Q1 2025 eXoZymes Inc Earnings Call
T X launch and we will today also be going into that conversation.
Speaker Change: Let's now watch a video with Damien.
Speaker Change: Good day from San Jose, we couldn't be more delighted to be here. This gathering that the best and brightest in synthetic biology to share what's happening with <unk> designs, we are announcing that we're developing the target.
Speaker Change: N C T and trans catheter military men and the spin out of our company called N C. T X 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.
Speaker Change: Our commercialized and moving into a spin out in a matter of 12.
Speaker Change: This is the conviction pin that our industry needs to be able to move with.
Speaker Change: Expediency and urgency towards meeting the demands of a future market with the technology in our hands today.
Speaker Change: And Trans Caf military Maine has already been shown in various research papers to have positive effects against fatty liver metabolism.
Speaker Change: Barry a function and motor Chondral health given us that inspiration that this is an ingredient that will have real world applications in food and nutrition, where consumers wanted 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 tumors.
Speaker Change: Market, but we're also designing analogs around NCT to offer our clinical development partners. Even further diversity to work with defined molecules that may have even improved function against those future application areas. They want to meet once again with super excited to be here and to be sharing the story with the world with our colleagues in the world isn't by better.
Speaker Change: Thank you.
Speaker Change: And asked US soon biodata Siemens recorded the following update for us.
Speaker Change: Hey.
Speaker Change: We're all safely returned from San Jose, where we spent the last week attending the Shinbone Beta 2025 conference.
Speaker Change: It's just the global leading conference for advancements in synthetic biology, and the future of our bio economy.
Speaker Change: We went to this conference with the following objectives, firstly to announce yesterday, now and Gtx and our lead development candidate for nutrition, and pharmaceutical potential and Trans catheter Mail Tierney.
Speaker Change: Secondly, we want to create connections and explore partnership possibilities are engine services extra designs by our solutions and French Gtx.
Speaker Change: Finally, we wanted to list the <unk> brand value and its recognition.
Speaker Change: We accomplished the following <unk>.
Speaker Change: <unk> press release was one of just a few announcements highlighted on day, one onstage by shouldn't buy a beta CEO John campus.
Speaker Change: This led to many follow on discussions as partner prospects wanting to understand more about the story and that program going forward.
Tyler Colman: The <unk> team was represented by VP of research Tyler Colman.
<unk> business development, Zachary Kao VP of communications, let's say Golar and myself.
Tyler Colman: The team was able to have over 60 unique meetings, resulting in the United 35 documented follow ups and next steps, creating much activity to follow.
Tyler Colman: A linkedin profile during the event averaged over 1165 impressions per day more.
Tyler Colman: More than doubling now average from April and a six X increase in following from March.
Tyler Colman: Remonstrated brand recognition for us is growing substantially.
Tyler Colman: Through our organic activities.
Tyler Colman: Finally, after a busy week I'm not sure it felt a little bit like can we.
Tyler Colman: We started the week reconnecting with many old friends in previous partners and finishing the week with many new connections and promises to right and follow up.
Tyler Colman: Thank you.
Speaker Change: With that exciting update function biodata from Damian.
Tyler Colman: I can also point out that there has been a lot of other.
Tyler Colman: Activities in the quarter, we have had a number of interviews and articles and <unk>.
Tyler Colman: News events happening so obviously.
Tyler Colman: From a.
Tyler Colman: Giving attention point of view the billowing NASDAQ whats the big thing we had just on the rebranding and we cover all of that positive attention on us and on the brand right as we hit it on the rebranding obviously by design.
Tyler Colman: Severity.
Tyler Colman: Positive to see it working out well.
Tyler Colman: 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 television. So that was really good and we got the biotech grant that in itself is a big financial health, but also.
Tyler Colman: To do the development work, but also a really good story that many people understand technically what it is we are capable of.
Tyler Colman: We also meet a publication of peer reviewed publication together with a number of our partners and it became the Copa story of generic in the news with biotechnology and that has restarted in a conversation about next generation bio manufacturing and specifically, how do you feel free and somatic pathways.
Tyler Colman: Outside of the cell that we have now termed <unk>.
<unk> concept minor this publication.
Tyler Colman: We also.
Tyler Colman: Going to talk about how that was slow likes this quarter.
Tyler Colman: Of all the.
Tyler Colman: The company you probably have noticed that there is a lot of uncertainty going around and without <unk>.
Tyler Colman: Pointing fingers is.
Tyler Colman: About also see new opportunities in the somewhat uncertain times for us specifically I believe that there might be a good opportunity for U S. Bio manufacturing moving manufacturing from and brought back to the U S and figuring out exactly how to make the drops from the chemicals for the future.
Tyler Colman: On U S soil.
Tyler Colman: That might be a benefit.
Tyler Colman: <unk>.
Tyler Colman: The hard part ways to find the silver lining is the future of grains. There is a lot of uncertainty in that.
Tyler Colman: Area and we have been.
Tyler Colman: Good at giving grants so we are.
Tyler Colman: Lately confront that's that opportunity might be in.
Tyler Colman: In the future.
Tyler Colman: It's just overall in time for tough prioritization, and making sure we really capital efficient.
Tyler Colman: The good news on that is that we really good at that we have been good at that from the beginning and we will continue that.
Tyler Colman: It basically allows us to.
Tyler Colman: Two of our hardcore focus on what it is we are building from E.
Tyler Colman: Only buying and spending money on what is needed to apps and not the nice to haves.
Tyler Colman: Overall, it's also sometimes painful.
Tyler Colman: <unk> CEO to see that we have more opportunities.
Tyler Colman: Opportunities than we have been with it but that's just because we are a young state and still growing.
Speaker Change: Good afternoon, everyone. This is one the loss of non service VP of finance at <unk>.
Our financial results for the first quarter of 2025 are detailed in our published in Q I will take a moment to review these blocks.
Speaker Change: As a pre revenue company our primary focus remains on prudent financial management, while making targeted investments to drive long term growth.
Speaker Change: Because at the end of March 31, 2025, our cash and cash equivalents stood at $8, five 1 million, providing us with sufficient liquidity to support ongoing operations and key initiatives into 2026.
Speaker Change: Our total operating expenses for the quarter were $1 95 billion, which represents an increase of 942 K compared to the first quarter of 2024.
Speaker Change: The increase in 2025 was primarily driven by R&D investments professional expansion of the leadership operations.
Speaker Change: R&D team.
Bonus accruals traditional legal audit and tax and other professional fees to build support improve our internal operations and overall infrastructure.
Speaker Change: The net loss for the quarter was $1 $86 million.
Speaker Change: We remain disciplined in our spending approach and ensure capital is allocated efficiently to maximize shareholder value.
Speaker Change: Additionally, we continue to explore non dilutive funding opportunities strategic partnerships and potential government grants to further strengthen our financial position.
Speaker Change: That concludes my presentation on the financials.
Speaker Change: Let's take a brief moment and walk through our website.
Speaker Change: Maybe show you a few components of our web site that are a little bit more relevant to an investor.
Speaker Change: Our.
Speaker Change: There is a lot more information on the website.
Speaker Change: <unk> news and specific to the to the company.
Speaker Change: 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 Thats easily provided there there's a sign up function for you to provide your E mail address and getting us updates from our business.
There's a lot of video and news content directly into our stock.
Speaker Change: Price and any other relevant financial information, but more importantly, if you go into the new section. There is a good I mean, there is approximately seven five.
Speaker Change: Five pages of information here that is very relevant to somebody who is trying to understand exactly what we do and how we're progressing towards that objective.
Speaker Change: And then if you go through our governance documentation youll see a lot of our policies and governance documents.
Speaker Change: Those are our SEC filings, you'll be able to link directly to all of our SEC filings.
Speaker Change: And more importantly, there is a lot of video content.
Speaker Change: Relating to our technology, our progressing updates in the business for instance, we've just hired Dave Damien <unk> as our CTO and Theres an interview with him.
Speaker Change: Fox business news interviews, so theres a lot of content here that will really give you an understanding of what it is that we do and how we are progressing towards that objective.
Speaker Change: I would urge you to sign up so that you can continue to see additional information as it comes along.
Speaker Change: And it will be very beneficial for you to get a better understanding of the business.
Speaker Change: Thank you so much for taking the time and with that I'll pass the call back. Thank you.
Speaker Change: Okay. So we've hit the highlights and Lowlights, let's now look at what we call. The headlight. So what is ahead of us here.
Speaker Change: So headlights.
Speaker Change: A lot of work to do with all the amazing conversations and opportunities that are owed from <unk> bio beta again focus exercise who are the top five of the top 10% of all of those opportunities that that we should really be spending our time and he has done.
Speaker Change: In CTX as a company our spinout.
Speaker Change: <unk> has become the Dod 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, resulting competitive advantages that have not been seen before.
Speaker Change: Amongst other things been interviewed in a podcast that won't be hearing soon and of course, we'll share that when it comes publicly available.
Speaker Change: 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 and CTX either from an investment point of view or from a building the company supplying the company taking.
Speaker Change: And the company and also reaching out to see what talent is available for this opportunity.
Speaker Change: All of those things are our next steps in the process of creating.
Speaker Change: This new company and making sure to create as much shareholder.
Speaker Change: Order value as possible.
Speaker Change: We are also working on the next business opportunity, obviously, I can't and won't talk about that until we are ready and Ken broadly share the information with everybody, but we can open up far from the point that it's most likely a joint venture or a spinoff.
Speaker Change: <unk> opportunity as well.
Speaker Change: These are opportunities.
Speaker Change: Opportunities, we launched our selves to basically prime in the system. So when we talk with our licensing potential partners that they can see things that have been built with the technology that can better understand the competitive advantages. Our technology provides when we have specific conversations about specific markets.
Speaker Change: At the same time they can definitely.
Speaker Change: Because of the design of the setup here they can sit down and study those cases like okay. If they can do that with this molecule in this space than 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 come from.
Speaker Change: We have a relentless focus on execution, that's just a must being a smaller company that is growing and that means we're focused on hitting our value inflection point. It means that partnership and the business development efforts and overall growing the company and always having.
Speaker Change: And I towards our talent the talent, we have been so lucky to be blessed with already but also attracting new talent and people and.
Speaker Change: It is with excitement that I can now talk about how we have launched our first wholly owned subsidiary AK Spinout business in C. T X NCT that is the small molecule X showing we can make many different versions of it.
Speaker Change: Also called analogs.
Speaker Change: Let's start with how it fits into our strategy, we have talked about how on the last earnings call. How nutraceuticals that has a relatively fast path to market and two licensing opportunities.
Speaker Change: Yes.
Speaker Change: Especially as interesting if they also have a pharmaceutical potential is really the area. We want to specialize in first and MCT is a great example of that.
Speaker Change: Especially because we can make new to nature analogs of.
Speaker Change: These natural compound Cort NCT.
Speaker Change: And that basically licensed the pharmaceutical value and potential.
Speaker Change: With other words, a way of really.
Speaker Change: Getting value out of our technology.
Speaker Change: The first fully owned subsidiary.
Speaker Change: <unk>.
Speaker Change: Focused or short term because we can much faster bring these guys to market and also learn from from the development. While we are building these things at scale.
Speaker Change: Learning so we can conceptualize that scaling up process, both from the Nutraceuticals and the pharmaceutical potential so those conceptual things can be baked into the next.
Speaker Change: Theres been upstream inches or overtime the licensing deals.
Speaker Change: It is a slightly longer business development route to set up.
Speaker Change: Licensing deals first because larger companies.
Speaker Change: This nimble endless fast and.
Speaker Change: <unk>, we are a smaller company to take decisions.
Speaker Change: But also because it is fair game that before someone puts that product line or the department or the whole company on our new technology platform. They want to see that we have now owned medicine, so to say.
Speaker Change: You just used our own technology too.
Speaker Change: Business.
Speaker Change: You can argue therefore, the spinoffs in the joint ventures also serve a roll off basically.
Speaker Change: <unk>.
Speaker Change: Warming up priming the market for this next generation of bio manufacturing.
Speaker Change: I think it's important when we talk about power bi powered by extra signs that we realize that people are not necessarily looking for new technology. When they are buying these kind of things. They are actually looking for competitive advantages. So we're very very focused on where our current version of the technology.
Speaker Change: <unk> brings the most competitive advantage and we will now dive into.
Speaker Change: MCT S E.
Speaker Change: <unk> opportunity.
Speaker Change: On today's earnings call I'll, just give you an overview we will on a later either video or.
Speaker Change: Online meeting be going much deeper into the MCT business opportunity with.
Speaker Change: With more focus on the details and also because we are still in a position where we have just announced it and we are getting the very positive reactions from a lot of different people, we want to have those things.
Speaker Change: Basically interviewed and organized and maybe even party committed to by the time, we created overview of how we want to execute excitement with.
Speaker Change: NCT X.
Speaker Change: Entity.
Speaker Change: And the last note on the <unk>.
Speaker Change: Light that says powered by extra simes, it's very important to understand that when we do the spin out.
Speaker Change: We are obviously.
Speaker Change: Capturing all of that value in the Spinout company and the extra <unk> incorporated company. So if you're an investor in Exosomes already then you are indirectly already an owner of NCT X and we.
Speaker Change: We have it as a fully owned subsidiary and if we take a decision to let other people come in to that ownership.
Speaker Change: Circle, then that is only because they bring more to the table then.
Speaker Change: Basically what.
Speaker Change: Percentage of the company. They will get we will have them extra time shareholders are very very much in mind. When we take these decisions and this is both to short term when we do partnerships, but also long term when we potentially.
And we will be selling off these companies with time and of course that is.
Speaker Change: Some shareholders in mind.
Speaker Change: I am not going to try to pronounce it.
T.
Speaker Change: Because damian did it so well already I can skip over that it is a small molecule that is a natural ingredients.
Speaker Change: Natural compound found.
Speaker Change: Mitra observe tomato first and.
Speaker Change: Bye.
Speaker Change: <unk> preclinical research.
Speaker Change: Understood to have very interesting.
Speaker Change: Health.
Speaker Change: And if its potentials and if.
Speaker Change: If you go through the webpage of MCT.
Speaker Change:
Speaker Change: Dot one.
Speaker Change: To that as well then you can read about basically these you can read these complications yourself.
Speaker Change: And see the.
Speaker Change: Potential benefits that is theorized days, a very clear focus on fatty liver because it is a huge unmet medical need.
Speaker Change: Lead, but also a nutraceutical opportunity.
Speaker Change: 30% actually more than 30% of all people.
Speaker Change: Already having.
Speaker Change: Alcoholic fatty liver disease that is the first states off.
Speaker Change: Liver disease, where.
Speaker Change: People can end up in some very very tough situations. This is obviously because of our the lifestyle and our excess to basically.
We used the excess to route.
Speaker Change: We have the whole obesity challenge in our generation, but this specific compounds allows for is our liver specifically to ship FET, which is a very very important thing for our.
Speaker Change: Overall health as our lever is basically the the recycle and.
Speaker Change: Sorting mechanism in our body flee everything we get into our body.
Speaker Change: Studies suggest that.
Speaker Change: There is also other potential benefits.
Speaker Change: Barrier functions reduced inflammation and.
Speaker Change: Some.
Speaker Change: Opportunities related to a truck receptor that is called H in if for E.
Speaker Change: And.
Speaker Change: Having the ability to hit this drug receptor, especially with our.
Speaker Change: Analogues makes it a very interesting pharmaceutical potential.
Speaker Change: You look at how it's made mct's make today basically you can see back to our call pits of why it's so difficult to to make chemicals, sometimes in these medicinal compounds.
Speaker Change: I know you tried to harvested 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 percentage, that's basically nothing it's a trace amount and.
So youre going to burn through a whole lot of empty seats to get enough that it has any nutraceuticals <unk> pharmaceutical.
Speaker Change: Opportunity and it's literally just not a way of providing the market people have tried with zoom bio cell based approaches and we've already talked about.
Speaker Change: How that can be very costly very slow.
Speaker Change: Can end up with relatively low purity and.
Speaker Change: Be very hard to to commercially scale and again, none of that allows for these very precise analogs, where we have design and engineering level control.
Speaker Change: Basically the existing methodologies limits the market opportunity and that's where.
Speaker Change: It's very satisfying for us to be able to in record time built a bio solution that produces MCT, we've done that at a fraction of the cost much faster and again just to repeat it because we were so proud of it we can make an engineer analogs of NTT that means we can get.
Speaker Change: 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 exercise we have obviously put a patent application on.
This new methodology to make MCT and enter new analogues and.
Speaker Change: That's for the pharma side from the Nutraceutical side. This is a.
Speaker Change: The natural occurring compound that means you can't patent the natural product and therefore, it becomes a game of who can.
Speaker Change: Become the <unk>.
Speaker Change: Cost leader, who can who can produce at the most efficient and therefore, the cheapest and.
Speaker Change: 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 further details exactly how we're going to do these things there will be a presentation of video about that later, partly because it's too early for us to disclose these things partly because some of the.
Speaker Change: Things, we want to make happen to have not happened yet.
Speaker Change: And also because this is an earnings call. So giving you an overview of the spin out is.
Speaker Change: The first thing to do with that.
Speaker Change: Just want to remind everybody if you know someone that is.
Speaker Change: In our pharmaceutical business on our nutraceutical business that could be interested in MCT. Then of course, when we have the material ready you can send that otherwise we have the webpage of in CTX Dot one.
Speaker Change: That is a very good starting point for people that has an interest and wants to have more of a background material. For example, the preclinical studies that have been done and with that we will.
Speaker Change: We'll conclude.
Speaker Change: With questions and with that we go over to the licensing.
Speaker Change: All right back to the last session. Thank you for sticking around and now I am joined by.
Michael Hilson: Exxon's CEO Michael Hilson.
Speaker Change: See you all again.
Speaker Change: So thank you for all the questions. During the presentations are quite a few and we have selected none less than eight different questions actually so.
Speaker Change: The Q&A will be a little longer.
Speaker Change: But let's let's go ahead and I'll ask the questions.
Speaker Change: Then I'll, let Michael answer.
So first question why was Nct's chosen has exercised its first commercial compound.
Speaker Change: And that's a very good question basically.
Speaker Change: We have built a filtering mechanism, where we're looking at all the different opportunities and what fits us well. The reason why NTT goes first is because it's very evident that our technology is a good fit for that specific compounds that days a.
Speaker Change: A very big opportunity.
Speaker Change: Other players have already put a lot of time and effort into trying to provide.
Speaker Change: <unk> provides bio solutions and compounds for MCT and has spent.
Speaker Change: Almost a handful of years and more than $100 million.
Speaker Change: On it and.
Speaker Change: Just to show the power of our technology that we can in a matter of weeks instead of years that we can we can make them.
Speaker Change: The first versions of these bio solutions.
Speaker Change: Also we got very intrigued about.
Speaker Change: The fifth two our focused strategy of having nutraceutical component that this is something that can very likely be recognized.
Speaker Change: Safe at grass.
Speaker Change: Opportunity from the nutraceutical perspective, and because we have the ability to make analogs of this natural compound than we can.
Speaker Change: The pharmaceutical side. So it was it was.
Speaker Change: Sharp put.
From a shop perspective, it's just a really good fit from the technology to the need of that market.
Speaker Change: With the right partners will be able to bring something to market that has a really strong competitive advantage that was why we chose MCT.
Thank you.
Speaker Change: We will skip to the next question here can you explain to your investors why or taken the approach that you are to spin out entity as opposed to doing other types of monetization.
Speaker Change: Yes, that's a good question so.
Speaker Change: Finding the balance of our business model, where we.
Speaker Change: Licensing out.
Speaker Change: Packages of technology versus on the other end of the scale, bringing it to market ourselves.
Speaker Change: Basically the point of a spinoff is basically the range of what we can do and.
Speaker Change: Convinced us and the middleweight Monaco Thats a combination of the two.
Speaker Change: Specifically for MCT and because it's the first compound we decided to go.
Speaker Change: With a spin out because we have seen that as interest in the market, but by going out and showing.
Speaker Change: How fast we can make the progress we are not just creating the NTT opportunity itself. We're also hoping to show the power of the platform.
Speaker Change: Two perspective.
Speaker Change: <unk>.
Speaker Change: Will the MCT Spinout b.
Speaker Change: <unk> joined by potential investors partners and what is the gearing of that going to be it has to be shown over the next.
Speaker Change: Quarter on quarter Us basically as we are taking from <unk> bio beta it all the way to now making a call for partners, we're taking that in.
Speaker Change: Sitting up there the winning team there.
Speaker Change: Why they spin out because it goes fast a number of the licensing deals.
Speaker Change: We are in conversations about is going to take a long time, there with very large companies. They are from a decision making speed perspective.
Speaker Change: Never going to be as fast as us taking internal.
Speaker Change: Systems.
Speaker Change: Alright, Thank you for the short and so.
Speaker Change: No I think it's.
Speaker Change: Of course, that's what this question request just yet.
Speaker Change: Yes.
Speaker Change: So the next one so.
Speaker Change: Tell us more about the new natural product and what is in the pipeline for health and nutrition, yes, So we already talked about.
Speaker Change: <unk> in the presentation.
Speaker Change:
Speaker Change: This question allows us to go in a little bit deeper in why is it natural products social.
Speaker Change: Compounds that has 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.
Speaker Change: When it's a natural known natural product someone else have found a compound and either theorized have proven that it has some kind of beneficial.
Speaker Change: Opportunity Nutraceuticals oil 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.
Speaker Change: For us to then having that as a starting point using our AI and <unk>.
Speaker Change: Our engineering capabilities to make the incense into actual signs and therefore building than the bio solutions so from that perspective.
Speaker Change: Natural products in general is a good fit NCT, we already talked about why that went first and.
Speaker Change: Obviously, I can't disclose any of the things in the pipeline before we have.
Speaker Change: Signed on those deals announced them, but it is.
Speaker Change: Fair to say that because we are coming from network products.
Speaker Change: In a number of conversations we're in then it will be health and nutrition.
Speaker Change: Oriented because that is where our nutraceuticals typically go, especially if they have a pharmaceutical potential great.
Speaker Change: Great.
Speaker Change: Well go onto the next one will exercise seek patent protection for the NCT variance.
Speaker Change: Yes, and has already been done so.
Speaker Change: Again, just to unpack that MCT is an admirable products the network product can be patented on its own what can be patented.
Speaker Change: Treatment use of debt and.
Speaker Change: There are people that have patented MTT with certain indications and of course, we respect that were made.
Speaker Change: It makes us in a in a unique position is that we by making the analogs that are basically network compound plus minus a feature from a chemical perspective.
Speaker Change: We can most likely end up with something that is.
Speaker Change: Depending on what the <unk> is more potent slicks side effects or other features and thats a new from nature compound that means we can get a 20 year.
Speaker Change: Patents.
Speaker Change: On debt and we have already signed.
Speaker Change: The patent application.
Speaker Change: Alright.
Speaker Change: So.
Speaker Change: Here's another question on.
Speaker Change: On the <unk> website. It states that entity <unk> is the only company that can make NCC and its analogs I believe I came across some publications from another company Thats already done this could you elaborate on that yes, absolutely. So.
Speaker Change: It is true that there are a number of companies that have been intrigued about MCT already so MCT was found.
Speaker Change: A couple of places in nature, but.
Speaker Change: Typically the company Youre, probably talking about.
Speaker Change: <unk> found this compound in the husk off.
Seats, so very tiny tiny trace amounts and.
Speaker Change: You can probably imagine when it's the husk off the seat then you need an enormous amount of seats to get enough compound to work with.
Speaker Change: Companies that have tried to isolation route and that is basically.
Speaker Change: Impossible or impractical than there are people that have tried to created from the.
Medicinal chemistry point of view first of all and I will never lead to our nutraceutical by definition, but also even giving it to.
Speaker Change: To scale for the pharmaceutical uses very difficult than this.
Speaker Change: And most likely people that have tried out with soon.
Speaker Change: <unk> bio.
Speaker Change: <unk> and <unk>.
They might or might not have.
Speaker Change: <unk> been successful in that but we are pretty sure in competition with our systems, we would be in a good position and now to the core of this is not so much about the natural version of MCT. It is that we with our in science extra science that are able to do things you can't do otherwise.
That opens up for the whole and unlock the opportunity and Thats really where we are we believe we will have our competitive advantages we're not too.
Speaker Change: Not too afraid of that Theres other people in this space for US is actually just to verify that it is a very very intriguing space with very.
Speaker Change: Lots of opportunities to make positive impact and also to make.
Speaker Change: <unk> value in the future.
Speaker Change: Future.
Speaker Change: Yes perfect.
Speaker Change: Alright.
Speaker Change: The next question question, which would be the.
Speaker Change: We don't have this center mall, Okay, yes.
Speaker Change: How we're launching entity help with future compounds launches or spinoffs, what are the main lessons exercise hope to learn from this first adventure.
Speaker Change: We really like that.
Speaker Change: And it actually moves up to one of the first questions like why spinning it out.
Speaker Change: One alone.
Speaker Change: Single step of the way we are very focused on conceptualizing as much as we can so that when we do the next time. The next buyer solution that we are either really using as much as possible or we are using the same protocols and standards and methodologies. So that all of these things.
Speaker Change: <unk> gets very.
Speaker Change: Scalable in and basically understood the step by step so we.
Speaker Change: Hope.
Speaker Change: Frankly expect to learn a fair bit putting this into bio manufacturing.
Speaker Change: Production and.
Speaker Change: Okay.
Speaker Change: Well I could probably spend the most of an hour talking about all the things we can learn from that.
Speaker Change: The main lessons is.
Speaker Change: Basically how we do this.
Speaker Change: Balancing of how fast we should push the nutraceutical angle versus the pharmaceutical.
Speaker Change: Potential and how we make sure to maintain.
Speaker Change: We maintain that position.
Speaker Change: Position.
Speaker Change: We're spending without over focusing on just the one side. So that's going to be very intriguing to learn based on some great opportunities in <unk>.
Speaker Change: Compounding in in production for Nutraceuticals, and then making the analogs.
Speaker Change: At the same time.
Speaker Change: We can reuse a lot.
Speaker Change: From that perspective.
Speaker Change: Yep.
Speaker Change: Alright.
Speaker Change: Can you.
Speaker Change: Can you estimate how large the NCT opportunity could be over time.
Speaker Change: Yes.
Speaker Change: I am obviously not going to put numbers on we have.
Speaker Change: As we talked about on the video a deep dive into the MCT market opportunity, we have a number of negotiations and opportunities we need to.
Speaker Change: First we have some some cornerstones.
Speaker Change: So 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.
Speaker Change: <unk>.
Speaker Change: It looks very intriguing from a perspective of.
Speaker Change: Sadly liver disease, we're talking about a disease that is a huge unmet medical need that 30% of everybody has already today.
Speaker Change: Disease that very few people had a generation ago, and it's obviously because of our lifestyle and how we live.
Speaker Change: 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.
Speaker Change: With more precise guidance on that but thats.
Speaker Change: This earnings call.
Speaker Change: Excellent. So there was a lot of questions surrounding entity, which of course is to be expected as that is sort of the new and the big milestone.
Speaker Change: But let's finish with the last question, which is not entity.
Speaker Change: What's the impact of getting the cover story in Gen biotechnology.
Speaker Change: Yeah, Okay. That's a good question that's.
Speaker Change: Maybe harder for most investors to just look at and understand the impact opportunity.
Speaker Change: First of all.
Speaker Change: Sure.
Let's take the short version.
Speaker Change: It basically is a way we get recognized as a key opinion leader when it comes to this new space of extra signs and using a new generation of bio manufacturing that is self free instead of soap based.
Speaker Change: It's purely a recognition of that this is an important topic, it's an important.
Speaker Change: The directions that bio manufacturing has taken and obviously us co publishing together with prominent people.
Speaker Change: National Laboratory for renewable energy.
Speaker Change: <unk>.
Speaker Change: And others.
Speaker Change: <unk>.
Speaker Change: Being able to start communicating that there are new ways of doing bio manufacturing.
Speaker Change: It's a great opportunity may be less investor related but.
Speaker Change: Clearly in the industry and I'm sure Biobased and other places a very big deal and it's always an honor to be the cost of it.
Speaker Change: Absolutely.
Speaker Change: Then I have a impact.
Speaker Change: Impact maybe more on the scientific side, yes, yes.
Speaker Change: Yes, absolutely but of course, it goes hand in hand with with the.
Speaker Change: The overall.
Speaker Change: Amidst that.
Speaker Change: Predicting too so the whole world of exercise.
Speaker Change: And with that I would like to conclude today's call.
Speaker Change: You all for participating.
Speaker Change: This recording will be made available and also as transport.
Speaker Change: Within the next day ASO.
Speaker Change: Thank you all and have a great day. Thank you.