Can you please give us a 30,000-foot overview of circular genomics?

Yeah, good morning, Tim, and happy to do so.

Circular Genomics is a, in a nutshell, is a private molecular diagnosis company based in San Diego.

It was founded in 2021 and is building blood-based tests for neurological disease using circular RNA.

Now, building blood-based tests for neurological diseases is not unique there are a number of companies that are doing that but what is you are particularly interesting and unique is that they are using circular rna as their base technology platform so let's start with the biology most is a linear strand with two loose ends and enzymes in the blood at break break it down within minutes to hours so cr circa rna is different it ends are joined into a closed loop, which makes it far more stable, making it easier to detect and measure in a blood sample, much easier than the linear strand.

It is also highly enriched in neurons and it reaches the bloodstream through tiny vesicles that cross the blood-brain barrier.

So it offers a stable, minimally invasive window into what is happening in the brain.

What milestones should investors watch over the next 12 to 18 months? What are the key risks that you flag? And what does your comparables work suggest about where value might be created as the company moves from research revenue toward clinical adoption?

How about if we kick things off, Robert, by you giving us a thirty-thousand-foot overview of ExoZymes?

Absolutely.

So ExoZymes is a California-headquartered biotech that grew out of research from UCLA.

The science behind the company goes back nearly a decade, so it's, uh, not absolutely new.

The core idea being the development of a cell-free biomanufacturing capability.

Rather than programming a microbe or a yeast to make a molecule, ExoZymes engineers enzymes, which it calls ExoZymes, hence the name of the company, and runs the ch-chemistry in a reactor outside a living cell.

The targets are molecules that are difficult or uneconomic to source through extraction or conventional synthesis.

What are the next steps to prove the NCT process can deliver attractive economics at a commercial scale?

How about if we kick things off, Robert, by you giving us a 30,000-foot overview of Exozymes?

Absolutely.

So Exozymes is a California headquartered biotech that grew out of research from UCLA.

The science behind the company goes back nearly a decade, so it's not absolutely new.

The core idea being the development of a cell-free biomanufacturing capability.

Rather than programming a microbe or yeast to make a molecule, Exozymes engineers enzymes, which it calls Exozymes, hence the name of the company, and runs the chemistry in a reactor outside a living cell.

The targets are molecules that are difficult or uneconomic to source through extraction or conventional synthesis.

What are the next steps to prove the NCT process can deliver attractive economics at a commercial scale?

How about if we kick things off, Robert, by you giving us a 30,000-foot overview of exozymes?

Absolutely.

So Exozymes is a California headquartered biotech that grew out of research from UCLA.

The science behind the company goes back nearly a decade, so it's not absolutely new.

The core idea being the development of a cell-free biomanufacturing capability.

Rather than programming a microbe or yeast to make a molecule, Exozymes engineers enzymes, which it calls Exozymes, hence the name of the company, and runs the chemistry in a reactor outside a living cell.

The targets are molecules that are difficult or uneconomic to source through extraction or conventional synthesis.

What are the next steps to prove the NCT process can deliver attractive economics at a commercial scale?

Generally, it's very difficult for someone with treatment-resistant depression to hold down jobs, to have the affluent wealth that you require to get into a $30,000 dosing day, and you're going to need insurances to help cover many of those costs for these patients.

Thanks for that.

Of course, Natural MedTech is being positioned more as a global company.

So if we look at the big picture, 2026 has been a really pivotal year for psychedelic medicine.

We've seen positive phase three data, President Trump's executive order, greater regulatory clarity following the FDA's finalized guidance.

And of course, major pharma interests with the recent acquisition of Atai Beckley.

So what do you think this means for the prospects and timing of rescheduling for the commercial market that NMT is building toward?

And I think that's where regulators are currently trying to figure out how they fit there and how they can roll out an Australian style model to give people access earlier, but obviously have the guardrails that are needed in a clinical setting to make sure that we have safe and effective oversight of these medicines as they're actually being rolled out into markets.