Ladies and gentlemen, welcome to the 2024 Annual General Meeting of Sernova Corp. Please note that the meeting is being recorded. I would like to introduce Brett Whalen, chairman of the board of directors. Mr. Whalen, the floor is yours.
Thank you. Ladies and gentlemen, my name is Brett Whalen, and I'm a director and chairman of the board of directors of Sernova Corp. I am pleased to welcome you to this annual meeting of the corporation. I will act as chair of this meeting, and I will now officially call this meeting to order. With your consent, I now appoint Gary Floyd, a partner at McMillan LLP, to act as recording secretary of the meeting, and I appoint Sabrina Evangelista of the TSX Trust Company of Canada to act as scrutineer for this meeting. I would like to open with a few words about procedure at today's meeting. I will take conduct of and attend to the formalities of this meeting. As chair, I will propose motions, and motions will not be seconded.
Voting on motions will be reported from the results of the tabulation of proxies submitted prior to this meeting. Only registered shareholders of their validity, appointed proxy holders who held common shares as of March 19, 2024, the record date of this meeting, are entitled to vote at this meeting. Following the formal part of this meeting, the Chief Executive Officer of Sernova, Cynthia Pussinen, will provide a Q&A presentation on Sernova business affairs. I will now commence the formal business of the meeting. The business of this meeting is described in the Management Dnformation Circular of the company dated March 19, 2024, which accompanied the notice of meeting that was mailed or electronically delivered to the shareholders in accordance with corporate and securities law requirements.
I have a declaration as to such mailing and electronic transmission, which is available for inspection by any shareholder upon request. In view of this, I will dispense with calling for a reading of the notice, and I will ask the recording secretary to file a declaration as to mailing with the minutes of the meeting. Does the recording secretary have the scrutineer's report on attendance?
Yes, Mr. Chair. I have been provided with a copy of the preliminary scrutineer's report on attendance, which states as follows: There are 197 shareholders holding 91,853,590 common shares, represented either in person or by proxy at this meeting. This represents 30.27% of the 303,407,686 issued and outstanding common shares. Based on the scrutineer's preliminary report, I hereby confirm that the quorum requirements to conduct business at this meeting are met.
Thank you, Mr. Floyd. Please table the notice of this meeting and declaration of mailing. The notes of meeting having been given as required by the bylaws of the corporation and the Canada Business Corporations Act, and the quorum being present, I now declare this meeting to be duly called and properly constituted for the transaction of business. Now let us move on to the business of the meeting. We will conduct the votes on the matters before us by poll. On a poll, every shareholder entitled to vote on this matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder. These shareholders will have already submitted a proxy, which will be counted in the vote. If you have not previously submitted a proxy, you may vote by poll.
Only registered shareholders and holders of valid proxies will be entitled to vote today. The poll will be open for all resolutions at the same time. This will allow you to choose to vote on each resolution immediately, or you may wait until the conclusion of discussion on each resolution prior to casting your vote. There will be an opportunity to ask questions on each resolution in turn. Once discussion on all items of business has concluded, I will give you a minute to enter your votes, and I will then declare voting closed on the resolutions. We will run through each of the items in the notice of meeting in turn, responding to questions on each item of business while it's before the meeting. I now declare the polls open on all resolutions.
As the first item of business on the agenda for today's meeting, I now present the audited consolidated financial statements of the company for the fiscal period ended October 31, 2023, together with the auditor's report to the shareholders thereon and the related Management Discussion and Analysis. Copies of the statement and the related Management Discussion and Analysis are posted to the company's website and are filed under the company's profile on SEDAR+. Copies of such documents have been mailed to the shareholders who requested such statements. I will now ask if there are any questions concerning the financial statements, and we'll now pause briefly in case there are any questions. Mr. Floyd, are there any questions at this time? There are none. Okay, thank you.
I declare the financial statements of the corporation for the financial year ended October 31st, 2023, together with the auditor's report thereon and the related Management Discussion and Analysis to be presented to the shareholders. I will now move to the next item of business, the election of directors. We will now proceed with the election of the directors. Bertram von Plettenberg resigned from the board of directors effective April 23, 2024, and is no longer standing for election. Accordingly, I nominate the following 4 persons for election to the board. These persons are all described in the management information circular, and all of the nominees have agreed to stand for election. I nominate 4 of the management nominees named in the Management Information Circular of the corporation for this meeting, being Cynthia Pussinen, James Parsons, Dr.
Steven Sangha, and myself, Brett Whalen. On behalf of the corporation, I report that no further nominations for director, pursuant to the bylaws of the corporation, have been received by the corporation. Accordingly, I now declare nominations for election as director to be closed. Shareholders may enter their votes in the TSX Trust Virtual Meeting Platform at any time. We will give everyone a moment to vote before we move on to the next item. The next item of business is the appointment of the auditor. KPMG LLP, Chartered Professional Accountants, the current auditor of the corporation, is proposed for appointment as auditor of the corporation to be held office until next annual meeting of the shareholders.
As Chair, I propose the following motion: Be it resolved that KPMG LLP, Chartered Professional Accountants, be appointed as auditor of the corporation until the close of business at the next annual meeting of the shareholders at a remuneration to be fixed by the directors. Is there any discussion of this office or alternative nominations for the office of the auditor? As there are no further questions, please cast your votes. As previously mentioned, voting is open, and all shareholders may enter their votes in TSX Virtual Meeting Platform at any time. The next item of business is to consider and vote on the ordinary resolution to ratify and approve certain amendments to the corporation's option plan and deferred share unit plan, which are together referred to as the corporation's incentive plan.
The proposed resolution and amendments to the incentive plan are described in detail in the management information circular. As chair, I now propose shareholders vote on the resolution set out in the management information circular to amend the incentive plan to, among other things, increase the number of common shares reserved for exercise of options granted pursuant to the option plan to 40,001,152 common shares. Is there any discussion on this resolution? I would remind the shareholders that all common shares voted on this resolution by insiders of the corporation will be withheld from the vote tally. As there are no further questions, please cast your votes. As previously mentioned, voting is open, and all shareholders may enter their votes in the TSX Trust Virtual Meeting Platform at any time. We have now concluded the formal business of the meeting.
Is there any other matter a shareholder wishes to raise? As there is no further business, we will proceed to announce the results of the voting on the resolutions considered at the meeting. For those of you who have not voted on all of the resolutions, please do so now, as I will close the poll shortly. Please be advised that voting will open, will be open for another 30 seconds. Thank you, everyone. I now declare the polls are closed. Thank you for your votes. We confirm that, first, all of the directors nominated were elected, namely Cynthia Pussinen, James Parsons, Steven Sangha, and myself, Brett Whalen. In addition to the four directors elected today, I report that the board will be appointing Mr. Bernd Muehlenweg as the director of the company following the AGM.
The resolution to appoint KPMG Chartered Professional Accountants as auditor of the company was passed. The resolution to ratify amendments to the option plan and DSU plan was approved by a majority vote shareholders of the corporation. We have now completed the formal business of this AGM and I now declare this annual meeting of the shareholders is concluded. Thank you for attending, and congratulations to the directors. I will now invite the CEO of the company, Cynthia Pussinen, to provide her presentation. Cynthia?
Great. Thank you so much, Brett. Good morning, and good afternoon, good evening, everyone. Thank you all for sharing part of your day with me, with the company's leadership team, and the board of Sernova, who are also online today. It's truly a privilege to address you today and to reflect upon the journey we've embarked on together at Sernova over the last year. First and foremost, I really want to share my heartfelt gratitude and appreciation to each and every one of our shareholders. So I'm happy to see the names on the left-hand side of my screen, and many of the names are familiar to me. So thank you for joining today. Thank you for your continued support, your trust, your belief in our vision, and that vision of a future where chronic conditions are no longer insurmountable obstacles.
Your support has been instrumental in allowing Sernova to continue to progress our groundbreaking work. Thank you so much. Could we please move to the next slide? Thank you. So many words on this slide. Please just take note, our forward-looking statements and disclaimers. This information will be located on our website, should you desire to read it in more detail. Next slide, please. So our mission at Sernova is deeply personal for many online today. Your lives, my life, the daily lives of millions around the globe have been touched by the disease pathology we are working to provide functional cures for. What we do at Sernova is truly personal and urgent, because at the end of the day, each one of us is a patient in one way, shape, or form. Next slide, please.
So at a conference in January, the calendar year 2023 was described by industry veterans as annus horribilis and a nuclear winter for the biotech industry. In October 2023, the biotech markets hit an all-time low compared to past number of decades, so it's a really tough external environment. And I know many of you, as shareholders, considered exiting your positions in Sernova. You've been frustrated. You can't see the path to success. There have been many downs and not enough ups, and I really wanna thank you for remaining with us. In a few minutes, I'll share with you why I'm confident in and excited for our future. So the term unprecedented is one that you're each really familiar with right now. It's frequently used, you know, and thanks to the COVID-19 pandemic.
Much of this past year for Sernova continued to be what I say is the unprecedented territory. Today, interestingly, marks the end of my eighth month with the company, and, you know, for those of you who I've talked to, what an interesting eight months they've been. We've weathered one heck of a challenging year. It's been tumultuous times, to be sure, so the past year has been marked by significant changes in the board and at the leadership team level. We've weathered stock price fluctuations, mainly in the wrong direction. We've fallen party to AI-generated algorithmic trading. We've seen delays to the start of our iPSC trial. Things haven't always happened as we planned, more importantly, as you as shareholders have expected. So this is the past, right? We're gonna move on from there.
So since the start of 2024, the Nasdaq XBI index has shown positive movement with industry green shoots of IPO and M&A activity. The activity seen thus far has been conducted in what I would qualify or describe as a very cautious, critical, and smart, but highly curated manner. So companies are being very, very choosy in how they deploy their monies. Next slide, please. Thank you. So there are many reasons to feel enthusiastic about and encouraged by Sernova in the future. What you see on this slide is just snippets of slides that I presented at various different investor meetings, conferences, and it really shows the life-changing impact that we're making in the lives of patients. It's undeniable, and we will look forward to sharing additional cohort two patient data when it's available.
So as a reminder, we have an ongoing Phase 1/2 study for Type 1 diabetes. We are fully recruited for cohort one, and cohort two is underway. We have seven patients recruited at this point in time. Our de-risked platform, including advances in our collaboration with AstraZeneca, arguably place Sernova as one of the most innovative and disruptive in our sector. We will maximize shareholder value in the second half of 2024. When I think about clinical experience, Sernova has more clinical experience in this space, so cell therapy for Type 1 diabetes, compared to our competition, and we've learned a great deal about the field. We've learned about the dose, we've learned about density of islets needed to achieve that optimal clinical benefit, and information about the immunosuppressive protocol.
We're working on advancing our iPSC trial, along with filing an IND for our post-operative hypothyroidism program by the end of this year. The power of our Cell Pouch as a drug delivery vehicle has been proven again and again, and this is really a differentiator for the company. The ability of the Cell Pouch to fully contain its therapeutic payload, so what we are putting into that Cell Pouch, while providing for full retrievability, is crucial. You might be interested to know that regulators have indicated a potential requirement that regenerative medicine therapies be administered with a device that has proven containment and retrievability capabilities. And this, of course, is what is in the best interest of the safety of patients, which is always paramount. So I don't know if you've ever heard the song Unwritten by Natasha Bedingfield.
If you have, take a listen when today's session is over. There's a chorus that includes the following phrases: "Today is where your book begins. The rest is still unwritten." Sernova is now ready to move forward in an unfettered manner. After last week's press release that was built on top of a great deal of truly foundational work, a company operational and strategic transformation, workforce reductions and cost savings exercise, most of which is largely not visible unless you're in the company. We have a clear strategy. We're executing on it. So the remaining portion of my discussion today will probably be different than AGMs of the past. What I want to focus on is addressing those key questions that we've received from shareholders, and in the process, what I'll do is augment my responses with additional business information, with the hope of providing additional context for you.
So next slide. Why does the stock price continue to drop, and when will it turn around? Since I joined in September, this is hands down the question that I've received the most. I recognize you're not happy, and neither am I. Neither is the board. None of us wants to see a company that we are investing in have a dropping stock price, right? We share in the frustrations that that stock price has not been indicative of the value we bring to patients and the enormous potential that we represent. I believe we're being undervalued. We have had triple-digit numbers of discussions with potential future institutional investors and/or business development partners. Everyone has said that they, too, believe we're undervalued. I am confident that the tide will turn, and I know the time is really now.
You want to see that tide turn, and we're hopeful that it will. So as you likely know, there are a number of reasons for any stock price to drop. So that includes the broader economic and world landscape, so war, inflation, general instability, upcoming elections. We've really had it all over the past year. And with Sernova, our stock price drops can be attributed to what I think are four to five main factors, including the external ones I just mentioned. So one is liquidity concerns. The world knows we need to raise funds. Anybody needs to just look at our financial statements, and if you can read it, you'll realize the company needs to raise monies, and the markets are reacting accordingly.
Number two, our shareholder expectations that Sernova has not delivered, as was either stated by the company or anticipated by investors, has put that downward pressure on the stock. Number three, our company's performance is not where we want it to be or where it should have been in the past. We've fallen down a number of times in past years, and my focus since September has been first on righting the ship and then turning that ship, i.e., the company, around. The business transformation that I mentioned a few minutes ago and that you saw in our press release last week is well underway, and it continues. And then the last factor that I think is really causing our stock price to have downward pressure is just the general biotech market sentiment, along with access to our stock.
So as you know, we're traded on the TSX, that has severely limited inflow of institutional investors from the US. I do anticipate that the stock price will begin to turn around as we continue to make progress, which we're doing daily. So as we continue to share the Sernova story in different ways, and that could include social media campaigns, ads, events such as participating in a Diabetes Day walk with a Sernova T-shirt on, commercials, different things that we've not done in the past. I expect that once we're in a position to share additional learnings and key data from our clinical studies, as well as our preclinical activities, that we will see the stock bump up.
When we close on in or out-licensing efforts, when we have a BD deal, when we file INDs, when we start clinical studies, all of those activities should positively impact the stock. And so this is another question I've gotten: You know, why haven't some of our good news stories over the past few months, why haven't they pushed the stock up? And so this is a valid question. I don't have the answer to it because it just doesn't make any sense. What I really want to remind you of today is that even in the absence of a press release, work is being done at the company. We are like the duck on top of the water, right? So what you can't see underneath is the feet paddling really very quickly.
When we have news to share, dated release, we will do so, I promise. The company will also not make promises or commitments about when specifically, so what date data will be ready or data will be shared, and we won't make a promise on when, so i.e., which date will we close a BD deal? Rather, we are aggressively pursuing these and other accretive actions to build that shareholder value. I'm committed. We're committed, so that means the leadership team, the company, and the board. We're continuing to work with shareholder and patient value in the forefront of our minds, always. Next slide, please. What monetization opportunities exist for Sernova? So this is a good question. There are multiple opportunities to generate revenues and to bring monies into the company. We could out-license or partner any one of our preclinical or clinical programs.
As you know, that number is 3 today. We have multiple discussions underway to this end. Modi and I are leaving no rock unturned. In the future, I aim to increase our portfolio indications so that we have more shots on goal, right? So we can significantly enhance our chances to outlicense, our chances to partner, and our chances to be acquired. Another significant revenue-generating opportunity lies with outlicensing our cell pouch, so not just our clinical and preclinical programs, but outlicensing the cell pouch itself to other pharmaceutical companies with their own regenerative medicine-focused programs. And this is something we're also actively working on. You know, all of that said, this does take time, right? So Modi, Chris, and I have been working to build new relationships with companies or investors who are unfamiliar with Sernova.
Because we have so flown under the radar, we are still unknown, right? And we still need to change that. And also, work has focused on rebuilding past relationships that weren't in a healthy state for a variety of different reasons. So when you see either of the three of us at a conference, you'll be happy to know that we are talking with as many potential partners as we can squeeze into our schedules in a day, because they, too, are in attendance. So that is a target-rich environment for us that we want to maximize. Next slide, please. Cash position, and how will we fund or address the current burn rate? As of January 31, 2024, Sernova had about CAD 15.5 million cash on hand.
With the cost savings efforts that we just initiated in, first, the last calendar quarter of 2023, plus the recently announced broad company restructuring that we spoke about last week, we have extended our cash runway. The restructuring included an operations and strategic transformation, reduced headcount, along with scaling back of the budget in several key areas, including reducing our external investor relations work. We'll be bringing more of that focus internally, so Chris will also be quite busy. For the remainder of the year, we are laser-focused on doing a number of things, right? So securing BD opportunities, progressing the Type 1 Diabetes clinical studies, and work with Evotec on the iPSC program, submitting a postoperative hypothyroidism IND before the end of 2024, and then advancing our HemA preclinical efforts.
With respect to raising capital, it's no secret that we need money to continue to fund the work. We clearly understand shareholder concerns with respect to dilution. We hear you, and we promise to keep that or hold that in consideration as we actively look at creative ways to bring new capital in. And of course, we'll share any details as soon as they become available. Next slide, please. So this is a couple of questions all, intermittent. So will big pharma, will big pharma ever look at Sernova? Why is there seemingly no interest now that Sernova has a CBO, Chief Business Officer? Will a big pharma company show up in 2024? Is there partner interest for HemA and thyroid indications? If yes, how many NDAs? So first of all, big pharma has indicated significant interest in Sernova and in our work.
What I can tell you is that we have multiple eyes on us, which is a good thing. We're in regular dialogue with a number of companies. Modi's raison d'être, as I describe it, is to secure out licensing and business development opportunities for the company, along with a few other things, because we all wear multiple hats in Sernova. We fully understand that, that investors are frustrated, right? So the pace of progress has been historically not where we want it to be. What I can assure you is that the company is operating differently. So calls to potential partners are being initiated or they're being answered. Meetings and dialogue are going on in a way that just didn't happen previously.
As far as signing a Type 1 Diabetes-specific partnership goes, some companies who we've been talking to have given us clear milestones that they would like us to achieve. So one such example would be reaching insulin independence with a patient in Cohort 2, so that's with our larger device, without a portal vein top up. So that's not the only milestone, it's just a representative example. I understand that everybody's feeling impatient and is ready to see BD results. We are too, right? So I promise we're working on it, and I am confident that our work will bear fruit. Regarding NDAs, we can't comment specifically on how many NDAs we've signed or who they are with, because that's company confidential information, and even discussing the names of any specific companies would place a possible deal in significant jeopardy.
So we won't do that because you don't want to jeopardize any potential deals and neither do we. Our leadership team and our board remain hopeful and optimistic that we will conclude one or more licensing or strategic business development transactions in the 2024 calendar year. Next slide, please. So you've heard a lot probably about the internal investigations that we've had underway for a few months. So this question is about the status of those investigations and regarding one or both managers keeping their options. So I'm gonna address the option topic a little bit more broadly because, of course, we had the reduction in workforce last week. So first of all, as we indicated in our April 25 press release, the company has confirmed the completion and closure of all internal investigation efforts....
that were previously announced with respect to Sernova's former CFO and potentially a second employee of the company. No new findings were revealed, and there will be no further action on this matter. The investigation confirmed that there have been no securities violations, and that the findings bore no material impact to the financial statements or operations of the company. I'm also happy to confirm that our auditors, KPMG, will be signing off on our prior quarter financials. On the stock option topic. So stock options for all colleagues and exiting colleagues are governed in accordance with the company's option plan. So broadly speaking, that allows departing colleagues time to exercise their vested options, which, as you know, brings money into the company, and that's in turn, in the best interest of the company. Options aren't, options that aren't vested are canceled immediately.
In the case of a dismissal from employment or service for cause, departing individuals' options, whether or not they're vested at the date of dismissal, will immediately terminate without right to exercise. Next slide, please. AstraZeneca. So we have a lot of questions about the status of the AstraZeneca collaboration and specifics around the programs that we're working on. We understand that there has been some shareholder frustration with what is perceived as a lack of news on the Sernova-AstraZeneca collaboration. So while this collaboration was officially acknowledged last May, many of you are aware that it had been in place for much longer. So generally speaking, the life sciences industry conducts much of their work in a confidential manner to protect our precious intellectual property, and that's crucial.
Our work with current and future potential partners will likely be governed and protected by strict contractual obligations of nondisclosure. So we'll continue to need to keep things confidential, right? Regarding our work with AZ, specifically, under the terms of the contract, we can only make public the details of the collaboration and if one of three things happens. So first, a paper is published in a medical journal. Second, a presentation is made at a scientific conference, or third, if an agreement is signed between the two companies to launch a definitive program or to initiate a clinical trial. So the scope of the research collaboration, as many of you likely know, includes AstraZeneca's internal programs that are cell-based. So think about primary or stem cell-derived cells, naturally or engineered to express the biologically active factors. So that's coupled with Sernova's Cell Pouch.
So upon the conclusion of the ongoing programs, AstraZeneca will evaluate whether or not data on their internal, preclinical or clinical asset met that internal threshold, which AstraZeneca has defined themselves, to continue to, to move forward, right? At that time, AZ might decide they want to enter into a licensing agreement with Sernova to develop and market a product combining the cell pouch with AZ cells. So Modi, again, is in close contact with AstraZeneca's BD team, and you might have even seen a recent LinkedIn post from one of the AstraZeneca VPs, who commented on and acknowledged their work with Sernova, which for us, as a small company, is always exciting to see. Next slide, please. So the next few questions that are nested into this one single slide are really about our portfolio and revealing new indications to the world.
When would we start new programs, and are we going to do it in a standalone manner, or will we be collaborating with partners? So at a high level, we've proven that the Cell Pouch works quite low, quite robustly as a drug delivery vehicle, and it's tolerated well by patients. There's no fibrosing that happens. And as we communicated in our April 2 press release, in addition to continuing our work with Type 1 Diabetes, with postoperative hypothyroidism, and with HemA, we've identified several high-value indications with unmet medical needs that could potentially benefit from our platform Cell Pouch technology, and that initial focus is on endocrine disorders. In the coming months, what we're going to do is to focus on conducting some commercial assessments, so prioritizing those areas where we can best extend our reach to more patients while creating that enduring value for shareholders.
So all of that said, we likely won't immediately disclose discovery targets or additions to the portfolio, and that's in order to protect developing intellectual property. What you would see on a pipeline chart on our website, for instance, is new discovery program or undisclosed discovery program. And then, of course, expanding upon our current portfolio is contingent on securing additional funding. Next slide, please. Conformal Coating. So interesting question. So people want to understand what happened to the conformal program. Is it being dropped? Is there another technology that we're looking at? So for those of you who didn't read our recent April 25th press release, Sernova will not be investing new monies or resources into the conformal coating program. Sernova still owns the rights to this technology. Dr. Tomei at the University of Miami continues her work on the program.
Animal studies that we did in partnership with the University of Miami previously, so this wasn't this year, but previous studies, they demonstrate that the current formulation of the conformal coating, coupled with Orencia, which is an immunomodulatory agent, delivers the same preclinical results as Orencia alone. So clearly, some optimization needs to be done. As a science-based organization, we always follow the data. This means that with conformal coating or any other program, if we learn or generate new data that points us in a different or new direction, we will course correct, and that's exactly what we did. And this is a really important point, and I want to clarify that the company is not lying to shareholders if we decide to change course on a previous decision, and it's data-driven.
So as a lifelong learner, my expectation and what I've told the team at Sernova is that we should always be open to a course change in light of new or relevant information that tells us we need that course change. On the topic of alternate solutions, because we all recognize that we want to move beyond immunosuppressive regimens, right? So we don't want to have our patients going through an immunosuppressive regimen. Right now, we are there. That's where the industry is right now. We're all looking for that answer. So we have actively been assessing other potential hypoimmune technologies. There are a number of companies out there who are developing new technologies, and there are some very promising initial results with respect to that immune protection, and we're in active discussions to initiate collaborations with some of these companies.
So I think that's the last question that we have for the formal part of the presentation. And I wanna say a few other things. Some of you have heard me say this, and I've said this to my kids all along, and I believe that we were each placed on this earth for a reason. What better reason is there than to make a positive difference in the lives of as many patients as possible? We get to do this every single day, and it is an honor. It really is a true honor to make a difference or to begin to make a difference. I honestly can't think of anything better to focus my life's work on or to invest time, effort, and money into.
You've also heard me say onwards and upwards, and so I'm adding a little bit to that comment. Onwards and upwards because our patients are waiting. In closing this portion of our discussion, we'll move to questions and additional questions in just a moment. In closing this portion, I do want to express my sincere gratitude and appreciation to our dedicated current and former team members, so those who departed last week, whose hard work and passion are the driving force behind our progress. I also wanna thank our board of directors for their guidance and leadership, as well as our shareholders for your continued trust and support. We would not be here without you. We would not be able to continue to do work on behalf of patients without each and every one of you.
And so as we embark on this next journey, our next chapter, let us remain focused, right? So determined and united in the pursuit of excellence, because I firmly believe that there's no limit to what we can achieve. So thank you for listening. I'm happy to take additional questions, and if you look to the left of your screen, you should have a Ask Question button, and that's how you can send questions to us, and I think we're able to take a few. Chris, I'll ask you to unmute yourself, and you can help us with some of the questions that are coming in.
Terrific. Can you hear me okay?
We can hear you well. Thank you for asking.
Great. So one of the question is: Given the low share price and the desire to move to Nasdaq, is there a risk of stock consolidation?
Yeah, so that's, that's everybody's concern, isn't it? So first, on the topic of moving to the Nasdaq, we do feel like it's a necessary action to take, but at the right moment. You know, so markets need to be amenable. What I would wanna see is our stock price increasing, so some of those things that I mentioned a few minutes ago about potential activities or news pieces that could come out that could raise our stock. So, you know, I'd rather not do a consolidation of stock. So we need to continue to drive forward, produce some of those accretive actions and deliverables, and then we will, you know, we will assess where we stand.
Any move to the Nasdaq, and we do feel that's important to open up that availability to institutional monies, so that would be completed in a very thoughtful and careful manner. And it would be after we have certain events that would take place in the company to generate more positive news.
Terrific. Another question is asking about insider buying from management and the board.
Yeah. You know, one of the challenges we've had is that we have been in blackout conditions for a number of months, so for a variety of different reasons. One has been the investigations that we've been undertaking. Those are now closed, now entering into the end of a quarter, where we're going to be working on closing our financials, and as you know, there's always a period of time before that and then after that, where insiders, including the board, management, and employees of the company, because we are a small company, everybody is considered an insider. Look, I'm gonna be honest with you. As soon as I can buy, I will be buying. The stock is a bargain right now, and I do believe in the work that we're doing, and I do intend to purchase stock.
I'm not gonna speak for other directors of the company or other colleagues at Sernova. I do know that some are very keen to purchase as soon as we are practically able to do so.
Okay. I think that's all the questions that are currently in the queue. If there's none more, Chantelle, I think we can conclude.