Within the first quarter of 2025. Next, please. We're then moving on to the key financials. By the end of the fourth quarter 2024, Ultimovacs had a cash position of NOK 107 million, corresponding to roughly $9 million. During 2024, following the negative results from the UV1 phase II trials, Ultimovacs has been through significant changes with an activity level prioritization and operational adjustments that have been implemented. This has led to a workforce reduction of approximately 50% during the year of 2024. As I already mentioned, with a fully committed private placement, we expect a financial runway through the second quarter of 2026. Looking at the key financial results, we had an EBIT operating profit for Q4 of minus NOK 121 million, and for the full financial year, minus NOK 224 million.
The profit before tax for the quarter was minus NOK 119 million, and for the full financial year, minus NOK 213 million. This includes an impairment or a write-down of goodwill and intangible assets in a total of NOK 72 million, and this write-down is in alignment with the implicit company valuation put on Ultimovacs in the business combination transaction. In the next quarterly report for Q1 2025, we will then share consolidated statements for the combined business, whereas still we are only reporting here for Ultimovacs ASA alone. Next slide, please. For looking at the main cost components, payroll expenses are influenced by the reduction in workforce during 2024, and in addition, the share option cost, which is a function of the share price development to a large extent, has also influenced the numbers here significantly.
Due to the significant reduction in the share price, we see that there is a negative cost element, so a positive contribution to the results from the share option costs. Then the R&D costs have gradually been reduced as we start completing projects and clinical trial activities, and also the CMC activities are being reduced. I'm not going into detail here, just trying to share the big picture. Next slide, please. Yeah, on the write-down of assets, the total write-down, as mentioned, amounts to NOK 72 million , and that is split on NOK 4 million related to patents for the UV1 program and NOK 68 million related to licenses and goodwill related to the MultiClick platform.
On other operating expenses, there are no major changes in total costs, but we see that towards the end of 2024, other operational costs were significantly influenced by legal and consulting fees related to the business combination. Okay, so next slide, please. We are here showing the quarterly operating cash flow, and we see that the operating cash flow has come significantly down now over the last quarters, and in particular for Q4, and this is reflecting, as already mentioned, a reduction in the workforce and the completion of several key R&D projects and clinical trials.
There is a significant difference, of course, between the operating profit or the EBIT and the operating cash flow, and that is mainly due to the write-down amounting to NOK 72 million. Okay, so next slide, please. We are here, as always, showing the detailed P&L broken down on a quarterly basis, more for information purposes and analytical purposes. So with that, we can move to the next slide, and I will then hand over the word to Namir, who will take us through a more thorough presentation on Zelluna and in particular the TCR-NK technology. Thanks.
Thank you, Hans. Good morning, everyone. It's a pleasure to take you through the Zelluna TCR-NK technology. Just to start with saying Zelluna is developing what we believe is the next era of cell therapies. The question is, why cell therapies? Well, when we look across all treatment modalities that have been designed to treat late-stage cancer patients, cell therapies are the modality where we have actually used the C word, cure. They've been able to treat and cure cancer patients. Perhaps one of the most notable stories is the six-year-old child, Emily Whitehead, back in 2012, who was treated with the first engineered cell therapy and remains cancer-free. There was a seminal paper also in 2020 that summarized hundreds of patients treated with engineered cell therapies and demonstrated remission after five years, effectively cured of their late-stage cancer.
So cell therapies have had this capacity to cure cancer patients, and Zelluna aimed to develop the next generation of cell therapies. We've seen nine approvals in this space, mainly in liquid cancer. Though despite the successes, there remain two key challenges. The first is that solid cancers remain tough to treat, and there is a struggle to deliver long-term responses in solid tumors. And the second is scaling global access to treatment has been a challenge. And so Zelluna has built a platform over the last years to take the curative potential of cell therapies to solid tumors at a global scale. So how are we doing this? Well, in four main ways. The first is the game-changing platform. It's a world-leading cell therapy platform, we're virtually the only company that are developing this, which importantly leverages on the clinical successes of the last decades.
It combines and brings together components that have been proven in the clinic into a unique platform, and we believe can provide transformative treatments to solid cancer patients. So it's a game-changing platform. The second, and very importantly, that in the intellectual property that we have developed over the last years, we have a fairly, I would say, unprecedented position where the entire therapeutic space, the so-called TCR-NK platform, can be grabbed in its entirety as a consequence of a concept patent that's been granted, which I can go into more detail a bit later. The third is that we are at a stage at the company now, a very exciting stage, where the lead program is on the verge of the clinic.
We have a pathway that's been validated through pre-IND meeting with the FDA, so regulatory discussions that have validated our plans to get to the IND, and that provides a near-term value inflection, catalyzing significant value creation from the novel platform, and finally, and this is a very important point related to the cell therapy field, what we have seen in this space is that approvals can be fast, and in some cases, from data, from only 100 patients or less, really catalyzing high value from early clinical phases. Let me give you a couple of examples. Here are two examples of cell therapies which have been approved, and they have been approved on the basis of a dataset that constitutes less than 100 patients. The top one here, Breyanzi, has been approved for refractory mantle cell lymphoma with a dataset of 68 patients in a single arm study.
As you can see, the cost of this one-time treatment is around $490,000. The second there from Novartis Kymriah, again treated across patients in a single arm study, 63 patients, to gain the approval in a B-cell precursor, acute lymphoblastic leukemia, with a cost of treatment of around $475,000. There is precedence to approve these types of therapies with less than 100 patients, and that is principally because we see high degrees of efficacy with cell therapies. If we take a moment to reflect on the total cancer burden and where we have seen the greatest activity and successes in cell therapy. In this schematic, what you'll see is a depiction of the total cancer burden. Clearly, what we immediately see from this is that the largest cancer burden worldwide is in solid cancer.
Approximately 90% of cancer cases are in solid cancer, with approximately 10% in liquid cancer. Now, as I alluded to earlier, where we have seen the major successes in cell therapies has been with liquid cancers, and these have been with cell therapies that have been engineered to be guided by what's called a CAR, so they're CAR-based cell therapies, and we've seen seven approvals to date with these types of therapies, and they have shown efficacy in liquid cancers. But the challenges have been that they have failed to expand this degree of efficacy into solid tumors. The cost of goods of these types of treatments is high, and as a consequence, and also due to the autologous nature of these therapies, meaning that a single batch from a patient is manufactured and reintroduced into that patient, there is a challenge in scaling to meet the demand.
Now, if we look across to the solid cancer space, which is the largest burden of cancer globally, we have seen two approvals in this space, and very importantly, these approvals have been based on what are called TCR-based therapies. These are cell therapies that are guided by a T-cell receptor, a TCR, and that's where we have seen the successes, so we've seen solid cancer responses, though virtually all patients relapse, so the durability has been a challenge. The cost of goods, again, are high because these types of therapies have been autologous therapies, where it's one batch, one patient, and again, the scaling has been a challenge to meet the demand. Now, this presents an incredible and enormous opportunity. If one can take the curative potential of cell therapies and apply that to solid cancer, it presents an immense opportunity for patients and for value creation.
In fact, the estimated solid tumor treatment market by 2028 is expected to be around $380 billion. So why is it such an issue to drive responses in solid tumors? I would say we can perhaps summarize this in one word: diversity. Tumors are incredibly diverse within a patient. They have multiple faces. You can see in this illustration, which is trying to demonstrate that tumors in this particular illustration can have multiple faces shown by the different colors here. And so they are a mix of cells with different faces exposed. And so the challenge has been that when you have an agent that targets one particular face, as you can see here, for example, the red cells, you may get elimination of those cells, but the other cells with different faces that are not recognized by that particular therapy will remain and sustain and thrive.
And what happens is that patients, although they may get an initial response, and we have seen that with the TCR-based cell therapies, where we have seen initial responses, which have been incredibly encouraging. What we also see is that the cancers remain and are able to thrive due to the diversity and due to components of the cancer not being recognized by that targeted therapy. And so the diversity of cancers has been an issue. And this is where the Zelluna platform comes in. Zelluna has built a novel cell therapy platform that takes the clinically validated components, the T-cell receptor, the TCR, which we know can target solid tumors and has been proven to target exquisitely solid tumors, with the most potent cellular killer that we know, the natural killer cells, and brought those two together. And you can see that in this illustration.
As I mentioned, the T-cell receptor, this is nature's guiding system. It's nature's way of detecting diseased cells. We have seen with engineered T-cell receptor products that they can target solid tumors. We have two TCR-based therapies approved for solid cancers. It's a clinically validated targeting system. We bring that together with nature's most efficient cell killers, natural killer cells. Natural killer cells, importantly, have the ability to detect cancers broadly. You can see in the illustration in the bottom left that natural killer cells has multiple sticks coming out. Each of them have different colors. That's designed to illustrate that they are able to detect different faces on cancers. They have this broad detection ability, which can then overcome cancer diversity. We know that natural killer cells are clinically safe, and they have also shown efficacy in some liquid cancers.
We bring these together in the TCR-NK platform with the idea to exquisitely target cancers through the T-cell receptor and have the ability to broadly detect cancers through the ability of natural killer cells to do that innately and naturally. The solution here is to have a targeted therapy that can target solid cancers with a broad cancer detection capacity to overcome this diversity problem. The three areas that the Zelluna platform addresses is number one, to target solid tumors using a clinically validated scaffold, the T-cell receptor. Number two, to be able to broadly detect cancers. As I explained, cancers are diverse even within a patient. Natural killer cells are able to broadly detect cancers, so detect the multiple faces, as I used in the analogy.
Thirdly, we can also use this platform in what's called an off-the-shelf fashion, meaning that a batch can be produced upfront and used to treat multiple patients with multiple doses, bringing the cost of goods down and allowing cost-efficient scaling and redosing potential. We call this an off-the-shelf approach. Let me show you an example of how it works, and specifically on this point of addressing cancer diversity. What I'll do in a minute is play a couple of videos shown here. Now, in these videos, these are experiments where we have mixed cancer cells, red and green. With these cancer cells, the red cancer cells present a cancer cell with a particular face that can be detected by the T-cell receptor scaffold, the TCR. The green cancer cells have a different face. They do not present the target for the T-cell receptor.
What I'll do is when I play the videos on the left-hand side, what you will see is we have an engineered T-cell receptor, T-cell, which is a clinical benchmark that we have been using. In fact, this is the furthest advanced T-cell receptor, T-cell, which has been approved for a solid tumor, and we use that as a benchmark. What you should be able to notice when I play that video is that the T-cell receptor, T-cell, can detect and eliminate those cancer cells that express the target for that therapy, which would be the red cancer cells, but has trouble and will not eliminate the green cells. Over the course of the video, you may see the green cells, in fact, enrich. This is exactly what we see in patients, parts of the tumor enriching that are not detected by that therapy.
On the other hand, with the Zelluna lead asset TCR-NK on the right-hand side, what you should be able to see is the ability of this therapy to broadly kill across this population, both red and green cells, through the T-cell receptor targeting mechanism or through the broad detection ability of natural killer cells. So I'll go on to play these videos simultaneously so that you can see the effect in both conditions. As you can see as the videos play, one of the first things that's noticed is natural killer cells, the video on the right with our lead asset, are extremely efficient and fast killers, eliminating both populations, and on the left-hand side, the TCR, T-cell, the benchmark currently approved therapy, eliminates the targeted red cells but is not able to detect and eliminate the green cells.
In fact, over the course of this experiment, you can see the green cells are enriched, exactly what we see in patients. The TCR-NK lead asset works, and it is able to address the problem of diversity, as demonstrated in this experiment. An important point to make here is that when we look at the various zones of therapeutic modalities and the different operators within these zones, we have tried to demonstrate this in these four buckets. Across the field, you have various therapeutic modalities that are being developed. You can see in the top left, for example, you have natural killer cells that are being guided by CARs and multiple companies operating in that space. In the bottom left, for example, you can see T-cells that are being guided by CARs, so another therapeutic modality with various operators operating in that field.
What's important is, as a consequence of a concept patent that we have granted across key commercial territories, we're virtually the only company that are developing the TCR-NK modality. Now what this means is that when one looks across the field to other therapeutic modalities where you have multiple operators, we expect that having the ability to essentially land grab the TCR-NK field provides immense opportunity for value creation, and the patent provides a barrier to entry. Now, if we just take one example to begin to understand the prospect of value creation, there was a recent deal with one of these companies shown in the bottom left, Poseida Therapeutics, who were acquired by Roche for a total deal value of $1.5 billion. That's one operator within that therapeutic modality.
Now, if we consider the concept of an aggregation of multiple operators within that therapeutic modality, one can imagine the level of value creation. And that's the prospect through the concept patent where we are essentially land grabbing the entire TCR-NK space. Now, a little bit more on that deal. Poseida Therapeutics is a phase I off-the-shelf cell therapy company, mainly developing off-the-shelf T-cells. You can see the pipeline there. And so with that stage of company that has commanded that value of deal and initially entering a partnership with Roche in 2022 and ultimately being acquired in November of 2024. And so that demonstrates the extent of the potential value and the unprecedented position that we believe we have through the concept patent that allows land grabbing of that entire therapeutic space, the entire quadrant, and the potential to validate that through a first-in-human study.
So let's talk a little bit about the lead asset. The lead asset is one which targets probably the most validated TCR target out there called MAGE-A4. The potential of targeting MAGE-A4 with a therapy is enormous. You can see the potential eligible patients, upwards of 50,000 patients across a range of solid cancers. Through the development of various therapeutic modalities that target MAGE-A4, we have seen evidence of solid tumor shrinkages in upwards of hundreds of patients. Now, the challenge with all of these, as I've described earlier, is that virtually all patients relapse as a consequence of the diversity of cancer, and that's where the TCR-NK platform comes in. In terms of market approvals, we've seen one market approval with a MAGE-A4 targeting TCR-T therapy, which has been approved for synovial sarcoma, a type of solid cancer.
Though as a consequence of the nature of that cell therapy, an autologous cell therapy, the limitation there is the ability to only treat a few hundred patients per year. We also see that virtually all patients relapse, so there is a challenge with response durability on account of tumor diversity, as I explained earlier. And the cost of goods and supply chain remain a challenge. And again, this is where the TCR-NK platform comes in. So we have a lead asset against the most validated TCR target, MAGE-A4. It is relevant to be able to treat patients across a variety of solid tumors, as you can see in this assessment here, a range of really highly populated solid tumor populations across the various cancers, as you can see in this table, which really presents an enormous market opportunity.
Now, if we just take a snapshot of the lead program in terms of the science, I demonstrated one piece of data in the videos that demonstrates and shows that our TCR-NK outperforms the clinical benchmark and principally on the basis of the ability to target broadly cancers and so overcome this challenge of tumor diversity that has stunted the ability of other therapies to generate long-term responses. We have de-risked the regulatory pathway through interactions with the FDA, through a pre-IND, and that's on account of three main buckets. That's our preclinical pathway, manufacturing, and the clinical strategy. And when we think about our clinical strategy, we're aiming for lung, head and neck, and ovarian. And we have begun the collaboration with world-renowned clinical sites to develop the clinical strategy, the protocol, and our pathway to the clinic.
If we look beyond the lead asset and our pipeline and other programs within the pipeline, behind MAGE-A4, we have a program that targets KKLC1, again, another validated cancer target, which is expressed across multiple indications, the main ones being shown there, breast, gastric, lung, pancreatic, and cervix. Behind that, we have an earlier program that targets PRAME, again, one of the highly validated solid tumor targets for TCRs, relevant across multiple indications. Next couple of slides, I'll switch to a brief overview of the MultiClick technology. The MultiClick technology is a conjugation technology platform to create targeted drug candidates through what is called a flexible click chemistry. The main features of this flexible click chemistry are shown here. Three main features. The first is that there is the ability to flexibly couple to a core molecule and create versatile conjugation combinations.
I'll show some examples in the next slide. Second is the ability for on-target delivery of active entities with high specificity and precision. And thirdly is favorable characteristics with respect to CMC. So if we delve a little deeper, the illustration on the right shows an example of the MultiClick technology where you have the core that is conjugated to different modules, illustrating that different variations can be formulated. And these different variations are versatile and can, for example, allow conjugation to targeting units or active entities with the aim to do multiple things. For example, increased payload delivery for cell internalization, enhancing tissue specificity, and also achieving an improved safety profile. So as part of the key objectives, one of those will be to seek to understand the potential of this type of technology.
So as I touched on, and maybe to reinforce the company objectives, the key objective for the company is to bring patients transformative off-the-shelf TCR-NK cell therapies for the treatment of solid cancer. How do we do that specifically and with what? Well, we would aim to advance the world's first MAGE-A4 targeting TCR-NK program, so-called ZIMA41, into first-in-human clinical studies to treat solid cancers. We believe it has the potential to cure cancer patients on account of its ability to address diverse cancers and has the potential to be able to meet the demand of an enormous number of patients through this off-the-shelf approach, which can address the scaling issue. Behind that, we'll develop the TCR-NK pipeline and seek to unlock the MultiClick technology potential and at the same time, wrap up the UV1 program. So what would be the key investment highlights?
I think the first is that we have this proprietary off-the-shelf cell therapy platform targeting solid tumors with curative potential and broad reach. We have compelling preclinical data supporting the mechanism of action and demonstrating the outperformance of a clinical benchmark constituting high-value creation. We have robust IP, including and importantly, a TCR-NK concept patent that allows land grabbing of the entire therapeutic space. And we have a regulatory pathway that's well established, de-risked through discussions with the FDA. We're poised and in a great position to now move into the clinic with a strong execution and track record of complex clinical studies. And through the combination, bringing together a clinical team that have successfully executed across multiple clinical studies, allows us the possibility now to really accelerate into the clinic.
Through this combination, we expect, as Hans mentioned, a runway through Q2 2026, which importantly captures the key IND catalyst. Only limited further funds would be needed to then generate human clinical data. Principally, fundamentally, and very importantly, we have a management and board with broad experience who have done this type of thing before. This is a very specialized field and requires specialized folks who have done this type before from discovery through to clinical testing and has built shareholder value in their track records. Key milestones and inflections to expect. We're in 2025 now, already at the end of 2025. Let's start from there. What we're expecting in the second half is a preclinical completion, data completion, GMP manufacturing, IND submission. Real key milestones to look out for when it comes to the lead asset for the TCR-NK program.
And also through the second half, evaluating the MultiClick technology. Looking onto the horizon into the future in 2026, we expect then to build and develop clinical data. This will all with limited further funds and continue to build and develop the platform through packages for the pipeline programs. I mentioned a board and management, Hans and I, on the call right now, but also to really note the deeply experienced board that we have, experienced across the specialist sector, experienced across multiple disciplines, corporate business development, and operational.
We have Anders Tuv, serial and seasoned entrepreneur chairing the board, Bent Jakobsen, a pioneer in the space, founder of two of the leading companies in the space in the U.K., Eva-Lotta Allan, deep experience in the space across corporate operational and business development, Hans Ivar, also with deep experience in the healthcare space and in investments, and Charlotte, who also brings a wealth of experience, including a legal background, and with that, I will then pause. Any questions?
Thank you very much, Namir. We have been informed that there have been some challenges with the sound in the first section of this presentation, so we apologize for that technical issue, so I will just give a very quick repetition and summary of the main message from the first section. A week before Christmas, Ultimovacs announced the business combination between Ultimovacs and Zelluna Immunotherapy, which will create a listed company under the name of Zelluna ASA.
The contemplated business combination will be structured as an acquisition of Zelluna with an exchange ratio where the Ultimovacs shareholders will hold 19% of the shares of the merged entity, and the current Zelluna shareholders will hold 81% of the shares. There is full pre-acceptance from all the Zelluna shareholders for this transaction. As part of the transaction, there is a fully committed private placement securing a capital raise of NOK 51.7 million at a price of NOK 2.6 per share. All the pre-commitments are made from existing shareholders in Ultimovacs and Zelluna. This private placement will secure an expected financial runway through the second quarter of 2026.
There was also a contemplated repair issue after closing at the discretion of the board. With respect to the status of the transaction, there was an extraordinary general meeting held on the January 9th where the transactions were approved. And we are expecting completion of the transactions during the first quarter of 2025. So that was a quick repetition due to these technical challenges. So if we then move on to the Q&A section, we have received a couple of questions so far. The first question is as follows. As an Ultimovacs shareholder, I struggle to understand the following. Zelluna and Ultimovacs are set to merge, and I understand that former shareholders of Ultimovacs will receive approximately 19% of the new company, while Zelluna shareholders will receive 81%. Ultimovacs is listed and Zelluna is not. Ultimovacs is shorted for a long time. I'm wondering what is the rationale for valuing Zelluna shares so much higher than Ultimovacs?
I'm happy to take that question. The agreed exchange ratio is a result of dialogue and negotiations between the boards of the two companies, and as part of this process, the boards have obtained a third-party perspective from valuation specialists, knowing this field very well. That has provided input on the valuation of the two companies, and I think this exchange ratio reflects that the technology, the core technology of Zelluna, is well advanced in the preclinical stage. It's rapidly moving towards the clinical stage, and the position of the Zelluna technology is perceived to be very attractive. That is reflected in the third-party valuation. For Ultimovacs, I think we need to realize from the Ultimovacs side here that for UV1, we have had these three negative readouts in the UV1 phase II trials.
And also, while MultiClick is a promising and very interesting technology platform, it's still at an earlier stage than the Zelluna technology platform. So these aspects are reflected in the third-party perspective. Yes, there is put some value on the fact that Ultimovacs is a listed entity and different elements are included in these perspectives and dialogues. But this is a result of the negotiations between the boards and clearly supported by a thorough third-party perspective. So I think that's the overall perspective. What we see, and everyone agrees to the value of merging these two entities, there is very high complementarity between the two teams and the technologies. We believe that the experience that Ultimovacs has from the clinical stage is highly valuable when we are moving the TCR-NK technology into the clinic. And also, Zelluna has a very strong experience in platform development, which may be highly valuable when we explore the opportunities for MultiClick. Namir, something you would like to add on this topic?
No, I think that captures it well.
Okay. Thanks, Namir. Then we have one research-related question, and I think you will cover this, Namir. How is your attitude to using AI and quantum computing for your research?
That's a very good question. And one of the areas where AI has been used, for example, in this space, and as we know, in the breaking of AI, everybody wanted to use AI everywhere, which didn't really work. And now there is a much more pragmatic approach to AI. And one of the discrete areas where AI has been used is to identify T-cell receptors. So these are the guidance systems through AI. We have actually also adopted that through a collaborator when identifying T-cell receptors in our pipeline. So we have tapped into machine learning that way. It's a discrete way that companies like ourselves are looking to fish out, if you like, or really identify T-cell receptors. So we see the potential value in that arena and leveraging AI for that purpose.
Thank you, Namir, for that answer. It seems that we then have no further questions today. So with that, I would like to thank everyone for participating at this Q4 2024 webcast. And we look forward to continuing presenting and sharing information from the further development of the combined business of Ultimovacs and Zelluna under the new brand name Zelluna ASA. With that, we close this webcast. Thank you all. Yep.
Good morning and welcome to this webcast where we will give a business update and present the results of Ultimovacs for the fourth quarter of 2024. My name is Hans Vassgård Eid, and I'm the CFO and interim CEO of Ultimovacs. With me today, I have Namir Hassan, CEO of Zelluna Immunotherapy, who will become the CEO of the new Zelluna Group. Our Chief Medical Officer, Jens Bjørheim, will also be available during the Q&A session. You may post questions during the presentation through the web platform for this webcast. Next slide, please. As a listed company, we would like to share our disclaimer. Next slide, please. Today, I will go through the key event the last quarter, which is the business combination with Zelluna. I will also go through the key financials.
Thereafter, Namir will give a more thorough presentation of the new Zelluna Group with a particular focus on the core TCR-NK technology. Next slide, please. And next. Thank you. On the December 17th, we announced the business combination transaction between Ultimovacs and Zelluna Immunotherapy, which will create a listed company under the name Zelluna ASA. The contemplated business combination will be structured as an acquisition of Zelluna with an exchange ratio where the Ultimovacs shareholders will get 19% of the shares in the new company, and the Zelluna shareholders will get 81% of the shares in the new company. There is full pre-acceptance from all the Zelluna shareholders to the transaction. As part of this transaction, a private placement will be held, and there is a full commitment to raise NOK 51.7 million in this capital raise at a price of NOK 2.60 per share.
All the pre-commitments come from existing shareholders in Ultimovacs and Zelluna. This capital raise will provide an expected financial runway through the second quarter of 2026, which will ensure capturing of key R&D catalysts related to the TCR-NK technology. There will also be a contemplated rights issue after closing at the discretion of the board. The main objectives of the combined company will be to advance the lead product, the world's first MAGE-A4 TCR-NK program, into the clinic. Further, we will seek to broaden the TCR-NK pipeline. We will also seek to unlock the MultiClick technology potential. And last, we will wrap up the UV1 program. Next slide, please.
Looking at the status of this transaction, an EGM, extraordinary general meeting, was held on the 9th of January this year, where the business combination and the private placement were approved. Further, in the EGM, it was decided that the name of the company shall be Zelluna ASA. A new board was elected that will be effective from the time of completion of the transaction, and the merger issue was also approved. So Ultimovacs is on track to complete the transactions within the first quarter of this year. Next slide, please. We are then moving on to the financial update.