Physiomics Plc (PYC) Earnings Call Transcript & Summary

Good afternoon, and welcome to the Physiomics plc investor presentation. [Operator Instructions] The company may not be in position to answer every question it received during the meeting itself. However, the company can review the questions submitted today and publish responses when it's appropriate to do so. Before we begin, I'd like to submit the following poll. And I'd now like to hand over to Dr. Peter Sargent, CEO. Good afternoon to you, sir.

Great. Thank you very much. Hello, and welcome all to our company update. As many of you will be aware, my name is Peter Sargent. I'm the CEO here at Physiomics. And I'm joined here today by Jim Millen, who is our Non-Executive Chairman. So as part of today's presentation, I will provide a short overview of the business, certainly for those of you who are less familiar with Physiomics. And then I will provide an update on last year's performance, from both a financial and operational perspective, before talking more about the strategy and how we're progressing so far this financial year. We will then leave some time at the end of the presentation for Q&A. I know some of you have already submitted some questions already. So we'll make sure we'll go through those. But I think there's also functionality on this platform for you to submit any questions you may have as I go through my presentation. So for those of you who are less familiar with Physiomics, so Physiomics is a company based just outside Oxford here in the U.K., primarily providing consultancy services to support organizations and develop new drugs. So over the last few years, over the years, we've built capabilities across these kind of 3 main areas shown in the Venn diagram. So that is quantitative pharmacology. So this has been able to look at how drugs behave within biological systems, so within humans. Data science and biostatistics, so that's kind of the ability to analyze and interpret a wide range of data and derive insights from that data. And then thirdly, understanding of disease biology. So that's kind of understanding the underlying mechanisms of disease. And then we, as a business, have been able to apply these capabilities to support our clients with consultancy services, such as kind of mathematical modeling and simulation, biostatistics and data science and bioinformatics, which I'm going to describe in a bit more detail in the later slides. But also, we've applied these capabilities in developing more asset-based products around the kind of the personalized medicine and dosing space, which kind of falls outside of consultancy services. And again, I'll provide a bit more of an update on that as we go through these slides. So drilling into the various service lines, I'm trying to explain how we support our clients. So our core service is our mathematical modeling and simulation services. So up until recently, this has been kind of the main focus as a business for us, and we've been able to establish quite a strong brand around support in a range of clients from emerging biotech to large pharma and also to research organizations. So in this service, we support our clients across the drug development continuum, so as far upstream as discovery, as you can see in this slide, right through to the clinic by developing mathematical models, which will help them better understand, firstly, kind of the disease biology that they're focusing their therapy towards but also the behavior of their drug they are developing. And then from this make predictions around kind of research outcomes. So for example, around this one area which our services particularly support is that kind of translation of drugs from preclinical into the clinic. And we can help our clients predict what dose and dose schedules they should use to take into the clinic, really trying to derisk and accelerate their drug development and their trial design. As well as supporting our clients with kind of -- in their research decisions, our modeling service also plays an important role in kind of regulatory submissions. So as I -- we've kind of communicated in a number of our announcement, it's an area which a lot of regulators are becoming more and more keen on companies applying to, so things like the FDA, Project Optimus, and kind of some guidance on new guidance from the EMA as well. But also helping our clients understand their drugs and potential effect is also important to supporting kind of investment decisions as well to either internally supporting our clients decide which drugs to progress in their program, to their drug development programs, or evidence in their drug's potential when speaking to external investors themselves. The other 2 services we offer as part of our consultancy service is biostatistics and data science and bioinformatics. The former, biostatistics, is a service actually we've been building over last year and, as of last week, officially launched this. So this is a service which leverages much of our existing expertise in kind of mathematics and applies it towards the design and conduct and reporting of client of clinical trials. So an example there, like the type of project we'd support our clients with is helping them calculate how many patients they would need within their trial so they can be sure that if their drug works, then this can be detected with statistical significance because you wouldn't want to run a trial and only find that a number of your patients are responding to your drug and then to go back and find out, well, actually, we haven't run it across enough patients to have that statistical significance. So one major reason for building this service is the fact that as well as it's kind of leveraging much of our capabilities, our current capabilities, biostatistics is an essential component of all clinical trials regardless of the therapeutic area. And therefore, we see this as an opportunity of a much kind of bigger market -- open up a bigger market for us, making it a more scalable service, perhaps, compared to modern simulation, really kind of helping us with our kind of growth aspirations as a business. The third service, so that was kind of data science and bioinformatics, this is actually a capability Physiomics has had for some time now as it's going to required -- as it's kind of a critical component of things like the modeling simulation. So within our modeling and simulation services, we generally have to select data and curate data from disparate kind of sources to be able to extract the kind of parameters needed to develop the model. So it's something which we've been doing for some time. However, there is an increase in volume and complexity of data being generated generally across R&D. So the ability to select, curate analyze and kind of visualize data and then driving insights on that is actually becoming a much-needed capability in the market, and we actually see this as more of like a stand-alone opportunity for Physiomics. So going forward, you'll probably hear us talk more about that as a kind of a stand-alone service rather than being an integral part of our modeling and simulation services. Another important point to make when considering all these 3 services together is actually these services have a lot of overlap. So for example, the types of outputs we generate through our kind of modeling and simulation services are actually inputs into biostatistical service -- biostatistical kind of components of trial setup and design. So for instance, as the modeling simulation may help inform what doses our clients need within their clinical trials, the biostatistics will take that and then think about, okay, well, how do we power how many patients would we need with that dose to make an effective kind of trial design. So I hope this kind of help you kind of better kind of understanding of what our drivers are for these services and developing these new services. And I hope being able to kind of offer a more integrated solution to our clients will allow us not only to open up a wider and bigger market for us, but allow us to have more opportunity to follow on -- for follow-on work with our clients. So shifting gears a tiny bit and as I mentioned in the previous slide, in addition to our consultancy services, we've also been developing software-based assets in the form of personalized medicine dosing tools. So the dosing tool we've been developed was actually initially conceived back in 2017, and the idea behind this tool is to support chemotherapy dosing decisions and personalize for each patient. The reason why we saw this as an opportunity is that typically when patients undergo chemotherapy, they are often given the same dose of drug as everyone else. However, as we all know, every patient is different. Therefore, people end up with more or less of the drug circulating in their body, and therefore, the treatment is -- varies between patients as well as the kind of the toxicity effect of that drug values between patients. So the idea behind this tool is to kind of to help determine the personalize dose for each patient so that their treatment can be optimized. So as I said, this was initially conceived in 2017, and the initial prototype that came out was evaluated in a trial based in Portsmouth, so the PARTNER study, which was funded by the NIHR, so it's kind of generate kind of further information and data around that kind of initial prototype. We did then run that trial through the pandemic. So the -- unfortunately, the trial was -- did take a bit longer than originally planned. But from it, we actually determined a second use case of the tool, and that it's used to support the dosing decision for an expensive drug called GCSF, which is actually used to kind of treat one of the side effects of chemotherapy, and that's kind of neutropenia. So this use case is what we are currently looking to trial in this latest study, which we've -- we announced at the start of the year, funded by Innovate and in collaboration with Blackpool NHS Trust and Beyond Blood. So hopefully, that is going to run until the end of next year. That's end of 2025. So the data collected from that will hopefully be able to help us develop the asset further. So in parallel to these kind of trials and the continued development of the tool, we've always been thinking about how we ultimately commercialize it and what that ultimately looks like. And this is where our partnership with a U.S. firm call DoseMe comes in. So DoseMe has a kind of software platform already in use across the U.S. and in parts of Europe that utilizes kind of algorithms, such as the one we're developing, and provides it to clinicians as a tool. So they work in a variety of areas, from infectious diseases right through to oncology, so our tool will fit quite nicely in with their kind of array of different kind of tools. One of our announcements last year was actually the reengagement of DoseMe and the commitment to upload our tool onto that platform. Initially, we are -- well, I can provide a bit of an update in a second with my -- in my slide deck. But the idea is to initially upload this for kind of research purposes, primarily so we can help evaluate the tool on their platform. But the ultimate aim is to then implement kind of paid for functionality of the tool at a later date. So I hope that kind of gives you a bit of a background to the business and also how we've evolved so far. The next few slides, I'd like to talk a bit about our performance as of last year before moving on to our kind of our strategy and this current financial year. So I hope you've all seen from the end of year financial report we posted just over a week ago, last year's total income actually dropped 6% compared to the previous year with both operating loss and loss after taxation increasing. This was primarily due to kind of increased investments in the business not quite being reflected in our increase in revenues. This did mean that by the end of the year, our cash was at just over GBP 190,000, which meant that we were -- we needed to go back to the market and raise some additional funds in July So we can kind of keep the momentum going within the business and continue investment in those kind of key initiatives we feel are necessary for growth. So just to kind of expand a bit more on the kind of revenue levels compared to the previous years. Even though last year, we had a record first half, which I reported in our interims early in the year, the second half was significantly affected by delays in contracting. As you might've seen, we were awarded 2 major contracts in kind of May and June time, which we had hoped would've been signed several months earlier, and they're in -- we're in kind of discussions with those clients for quite a few months. Another point I want to make is around our sales cycle. So it is typical for modeling and simulation services to have quite a long sales cycle. So that is the kind of time it takes from initial lead through to kind of contract signature. And this is usually because when we -- are often very much is dependent on the client's drug development programs, which are often also affected by delay. So quite often, we are starting to speak to clients when they are conducting their clinical development plans, for instance, and then it does quite often take some time for actually then for them to actually finalize their clinical development plan and then contract with us. This has also been a particular problem for some of our smaller biotech clients as they've been certainly kind of affected and at the mercy of -- over the last few years, by the kind of some of the issues on the capital markets. Since the sale cycle is typically quite long, it's a 6 to kind of upwards or kind of 18 months long, the investments and efforts we have put in since the start of the year are only just starting to bear fruits. And hopefully, the next few slides, we'll be able to articulate that. It's just been quite frustrating that we haven't been able to kind of realize some of that investment into kind of revenues sooner. So as I mentioned kind of the last years, revenue figures are disappointing, but we are seeing that the refresh strategy investment focus we're making are showing kind of green shoots and positive signs. So last year, as you can see, hopefully, by the top right of this slide was our record -- our best year for the kind of total value of contracts won by quite some way compared to the previous 5 years. And we signed last year over GBP 1.5 million -- GBP 1.1 million worth of new contracts. And we also -- in addition to that, we ended the year with over GBP 0.5 million worth of contracted revenue left to recognize. This later figure actually is a reflection as well of kind of the impact of those delayed contracts shift in revenue from last year into this year, which is kind of, again, a bit frustrating for last year, but it puts us this year in a good, strong position to meet our kind of revenue targets. Last year, we did still have a very busy year from a consultancy perspective. We delivered on 11 projects. We have an increased investment in kind of conferences and attendance to help kind of drum up kind of the new business as well as a renewed focus around our marketing and scientific publications with -- both are very much instrumental in our kind of marketing efforts and business developments. We also delivered on projects in new areas of drug development, both upstream and kind of discovery as well as kind of more pure data science and bioinformatics play. But also another therapeutic care is outside oncology. We ran a project last year in the dermatology space. And as many of you would be aware, we kicked off our biostatistics service line build, initially from both a kind of an organic build perspective. But last year, we also started exploring kind of more inorganic strategic options around how that can be accelerated. So from a personalized dosing perspective, looking back at last year, as I mentioned in the previous slides, we won Innovate grants back in November last year to continue developing the dosing tool and evaluate that GCSF functionality use case of our tool in the clinic. And we're doing that with Blackpool NHS and Beyond Blood Diagnostics as partners. That trial is in setup. But once go, it will run until the end of 2025. And the data generated from that will be very much instrumental in helping us develop that tool further. Over the last year, we -- as I mentioned, we reengaged with DoseMe in the U.S. So DoseMe partnership was put on hold for a short while previously due to the restructuring of that business following their acquisition couple of years previous to that. But following the reengagement last year, we did agree with them to implement the tool on -- a tool onto their platform, which I can provide an update on in a bit. So from more an operational standpoint, last year, there's also been quite a few changes kind of more generally. So firstly, myself starts in that Physiomics and my appointment to the CEO and Director at the end of January this year. And that slides to Jim's subsequent transition to nonexec Chairman. Following this transition, we performed a kind of a thorough strategic review of the business, which led us to restructuring the Board and identification kind of skill gaps we needed to ensure that we can grow the business and focus on revenue generation. This did lead to making the CSO role redundant and the strategic decision to focus on recruiting service line leads who are kind of subject matter experts in the field and can help us drive those respective service lines. So I guess to build on those kind of the service line leads, those heads will lead their kind of respective kind of business units, so to speak, d will have ultimate responsibility for driving business in their respective parts as well as driving operational excellence and kind of efficiency, so ensuring that project delivery and the consultants are delivering the projects to a high standard in quality as well as kind of maximizing kind of utilization of consultants so we can ensure that we can maximize the amount of revenue based on the kind of the cost base. And I'll update a bit more on these heads, the position where we are with kind of recruitment in the next few slides. Outside people -- kind of the update around kind of people. We also moved offices as a start to last year, moving to kind of more flexible kind of working space in Milton Park. And also, we invest in a variety of new technologies and processes, which we felt are -- were required to kind of to really help position us for growth. So that was last year. So kind of shifting gears a tiny bit and looking more towards the future. So many of you will have seen this slide before as I've used this in a number of other presentations I've given. But I hope this explains where we are focusing our efforts with regards to kind of growing the business. So again, to kind of recap, the business is split up into the consultancy business or consultancy arm, which at the moment is where all the revenue is coming from, and then our product business and where we are kind of focusing developing on the personalized dosing tool. So the product business does, at the moment, bring in some income in the form of grants, but at the moment, it's the consultancy business, which is driving primarily all the revenue in the business. Focusing in on the consultancy side. So this part of the business is split up into 2 service lines currently. So the first one is kind of mathematical modeling and simulation, which also includes data science and bioinformatics, and the other one is biostatistics. So the first one, modeling, we have made the decision to kind of obviously carry on focus on this. This is a core area for us as a business, and actually, it's an area which we see there is a lot of opportunity in. I mentioned earlier on in the presentation about the regulators kind of releasing new guidance, pushing drug developers to make more use of modeling and simulations part of their drug development, and I think this is -- this just highlights the opportunity for us to kind of push and keep driving that service line. Since -- so therefore, the aim of that sales line, we'll continue to try and grow the pipeline, but also focus on how we can accelerate and increase the conversion rate of that pipeline. Going back to our long sales cycle, we're very conscious that we need to try and push this to kind of reduce the kind of the lumpy revenue we're often seeing as a business. We're also looking to broaden our offering across modeling and simulation. I mentioned about having some -- delivering some projects upstream and discovery as well as looking at different therapeutic areas, so that's something which we're very much keen to kind of maximize that and kind of build upon, and obviously, the expansion into kind of data science and biostatistics. For the biostatistics element -- sorry, data science and bioinformatics. The biostatistics service line, we are aiming -- and actually, we have completed that as of last week, launched the service and start marketing that towards our both existing clients and new clients, which we started doing already with some very positive kind of feedback, whilst we are, at the same time, still trying to kind of build our capabilities within the team. From a personalized dosing perspective, personalized dosing tool perspective, we are committed to continue developing this tool to support chemotherapy and GCSF dosing, whilst at the same time, we are also very conscious of we do need to extract value from this tool. So we are looking at ways we can commercialize this tool and realize value to kind of support the business' growth. We also intend to explore other avenues of this tool, along with this kind of potential use, perhaps in kind of its evolution to kind of looking at different therapies, which we can use this to support kind of dosing decisions on. I guess just to build upon that kind of previous slide and explain how we intend to achieve those various aims described on it and where we are kind of focusing our investments. The first, though, view is to kind of recruit a head of service line for modeling and simulation and data science and bioinformatics, so that kind of first service line I described in the previous slide. This person is a -- will be a subject matter expert in the field of modeling and simulation with broad networks across the industry. So this is -- we see this as an important role to help, firstly, kind of drive operational excellence in the consultancy services, something like I mentioned in the previous slide, but they'll also have responsibility for driving and broadening these services. So the areas we're looking at again is kind of in data science, looking at supporting clients interpret and use kind of real world evidence and [ day terms ] and providing more of a broader service. The role will also lead on solutioning with new clients, driving that kind of technical sell. And hopefully, this will help us, in turn, kind of drive conversion to pipeline and accelerate conversion. This support will also kind of help kind of our Head of Business Development to kind of focus more on early phase kind of pipeline as well as so she can then support kind of on the other service lines, such as biostat, and kind of starting to drive those business lines as well. In addition to the head, we will continue investing in BD and marketing across both service lines, so that's modeling and simulation and biostatistics, really trying to help drive the growth and the kind of the pipeline, keep on pushing for business with new clients to complement our high levels, kind of our repeat business, and accelerate the growth of our kind of biostatistics services. These activities in BD will include kind of updates on our website, which you'll see we've started doing, broaden out kind of our marketing content and then running kind of more kind of strategic campaigns around specific services as well as obviously continuing to attend some of those kind of -- those partners essential, kind of partnering on scientific events, which we require to drum up new business. For biostatistics side, in addition to driving kind of organic growth in the service line, as discussed previously, we are also exploring strategic options to enable accelerated growth, so whether that is through kind of partnerships, strategic partnerships or through some sort of kind of business combination. That is something which we are very much actively exploring at the moment. And finally, we will continue investing in the development of our personalized dosing tool and certainly around progressing the current Innovate trial. So that's the trial with Blackpool NHS Trust and Beyond Blood Diagnostics, but also exploring routes to commercialization, leveraging our partners such as DoseMe. So that's kind of, I guess, more aspiration, kind of our strategy going forward. But just to give an update on where we are and how we're delivering against those initiatives and investment areas so far this year, over the last few months, in addition to kind of winning additional contracts, we're now in the final stages of recruiting our head of modeling and simulation expert, and we hope to be able to announce more details as to their background and their start date in the coming few weeks. As of last week, we also announced the official launch of our biostatistics service line, including kind of update to our website and kick off some kind of various marketing campaigns. We also have some key annual conferences coming up, where Head of BD will be attending, one of which actually the AACR-EORTC event. We have had a scientific poster accept to that. So one of our technical team will be joining our Head of Business Development to present that poster as well as support in kind of drumming up, hopefully, new business for the -- for Physiomics. We're also progressing a number of scientific papers at the moment and -- to the point we're actually -- 3 of them are -- well, 2 of them actually being submitted back to the journals, their respective journals, and one actually is about to be submitted, which is very exciting for us as a business because being able to kind of credentialize yourself and your technical skills through peer-reviewed scientific journals is a very important and very useful kind of marketing tool for us. So hopefully, we can announce the publications very soon and the look to deliver kind of marketing campaigns off the back of these. On the personalized medicine tool perspective, we have also successfully implemented our dosing tool now onto DoseMe's newly launched platform. As you can hopefully see on the right of the screen, I've pasted in some screenshots, so what the platform looks like on their platform. I guess the next steps for us regarding this is we have been given -- Physiomics has been given access to the platform and the newly implemented tools. So we have some work to evaluate that tool ourselves. So then we are now -- we are in a position now of exploring, with DoseMe, options around rolling this tool out across key clinical sites in the U.S., so actually kind of the clinicians can help us evaluate the tool in kind of real-world setting. Finally, the PREDICT-ONC trial, we're just through -- just going through the final stages of ethical and regulatory approval with the research nurse being hired in Blackpool NHS Trust so we can already -- to get going with that trial. And we hope to announce the official start of the trial very soon. So I guess just to summarize, I hope you can see positive steps have been made in the business, and some green shoots are already starting to show. But just to kind of recap. For the financial year ending June 2024, our revenues decreased compared to previous year, primarily down to kind of contracting delays and long sales cycles, meaning that's kind of -- some of our increased efforts and kind of investments are delayed in kind of realizing into revenue. Earlier in the year, we carried out a strategic review of the business, leading to kind of restructuring the Board and our operating staff, positioning business around kind of 2 consultancy lines and kind of revenue-generating activities. Off the back of the strategic review, we also made a decision to increase investment in our BD and marketing. And even though it's yet to make an impact in revenue, it is showing significant signs that we are tracking in the right direction with record year for value of contracts won and a start in this year with a record level of revenue already contracted. As for this year, we're already seeing progress in kind of the year with selecting a new expert to lead our modeling and simulation service line, which we hope to announce soon. We've officially launched our biostats and expansion in our data science service line. We've implemented the dosing tool onto DoseMe's platform as well as winning a new contract, a new consultancy contract. So I hope you can see that there is some positive momentum, and myself and the Board are looking forward to keeping that momentum going and growing the business further. So maybe at that point, I will stop there, and we can move to questions and answers.

[Operator Instructions] But just while the company take a few moments to view the questions that have been submitted today, I'd like to remind you that recording of this presentation, along with the copy of the slides and the published Q&A, can be accessed via your Investor dashboard. As you can see, we have had questions come through the live event, and we have had a number of pre-submitted questions as well. And Jim, if I could just hand over to you to chair the Q&A, that would be great, and then I'll pick up from you at the end.

Yes. No problem at all. So thanks all for your attendance today and your interest in Physiomics. We had some questions come through before the event, and we'll answer the ones that we can. And then I can see that there being also a further small number that have come through during the presentation and we will -- we'll try and slot those in also. So Pete, first question, what is the deal with revenues having been booked for 2025 and beyond? I think you've covered some of this, but maybe if you just want to pick on the key points again?

No, we actually see this as a positive point. This is primarily down to kind of the nature of some of the consultancy contracts. A lot of the projects we run around support in our clients within their clinical trials, so this is developing models to help support the design of their trials but also support decision-making as the trial progresses, so quite often when we run our -- our contracts will run through the duration of that clinical trial. So say a clinical trial is -- and a couple of our contracts are -- last for up to 36 months. Our support will be -- continue through that period. So that's why some of the contracts now, which we've signed, will actually realize revenue in later years.

Great. Thanks, Pete. There was a question that came in during the presentation, which is on a similar sort of topic, so maybe we'll take that now. And that was, despite record contract wins, the total income decreased, what caused this and how will you ensure revenue growth matches contract wins? I think that's a timing issue primarily, but...

Yes. And I tried to mention this -- cover this in my presentation. So I think the main cause of the decrease in revenues this year is around kind of the delay in those 2 big contracts until right at the end of the year, which is obviously disappointing for the year end in 2024. It's a positive day for us going into this next year. I think how we can ensure this -- we don't face this going forward, this is certainly hopefully going to be resolved by us keeping a focus on growing the pipeline, so we have more opportunities coming through kind of a bit more continuously. I think having the recruiting, ahead of modeling and simulation, an expert in the field with extensive networks across the marketing in this area will help us increase the conversion rates or some of these opportunities to, again, smoothing out these revenues. But I always said, the development of new service lines. I think biostatistics is going to be a good opportunity for us at Physiomics. It's arguably a much larger market for modeling -- than compared to modeling and simulation. So hopefully, with these things, we'll be able to bring in a more continuous kind of flow of revenue.

Great, switching to biostatistics. There's a question that came in before the presentation, which was essentially, can you shed some further light on who's running it currently? And is biostatistics being run together with bioinformatics and data science? And again, I think the latter part -- the latter question, you did cover in one of your slides, but perhaps you could speak to that.

Yes, I know, completely. So right at the moment, both service lines, so that's kind of modeling and simulation and bioinformatics, so -- I'm sorry, modeling and simulation and biostatistics are being led by myself. For the delivery of these projects, however, it's not myself delivering them. I don't have the specific expertise to deliver the projects. So we have a structure kind of an operating model, whereby we have experienced senior consultants leading each of the projects with junior team members underneath. However, myself at the moment is providing the kind of operational governance of those service lines. So I think that's the first question, but perhaps it's been...

Yes. I think you kind of glossed over the fact that the bioinformatics will be part of the core modeling and simulation business unit and the biostatistics would be a separate business unit, but there would be synergies. So I think we've covered that. There are quite a few other questions on biostats, actually, not perhaps -- not surprisingly. So a couple of related questions. One, can we just clarify the relationship that we have with Dr. Michael Ghebre? Is he the head of biostats? Is he the principal? And then there was a related question that was -- which was following a recent post on X where we said that for biostats, we had expert support. So maybe you could get that. Basically, what is our biostats resource, I guess they're asking, and how is it coordinated?

So Michael joined us as of a couple of months ago. So he joined us not as a head of biostatistics, but as one of those 2 contractors we mentioned in one of our previous announcements. So he's joined us as a principal consultant in biostatistics, helping us from both a strategy perspective through to kind of new client engagement and kind of marketing and as we bring in new contracts for biostatistics, he will also support the delivery of those projects. That is also in combination with Hitesh Mistry, who've -- many of you will have heard of before. So Hitesh as well has been supporting us and still support the modeling and simulation. He also is supporting us from a biostatistics consultancy project perspective. And both Michael and Hitesh bring a huge amount of experience in biostatistics, supporting a range of different clients and projects in that area.

Great. Thanks, Pete. Okay. So still on biostatistics, there is a question which is simply when might we expect a first project in biostatistics? That came in during the presentation. And somewhat related to that, a question that came in prior to the presentation around how will we -- what will be the commercial model for biostatistics? What will we charge? So yes, first revenue and sort of commercial model, I think. That's -- those are the 2 key elements of the questions.