eXoZymes first quarter 2025 and subsidiary NCTx update

eXoZymes Inc. (NASDAQ: EXOZ) [“eXoZymes”] - a pioneer of AI-engineered enzymes that can transform sustainable feedstock into nutraceuticals, medicines, and other essential chemicals - plans to host a webinar on Monday, May 12, 2025 at 5:00 PM Eastern Time to discuss its results for the first quarter of 2025, as well as share more details around the newly formed purpose-built subsidiary, NCTx.

Michael Heltzen, CEO of eXoZymes, will lead the call and will be joined by select members of the management team to review recent developments, ongoing initiatives, anticipated milestones, as well as host a question-and-answer session.

May 12, 2025 23:00

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Earnings call transcript below

Everything in this presentation, other than statements of historical fact, will be forward-looking statements. Please read our SEC filings to better understand exercise as a business, our risk factors, and as an investment opportunity.

And with that, I would like to welcome you to our Q1 2025 call, where we also have an update on NCTx. My name is Lasse Görlitz. I'm the VP of Communications, and I'll be hosting this call today. We'll shortly have an update from our management team.

While presenting, you have the opportunity to ask questions, so please write them down. And then at the end of the presentations, we will do a Q&A session. And with that, let's get rolling. Thank you, Lasse.

Michael Heltzen here, CEO of eXoZymes Inc. This earnings call has been recorded over the last couple of days, as we are on the road for conferences and in-person meetings. Our agenda for the day is on the screen, and we have a lot to cover, so let's get started.

First, I want to welcome all our new followers and investors and say that we will not be repeating our pitch and strategy for each earnings call, but we do have a lot of new people following us, and we have therefore made this online page available, where if you're interested, in getting the overview and introduction of eXoZymes Incorporated as an investment business opportunity, this is where you can go.

Our Q1 High Lights and Low Lights coming up. So basically, this specific quarter, starting in the beginning of the year, we have seen a very high performance by our team, and I'm obviously super proud of that as the CEO. We are punching above our weight.

as a small team, and it's getting only better. Damien joining us has hit the ground running and is a really good fit, so we have a lot of hopes and expectations for an even better future. SynBioBeta is the biggest conference in the synthetic biology space.

It was hit, and we'll talk more about that here in a minute, but definitely highlight. eXoZymes is being noticed. So our rebranding campaign and our new brand and our new way of introducing ourselves to the world and our bell ringing and the multiple interviews and being a cover story on genetic engineering news, of course, all helped with that.

Our first commercial value and the infection point of spinning out a company based on technology powered by Exoscience has happened. The NCTX launch, and we will today also be going into that conversation.

Let's now watch a video with Damien. G'day from San Jose. We couldn't be more delighted to be here at this gathering of the best and brightest in synthetic biology to share what's happening with Exoscience.

We are announcing that we're developing a target, NCT, N-trans-cafamil-tyramine, and the spin-out of our company called NCTX for the purposes of continuing the commercialization of this wonderful ingredient.

What really, really impresses me is how quickly the team has been able to move from idea to proof of concept in about six weeks and then coming together with conviction that this is a target we really want to commercialize and moving into a spin-out in a matter of 12. This is the conviction pin that our industry needs to be able to move with expediency and urgency towards meeting the demands of our future markets with the technology in our hands today.

N-trans-cafamil-tyramine has already been shown in various research papers to have positive effects against fatty liver metabolism, gut barrier function, and mitochondria function. Given us that inspiration that this is an ingredient that will have real-world applications in food and nutrition, where consumers want to be able to eat healthier, but also in pharmaceuticals.

And there's another element here where AI comes into play is because we're not just designing the process to meet the quality and volume needs of these two markets, but we're also designing analogs around NCT to offer our clinical development partners even further diversity to work with, to find molecules that may have even improved function against those future markets.

And after SynBioBeta, Damon recorded the following update for us. G'day. We're all safely returned from San Jose, where we spent the last week attending the SynBioBeta 2025 conference. This is the global leading conference for advancements in synthetic biology and the future of our bioeconomy.

We went to this conference with the following objectives. Firstly, to announce our spinout NCTX and our lead development candidate for nutrition and pharmaceutical potential, N-trans-cafamil-tyramine.

Secondly, we went to create connections and explore partnership possibilities for enzyme services, exozymes biosolutions, and for NCTX. We accomplished the following. Our NCTX press release was one of just a few announcements highlighted on day one on stage by SynBioBeta CEO, John Kumbas.

This led to many follow on discussions as partner prospects wanted to understand more about the story and our program going forward. Next design team was represented by VP of research, Tyler Korman, VP of business development, Zachary Karl, VP of communications, Lasse Gorlitz, and myself.

The team was able to have over 60 unique meetings, resulting in over 35 documented follow-ups and next steps, creating much activity to follow. Our LinkedIn profile during the event averaged over 1,165 impressions per day, more than doubling our average from April and a 6x increase in following from March, demonstrating a brand recognition for us as growing substantially just through our organic activities.

Finally, after a busy week, I must say it felt a little bit like camp. We started the week reconnecting with many old friends and previous partners and finished the week with many new connections and promises to write and follow up.

Thank you. With that exciting update from SynBioBeta from Damien, I can also point out that there has been a lot of other activities in the quarter. We have had a number of interviews and articles and news events happening.

So obviously, from a getting attention point of view, the bell ringing and NASDAQ was a big thing. We had just done the rebranding and we got all of that positive attention on us and on the brand, right as we had done the rebranding, obviously by design, but it was very positive to see it working out well.

We have had a number of articles written about us. Some of them are here on the page. We had interviews that also ended up being shown on TV. So that was really good. And we got the BioClick grant that in itself is a big financial help to do the development work, but also a really good story that made people understand technically what it is we are capable of.

We also made a publication, a peer review publication together with a number of our partners, and it became the cover story of Genetic and Genews Biotechnology. And that has restarted a conversation about next generation.

biomanufacturing biomanufacturing and specifically how to use cell -free enzymatic pathways outside of the cell that we have now termed exozymes as a concept via this publication. We are also going to talk about how there was lowlights this quarter.

Overall, if you are a public company, you probably have noticed that there's a lot of uncertainty going around. And without pointing fingers, it is about also seeing the opportunities in the somewhat uncertain times.

For us specifically, I believe that there might be a good opportunity for U.S. biomanufacturing, moving manufacturing from abroad back to the U.S. and figuring out exactly how to make the drugs and the chemicals of the future on U.S.

soil. That might be a benefit. The harder part where it is to find the silver lining is the future of grants. There is a lot of uncertainty in that area and we have been good at getting grants. So we are slightly concerned that that opportunity might be less in the future.

It is just overall a time for tough prioritization and making sure we are really capital efficient. The good news on that is that we are really good at that. We have been good at that from the beginning and we will continue that.

It basically allows us to apply our hardcore focus on what it is we are building from only buying and spending money on what is need-to-haves and not the nice-to-haves. Overall, it is also sometimes painful as an ambitious CEO to see that we have more opportunities than we have bandwidth.

But that is just because we are a young state and still growing. Good afternoon, everyone. This is Vlad Nawaz and I serve as the VP of Finance at Exozymes. Our financial results for the first quarter of 2025 are detailed in our published 10Q. I will take a moment to review these results.

As a pre-revenue company, our primary focus remains on prudent financial management while making targeted investments to drive long-term growth. As of the end of March 31, 2025, our cash and cash equivalents stood at $8.51 million, providing us with sufficient liquidity to support ongoing operations and key initiatives into 2026. Our total operating expenses for the quarter were $1.95 million, which represents an increase of $942K compared to the first quarter of 2024. The increase in 2025 was primarily driven by R&D investments, professional expansion of the leadership operations and an R&D team.

Bonus accruals, additional legal, audit and tax, and other professional fees to build, support, improve our internal operations and financials and overall infrastructure. The net loss for the quarter was $1.86 million.

We remain disciplined in our spending approach and ensure capital is allocated efficiently to maximize shareholder value. Additionally, we continue to explore non-dilutive funding opportunities, strategic partnerships, and potential government grants to further strengthen our financial position.

That concludes my presentation on the financials. I wanted to take a brief moment and walk through our website. And maybe show you a few components of our website that are a little bit more relevant to an investor.

There's a lot more information on the website pertaining to news and specifically to the company. A lot more than you would see in our SEC filings. And I just wanted to go through and walk you through some of that.

So, for instance, we have our most recent earnings call, and that's easily provided there. There's a sign-up function for you to provide your email address and get news updates from our business. There's a lot of information. There's a lot of information.

There's a lot of information. There's a lot of video and news content, a direct link to our stock price and any other relevant financial information. But more importantly, if you go into the news section, there's a good, I mean, there's approximately seven or five pages of information here that is very relevant to somebody who's trying to understand exactly what we do and how we're progressing towards that objective.

And then if you go through our governance documentation, you'll see a lot of our policies and governance documents. If you go through our SEC filings, you'll be able to link directly to all of our SEC filings.

And more importantly, there's a lot of video content relating to our technology, our progressing updates in the business. For instance, we've just hired Damien Perryman as our CCO, and there's an interview with him, Fox Business News interviews.

So there's a lot of content here that will really give you an understanding of what it is that we do and how we're progressing towards that objective. I would urge you to sign up so that you can continue to see additional information as it comes along, and it'll be very beneficial for you to get a better understanding of the business.

Thank you so much for taking the time. And with that, I'll pass the call back. Thank you. Okay, so we've had the highlights and the lowlights. Let's now look at what we call the headlights. So what is ahead of us here.

So headlights. We have a lot of work to do with all the amazing conversations and opportunities that arose from soon biobeta. Again, a focus exercise, who are the top five, the top 10% of all of those opportunities that we should really be spending our time and energy on.

NCTX as a company, our spinout, has become the hot news in the industry. A lot of people are talking about it. What are we up to? Why that specific market? And also, how does our new technology result in competitive advantages that have not been seen before? I have, amongst other things, been interviewed in a podcast that will be airing soon.

And of course, we'll share that when it comes publicly available. We have a lot of people that would like to talk to us about this business opportunity, and we will soon be issuing a call for partnerships.

reaching out broadly to whoever would be interested in participating in building NCTX, either from an investment point of view or from building the company, supplying the company, taking part in the company, and also reaching out to see what talent is available for this opportunity.

All of those things are our next steps in the process of creating this new company and making sure to create as much shareholder value as possible. We are also working on the next business opportunity.

Obviously, I can't and won't talk about that until we are ready and can broadly share the information with everybody. But we can open up for the point that it's most likely a joint venture or a spinout opportunity as well.

These are opportunities we launch ourselves to basically prime the system. So when we talk with our licensing potential partners, that they can see things that have been built with the technology, they can better understand the competitive advantages our technology provides when we have specific conversations about specific markets.

At the same time, they can definitely because of the design of the setup here, they can sit down and study those cases like, okay, okay, if they can do that with this molecule in this space, then they can do that with our molecule in our space.

And therefore, basically, people can license not just technology, but competitive advantages. That is really where the commercial value comes from. We have a relentless focus on execution. That's just a must being a smaller young company that is growing.

And that means we're focused on hitting our value inflection points. It means the partnership and the business development efforts and overall growing the company and always having an eye towards our talent, the talent we have been so lucky to be blessed with already, but also attracting new talented people.

And it is with excitement that I can now talk about how we have launched our first fully owned subsidiary, aka spinout business, NCTX. NCT, that is the small model, JOHN K JAS Glenox, they have suited for digital customers.

SoIND & dancewright is also about a renewal partner that will ilim Friendshelical практически set up to octane of particular times. So that is absolutely general working here. want to specialize in first and NCT is a great example of that, especially because we can make new to nature analogs of this natural compound called NCT and that basically widens the pharmaceutical value and potential.

With other words, a way of really getting value out of our technology. The first fully owned subsidiary is focused here short term because we can much faster bring these guys to market and also learn from the development while we're building these things at scale, learning so we can conceptualize that scaling up process, both from the nutraceuticals and the pharmaceutical potentials.

So those conceptual things can be baked into to the next either spin out to adventures or with time, the licensing deals. It is a slightly longer business development route to set up licensing deals, both because larger companies are less nimble and less fast and concise as we are as a smaller company to take decisions, but also because it is fair game that before someone puts their product line or their department or their whole company on our new technology platform, they want to see that we have eaten our own medicine, so to say, or at least used our own technology to make business.

You can argue, you can argue, you can argue, you can argue therefore the spin outs and the joint ventures also serve a dual role of basically warming up, priming the market for this next generation of biomanufacturing.

I think it's important when we talk about powered by eXoZymes that we realize that people are not necessarily looking for new technology when they're buying these kind of things, they're actually looking for competitive advantages.

So we are very, very focused on where our current version of the technology brings the most competitive advantage. And we will now dive into NCT as a business opportunity. On today's earnings call, I'll just give you an overview.

We will on a later either video or online meeting be going much deeper into the NCT business opportunity with more focus on the details. And also because we are still in a position where we have just announced that and we are getting the very positive reactions for a lot of different people.

We want to have those things basically interviewed and organized and maybe even partly committed to by the time we create the overview of how we want to execute exactly with the NCT X entity. And the last note on the slide that says powered by eXoZymes.

It's very important to understand that when we do this spin out, we are obviously capturing all of that value in the spin out company, in the eXoZymes incorporated company. So if you're an investor in eXoZymes already, then you are indirectly already an owner of NCT X.

and we have a company. And we have a company. And we have it as a fully owned subsidiary. And if we take a decision to let other people come into that ownership circle, then that is only because they bring more to the table than basically what percentage of the company they will get.

We will have the eXoZymes shareholders very, very much in mind when we take these decisions. And this is both true short term when we do partnerships, but also long term when we put together. And we will have the eXoZymes shareholders very, very much in mind. And we will be selling off these companies with time.

And of course, that is with the eXoZymes shareholders in mind. I am not going to try to pronounce NCT because Damien did it so well. Already, I can skip over that. It is a small molecule that is a natural ingredient or natural compound found in nature, observed in nature first.

And by preclinical research understood to have very interesting health benefits potentials. And if you go to the web page of NCT X dot one, we'll link to that as well. And then you can read about basically these publications yourself and see the potential benefits that is theorized.

There is a very clear focus on fatty liver because it is a huge unmet medical need, but also a nutraceutical opportunity. 30%, actually more than 30% of all people, are already having non-alcoholic fatty liver disease.

That is the first stage of a liver disease where people can end up in some very, very tough situations. This is obviously because of our lifestyle and our access to basically too easy access to food. We have the whole obesity challenge in our generation.

What this specific compound allows for is our liver liver to shed fat, which is a very, very important thing for our overall health as our liver is basically the recycle and sorting mechanism in our body for everything we get into our body.

Studies suggest that there is also other potential benefits. Gut barrier functions, reduced inflammation, and some opportunities related to a drug receptor that is called HNF4A. And having the ability to hit this drug receptor, especially with our analogs, makes it a very interesting pharmaceutical potential.

If you look at how it's made, NCT is made today, basically you can see back to our core pitch of why it's made today. It's a very important part of why it's so difficult to make chemicals sometimes and these medicinal compounds.

Either you try to harvest it from nature, but if you take it from where it exists, for example, in the hemp seed, then you end up with from the plant material, you get 0.015%. That's basically nothing.

It's a trace amount. And that means you're going to burn through a whole lot of hemp seeds to get enough that it has any nutraceutical nor pharmaceutical opportunity and it's literally just not a way of providing the market.

People have tried with with soon bio cell based approaches and we've already talked about how that can be very costly, very slow, can can end up with relatively low purity and be very hard to commercially scale.

And again, none of that allows for these very precise analogs where we have design and engineering level control. Basically, the existing methodologies limits the market opportunity and that's where it's very satisfying for us to be able to in record time build a bio solution that produces NCT. We've done that at a fraction of the cost much faster.

And again, just to repeat it, because we're so proud of it, we can make an engineer analogs of NCT. That means we can get IP protection on those and we can get potentially better outcomes. These are the kind of real competitive advantages we talk about when we say powered by eXoZymes.

We have obviously put a patent application on this new methodology to make NCT and the new analogs. And that's for the pharma side. From the nutraceutical side, this is a natural occurring compound. That means you can't patent the product.

And therefore it becomes a game of who can become the cost leader who can who can produce it, the most efficient and therefore the cheapest. And that is another business opportunity that we are well positioned to be successful in.

This is the short overview. If you're more interested in in further details exactly how we're going to do these things, there will be a presentation or video about the product. So we'll talk about that later, partly because it's too early for us to disclose these things, partly because some of the things we want to make happen have not happened yet.

And also because this is an earnings call. So giving you an overview of this spin out is the first thing to do. With that, just want to remind everybody, if you know someone that is in a pharmaceutical business or in a nutraceutical business that could be interested in NCT, then of course, when we have the material ready, you can send that otherwise, we have the web page of NCTX.1.

That is a very good starting point for people that has an interest and wants to have more of the background material, for example, the preclinical studies that have been done. And with that, we will conclude with questions.

And with that, we go over to the live session. All right. Back to the live session. Thank you for sticking around. And now I am joined by exercise CEO, Michael Helson. Good to see you all again. Yes. So thank you for all the questions during the presentations.

Quite a few. And we have selected no less than eight different questions, actually. So I guess the Q&A will be a little longer today. But let's go ahead. But let's go ahead and I'll ask the questions and then I'll let Michael answer.

So first question. Why was NCT chosen as exercise first commercial compound? That's a very good question. Basically, we have built a filtering mechanism where we're looking at all the different opportunities and what fits us well.

The reason why NCT goes first is because it's very evident that our technology is a good fit for that specific compound, that there is a very big opportunity. Other players have already put a lot of time and effort into trying to provide biosolutions and compounds for NCT and have spent almost a handful of years and more than 100 million dollars on it.

And just to show the power of our technology that we can in a matter of weeks instead of years that we can make the first versions of these biosolutions. Also, we got very intrigued about the fit to our focus strategy of having a nutraceutical component, that this is something that can very likely be recognized as safe, a grassroots opportunity from the nutraceutical perspective.

And because we have the ability to make analogues of this natural compound, then we can address the pharmaceutical side. So it was short put, from a short perspective, it's just a really good fit from the technology to the need of that market.

And with the right partners, we'll be able to bring something to market. market that has a really strong competitive advantage. That was why we chose NCT. Thank you. And we'll skip to the next question here.

Can you explain to your investors why you're taking the approach that you are to spin out NCT as opposed to doing other types of monetization? Yes, that's a good question. So finding the balance of our business model where we are licensing is the way to spin out packages of the way to spin out packages of technology versus on the other end of the scale, bringing it to market ourselves is basically the point of a spin out.

It's basically the range of what we can do. And with John Venters in the middle way, you can argue that's a combination of the two specifically for NCT. And because it's the first compound, we decided to go with a spin out because we have seen that there's interest in the market, but by going out and showing how fast we can make the progress.

We're not just creating the NCT opportunity himself, we're also hoping to show the power of the platform. So there's that dual perspective in it. Will the NCT spin out be joined by potential investors, partners, and what is the gearing of that going to be that that is to be shown over the next quarter or quarters, basically, as we are taking from Synbio Beta all the way to now making a call for partners, we're taking that in and setting up the winning team there.

Why the spin out because it goes fast, a number of the licensing deals that we are in conversations about is going to take a long time there with very large companies there from a decision making speed perspective, never going to be as fast as us taking internal decisions.

Good. All right. Thank you for the short answer. No, I think it's, I mean, of course, that's what this question requires. Just, yeah, we'll skip to the next one. So tell us more about the new natural product and what is in the pipeline for health and nutrition.

Yes. So we already talked about NCT and the presentation. And this question allows us to go in a little bit deeper in why is it natural products? So compounds that is found all out in nature already that is a good fit for us, especially in the beginning of the platform.

And it's basically because when it's a natural, known natural product, someone else have found a compound and either theorized or proven that it has some kind of beneficial opportunity in nutraceuticals or in the pharmaceutical space, then basically we don't need to do that work.

And number two, because it's a natural product, we know the genetic code for the enzymes inside of that plant or the organism. And by basically having that already as a starting point, it makes it much, much easier for us to then having that as a starting point using our AI and bioengineering capabilities to make the enzymes into eXoZymes and therefore building the biosolutions.

So from that perspective, natural products in general is a good fit. NCT, we already talked about why that went first. And obviously, I can't disclose any of the pipeline before we have signed on those deals and announced them.

But it is fair to say that because we are coming from natural products in a number of the conversations we're in, then it will be health and nutrition oriented because that is where nutraceuticals typically go, especially if they have a pharmaceutical potential.

Great. We'll go on to the next one. Will exercise seek patent protection for the NCT variants? Yes, and has already been done. So again, just to unpack that, NCT is a natural product. The natural product can't be patented on its own.

What can be patented is the treatment use of that. And there are people that have patented NCT with certain indications. And of course, we respect that. And of course, we respect that where what makes us in a, in a unique position is that we by making the analogs that are basically natural compound, plus minus a feature, from a chemical perspective, we, we can most likely end up with something that is depending on what the feature is, is more potent or slips, side effects or other features.

And that's a new true nature compound. That means we can be found. And that means we can get a 20 year patent on that. And we have already sent in the patent application. All right. So here's another question.

On the exercise website, it states that NCT X is the only company that can make NCT and its analogs. I believe I came across some publications from another company that's already done this. Could you elaborate on that? Yes, absolutely.

Yes, absolutely. So it is true that there are a number of companies that have been intrigued about NCT already. So NCT was found a couple of places in nature, but specifically the company you're probably talking about found this compound in in the husk of hemp seeds.

So very tiny, tiny trace amounts. And as you can imagine. And as you can imagine when it's the husk of the seeds, then you need an enormous amount of seeds to get enough compound to work with. So for this companies that have tried the isolation route, and that is basically impossible or impractical, then there are people that have tried to create it from the medicinal chemistry point of view.

First of all, that will never lead to a nutraceutical by definition, but also even getting it to scale for the pharmaceutical use is very difficult. Then there is most likely people that have tried out with SynBio related and they might or might not have been successful in that, but we're pretty sure in competition with our systems, we would be in a good position.

And now to the core of this, it's not so much about the natural version of NCT, it is that we would be in a good position. It is that we would be in a good position. It is that we would be in science, exozymes that are able to do things you can't do otherwise, that opens up for the whole analog opportunity.

And that's really where we believe we will have our competitive advantages. We're not too afraid of that there's other people in the space for us. It's actually just a verifier that it is a very, very intriguing space with very large opportunities to make positive impact.

And also to make value in the future, short future. Yeah, perfect. All right. On to the next question, which will be the we will have this and two more. Okay. Yes. How will launching NCT help with future compound launches or spin outs? What are the main lessons, exercises hope to learn from this first adventure? I really like that question.

And it actually loops up to one of the first questions, like why spinning it out? We want to learn every single step of the way we are very focused on conceptualizing as much as we can so that when we do things the next time, the next bio solution that we are either reusing as much as possible, or we are at least using the same protocols and standards and methodologies, so that all of these things get very scalable and basically understood step by step by step.

So we hope and frankly, expect to learn a fair bit, putting this into to buy manufacturing production. And there is this I could probably spend the most of an hour talking about all the things we can learn from that.

The main lessons is basically how how we do this balancing of how fast we should push the nutraceutical angle versus the pharmaceutical potential and how we make sure to maintain that double dip position without overspending or without over focusing on just the one side.

So that's going to be very intriguing to learn. There's some great opportunities in putting the compound in production and for nutraceuticals and for nutraceuticals and then making the analogues at the same time.

We can we can reuse a lot from from that perspective. Yeah. All right. Can you can you estimate how last the NCT opportunity could be over time? Yes. I am obviously not gonna put numbers on we have a as we talked about on the video a deeper dive into the NCT market opportunity, we have a number of negotiations and opportunities we need to settle first to have some some cornerstones for that conversation.

So, so it depends on exactly what we do. But if you just start with the simple fact that what looks very intriguing from a what looks very intriguing from a perspective of fatty liver disease, we're talking about a disease that is a huge unmet medical need that 30% of everybody has already today.

That's a disease that very few people had a generation ago. And it's obviously because of our lifestyle and how we live. That is an enormous opportunity to be able to address that market. So without putting numbers on a very, very large opportunity, we will get back with more precise guidance on that.

But that's not going to be on this next call. Excellent. So there was a lot of questions surrounding NCT, which of course, is to be expected as that is sort of the new and the big milestone. But let's finish off with the last question, which is not NCT. What's the impact on NCT? What's the impact of getting the cover story in Gen Biotechnology? Yeah, okay, that's a good question.

That's maybe harder for most investors to just look at and understand the impact opportunity. First of all, let's take the short version. It basically is a way we get recognized as a key opinion leader when it comes to this new space of eXoZymes and using a new generation of biomanufacturing.

So it's clearly a recognition of that this is an important topic. It's an important direction that biomanufacturing is taking. And obviously, us co-publishing together with prominent people, National Laboratory for Renewable Energy, NREL, and and others being able to start communicating that there are new ways of doing biomanufacturing is a great opportunity, maybe less investor related, but clearly in the industry and SunBioVeight and other places, a very big deal.

And it's always an honor to be the cover story. Absolutely. It's going to have an impact, maybe more on the scientific side. Yes. Yes. And our partners. Absolutely. But of course, it goes hand in hand with the overall image that we are projecting to the whole world of eXoZymes.

And with that, I would like to conclude today's call. Thank you all for participating. This recording will be made available and also as transcript within the next day or so. Thank you all and have a great day.

Thank you.

Extracted by TwentyThree's AI and cleaned up by ChatGPT, so pardon potential quirky interpretations.

Transcript: eXoZymes 1st quarter 2025 and NCTx subsidiary update