...is Emyria's COO. Good morning, Mary-Ann.

Morning, Jane. Nice to see you.

You too. The format is that Greg and Mary-Ann will step us through a brief presentation, and after that, we'll open up the floor to Q&A.

If you'd like to ask a question, you can do so at any time just by typing that into the chat function in the ribbon at the bottom of your screen, and we'll get through as many questions as we can in the time that we have. For now though, I will pass across to you, Greg and Mary-Ann, to get us started, and perhaps you can start your screen share for us.

Thanks, Jane. I might start us off, Mary-Ann.

Greg Hutchinson, as Jane said, I'm the Executive Chair. I've been in this role, well, as chair since the end of 2023.

It's an incredibly exciting time for us, and I'm sure those that have been following the story would be aware that there are a lot of tailwinds in the psychedelic-assisted therapy space across the world, a lot of tailwinds behind us at the moment too. As you'd be aware, our goal is to build a national network of clinics specializing in the delivery of psychedelic-assisted therapy, and we already have a number of clinics on the ground, as many of you would be aware.

Now, this all came about because, back in 2023, just to recap, the TGA gave us what we call a little bit of a Steven Bradbury moment, wherein Australia became the first and only jurisdiction in the world to create a legalized pathway for treating people with PTSD and treatment-resistant depression using either MDMA or psilocybin-assisted therapy. As you'd be aware, MDMA and psilocybin were previously illegal drugs, but have now been rescheduled to Schedule 8 controlled drugs, which means that under highly regulated circumstances, authorized prescribers, that is, psychiatrists who have put forward a protocol to Human Ethics and then being accepted by the TGA and approved by the TGA, can prescribe these drugs in combination with therapy, and it's a concentrated amount of therapy in strictly regulated circumstances.

We have first world mover advantage as a company and as a country. Very exciting times for us, Mary-Ann.

Sure is.

It's been a really busy quarter, really busy probably 2 years, but the quarter has demonstrated that we're moving and really executing very quickly. If you look at the quarterly revenue is up to $1.53 million, including some R&D which came in, but our execution is showing that our pipeline of patients is building, and we're generating revenue off the back of that, and we'll talk a little bit more to that as we go throughout the course of this presentation.

We activated our Victorian clinic, so that's come online this quarter just gone, and we're due to see the Sydney clinic come online in September, we're executing against our strategy. We announced that we've had some successful and encouraging early results on our treatment-resistant depression program, which is a little bit more infantile than our PTSD program, which was the first one that we launched, but is coming along strongly now.

We also talked a little bit more about clinic profitability. We get asked this question a lot, and we've been able to demonstrate that the Perth clinic, which is our most mature site, is already starting to produce profits.

We'll talk a little bit more to that as we go throughout the presentation as well. We launched our global partnership program, which is really a different form of revenue for us.

We know that we've got private health insurers, we've got workers' compensation, and we've got DVA as potential and existing payors, but the global partnership program is an exciting new edition for us, we'll talk a little bit more about that during the course of the presentation as well. We also saw some relaxation from the TGA.

What we're seeing is that regulators are starting to become more and more comfortable with these treatments. Clearly, we're having to lead them by the hand a little bit because it's new for them, it's new for everyone throughout the world, but there's no doubt that we are the most mature in terms of rolling out these treatments across the world, it's up to us, and we have I guess a responsibility to ensure that we take the regulators on the journey, and we're seeing that relaxation support our clinic utilization.

Then, of course, there's been a huge amount of interest across the globe in psychedelics, and we've seen some major acquisitions even in the last weeks. We'll talk to that a little bit more as we go as well.

Great. I'm just going to add add something there, Greg.

We also were able to show, announce our FY '26 revenue, cumulatively for the year it's $4.3 million. Really proud of this.

It's 210% above last year's revenue, which was around $1.3 million, we've we've had really strong growth over the over the year, remembering that this time last year we we had one clinic going and we've, continued to establish and and grow our footprint nationally over this year. Look, hopefully a lot of the viewers know what we do and some detail around it, but just to give everyone a quick summary of it, when a patient is referred in to us by a doctor or a therapist, a psychiatrist, a GP, we go through a reasonably rigorous screening exercise to to determine eligibility and to ensure that they fall within the regulatory framework.

If deemed appropriate, they're then prepared. They must taper off any antidepressants and medication that they may be on.

The active treatment protocol is actually a very condensed period of time, 4 to 6 weeks, depending on which treatment you're coming in for, so that's quite unusual for mental health treatments, and it it also shows why we're not having dropouts, because people are able to see, reasonably fast outcomes in in the course of this treatment. You come in for a dosing day.

That's 8 hours, two therapists. One authorized prescriber oversees the clinic.

Each clinic has 3 to 4 rooms in it, so that that authorized prescriber is overseeing each each room. Then within the room, you have two therapists with the patient for 8 hours.

You come back 2 weeks later and do it again, and then a third time if it's for the treatment of PTSD. Now, you may be surprised to know that this the TAMs are pretty significant.

1.5 million adults have have diagnosis of PTSD in Australia, and 1.1 have a diagnosis of major depression. Whilst we're a small population within Australia, it's actually significant significant numbers there, and would would be difficult to actually treat all of those individuals.

Just a reminder that each dosing day is $10,000 of revenue, each time someone comes into the clinic and has a dosing day, that's $10,000 of revenue to the company. An overall treatment, revenue to the company is around $33,000 for PTSD and $22,000 for treatment-resistant depression.

Now, we talk about bed capacity, across our clinics, each clinic has 3 to 4 beds, as I mentioned. Once Sydney is operational, and we're aiming for Q3 this year, this quarter for Sydney to become operational, we're looking at 18 beds across our network.

That's the equivalent of 90 dosing days per week. When you do the maths, 90 dosing days per week opportunity at $10,000 revenue per dosing day, that's quite significant numbers.

Now, third-party funding, we talk about this, it's important to us. We're very fortunate to have Medibank that is funding this treatment for their members.

Department of Veterans' Affairs has announced that they're funding members. It has been slower than we had hoped for, but positive that they'll they are funding it for their members because Veteran Affairs have an overrepresentation of these conditions within their community.

Then, really positively, we're seeing more and more workers' compensation approvals coming through across the different insurers, and that's that's really promising to see. We've even received our first for the Sydney clinic, which hasn't even opened up.

We're also seeing other ad hoc approvals come through, ex gratia, which means kind of one-off or case-by-case, from other private health insurers and and other funding bodies, and we continue to to work on this and to have active discussions with with different funding bodies. Now, just a reminder as to where our clinics are, we have two in WA, one in a private mental health hospital, that's Perth Clinic, and then our only community-based clinic at the moment, which is the Empath clinic.

We opened our Brisbane clinic in November, Sydney sorry, our Mornington clinic in April in Victoria, and then we are looking to open our Sydney clinic this quarter. Now, this is to We get a lot of questions around, okay, as Greg said, when when do you get to break-even, or when do you get to profitability?

We've tried to come up with a simple slide that can demonstrate this. It's it's about a 12-month investment process.

The first 6 months, you're spending money on fit-out, recruitment, onboarding, getting your authorized prescribers, their approval status, preparing the clinic for opening, any small fit-out that you might need. You open your clinic, and then you need to you might have your, some patients ready to be screened.

They're screened, that can take 4 to 6 weeks. They taper off their medication, that may take another 4 to 6 weeks, and then they start their dosing treatment.

We don't open a clinic day one and have individuals there ready to to be treated. There is a process that one needs to go through.

We say the first 6 months is really where we're investing in it, and the second 6 months is where you start to see revenue generation. Our projected break-even for a clinic is around the 9- to 12-month mark.

Now, you can see Perth Clinic, our most mature clinic, is in that 9- to 12-month period, and Brisbane is is around the 6- to 9-month mark. Then you can see that really our our Victorian and Sydney clinics, well, Victoria opened up, it's very early on in its journey, and Sydney is due to open up this quarter.

This chart demonstrates what the dosing has looked like at Perth Clinic, again, our most mature clinic. Over the last 12 months, you can see the growth that has taken place.

Oops, we've got a bit of an error there on the chart. June was our largest quarter, being 31 sorry, our largest month, being 31 doses.

What's important on this graph is that that green line running across there is where break-even is at a stand-alone clinic for a stand-alone clinic. You need about 15 to 20 doses per month to be break-even.

Anything above that, and you're generating some profitability, which is great. Now, notably, 31 doses is less it's around 40% of the actual total capacity, you can dose up to 80 dosings per month in a clinic.

What does this all mean? Profitable at lower utilization, and there's some really good opportunity to come, and, positively, we're seeing those dosing days continue to increase.

Look, a lot of people ask us about our workforce. There used to be skepticism around can you recruit doctors, are therapists going to be interested?

This slide demonstrates that, yes, we can. There's a lot of interest in it.

We've recruited and trained over 130 clinicians across our therapist group and our doctor group. There was a bit of a delay getting authorized prescriber approvals earlier in the year, and so we've received about seven since April, so that's really positive.

That group is really growing. We had one authorized prescriber in Brisbane up until, approvals came through in the last 2 months, and now we have five, so that's a significant change for the Brisbane clinic.

Anything I've missed there, Greg, or you think is worthwhile to add before we No,

I think you've covered it really well, Mary-Ann. I think the point to note is that we're really comfortable and even excited about the execution strategy and how well the team has performed in putting clinics on the ground.

I think over the course of the next few months, we'll be able to announce where we're looking to head next in terms of new clinics over the course of the next 12 to 18 months. Our strategy has always been to create a footprint as fast as we possibly can, and then look to utilization afterwards.

Then we can see the utilization starting to build in the background, particularly in our more mature clinics. It's pleasing to see, even with still a significant amount of capacity, even in our more mature clinics, that we're already profitable in that site.

It bodes well for the strategy overall. Look, I think we've talked a little bit about what's happening here at home, but of course across the world there's an incredible amount of excitement around psychedelics, and we call it the psychedelic Renaissance.

In a way, I guess it started with President Trump announcing an executive order back in April to see if, particularly in the US, they could accelerate access to psychedelic drug treatments and accelerate research into psychedelic drugs. COMPASS Pathways looks like it could be the first company in the world to gain FDA approval for its COMP360 psilocybin compound.

That's incredibly exciting. We're waiting with bated breath to see when that occurs.

It doesn't sound like it's now an 'if', it sounds like it's a 'when'. Then, of course, last week, many of you would have seen that the largest pharmaceutical company in the world, Eli Lilly, agreed to an acquisition of ATAI/Beckley for $2.8 billion, that could rise to as high as $3.8 billion, a lot of money.

I guess what it demonstrates is validation of this sector. That, for us, is incredibly exciting because it will help to propel our strategy in this country and perhaps potentially overseas as well.

I think it's fair to say, Greg, as well, that the Eli Lilly deal is actually the third acquisition or deal of psychedelic-assisted therapy drug over the last 12 months. The momentum is certainly building, and the interest is there, and the awareness as well.

For us, what that means is the body of evidence continues to grow, and that's very important for this industry as it continues to establish itself.

I think what it's proving is that ultimately, psychedelic-assisted therapy will move into the mainstream. If we go to the next slide, Mary-Ann, the other exciting thing that's happening globally is that there are nearly a 100 clinical trials going on looking at different indications.

As many of you would be aware, we are allowed to treat PTSD and treatment-resistant depression currently, but psychedelic-assisted therapy could be used to treat a variety of other conditions, everything from addictions, drug and alcohol abuse, even smoking, eating disorders, both too much eating and too little eating, substance abuse as we've described, anxiety, generalized anxiety, generalized mood disorders, and even end-of-life adjustment disorder. There are a variety of different indications that are being investigated across the world currently.

The great thing about the infrastructure that we've created is that it's agnostic to either drug and indication. What that means is that we can treat a variety of different conditions using a variety of different drugs using the infrastructure, the people, and the protocols that we already have in place.

Mary-Ann, anymore you want to say to that around the clinical trials?

No, I think.

Global partnership program?

Yeah. Obviously we launched the Empax global partnership program earlier in the last quarter, and that was really due to, one, the infrastructure that we've developed, but also the indications we were seeing were pretty strong that this was an area of need given how much research is taking place in the space, and given that psychedelic drug development is different to the standard drug development because it needs to typically be coupled with the delivery of therapy.

You don't just go and develop a drug, then have someone prescribe it and take it at home like other medications are. Typically, you need the infrastructure, the support network, to actually be able to go and deliver these treatments.

That's why our infrastructure is able to support that. We're seeing some good inbound interest and having some active discussions, and look forward to being able to update the market as those continue and when they come to fruition.

In terms of the corporate overview, share price of around that 4.7 just sub-5-cent level, that's important because we have around $10 million worth of unlisted options outstanding, exercisable by the end of March, or just before the end of March, at an exercise price of 5 cents, Mary-Ann. We're keen to see our share price, as everybody would be, elevated well above that 5-cent mark and to see those unlisted options exercised over the course the next 6 months or so.

Our last cash position, as you would see there from our quarterly that we announced yesterday, $7.29 million. With a cash burn of $1.43 million for last quarter, it was something that we're comfortable with and well within the range that we'd set ourselves.

We're funded I think over the next five quarters. I remain the largest shareholder, having put my money where my mouth is, tipped in $1.5 million in cash, because I truly believe in this story.

Mary-Ann, I think it's fair to say, too, that the team is executing really well. If we look at what we've achieved over the course of the last year and a half or so and what future drivers we've got, there's a huge amount of excitement building behind us.

Do you want to talk perhaps to the future drivers?

Sure. Yep, thanks, Greg.

I would reiterate that it's been an incredibly significant 12 months for the company. We've effectively, as I was saying before, gone from one clinic operating with private patients going through to now looking to open our fifth clinic and having multiple different funding bodies that are supporting these treatments.

It's been a big 12 months. We've been able to demonstrate our data outcomes that we're seeing in both the PTSD and treatment-resistant depression program.

In terms of future drivers, a number of things there. We're looking forward to the first DVA approval and that moving ahead.

This quarter is when we plan to be opening up our Sydney clinic, and we're on track for opening late in the quarter. Then future drivers include where our new sites are going to be located, we look forward, as Greg mentioned earlier on, to being able to provide some updates.

We're also looking at who the second partner for the Empax global partnership program. We want to see new funders coming on board and confirm to support these treatments for these members.

Then longer-term looking at what the potential future treatment conditions are out there. As we mentioned, at the moment these treatments are for PTSD and treatment-resistant depression, but with all the research going on, we hope to see further approvals taking place.

Then looking to leverage our scalable IP to create global partnerships. With the momentum taking place globally, with the different drug development and drug sponsors progressing through to FDA approval, they really do need to be looking at how they're going to go and deliver and scale their own products globally.

We're looking to utilize our IP to support that. Anything else you want to add there, Greg?

I think the point to note about that final point that you made is that we are at the pointy end, I guess, of delivery. Whilst the drug makers are making the drug, they really haven't come to terms, as far as we can see, with how they're actually going to get it out to the mass market, because delivery of these drugs is difficult, and we have cracked that nut, we make an excellent delivery partner for the larger drug sponsors around the world.

Yep, very true. Let me see.

Nope, we're at the end, I think we're actually on to questions if we head back to Jane.

Excellent. Thank you both.

Very exciting time, and great to hear the highlights from the quarter. With that, we'll open up to Q&A.

Thank you to the people who actually submitted questions ahead of time, we'll start with those. A reminder on the process, if you'd like to ask a question, you can do so by just popping it into the chat function in the ribbon at the bottom of your screen.

Let's start here. In the quarterly report, there is reference to the lengthy time between service performed and cash being received.

What is this time period, and what would steady state be?

I'll answer that one. Thanks, Jane.

Look, we call it out to make a point that the cash receipt, there's a bit of a lag between recognizing the revenue and cash receipt. Nothing that we're concerned about, it's around 60 or so days, and that's just with how the contracts, how the funding body is established and payment through the hospitals through to us, and we're just working through refining that process and making it more efficient.

Steady state, we would look to be under that 60-day mark. Anywhere between 30 to 60 would be ideal.

Great. Thank you.

How is the booking pipeline looking for the next 6 to 12 months for currently operating clinics, and what level of demand have you seen for the Sydney clinic?

Shall I take that one, Greg? Look, pipeline's looking good.

Perth is incredibly busy, booked out well into later in the year with other clients on the list. It's more about actually lining up all of the therapists as we're continuing to grow.

Pipeline's building for our Brisbane and Mornington clinic, which is encouraging. Sydney, whilst not operational, we are still starting to see that interest coming in and that pipeline building.

We've already had our first workers' compensation approval, noting we don't have any approved authorized prescribers that screening only takes place once those approvals come through, I think we'll start to see further growing of that pipeline as we approach clinic opening.

Great. Thank you.

Anything else from your side, Greg?

No, I think Mary-Anne's covered it very well. I think with the more mature clinics, we're starting to see that there's growing interest.

A lot of this is about educating the medical fraternity, as possibly viewers would know, we're not allowed to market directly to the general public. That's a TGA requirement, but we can market directly to the medical fraternity, and there is an education process around this.

It's new for them as well. A big part of our responsibility is to make sure that that education happens.

We're very active in the space, not just in terms of treatment, but in terms of educating all parts of the medical fraternity as to the benefits of these treatments.

There's a good question that's just popped up related to that. How do you source your customers and patients, and do you have an idea on customer acquisition cost?

I'll take the first one, maybe Mary-Ann, you can take the second one, because I think that's the harder question, but the [laughter]

I was just thinking, what's that answer? [laughter]

Over to you.

In terms of referral sources are varied and many. We obviously psychiatrists, including our own, but also psychiatrists who aren't involved in the program refer to us, therapists refer to us, GPs refer to us.

People can even self-refer. Because we have doctors on staff, we get inbound direct traffic.

Once we get contacted in that way, it's imperative that we then liaise with treating practitioners to ensure that patients are appropriate and appropriately managed. We've got a significant number of different referring pathways and referral sources, so that's encouraging.

In terms of patient acquisition costs, Mary-Ann?

I can't put a number on that to be honest, but what I would say is, the way we effectively go about our referrer education is to reach out to the different networks. It's discussing with GPs, discussing with the psychiatrist community, attending appropriate conferences.

What I would say, it's important for us to be investing in that in this early stage so that this education and understanding is out there, and I think then the kind of organic side of it will come. Certainly what's happening globally is supporting just that, people understanding what's happening.

Yes, as I say, I can't put a number on it at the moment.

Right, okay. Thank you.

Greg, this one might be for you. In your investor communications, there's mention of the partnership program generating significant inbound interest, and I know that you just hinted at the end, but are you able to explain in what form this is materializing besides the previously disclosed work with Science Biomedicals?

We're actually encountering quite a large body of inbound traffic, which is really exciting for us. Now, we haven't disclosed this to the market yet, and I won't do so today, but once that comes to fruition, we'll be able to talk to that more detail, and it's taking a variety of different forms.

I guess one could gather that we are an excellent delivery partner for some of the larger drug sponsors around the world. As I say, it's taking a variety of different forms.

Mary-Ann, did you want to add anything to that?

No, I think you've hit the nail on the head there. We see a lot of interest, it's why we kind of formalized the program in the first place, and yeah, we continue to see that coming in and continue to have those positive discussions.

One thing I might add to that before we move on is that the other important aspect to this is that it's imperative that globally we are known for what we're doing, because we are, as far as we know, the biggest of our type in the world, and we've treated certainly more commercial patients, or patients commercially, than anyone else in the world. We are in Australia, and we are somewhat isolated, it's imperative that we've been able to get our name out into the broader psychiatric community really, but certainly into the psychedelic space, and that's what we're doing.

It's not just about being a delivery partner, it's being at the forefront of this, as I said earlier, psychedelic Renaissance.

Makes a lot of sense. Okay.

Switching gears on revenue, Mary-Ann, might be for you. Are you comfortable with where the revenue was for this quarter, and is it in line with your expectations?

Yeah. Thanks, Jane.

Yes, it is. We're more than comfortable, we're really encouraged by the revenue from this quarter.

It's promising to see. For us, some of the people always ask us, 'What's your bottleneck?'

We've got more authorized prescribers, we see our demand. What we're working on now is really the therapist component.

People might know that up until recently, the TGA had required that of the two therapists in the room, of your dyad, one of them had to be a clinical psychologist. Now, they're the hardest therapist to come by and the most expensive.

Fortunately, about 6 or 8 weeks ago, the TGA actually relaxed the rules on this, they're getting more comfortable with the program, and they said, 'Okay, right. We'll extend this, you can have clinical psychologists, or you can have nurse with mental health experience, or you can have an occupational therapist with mental health experience.'

For us, the clinical psychologists have always been the hardest to come by. We have a number of them, but we are now able to go out and recruit for those additional qualifications that the TGA has allowed, and I think that's where we will see that next continue to grow in our revenue is once we can get some more of those required therapists.

Then what we really want to see longer-term is that expanding that rule out to the psychologists as well. It's clinical psychologists at the moment, but then there's your registered psychologists, and we want to see them included in that rule.

Again, they're easier to source, they're very well-experienced in trauma-informed therapy, and having more of those individuals on board and allowed to meet that TGA rule will support us in our growth as we continue to improve in utilization.

Terrific. I've got a question here which is a little bit similar, and you've sort of answered it in some ways in what you've just said, but in case there are other aspects to it, I'll ask it anyway.

I'll just remind people if you would like to ask a question, you can do so using the chat function. We're on our last question at the moment, now's the time to get in if you've got one to ask.

The question is, what are the main bottlenecks in ramping up a new clinic? You've just talked about the treatment team there and some of the very favorable things that have happened on the TGA side, but are there other bottlenecks that you might need to address as well?

Yeah. I'd say prior to this, we had been an authorized prescriber bottleneck.

The TGA went and formalized a new committee late last year, but then the committee only met earlier this year, there was a period of time where they didn't meet, there were no further approvals going through. I think we waited until April to actually receive our next six approvals, we kind of got over that bottleneck, which is great because now we have multiple authorized prescribers across our clinics.

The therapist one is the main one for us at the moment, and we're working through that. Then I think it's just continuing to work on the referrer education, but to me, that's not a bottleneck, but the bottleneck really is that therapist side of things for now.

Greg, anything to add to that?

I think we've got well over 100 therapists now contracted with us, but it's important to understand, I think, that they're not employees. The majority of them, or the vast majority of them, are independent contractors, they work in their own private practice and then work with us maybe once or twice a week.

It's pretty demanding work, but they're still excited to do it. Yes, they're with us once or twice a week, so that is positive in that we only pay them effectively when they're working for us, it's not a fixed overhead if you will, but we still need to build out that profile of therapists so that we can more readily schedule patients.

That is our biggest bottleneck.

Are you getting a lot of interest from therapists wanting to sign on?

We are, and I guess the other point that Mary-Anne's made is that there's then the requirement to put them through our training program. It's an in-house training program that we've formulated.

We've got to wait until that next training protocol or program is scheduled, put them through that, and then we can start to book them in when they have availability, because clearly they'll have their books filled with their regular patients up to a certain point, beyond that point we can start to schedule them in with us. You can see that there's a little bit of a lag in terms of bringing somebody on and then being able to get them into our workforce or into our program, but because we've now got a significant number overall, that's making it easier.

I would just add to that, Jane, because we did include it in our quarterly that we are doing another recruitment campaign at the moment, and the training will take place in Perth, it does have a Perth focus in terms of who we're recruiting, but we always when we run a training program, we actually always put it out in the states that we have clinics, and then we can add, there may be three or four coming from Melbourne, there may be three or four coming from Sydney and three or four coming from Queensland. We continue to kind of top up as our clinics become more mature, and fortunately for this training program, we knew that the changes were taking place, we've been able to adjust in who we are recruiting across the clin psychs, nurses, mental health OTs, and the like.

Excellent. Okay.

Oh, wait, there is one final question in the Q&A. It snuck in.

Actually, yeah. After Sydney, can you disclose where new sites are planned?

Good question.

Why don't you answer that one, Greg?

We haven't disclosed that to the market yet. Suffice to say that we are in negotiations and looking at other opportunities across the country, but our intention is to be in all major capital cities and capital centers across the country.

I think viewers would be aware that we have an agreement with Avive Hospitals, and they've been an excellent partner for us, and have an aggressive rollout strategy themselves, and our exclusive arrangement with them would suggest that, well, if you look at where they're headed, Adelaide and the Gold Coast, that would probably be a strong indicator as to where we might go next ourselves.

Understood. There's a breadcrumb there.

I would like to, at this stage, just say it feels like there's a lot of momentum lining up around Emyria, both from a macro perspective and with what you're doing operationally. Congratulations on a big quarter and a huge 12 months, as you mentioned.

With that, Greg, I might hand back to you for any closing comments, and then we'll let people off the line.

No, I think, Jane, it has been incredibly exciting. It's been very busy, but we've built out our operational team, and that's probably the other thing to note is that it's taken us some time to put an operational framework in place, it being so new, but we are comfortable that we've got to that point now, which means that further clinic rollouts can now occur according to a template, if you will, that we have now started to mature.

The business is maturing. It's happened very quickly.

I think viewers would understand that I have a history in rolling out clinics across multiple different medical disciplines, and this one has happened at the fastest pace of all of them, which is exciting, but I think the next 12 to 18 months will be even more interesting for this space, not just in Australia, but globally.

Terrific. Anything final from you, Mary-Ann?

No, Greg summed it up well. Thanks, Jane.

Yes, well done. Nicely done.

Excellent. With that, let's say thank you to everyone that joined us here today.

Thank you all for your time, and we'll invite you now to disconnect. Have a great day.

Thanks, all.

Thank you, all.

Thanks, Jane. Thanks, everyone.

Thanks, Jane.

Thanks, all.