Greetings and welcome to Steakholder Foods Limited Business Update Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to your host Mr. John Mills with ICR. Thank you. You may begin.

Great. Thank you, Melissa. Good day, everyone, and thank you for participating on today's Business Update Call for Steakholder Foods. Today's call is being recorded. And joining us today is Steakholder Foods' Co-Founder and CEO, Arik Kaufman and Steakholder Foods' VP of Finance, Moran Attar. Certain comments made on the call include forward-looking statements, which are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1985. These forward-looking statements are based on management's current expectations and beliefs concerning future events and are subject to a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Please refer to the company's filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any of the forward-looking statements made today. Following our prepared remarks, management will take questions from the investment community. Now, I will turn the call over to the CEO of Steakholder Foods, Mr. Kaufman. Please go ahead, sir.

Thank you very much, John, and hello, everyone, and welcome to today's call. As part of our ongoing commitments to transparency, we continue to hold these semiannual investor calls to keep the investment community apprised of our activities. We value this regular opportunity to provide you with insights into our progress and strategic direction. In the first half of 2024, we've made significant progress in executing our business model shift that began a year ago. Our new approach focuses on two key revenue streams, selling our 3D printers in association services and selling our meat and fish premix blends to businesses in foodservice industry. This piece was towards the B2B approach has yielded impressive results. We are proud in the first half of the year to have successfully inked our first recurring revenue strategic agreement, a milestone that was swiftly followed by three similar agreements. Importantly, we achieved these agreements while reducing our operating expenses by more than 50%, largely due to the completion of the major phase of our R&D work. This rapid succession of deals coupled with a reduction in expenses as we move from development to commercialization not only validates our new business direction, but also establishes solid foundation, sustainable profitable growth. Now I'd like to highlight the four commercialization agreements we've secured to date. These agreements represent significant milestones in our growth strategy and demonstrate the market's receptiveness to our innovative solutions. While it's still early in the implementation phase, we're excited about the potential of these agreements hold. Based on our projections and the scale of our partners operations, we believe these deals have the potential to drive substantial recurring revenue growth beginning in 2025. Moreover, they serve as powerful proof points that we can leverage to attract additional partners and expand our market presence.…

Thank you, Arik. As Arik said with the recent signing of the Commercial Cooperation Agreement with Wyler Farm, ITRI, Sherry Herring and Premazon. We expect to generate our first commercial revenue in late 2024 or early 2025. I'm pleased to report significant shift in our financial profile reflecting the successful completion of our major R&D initiative. For the first half of this year, our R&D costs were $1.6 million compared to $3.6 million in the same period last year. This represents a 54% year-over-year reduction as we have now transitioned to a safe focus on promoting, optimizing and diversifying our newly development technologies. This not only demonstrates the formation of our innovation effort, but also allows us to operate efficiently. Moving forward, we anticipate R&D expenses to stabilize this lower level as we focus on refining our supporting and supporting our existing technologies infrastructure. Additionally, our marketing and general and administrative expenses were also reduced for the first half of 2024 compared to the prior year period. Marketing expenses was $700, 000 in the first half of 2024, a reduction of 56% from $1.6 million in the prior year period. The reduction was primarily due to a lower public relation and manpower cost. General and administrative expenses decreased 9% from $2.2 million in the prior year period to $2 million in the first half of 2024. Our net loss decreased by 54% to $4.4 million or $1.10 per ordinary share compared to $9.5 million or $5 per ordinary share in the first half of 2023. The decrease was primarily driven by the reduction in R&D and marketing expenses. Our cash management was strong with net cash used in operating activities decreasing to $4.4 million for the first half of 2024 from $7.5 million in the prior year period. We entered the first half of 2024 with $5.4 million in cash and equivalents compared to $4.2 million at the end of 2023. Now, I will return the call back to Arik for closing remarks.

Thank you, Moran. The company remains committed to executing its growth strategy with a clear focus on securing additional commercial deals and promoting current deals, expanding market reach and launching new product application. We're pleased to report that our momentum is building as we approach the people that face in our company's trajectory. Production is set to commence shortly, bringing our products to market and providing tangible proof of our concept. We expect this real world validation to act as a catalyst for securing additional deals and agreements. Furthermore, we're making good progress towards finalizing a global commercial agreement, which we hope to announce in early 2025. These developments collectively strengthens our position outlook for future growth. And with that, I would like to open it to any questions.

Thank you. At this time, we'll be conducting a question-and-answer session. [Operator Instructions] Mr. Mills, at the moment, I'm seeing no phone questions.

That's correct, operator. I'm not seeing any questions on the webcast as well.

Thank you. At this time, we'll conclude our question-and-answer session. Mr. Kaufman, I'll turn the floor back to you for any final comments.

Thank you very much. So, first of all, I don't know how many people attended this call, but thank you for each one of you that have attended this call. Just wanted to emphasize the fact that as I said in the past, the last years were challenging not only to us I think but to each growth startup out there. But I think that we are beginning to see positive signs also like Steakholder Food also like on a global level. So hopefully once we will initiate production and our products will begin to be out there, we will attract more customers, maybe we'll be able to secure more global deals. As I said, we are aiming to secure our first one by the beginning of next year. I just wanted to emphasize that we are doing everything that is possible to make this company succeed. So thank you very much for joining this call and have a great day.

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation. End of Q&A: