Earnings call transcript: Intelligent Monitoring Q2 2025 sees stock surge

Intelligent Monitoring Group (IMG), a leading security monitoring firm in Australasia with a market capitalization of $31.5 billion, reported its financial results for the second quarter of 2025. The company’s stock experienced a notable surge, rising 28.87% following the announcement. This performance comes amid the company’s strategic initiatives and strong market positioning. According to InvestingPro analysis, the company appears to be fairly valued at current levels, with analysts maintaining a positive outlook.

Key Takeaways

• Intelligent Monitoring stock rose by 28.87% post-earnings.
• Operating cash flow reached $17 million, with underlying cash flow at $32.4 million.
• The company achieved an 8.2% organic earnings growth.
• Strategic initiatives include expanding video guarding services and a new partner strategy.

Company Performance

Intelligent Monitoring Group demonstrated robust performance in Q2 2025, with significant growth in its security monitoring services across Australasia. The company reported 8.2% organic earnings growth, underscoring its strong market position and operational efficiency. Trading at a P/E ratio of 9.57 and maintaining a healthy gross profit margin of 36.8%, IMG continues to expand its service offerings, particularly in video guarding and strategic partnerships. InvestingPro data reveals the company has achieved a return on equity of 54% in the last twelve months.

Financial Highlights

• Operating cash flow: $17 million
• Underlying operating cash flow: $32.4 million
• Underlying EBITDA: $38.6 million
• Cash in bank: $24 million

Outlook & Guidance

Looking forward, Intelligent Monitoring Group anticipates stronger EBITDA and cash flow in FY26. The company plans to provide full FY26 guidance at its upcoming AGM in October. Strategic initiatives include potential mergers and acquisitions and the implementation of a share buyback mechanism. InvestingPro analysis shows that analysts expect sales growth this year, with a consensus recommendation leaning towards "Buy." For deeper insights into IMG’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, along with 8 additional ProTips and extensive financial metrics.

Executive Commentary

Denison Hambling, Managing Director, emphasized the company’s leadership position: "We are now the leading monitor security monitoring and services company in Australasia." He expressed confidence in the company’s future, stating, "We feel very confident... as we exit this year, it puts us on a very strong basis looking into ’26."

Risks and Challenges

• Market competition in the security monitoring sector could impact growth.
• Economic fluctuations in Australasia may affect customer spending.
• Technological advancements require continuous innovation and investment.

Q&A

During the earnings call, analysts inquired about the company’s deferred service contracts and video guarding market strategy. Management clarified cash flow components and discussed capital allocation considerations, highlighting the company’s strategic focus on growth and innovation.

Full transcript - Intelligent Monitoring Group Ltd (IMB) Q4 2025:

Mark Tobin, Founder, Coffee Microcaps: June is coming out left, right, and center. So I’m just gonna quickly run through these, intro slides, and then we’ll get straight into it with our first presenter. For everybody who’s joining us for the the first time, my name is Mark Tobin. I’m the founder of Coffee Microcaps, and you’re very welcome for all our regular attendees. Welcome back to this morning’s webinar.

I do wanna give a special mention to RAS Researcher Service who is our virtual event sponsor here. If you are looking for some coverage of, stocks in the smaller microcap space, please do check out their website. They’ve got a a free version, and they’ve also launched a a subscription version now that you can you can join up to for, some broader coverage and insights. Quick compliance and disclaimer slide, and there’s always a very warm welcome to our friends from Massac if they’re joining us this morning. For anybody who is joining us for the first time, stocks we tend to have on here, capped under 300,000,000.

That’s our definition of a microcap. Tend to be, in revenue. Proportion cash flow for breakeven are indeed already profitable, so we tend then not to have resources and biotechs on here. They don’t kinda meet that second box. That’s what I like to call industrial microcaps, which kind of covers anything else from financial services, health care, technology, industrial businesses.

This morning, we got two companies presenting over the next hour, thirty minutes each. We’ll try and break that down into a roughly twenty minute press and ten minutes of q and a. If you do have any questions for our presenters, please type them in the q and a box. Might be under the the more drop down menu on your screen. Please note the webinar is being recorded and to be posted on the coffee microcaps YouTube channel on Monday morning.

You can follow us, Twitter. I’m still calling it that. I’m too old school to call it x. YouTube for this recording and all our previous ones. We’ve had a couple of interviews with fund managers, of late leading into reporting season.

So if you’re looking for some stocks to keep an eye on as we move through the the July and into August, please check those out. We’ll have a few more companies presenting next week. LinkedIn, you can guess, and there’s also a monthly newsletter that generally goes out the first week of the month. Our first presenter this morning, I’m delighted to say we’re working back Dennis and Hamling from Intelligent Monitoring Group, and then we will be welcoming back another regular presenter, Steven Leidimore, is gonna be joining us from Melbourne from Imuran. And for anybody who happened to know us there, we did somehow manage to get two tickers right next to each other on the ASX, INB and IMC.

Funnily enough, I’ll hit a 2,000. We managed to line that up, but I will line up our first presenter here now, Denison Hambling from Intelligent Mining Room. Denison, good morning.

Denison Hambling, Managing Director, Intelligent Monitoring Group (IMG): Yeah. Good morning, Mark. Thanks, everyone.

Mark Tobin, Founder, Coffee Microcaps: I am gonna stop sharing my screen, Denison. And if you just wanna pull up your presentation deck, I’ll let you know once I can see it. Yeah. It’s just loading now, Denison. Yep.

I can see the cover slide now, mate.

Denison Hambling, Managing Director, Intelligent Monitoring Group (IMG): Great. Thank you, Mark. Well, I’ll just kick off, and thanks, everyone, for your time. The goal today is just to move pretty quickly through, Apprezo, go through the cash flows, little update on the business, and then just go to questions. Obviously, our results have been released this morning.

Before we kick in, just to remind everyone, what what is IMG Group? IMG, the ticker. We are now the leading monitor security monitoring and services company in Australasia. We’ve got a footprint that we’ve been building out rapidly, primarily under our ADT brand around all of Australasia from the top of Cape York to the bottom of Stuart Island. That gives us an incredible strategic reach and advantage as we look to penetrate both commercial enterprise security customers and also work independently with our security partners in the industry.

Lots of businesses around the country looking to utilize our leading now technology. Over 200,000 customers, very recurring revenue business. I think over the course of this next season, the full year results season, etcetera, we will start to really push into that and highlight the full nature of the recurring features of our business. About 599 employees with a really good balance and a and a great and supportive Registrar, which I’m very thankful for, and thank everyone again for their time today. In terms of how we present, we’re very clear.

We’ve worked and thought a lot about the way our business works. You’ll know the ADT brand. ADT is our direct to customer business. If you call me or our team, you want to be helped as a as a customer, be that a business, enterprise, family, individual, you’ll be referred to the ADT brand. If you’re a security industry player, you’ll either deal with us in one of two ways.

You’ll either be we’ll either just be a provider of monitoring services where we now have the leading monitoring platform in Australasia. We went a one r one officially last week, which puts us as far as we’re concerned as the number one player being that there are two rooms, both a one r one operating for the same business, or you will interact with us as a actually, a close partner where we will offer some of our relative scale to you to help improve your profitability to help us all grow our recurring revenue. So very simple go to market strategy. ADT is obviously also in New Zealand, so Australia and New Zealand. Bound together by some really clear values, we are here to be the leading player in security services.

We’re gonna achieve that by a set of values, which are not trivial nor immaterial to me, or the team. Our business is about transparency. It’s about being able to work together in a team environment, and it’s about aiming, aiming for excellence. We don’t make any bones about it, and that is the bond that that binds us all through the business, to which you’re seeing the results of, hopefully, today, which we’ll get into. So the force foresee results prezo.

I think the big feature of this result, and there’s probably three, but is the fact that it’s very clean. So, you know, we recognize, that this journey we have had as we’ve been putting together the business and the platform and the investments and the migrations from JCI have lent to what I’ve often been told are messy accounts. Understood. But it’s taken us to this time for those to be fully clean. That started a year ago where we knocked all the capitalisation out.

This year is a completely clear, p and l year for that, and it’s now ceased with all the one off costs, be they related to the refinance, the JCI transition, or the M and A costs, and you’re seeing the result of that in this quarter, with an operating cash flow of $17,000,000, which, you know, I think most would agree is an incredibly strong result. Underlying cash flow, therefore, if you’re prepared to look through those prior quarter expenses of 32.4 up against an underlying EBITDA of 38.6. I think that’ll be the one thing that, you know, people will will look at and, I suppose, whether disappointment’s the right word or interest will be. The reality is we are pursuing and have attracted a lot of increasingly larger scale work to us. We had two pieces of work in particular that were affected at the customer level by staff changes at a senior level, which deferred them, which was disappointing.

We had built a buffer in, but that sort of kicked it out, which just meant it hasn’t fallen in this period. In our opinion, all this means is that the twenty six year is now looking, you know, stronger again from a growth point of view, but will actually pull us up to where we expect it to be. So, you know, whilst we’re sorry for it, it was outside our control, and we don’t think it reflects anything other than just, you know, building a pipeline of new customers and and, you know, strong value. What I am really happy to point to, though, is that the underlying earnings growth when you take out the acquisitions, you look at the business we had on a like for like basis, ’24 to ’25, it’s grown 8.2%. I would make a comment that I think, that is a conservative view of organic earnings growth.

The reality is the businesses we acquired, in particular, I’m calling out Kobe and DVL being this year, have benefited from our ownership and that they’ve been able to win work that they may not have been otherwise able to win. So you could argue that’s also organic, but we’ve exited that from this conversation, leaving us in, you know, very rude health. You know, we finished the period with $24,000,000 in cash and growing. Now we do have the acquisition facility available, you know, from NAB, and terrific support from NAB, you know, in the last year and really thankful to have them on board with us as a key partner in our story and moving forward, which has put the board in the position of starting the process of considering capital management and what comes next. To facilitate that, we’re announcing today that we are putting in place a buyback mechanism.

We’ve appointed Morgans as the manager to that. That is such that, it will give us full flexibility now as the cash builds, to exercise, you know, the the reasonable use of that cash sensibly. And I think one of the things I’ve always said, I should note this is about the three year anniversary for me of being MD, is that, you know, the business is actually at a decision making board level run by investors or investor mentality people. So capital use, you know, return on capital, value of capital is highly understood in this business, and so we just want to start the process of, as we get increasingly into rude health, to have the flexibility to put together some processes and plans and strategies around it. That’s really what that’s about.

Digging into the results a little more carefully here, I think the point of this chart, as you said, is, you know, operating cash flow in June. You know, it goes almost right the way down. So reported and underlying are basically the same of less than a $100,000 of m and a related sort of legal costs that fell in the period, you know, versus the $20,000,000 of, you know, essentially nonrecurring costs of the three quarters different. You take if you accept those nonrecurring, as I say, you get to a $32,400,000 actual underlying operating cash for the year. So, you know, I guess the read is that as you look forward, this business is gonna generate, you know, as it has done this quarter, very strong cash flows.

In terms of the actual quarter itself and calling out the lines of costs, probably only a couple of things to notice here. We did have a little bit of inventory draws about half a million dollars of inventory, I guess, down on this period. The three quarters prior, we’d made the point we are investing in the business, and we were we’re building inventory. We have bought in, you know, new systems sorry, to sell letters, new new product as part of a service. This quarter had the benefit of a little bit going the other way.

We’re lifting marketing, so we really are focused on growth. We spent a lot of time this quarter on our operational structure, our go to markets, hence the way I laid the brands out at the start of the prezo. So marketing lifted, staff, admin, all pretty pretty much, in keeping with the scale of the business. And then, obviously, the net interest line where you now see the benefit of the refinance, you know, really come through the business. So, ultimately, you know, what I would call out is the cash in the bank, and that grew, you know, $11,100,000 on the quarter.

Difference, of course, being CapEx. The moment momentary comment on CapEx is at about $4,000,000. 75% of that relates to the three g CapEx in New Zealand. Now just to call it out and remind everyone, that is different, a different issue to what we dealt with a year ago when we talked about capitalization CapEx in three g. In Australia, we were capitalizing under accounting policies inherited from JCI, and go to market.

In the New Zealand case and now with our accounts, we don’t capital we don’t capitalize the expenditure. So this is CapEx into systems that we own that we are effectively leasing back, which are largely medical systems. It will abate. This is about the peak and roll off into next year. And I’ve I’ve called out the a number that will refine, you know, further as we get into the financial year around the full year result and then into AGM that that, you know, CapEx is gonna be less for this business than $10,000,000.

And so between the, you know, operating cash flow to the cash and bank really is is that CapEx piece of of four. Underlying business CapEx for IMG Group is really the same as the underlying depreciation, which is a 2 to $3,000,000 number. And then you just have to add that medical business in New Zealand on top, which on a normalized basis outside the three g rollover the fleet stay in business capital is about $4,000,000 a year. So ultimately, see CapEx once we come out the three gs period for the wider business falling to that $15,000,000 number. And then, you know, any any investment we need to make will only be, you know, in you know, around building systems or IT or, you know, comparative advantage outside, obviously, of m and a.

So good story there. In terms of the EBITDA, we’ve pre released that. I’ve made comment on it. We’ve broken it down. So effectively, this is just the bridge to show the underlying business growth.

As I said, the reality is the under the acquisitions, you know, relatively outperformed, and the underlying growth relatively underperformed vis a vis what we thought would happen in our guidance. As I said, the under relative underperformance, and it’s a hard word to use because the underlying business is growing really strongly and and feeling very confident, was just simply a timing issue. So, you know, we feel very confident, and I’ll just probably pause and make the comment because this has been a sort of quarter on quarter story. You know? As we exit this year, it puts us on a very strong basis looking into ’26 for another big step up in EBITDA and, therefore, cash flow as we get into ’26 just sort of sitting where we are today with the business.

So to wrap up the four c comments, you know, really, this is the culmination of looking backwards over the last three years and, you know, actually being able to now start to truly validate, you know, what we have been saying. And for those that have supported us at that time, we’re incredibly grateful. And, hopefully, you feel validated yourselves in in having backed us into what is a really strong business. As I’ve been saying for a while now, what we’re really been focusing on in the last six months and plus is is how do we accelerate this and and build a truly, you know, outstanding and enduring service business. The buyback I called out is is really around options.

Being in a position like this is is great, and we wanna make sure that we weigh all our options and make sure we really do continue to drive strong shareholder growth. I have made a comment about the earnings. Look. The reality is the earnings stepped up through the second half of of or the year as it did through the first half. So, you know, we’re just saying, you know, clearly, you just look at the base of the second half, which, you know, is a conservative view of the actual probably run rate, you would expect to see really good growth into ’26.

Our intention is to provide we’re going through internal budgeting. We really wanna make sure we, you know, do the work well, and plan this business well, not just for this year, but for the next three years, this this at this stage. And so our plan is to go through an internal round, which will shape out, during September, with the view of providing full, you know, guidance for FY ’26 at the AGM in October. We’ll spend a lot of time, our plan at the result in August, targeted for the August 26, talking about our pipeline and showing you, you know, why we’re confident in what we’re looking at both currently and sitting with us and then in future for the business. So and then, obviously, the last point I make is with the balance sheet also in the shape, you know, we have shown a we feel a a strong, credentialed path, to use m and a strategically around growing value, not just in the price we’ve paid, but the way we’ve integrated and the way we’ve bought this business together.

I feel really great about that. That’s always been my high watermark in terms of, you know, being very careful, selective, but prepared to make moves when they they make sense for us in a medium term basis. And so we’re in a great shape to continue that journey. We would not need equity to pursue anything that we might be looking at at the current time, and so you should expect us, you know, selectively to continue to build this business with our capital or shareholders’ capital over time. When you when you think about us, what really has come home to roost, I think the a one r one certification, I think the the conversations going around around at the moment around the childcare sector and privacy and access to video and surveillance, have highlighted, both, the advantage that we have developed by investing in the platform that we have today, but also the opportunity for us to widen that, advantage over time.

And so the best way I could really articulate what what I think has happened in our journey and hope that you can see what we’re doing and build it out is that, you know, by investing as we did do three years ago in a very tough situation when we’re over geared, undercapitalized, and our shareholders to help to support us invest in our platform that has given us the leading platform. We’ve been able to invest in now in building scale and reach, which is attracting large customers. It has put us at the forefront, I believe, of the industry, which is improving our business, which is the result you see today, which is now giving us the chance to continue to invest and build a a comparative scale and advantage, which I think is gonna create and continue to create a fabulous company. And I I certainly feel that that’s the environment internally in the business and understanding to which we have. So, hopefully, that makes sense to people.

I’m happy to chat about that. I’ll just finish. Again, what is IMG about? Really, this is a good showcase of, you know, what what we can do in a purely physical level, and I’ll just tell you the story here. So this is actually a storage king.

I won’t note the location for customer privacy. We also won’t be releasing this video publicly. This is for this forum only. But, effectively, what you have here, there’s a couple of people, which you can see on the screen, trying to get into the building. Now at this stage, they’ve already been seen by our live monitoring team.

In this case, this the team was based out of Port Lincoln, and they did a threat assessment. So there are a couple of options for the team at this point for the operator. And, you know, I’d like to thank Ben, Batman Ben, as we’ll call him, our operators that are successful become Batman or Bat People. The the assessment was, you know, do I scare them away, which we have the ability to do with our technology now, or at least try to frighten them away and to to distract them, or do I think that we can actually get to get them with the police before they’re done or enact? In this case, the view was let’s just let them run, and let’s see if we can get the police here.

So the police had already been alerted, and I’ll play you the quick video. You probably can’t hear it, though. There’s a loud someone shouting.

Mark Tobin, Founder, Coffee Microcaps: So

Denison Hambling, Managing Director, Intelligent Monitoring Group (IMG): you won’t have probably been able to hear that, but that’s the police running after the guys shouting at them. They, they caught them off camera, and what I’m told is a superb state of origin like tackle, and apprehended both of them. For us, since we started using this technology since the start of the year, we’ve apprehended we’ve had 21 events when we’ve apprehended over 30 people with the police. Average police response time from somebody trying to get in to them getting there has been around, nine minutes, and so that’s the difference. Anybody that questions why would I have monitored security, you’re correct.

If you’re looking in the rearview mirror, maybe. I’d still argue there are cases and ways that it can be used to your advantage, but this is what we do today, and this is the opportunity we have. We think the market, we think we we currently are the leaders for sure, and, you know, we think this is a multibillion dollar opportunity to apply across Australia as one of several segments of what we can now do with technology, which sort of validates the investment we made. So I’ll I’ll draw a line there. Well, I hope I haven’t overtalked.

Sorry. And I’ll I’ll finish on the slide, is the market stats, which I’ll talk to another time. I’ll leave it in the background, but but throw to questions, Mark.

Mark Tobin, Founder, Coffee Microcaps: Cheers. Thanks, Denison. Yeah. We’ve got a a plethora of questions, and we’re not going to get to them all. So I’m just going to apologize to people now if I don’t get to your question.

But I will send them across to to Dennis and and Shane and

Denison Hambling, Managing Director, Intelligent Monitoring Group (IMG): Yeah. Shaneem. Hopefully, Dave or Shaneem. Yep. Sorry.

Just in terms of look. You’ve got our details, our phone numbers. You know, you know, feel free to reach out to Shane and I, or Jason Biddle too, our CFO. We’re all available to to work you through the numbers as you like.

Mark Tobin, Founder, Coffee Microcaps: Okay. Perfect. The first one I wanted to tackle, the the two deferred big service contracts, how confident do you are that, you know, that is going to come back online once, you know, those new executive appointments get sorted on the on the other side at some stage, let’s say, in FY ’26.

Denison Hambling, Managing Director, Intelligent Monitoring Group (IMG): Yeah. No. Look. I’m I guess nothing in life is for sure, but we’re deeply but the the one that we’ve actually been really targeted on, one was a bit opportunistic, but but fairly significant. I I’m I’m there’s been staff change that that could take a little while.

I think it just takes them kinda coming back to the table, which we’ve seen before in our journey. Certainly, saw that with Reject Shop this year where we you know, the takeover stopped them. We were just about ready to go and pick them up. Takeover came through. They canned and stopped doing everything.

We thought that was gone and dusted. And then within a month, they were back. The new owners said, whilst we’re changing this business completely and upending it, we do need a proper security. This is these are my words, you know, supplier across the country to do this for us and bring us up to speak on a global basis. We want you to push forward even though we’re not doing anything else, and it came back to table.

I think one of them is probably in that that camp. The other one, we’re very live on, and, you know, I’d certainly look forward to updating people in August about where that is. And it’s it’s, you know, it’s it’s an it’s absolutely a meaningful contract, but it’ll also be a real leading For those in the industry that understand it and know that contract, it’ll really see me cast as a leader the leader in in enterprise security, I believe.

Mark Tobin, Founder, Coffee Microcaps: Question on momentum in the the video guarding as we head into FY ’26. Maybe just touch on the pipeline, Dennis, and, any investment needed to meet demand, you know, for the rollout of that?

Denison Hambling, Managing Director, Intelligent Monitoring Group (IMG): Yeah. Look. The the investment at the moment, is twofold. One one is marketing. So you you will note you’ll start to see the ADT brand pop up a lot more than you’ve seen it.

Certainly, newspapers, banner ads, you know, we’ll you’ll see some editorial sort of content around the place. You’ll probably see me a little bit pop up around it too. And I think that’s that’s all about starting to get the message out and for people to actually see. When people see what we can do, invariably, buy it. We’ve had a incredibly high uptake rate, but we have not gone wide with it.

That process now is starting. The other side of it is we’re very cognizant that we’re not withstanding our our, you know, unique reach and scale on the technical base. We’ll never be able to service what we think the demand is ourselves. And what I’ve what I’m trying to avoid is coming back to the market and saying, wow. I’ve got a 50,000,000 $100,000,000 pipeline in guarding I put together in the last two months, and then coming back six months later and goes, well, you you delivered $5,000,000 of revenue.

What, you know, what what happened? And and go, well, we just can’t get around the work fast enough. So that’s where our our signature partner strategy is actually very, very important. For anyone based in Sydney, Azure conference is on, Back End Of Sydney. It’s the industry conference.

We’ll we’ll be launching our signature partnership brand with, you know, 20 trusted partners, and that’s all about giving us low capital reach to drive guarding. So there’s an investment in signature, to answer the question, and there’s an investment in marketing. There’s no CapEx required, though. It’s all about, you know, operational investment to to grow capacity and capability.

Mark Tobin, Founder, Coffee Microcaps: K. And got another one here. Just clarifying some of the cash flow components. That’s the one. Operating cash flow benefit from a 500,000 inventory drawdown is one.

Then

Denison Hambling, Managing Director, Intelligent Monitoring Group (IMG): question. I’ll I can answer it because I know where it’s going. So there’s there’s there were four component or three components, sorry, of probably just slightly positively abnormal. So whilst it’s a clean result, there’s business movement in the quarter. $1,300,000 of income in advance from a essentially, a government contractor or the New Zealand government, if I’m being blunt, paying up to June.

It’s a a process they do. There was half a million of inventory, which I’ve called out already benefit, but there’s also the AISB card leasing benefit where you moved the cost of that out of the operating cash to the financing cash line, which you’ll see, and that had a half a million dollar benefit in this result. So that 17 mil operating cash flow is probably $2,300,000 positive what from what you might call one off, you know, factors that will normalize. Outside that, though, it’s clean. Like, it’s clean in terms of its business as usual.

No one off costs that other than we’ve called out, it’s what we would expect to reflect the business as it is on a steady state basis.

Mark Tobin, Founder, Coffee Microcaps: Okay. And then the second part to that question, n zed four g, but I think they mean three g. Are you basically saying investment having will kind of wrapped up ceased in relation to that by kind of the end of second half twenty six, basically, by the end of FY twenty six.

Denison Hambling, Managing Director, Intelligent Monitoring Group (IMG): That’s the yeah. That that’s right. So profiles down. I mean, the challenge there is that it will will go for as long as well, it it could go for as long as the networks keep the three g network open, which is what we saw in Australia. So we don’t control that.

But in our our estimation of it, you should see that number dropping, you know, period on period and being gone. You know? I I think ’26 is most likely. I could imagine a little tail, but I’m talking half a million dollars maybe, you know, into into the, sorry, into the second half of twenty six. So sorry.

Going on ’26. First half coming down, probably going on the second half might be a tail is is the way I’d put it.

Mark Tobin, Founder, Coffee Microcaps: Okay. We’ve got three or four questions around capital allocation, so I’m just gonna consolidate them all into one, including one from a excited shareholder, it says here, from Canada. So I think one of our first Canadian, June attendees. Yeah. Determining capital allocation, basically, I presume it’s gonna be on the board table when it comes to August, and you’re getting actually defining your results in all this budgeting.

Yeah, lots of questions around share buybacks

Steven Leidemoor, Executive, Immune Pharmaceuticals: So so

Mark Tobin, Founder, Coffee Microcaps: dividend versus acquisitions versus investing in the existing business. So maybe just expand on that slightly if we can, and we might wrap up there. That covers about four questions.

Denison Hambling, Managing Director, Intelligent Monitoring Group (IMG): That that’s okay. So I’d refer I’d probably refer everyone back to the equity raise slide that we did in I think it was about September, and we actually put up our track record of acquisition and price and what we’ve paid and value sort of essentially created. And, you know, we we seem to still be able to buy high quality businesses, and and these are high quality, but long standing customer bases that endure high quality staff and that continue to grow. In fact, grow faster in our hands probably than priorly, for, you know, three and a half times EBITDA. And I’ve been very clear.

Like, I I don’t wanna see creep. We’re very disciplined around that when we discuss m and a. It’s not a conversation around value for us on m and a, typically. So, you know, whilst that’s the case and it makes sense for us, you know, as a shareholder myself, I’d still I I still would preference us, you know, growing and building scale. We’re seeing the benefit of it.

We’re seeing customers come to us because of it, and it’s it’s giving us access to, you know, increasingly, you know, to to to to more and more, you know, equally good people and and build this leadership. So I think capital allocation still at this stage has to be weighed up against our ability to deploy capital well, but, you know, that’s not you know, whilst we have lots of opportunity, we also got a high bar, and it’s not just value. It’s it’s sustainability. You know, it’s executability. You know?

And as I’ve said, like, I’m very, very clear. I don’t want I’m not too worried if I’m never remembered, but I don’t wanna be remembered for blowing up a business because we’ve over acquired. So, you know, it’s it’s all sort of weighed up against each other. I think the bigger point is we you know, what we’ve felt now in this period is we might start generating way more cash than we can deploy, actually, and that that that period might come sooner than we thought. I think, also, I’m old enough to remember the nineteen eighty seven crash.

You know, there are periods where you can wake up and all of a sudden, notwithstanding you’re unloving what you do and all that sort of stuff. I I personally remember buying a company in the GFC for seven and a half percent dividend yield, and it grew year on year, but the major shareholder had to exit because they just needed liquidity. I’d like the board and ourselves to be in the position to not have to wait a week, get advisers, try and put a buyback in place to to be able to benefit should something like that have. I’m not predicting it. I’m just saying, you know, life’s unpredictable.

So I see it as I see it as costless insurance that we can use shareholders, and and I include myself in that, but all of the people on this call who are shareholders, money, you know, to maximize the opportunities that sit in front of us, and and our intention is to do that firmly.

Mark Tobin, Founder, Coffee Microcaps: K. Again, apologies. We didn’t get to to all the questions, but I will send a copy of the questions to Dennis, and then he can tackle them. You know, the full year results going to be out in a in a couple of weeks or maybe in the updated press so I can weave some of those answers into that. Or as he said, please reach out to the team directly.

Dennis, and thank you very much for joining us this morning.

Denison Hambling, Managing Director, Intelligent Monitoring Group (IMG): Thank you. Look. I appreciate it. Thank you, everyone, for your support interest. I’d reflect three years ago, I took over the company.

We had an $11,000,000 market cap, and we were geared over six times EBITDA. You know, this quarter, you know, it’s really satisfying to have generated, you know, the amount of cash in the bank as our market cap was, you know, when this team started. It’s this is an outwork of decisions made in the past. What we’re focused on, though, is actually the inputs into what comes in front of us. And so, you know, we that’s what where our excitement is is we we genuinely feel like we’re in a good space to hopefully build an enduring, you know, really high quality, you know, Australasia leader in our in our service, in our space.

So I appreciate the support and interest, and happy to happy to follow-up with people over the course of the next little while.

Mark Tobin, Founder, Coffee Microcaps: Thanks, Denison. And I know our second presenter here is waiting patiently in the wings, mister Steven Leidemoor. Steven, good morning.

Steven Leidemoor, Executive, Immune Pharmaceuticals: Yeah. Good morning. How are you?

Mark Tobin, Founder, Coffee Microcaps: Very well. Steven, if you wanna start sharing your presentation deck, I’ll let you know once I can see it. And if

Steven Leidemoor, Executive, Immune Pharmaceuticals: Alright. Let me do that. If Okay.

Mark Tobin, Founder, Coffee Microcaps: Comes up. Can see that. Yeah. And if you wanna just go to full screen mode under her slideshow mode. Yep.

There we go. That looks perfect, Steven. You can take it away whenever you’re ready.

Steven Leidemoor, Executive, Immune Pharmaceuticals: Yeah. Very good. And thank you, everybody. It’s been a little while since I’ve, spoken on coffee microcaps. I think the last time was back in, March, and we’ve had a very, very, very busy period of time and, just reported annual sales, which was quite exciting for us.

Being able to deliver on that projection that we put out there for the first time of the $7,000,000 in revenue exceeded that, hitting the $7,300,000. And you recall stories of the past that, you know, the product itself was maximum 2,500,000.0 in revenue pre COVID. It went down to almost zero during that COVID period. And since I joined three years ago, instead of Traveland being a a sideline activity for a drug development company, we’ve put resources and effort into marketing what is quite a unique product for prevention of travelers’ diarrhea, and the results are starting to show for themselves. And this is just the beginning.

So let’s quickly get into this. So our FY ’25 results have not yet been completed auditing, so just safe harbor statement there. Quick update on the financial snapshot of the company. So Travolane is not the only product we have. We also sell Protectin in Australia, and we are a drug development company, we have number of clinical programs.

With Travelland itself, it’s in two. A large study of eight sixty six subjects being run by and funded by the US military. That has now been completed and all of The US and UK military personnel have been randomized, deployed and taken the drug. And they’re currently in the process of doing data analysis and we anticipate top line data from that study in October, so that’s quite exciting for us. And you’ll recall that we have Travelland phase two.

That was a controlled human infection model study completed. We have not yet requested the end of phase two meeting with the FDA. We’re waiting on the results of the Uniform Services University study, which is quite informative for the clinical trial protocol before requesting that meeting with the FDA. But we do anticipate doing that following those results. And IMM529, which is for Clostridioides difficile infection or CDI or C.

Diff for short, we have a protocol ready to go. We’re doing the last steps of preparing the IND, that’s investigational new drug filing, which we plan to submit, hopefully, with the FDA by the September. So you can see there’s a lot of near term milestones on the the clinical pipeline. And no doubt, there’ll be an update on the first quarter of the new financial year, FY ’26, in around mid October for those September sales results. So just repeating that there, you can see down there below, we completed the financial year at the June with $7,300,000 in revenue, up 49% on the the prior year.

And not all of that growth is coming from Australia. Importantly for us, North America, so that’s US and Canada, we had sales of $2,000,000, up 76% on the prior year. And given the larger population of people, we’re seeing that as a great growth driver for the company moving forward. We continue to evaluate new international markets and also to add additional products to our portfolio. And you may have read that we have secured one such asset.

We’ve licensed from a company in Sweden a product called Pro IBS for irritable bowel syndrome. We’re working very hard on getting ready for launch of that. So the order for opening stock has been placed. We anticipate receiving that in the near term. We’re planning on launching the first quarter of next calendar year.

But if possible, we will try to launch it for the Christmas period here in Australia. I thought this might be useful. Last time I presented a copy microcaps was back in March 2025. So this is a comparison of what was the status back then to now. And back then, I was reporting record sales for the half year of 4,000,000, and I’ve just told you that we’ve continued that growth and achieved record sales for the financial year just ending 7.3, up 49%.

We had submitted the the phase two clinical study report to the the FDA, and just to inform you that we’re waiting on Uniform Services University trial results before requesting the end of phase two meeting. I had reported that we’d finished recruitment, and just now, we’re reporting that all of those people have been randomized, deployed, and the quality review of the study data is initiated. So just again, top line results anticipated in October. Back then, we had IMM529. We had that successful pre IND meeting with the FDA and updated dates for the milestones for this program submission by the September.

We’re hopeful that we could get FDA approval of that IND, which would allow us to start phase two studies by the end of this calendar year. We reported we started a new program in collaboration with the Monash University, IMM986, for vancomycin resistant Enterococci. So this is quite a big problem for antimicrobial resistance in Australia, and hospitals in Australia are finding it difficult to treat patients to get this. We’ve manufactured colostrum using vaccines specifically developed targeting VRE. And at the moment, we’re in in vitro method development before we commence preclinical studies.

And that new distribution agreement for Pro IBS, so just reiterating the dates there. So anticipated delivery of the stock in the third quarter of this calendar year with a launch in the first quarter of twenty twenty six, but we are hopeful we may be able to launch late this calendar year. For those that are new to the Immune story, let me just tell you a little bit about Travelland. So this is a $1,000,000,000 market. And just to be clear, that $1,000,000,000 market is, at the moment, primarily products which are used in treating travellers’ diarrhoea once somebody gets it.

So think of products like Imodium or GastroStop in Australia. That’s loperamide, the generic drug name. And also rehydration salts and things like that. So that is a very large market. What we’re trying to do is to convert the market from treatment to prevention because we offer the ability to prevent you getting that in the first place, which when the frequency of getting a traveler’s diarrhea is anywhere from thirty to seventy percent according to the Centers for Disease Control in The US, it’s clear that if you’re traveling, Australians traveling to Bali or, let’s say, Americans traveling to Mexico, the chances of you getting traveler’s diarrhea are very high.

And, of course, that would ruin your holiday. So it’s a small price to pay to invest in taking travel and before during your trip. It’s a product that’s based on a proprietary vaccine. So we have two vaccines, a multi strain and a single strain that we inoculate cows and they produce polyclonal antibodies which are targeted specifically towards ETEC. So that’s enterotoxigenic E.

Coli, which is the largest contributor to traveller’s diarrhoea. It also has the ability to impact on other bacteria which are similar to E. Coli in nature. And we’ve done numerous studies with different parts of the US military showing this is the effect. So it has a strong capability of preventing travellers’ diarrhoea.

In clinical studies, we’ve shown up to ninety percent preventative effect. And how does it work? So we have the ability to bind and neutralise to prevent. So I won’t go through all the details there, but the slide deck will be available on our website. You can read more about how it works.

It’s quite a unique technology that no one else is using to create a product like Traveland at the moment. I like this graph. So I’ve talked to the numbers already, but in graphical form, you can see that FY ’24, the preceding financial year, was a a great year for growth, and we reported record growth in sales during that year. But in the current year, not only have we increased sales, you can see the the trajectory of the line there. It’s at an increasing rate.

So we’re starting to get good traction. We continue to grow in Australia, which is our core market and largest contributor to revenue, But the large population markets in North America are also starting to contribute significantly, so up to 2,000,000 in revenue now for the financial year just completed and higher growth rate. And that’s on the back of we had strong sales growth on amazon.com in The US. And in Canada, we secured distribution in 10 pharmacy and grocery retailers. And there’s still plenty more to go on the in the Quebec type regions and also the Atlantic provinces.

We’re working on that during this financial year. Just giving you a picture snapshot of where we are. So in Australia, we’re in essentially all pharmacy banner groups. And during FY 2025, we managed to get primary listings with multiple pharmacy chains. And in Canada, the system operates similarly to Australia where you have a large banner group.

So Shoppers Drug Mart is the equivalent, if you like, of Chemist Warehouse in Australia, the largest banner group, and we have listings there. And you can see a number of the other groups as well. Unlike Australia, we’re also in grocery. So Loblaws and Sobeys, they’re grocery chains within Canada. And in Canada, unlike Australia, they also have pharmacies within these grocery chains.

So good opportunity to take the knowledge and success that we’ve had in Australia and translate that into the Canadian market. US market’s a little bit different in that unlike Australia and Canada that allow health claims on label, Speaking about prevention of traveler’s diarrhea, we’re limited in what we can say in The US. So we do more of your social media marketing and fat targeting products in a different way. And we’re doing that mostly through now amazon.com and, warmwhite.com, but we do continue to sell product through Passport Health, which is the, largest chain of travel clinics within, America. We’re quite pleased with the growth rates in both of those North American countries and also pleased with the ability to continue to grow in double digits in Australia.

How are we doing that? So this is a range of activities that we’re going through. So you’d imagine in Australia and Canada, we have your typical retail focused promotion, but we also do a lot of in store positioning and promotion. So we work with pharmacists and pharmacy assistants to make sure that they understand Travelan, how it works, what it’s useful for, how to how to sell that to customers. Because they they are, if you like, salespeople within the within the store.

And it’s not difficult to sell because there is no product like Traveland that has that ability to prevent traveler’s diarrhea up to that 90% preventative effect that I talked about before. And in in The US, we do this for Australia and Canada as well. We do a lot of social media marketing and targeting of advertisements. And if you happen to be googling about travel to exotic locations or traveler’s diarrhea or something like that, no doubt a travel and advertisement will pop up on your screen talking about the benefits of taking it. Let’s get back to our pipeline here.

So I mentioned before that we have multiple assets in multiple clinical programs. The traveler’s diarrhea market, so we’re targeting to get travel, which is available over the counter now, approved as a medicine within The US market. And the potential market size for that, as estimated by Lumanity, a leading market evaluation firm in The US is some US $100,000,000 in The US market alone. And the the same company, Lumanity, has estimated a US market for CDIF of the IMM five twenty nine of US $400,000,000. And this was revised up during the last financial year because we changed focus from a second line therapy to primary therapy.

So that successful pre IND meeting that we had with the FDA was focused on a clinical trial protocol, which will be standard of care, so the antibiotic use for treating C. Difficile versus standard of care plus IMM529. So that’s first line primary therapy and a much larger opportunity. And this is one of our near term milestones coming up. So I mentioned before that we’re preparing for that IND submission.

By the September is our best estimate at the moment with a target to have that approved by the end of this calendar year, allowing us to go into Phase two clinical studies next calendar year. And IMM9864 vancomycin resistant enterococci, we’re in preclinical activities. And the first half of next calendar year is when we’re anticipating the preclinical results. So that’s in vitro, that’s in test tube, and in vivo, so in animals data, hopefully demonstrating that our vaccines and the colostrum that we’ve produced from it has resulted in a therapeutic asset that we can take forward into clinical studies. This is some details behind those numbers I just gave you before, the 100,000,000 for IMM124E, the active drug substance in Travolane, and US $400,000,000 for IMM529 twenty nine for C.

Difficile infection. I won’t labor upon these, but it gives you some data as to how those forecasts were derived. And down the bottom there, you can see where we’re at. So IMM one two four e completed phase two, preparing for phase three. And IMM529 for CDI, we are anticipating IND approval, will allow us to move into phase two in 2026.

A little bit on IMM529 and why we’re so excited about it. This is a non antibiotic, so it doesn’t have that problem of antimicrobial resistance. First line therapy is the target. And why do we think we should be successful? We have done animal studies and the efficacy.

The results from those studies are shown here below. We’ve shown that we can not only prevent, we can protect recurrence, so that’s stopping it coming back. So just to be clear what that’s about. When you treat with current primary care, which is antibiotics at the moment, quite often, people get recurrence, which means it comes back. And that happens more than one time.

And so with our product, non AMVO doesn’t have that problem and also has the ability to treat those recurrent patients. And we can also treat primary disease. So if our product was not used for prevention and someone happens to get C. Difficile infection, our product would be able to use to be treated. These are animal studies and we need to do human clinical studies to show that that translates in humans.

But certainly in animals at this point, can see statistically significant results showing prevention, protection and treatment of primary disease for C. Difficile infection. And this is achieved through a product which we believe is the first product which has multiple mechanisms of action. So it targets not only toxin B, which is the toxin that C. Difficile uses to infect a host, but also spores and vegetative cells, which are part of how it works.

And so we target all three things, which is probably why we got such great efficacy results in the clinical trials in animals that you saw here. This is summary, if you like, of that phase two study for IMMENT one two four e, Travelyn, in the controlled human infection model study. We were it was interesting in that the efficacy was high, but not as high as previous Travelyn studies, which were done three times daily. This study was once daily. Notwithstanding that, we did have some success in showing statistically significant results in stopping diarrhea of any severity and also less significant events.

And so these results were very pleasing for the military. And they’re also, along with us, looking forward to receiving the results of that Uniformed Services University study, which was twice daily dosing. This will give us a good idea as to what dose to take into phase three. So you’ll recall the original study is three times daily, up to 90% protective effect. Once daily, around, forty percent.

We’ll have twice daily dosing results from the USU study coming out in October, so not too far away now. The plan for IMM124E, once we have that dose selection and that end of phase two meeting with the FDA, is to move into phase three trials. And each of those trials will take approximately two years, and that will result in a BLA submission in another twelve plus months for approval. And details of what that trial looks like are detailed below here. What we are hopeful of, though, is that when we get these Uniform Services University study results, which is in a real world setting, so a phase three like trial, it may be sufficient to get him to the CDC yellow book guideline which is what doctors look at when considering what to prescribe to their patients before they go on vacation to a high risk region.

But even before we get FDA approval, if we can get into these guidelines, so CDC Yellow Book or potentially the International Society of Travel Medicine guidelines. That would open up a large part of the market in The US that we’re not currently in. In The US market, because we don’t have label claims for prevention of traveller’s diarrhoea, unlike Australia and Canada, We’re limited to those patients that don’t go and see a healthcare practitioner, that self diagnose and seek treatments. That’s probably less than 25% of the market potential. So that’s why we’re quite excited about the results of this Uniformed Services University study coming out in October.

Three at Rang for upcoming milestones going forward. So we’ve got continued revenue growth and the growth drivers that I’ve mentioned already and new product launch, hopefully, before the end of this calendar year, but certainly in the first quarter of next calendar year. And we have clinical milestones coming up near terms. We have that September filing of the IND for IMM five twenty nine. We have the top line results of the Uniform Services University study, that large 866 patient study in October as well.

And we may have some other milestones related to IMM nine eighty six, the VRE, vancomycin resistant enterococci program during the next six months or so as well. I might just pause there and open up for any particular questions. For those people that are technically minded, I have here on the screen in the back of our deck clickable links to all of the supporting publications. It doesn’t include unpublished, of course, but publications where we’ve had peer reviewed articles showing how Traveland and IMM five two nine works.

Mark Tobin, Founder, Coffee Microcaps: Thanks, Steve. Yeah. We’ve got a couple of questions here, so I’m gonna jump into them. Travel and revenue in the second half does not appear as good as the first half, and what was behind that? Is there seasonality we should be thinking thinking about between the two halves?

Steven Leidemoor, Executive, Immune Pharmaceuticals: There there certainly is seasonality, and it does vary by country. So there’s peak travel periods. So in The US, for example, spring break is a big travel period. Similar to Australia, winter, when people travel to warmer locales, you know, like Mexico or The Caribbean are but winter, of course, occurs in a different time of year than than it does in Australia. But the the primary reason for the the difference in sales is is not to do with seasonality.

It’s to do with what I spoke about before. So during the last financial year in in Canada, we obtained those listings with retailers, both pharmacy and grocery. And in Australia, we also got primary listings with a number of large pharmacy banner groups like Terry White Chemist, for example. And when when you get new listings, wholesalers then stock up. So there’s a wholesaler stocking period that occurs that you get a lump lump of sales in.

They’re the sales that we record. We record sales to wholesalers. But, of course, consumers buy from wholesalers before they use, so there’s a timing difference there. And that that’s the primary reason for the the difference in sales from one period to the next. But what we focus on is not so much our sales out to wholesaler, but sales out of wholesalers to consumers, and we use IQVIA data for doing that.

And what we’ve seen is strong period on period growth, steady growth in markets showing Traveland continue to sell very, very well. And not on this slide deck, but I’ve shown previously that we’ve either been number one or number two skew in Australia in that digestive health diarrheal category, and we’ll continue to aim to stay in that spot.

Mark Tobin, Founder, Coffee Microcaps: A question on I MM986, the the preclinical results. It says these were previously advised to be out in August 2025. People are just checking in. Is that, still on track?

Steven Leidemoor, Executive, Immune Pharmaceuticals: No. It’s not on not on track. So pre preclinical study, of course, there’s a reason why it’s called research and development. There’s risks associated with development. So maybe I can just explain what’s involved in developing a new asset such as this.

So the way our technology works is we develop proprietary vaccines which are targeted to a specific pathogen. So entravelan, that’s ETEC, so enterotoxigenic E. Coli for VRE. It’s vancorycin resistant to enterococci. So we have completed the development of those vaccines.

We have vaccinated cows. There’s a period of time, during which, obviously, a cow, need needs to, go through its pregnancy period before it can produce colostrum. We’ve done that. We’ve produced that colostrum. There’s assays that need to be developed before you can run your preclinical experiments.

And we’ve had some challenges in getting the assays to be as robust as what we would like. So that’s caused a bit of a delay in the program. So there’s two types of assays. So we have ELISA assays and also Western blot. We’re focusing on ELISA first, and then we’ll do Western blot.

And we’d like to complete both of those successfully before we move into animal studies. So instead of August for the initial in vitro preclinical data, it’s likely to be I didn’t give it didn’t give a target timeline yet because we don’t really know because we don’t have those assets yet. But as soon as I do have an update on what that date is, we’ll be providing that to to the market. But it will be 2026 at some time.

Mark Tobin, Founder, Coffee Microcaps: Okay. Great. Yeah. Maybe, the full year result, comes out. Maybe in August, things will be a bit clearer, on that particular study.

And Someone else question here on on yeah. Question here on on funding in terms of, you know, whether that’s, you know, for the rollout of these studies, you know, moving from one phase to the next phase and, you know, expansion of travel and, you know, cash wise in terms of I know a lot of this stuff is funded by, you know, Higher Services or or there’s other, other partners kinda helping to fund a lot of this research, but maybe just touch on, and I know the four c will probably be out, in detail, sometime next week. So maybe just touch on the the need for funding moving forward, if any.

Steven Leidemoor, Executive, Immune Pharmaceuticals: Sure. Let let me just touch quickly on the four c. So we we we’re in a fortunate position where we don’t have to report four c’s, but we will have our annual results coming out preliminary annual results out at the August, which provide an update on cash as well as our full profit and loss and cash flow statements and the like. With regard to our cash position, we we last reported December, and we had a bit over $7,000,000 back then. Of course, we have we’re we’re burning a little cash, so we have a little bit less than that at the June.

But with regard to raising capital, we have actually raised capital, and we did that via an at the market facility that we had in US market. So when we reported our sales results, which were, you know, a record and significantly high double digit sales growth, the The US market reacted very positively. Significant volume of trading at prices exceeding those on the Australian market. We took advantage of that to place around US2 million dollars of stock into NASDAQ, and that’s provided us with sufficient funding to commence those IMM five two nine clinical trials.

Mark Tobin, Founder, Coffee Microcaps: Perfect. Question on the top line results for the the travel incentive. Just wondering why is it taking so long. Is it just, you know, we’re in the middle of, you know, US, holidays? You know, is that just kind of, you know, trying to get anything done in December, Jan in in Australia?

Is it kinda they flip it ahead, trying to get anything done in July, August in the in The US?

Steven Leidemoor, Executive, Immune Pharmaceuticals: No. It’s not really to do with that. So the the the top line results that we’re waiting for are not it’s not something that we’re doing ourselves personally. So this trial was conducted by and funded by US military resources. So that’s the Uniformed Services University.

It’s a large study, so there’s eight sixty subjects, US and UK military personnel. And the protocol for it, which is available on trunnicalclinicaltrials.gov, when you have a look at it, it’s got not only the primary endpoint focusing on diarrhoea, there’s multiple secondary and there’s also exploratory endpoints. So it’s a data rich study and the quality review and the data analysis for that takes a long time. So hence, the reasons for the delay in reporting out that top line data. It’s good, though, that this rich data is very, very useful because it will form us as to trial design for the phase three studies for Travelyn.

It’s useful information before going into that end of phase two meeting with the FDA. I mentioned before that we’ve got two controlled human infection model studies showing different results for three times daily versus one time daily. This study is not a controlled human infection model study. It’s in people that have travelled to high risk regions. A field study, much higher relevance to a phase three study, and it’s also twice daily.

So we’ll have dose ranging and we’ll have information on which type of patients it worked on, which types of bacteria it worked on. People in the field don’t only get traveller’s diarrhoea from Etech. There’s other bacteria, but there’s also viruses and parasites and all sorts of reasons that cause traveller’s diarrhoea. This study will provide us a lot of information about where it works, where it doesn’t work, and greatly inform the the the protocol for taking travel and forward into phase three.

Mark Tobin, Founder, Coffee Microcaps: Steve, we have gone slightly over time, and I don’t wanna take up any more of your morning. Thank you very much for coming back and and joining us once again, and we shall watch out for the the full year result at the August. And as you said, there’s a lot of studies coming to an end. Our our our results coming out, you know, between now and the December. So, yeah, plenty plenty of milestones for people to keep an eye on over the over the ’26 here.

Steven Leidemoor, Executive, Immune Pharmaceuticals: Yeah. It’s very good. We’re we’re quite excited about it, both the the increasing revenue potential as well as the clinical milestone showing that that platform technology of ours has got significant value. Thanks again for your time. And, viewers, my contact information here, that’s my personal email and phone number.

If you have any follow-up questions, please feel free to reach out to me.

Mark Tobin, Founder, Coffee Microcaps: Thanks, Steve, and thanks everyone for joining the call this morning. We’ll leave it there. We will have another, webinar next week, and the details of that, should be going out on Monday or Tuesday. It’ll be, Thursday morning, next week rather than Friday morning. So, hopefully, you can join us for that.

Just try to tie down the last one, two presenters and and bits and pieces. And I wish you a very good weekend, and we’ll talk to you next week. Thank you.

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