Good morning, and welcome to ArcticZymes Q2 2026 report. My name is Michael Akoh, I'm the CEO of ArcticZymes, and I'm as usual joined by our CFO, Børge Sørvoll, as well as our CCO, Paul Blackburn.

Let's take a look at our agenda today. We're going to start off by looking into the Q2 highlights as well as a recap of our strategy.

Then Paul is going to go through an interesting commercial update. He's going to look at the numbers for our two segments, but he's also going to focus on a couple of customer cases.

Then Børge is going to go through our financial performance. I'm going to come back and look a bit into the future, recap our ambition, and do a general summary of today's presentation.

Last, but not least, we're going to look into the questions that you might have after today's presentation. Let's get started.

We had a good, strong start to the year. We've had a good first half, and the business is in general in a good place today.

We had a total revenue for the quarter just shy of 34 million NOK, up 17%. We had sales revenues just shy of 32 million NOK.

That's up 19% year-over-year. We had a bit of currency headwind, the constant exchange rate growth was at 29%.

Our profitability came in with an EBITDA of 7.4 million, up significantly compared to last year. Looking at the first half, as mentioned, we have had a strong start to the year.

We're executing on our strategy. We had 69 million NOK, which is an increase of 28%.

Looking at the sales revenue number, we had 63.7 million NOK. That's up 27%.

Again, the currency headwind was significant, constant exchange rate growth rate was 39%. Profitability for the first six months came in at 9 million NOK, significantly better than last year.

I would also like to talk just a bit about some of the milestones in the quarter. We have had a clear strategy to penetrate more CDMOs.

We believe that that's going to be a clear path towards further growth with our SAN enzymes. In this quarter, we saw the onboarding of a new CDMO, and this new CDMO started to use M-SAN GMP.

We've been talking to them for a long time. Paul is going to go more into details, but they didn't want to start with using SAN before we had a GMP version.

We now have that, as and now they have been onboarding, and we expect growth from this CDMO going forward. Paul is, as mentioned, going to give more details in regards to this customer case.

Another interesting event that happened just after the end of the quarter was that one of our customers that we've been working with for a long time got their cancer screening test FDA PMA approved. We believe that this is going to be a significant growth driver for especially our Molecular Tools segment, as we have the proteinase embedded in their workflow, and there are also other opportunities with this customer.

Paul is going to allude more to this very, very interesting customer case. In regards to innovation, you all know that we have a strategy of building a pillar within the RNA IVT workflow space, and we have started all the pre-launch activities in regards to the enzymes that we will be launching.

Right now, we are doing global beta testing of two enzymes, and we are getting some really encouraging results. We got a quote here that showcases what an impact that our ETn1 can have on the sample preparation step.

We're seeing that they have a step today which is six hours, and with our ETn1, they can cut that time down to 30 minutes. Really impactful for the customers.

There is going to be a lot more in regards to that going forward. Next slide.

I just also want to do a quick recap of our strategy, which was also highlighted on our Capital Markets Day in March. We have a number of strategic pillars that are going to enable us to accelerate growth over time, but also create more resilience for the business.

As you all have heard a number of times, we are really working on getting closer to the customer. We're really getting closer to the customer today than we were just 12 months ago.

Something that's impacting us across the value chain, we're going from being a more transactional company to becoming a more customer-centric and application-led solutions provider. In regards to creating more resilience and also growing the business, we are creating a wider base, we are diversifying, and we are increasing the number of markets that we are addressing and the products that are being sold.

We're already seeing the impact of that in regards to metagenomics, where we're using the SAN enzymes for a new application. We're going to see the same thing within the RNA space.

We have enzymes that we're selling today into a different application space that can also be used within the IVT RNA workflow. We have a good base.

The strategic pillars: Molecular Tools, Viral Vectors, and the new one, RNA Therapeutics. Then we also have a focus on increasing our business through some of our channel partners.

Two weeks ago, I was in Japan, and I saw firsthand that we have a lot of opportunities by, first of all, selecting the right partners and motivating those partners. In the long term, this is going to also generate new business for the company.

With that, I would like to hand the word to Paul Blackburn, our Chief Commercial Officer. Go ahead, Paul.

Thank you, Michael. Good morning, and thank you all for joining us.

It's a real pleasure to take you through our commercial performance for the second quarter of 2026, because this is a quarter I've been really looking forward to presenting. The headline is a simple one, and it's a really good one: the commercial engine is working.

Growth is broad-based rather than resting on any single product or any single customer, and several of the strategic programs we've been patiently building for years are now converting into real, repeatable orders. Over the next few minutes, I'm going to walk you through four things.

First, the headline number for the quarter and what sits beneath them; second, how each of our two portfolios performed, Biomanufacturing and Molecular Tools; third, the first half of the year taken as a whole, because two consecutive quarters of growth tells a really convincing story compared to one; and finally, I'm going to talk about three customer programs that I think are the clearest signal of where our business is heading over the next two to five years. The theme running through all of this is quality of growth.

We're not chasing volume for its own sake. We're winning positions inside customer workflows, and these are difficult to replace in markets that are expanding, with partners who are moving from evaluation into clinical and commercial manufacture, and that is the kind of growth that compounds.

Now, that, of course, is the very definition of momentum. Let's start with the quarter itself.

This is a slide I'm really pleased to show you. Revenue for the second quarter came in at 31.9 million Norwegian kroner.

This is a growth of 19% year-on-year, and an increase of 5.1 million kroner against the same quarter last year. In plain terms, this is the largest second quarter the company has delivered outside the exceptional COVID period, which is a genuine milestone.

I'd also like to draw your attention to the 12-month trailing average on the right of the slide. Quarterly numbers can, of course, move around with order timing showing volatility, and so this 12-month rolling view is an honest one, and as you can see, it's pointing firmly upwards.

That line is a turnaround made visible, and it tells you that this isn't a single fortunate quarter. It's a trend that's been building steadily through the past year as our commercial strategy has taken hold.

It's also worth noting that we achieved this despite meaningful currency headwinds of between 5% and 10% year-on-year. On a constant currency basis, our figure is actually 34.6 million kroner.

The underlying commercial performance is, therefore, stronger than reported, and it shows strong demand. It also shows a broad customer base and a growth path that we can clearly see ahead of us.

Let me now break that down by portfolio, starting with Biomanufacturing. Biomanufacturing delivered 15.9 million kroner in the quarter.

That is 6% up sequentially on the first quarter, although it is 12% down against a very strong comparative quarter last year. I want to be really straightforward about that year-on-year number, because the story behind it is still genuinely encouraging.

The comparison is against an unusually strong second quarter in 2025, and this softness is concentrated around a very small number of accounts in one territory, rather than being a broad market signal. Across the rest of the world, the picture is one of solid, broad-based demand, with particularly strong demand across APAC.

The headline for me on this slide, though, is GMP. This was a record quarter for our GMP products, and they rebounded strongly after a slightly quieter first quarter.

That matters more than this absolute number, because GMP is the gateway to clinical manufacture. When a customer moves to GMP grade, they're committing our enzyme into a regulated process, and that's a decision that's really expensive and time-consuming for them to reverse.

GMP revenue is therefore some of the highest-quality revenue that we can generate. We're also seeing strong adoption still among CDMOs, alongside established pharma accounts and biotechs.

Put simply, this portfolio is being designed into clinical manufacturing processes at an encouraging rate, and that's exactly, of course, the kind of position we want to hold as these programs progress. There has been a change in some CDMO behaviors.

I've spent some time recently with some senior employees in these places. What they're seeing is their primary producers are introducing more milestones closer together, and the consequence of that is that they're perhaps a little less free with their spend.

Now to Molecular Tools, where the growth story is really quite striking. Molecular Tools delivered 16 million kroner in the quarter, which is up 84% year-on-year, and that is, of course, a remarkable number.

I want to give you the texture behind it rather than simply letting it sit there. A significant part of that step-up comes from our large partner returning after an ordering pattern that had a reset.

We always said that that would come back, but what's more important is what's happening underneath that account. The rest of the portfolio with other customers still grew by a healthy amount, and there is now a widening base of accounts doing between 0.5 million and 2 million kroner a year, and that base is growing across the board.

That broadening is our strategic prize. Application diversity is what turns our portfolio from a small number of large relationships into a resilient business.

We're seeing our enzymes being adopted across diagnostics, life science research, food safety, and other industrial applications. Each new application makes the next one easier doing.

The strategy that we set out is working, and the growth path here is one we expect to keep building on. Next slide.

Let me now step back and look at the first half of the year as a whole, because this is where the picture becomes really compelling. Total revenue for the first six months was 63.7 million kroner.

That is a growth of 27% against the first half of 2025, and 39% on a constant currency basis. Two consecutive quarters of strong revenue growth is not a coincidence of timing, it's a trend.

If we look at the split, Molecular Tools contributed 32.5 million kroner, up 78% year-on-year, and Biomanufacturing contributed 31.2 million kroner, which is essentially flat at -2% against a strong comparative period. The two portfolios are now almost exactly balanced in size, and that gives us a really healthy shape.

When one portfolio faces a tough comparative, the other can carry the momentum. The title of this slide is deliberate: this is growth from quality.

It comes from having more customers, more applications, more geographies, and a rising proportion of GMP-grade material heading into those regulated manufacturing environments. Those are durable foundations.

They set us up well for the second half, where we've got visibility of several programs moving from evaluation into supply. I'd like to spend the rest of my time on three of those, because they show you what the next few years can look like.

The first is a multi-year diagnostic partnership in cancer screening, and it's one of the most exciting positions that we hold. Our proteinase is embedded inside a high-growth liquid biopsy workflow, and I want to be really precise about the word embedded.

Our enzyme is an enabler of the kit, not an accessory to it. Our enzyme was selected because it's the only one on the market that performed reliably in their assay.

That is a real technical advantage that's going to be genuinely difficult for anyone to displace. If you look at the timeline along the bottom of the slide, it shows a story of steady, methodical progress.

Validation of our enzyme happened in 2021. Clinical trials ran from 2022 until the results were submitted in 2025.

This company audited our facility in August 2024 and had no major deviations. Then the milestone that they've been working for for the last five years, PMA, or pre-market approval, was granted in July 2026.

That approval moves our partnership into the commercial stage. A scale-up order has already been placed for autumn of 2026, and we hold a two-year forecast from the partner.

We've initiated a formal scale-up project on our side, of course, to meet this. The impact is twofold.

Firstly, it's a revenue driver in its own right. Also, the approval of this first kit opens the door to inclusion in future kits, which address other cancer types.

This is a broader commercial partnership, and this is exactly the compounding we're looking for. Next slide.

The second program shows how quickly our GMP launch is opening doors. A Southern European CDMO evaluated our nuclease for an in vivo CAR-T clinical trial in the first quarter of this year.

They told us plainly that consideration and inclusion depended on our M-SAN GMP launch, which is a very direct validation of that investment. From evaluation, the program moved through audit and tech transfer within the second quarter, and again, our audit passed with no major deviations.

From there, it's moved very fast, and we've already signed an 18-month worldwide supply agreement with this partner, which runs to the end of 2027. The first purchase order was placed right at the close of the second quarter.

Our forecast for the second half indicates revenue growth from this relationship. From first evaluation to signed worldwide supply agreement in two quarters is genuinely a fast cycle in this industry.

What makes this strategically important is, of course, we can repeat this playbook: audit, agreement, reoccurring orders. We're going to run with this, of course, with other manufacturers.

We're already doing so, which extends our footprint for GMP across EMEA, the US, and APAC. The in vivo CAR-T market is, of course, very hot at the moment, and we're establishing a position so that we can be ahead of the wave rather than simply chasing it.

The third example is perhaps my favorite, because it shows long-term compounding value of being designed in early and, honestly, the way that we work within the ecosystem of cell and gene therapy companies. Our nuclease was specified and designed in preclinically by a small innovative company, and validated and scaled up in their processes over several years from 2019.

That company was then acquired by a global pharma group, and crucially, our enzyme was retained through that acquisition and revalidated by this new parent in 2025. When a large pharma revalidates and keeps a component like an enzyme through integration, this is about as strong a technical endorsement as you can receive.

This program is now progressing into GMP clinical manufacture, which will run through 2026 to 2028. There is an estimated market launch in the 2028 to 2029 window.

Order value has already doubled since the acquisition, and this relationship has given us access to a global pharma organization and visibility of their other programs. This is an example of a relationship that began with a startup and design-in, and it's opened the door to one of the largest players in the industry.

That's the pattern that I'd like to leave you with. Designed-in demand compounds as programs advance towards commercial supply.

Across these three examples, we've got a diagnostic platform entering commercial launch, a manufacturing partner scaling with GMP through a signed agreement, and a large pharma program heading into late-stage clinical manufacture. Add to that a record, outside COVID, second quarter, two consecutive quarters of strong growth in a broadening customer and application base, and I hope you can see why we're optimistic about what comes next.

Thank you. I'd like to move to Børge for the financials.

You're muted. Sorry.

Sorry. Thank you, Paul and Michael, for that introduction on on kind of the good things that we've seen now through this start of the the year.

I am going to take you through some of the financial highlights, a little bit about our financial position, and some of how the expenses have been in the in the second quarter and in the first half of the year. A large part of our reported top line is, as both Michael and Paul alluded to, is influenced by currency.

I want to start by isolating that effect effect. In the second quarter, the Norwegian krone weakened against both the US dollar and the euro, compared to the start of the year, where we saw a a different effect here.

The Norwegian krone, it was still stronger, and it continues to create to create headwind on reported sales, because most of our revenues are invoiced in both euro and USD. As Michael and and and Paul stated, on a constant-currency basis, our second quarter sales, they were would have been 34.6 million rather than the 31.9 million.

That is a difference of 2.7 million, or around 8%, if we are using the same currency in 2026 as we did in 2025 in the second quarter. For the first half of the year, our reported sales would have been 69.3 million versus 63.7 million, or a 5.7 million NOK difference, or an 8% difference there as well, if we use the the same same currency.

The key message by this is that the underlying commercial performance is stronger than the reported revenue line what it indicates. Also, currency works in both directions, and we do see some cost benefits from a stronger NOK, but because our revenue exposure is larger than our FX-exposed cost base, the net effect of a stronger NOK remains negative for our profitability.

We will, of course, continue to monitor this in close, and we are evaluating how to reduce the volatility on the currency side moving forward. Looking at the operating cost base for the second quarter, and it shows a good balance between investing for growth and maintaining discipline.

Our sales revenue increased by 19% 19% year-on-year to 31.9 million, whereas our operating cost only increased by 6% to 26.5 million. This is kind of the operating leverage that we've been talking about.

Revenue growth is increasingly converting into EBITDA, because the cost base is largely fixed. You can also see that our personnel expenses were 16.2 million, up 18% 18% from the second quarter last year, and this is in line with our plan.

It also reflects the full effect of the commercial hires made through 2025. It also reflects that we have had normal salary adjustments, and we have that continued reduction in capitalization of personnel expenses, and we have also accrued a higher bonus compared to the second quarter last year.

This is also important, because this is not the new a new structural step-up in our cost base. This reflects the the resources that we have already put in place to drive the top line at the end that we did in the at the end of last year.

Our operating expenses were 8.8 million. This is actually lower than what we had last year, but we have also even though we have increased external support for growth opportunities, but the overall spend remains controlled.

We also had a currency tailwind in the second quarter of close to 0.5 million, which has reduced our operating expenses a little bit. The message here is simple.

We are continuing to invest in behind the commercial execution and the strategic opportunities that we are working on. The business is starting to see the operating leverage expected from this platform.

Growth in revenue is clearly outpacing the growth in cost. Of course, the challenge will be to continue to grow the top line on a on a on a steady basis while we keep our expenses in control.

We will, of course, invest in our expenses in in expenses and personnel, but we expect the top line to grow with a larger percentage here. Looking into the profitability, and of course, the second quarter shows a strong continuation continuation of the margin improvement that we've seen over the last year.

EBITDA was 7.4 million in the quarter, as Michael stated in the beginning, compared to 3.9 million in the second quarter last year. This this represents an increase of 90% or a doubling of the number.

EBITDA margin improved to 23% compared to 15% in the second quarter last year, and the 5% that we saw in the first quarter this year. Of course, this improvement is driven primarily by higher sales revenue, high gross margins, and also that we have a disciplined cost development.

Gross margin remains still remains strong at approximately 95%. That is important, because it means that incremental revenue has a meaning meaningful impact on the profitability of the company when the fixed cost base is already in place.

For the first six months of the year, EBITDA was 9 million, compared to a close to compared to a close to break-even at the first half of 2025. This gives us a stronger strong and of course, this gives us a stronger earning base going into the second half of the year.

Finally, turning into to our cash and financial position. At the end of the second quarter, our cash and short-term investments totaled 269 million, consisting of 190 million in cash and close to 80 million in short-term investments, which is kind of is mutual funds and interest rates funds with a low risk.

Of course, this give this puts us in a robust financial position and continues to give us the flexibility we need to execute on our strategy. For the first six months, cash has increased by 2.5 million.

Of course, this is also supported by a a a positive operating cash flow of 8.1 million, but we have also continued to invest in investments with 3.6 million in in investing activities, relate primarily related to machines and equipment. We have some financing activities, that of 2 million that is related to lease payments here.

To summarize the financial section here: Q2 demonstrates a strong revenue quality. We have improved we have improved our profit profitability, and we have a solid financial position.

The commercial investments we made through 2025 are now starting to show through the numbers, and we are well-positioned to execute on our strategy. With that, I will hand it over to Michael, who will take us through the last part of this presentation and the Q&A.

Thanks a lot, Børge and Paul. I'm going to give you an outlook and also as a summary before we, as mentioned, go to our questions and answers.

Just want to recap again our ambition and our strategic execution priorities. We are working to build a scalable, profitable growth platform, and we're seeing the first results that we are doing that successfully.

Our ambition is sustainable double-digit growth, targeting outperformance of the markets that we serve. That was clearly what we also delivered during the first half of the year.

This is going to lead to profitability, margin expansion through the operating leverage that we have also seen during the first half-year, stronger cash generation, and the financial flexibility to fund both organic and inorganic growth activities. The core priorities that we have, it is to continue to invest in scaling a high-performance commercial engine.

We've seen that it's working, we're going to invest more into commercial organization going forward, both in form of head count as well as the activity level in general. Innovation is, of course, also crucial.

We are focusing a lot on the RNA space at the moment, and we're both doing it internally as well as partnering up with partners in regards to generating application data for our enzymes. We already had a great example in Paul's presentation in regards to how we are expanding our penetration in the viral vector market through onboarding more CDMOs.

That is going to continue in the coming quarters. Diversification in regards to finding new application areas for our existing enzymes is also a key focus.

Here we're talking about the metagenomics space. Then a key priority is, as we've also talked about in the start of this presentation, is to establish ourselves as a player within the RNA IVT workflow.

There's a lot of potential within this space. I also just want to take one moment to reflect about the fact that, as a listed company, you very often focus on the next quarter, it can become rather short-term.

I was really pleased that I had the opportunity to attend a number of our business reviews with the business developers this week, where we had the opportunity also to look further into the future. There I saw one thing: I saw opportunities.

We have a number of opportunities that are of significant magnitude, not just in the coming quarters, but actually in the coming years. Paul has already talked about a couple of them, and that really gives me a lot of confidence in our ability to grow this business significantly going forward.

That was great to see. It is opportunities that can meaningfully create growth and transform the company in the coming years, not just within the viral vector space, but also within the Molecular Tools space.

One of the things that you do as CEO sometimes is that you make mistakes. I believe that one of the mistakes that I have done is to underestimate what was left in terms of growth for our Molecular Tools portfolio.

We have a lot of opportunity within that space. There's a lot more that can be done to generate growth, and we have excellent opportunities that can become significantly big, not just in regards to the cancer screening platform that Paul talked about, but also a number of other great opportunities that we are currently working with.

That's important, because that means that we have a more balanced view on the business, and the diversification is going to create a more resilient growth case going forward. The next slide, Børge, is a summary of the quarter.

We delivered significant growth both in the quarter and in the first half of 2026. We also had significant improvement in our profitability, and we also saw that the operating leverage that we have in our platform is starting to kick in in regards to 19% growth against the 6% increase in our operating expense in the second quarter.

We have the strength to do the right things, both in terms of organic growth activities as well as inorganic growth activities. We have a profitable, self-funded platform where the opportunities of growth compound as the customers scale.

The business is, in summary, in a very good place now, and we are ready to execute on our strategy, as we've done so far. With that, I would like to thank you for your attention today, and open up for the Q&A session.

All right. Thank you for that, Michael.

We have received quite a few questions online, and I will try and take through the majority of these questions here. We have one question: "China CDMOs and biotech are still in a great recovery phase.

There's a lot of funding and financing available. Are there any success for ArcticZymes in penetrating this market here?"

I think that, Paul, you can answer that.

I can take that one, absolutely. Yes, at the beginning of this year, we put in a dedicated channel manager whose main focus is working in APAC.

That person has been incredibly successful working with our established distributors, one of which we have in China. He's running a sampling program with that distributor.

China is, of course, a difficult market from a price and a competitive and patent perspective. We are making some inroads there.

I think possibly what's more interesting is some of the success that we're seeing in Japan, early-stage success. The Japanese market kind of respects the values that ArcticZymes delivers in terms of the quality and the reputation, the auditability, and things like this.

I completely agree that China is a great market, although it is a difficult market. In the short term and medium term, we see more potential in Japan.

Thank you.

All right. Thank you.

"You have highlighted that there was some timing effects on the sales and that Biomanufacturing orders fell out of the quarter. Can you elaborate a little bit on the size of these orders?"

Yes, certainly. I I can take that one as well.

It wasn't so much that orders fell out of this quarter, sorry, quarter two, it was more that we had a couple, and it really was a couple, of large orders in Q2 2025. The year-over-year just it's very difficult to make that look look positive when you have a business by cars.

We know exactly why they didn't repeat. It's a it's a simple phasing issue.

It was more that than than something not happening in in Q2, where actually we were we were delighted with the performance of Biomanufacturing across a lot of customers that are that are adopting.

Okay. Thank you for that one.

"You have also highlighted that you onboarded a new European CDMO in the second quarter. It seems as if the inclusion is mainly related to one specific customer program.

Do you see potential for this CDMO to also include SAN in their other customer programs, similar to what Oxford Bio is now using SAN in general viral manufacturing protocol, or how do you see this one?"

Again, sorry, I don't want to dominate, but I'll take that one. Absolutely.

We've got a really nice relationship with this CDMO, and in vivo customers are particularly sensitive to quality. All cell and gene therapy is of course sensitive, but in vivo customers are particularly sensitive.

We believe that they will be adopting us into and suggesting us and genuinely platforming us into more in vivo therapies as they go through clinical stages.

All right. "You said that on the large OEM customer that you have, you seem to have better visibility now on the ordering patterns here.

Can you say something about their underlying demand, excluding kind of the inventory effects? Is it higher or lower than the last year, or is it kind of same as you've seen before?"

I would describe it as broadly the same as as we've seen before, slightly slightly more. One of the three enzymes they are using a little more of.

It's it's not drastically more than we've seen in previous years. It but it's more consistent across the quarter quarters.

A little bit on the quarter-on-quarters here is on how do you see the fluctuations on the quarters to quarters in the future? Will it be less than we've seen the last year due to more customers, and therefore, are you kind of therefore less dependent on a few big customers, or how do you see this moving forward now?

Okay. That's our aim.

I would say we're nearly there. The issue is, if we take a 2, 3, 4 million NOK order, it can have a massive sway in the quarter.

Because what we do is project-based, and there are various sort of pauses and hesitation steps that customers have even when we've been adopted, those 2, 3, 4, 5, 6 million NOK orders make a massive difference. We're heading in the right direction.

I would say we're not quite out of the woods, which is why we show the trailing 12 months, for example, but in general, the direction is a very positive one because of the diversity.

I fully agree, Paul. We're still going to see some fluctuation on the quarterly numbers going forward.

Of course, as the company grows, that's going to be less of a thing. The 12 months rolling sales is a good indicator to watch.

Paul, you also said something about CDMOs working with more milestones and not having as much freedom in their spending anymore. How does this affect ArcticZymes now and in the future?

Yeah. I spent some time with some of the major CDMOs in the US as well as in Europe, and the message that I'm getting is that the producers working with CDMOs have been far more strict about what constitutes a milestone.

Previously, maybe a milestone would be 6, 9, 12 months apart, and the CDMO living up to that milestone would unlock sort of the next spend and the next payment from the producer to the CDMO, the next commitment from the producer to the CDMO. What we're seeing is now those milestones in many cases are quite close together.

What the consequence of that is, the work still progresses as you would expect, but there's a little bit more hesitation from the CDMOs to release large orders and to stock up. They're more difficult to persuade.

Now, the important thing here is that we have good relationships with these CDMOs so that we can understand what's happening and we can work with them in different ways to satisfy them. We're not being surprised often by such things because of the relationships that we're gaining.

Okay. Thank you.

In the numbers, there's a change of inventory of 0.7 million in both the first and the second quarter. Can you explain a little bit about the reason for this, and also do we expect the same levels in the second half of the year as well?

I think I can probably answer it. The answer is that this depends on what we are producing, and it also depends on the product sales that we have.

If we are producing a lot of goods, that will also impact our inventory, and we will have more in our inventory as well. To say that this is a trend is probably not correct to say, and I don't think we should expect kind of the same levels in the second half of the year.

I think that's probably the right thing to say here. It will also depend a little bit on our production and the products that we are selling throughout the quarter here.

I think we have one final question here. It's probably to you, Paul, as well.

On the cancer screening customer, the order that they placed after the quarter, can you elaborate a bit on this one? Is it a material effect on the sales, or does this cover their needs for multiple quarters, what can you say a little bit more about it?

Yeah. We are really excited about this opportunity.

As you would expect that we are. Our success, of course, is based around their successful commercialization of this product.

We have a forecast from them, and over the last few years, they've always purchased slightly more than their forecast. I would say it's not going to make a material difference in the short term.

Over the next five years, it will make a material difference. Again, as they build inventory and they go to market through their commercial partners and the kits are adopted, we expect to see a significant transformation of our revenues if they are successful.

We're already working with them on other cancer screening tests for other types of cancer. As I said during the presentation, we are embedded into their technology.

There is no other enzyme that can perform in their hands.

Thank you. I think that concluded all the questions that we had online.

I don't know any final remarks from your side, Michael, before we round up this presentation and second quarter Q&A?

No, I don't have any further remarks. Just want to thank all the shareholders for their continued support.

Okay. Thank you all, and have a great day.