Pacific Edge continues to make progress commercialising its bladder cancer diagnostics tests as key user programmes move towards critical junctures. We anticipate the company will convert user programmes into full commercial contracts over the next year, while new programmes continue to be initiated. We also expect decisions on a go-ahead for commercialisation with key public health organisations in the US, while laboratory throughput of Cxbladder tests continues to move upwards, reflecting steadily growing adoption by new customers and the expansion of testing through user programmes. Our fair value is amended slightly to NZ$496m due to exchange rate movements.