Earnings call transcript below

Welcome to our very first earnings call of many. That's the plan here. My name is Lasse Görlitz. I'm the VP of Communications. I'm the one that's running PR and investor relations at eXoZymes And I would like to thank you all for being part of our call today. And with that, I would like to hand it over to our CEO, Michael Heltzen. Thank you, Lasse, and welcome, everybody. We have an agenda in front of us here where we will be covering a number of topics. We have a lot to cover, so let's just dive right into our vision. So our vision of the future basically builds on the fact that chemicals are the fundamental building blocks to our modern life.

It means that they're the basic building blocks of medicine, of fuels, of plastic, of food, of colors, and everything we consider the good life in the modern consumer world. Today, there's only a couple of ways where humankind can get hold of these essential chemicals. We have developed a new and better way. That's it for a minute here. We'll give it a second. It represents a huge business opportunity to get this right. But let me map that out for you. The first way humankind can get hold of chemicals is basically harvesting them from nature. And that's by the traditional cut down and extract method. It leads to problems like depletion of the source. It's also often too slow, too costly, or too wasteful to do. The other way of doing chemicals today is petrochemicals.

Basically, since the discovery of oil and the advancement of petrochemistry, the world have become addicted to using this petrochemistry to produce chemicals for most of the products we use on a daily basis. Petrochemistry, though, has the problem of being toxic and environmentally damaging. And that means long term, it's unsustainable. So nature on the one side still has more diverse and advanced types of chemicals that it can produce. On the other side, petrochemicals are cheap, fast, very controllable. As a best of both worlds solution, we at ExoSymes have developed a new and unique technology that we call ExoSymes that allows us to basically replicate and optimize on nature's biological way of producing chemicals. It allows for a very nice opportunity to create a lot of value.

And that's for us and our shareholders. Let's go to the next slide here. So first of all, let me explain what we mean with the word ExoSymes. So ExoSymes with the capital X and C is when we talk about it as our company name. You see that up in the left hand corner with red. When we spell it, when we spell it, when we spell it, when we spell it, ExoSymes, no capital letters, it's the scientific concept. It's the technology that is used for this next generation of biomanufacturing. As we've developed it, we get to name it. But let's dive into the details of it. The next slide here. What are ExoSymes? Well, Exo means outside and as enzymes normally lives inside of cells to produce chemicals for the cell. Then the in part means inside of cells.

And enzymes basically means the chemical step reactions that they make to make chemicals. ExoSymes is therefore our way of saying cell-free, multi-step enzyme pathway chemical production. What's simpler? Just calling it ExoSymes. Making ExoSymes is possible because we master advanced enzyme optimization using AI and bioengineering. And we basically, we're able to fast forward the enzyme evolution that naturally happens in nature, but typically over thousands or millions of years, we can direct that evolution via the computational AI designs and our unique capability in producing a lot of enzyme enzyme enzyme enzyme training data. So how does these ExoSymes work? Well, we take feedstock, for example, sugar as an input.

And then the first part of the ExoSymes, they basically break that sugar molecule down to the exact chemical building blocks that we need. Then the next ExoSymes in the pathway comes and puts them together exactly into the chemical that we want it to be. Due to our technical co-founders, Tyler and Paul and Jim and our great team, we have been building on this for basically a decade, if you go all the way back to when it was an academic project. With that expertise of enzyme and ExoSymes optimization, leveraging AI design algorithms, and that we can generate a lot of high quality enzyme data and specific trade secrets, we are able to do this that nobody else can do.

Our technology, just to kind of point out the advancements here, are built with inspiration from four recent Nobel Prizes in chemistry. So it's pretty advanced chemistry, biology and AI technologies that is merging into a perfect mix here. If we go to the next slide. Yes, thank you. The dream of synthetic biology is not much different than ours, and billions of dollars have been invested into the traditional cell chemical-based sin bio methods where you genetically optimize cells to make chemicals as a chemical factory for you. But it turns out that it often doesn't work at commercial scale. You can argue it's therefore not really real, at least from a business point of view. Those problems and why that doesn't work, I'll point that out a little bit later in the presentation.

But we're basically pointing out that our method gets around all of those problems and is allowing us to deliver commercial value in an effective way, both from a production and cost perspective. This is what makes it effective, scalable, and profitable in the end. Let's go to the next slide. So, we basically use highlights, lowlights, and headlights in our organization to communicate to each other how things are going. So I'll give you an overview here. On the next slide here. There's basically a number of the really great things that happened for us looking back in 2024. Amongst other things, we became one of the leaders in combining AI design algorithms with InSIME data. Quite a big achievement.

Obviously, we want to move fast on the advantages that AI brings to our specific business vertical of the world. Another thing I want to point out is like when we build a new company, it's never easy. And to be completely frank, I remember and will never forget standing at our front door to the office looking at the wildfires coming closer and closer. That January morning, that was stressful. It was stressful for everybody on the team and definitely not a part of our plans. When that's set, it's a perfect pressure test. And that day of us as a team. And that day. And those days, I went from being 100% sure that we are the right team to take under this bold undertaking to become 1000% sure that with this team, we can do anything we set our hearts and minds to.

I saw hero level actions, teamwork worthy of elite soldiers, just taking care of each other, making sure we had safety, but also making sure that all our work was not just safe, but also progressing despite we had to fight.

things like toxic air, toxic water, no power. There was a lot of things going on in those days and weeks. But we kept the train on track, and we managed to, despite a little delay, get back on track, and it leaves me with a deep sense of being proud of our team. Okay, let's go on to the next slide. When we report in our 10K, we look back on the year, and it's kind of old news that I joined as CEO in the past year. And that means I've already had a chance to meet many of you investors and shareholders through the IPO process and other events.

But for some investors, this might be our first introduction. So allow me a really short introduction of myself. I have 20 years worth of experience and successes in taking leadership roles in early states and growth states. The startups always focusing on the breakthrough sciences and technologies and turning it into business, specifically in this cross field of computational power and molecular biology. After my last exit in 2023, I was attracted to ExoSymes, basically because it's a perfect fit with my passion of combining these new technologies with molecular biology and making new generations of products that can make a big impact. I strongly believe that ExoSymes is the next generation of biomanufacturing.

And biomanufacturing is something that we really truly need to make sure that the future is going to stay bright. Okay. I therefore believe that this is a great business opportunity and look forward to make sure we live up to the full potential. This next slide points out that we are doing things a little bit differently because we find it faster and better, especially better from a use of capital perspective. We are super focused on finding this fast forward opportunity and going from value inflection point to value inflection point. We've done it before and we have it systematically down. We do it via leadership principles.

We do it via specific optimized organizational structures and having a super, super focus on not just doing science for the sake of science, but doing science and technology for the sake of building competitive advantages that has commercial impact opportunities. So we can get to market, so we can get to market, so we can get to revenue, so we can get to asset creation as fast as possible. But want to underline that it's very much about our team. It's about our world class talent. And on that front, I have some good news to share here in a moment, kind of giving it away in the text here. We are natively implementing AI machine learning as a part of our company, because I've been lucky to to have that as a part of our company.

Since the first startup I was a part of back in Denmark, born and raised. The first startup was a bioinformatics company, literally writing algorithms on how DNA, RNA and proteins behave. And we used machine learning already back then. Another thing that makes us stand out is that we are insisting on communicating and giving people access to ourselves in a manner of transparent transparency and making sure that people understand what we are up to. If we go to the next slide, there is here a number of videos that we have already recorded and already released that gives you insight to everything from the founder journey of our technical founders, to that is how the company came about, to a lot of other topics.

Follow us via basically our web page where you can sign up to have our notification system ping you every time. there's a new video there's new news and also basically follow us on on linkedin if we go to the next slide we have changed language i've already explained eXoZymes um from the perspective of of what it is and and why we didn't want to have the long long long definition but it's actually a little bit more complex than that.

I'll just spend a minute on it when i started in the company and i started going out to different networks of mine and started talking about cell-free biomanufacturing a lot of people were saying like hold on cell-free i know cell-free because cell-free dna that's used for cancer diagnostics right or cell-free protein synthesis is used for antibody development and outside hold on actually the word cell-free is being used for so many things that our little niche of cell-free biomanufacturing is kind of being confused or forgotten about and especially because we as a company happen to use what is called cell-free protein synthesis as well as a tool we really got not just the external world confused but also ourselves.

Sometimes and we sat down and basically agreed on we needed to invent a new language a new way of understanding uh what we're doing and communicating it hence eXoZymes and the need for this new language in april there will be a lot of media attention on how we are offering up eXoZymes as a scientific concept for other people to use as well this is not a word we want to sit on and trademark and keep to ourselves but of course we we have uh taken and and want to continue being the the the market leader of it hence why we have uh taken the name as well okay so keep an eye out for us um so what is the difference um synbio synthetic biology shed the vision like ours but uh making uh making living cells the chemical factories turns out to be a really tall order uh cells don't want to do something they don't benefit from.

That's basically reason number one for uh why we have um we the world have a challenge with convincing cells by genetic re-engineering to to be chemical factories um if you put genetic code into a cell uh basically forcing it to make chemicals for you the cell the cell will turn it off again because it doesn't want to and if you then invest a lot of time in genetic engineering to make it not turn it off and not have all these safety mechanisms that is there to protect the cell then you end up with a sick or maybe even a dying cell as the chemicals are often toxic so the chemicals you make the cell make is often toxic to the cell itself um the cell your chemical factory will therefore uh fight you as if its life depends on it because it literally does the cell is a different reason that we are not toxic to the cell the cell is a different reason reason that we are listening here and that's actually of many many more reasons.

But let's just stop with three if you finally get your cell to do what you want it to do from a chemical factory point of view then you end up with this business problem that when you have your chemical inside of this cell slurry the cell is doing a thousand million other things actually um how do you get your compound how do you get your chemical compound out of that cell slurry so the isolation costs often ends up being higher than the value of the chemical itself and no matter what you do you don't have a business case.

We didn't want to be lumped in with cell based SynBio for the same reason hence our new way of talking about cell free exozymes and biomanufacturing and also why we took the new name next slide um let's zoom in on our uh way of yes a very very large bold long term vision. But if we try to do everything we get nothing done and therefore having a um having a focus strategy for the next couple of years is very important to us what market opportunities should we focus on and that's basically where we came to to the next uh conclusion that is that it's going to be nutraceuticals that has the potential of being pharmaceuticals and then some extraordinary business opportunities will talk about in a minute.

Basically explaining nutraceuticals here the reason why we picked those as a area of focus is that it's high value relative to relatively low um volumes when we do nutraceuticals they are therefore much faster for us to to get commercially set up and brought to market and and gain value from there's another reason why nutraceuticals is a good fit and it's basically because what our platform is optimized to do fits really well with that already and we get a lot of inspiration from natural products where something is working out in nature and we borrow those pathways and that genetic code to then optimize as a starting point um the other opportunity with nutraceuticals.

Nutraceuticals is a very hot topic right now the conversation about wanting to use natural products and nutraceuticals instead of nutraceuticals instead of petrochemical based drugs is a very large conversation that is only accelerating right now and to explain the the second part the with a pharmaceutical potential basically means we get a an extra shot on goal per project because the nutraceutical business case in and of itself will will carry the reason for why going into it but with a number of these nutraceuticals with a more pure version and derivatives of the natural product version we can actually get ourselves into some really interesting drug candidate positions. So there's both a base business case that is healthy and then there's a very large business opportunity on on the pharmaceutical side that those has a longer time period and takes a partnership to get into a partnership to get into to go through the clinical trials and so forth.

The part of our focus that is called extraordinary business opportunities is of course because we as a innovative company that has something as unique as we do have to keep our ears open for if something really really good from an opportunistic point of view comes our way we do focus but we are open-minded and we have had the luck that the DOE the department of energy saw our technologies and realized that after having spent billions of dollars on sustainable aviation fuel programs that are cell based. But also learning the hard way that if you make high energy density chemistry it's often toxic to cell and therefore it won't work at scale. They came to us and was very intrigued about the the point of us being cell free and working with enzymes heavily optimized to be able to do things that normal enzyme can't do - aka the exozymes - we have therefore gotten some really nice grants where we get to keep basically all the ownership and all the business opportunity but they pay for it. That's an extraordinary business case that we're not going to let get away.

Financials by VP of Finance, Fouad Nawaz. Good afternoon everyone our financial results for the year 2024 are detailed in the press release that was issued I'll take a moment to review the results as of the end of 2024 our cash and cash equivalents stood at 9.72 million providing us with sufficient liquidity to support ongoing operations and key initiatives into 2026.

Our total operating expenses for the year were 5.9 million this represents an increase of 4.1 million compared to the full year 2023 the increase in 2024 was primarily driven by R&D investments personal expansion both in the leadership and the r&d team and infrastructure development. The net loss for the year was 5.9 million. As a pre-revenue company our primary focus still remains on prudent financial management ensuring capital is efficiently allocated while making targeted investments to drive long-term growth. That concludes my presentation of the financial results and with that i will pass the call back.

Michael HEltzen: Thank you thank you very much to Fouad and take a note let's maybe put the financial slide on again take a note on that of course all our sec filings can be found on our web page so go in under the investor section and under filings and you will be able to pull all of those detailed numbers and insights.

What's ahead: We are at our core a 'platform of platforms' company and to understand what that means it's basically that we have a foundational technology and science breakthrough that is so fundamental that it can be used for everything but if we try to focus on everything we get nothing done and we are therefore very aware of that we have to have to have extra focus and extra speed to get to market. Because otherwise we can we can drown in the opportunity. What fundamentally makes our competitive competitive advantages, is this famous story about bringing a gun to a knife fight to specific markets and specific applications - we can do that for a number of different markets.

But as we are now getting to the commercialization phase of building our company we need to pick what chemicals aka what products that goes first and as we have a limited bandwidth still here the first couple of years we need to be smart about what we pick so we have had to make some choices if we go to the next slide we have basically been growing our sales pipeline with a lot of people interested in potentially partnering with us and building these exozyme biosolutions. And we continue this important work and and ripening up these conversations and sales cycles.

The leading partnership cases, they're making progress on a monthly and quarterly basis but the reality is that we have to accept that we move much much faster than our large potential partner companies. And that sales and this decision making uh processes takes uh both months and years in some of the big companies. As we have already identified great new chemical business opportunities uh that are ready to go and frankly some of them are too good to share at this initial point uh it's time for us to take some decisions.

We are talking about the business model specifically applied here the first couple of years. It's gonna be spin outs and joint ventures as we are an asset light business model that have been uh basically established to optimize our platform and and the assets we can make with it - and do that over and over again - by sharing uh the already paid IP. And that has led us to to this position uh that allows us to have some really healthy return on the invested capital because we're not trying too many times double a very very large, but a much smaller amount than than most other young companies. The way we will build the initial value is via these spin outs and and joint ventures. It's basically because they can be self-financed because the business case are gonna be so clear otherwise we won't enter into it that. It enables basically these market vertical applications where we bring the technology and the competitive advantage in that market vertical for the company either to be built or together with a joint venture partner. Co-built uh in a way where it doesn't bring a lot of financial burden onto us uh because they are they're self-financeable.

In the second quarter that we have just started uh a day ago we are going to launch our first spin out! So that's very exciting but for fairness reasons and because everybody needs to have uh fair access to that information we will have a whole basically investor call and presentation about that specific natural product nutraceutical market and business opportunity. It is a market we are very excited about. Other players have sunk three digit million dollars into to uh that market to build SynBio solutions for it. And we already have something that can compete against those biosolutions with our way of doing it. And at the same time um this nutraceutical that we are looking at, has a very very potent uh pharmaceutical drug opportunity that can be pursued as well for a disease that has no treatment today and has a lot of patients waiting for a solution for treatment. We will be presenting this in Q2 where we'll give you a full overview of the business case and why we picked it as our first commercial go-to-market business case.

Later this year we are also aiming at launching a joint venture that is another business case with a big potential. But we'll wait with that until we have done the first business launch. But again make sure to sign up for for our news notifications on our web page so you always can stay up to date and of course these significant things we will be announcing via the SEC as well.

So this is the best news of the day, of the week, of the month: Yesterday, Damien and I on behalf of our company signed an agreement that makes Damien our new Chief Commercial Officer. So when we are about to build all of these new businesses and we are going into the negotiation phase with a number of our potential partners, it is important to have uh world-class talent join us that has experience doing exactly these kind of biomanufacturing projects and uh can basically help us become successful.

Here's a little message from Damien, that have been with us for a consultant for a while now so he'll be hitting the the the ground running. He's actually already at the office, pulling forward while i'm sitting here at home presenting to you guy. Let's play the video from Damien.

Damien Perriman, CCO:
G'day. What a fun way to turn up. Chief Commercial Officer at eXoZymes, a company that I've been looking at for a little while, really impressing the socks off me as a company and a place that's moving so quickly with new discoveries, new developments.

I have been wayfinding green chemistry for the last 25 years, and during that time I've had the privilege to commercialise several biotechnologies. for personal care, for plastics, textiles, fragrances, performance fuels, and fine chemicals.

And along the journey I've been constantly inspired by our ability to use the tools of biology to make stuff. However, I have to acknowledge the challenges of doing so economically. I think if we're honest about our industry we would say the scorecard has been one of lots of learning and lots of progress but limited commercial success at industrial scale.

I see exozymes as the logical successor to SynBio (synthetic biology). And I base that reflecting back on the journey I know I've been involved in. The beginning of my career we started looking at using fermentation, microbial pathways to make naturally occurring molecules at industrial scale, believing the world would embrace them and find new applications for them.

That adoption rate for the new materials, the new drop-ins, was very, very slow. We then found ways of unlocking pathways inside these microbes to make the exact same chemicals, drop-ins. But the development journeys and the scale-up journeys of those were expensive and challenging.

Then along came a bunch of DNA tools trying to accelerate the speed and pace of innovation. And whilst it might have brought down the cost of reagents, it didn't really change the pace of innovation. It didn't improve the targets we're able to go after and did little to change the process economics which are necessary for performance at the end of the day.

When we marched a lot of our technologies to scale, one of the things we felt hampered by was the large scale of investment necessary to build globally relevant capital projects. With exozymes, it isn't just about driving the pace of R&D experimentation. It isn't just about improving the quality of the enzymes that you can select and develop. It's also about operating free of the constraints of the microbe. Being able to operate at really high concentrations.

Being able to build smaller plants that are still commercially and globally relevant. That bringing down of the capex profile brings down your project and investment risk. It brings in investors that were previously shied away from these first-of-a-kind projects.The more projects we deploy at commercial scale, because this risk is lower, the more successes we'll see, the more payback we'll see, the more growth in the industry we'll see. And that's what we want. Impact comes from commercial deployment.

This company, in its world of AI-driven learning, has been able to move very, very quickly through the development of pathways, the development of tools. I think that sets themselves up to a very different way. I think that sets themselves up to be a strong partner for companies who are looking at products that perhaps haven't been served well. And as I think about the evolution of this SynBio space over the 25 years I know I've been kicking around is this really feels like an exciting new chapter for us to be moving into.

It's an exciting group but it's an important mission. Continuing this journey towards making sustainable products reliably that don't overtax the environment behind us, that delivers consumers with things that can excite them. And really important, that can actually deliver back to our shareholders a return on investment.

Michael Heltzen, CEO: That is super exciting for us to have a capacity like Damien join our team! Despite Damien also pointing out that SynBio has had a hard time, I want to point out that Damien have actually belonged to to the team that have had relative success and the few success stories in SynBio. So having Damien join us and helping us to to commercialize multiple projects and negotiate even more partnerships is exciting to a degree I could talk about it for the next hour. I will spare you for that and just I will show you the results over the coming quarters.

I know from Lasse because he's chatting me right now that we are getting some questions just want to end up on that we truly believe that the future is bright if and when we capture just 10% of the potential of what we are holding here then it will be an amazing business and we will be making a lot of positive impact on the world and on the bank account of you our investors so with that I want to thank you for your time I want to thank you for your time and let you know that I fully believe and trust in our vision that the future will be bright we are going to fight for it and we're going to deliver on it.

Lasse will you read out loud some of the questions we are getting in here.

Yes and thank you for posting some questions I can see there were some early ones that's been answered throughout the presentation and there were some very good questions that I wish we could answer but they will primarily come with this opportunity that Michael talked about when we will have another call designated to talk about our future spin out. Yes, so Michael let's go with I've selected a few here.

Q: So I'll ask the first one here: What keeps you up at night what are the biggest risks that you see on the path to success?
A: What keeps me up at night? I did just read all the the risk assessment factors that we report in the 10k that's definitely something that can keep me up at night. But that is also the really really wide everything under the sun that can can go wrong what keeps me awake. If I were to kind of pick from a more operational and practical point of view, what keeps me up at night is making sure that we find this right balance between this humongous potential and staying focused on hitting the next value inflection point the next value inflection point. So that we can keep growing the value of the assets and the value creation of the company because that is obviously how the value of the companies like ours go from being not revenue creating to getting to a point where we are revenue creating and that journey in between be we're worthy of investments.

Thank you and let's go on to the next one this is a this is a fun one.

Q: So everyone is claiming that they're using AI these days how can you prove that you're actually doing?
A: That's fair I I have been kidding around with that you can go to Starbucks and get AI in your coffee nowadays because there's no limitations on what what people will be claiming using AI for. We first of all have by myself a lot of strategic and business understanding of what you can use machine learning and pattern recognition by algorithms for and that was why I insisted on introducing it as as one of the things that uh our team got got challenged to uh to to achieve. But one of the the bottlenecks in in using AI to optimize on uh in time specifically is that there's limited training data available publicly so what do you train on

so it was actually a two -point answer that our team came back with and said like well in that case we need to generate much more training data for our AI algorithms to be effective on answering us what genetic changes could make a better uh enzyme and and have that circular training loop that is known for example from from self-driving cars it's not just when you drive perfectly that you're training in the algorithm it's actually also when you do

something you're not supposed to do that you train with the negative feedback signal of not that you need to crash your car for for your car to learn something but all of the the the the corrections are actually training equally much so we sat down and built a data generation platform that was not just seeing what is pushing the enzyme evolution forward but also what did we think would push it forward but didn't do it and then training from that

so to answer the the question specifically if you really want to stress test us then come come visit our lab there's enough secret sauce in what we do that people can come and see what it is that is going on

and then of course uh just just measure us on uh the the the fast fast progress we're doing in enzyme and exozymes evolutionary development that typically would would cost you millions of dollars and takes months and years to do where we're doing it um uh much much much faster and much much cheaper um so that's going to be my answer for today uh we can maybe go into a session of of ai optimization of of uh uh enzymes

another day uh i think it's a good answer and it's it's also uh i mean it's it's it's a topic that's frequently asked when when we are out presenting and all of this so i i think it's it's very good to double click on this here so thank you let's go on to the next question here and this uh uh attendee says i'm trying to understand the model here

so what does a commercial deal look like from a structure and a royalty perspective that's very good question yeah and and that that leads back to as as we talked about in in our ipo and other places that with time we see the business model expand from from spin outs and joint ventures over to the more uh pure play licensing deals where partners can come and and basically pay for the development of a bio

solution for their specific chemical for their specific market use and um it makes this conversation a little bit complex so i'll keep it over all now and then we will give more guidance on it frankly when we have more data to support uh how we're doing it but when it's a subsidiary fully owned aka spin out then it's kind of easy like the model is we own it all the the the problems but also the upsides are owned by us and and

we will only do that as long as we can see our way to a value inflection point and and an exit uh where we can we can basically generate value that can be uh lifted back up to us either via the ownership or uh via uh uh basically the the exit opportunity

so that's one of the the one model for the spin outs uh the spin outs uh the spin outs uh in in a number of cases will have people coming and investing into the spin out to to finance that uh then there are the joint ventures that is a little bit more of an in between the two uh of spin outs and uh licensing full out and not having any ownership specifically uh a joint venture is uh depending on the market and the joint venture partner the company that is a unique market access point or market insight or or if you bring to a table where what we are bringing is the technical

solution and the competitive advantage from from the technical side but they are bringing the the the often the market side and and together we can basically perform uh better than if we did it alone uh and then over in the the licensing deals it depends on our negotiation strength in the moment

but we have already now in in in these test cases, or it's not test cases, real cases, just the first cases where we have had conversations, it's very clear that what is worthwhile for us to even engage in right now is the ones where we bring a lot of competitive advantage.

And that translates into a healthy licensing and royalty stream. And it is depending on what it's gonna cost to build a payment upfront to cover that cost and maybe even a upfront payment to secure the exclusivity. So it's a long winded way of saying it really depends on a lot of things. We will have more guidance on this when we go further down, but we want to have a couple of these things under our belt before we start giving examples. Thank you. Move on to the next one. Do you expect a need to raise additional capital in the future? And if yes, when? Yeah, that's a little bit of a harder question. We will be taking our conversation about future capital needs after we have launched our first spin out. Because depending on the number of things there, that might impact our liquidity.

But yes, on a bigger perspective, we will be raising more capital at a point in the future. I'm not putting a date on that right now. But we are at the same time, I can say we are having a lot of interest from different funds and other everything from from individuals and other types of investors that are coming that is interested in buying a part of our company by doing an investment that is larger than what they can pick up in the open market. And that is the kind of people that that would be relevant if we do a pipe or a public offering or a similar thing down the road. We will, of course, when we take decisions on fundraising needs and timing and so on, we will again be sharing that information broadly and to everybody at the same time. Thank you. Thank you.

Okay, I think this is going to be the closing question. And I know that there are quite a few questions here. So I guess we're probably answering 20%. So I'm sorry, if you think that your question was important, and we did not answer that. But I think we're sort of, we're almost at time here. So we'll take the last question, and then we'll wrap it up. So are there any key opinion leaders in the industry who now understand your process and platform and are promoting you? Or you could say maybe starting to adopt our terminology and all of this? Yes. Sit with a smile. We actually are talking with a key opinion leader in a specific space about doing a joint venture.

And that is a good example of someone that has sat down understood our technology and had that aha moment like, God, if you can do this, then you can do that again and again and again and again, in this nutraceutical with a pharmaceutical potential space. And it happens to be one of the world's leading key opinion leaders in that specific space. I won't mention names right now. And so because that that's actually the second case, the joint venture I was talking about. We will have much more about that. Yes. And to your point very early in this presentation today, there will be coming out news here in April about the scientific projects, scientific definitions of exercise anomalies. And that will certainly also carry some oomph to it once we get there without disclosing any details.

Yeah, that's true. Look at the people that are co publishing together with us and are going to be in the media. That's those are definitely key opinion leaders as well. I think that's a wrap. Yes. I don't want to keep people here too long. Thank you so much for your time. We will be back again on a quarterly basis. If there's something we can do better because this is our first time and we are doing it slightly different than other companies because we have our own style. We have our own communication methodology, but it does not mean we are not open to feedback and ways we can improve. Exactly. Thank you, Michael. And thank you to everyone who participated. I think that this sums it up for us today. And if you haven't signed up already, please do so.

And everybody who's attending here, you will be getting a link. Thank you to the video. And if you're looking for a transcript of the call, that's also going to be available in around 24 hours or so. So with that, thank you and have a great day. Thank you.

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

ARCHIVE: Transcript: eXoZymes 4th quarter and full Year 2024 update from April 2, 2025