Q-linea AB (publ)

Welcome, everyone. Thank you for joining this presentation of Qlinia's 2024 year-end report. This is Stuart Gander speaking here, CEO of Qlinia, and I have beside me Krister, our CFO. So just a quick note, obviously, regarding the forward-looking statements for this presentation, and we'll move straight into the agenda. So we wanted to do a few things today. So firstly, just reflect a little bit on what has been a year of great excitement, I would say, for the industry and certainly for our sector, a lot of developments. So we'll reflect a little bit on that and those who have been involved in moving things forward and then give a little bit of the status of the race, so to speak, now that we see the Rapid AST sector moving forward and what you as investors can expect for 2025 and beyond. So try to give a little bit of flavor of that. I will then hand it over to Christo who walked through a financial update and then we will have an open forum for questions. So a few things to make sure you take away if you log off after this slide would like to land basically on four key messages, right? So the first is that there is clear evidence that the global rapid AST race is now on in earnest. We see that commercial activity is ramping up across the key geographies. We'll give some more flavor there. And let's say the next generation Rapid AST instruments of which the ASTAR is, we would say, the leader in the field. We are now seeing placements of those instruments into clinical environments. So I would also add to that that we see evidence that Qlinia is the clear track leader. both in terms of placements of instruments and the coverage of patients so far associated with those instruments, and also crucially on the thought leadership side with more clinical evidence emerging through the year, and we can expect some more going forward as Qlinia continues to establish itself as the leader for this segment. So I would characterize 2024 overall as the year in which we completed many of the critical elements of building our growth platform. Obviously, we've mentioned it several times, but it goes without missing again that we made the FDA clearance in the spring, which gave us access to the world's most crucial diagnostics market. And we've been building our commercial sales team, both in the US and across our EMEA region as well throughout the year. We've also completed some key development projects, and that has enabled us to, on the one hand, reallocate resources from development into commercial as well as reducing costs, more on that later, and has also made sure that we have the continuous leadership in the field from a technical perspective. And then we've been doing a ton of work within the team, reallocating resources and people, bringing in new capabilities and just new manpower, so to speak, in areas that we needed to beef up, and reweighting away from other areas that we need less. And that's been a busy year of transition, But now that we've come through that, the bulk of the major pieces is complete and we're racing forward. So I would expect that 2025 looking forward is really going to be acceleration on progress across the three key dimensions. On the clinical side, we will see further evidence from our clinical studies coming out. But most crucial, we will start to see real world evidence from ASTARs, in practice treating real patients in the field. And that's where the rubber hits the road, so to speak. That will continue to translate into commercial results and progress, and those will in turn contribute to our financial progress. So that's where we will add some color to those. So those are the four key pieces to take away from today's discussion. So to start off, I think, you know, really worthwhile just taking a moment to reflect a little bit and provide some thank yous for all those many individuals and institutions who've helped to make this happen and bring us to this stage. And I would start with our lab partners, right? Our many research partners out in the field, working in the lab, who've been both part of getting the ASTAR in development and all the way through development and so on, and now on the market giving it testing and feedback. So that has been an absolutely crucial element to making sure that we have the best system to offer to customers that works best in the real world environment. And these are particularly in Italy, Belgium, UK, France, and the US, but we have collaborations in many places. I think also really worth recognizing the early adopters, those who've made decisions now to move ahead with Astar. We should recognize that they are taking risk in a couple areas, both personally and professionally. They are standing out on the front line and saying, dear colleagues, physicians, lab managers, we need to change our standards of practice. That's not easy to stand out and try to move the needle. They're also taking risk whenever they go to their institution and say, we need money here allocated to buy this new technology. Even though in this institution, we know we have unlimited priorities for cancer, for cardiac treatments, there's in healthcare, unlimited demand for resources. And these people are sticking their heads out and saying, this is an area where we can deliver very tangible outcomes for our patients. And this is the technology to bet on now. And we need to recognize that these early adopters are really paving the way for us to open this segment. And therefore, I would say just a thank you to our lab and clinical champions who are making that happen and work with our team every day. And of course, in many cases, we are interacting directly with these individuals, but we're also working with our channel partners, notably ProLab in the UK, Eurobio in France, our BMD Eurobio affiliate in the Benelux region, Mekro in Romania, Labema in Finland, Montebello in Norway, and now most recently Amico, who's covering the GCC, call it broader Middle East markets. And these teams and the individuals who make up those teams have been selected because they are leaders in our field in microbiology. They have proven results in selling products and supporting customers in this. And we want to also recognize that they have those businesses and this, therefore they must take time away from those topics and put them into rapid ASD. And they must also believe in Astar and it will deliver for their customers because they are putting their reputation on the line and so on. And, uh, just want to recognize that and that they are still here indicates their belief and, uh, their commitment to making this happen. Despite, of course, that everyone recognizes we would love to be further with more instruments already. Everyone always does, but they remain committed to making this happen and understand that it takes time in our industry to do so. Of course, our Q-Linear team, right, goes without saying, was absolutely vital to getting us to where we are. But there are a few dimensions to this. I think firstly, to recognize and thank all of those who left during 2024, obviously, Many individuals on their own accord have found other great things to do, and we celebrate them and those things that they will go on to do. And also recognize that there were those who were impacted from the changes that we needed to make due to the change of our phase in our journey, moving from technical to commercial. Not everyone can make that transition, unfortunately. And we really want to recognize that everyone has contributed to making it successful to get here, and they will share and enjoy the legacy that QLinear will deliver over the coming years. Obviously, those who joined in 2024, to thank them for, again, taking that risk and jumping on the boat with their passion, bringing their experience and capabilities from their past, and also the new ideas and connections and relationships that they bring to the game on day one, which we are already enjoying the benefits of. And crucially as well, all of those who have stayed through 2024, clearly a year of change, a year of some uncertainty for our team, and those who stayed through it did so because of their belief in our mission, their passion for our cause, and also their commitment to delivering on the results ultimately for us and for our patients. So thank you for them. And finally, I would round out by thanking certainly everyone here on this call for your close attention and broadly all of our investors who have had the patience and resolve through what I could only best describe as would have been a pretty wild year. We have had individual days of some pretty crazy increases and unfortunately decreases in our stock price. Many of you have had questions to us throughout the year that have been much appreciated in terms of what is happening with this sector, with the markets and our business. Uh, and, and, um, it's, I think through that, that we get a chance to, to hear from you as well, uh, about your commitment to this and why, uh, in many cases, of course, uh, everyone is looking for, for solid returns and we are absolutely dedicated to delivering that. Uh, and I think many are also here because they believe in the mission, uh, underlying it and the impact we will have. So, so that's tremendous. I think also just, uh, thank you for, for the continued support. We were very pleased to see, uh, more than 90%, uh, subscription. to the rights issue, which is a real testament to, yes, we're in it for the next stages of the journey here. Of course, we have the warm program upcoming. Christa will touch on that later. It's my personal goal to see that that commitment rate is at 100%, of course, because we are passionate about being successful through the next stages. So thank you very, very much for staying with us through the year. For those who are new to this call and a little newer to Kulinia, Just a quick reminder on what we're about. So we are revolutionizing antimicrobial susceptibility testing, which in short is basically aiming to reduce the impact from sepsis or bloodstream infection. There are three big numbers to remember. Six hours is when we deliver our test instead of the 48 hours plus that it typically takes today. This saves lives, it saves money, and it massively reduces the amount of clinical effort to address patients, which is, as you can imagine, a major burden on our healthcare systems. The other number two is the number of minutes that we expect lab technicians to spend running our tests. That includes all of the activities needed to get the sample into it and to read off the test in the end. It is an extremely highly automated platform that requires essentially no manual steps, completely load and go. It also is very intuitively designed. and requires minimal training, which means a lab techs at all levels of technical capability can run it. That makes it significantly easier to do so on the third shift, for example, when in night shifts, you don't always have all of the capabilities in the lab. The final number, number one, of course, we are the leaders in the space with the only fully automated, fully random access platform with a broad comprehensive menu and very high performance track record on reproducibility. So that's what we're about in short. And that ties, I think, nicely to this message, which is kind of a metaphor here. We shared it with our company meeting, just reflecting on the year. But I think it's very apt to just kind of describe the feeling that we have as we come into 2025, right? So really, the race is on. I would characterize that the grid really got going in the spring of last year, 2024. when there were four FDA clearances really back to back in the spring. And of course, you know, in addition that there are other options on the market as well. So we're all in full motion. And I think it's worth, you know, relating the metaphor here, maybe just a note for those wondering, of course, in the picture here, we are the red car. No specific preference for myself, as a matter of fact, but this was company meeting. I figured if I didn't choose the Ferrari team, I would have to deal with a bunch of resignations from our Italian team on Monday. And I'll leave it to you guys to assess the other car. But we would see ourselves obviously in the lead here. It's worth noting that this is a very engineered segment, diagnostics in total and certainly our space. It's a very technical field. The cars are now ready. They're designed just like with F1. You do all the work before the season starts. and then you launch it, you can fine tune the car and the instrument. As we go, you can make minor changes, you can make improvements, but you can't do major engineering, radical engineering adjustments without redoing all of the clinical work. And all of the systems on the market have been designed making real engineering trade-offs for different technical and clinical functionalities that were made. And now we will see how those engineering trade-offs play out in real life. And we are very encouraged to note that so far we can, with a lot of confidence, state that we strongly believe we are the leader of the pack, both in terms of the number of evaluations in the field. We have confidence. We have eyes on all of the major institutions considering rapid AST. We'll talk more about that in a second and are in the most important discussions. Of course, there may be labs we don't see certainly smaller ones that may not be considering something like the Astar, but in terms of our sector, our space, we feel like we have very good visibility. I can say, we've announced some wins in the field based on what we have in our pipeline, our win rate is well above 50%, but with very good confidence and that's across all of the other competitors. And therefore with some certainty, unless someone shows me some facts otherwise, that we have the most active commercial placements of the next generation Rapid AST platforms in the market. We'll try to give some more numbers on that in a second for why we believe this. But at the end of the day, we are still just a few laps into this race. There will be a long one, right? And the most important thing is now we, and ultimately by extension you, will start to see the visibility on those outcomes, right? And we will measure ourselves and everyone will ultimately measure the results in terms of the actual in-clinic results. That's the true lap time here. It is one thing to do a internal study and to set that up for the FDA and for regulators to run a study to prove that it works. And those barriers are high and we have full respect that everyone has gotten through those barriers with sufficient performance. It is also one thing to do an evaluation with a customer. Again, where a customer wants to put the machine through its paces and typically hands it over to the best techs in the lab. They do it in a controlled fashion, obviously, because they pull the the tests aside from patients to run those things. And often, you know, we and our other competitors are along for those journeys to answer questions and help out. That's one environment. Another environment entirely is the real day-to-day of lab where thousands and thousands of tests are coming in every hour of the day onto multiple systems and texts are running back and forth tremendously busy. And the more variation you have in terms of manual steps, complexity of the system, variation in results at the end, the less understanding and clarity and actual ability there is ultimately for physicians to act on it. And if physicians don't believe in those results over time, they simply won't use them. And that's what we mean by clinic results is the lab time. We are very confident that the engineering of the iSTAR instrument is going to put us in high stead. Why do I say that? Well, obviously the specs are one thing, but we know the labs, the many Astar instruments running in our own development labs who run tens of thousands of cycles. So we know what the customers can expect when they get an Astar in their lab. So, but you know, the real life will show the truth in the end. And you guys, we will update you on the progress. So what's the track? This is a bit of a recap. It's a simplified version of this, of the slide that I showed for our last session. But this is the track in our metaphor here for the F1. It's basically, all of those tests that are moving from the current standard of care, the 48-hour plus, over into this rapid AST. And that's what we're trying to capture. There are something in the order of 25 million of those patients inpatient, which means they're in the hospital. In our addressable markets, it's 1.5 billion or so around the market. And typically, a customer would pay $20 to $50 for the AST component. That ranges by volume, by market, of course, many reasons to vary, but you get the point. Uh, and, and they may pay, uh, you know, another a hundred to 200 for a rapid ID, the molecular tests, uh, that can give you a quick answer on what type of bacteria. So what are we about? Well, we're, we're offering the rapid AST component of that. And we're saying, look, that should be worth another 120 to $200. Um, and you should do it for your high risk patient populations, obviously sepsis bloodstream infection. That's number one, that will kill you if you don't treat it and you don't treat it quickly. Uh, so those are go without saying, and there's roughly 6 million of those patients. There are other sets of patients. It's hard to estimate how many because criticality varies by patient and clinical context, but obviously spinal infection, absolutely critical kidney, some respiratory, and obviously wounds slash surgical patients. Some might be at high risk or have complex situations, and those will all be deemed critical. And then there are just simply high-risk patient populations. We made a press release noting our evaluation ongoing with a major uh, cancer institution in the U S which we are hopefully, uh, we hope to share those results, uh, shortly. Um, uh, but obviously, you know, oncology, uh, treatments, um, and those patients are, uh, highly susceptible to infection, therefore almost by definition, a high risk population. And there are others, right? So just to give you a sense, this is what we're focused on. And then there are, of course, these future potential idea of direct from whole blood, right? And this is the Holy grail, as I mentioned before, for our space. just to go immediately from the patient into test. We would love to do it. We, in fact, have lots of IP around this and a proof of concept platform called Astrid that we're eagerly waiting to develop. But the market's not ready there for that. There are numerous reasons for that, not least to which the economic challenge of you would need to stratify the 90% of patients who don't need that out before you run tests on those that do. So, you know, there aren't really solutions for that right now. So we're really focused on the green space and this is where the race is at. So how do we think about it and how is that developing? Again, reprising some of the graphics I've used previously and framing it with some additional information. But the pacing of this race on our track here is really down to the commercial funnel, right? And I shared some views last time on how we see the funnel and the timing across those stages here. But of course, crucially for us over the last 12 months and plus, We have been focused on growing the front end of the funnel, so to speak, right? The gray part of this. And I'm very encouraged to update that we now very confidently have engaged more than 200 of the top US customers. I shared last time that of the 3,000 to 4,000 labs addressable, there's around 1,200, maybe 1,600, depending on how you define them, that are really in our core focus area. We've stratified them to focus on the top 250. And then, of course, we will keep going. We've reached all the ones that we focused on really first. And we're now looking to expand that aperture to the next 400, next 500 after that, which is the journey for 2025. But we've now engaged those. Of those first 200, 250, there's half of them roughly, roundly speaking, that have said yes to rapid AST already. That is to say they've persuaded on the merits of it. They've seen the clinical evidence from our studies, from other studies in the field. Sepsis is a priority for them. And they've been directed or have selected themselves because they're decision makers to look into the solutions for this. Of those that are moving forward Rapid AST, we would say another half of them, 25% total, have said Rapid to AST now. And by that, we mean they've either got the budget or they're actively asking for budget to be deployed for this. They are actively exploring with the vendors in the field for the solution. And they're looking to set up, crucially, time with us for an evaluation or demo and whatnot to move forward. So for those customers, that's obviously where we're focused now on driving the pipeline. The conversation we're having is now getting them to yes to ASTAR for Rapid AST. They've now persuaded of the first two questions. We still work with all the other customers, the next 500 on the first two questions, and we will keep filling up the pipeline there. The dynamics are similar in Europe. The pipeline is expanding. Obviously in Italy where we have our team, we have very direct control over the funnel and the funnel dynamics. And in the other markets, we're working with our partners. I would say that it's my view, at least, that the UK and France are probably the next to move behind Italy in anemia. And we hope to have good news through the year from those markets. Also, we've expanded our footprint with Amico and our team has spent a lot of time in there, not least of which being down there for MedLab and for the Saudi sepsis day. this month, both of which were very encouraging events in terms of both the level of sophistication and interest of that market. There is adoption already ongoing, both for older legacy AST solutions and high interest in the next generation platforms like the Astar. And there are therefore active tender processes and purchasing processes ongoing that we're able to jump into. So we're actually expecting the pacing there will look more like the U.S. market than Europe, not to pick on Europe all the time, but we know it is a different type of market dynamic that tends to move a little more steadily, let's say, with tenders and things like that. So that's the pipeline. It's growing and things are moving forward. What is absolutely crucial here, what we wanted to emphasize kind of going forward in our discussion now for today, is that we're moving into the other stages of the funnel through, and now, as we've been very happy to announce, having them fall out the funnel on the at the end right as they go live um so a couple data points for you here so during 2024 we placed 15 astar evaluation uh installations right um we have uh announced from that uh for commercial contracts already that isn't to say you can calculate that it's a 25 win rate um obviously the evaluations aren't going we're still in tendering or we're still in um negotiation on the contracting things like that we still have to do installs and blah blah blah so They're still ongoing, but just wanted to highlight that one. We can expect more from those 15. We obviously are continuing to place more evaluations. We see multiple regional tenders and multi-site evaluations that are ongoing on both sides of the Atlantic. Why is that exciting? Well, the good thing about these is they They may take more effort, but if they are multiple instruments, they do not take a linear amount of time and effort for the number of instruments that you get. And they tend to generate a longer term rollout type plans that make it much more predictable for our business. So these are tremendous. We are extremely committed to winning these ones. And these, by the way, are also where Astar, not only Astar is most effective, but also because these are typically regional or networked institutions. It's also, by the way, where Podler is perfectly suited. And with these customers, we will naturally also be talking about solutions like that down the road that help them with the overall workflow. I think the other thing of worth noting here is we see our first walk-in customers. What do I mean by that? Those are customers who they may have encountered us at a booth and a conference or something like that. But we have not, they've maybe not been on our top priority to go first. We've not sort of spent a lot of time cultivating them in the gray space. So they basically jump from a pipeline phase straight into that yellow orange bucket. Right. as a walk-in customer. They may still want an evaluation. They're more likely to not need an evaluation. And then I would call them a direct to validation customer. And we will expect to see some of those as we go forward. But we've already seen our first walk-ins here straight to demo evaluation, which is great to see. That means there's pull generating, starting to generate in the market. Where do these come from? They come from a couple of sources. Right now, primarily, honestly, they just come from the buzz in the market and they can tend to be maybe more proximate to where we've already launched something. So they've probably seen it physically, or at least know the people who are putting it, the ASTAR in place and are calling us therefore as a result. The other source of these that I would expect going forward as we think about funnel is that as the leader in the field, and again, I'm very confident in saying that, it would be very unusual for any customer who's gonna make a five to seven year infrastructure bet on Rapid AST, putting down, we know, sizable amounts of funding and relying on us for their clinical testing for five to seven years, it would be remarkable for them to do that without considering at least several of the alternatives. So we have competitors who of course go out in the market and they will reach customers, some of them before we do, but we will expect that those customers will call us because they want to hear from us having talked to the other guys and that we will expect to see more walk-in customers as our competitors also spend time growing this segment. You know, and as a consequence, we have expanded and continue to plan to expand the evaluation pool of Aster Instruments. Christopher will touch on that, how that means financially here for us. But that is a consequence, obviously, of an expanding pipeline. And this, we're very happy to note, as you've seen in press releases, that we've converted, we've got four commercial platforms up and running. Italy is clearly in the lead, as we indicated. And now in the first couple of months of this year, we've announced three more. contracts, two of those in the US. So again, as we tried to guide, we do see the US very much keeping pace with Europe through this year and ultimately it's going to be the bigger market and faster moving over time. But I would see 2025 is really firing on both sides of the Atlantic, so to speak. So what does that mean and what should you be looking for? We are very conscious that many of you have asked us and are thinking and asking for guidance and how things should look forward. And obviously a company in our situation has challenges in providing precision on things for natural reasons, which you don't understand. We also will read it that as a small company, particularly one that is relative to some of our self-funded or incumbent uh competitors um we are vulnerable to the more we communicate to the market when everyone can count uh or at least has decent idea of who are the first movers the more information we've we provide the more signal we give to those guys to spend their resources um dragging things out we will still win the fight but um it will take us longer and more energy so we know it's kind of frustrating But bear with us, we will give as much information as we can, and we will continue to give more and more as we're going to try to do today and build on that going forward. We also will get more predictability in our business as we understand the funnel dynamics, pricing and contracting will start to normalize across the field, these sorts of things, which will be developments through this year. So progress in three areas I would really like you guys to pay attention to, right? So firstly, commercially, obviously, Um, we expect to see the increased pace around the track, right? Uh, so we shared 2024 with the four commercial instruments. I would say comfortably Q1 will be, uh, equal to or greater than 2024 as a whole, and that we would expect to see that improving quarter after quarter. Right. So that's number one and you can hold us to it and we will keep you as updated on that, uh, day to day as possible. Um, and the second thing I, we communicated last time and I, I still stand by, I wanted to give an update. on the multi-site contract in the press releases. One of them, the key one that we have tried to give some visibility so you can track timing is the large US reference lab. That's still very much in progress. We got it to completing that at Q1. I still have a very strong belief that we will complete that during Q1. So that will be exciting. The other things to look forward to, you know, as we look during this year, the first regional tender signed, of course, and I mentioned there's multiple of these, in fact, that we're working with, but we will expect at least to deliver on one of those. The first walk-in customers that I mentioned will have been signed, and we will see the first direct-to-validation customers. This is tremendous because now we skip, as I said, that evaluation phase, so that changes the economics of our sales process pretty significantly. So this will be an exciting milestone and we will, provided we can, because again, we cannot announce every contract because customers don't always sort of let us give specifics, but we'll try to guide you when these major milestones happen. The other things to look for, right, we will expect to see a rising average tests per instrument. This is driven by two factors. Number one, of course, as we launch in the U.S., And the U.S. does have the mega labs that Europe, you know, for various reasons, lacks. And they have the integrated network IDNs that tend to share resources in the center cores and so on. So they have some labs with some really big volumes. And we obviously focus on those. So that will pull up the average. But that's one thing. The other crucial thing we are really paying attention to is kind of like the same store sales over time, right? We would expect to see that we launch in and we typically have minimum, certainly if it's a reagent rental contract, we have minimums that are required. But we have a kind of, let's say, minimum base case expectation based on the number of patients that a customer sees. And we track that by site. And we want to work with the sites to make sure that they're testing on all patients. In many cases, especially in the beginning, they're very open to us. They say, yes, we will stratify our patients. They might not be happy with it, either because they don't have the budget yet or they need to prove it internally that it works, or often just that they have many, many doctors and they can only sort of train a few of them initially. and that they will roll that out, right? And that will increase over time. And they'll also find utility for more patient groups, right? And we'll talk about that in a second with the clinical impact, but they will start with one set of high priority patients and they will expand it as they see the results and learn themselves where they can use the results. So we've actually tracked this number and to the extent we can, we'll share with you where we're at. Just to let you know, our goal for each ASTAR going out the door is a thousand sort of on average, this is a kind of rule of thumb that we will apply here. a full year equivalent obviously we placed the instrument in october this year it's not gonna get a thousand tests in 2025 you get you get the logic here um and then the other thing to keep track of we'll certainly communicate these because it's very exciting uh is when we get those geography first like we did in belgium now with the first placements those are important not least which is another country and set of patients that we're we're saving uh but also those those tend to be the networks right that people really look to so once you get an early an early mover in in the in the uh, country in the region, uh, for my earlier comments, uh, those people are, are, are breaking the ice, so to speak for, for many around them. And they tend to be the types who are the key opinion leaders in their area. So it makes the next ones easier and easier. So watch for those things. We'll give, uh, updates as, and when we can, of course, second area of progress. We, we very much expect on the clinical side. Um, we've talked a lot about our lifetime study. We are tremendously proud of this. It's my knowledge. It's the only multi-site, uh, study of at least of this scale. done in our space. We've already been able to announce some very positive results from that study. We will expect to see the completion of that. Well, now all of the patients have been recruited. So the study is closed. We're now doing the publication and all of that. So that will come out and we will expect to see real numbers demonstrating the health economic impact on it. Certainly length of stay, but also the dollars and so on saved in the patients and then the drugs when you deescalate. Not all of this is like the questions we and customers have all the time. And we are extremely confident we have a very good idea what these numbers will show and can show because we know this when we see it in our side. So the study will provide peer-reviewed evidence that can be shared and will really help move the needle forward. Of course, in the US, we will have completed during this year all of the early access programs. Several of them have already presented. You may have seen the webinars that were there and shared with our colleagues. Very robust evidence again coming in and It's, you know, on the one hand, the numbers point to the same messages over and over and over again, like lifetimes and everything. But crucially, those are American based and American context and big American labs. So that's what the American customers are looking for. So, boom, that's there. But I'll come back to the to the main point here that this year we will see the real clinical truth, real world evidence, the actual patients and all of their messiness and all of the day to day craziness in the labs and hospitals and real clinicians that need to make real decisions. That's that's what's going to come out during this year. And we're very excited about that. So with those, we'll obviously be mapping as much as we can. We'll be having podiums, poster presentations at all the major events. We will be present. We will work with our research partners. And they are very excited to be present and to represent. In some cases, they will be open there that it's us involved. And in many cases, they are passionate about the research and will just move this space forward because they believe in Rapid AST, right? So that watch for those. The other area, of course, we continued development. This is not a sector that stops in its innovation. We remain highly committed to being at the absolute forefront, being the leaders in the space. So we have a U.S. clinical trial ongoing to expand our U.S. menu, which is very exciting. We expect that FDA submission to come. So we will, of course, communicate that. And our EU menu will also expand. And we are doing some things also regionally in terms of breakpoints and more of the technicalities to allow us to operate across regionally even easier. So for example, in the Middle East and whatnot. So some of these developments that we'll deliver through the year that will allow us to be really fit for purpose in every geography. And then I think the other really interesting space to watch, which we will excitedly share updates as and when we can, is around isolates, right? We've talked a lot about blood, blood cultures, and that's the priority, that's the 6 million patients. But the other 20 plus million patients are what we call isolates, right? And we know there's applications for those. Our customers are very keen to use the Astar for those patients with high clinical need. We are, of course, working with our research partners on those, and we'll give you updates on that as we can. But the consequences of that, of course, as we think about down the road for the business case are tremendous because they double, triple the available volumes, right? So this should all translate into financial progress that we'll continue to give you updates on, obviously the rights issue from a funding perspective, and we'll be closely watching the warrant program that we very much hope that you will join as well. And we are actively exploring grant applications that will help with funding, both sort of for the scale up uh for for kilinia and also for those new developments right there are many stakeholders who want to see these developments come faster and again as a leader in the space we now have a tracker here we're now on the market it's sort of a safer bet now to to to work with kilinia uh to to make sure we get innovation out earlier so we're of course um working with with many institutions on those things um And then, of course, finally, as we get revenues in, our gross profit will start to contribute increasingly to our funding over time. On that note, we work very conscientiously with our cost of goods. We have multiple projects underway that we'll deliver through the year that will improve our, you know, like for like, let's say, kit cost, the consumables cost. And we also will benefit more and more from the scale effects we've shared before. We have the luxury of having our own production facilities here in Uppsala. And that, of course, generates some fixed costs. The benefit, if you will, of that is now that we really should see the scale effect as we move volume through. And as we do get those to those volume thresholds, which we've mapped out, we understand them very, very well. We will implement different automation steps throughout the way to demodel neck, but also each of those should generate varying degrees of sometimes impressive cost reduction. And then finally, we remain committed to sort of maintaining our OPEX outlook. Krista will speak to that more in a second. And that means also repurposing costs, either from personnel, from team to team, or moving people around, sometimes the same people, different activities and so on, but also just from different types of costs. And we will, at the same time, look for every possible avenue for cost efficiencies to keep opex as low as possible for this and obviously as a company we are maturing getting better and better at various aspects of the business all the time so i'll i'll take that and hand it to christer and then we'll come back for questions perfect thank you stuart uh we'll just start by by saying that we've seen a number of questions in the activity feed and we will address address those after my presentation so be with us

That's good questions. I've seen them as good questions. Hopefully you'll get some good answers. So what can you expect from me? I will share some highlights on past year. That's one thing. Also highlights on where we are financially and also what we can see ahead of us. Starting off with the top line, fourth quarter and full year. Obviously not too impressive in the fourth quarter. Why is that? Well, we haven't seen any capital sales of Astar in the fourth quarter. we have signed over the year reagent rental contracts but there are no capital sales on that those so in the fourth quarter were very low looking at the year though it's it's basically in line or on par with 2023 and here you can have it split sort of by astar is 50 percent or slightly less and other income is 50 percent both in 2023 and 2024. The next thing I would like to look at is the OPEX and inform you that we are in good control, I would say, on the OPEX side. I will show you the development from 2023 to 2024. And I think the cost-cutting programs, restructuring programs in place in both 2023 and in 2024 has paid off and are in line with our own expectations, which is good. But more details on next slide, so I'll get back on that one. On the financing side, I just wanted to tell you how we did it in the Q4 and where we were at the 31st of December this year. Our main contributor, Next2B, they borrowed us another 21 million in Q4. And at the end of the year, we had a total of 99.5 million from Next2B. Those have been used, and I will get back to that, but anyhow, I'll tell you that 50 million of these have been netted in the rights issue invested in Kulinja, to say. 9 million has been repaid according to agreement, and that means that 40.5 million remains until at least 30th of June 2026, according to the agreement. We also received a bridge loan in this rights issue transactions to take us through this transaction of 40 million. That loan has been repaid 21st of February. So recently repaid. So that is a goner now. But end of year, we had 40 million in bridge loan. And then looking at just high level on the rights issue that was announced in 5th of November. At the time it was announced, we had an 80% guaranteed Now we know that it was at 90.5% subscribed. Also, in addition to that rights issue, we made a directed issue, but more of that later. Digging a little bit deeper on the OPEX and the OPEX development, just to show you that not only that we are in control, we are also delivering what we have said, what we have said on the OPEX development. And one way of showing that is to look at the expenses in the first half year or this year and compare it to the second half year. If you do that and you look at the personnel expenses and the other external costs and put these together in this graph, that's our main expenses and actually linked mostly to the OPEX. We also have some expenses with material in our development and things, but I've excluded those for this is a better picture of our development. And if you do that and look at the monthly reduction on average between H1 and H2, it amounts to around 5 million, which means that there is a 60 million cost saving on an annual basis. uh right and we can divide that in two different parts as you see here on the presentation that the cost program implemented in the q2 amounts to around 50 million and then we have made some additional savings in the second half year not linked to the cost saving program but we are always keen on looking at how to spend our our funds wisely and one way of showing that we are decreasing the the expense is to look at the number of employees Beginning of the year, we were at 127. Ended up now with 94 employees. Obviously, the big drop was when we made the restructuring in Q1 and Q2. So end of Q2, most of the people in that restructuring program were out of Kalinja. And that's why you see the number 99 there, end of Q2. To the next part, just to go through the funding, there's been a lot of activities with press releases. For some, it might be technical, financially technical. I just wanted to try to summarize this rights issue and the director issue and the still to come warrants to one that will come in May. Hopefully that will shed some light on this. Obviously, this funding activity will both bring in equity and liquidity. In our case, and what we have done, the increase in equity, as you can see, is much higher than the increase in liquidity. Why is that? Well, I think we have said it before, but part of this funding rights issue is paid by netting of loan. that was next to be netted 50 million. So that is a big, big part of the difference between 205 and the 93 million. And then we, as I said before, we have received a bridge loan of 40 million that has been, as I said, repaid now in February. So that are the main parts or the main differences between the 205 million increase in equity and the 93 million increase in liquidity. There's obviously, this is a big transaction. And when we started off, we didn't know at what price. I mean, the market controls the pricing, obviously. And the terms of this transaction were done like so that we ended up with going from 117 million shares before the transaction, now having 4.4 billion shares. A big increase and a big dilution, obviously, recognized by the market. And now, still to come, and we are very anxious and very keen on looking at and having this as a success for Collinia, is the warrants. That could bring an additional maximum of 2.1 billion new shares, which is sort of 50% of the increase in number of shares already. So we could end up maximum with 6.6 billion shares after this completion. And this transaction will take place in May with a subscription period between 5th and 19th of May, where the price is set with a 30% discount or the volume weighted average price for the period between 14th and 29th of April. So these are the mechanics for the pricing. We obviously don't control the subscription rate, but we are feeling confident that if we deliver, continue to deliver, this will also be a success. Great. Looking a little bit of our financial position end of fourth quarter to show where we are, what kind of assets, liquid assets we have. and how our working capital is developing. Started with the cash and cash equivalents of 25.7 million. With that said, we also have a total, had a total of 99.5 million loan from next to be and a bridge loan, another bridge loan of 40 million. So that's, as I said, a big part of these this bridge loan and the the other loan has been repaid but this is where we were uh 31st of december 2024. looking from from from the cash side and asset side on the liquidity side uh go to the inventories and working capital you can see a fairly big decrease from 46.5 last year to 33. and this good obviously is always good to minimize the the inventories and although need security levels but this tells uh what you how you can read this one is linked to what stuart said before that our commercial activities are increasing we are placing instruments in europe and in the us for for evals early access programs or in clinical evaluations and hopefully that will then lead into contracts later on so we still have them many of these in our books, but not in the inventories. They are working for us now in a good way. And the group equity, as some of you might have noted, is on the negative side. It obviously doesn't look perfect, but what is more important is obviously the parent company equity, which is very strong. Why is that strong? There are mainly two reasons behind the parent company equity being stronger than the group equity. One is we have the podlet technology that we are working with. We have put a value, a reasonable value of 70 million Swedish kronor on that one. That will obviously boost the parent company equity. In addition to that, we have a value of our shares in subsidiaries, and that's linked to our American company, Kulinia Inc. Both of these things are not included in the group equity and constitute the main difference between the two numbers. Now, looking ahead a little bit for the future financing and what we will end up with later in the bottom of this page is, do we have going concern or don't we have going concern? That is obviously important for you. It's important for us and for new investors. And I tried to shed some light on how the situation is. starting off with the secured financing. Some of this is mentioned before, but if you take the combination of the cash at hand at the beginning of the year together with the net proceeds from the rights issue and the directed issue, which has now been completed, then we have $119 million. That said, we are still waiting for $15.9 million cash on that transaction because it's linked to the EISP is a process when someone passes the 10% level of ownership, it takes a couple of months to conclude that one. So it will come end of March, the 15.9 million. And those 15.9 are included in the 119 million. The additional financing required, as we see it, the board sees it, is that we need another 80 million Swedish. If we get that, then we can state we have going concern. At this point on time, we can say that we believe we will get it, but we don't have it for sure. So we cannot state the going concern. And then going into the next step of our financing process, which is the T01, the warrants. If you assume that it will be 100% subscribed at a price equal to the rights issue, that is 5 öre. With full subscription, you will get 105 million net of transaction costs, which obviously then is above the 80 million. Just to get for you to get a picture of that second part looks like. So where will we spend it? As Stuart says, we are constantly looking at our opex where to spend it and also we are how shifted from where it have been to where it makes better sense to have so but we will continue to look at this and and have a cap uh which is in line with the 14 to 50 million swedish crawler spending per month looking at other parts of the use of funds is obviously working capital when you increase when you grow uh this will increase. We need more inventories. There will be more trade receivables and things like that. Where we are right now, as you have seen, we have quite a few instruments in stock. So for this year, we are pretty good off actually. So we will use these instruments and that will offset a big part of the anticipated working capital growth. then looking at investments and fixed assets it will come when the volume come we will do some more investments this year uh winds is very low amounts again go in concern no we haven't got it but we believe we will have it so i'll hand over to do it great thank you very very much um as you mentioned because i guess we got a bunch of questions on the line um do we i think we can start from the the group call though if there's any why don't we start with any

Verbal questions? Let's do that.

If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad.

So we're waiting for someone to jump in on the line.

The next question comes from Johan Anaris from Re-Dive. Please go ahead.

Go ahead, Jan. Thank you. Let's see. I've got some questions here. Start off with the U.S. contract, the latest one you had. As often is the case, it's on a no-name basis, but can you say something from the recent experience? What sort of customers and contracts and type of

uh accounts we can expect from the u.s market yes great question and yeah just a note on that i mean especially in the us but it's not limited to the us customers can be very sensitive on being announced in press releases because it may be seen as endorsement of of a company right so just so you guys understand the concept um I can say there that we are focused on the top institutions, the largest labs, the earliest movers. They very much are overweighted into the IDN's integrated networks that tend to be multi-hospital type institutions, often with major labs at each hospital or central core labs that are serving multiple hospitals. And our U.S. contracts thus far would fall into that group. And I would expect to also be that. So that will be the trend for the US.

Yeah. Yeah. And there are differences compared with Europe, I suspect. Pricing is one area, isn't it?

Yeah, so the main differences of Europe, in terms of structure, there are fewer of these true integrated networks, right, with some exceptions. They tend to be more like the regional tenders, which we've seen some of them that I mentioned, and those are multi-site. But as hospitals, they're not typically as much part of one buying entity or like a a large corporate entity like the US hospital structure. So it's a little bit more like individual deals in Europe. So we'll see that. In terms of pricing, I think there's some sense that Europe is lower price. I'm not sure that that's truly the case. I think a couple of things. Obviously, with volume, the US guys are aware that they have volume power. So that is one factor. And the Europeans will disproportionately want reagent rental contracts. So they will understand that means that we take on more risk and that they are getting capital with the instrument. So that generates some higher prices to offset the instrument, but also just ultimately higher returns over time. So I would characterize them both as kind of, I expect the range to be between $130, $180 that we land in that range for both markets. I think would be safe. Yeah.

Okay. And in terms of recurring the brevitys and pricing on the test, at least in the other states, before an established price point in the U.S. market, is that correct, whilst in Europe, there is probably a wider way?

Yes and no. The NTAP funding provides some kind of reference, because that is calculated two-thirds of the amount that is expected for the customer to pay. That is sort of declared by the CMS when they agree to the reimbursement. Also, given that it's $98.50 per test, it's not a cost that will be borne by the customer for all patients, so it makes it much easier to clear that hurdle in a way. But nonetheless, the price point discovery is still a function of of obviously the clinical utility, but then volumes and risk and all that. So I would say the dynamics are similar on both sides, like I said, but the NTAP funding helps a lot in the US for sure. And particularly since it's unique to Astar and Qlinia, it's a major competitive advantage.

Yeah. Yeah. And what about volumes, these latest contracts, for example, you do operate with a sort of minimum

volume per per per installation correct certainly for reagent contracts that's explicit uh that we expect volumes we we do that also when we sell the instrument we we have a sort of business case with the customer clearly we go through those economics with them and we know their patient volume so we target those minimum volumes and that translates into our pricing as well yeah

And you mentioned earlier in the call that on the U.S. market, there are now several alternative suppliers offering rapid AST. That's a bit of a two-sided dynamic, I suspect. It's good that there are several suppliers working together to expand the market, but it's also increased competition.

Correct. And there have been news in our sector as well on some of those players. So some are struggling. You said it's a two-sided thing. At this stage with the market opening, honestly, I wouldn't mind if other investors were spending money to educate customers and open the door. I'm very confident that all the major institutions will give us a call. They'll want to see the Astar. I actually am on the side of I'd love everyone to be active here and share the burden on answering those first two questions, why Rapid AST and why Rapid AST now. I'm super confident we will answer the question why ASTAR for your Rapid AST.

Yeah, and related to that, it's also the prospect of eventually adding a US commercial

partner at what stage and what is it possible to refer how many reference sites do you need to to sort of attract the commercial partner it's a very open question i know yeah i'm not sure attracting a commercial partner is a problem uh to be honest uh we see deals being made in the in the sector with uh you know in very different circumstances you can make deals even before you have fda clearance as we once experimented as well ourselves I would say it's really a strategic choice. Do we want to do this? We have active and appropriate conversations with players in the field about what it could look like. At this point, it's our determination that when we control our commercial activities, we increase likelihood of success in the short term, right? The big guys can move a lot if it is the absolute priority of their dozens or often hundreds of salespeople and You cannot guarantee that. So I don't have a magic number, Johan, how we need to get to before I would be confident. I would say certainly once we're breakeven and we are not in mortal danger of anything, then that would be an actual time to scale up. But we could do it sooner. By then we may not need a commercial partner. So this is not vital for our strategic success at this stage.

Yeah. And a clarification on the earlier comment that you made as I understood it, are in place to reach commercial progress during Q1 in line with 24 for the year. Is that in terms of contract win or in sales?

Contracts and placed instruments, commercially placed instruments. Yes, absolutely. That's how we'll sort of define it going forward for you. And we've announced three of those contracts, you know,

you run the numbers we said we did four and 24 so we should do at least one or or or more contracts and we are very confident we'll get there by the end of the quarter yeah yeah and of course um yeah on on the financial side in q4 the personnel cost take that compared with the earlier u3 uh level? What's the mechanism behind that?

Good spot, Johan. You're right, obviously. You have looked at the numbers. The simple explanation is that in Sweden we have summer and summer vacation. And the summer vacation debt that will take most of the cost or a month of the cost sort of in Q3. So that Q3 will be lower. That if you look at many companies, that's the way it is. So that's the simple explanation.

So in terms of what to expect in the coming quarter, perhaps Q4A4 is sort of in line with what the bond rate is.

It will be in line with the Q4, I would say, if you want to compare the coming quarters. But we are looking at both the personnel expenses and other expenses, obviously, in combination. But yeah, that's what it will be.

Yes. And of course, the You referred to the 12-month run rate, and the first stage of the issue is not sufficient, so it's very important to gain contraction from the next stage in May. And related to that, what sort of milestones and value event could we expect over the coming two, three months?

Well, we will aim to provide, of course, insight on those contracts, right, as much as we can. Certainly when they occur and if we can summarize at some point in a good way, you know, how much maybe an aggregate or individual they're worth. We'll certainly think about that so we can give you a sense of our pacing, right, around the track. I think I mentioned a number of things, right, different types of customers, of course, we will hopefully have, you know, coming in here that we can communicate. And then it'll be the qualitative evidence of us moving things forward that we will communicate as we go forward, both within our business, but also partnership developments and whatnot that give you a sense of the type of conversations and activities. So we'll certainly keep you posted on holding us to those three areas of progress that I laid out in our outlook ahead.

Okay. Thank you. That's all from us.

So we had a few questions online. I can read them out and give a quick answer and a hand over to you, actually. So this first question, thank you for being patient and staying with us. And you put a lot of good questions. First one, we gave notice of a big reference lab being ready for signing in February. What has happened? And Stuart, I think, said, yes, it will be done in Q1. So we said before, you're quite right about that one. We strongly believe it will be in the end of February. There are some administrative things, I would say, that has postponed this. Yes.

Which market? Do we have time left in February still?

A couple of hours. But certainly Q1. And US time, you know that. Which geographic market is the most important and why? I would obviously state the U.S. right now.

It is the U.S., right? Not to diminish the huge efforts of our European colleagues and also the urgent clinical need in Europe. But the U.S. is just a big one. And it's where pace is set. And that's where we will truly step out and improve the leadership, let's say, that will also be the case in Europe, as I would say.

And then a good question, when will you be breakeven? In our prospectus, we have guided and said during 2027, and that's still hold, right? Yes, we stand by the prospectus we just published. Exactly. And then there's an interesting question. Will you be a billion dollar company? I give that question to you. I hope so.

Look, I would characterize it this way. Look, I think I mentioned this on the last one. The rapid AST segment for blood is, you know, five to seven million tests. We said six million. If those are generating, you know, a hundred dollars a test, you know, which is really at the low end, but let's project this out. It's easily a half billion to a billion when you start adding the other next isolates and things like that. It easily gets to a billion dollar segment. And keep in mind, the current business is 1.5 billion for the segment. So we're increasing value in the area. Then it's down to market share for that. And you can look up what diagnostics segments split, but it's usually two or three players that split it, often disproportionately with the leader splitting it.

that's one way to look at what what our long term could be yeah another couple of good questions it's uh the reference lab question i think we have covered that and answered that one so there's still some hours left today but i think we have already responded to that one the ref lab question then obviously there's a good question when can shareholders get to see a contract in values margin something to calculate this is something we follow very much in the company and we will continue to give more and more information once we when we proceed and get more traction in the market so that we can actually share and we have shared something from our from our italian tender right at least one i mean the details of those ones are public i don't know if we have published them but uh at least on the

top line basically those are those are committed publicly so but right the question was the most important markets the us so you know the question by extension is probably applying to that i would stand by christa we'll try to share if not specific maybe an aggregate or some idea on the scoreboard that i i outlined so you guys can see how it's evolving yeah it's obviously important for ourselves in the company to know where we are where we're heading but also to give the guidance we can give we will give uh on this

yeah now another question will this grow to a billion that's the same question as we have answered billion dollar company uh another question how many machines in total are discussed regarding the multi-site contract great question very good question um have to be careful here uh because a too precise answer would would would basically define the player um so uh

I would look at it this way. I mean, obviously it's a multi-site contract, so it will start with, you know, a handful of them that were actively planning the sites, but it will have a rollout plan, right, for going forward over some time. So I think I struggled to actually give, it's a great question. I struggled to give a more precise answer at that point. partly because I can't define the rollout plan with the customer at this stage. Yeah, I hope you'll bear with us here till at least we get it signed. And there will be more of these as well. So yeah.

How long will the money last from this latest funding? I think we have given enough guidance on that one. You know what we have gotten so far in the rights issue and the director issue and then we have the warrant part still to come. We have said that the burn rate we can translate it into a burn rate the 14 to 15 million a month i think then you can take the and calculate the how long it will last so i will not say more than that right now and then we have a question the warrants yeah right what is the main issue you choose so short time between emission which i guess the rights issue and the warrants um good question uh i don't have a good answer but we don't want to drag on for for too long with this we want to focus on on our operating activities and and i think it's good to have this as close as possible i would say but still i would say there is a couple of months in between so i think it should be enough uh it's up to us to actually deliver progress during this time and a question from tubion how close how does the interest for colinia's product look like on the Swedish market? And what is the reason for that?

Very good question. None of us would like more than to be assured if we were to go to the hospital here, we would get an Astar test, I can tell you. So why not the Nordics moving fast, given the technology nature here and also that we have multiple players here involved in this space? It comes down to hospital priorities. for the benefit of Swedish patients, antimicrobial resistance is not a major issue. All hospitals have choices on budget on where they put the money on any given budget cycle. And there are other areas. I would characterize it as there are other things pulling more urgently on the clinical return on on value. That doesn't mean the the clinical impact on a per patient basis is any less than the Nordics. But it's not. We have we have structured our entire go to market commercial strategy to chase the patient, follow the patient. And that's part of the reason behind our pivot last year to the Middle East, because they have very high AMR, as well as a proven track record of adopting technologies in general to treat patients. So it's where's the AMR and where's the track record for countries to treat urgent medical needs? Sweden scores high on track record, less so on urgency, if that helps. But it will come to the Nordics as well. It may even be that we can you know, we have some breakthroughs during this year. Let's let's see. We're watching the space closely. We're working with our lab and Montebello very closely on multiple fronts in the Nordics.

Right. And then we have a great question on our financing. How can we secure the financing with next to be dropping out of ownership and How can we secure future financing, basically? That is the question going ahead. Obviously, the easy answer to that is to deliver in line with expectation or above. That's basically what it is. We need to deliver progress. And if you look at our company, as Stuart sometimes points out to me, we have been in the race for some time. We spent some, what is it, $150 million altogether already. And We can see the light in the tunnel, as we said. We also have guided in the prospectus and also on this call that there is a breakeven during 2027. So once you get closer and you see progress, I would say the chance of getting new funds increase. But obviously, this is something we focus on. We need to focus on this as well as the operations. That's how it is. We are not cash positive now. So we need to focus on this as well going forward.

Yeah, I can read it. So can you please elaborate on the status of the two negotiations mentioned in the UK, as well as the status of the contract received from Italy, both mentioned in press releases during the fall? So I think, so the UK ones, yes. So where are they at? Well, we and ProLab are actively involved in multiple discussions in the UK. We feel confident that those will have live instruments in the UK. I think I mentioned the UK will, move next after Italy, so that helps give a sense that we believe there's imminency here in terms of putting clinical patients through. I can't comment on the specifics of any location there, unfortunately, at this stage. The contract received from Italy, so if that is reflected So our contracts in Italy, so they've all been installed. They are live. We are treating clinical patients. They are all ordering kits from us for clinical patients, if that's the question behind it. So they are active, let's say. Yeah.

A question for Martin. Is there any issue with having Next2B as a big owner with the problematics with Bengt Ågren? Should shareholders be aware? Would the hunt for him personally jump over to Next2B? Will Skatteverket take Next2B into the belonging, see all of the shares?

So let me take this one. So I'll start from the top. Next2B has been a tremendous supporter and advocate for Qlinia throughout. Erika obviously remains the chair of Qlinia. We work very closely with her and Next2B, and they have consistently demonstrated their support and backing for the company. I can't comment on any of the other specifics related to Next2B or Bengt and Skatteverket. I simply don't have that. You would need to go there. But insofar as this is material to Qlinia, we have our assurances that this will not impact Qlinia. And that's how we operate.

Question from Sebastian.

So US placement, can you please share the development in terms of number of tests sold so far in February? Uh, so yeah, for the us placements, well, I can say that they've, they've made orders for, for the kit. So they're already placed POS behind that for the, for the consumable kits. Um, if you remember the pipeline, right? So the contract is signed, then there is a period of installation and what the customers do then is they validate. So they, they, they get the instrument installed. They link it to the LIS, the information system. So lab results can be presented on patient charts to physicians. And then they need to do a little bit of testing just to show that the tests work in their lab. That's usually very minor, let's say, but we line that up. And then they start running clinical patients. So they are very much on track for that. And I think this one will move quickly. It will not need longer times to do. I think even the LIS may already be done. So it's moving at pace and they have ordered clinical tests.

I think we have another question on the big reference lab contract. How sure are we that it will happen in March?

Yeah, well, I've tried to really emphasize I'm very confident in it. We've been working with them very closely. They're super keen to work with us. You can imagine something of this size with this many stakeholders. They really want to get things aligned because this is non-trivial. This is clinical stuff, real patients. They're working with us. And there's just, you know, internal loops that need to run. Look, we're, I don't know, frustrated. We're patient and understanding that they need to do these. They are internally also actively working to speed things along as much as they can. They do sometimes take a little longer than expected, but we're talking, you know, it's a short amount of time here. I would put it that way. And maybe I can add that in the meantime, we continue to work with their clinical team to identify the first sites that will go in. I mentioned that, right? So we have line of sight on that. We are starting to work with them on the, call it the rollout plans. They have multiple sites. So how will they educate them and make this available and so on? So let's say the operational aspects of that are moving forward within the parameters that they're able to do so without a full contract, if that is helpful.

Right. Then we have a question on the stock price and when we can expect to see When we see positive trends and when we expect to see that, obviously the question I cannot answer, I don't know. We shouldn't be too considerate about that one. We focus on delivering what we should do in the company from an operation point of view, from a sales perspective, and take the right decisions. But we cannot affect the stock price. It's out of our hands. It's the market that set the price. That's basically all I can say. I think it's the last question for now, I think.

How do the aid budgets affect operations in Africa? I would say this is not relevant for us. I'm assuming this is referring to our EMEA GCC piece. It's unaffected, I would say, from the USAID. I think it's meant to be one word, yeah. So that's helpful. So with that, for those still on, thank you very, very much for the extra time. I see this as a sign of high interest. We've got a lot of news, lots going on. We've tried to give a view as much as possible on the outlook and what to expect. We will give you news as soon as it comes and we can on these things. And I do look forward to catching up at our next quarterly update. And thank you again. Thank you.