SaverOne continues to expand internationally and has had moderate success launching pilots in the EU market. A key for the company in 2025 will be converting many pilots into full commercial deployments and substantially increasing its installed base. We have a better estimate of the total outstanding shares (roughly 675 million) as a result of the company's latest registration statement. As a result of this second ADS ratio adjustment, the exchange ratio of ADSs to ordinary shares is 1 to 1200. The company will likely report full-year results by the end of March and we will update our financial model at that time.
