The TU is very upbeat but overlooks how the science and development will actually be financed. Cash runway is extended into Q3, 26, linked to the mothballing of lead asset faridoxorubicin. During the year, the Company strengthened its financial position by raising £22.5 million in gross equity funding to support its investment programs and by realizing just over £15 million from the disposal of non-core diagnostics businesses. The convertible debt was also re-negotiated deferring the January 2026 and April 2026 quarterly repayments of principal and interest until October 2027, with a reset conversion price of 75.0p and agreed conditional acceleration rights for the bondholder. Little new in terms of deal progression and we don’t expect the initiation of the AVA6103 trial until cash to completion is secured. HOLD.