And as of now, as of 2024, actually, the International Diabetes Federation, calculate that there is more than six hundred million people living with diabetes. And that is, of course, just highlighting the need for our technology At the other on the other side, it's also, of course, an interesting commercial development seen from from our perspective. In the first quarter, Lifecare has continued to advance toward towards our market launch. And in the meaning that we are working hard on our design optimization, this is on track to reach our design freeze and manufacturability. This must not be misunderstood the extent that we have done, significant changes in our design. This is more a question of the actual miniaturization of the of the technology in addition to our core technology. Meaning, things as the electronics, the receivers, the the antennas, etcetera. Those additional aspects of an implant We we have been working hard on those over the last last months, and I know close to do a complete design freeze for our implant in addition to our sensor. The implant design freeze is very much related also to the manufacturability. We have, at an early stage, told that we are or have automated some of the manufacturing processes.

However, the totality of the of the production has to be aligned with, of course, the design. That we're able to go into an efficient, scalable manufacturing as soon as we take over our not necessarily as soon as it will take some time. But when we take over our production facility in mines later this year. Throughout the first quarter, we've also improved our sensor chemistry This will enhance our outlook for for data for accuracy in terms of data and also following that, the performance of our device. Providing a reasonably to expect, providing sensitive good data also for the end users. And we have throughout q one update, I was updated our strategy, our priorities, and also, made some, ready are ready to make some comments on our commercialization progress. And I'm gonna go into the strategic updates first and our path to commercialization. First of all, I want to just remind all of us that we are a med tech opportunity. And I emphasize that because we are in a risk conception, different from what you would see in any biotechnology companies We are within the same main segment as a health or lifestyle company. However, the med tech opportunity that we provide is based on a high growth, outlook.

Our specific opportunity is then as we all know, within the next generation of diabetes med tech, which in total, we calculate to an addressable market of more than or around 5,000,000, sorry, 5,000,000,000 US dollars. We have, laid out a capital efficient path towards our commercialization, and we see now, that we have near term value inflection points that will bring us, of course, rapidly into the commercialization phase. We also want to highlight in this opening statement that we have a second mover advantage meaning that we are not the first implantable, we are the second implantable, and we envision that as a huge advantage as the first mover within the implantable market for for for continuous glucose monitor. Has already been through the regulatory path, meaning that we are not a new product We have our own technology. We are a new product, but in a regulatory sense, we are not the first who are doing these implantables. And we see that as an as an advantage in terms of efficiency towards market approval. And we also have made some assumptions. I will come back to that. But but already now to to to state that we see that we have a peak revenue potential based on our calculations of around 1,000,000,000 US dollars, and we expect to see that in the 2030 As already touched in on diabetes is an unsolved global growing global health crisis.

It is a trillion dollar health care [indiscernible] And there is a huge amount of people living with diabetes, of which one hundred and ten million need glucose monitoring. And to to underline kind of the seriousness of this is that the fact that diabetes caused more than three point four million deaths in 2024, meaning that you have a death every sixth second. So the it's easy to understand the rationale behind diabetes technology as an emerging market, as a strongly emerging market. Because this really affects so many people's lives. And our mission is then, of course, to help people with diabetes to live a better life and improve their life, basically. [indiscernible] have become the de facto standard, of diabetes management. Originally, at least from the seventies, to prick blood glucose from the finger and to put the blood the blood into a meter has been the the, the usual way of tracking your glucose. This is an on demand measurement method that will not give you any trend in indications, but it will give you a picture of how your blood glucose is exactly at the moment when you measure the blood or or take the blood from from your finger.

Starting around, year February, the first continuous glucose monitors came on the market. And from 1999 and up till a few years ago, that has been dominated and is still dominated by the body worn CGMs, the one that is on on the body. As a variable. And there are some limitations in in this technology, especially in terms of the longevity of the of the sensor. So that in addition to having it body worn, also have to change it every fourteen days or maybe fifteen days if you're lucky. And that is, of course, an additional effort for the for the patients with diabetes. Our expectation, though, is to go into the future with our and forget solution where we inject our sensor or our implant under the and leave it there for a very long time. Continued glucose monitors is the fasting fastest growing diabetes technology segment. We have seen that for quite a while and we see that that will continue in that direction. There is an estimated more than twelve percent annual growth from 2022 to 02/1930. Which brings us into a market opportunity in Europe and North America by 02/1935, of more than 30,000,000,000 US dollars.

Our segment however, is the sub segment It's the sub sub segment of continuous glucose monitor that we define as the implantables. And we see that this is the definitely the fastest growing segment within CGM technology moving forward. As of today, as of 2025, there is one player on the market It's Eversense, and they have a customer base of approximately five to 8,000 users worldwide. Especially then, of course, in The US as that that that is their their focus. Based on our predictions and and and on the sources given here, we estimate that the growth in this segment will be extreme going forward. And we look towards a plus 5,000,000,000 US dollar market for the sub segment of implantables in Europe and North America by 2035. The future of of CGM is is, unquestionable, but question is, of course, what sets Lifecare apart? And and and the first the the first important thing from from our side is fact that we are implantable, that we have a very long duration. And, of course, that we also use the utmost osmotic pressure as the sensing principle. We're the only ones who do that. We have ensured to be be a a widely patented to the extent we can patent our, our device, our chemistry, etcetera.

But we also see that, on the basis of doing osmotic pressure, we also expect to have a sensitivity that will be very interesting going forward. As of today, we have, we have calculated that we have a mean average relative difference of less than 10% as all of these technologies have This is important because the mean average relative difference, the mark, needs to be below 10% to be clinically accepted, meaning to provide information that makes the patient to take decisions on how much insulin to take. Which is important. But given our sensitivity, sensitivity, and also the sensitivity improvement we have done, we have reason to expect that we will have a sensitivity that is really good. I'm not gonna quantify that, and I'm not gonna say when we can quantify that. But I think it's reasonable to expect that we will be able to get more into get a bit more into that throughout 2025, and I look forward to update you all on that going forward. As of today, we have developed our product into a small capsule. As has Eversense. We have a slightly lower duration period than than Eversense. That is not because we believe it stop to work after one hundred and eighty days.

It is because we don't have data that supports that we will go beyond one hundred and eighty days, but we expect based on our technology, that we will be able to far outplay the three sixty five days that is the state of the art today And in our future product, which will be a grain of the rice, we expect to to go at least into one and a half year. And I think it's reasonable also to expect that our current product is is will have a duration longer than what we we are stating here. But that remains to be proven, and then we will come back to you when we can prove it, of course. We we are working, of course, to translate the the market growth into a value for our shareholders. And and to to to put some numbers on this, we have assumed that if we have a 15% technology penetration, meaning if the implantable technology grasps 15% of the continuous glucose monitoring market, and Lifecare is definitely positioned to to to grab a 25% share of that market. We expect to have a base case peak revenue of slightly less than 1,000,000,000 US dollar with a potential for for more.

And I just want to also highlight that this is we expect this to be a sustainable revenue, not like you would in the in the in the biotechnology world where you would see a peak revenue and then a deep after that. That is based on the fact that the number of diabetes patients is continuously growing. Meaning that going forward, we do not expect that the peak revenue will decline in in any in the foreseeable future. In addition, of course, to our important effort to go into the human diabetes market, you probably know that we're also doing a pet market approach, a veterinary market approach, And this is an interesting opportunity for us. There's a lot of of potential revenue to pick up in this market. But I want to also be very clear that the reason why we do this is first and foremost to have a positive impact on our human market readiness. We utilise our existing technology and our existing and the on the building [indiscernible] in the period for starting with the period where we have an up and running production, we're able to go into the pet market, the veterinary market, to monitor, glucose for dogs primarily.

And this will give us the potential to to to take out revenue while we are continuing our efforts towards achieving a CE mark for the human mark. But let me be very, very clear on this. We are not taking doing anything. We are not taking any steps or any efforts towards the veterinary market. But in any situation will be will this, delay our path towards the human market. So there should be no question Our primary target is to get into the human market as quick as possible, but we have some opportunities on the way. We take those opportunity web opportunities when we see. We believe strongly that we have a focused and capital efficient path towards the commercialization. And as you see here, we are preparing now to do our pre E pre CE study, which will be done this year In addition, then also to the actual CE study that we hope to kick off 2025. So that we can reasonably expect to have a CE mark for the human market in 2026. Following that, we will do a European launch in the human market in 2027. On this path, we will also, do an initial launch in the back market in 2025, We expect to do a full Veterinary Launch In Europe in 2026 and then and then continue towards The US.

Both for humans and for pets. Preparing from 2027. And we have we have built and are continuing to build a a a business to business model that is partner driven, [indiscernible] and fast ramp up model. The the important building blocks in this model is the fact that our sensor, R and D our design, our production assembly, all our in house capacities of Lifecare, We are gonna be the producer of our product holding the IP, of course, to all of our technology. While we leave it to our partners to do the sales and marketing. The first move here will, of course, be to go into a limited launch in the veterinary market, and we're then looking to go into the Nordic markets. We believe that we are capable of doing that but going from the initial launch in twenty twenty seconds, 2025 towards that full scale veterinary launch in 2026. We are depending on partnerships to follow that timeline, and we are positioned to do to do so and expect to be able to enter those the necessary deals to follow-up on the partnership model. Our ambitions in a short term perspective, meaning within 02/1930, is to grab a total share of around half percent of the total CGM target market.

Meaning that we aim to have 75,000 patients per year from 02/1930 that will provide us with a 200,000,000 plus annual revenue based on a regular decent EBITDA margin of thirty five. Percent. That was the end statement related to our operational update, and as you see here, we have been, it's been it's important for us as we do the progress towards commercialization that we now are able to actually quantify our outlook and our ambitions. The operational review, as an important part, of course, of our, quarterly report. Is the fact that we are advancing towards product freeze and manufacturing readiness. We have a very important collaboration now with with TTP a Cambridge based Cambridge UK based engineering company. That are strengthening our implant design. I want to just comment a bit around this because we have a sensor technology and a sense and sensor hardware that has been ready for a long time. The complexity we have seen over the last last year is all related to engineering in terms of getting the other pieces to fit into the big puzzle of And as you all know, if you put the piece in the puzzle, in the puzzle, if you need to move a piece in the puzzle, a puzzle, you probably also have to move a few more.

So so actually, to get into a real product, we have done a tremendous job internally to to be product ready, and we have manufactured the first product internally in Lifecare. But to be able to go from the first products that we are producing ourselves and into a product that looks like a product in the market been important for us to go together with a player like TTP as they have developed such products many times before, both within the terms within implantable device and also within continuous glucose monitoring. So they are an important engineering player and and a partner for us. And and together with them, we are improving the design. We have done that, to enhance the manufacturability and the consistency of our manufacturing as already stated. And we have validated our new implants already in q two in in vitro, and we are now just about to put them into the ongoing dog trials. Trials so that we are, are also validating our new implants in in the dogs. Making, paving the way for for the commercialization later. This year. And as briefly mentioned, we've also improved our stance [indiscernible] What we see now in the lab that our new chemistry show up to a five time increase in sensitivity.

Early in vivo results in dogs support the lab findings, and of course, a higher sensitivity of the of the, of the sensor chemistry is expected to improve the accuracy of the of the CGM going forward. And gonna repeat myself a bit. Looking forward. I I I really look forward to to update you all on on our current state of of March. Hopefully, it will be it will show that we are even more sensitive. But that remains to be seen in terms of the data we will get out from from our upcoming studies. And hence, the final confirmation on this sensitivity will always require further data and also real life data. And and and a repetition from from previous is the fact that we in our ongoing studies, have confirmed longevity and bio in line with what we have promised to the market. We don't see any advanced, bars foreign body responses. And, and all in all, we, have a confirmation on safety, and biocompatibility. So we we are very pleased with with the data we are getting out from the studies we have, ongoing at the month. I'm gonna then, leave the word to the CFO and the colleague to do a run through of the financials.

Thank you, Joachim. Hello, and good morning, everyone.

And so I will walk you through the financials. Let's begin with our profit and loss. We continued with high R and D activity this quarter. And as we are now focused on internal development, we have limited revenue from sales of laboratory services. And we did not have any, grant income this quarter. And due to a disciplined approach to, [indiscernible] relatively stable. Other operating expenses include use of external expertise related to finalizing the implant towards the signed freeze, so that is PPP as Jyoti mentioned. Total operating expenses came to 25,000,000, and this is a decrease from q four twenty four when when we had cost related to the listing on also stock exchange. And compared to q one twenty four, the cost has increased due to the ramp up in production readiness. So overall, we ended the quarter with an operating loss of 25,000,000, in line with our expectations. We have a net financial income of 4,600,000.0 in the quarter, and this mainly reflects the reevaluation of warrants classified as the financial liabilities so this is not a a cash gain. Moving to our cash flow, we have a net cash outflow of 21,200,000.0 this quarter, and direct r and d expenses accounts for approximately 50% of this, and CapEx was limited to 1,700,000.0 related to the new production facility in Mainz, and we closed the quarter with 40,400,000.0 in cash.

And the upcoming warrant exercise period starts June 2, represents a key funding milestone and we expect that with our lean structure, we will be able to stretch the current and potential funding with the warrants into 2026. And this creates our capital use in a strategic context. Most of our planned spending in 2025 to 2027 is tied to continued r and d in addition to regulatory study and production scale up. We do not expand expect any major CapEx this year, but we will see some investments in equipment and machines related automotive production next year. On the financing side, we are pursuing a balanced strategy Equity remains our primary source of funding, and we expect to be fully funded with equity into 2026. However, we are also exploring grants and strategic capital. Currently, we do not have any loans or interest bearing debt in our balance sheet. So that was a brief review of the financial. I will give the the word back to you, Joaquin, who will provide the the outlook and the summary. Thank you. Thank you, Martha.

And I am, not very far from, wrapping up the total presentation, so I'm gonna remind you to if you have any questions, feel free to forward them in the in the in the system in writing, and we will address them accordingly. So the outlook is that we are we do have a design freeze, focused on manufacturing and manufacturability right around the corner. If not already passed. We will continue, of course, to work towards automated and scalable manufacturing. It's an important happening for us in the next quarter that we will take over over our new, premises in mines, where we have planned to move our laboratory and and and stuff, and also our production staff production equipment to to date. And we're ready to take take the production from the automated stage today into an increased automated status with the view to ensure scalable manufacturing. If we're gonna meet our target of seventy five thousand patients in 02/1930, it's obvious that we need to to scale up. And based on our planning, we will have a total manufacturing capacity in 2029 of around 130,000 units annually. From that point of to to kind of, not let hang in the in the year, from that point of, meaning 2029, we expect, of course, to then increase further our scalable, potential.

However, from now to 2029, we have a work we have quite some work to do, but that will bring us into a high volume production, at a quite early stage. We will continue our in vivo validation of our new sensor chemistry in vivo meaning. In live tissue, both in in in animals as we continue our dog trials to to validate longevity and biocompatibility. But also through, through human trials We are, preparing regulatory filings for for our final trial to support the CE Mark that we aim to start this year But I am I think it's it's worth to mention that we within a very short time frame, expect to file for our pre CE study. We want to do a study [indiscernible] with a smaller cohort of patients, executed quite rapidly. And and we look forward to update you on that in the, within the next weeks or so. And of course, we are preparing for our veterinary market commercialization, that will advance our final product towards the readiness for the human market. In summary, the market we are looking into is is driving the next wave of of CGM innovations with the enormous addressable market of of around 5,000,000,000 US dollars in in in North America and in Europe in 02/1930.

Looking towards a high peak potential of more than 1,000,000,000 US dollars. And on the way to this, we are advancing our product prototypes towards manufacturability as we have planned. And I think that's the keyword here is as we have planned as what we are presenting today in this quarterly update, is, to our understanding, totally in line with what we have notified the market about earlier in our latest quarterly report. So, the the bottom line is that our progress as of now is as planned. To in our clear strategy room up where we also have a near term value inflection point. Important for us to underline once again, as Vinette touched into, that the upcoming warrant period in June represent the key funding milestone for for Lifecare. And on that basis, we project the financial runway into 2026 based on our lean operational structure and our capital efficient path towards [indiscernible] And the full report is available for download as usual at Lifecare.n0 at the link presented, on the screen right now. And I also want to to, inform you that our next quarterly report will be held in Bergen, August 20. At at the venue of Oslan and Probels.

That will be at Skandik, Bergen Airport together with with with other stock listed companies. So anybody located in Bergen or who wanted take a trip to Bergen, you're more than welcome, of course, to to join this in person That concludes my [indiscernible] Presentation. That concludes Lifecare's quarterly presentation for '20, quarter one for 2025. And, we are open for questions. And the signal I get now is that there are no questions, but given the fact that we can only, you can present this in writing, I'm gonna give you some more time and if anybody wants to write down a question, feel free to do so. Okay. We are not identifying any progress on on the questions. Hopefully, that is a sign that we gave a [indiscernible] a complete presentation of the status and and no question marks are around that. However, I assume that some of you might have some questions that you don't wanna and there is a question. Thank you. Yeah. We got a couple of questions. We saw with first point. Do you have any feeling about how the, reimburse reimbursement landscape for implantable CGMs or developing it on in the US?

That that's a that's a very hard question because I I think that first of all, we didn't need to be open on the fact that we have not put any efforts or resources into building understanding of of that of the reimbursement market. And then the reason for that is basically that the reimbursement market is different from region to region. Included in The US where you would see different approaches from state to state. And and given our status as a technology provider, as an r and d company going into product development, to do productions, manufacturing, but with a with a a clear strategy to not do the actual sales, we have not spent the resources that would be necessary to build a firm overview of the reimbursement market. Given the fact that we plan to go with a partner we would expect that this partner has a far better overview than what we have in that field. And also, inputs overviews terms to in terms of where to go first, which state to go first first, which country to go to first, and the pricing, price sensitivity in the market. However, I can, of course, speculate a bit around this.

Given this quite a long disclaimer. It's all for me, it's it's clear that the the reimbursement reimbursement in The US for implants will grow going forward. The reason for saying that's that is the fact that Eversense is already in the market. They do have reimbursement as they also to some extent have had and have in Europe So, it's not a new thing. We're coming back to the second mover advantage to put it that way. So so without any deeper knowledge, my expectation expectations based on my market understanding and and market insight is that there will be there will be a positive development to our advantage in in in terms of the of the reimbursement market, both in The US, but also globally. Okay. Then we have one participant with seven questions. So that's good. One, by which channels or companies will the product be rolled out in human diabetes market? What is the strategy for that?

By which companies?

Yep. Channels or companies.

Okay. That that is that remains to be seen. As as we have not communicated anything around our partnership [indiscernible] What I wanna say is that the the continuous so the CGM market, the total to global CGM markets. Is dominated by three big American med tech companies. And to some extent, pharma companies. It's Abbott It is Dexcom. And it's it is Medtronic. They hold 99% of the market of the total global market. And the the runner-up in in this competition is Eversense, the first mover with an implantable CGI. And I think that at some point of time, I'm I'm not I'm not, I'm not saying that all patients with diabetes who use a CGM will start to use an implantable. Because I'm quite convinced that some will be happy with the body word. With with with the wearables. And some would rather have an implantable. But the fact that we see a quite steep increase in sales from Eversense tells me that that there is a quite huge interest out there for in one with, with a longevity of half a year or more. And I think that the big players here Abbott, Dexcom and and Metrolik, has to kind of address that the potential that the big that the fastest growing segment within CGM will have in the future.

The second thing is that, in addition to these three big players and adolescents, we see a lot of companies coming out of Asia. And to to to a large extent from China, but also other Asian players. They all use the same basic technology as Abbott, Dexcom and Medtronic do with their wearables, meaning that it's a short term solution with a ten to fifteen day sensor that is mounted on the body. [indiscernible] and and, obviously, as the big players are focusing on The US and Europe, others are focusing on on Asia. And but also the Asian companies are also moving towards European market. So we see that several of them already have a CE marker and are in the market. And, of course, the next step for them will be to go into The US market. And, as I assume that the big players in The US today will have to address, and be aware of the implantable market, I say the same for the Asian market, for the Asian players. So I think that within this kind of total scope of already existing competitors, I am convinced that we will be able to find a solid partner that will bring most to market globally.

Second question, what is the status for, of the agreement with Sanofi?

The status with the agreement with Sanofi is unchanged. So we we have a product development agreement with Sanofi. It is based on milestones. We quite some extent, control the milestones, and we have an ongoing [indiscernible] interaction and dialogue with [indiscernible] Based on the principles of the agreement.

Okay. I'll read up the question three and four together. What is the Lifecare doing with regard of the lifestyle market? And what is Lifecare doing to enter agreements with various companies to various segments of lifestyle market, including letters of intense etcetera. Mhmm.

I think that we would love to do more. To start that. But the thing is that for us, it is extremely important to have focus on what we're doing. And our core goal is to get into the market of glue continuous glucose monitors for patients with diabetes. We have taken one parallel step to where we are taking advantage of our position development wise, to bring this into the veterinary market. So continuous glucose monitors for veterinary for for animals without jeopardizing the timelines that we have in the human market. And for us, that is it's important to stay focused on those goals, because we are a bit reluctant to start on new product product developments and new processes that obviously will interfere given the fact that we are still still a limited sized company. That will interfere in our main path towards the first commercialization. And as soon as these the first steps into the market has been done, meaning as soon as we start to actually sell in the veterinary market, as soon as we have initiated our CE study, we are very much looking forward to look into not only the type two And I'm sorry, the type one diabetes market, and the type two insulin dependent market.

But also the rest of the type two, diabetes patients that are not dependent on depending on on insulin treatment. And also, the patients that we define as as pre diabetes. And and just to give some numbers around this. Right? So there are six hundred million people in the world with diabetes. One hundred and ten million of these are insulin dependent. Type one or type two. But the remaining part, the the lion's share of the type two diabetes patients but also what we define as pre diabetes is far beyond those numbers, meaning that we have even more than the total number of diabetes patients because we include the pre diabetes patients, meaning that we might might turn the the billion, the number of a billion people that could have use of our technology. And I'm kind of starting to to play with these numbers, is is a very good reason to defocus Hence, we don't wanna do it at this point of time. And and now I I still haven't kind of entered the potential for the lifestyle segment. Right? So all all humans on earth with an interest in in in monitoring their glucose, whether it is of dietary needs, lifestyle needs just for the fun of it, whether it is related to sports, whether it might be related to other diseases, So yes, this is an enormous market But for us, it's very important to stay focused on our core goal which is to commercialize Lifecare's technology within the from the top and down in the diabetes market.

That's also mostly summarized the question five and six. Why is not Lifecare focusing on more on the lifestyle market? And six, why is Lifecare not being much more specific and detailed with regards of the lifestyle market and its opportunities. So I believe that I have addressed those questions already. Yes. Question seven 75,000 users by 2030 seems extremely low. If you have good partners, this number should be much higher. Please explain this low estimate.

I think that's there's numerous reasons to to to have a to have a reachable goal. First of all, in in this setting, where we're where we have a quarterly presentation, I think from from our perspective, we want to be we want to provide outlooks that is reasonable in an investor perspective. And I think that it's very easy to kind of deviate from the focused thinking and and to kind of be be impressed by the total market size. And, hence, then continue to to to just let the the finance people and she could do a lot of calculations based on the fact that this is a an addressable market of 30,000,000,000 in 2030. US dollars. But to build a company to build a production, to build a product, is somewhat a detailed [indiscernible] It is not it is not done. I mean, we are not putting up a sign and selling hamburgers on a corner. We have regulatory affairs, affecting both our organization, affecting our product, affecting our production, affecting our [indiscernible] and to to assume that we will go from zero to hundred thousands within a couple of years is an intriguing thought. But I'm not sure it's very realistic.

And given the fact that we have balanced Both the fact that we are building up our company with production, etcetera, going forward [indiscernible] we are we are looking towards a reasonable scaled manufacturing capacity And I think that this is a still a quite a tough number to reach within five years. But we aim to do it and I hope to to be able to confirm this in five years that we actually met that target. We are manufacturer invoice. We will be ready to do it. But there is also challenges related to how to distribute this. And how to get it out there. To the users.

So to grab half a percent of this market, seems very low. And you could say that seventy five thousand patient seems very low. But realistically, it's a quite tough goal to reach.

And it's still it is the starting point of this. And I also want to add we cannot expect to be welcomed into this market with open arms. We assume that we represent a financial threat to the existing players in the market. Hence, they will do what they can to keep us on as much distance as possible. What we have seen in this market over the last years in the European market is that especially apt but also some of the other players, have been quite hard on litigations towards the the new technologies or the new companies coming from Asia. So there is also kind of a strategic approach to this, that we need to take into consideration when we when we formulate our our short term goals. So as much as I would meet you on that question and say that you're right, It should be 2,000,000 annually. I I want to stay on I want to stay on what I what we have identified as a reasonable approach. Yet our revenue potential.

K. New participants' questions? What do you believe will be the major driver for the implantable CGMs to gain traction over the current CGMs?

I think that the main driver is is the potential to have a longevity.

To to not have to to change, and swap your sensor every ten to fourteen days. And alongside that driver, I think that the reduced visibility, so the inject and forget [indiscernible] is important, not only in the terms of what the surroundings will see, whether you have diabetes or not, with when you have a wear wearable, but but also for the for the user to be able to inject the implant and not be kind of reminded of the disease visually all day. So so those two those two drivers I believe, is very important. And and I think it's also worth to to add here that from our perspective, based on our expectations on sensitivity, hence, with reference to to our increased sensitivity of chemistry. Of course, from a medical perspective, both for the for the for the clinicians, but also for for the users. If we are able to, as we believe we are, able to, to show a a better sensitivity than our com competitors, that will, of course, also be potentially a huge driver. [indiscernible] if you could please say something about the technical challenges related to inserting such an implant on the human skin.

Yeah.

We I mean, other than the fact that this is something we need to do, we don't think that the it's that to inject it under the skin has any kind of adverse serious, challenges. And we are developing an injector that is easy to use. It is the the prototype is that is already ready. And and we expect to to start to use our injector within within not too long, in our in our trials. Of course, every time you put something under the skin, you would have to to to be aware of the body reaction. So far, all of our data show us that we don't have any unexpected body reactions. There is no inflammation. We have we are, of course, checking this with with biopsies and and and and also with with the visual observations. And there is, of course, you would also always when you put something under the skin, you would have potentially issues with migration. That it might move from where you implanted it we are taking the measures that we find appropriate to to to actually meet that as a challenge. But of course, the the the to sum this up, there's always there will always be challenges when you kind of play around with the human body.

But but we are not the first implantable. [indiscernible] There are loads of of of passive implantable devices also to to, you know, increased degree active implantables as as we have. And and, there are, quite a lot of knowledge around this in the, product development perspective and also in the medical perspective. So so we don't see any specific issues for Lifecare in that respect.

Okay, and you participant, to ask you why is it easier to make implants for dogs than for humans? Well, it's not.

It's not easier to make the implants for dogs than for humans. It's the basically the same setup. We are taking our human product and we are gonna implement it in the veterinary veterinary field.

However, the the the the relief in that area is the fact that the regulatory complexity is is far easier to approach than what it is in the human side. On the human side, we have to do a quite a quite big study. Somewhere between a hundred and three hundred patients with to build a technical file, where we are able to, defend all of our claims to be able to get a CE mark This is not the case in the veterinary field. And in the veterinary field, we we have to, of course, have a CE approved [indiscernible] that is that is based on every every electronic product needs to be CE approved. But there is no specific medical requirements other than a consideration from the veterinary that this is safe. And of course, we will. We are approaching this as we are doing the veterinary on as a parallel run to the human. We are, of course, of course, taken into account same safety precautions, etcetera. The veterinary field as we do it in the human field, but we are. We do not have to have the same degree of of of regulatory awareness, to put it that way.

Hence, it's an easier it's a it's a low hanging fruit, and it's it's short term reflection point in terms of revenue.

Last incoming question. Have Lifecare received any interest from companies interested in licensing or buying technology rights for specific markets or areas of use.

And I assume that's a question related to to other users than than glucose. But let's also conclude conclude within glucose then. Yes. To the extent we do have a, a product development agreement with Sanofi where they have a first right of refusal of a global license to our technology. And, of course, we are, in dialogue with, with other companies. Both in the human and the veterinary field, and dialogues the dialogues we are involved in is, of course, based on on a mutual interest. To see how we can work together in the future. So the answer related to glucose measurements our core goal, yes. We are facing interest.

And on the other side, when it comes to other analytes, of other biomarkers than glucose, we have no focus on it at the moment. And this is just to follow-up what I said that we don't wanna go into the life segment before we go into the medical segment of glucose. The same goes for the potential we have on a platform approach to measure other substrates than glucose, We are not doing any actively in that field. Because we are focusing on on doing our commercialization as we have planned it. That seems to be the last question. Then, I want to close this session by saying that you are free to contact me or any other members of the Lifecare team if you have a question. Feel free to forward it. And, if you formulate a question, I promise that we will also reply to that question. Other than that, I hope to see you at our next quarterly present station in Bergen, the August 20. At last time, August. Thank you very much for your participation and interest. And, have a good summer.