Great news this morning that we've triggered our option to move forward with the McGill asset.

The high quality of this asset and level of engagement with the team at McGill and IRICoR has allowed us to move rapidly with the validation of the existing data package and on to generating supporting data.

The streamlined set up and expert team we now have in place, including seamless integration of Inaphaea in to the evaluation process, really exemplifies our new blueprint for asset sourcing.

This is based on:

• deeper initial due diligence and identification of the best assets we can

• building a strong critical path evaluation that our collaborators can buy into

• executing in a timely manor

• greater flexibility around the final deal structure

• parallel discussions with external funders

The new style agreements also include an upside should we elect not to proceed with an asset and that asset is subsequently commercialised elsewhere. This is proving popular with collaborators as they seek to de-risk high quality assets with an external commercial validation package.

The next phase of work is fully funded with provision made in the recent raise and we will leverage data generation from the human and companion animal programmes going forward as we engage with potential funders for the respective SPVs on both sides.