Question? Commercial projections. When people today work with us on the phase three and they are entering data, keep in mind that the phase three is going to be three batches for process validation. So, when they plan 10, 20, sometimes 50 or above batches, we're talking about five years projections. So, based on their projections, we built our guidance to 2028. So, yeah, purely projections in number of batches and associated batches. plus a continued growth of the market like we've seen over the past many years now. So, yeah, simple mathematical exercise here.

Right, just to clarify, so largely off the current programs and the current customers that's driving a large part of that, even in 28?

Yeah, I'm not talking just about the last category. I'm talking about all categories. we have we already have visibility on which phase one are very successful and and what we will want to do over the next next years um plus indeed the late stage activity that will move to the commercial side relatively soon plus new problems But that's, for the new programs, it's based on the pipeline, so opportunities for the majority of the capacity utilization that we project for the future is based on existing programs that are with us today.

Thank you. As a final reminder, if you would like to ask a question or a follow-up question, Please press star 1 on your keyfads. The next question comes from the line of Zain Ibrahim from JPMorgan. Please go ahead.

Hello, this is Zain Ibrahim from JPMorgan. Thanks for taking my questions. My first question is just I think you said that some of the new clients, I think 100% of the new clients are AAV. So just if you could remind us what percentage of the business at the moment is AAV and I think in the space in general we've seen cases of acute liver failure from some companies, so just to remind us why, what differentiates your AAV platform from the likes of Sarepta would be helpful, just as the first question.

Sébastien?

Yeah. First, I'm going to start with something that I think we must keep in mind. is not one vector-like length. There is indeed one length, but there are multiple AV, AV2, AV5, AV8, AV9. So when we're talking about Sarepta, we're talking about one AV serotype in one indication. The market is not Sarepta. Sarepta is not the market. Sarepta is one indication in the middle of 10 of indications. We see fantastic products in the ophthalmology space. For example, these vectors have nothing to do with the type of vectors. So I understand the question around AEV. I think that what we should discuss should be AEVs. Because that's where we make sure that in our pipeline and in our portfolio of ongoing program, we diversify the program to make sure that we're not in the situation where we're exposed to one type of vector only. We don't do just AD9. We do all the AD. And the team has experience on 12 different cell types at the moment, if I remember properly the numbers that we discussed recently. over more than 10 different indications. Again, that is one teletype in one indication. So we're not different from the other CDMOs in that. I know that Xarelta is making the headlines, but there are many companies that are not making the headlines and progressing very nicely in the AV space, including pharmaceuticals, including with serotypes, either wild-type or modified capsids that show less toxicity than others. and that's part of the technical data that we're discussing with our clients. We see multiple AEs progressing well without any associated toxicity, and I think that's quite well understood by the scientific community on why some serotypes have more toxicity than others, and that there is still a need to select better the serotypes, including modifying the capsid in some cases to work with a hybrid capsid. I said 100% of the new clients, indeed, were AAV in H1, which doesn't mean that we didn't sign lengthy programs, but the lengthy programs were not coming from new clients, they were coming from existing clients. I just want to clarify that we signed contracts in all the different spaces, but the new contracts were AAV, i think that reflects the the growth that we continue to see in the av space how much in percentage um lucy will cry if i'm wrong but i don't think we've ever disclosed how much business we were doing by director segment that's very helpful um one other question would just be on the 2025 guidance so um you said that you've got 171 million

of coverage for revenues this year where your guidance is 160 to 170 so just to help us understand the range in the guide that you've maintained today given that the contracted value does seem to suggest that you could maybe deliver towards the upper end Lucid

So, you know, clearly our guidance is subject to revenue performance obligations. And, you know, in short, Zane, it would be remiss of us not to take into account some element of operational execution risk.

Understood. Thanks very much.

There are no further questions. So I'll hand you back over to Dr. Franck Mathias to conclude today's conference.

Thank you so much. So this indeed brings us to the end of today's presentation. I want to thank all of you for your time today. We appreciate your continued support and look forward to keeping you updated on our progress throughout the rest of the year and beyond. Thank you so much. Have a good rest of the day.