Q-linea AB (publ)

Welcome to Kylian's Q1 report for 2025. Appreciate everyone joining. We'll run this in the usual format. Quick disclaimer for everyone before we move on. And the topics we'll focus on today, I'll give some comments on our commercial progress that we're seeing through the quarter and some outlook for the remainder of the year and how we think about the market developing beyond that. Then I'll turn it over to Krister, who will give us a financial update and will allow for some more time this time, hopefully for questions, since the last conversation was quite engaged, which was great. We'll try to keep the upfront comments a little shorter and more emphasis on the Q&A at the end. So with that, let's jump in. The main highlight messages I'd like for everyone to take away from this quarter. Firstly, we're very pleased with the commercial progress in the quarter. It was a record one for us with five new customer contracts during the quarter. That figure surpasses, in fact, the total for the full year of 2024. So we're pleased to see that that momentum is continuing. The installations coming out of that have proceeded very smoothly. So three of those are already installed in the quarter. The remaining two are planned and will go into place shortly. And this raises the total ASTARs now in routine clinical use to seven. So the installed base continues to expand. That will in turn also drive the recurring revenues that Christa will speak to later. Overall, we're meeting the plan, both in terms of those revenues and the cost development. We now see the 20% year-on-year reduction in our operating costs. That is derived from the cost saving program last year. And that's net of some of the investments we've made into the commercial side of the organization and making sure we have capacity for growth. At the same time, our production and operations team is planning against further efficiencies in the production of our consumables, especially as we go through the year. So we're able to scale and derive those benefits as we keep pulling through. So I'll give some more detail on this shortly, but overall the message is that the 2025 outlook remains very strong. We see progress in all the dimensions that we spoke about last time, on the clinical side, on the commercial side, and on the financial side. More of that to come shortly. Just a quick note for anyone who is new to the Q-Linear presentation. We are in the rapid antimicrobial susceptibility testing space. Three key numbers to keep in mind. We deliver a test in six hours compared to current standard of care, which is typically more than 48 hours. This time savings and save lives for sepsis patients, saves money for hospitals, and reduces the amount of clinical effort in the hospital. It is an extremely easy to use platform with two minutes or less of hands-on time per test, which is very impressive in our sector. And it is the number one platform in our field as a fully automated random access platform with a very comprehensive menu and a very high reliability in the field. So we're now seeing from our routine clinical instruments that are now installed. So with that, a little bit more color here. As mentioned, Q1 has really been one of converting the pipeline that we've been talking a lot about. The team in the field has worked very diligently since FDA clearance this time last year. pretty much exactly a year ago. So we were able to start our commercial activities in the U.S. market. We're very pleased to see that that pipeline has expanded quickly, and we're already seeing those contracts coming through. So typically we would expect a 12, 15-month cycle time to have some contracts signed in less than a year since launch, I think speaks to the latent demand and the clarity of the proposition for ASTAR. We are especially proud and excited about the master service agreement that was announced with one of the US's largest reference lab networks. These are institutions that typically follow their hospital customers. They supply the tests to hospitals and they're typically outsourcing those volumes from the hospital into them. So for a player here to take a lead in the space and help us to bring this out to what will ultimately be many hospitals in their service network, I think, again, just speaks to the clarity of the proposition. And we'll be working very carefully with this partner now over the coming months to plan that rollout. And we'll be sharing news as we get it. The rest of the world hasn't stood still. We did announce the first tender win in the Benelux region that was anticipated and completed. This puts the first instrument into that region in clinical use. To my knowledge, at least, it's the first rapid AC system, again, in routine use. So another region activated, and this is the type of area where local adoption and the local leadership from clinicians spreads within the networks, and we anticipate that that will facilitate the second, third, and beyond adoption. In fact, we see that in Italy now. We had another tender win in Italy and we see the momentum continuing to grow in Italy, where we'll expect a pretty steady drumbeat now going through this year of further placements in Italy, where we're seeing that network effect really happening. Last time we spoke, I mentioned the first walk-in customers coming to us. and asking for proposals that facilitates. Obviously, the process cuts a lot of the time out and commercial effort in going out and finding customers. And we expect to be able to sign some of those very shortly. We're also very excited about our continued work with Amico in the Gulf region. We announced the shipment of the first instrument into the region for evaluation. We expect or hope that will stay in place and move into clinical use. And I'd be very surprised if we're not shipping one or more through the next quarter. As we know, that team is lining up a series of evaluation evaluations with sizable customers in the region that are aware of the need for rapid AST, which is very high in the region, and the proposition of ASTAR, which is quite unique. So overall message, of course, in the quarter, we've now sort of doubled the number of ASTARs. contracted. And it's now about continuing that momentum. So we've shared this picture of the pipeline previously, the steps that we go through. There's still a very large number of customers coming into that first gray box there, many of which we've identified as priority customers. This includes all the large US hospitals, IDNs, reference labs, etc. most of the large European institute in the Gulf as well, where we're making outreach. But now it also includes for increasing the customers that are coming to us. And then, you know, the key thing for us in the process is when it moves into the second stage where we're talking about a demo or an evaluation and an instrument gets installed. And that's really where the Commitment, let's say, starts to get made. You can, of course, still be in a situation the customer says no, but we expect more than 75, 80% conversion from evaluation as we go forward. So we're planning all those evaluations that we see more and more going into place. And that's what really feeds the contracts that we'll be announcing, continue to announce through the year. So the five that we announced in Q1 here, they're over that gray line into the install and go live, three of which are already now installed. So they're in routine use and have joined the four that we had coming off of last year. So we'll keep sharing updates on this one. But as you can see here with well over 100 instruments, both sides of the Atlantic in the pipeline now, we see a healthy supply of potential going forward. going forward to keep the commercial momentum. So a reminder of sort of the overall market that we're looking at and where this should be going. We are looking at building essentially a new segment out of the established standard of care testing, really focused on the high clinical urgency tests for rapid AST. So we see those as the five to seven million bloodstream infection patients, as well as another five to 10 plus million, depending on how uh institutions to find them you know critical infection infections in in non-blood uh tests uh and these will increasingly move over into rapid testing from the 48 72 hour uh current standard of care uh and in this green box will continue to grow and and we assess that to be a six to nine hundred million dollar market for for blood tests and you know uh up to two two x that or more for for the entirety of the opportunity uh so this is what we're we're seeing now emerging and and we aim to be and remain at the forefront of that market and i'm very happy to say that you know i've been now several days here at the eskmit conference in vienna We have a team down here and a sizable presence on the floor and can confirm their interest in Astar. We're seeing a lot of visitors from around the world, obviously customers coming up to learn more about Astar and distribution partners who are looking to bring it into their business. I would characterize maybe of particular interest for this year's conversations, we're seeing many more customers coming up with knowledge already of Qlinia and the system. They've done their homework. They're comparing it with other opportunities. And we've had a few already asking directly for evaluations. I'm happy to say we have a couple even in Austria here where we'll get those evaluations hopefully installed in the quarter in Q2. So customers are coming with, I would say, a prepared thought on Rapid AST and looking to move quickly, which is great. We are coupling our presence on the floor here with... with presentations on the research side. We've got a well-respected scientific team here that's presenting papers on some of the merits of our platform, including new data on the importance of controlled inoculum. It's one of the unique features of our platform that generates the very high quality and reliable testing results. It's not available on all platforms in our space. So some more data there that clinicians are keen to see. We've also published some results from deployment on our gram positive menu for ASTAR. showing that it works and that's again an exciting space for going forward as labs in particular will be looking for solutions that can continue to grow over the long term. Everyone's of course looking to address the critical needs in blood infections and gram negative bacteria, but they want to make sure that you've got a a pipeline in place for gram positive for non-blood infections and so on so we get a lot of interest here in positive reception to to the demonstrated performance and of course our lifetime study continues to release new data we've got a poster session on that and we'll continue to get that out in various channels. We're excited to see that data coming through, continuing to confirm, again, what we expected to see, which is patients moving onto optimal therapy and a significant reduction in the time on therapy. These are positive clinical indicators. So we'll continue to evolve that data analysis. The study is closed during the quarter. the last patient in during January. So working with our partners to get all the clinical evidence and present the full health economic picture throughout this year. So overall, you know, quick summary here, just pulling from the points mentioned in our last presentation, we'll keep coming back to these, you know, on the three main pillars here that we're looking at on the commercial side. We continue to see that pace, you know, quarter on quarter increase, you know, the first multi-site contract that we now have announced in the US, the regional tender that we announced as well during the quarter. And as I mentioned last time, we now got the first quarter walk-in customers well into the process here and would expect to see those first ones signed during this quarter. We're also looking now at some customers who are open to skipping the evaluation stage and just going straight into validation, which further shortens the pipeline. Again, good pacing here. Going forward, we'll give some more updates as these gets installed and The pull-through on the platforms is steady on a per-instrument basis. We can give some updates on that pull-through numbers. But from what we see in the pipeline, I'm still feeling good about the fleet average of 1,000 tests per instrument as we come off the year. um you know and will continue to span across the regions um new countries in in europe and in the middle east on the clinical side i mentioned the lifetimes data last patient is now complete our u.s partners are also completing the early access program research projects and those data are being pulled together now and we'll present it at various u.s conferences and hopefully in some journals as we go through the year, which will be very nice profiling for GULINI and for the Rapid AST space. And just as mentioned, of course, we had a successful AMCLI conference in Italy and are present now at ESCOMMIT. So we'll continue to make sure that we're seen as the thought leaders in the space. Well, we're pleased to say that the US clinical trial is ongoing for expanded US menu. We expect to complete the recruitment stage of that from patient during the first part of this year, first half of this year, and submit before the end of the year. So we're excited for that opportunity. And I'll now turn it over actually to Krister to speak more about the financial side and then come back around for questions.

Thank you, Stuart. I'll take the more financial related part of the presentation here. And for the first quarter, I'll start off with the first quarter. And we are now in the commercial era and that it shows on the top line. We have a record high top line net sales of 3.7 million, which is actually already more than the total of 2024. We are happy about that. And obviously, when the installed base increases, the recurring income from consumers will increase. And that's what we anticipate and we see in all the installations and the pipeline we have, which is really positive. Development in line with our financial plan and it's the plan to break even during 2027 and we see that in the numbers in Q1 and we see that when we look in the pipeline going forward and also with the OPEX where we are on the expense side. I would say we have a good cost control. We have previously guided that the OPEX per month will be in between 14 and 50 million. I will go through more detail in the latest slide, but that's where we are and we will continue to be on this level going forward. On the financing, you're probably aware that we have concluded the first part of the financing in Q1, which is the rights issue. to 90.5% subscribe and gave us a gross of 204 million in equity. After netting on loans, repayment of bridge loans and some transaction costs, it brought us some 93 millions in net new equity. Looking a little bit more closely at the APEX development now, if you take the personal expenses and other external costs from Q1 2023 to the Q1 2025, you can see there is a reduction in line with what we have guided, and we are happy about that one. You see the really small number In Q3 2024, which is obviously positive, but it's also linked to the Swedish vacation period, which is then you normally have lower costs during that period every summer. But if you take that up a little bit, you see it's a clear line below the 15 million. It will be between the 14 and 15 going forward. Shifting a little bit to the events to come, just to guide you a little bit, you're probably aware of that one. We have the price setting period started already today for the warrant scheme, and that will last for two weeks about. And then in that period, we will also release the annual report of 2024. And then in May, we will have the subscription of shares with the support of warrants. it would be a subscription period of 14 days. And then in June, we will have the AGM, which is also in our financial calendar. In that meeting, there will be all the normal things you bring up on the agms but we will also address the uh the number of shares and we will have a reverse split which will be shared with you a bit later when we send out the material for the agm and obviously after the q2 we will have the q2 interim report beginning of july 10th of july Now, looking a little bit about the warrants, you're probably aware of these things, but the warrants, the amounts will depend on two things. It will depend on the subscription rate from zero to 100% and then on the share price. Those things will decide the amount in the issue in May. We have seen strong interest, high interest in the warrants, which is positive. But obviously we cannot guide on this. We are not the ones deciding this. It's the market that decides this. But these are the amounts of million Swedish kronor within the matrix that we will get from the warrants. So I would say we will probably be in the bottom right corner. That's probably where we will end up when you look at the share price today. But you never know. We have to wait and see. Now, looking ahead a little bit on the future financing. As you have seen, we have 68 million on our bank account in the group at the end of March. But obviously, we are not cash positive yet, so we are always looking for other sources of financing. The warrant scheme, as I've just addressed, is one of the things. And then we have obviously other ongoing activities, such as seeking non-diluted financing. And we are discussing licensing of technologies. Podler is one of the things we are discussing. Obviously, seeking loans. And we are working actively with our gross profit and OPEC savings, always. And use of funds 2025, we have guided before the 14 to 15 million per month on the OPEC side. Going a little bit closer to the year end, there will be some more investment in working capital when the volume go up, but we also have some more gross profit coming in. So all in all, it will be a slight increase towards the end of the year. low investments in fixed assets, and the board of directors looking at the situation where we are now. When we see good momentum and we have a clear sight ahead of us, they think the prospects are good for financing and financing Qlinia until breakeven 2027. All right, Stuart.

Thank you, Krister. I think with that, we'll take any Q&A.

If you wish to ask a question, please dial pound key 5 on your telephone keypad. To enter the queue, if you wish to withdraw your question, please dial pound key 6 on your telephone keypad. And I think we have a... The next question comes from Johan Unneris from Red Eye. Please go ahead.

Thank you. Thank you for taking our questions. I have a few. And also congratulations to commercial... progress and establishing positive momentum early in 2025. Could you start with the pipeline, please? You gave sort of an indication of some hundred ASTAR in the pipeline or thereabout. Was safety in that range and also conversion rate seems to be, you seem to expect rather high conversion rate north of two-thirds, if I understand it correctly.

yes um so yeah just to reconfirm you know as we laid out we we see you know more than than 100 uh you know real active customers in here so these are ones who've confirmed they're they're considering a rapid solution um they either already have budget or or are working to get budgets and therefore are sort of qualifying themselves to move forward into our evaluation steps. We don't typically do an evaluation unless a customer has a budget to follow through. So that pipeline continues to expand. The key factor here is getting customers into those evaluations and then through the contracting process, where that's the one part we have the least control over the timing and where the customer main stakeholders that we're interacting with on the lab side and the clinical side, the physicians also can often have least control over as these are sizable institutions and the process moves into the administrative functions. some of which are managed by third party purchasing partners and so on. So it can be fairly convoluted and complex in that contracting stage in terms of predicting timing. But usually at that point, it's pretty clear where it's going to land. So we have good insight on our win rate potential coming off of that evaluation. And honestly, often going into the evaluation, we have a pretty good sense. I'm quite comfortable not having seen any information that would contradict this, that we have well above 50% installation win rate here. We are aiming for higher than that. We don't know, of course, if there are placements happening. We don't see. But in terms of the head heads that we're in, yes, I could confirm, Johan, that we're still seeing that two thirds or plus that we're seeing move on to Astar. Does that answer your question further? Or was there a component you want to touch on?

Yes, that's useful. Thanks. And so timing is still a sort of a significant or substantial level of uncertainty in some locations. And also then when you contract it, when you secured a win, so to speak, and at that stage you enter into the stage where the account It's moving to clinical use of some 100 patient tests a year, as you indicated. And that's the sort of timing period as well. And also, you presumably will require some level of support during that implication, introduction period. What do you do to speed up this stage? And what about the timing, level of timing uncertainty?

at that in that stage yeah no good good question yeah so you you characterized it well um you know the the contracting stages is uncertain as i said i i would say that that that challenge will will diminish as we get more and more and more into that negotiation contracting stage um uh because there is variability but obviously is that part of the funnel grows, it'll become a steady rhythm coming out the back end. So then we move into the install phase. And I did want to touch on that in my opening comments that we actually see that part moving quite quickly, having themselves often waited for the purchasing teams to sign the papers. We are already working with the operations teams on the installation planning, making sure their stakeholders are lined up for their trainings, things like that. So the installations have actually proceeded quite quickly. The LIS integrations, which is the lab information system, those integrations have proceeded well. So we're not seeing major hiccups there. And that's a prerequisite for moving into clinical use. I just wanted to, I think you mentioned 100, but we aim for 1,000 tests per instrument on average. That is a factor we'll continue to watch here. There's a couple of things that drive that. Obviously, the overall patient flow and how many patients need the test. That is fairly well known by the seasonal variability and exceptions, of course, but the institutions know how many patients they typically have. So this is usually a factor of educating all the physicians to make sure that they know the new protocol. The lab is providing the test information and they're using it. So in some cases, they do start with a smaller set of physicians just to get it going and test the protocols and then expand it. This is one area we can work with. to make sure that the ramp is as quick as possible to go. Some institutions move directly to full usage. Others will move over time as they train the physicians on the new testing. So you characterized it well. We remain active with the customer during and after the installation period to make sure that they're making full use of the test.

It moves according to plan. This type of exercise will ramp up very quickly. What about needed resources? Will you be able to pull this off without increasing the OPEX significantly? And is it a learning process for you as well? Can you speed up or make this process more efficient?

Yes, so Krister reaffirmed our commitment to holding under the 15 million OPEX. I don't see any reasons to deviate from that. We do expect considerable commercial growth, right? We've signed ourselves up here for quarter on quarter increases in the number of systems going out. The team is getting more and more efficient with these, and we will need eventually more resources in the field for installation engineering work. I would touch on one important factor. The ASTAR is extremely reliable in the field. It has not proven to need a lot of repeat maintenance visits and things like that that can sometimes drive significant resource needs for installed instruments. therefore we we don't see that we need like a linear uh growth of field engineers as the as the installed base grows so that's important uh we will of course need to add some as the pipeline is getting bigger and bigger but we also see that there's some significant also external costs uh that we have now that will come come down through the year as we complete various projects uh that are that are ongoing so uh i think it's still still uh very fair to say that we we will be able to offset our increased commercial efforts with some reductions in costs in other areas. And we will aim as much as possible to decrease the operational costs over time. And then finally, I think you touched on it there, as we get more scale here in our production volumes, that whole factory in Uppsala becomes more and more efficient. So we're looking to set up our regular batches for consumables. And obviously, as those batches get more frequent and get larger, the cost per unit and the overall resource utilization goes up considerably. So we don't see a significant need to add cost as our volumes grow there.

And also at this stage of the launch, even if you have reached now nine installed and contracted systems, the growth margin does not reflect the future growth margin at sort of a higher level. Is it possible if you succeed in reaching your target for 25, where could your growth margins be towards the end of the year, so to speak? I'm not sure if you can give a feel for that.

Yeah, I think I'd be cautious, Johan, about giving a 2025 gross margin number, just given the number of factors here that could be variable. Maybe just worth describing a bit how I think about it. I mentioned the production facilities in Uppsala. There's a fair bit of the cost there that's fixed in the production plant. And we obviously get a lot of operating leverage as volume grows there. We're also implementing several activities that are ongoing and some that are planned at various volume breakpoints that will measurably reduce our cost of goods on a per unit basis. So the timing of exactly when those happens is a bit of a function of volume growth and when some of these activities deploy and we see the effect. So I'd be a little cautious on a 2025 number. But that said, I'm on record before of saying we're very much aiming for an industry range, which is 60 to 80% gross margins in our industry, with the more sophisticated and more unique tests being at the higher end of that. And I would characterize our test as being unique and of high clinical value. So if that's helpful in terms of the direction of travel, then it's just a question of sort of how quickly we get there as a function of operating leverage and completing our scaling activities.

And is it possible to give a feel for where growth margins could be at the stage when you're reaching break-even in 27, put it that way?

Yeah, I would like to see them at least in the midpoint of that industry range, if that's helpful.

Yeah, yeah. And finally, on my side, you mentioned that some of the pipeline, or you have already experienced some sort of fast tracking into the clinical stage. Could you give us what could be expected in proportion direct evaluation and walk-in customers, sort of two types of

fast forward deals so to speak yeah so it's a very good question we're constantly working to balance the the pipeline and our attention of our sales resources uh because they are finite uh and our team needs to work on on the ones uh where the where the customers have the most motivation to move quickly so we're balancing between conscious investments if you will into key customers uh that that are market movers key opinion leaders or large institutions with attention to customers coming to us that sometimes fit that profile, but as often as not, they are maybe the more midsize or it could be sizable independent hospitals that might not have been in our first tranche. So I guess I would think about it that most of our market making activity and proactive energies are still directed at growing the target pipeline, and that will make up the bulk of really our placements and our visibility that we're forecasting against. I sort of see the walk ins as a little bit the, you know, the extra sugar on top. But, you know, as that they come in, they're a little bit the positive surprise that we put into the funnel and They'll come here and there. We don't know how the timing works. They should go faster. Some may get stuck in purchasing and so on. But overall, they should have shorter conversion timelines. As I mentioned, we've got a couple of these now. I'm following them very closely, as is the team, because I think they signal the level of market interest. And if these folks can come to us and convert quickly, and I'd love to give you an update in a quarter or two on where those are at, that actually signals that maybe the broader cycle time can be shortened. And that's really our overall driver for us right now. is cycle time for the pipeline. No question on the interest now. It is just getting things through that funnel more quickly, getting them installed, getting them with real clinical pull-through that's going to drive to the P&L on our side. I see them more as canaries, if you will, on being able to shorten the cycle time rather than trying to predict a certain share that will come in that way. I don't know if that was a helpful answer, but

And also on the capital side, you're still pretty far from break-even and growth capital is a very relevant issue and a challenge. It hasn't restrained you from making progress. but it will remain a challenge. You have the warrants, and on the OPEC side you mentioned that you have some external costs that can be expected to go down, perhaps to some extent balanced by some higher support resources, engineers and so on. Are there any other measures you could do on the cost side, and also are there measures you could do on the non-diluted side of accessing capital.

I can take that Stuart. That's fine. I mean, obviously, this is a really good question and also got a question on the funding, non-diluted funding on the activity feed as well. A good question on the activity feed. So obviously, looking at going forward, when sales and the commercial increase, obviously, working capital need will increase. As of now, we have we have a good start. We have several Astar's already in stock and we also have actually provided a lot of prepaid prepayment to our main supplier of Astar. So we have a good start. So we manage this year, I would say without investing too much in working capital, although at the end, when we follow the plan, it will increase, that's for sure. But we will be happy to address that challenge when it comes, I would say. On the OPEC side, we will, as Stuart has said, we will balance the increase in some areas with some decrease in other areas. And we see a clear path for doing that as well. Stuart, do you want to add something?

No, just that we work on multiple fronts with the non-dilutive funding. There are some grants out there. We should know more about those through this year. I'm just cautious on sort of over... over communicating here too early before we have those decisions, but we have some positive signals on various fronts. We're also working with other parties on some development aspects that might give leverage for some of our activities. I'm particularly excited about some of the conversations with key stakeholders, be they pharma or other antimicrobial resistance groups that advocate for the space or are actively financing development in the space. who are telling us, and we met a few here in Vienna at the ESCMID conference, that they're interested in potentially supporting us with development funding for adding new antimicrobials or launching new panels. uh and various other development we could do so this would help defray uh development costs that we all you know we we have in our plans so this again another source of um of non-dilutive uh funding that uh that could be quite interesting uh at various let's say scales uh of deployment so we're working you know multiple irons in the fire here certainly we'll share uh the information as and when you know we can as that firms up

And to give a clear answer on the first question in the activity feed, is there any grants or non-dilutive funding available? I mean, after we've already got the FDA clearance and all that. Yes, there is. And there is funding and non-dilutive funding available for a company like us in Europe. There is. And we are working actively with that one. Obviously, it's not like we are the only ones working with it, but we feel we have a very good chance for it. And the second question, sorry. Oh, sorry.

Let's finish with Johan and then we'll... Yeah, Johan, go ahead.

No, no, no, go on. Yeah, no.

Right, we have a second question in the activity feed linked to the warrant program and if that's going to be successful or not and... Christian, maybe I'll take that one.

Yeah, you can take that one. Okay. The question relates to... to participation in the Warrant Programme, and specifically if our sizeable or larger shareholders like Öresund will communicate their commitment. We obviously can't speak for our individual shareholders, other than to say, obviously, we aim to stay close to all of you and engage and answer questions as they are. I think it's very positive that Öresund has taken on Next2B's warrants. So insofar as that's an indication of their interest, I think that's worth considering. It's not for us to communicate in terms of their own timing on decisions but uh we feel good you know speaking across um you know uh our shareholder base uh that there is as christian said high interest in the in the warren program uh so um provided we we continue the momentum in the market we see i see this as as a very positive development yeah

Any more questions? There is one that's coming. Yeah, it's one more here. Right. I mean, obviously looking at the warrant scheme and we will be on top of that scheme and we will not wait until the end. We will for certain know during May how things are and we will act accordingly. That's how it is. But as of now, we feel positive about the program. It's big interest and we have good shareholders supporting us. But you never know until the end, but we have a good feeling now.

I think maybe just add to it, of course, if there is an opportunity to communicate earlier, we would certainly support that. I think we need to be respectful that the parties will take time to make their decisions, but they understand the importance of a successful program as well. And I think are signaling their general support here in terms of what's been announced so far. So, again, I think indications are strong.

all right there are no more questions from the telco and i know i don't know if you were ready with you one and he had all his questions answered no no it was just a slight confusion there we were very happy with the feedback thank you thank you all right any other questions No more questions from the telco.

All right. Thank you, everyone, for attending the Q1 reports. We'll sign off here and more news to come.