I'd like to reflect on some highlights from the 2025 annual report including some key progress, particularly the significant reduction in operational costs of over £325, 000 as a result of the restructure initiated under the new management team. Further savings have been achieved in 2026 through voluntary reductions in salary, streamlining advisors and additional board changes and we continue to identify and implement cost savings wherever possible.

Several positions became redundant with various responsibilities being absorbed by our Corporate Development Manager Mark Treharne, including IT, PR and comms through our various social platforms alongside his historical IR role together with managing our asset relationships and contract management. As we evolved the business we implemented a scale back of the board once the role of various NEDs had been completed and an overhaul of the Scientific Advisory Board to reflect a more commercially facing Advisory Board. This was completed recently with Cathy Tralau-Stewart stepping back to focus on her position as Executive Director at the Milner Institute and we thank Cathy for all her contributions in her roles as CSO, executive board member, chair of the SAB and NED. We will be enhancing the board as we move forward selecting new NEDs with the skillsets and experience required to grow the company.

The ValiRx group is now focused on developing value from its portfolio of assets, including the PDC biobank which saw a significant upgrade in terms of access to historical patient data sets, validation data, QC protocols and streamlined contract design thanks to the hard work of Inaphaea's Head of Scientific Operations, Melissa Barr. We're also looking to leverage value from our partners, particularly Dominion Biotech, exemplified through the PredictRx and 3K accelerator programmes. After the completion of the (approximately £60k) revenue generating service contract with Amply Discovery, Inaphaea's capabilities were almost exclusively deployed on group evaluation programmes as well as to support the group SPVs and JVs. This lead to value creation through a new patent filing on our oncolytic peptide programme and further developments for VAL201 which will be exploited through Blue Ribbon Bio. This would've been prohibitively expensive through externalised R&D and we have gained a huge amount of additional expertise particularly around formulation and in-vitro testing as a result. Our new in house know how is largely due to the efforts of our Lead Scientist, Amelia Hatfield, and is opening up additional opportunities for our future pipeline that may otherwise have not been possible. Amelia also secured external funding and access to additional expertise through her academic liaison role at Nottingham University.

All of the in house work is supported by a small team which has had to go above and beyond to complete the various projects. Dylan Jones, Inaphaea's technician has exemplified this by expanding his role to include tissue culture as well as ad hoc IT support, coding and hardware maintenance which has saved us tens of thousands in service costs.

In terms of the pipeline we have completed all the legacy evaluation agreements as well as one new evaluation with McGill University, the first that went through he revised approach to due diligence which focusses not only on science but on clinical positioning and commercial potential. This was completed by our Director of Research, Michelle Barnard, and the effort clearly validated by the rapid completion of the evaluation and move to set up our first international SPV. As I've reported previously, we are working with various funding sources to secure support for the development of the subsidiary companies including angel groups, VCs, corporate and charity venture arms and grant funding. This is designed to minimise the money we need to raise on the markets whilst advancing programmes faster and further than historically possible. Michelle has been instrumental in this process, not least in the preparation of pitch decks and asset summary slides which we also deployed at Bio US this year.

I'd like to thank the shareholders who voted in the AGM and I'm pleased that all the resolutions were duly passed so we can now get on with business.