Pharming Group NV (PHAR) 2025 Q1 法說會逐字稿

Hello and welcome to the Pharming First quarter 2025 results conference call and webcast.

(Operator Instructions)

I would now like to hand over to Fabrice Chouraqui, who's CEO. Please go ahead.

Thank you. Hello, everyone and welcome to this Q1 2025 call. So, I'm Fabrice Chouraqui. I'm the CEO of farming, and I will be joined on this call today by Stephen Toor, our Chief Commercial Officer, Anurag Relan, our Chief Medical Officer, and Jeroen Wakkerman, our Chief Financial Officer.

Next slide. In this call we'll be making forward-looking statements that are based upon our current insights and plans. As you very well know, this may differ from future results.

Next slide. First of all, let me say that I had a great first three months at farming. I mean the passion and the commitment of all employees to serving rare disease patients is really palpable throughout the company, whether you are at the production facilities, at the headquarters, or with the field. And this mindset of going this extra mile is clearly part of the DNA of the company and not just a few words on a culture slide, as I've seen it actually too often.

Next slide. So, everyone is clearly determined to realize the vision that we've set for the company which is to make farming a leading global rare disease company with a diverse portfolio and presence in large markets. That leverages a proven and efficient clinical development, supply chain, and commercial infrastructure.

Next slide. Our results in the first quarter of 2025 are a good illustration of the solid growth foundation that we have built to realize this vision. We've had a strong start of the year with our total revenues increasing by 42% in the first quarter and a significant improvement of our bottom line, which supported an upgrade of our full year guidance.

So going into a little more detail, grew 49% to $68.6 million driven by a continued increase of new patient enrollment and the sustained expansion of our prescriber base, as well as a lower inventory stocking versus the previous square. Ruconest has a unique profile on the on-demand HAE market, which makes it an extremely valuable treatment for moderate to severe patients who experience more frequent and stronger attacks.

And this differentiation really explains the strong momentum and the growth prospects that we have for recon in the long term. When it comes to joint job. Revenue increased by 9%, driven by robust new patient enrollment. Upset by the impact of stocking in the last quarter of 2024 and the higher but expected gross to net adjustments invested a year ago.

The efforts to identify new patients after the initial bolus of launch is really starting to pay off with six new patients in the US this quarter, the largest quarterly increase since Q2 2024. We expect to see a sustainable acceleration of the number of new patients on join starting in the second half of the year with three clear growth catalysts to come.

First, the reclassification of VUS patients in the US. Second, the pediatric label expansion. And third, the launch in key markets outside the US which started actually with the UK just a month ago. In the first quarter of 2025, our operating loss narrowed very significantly year over year, and we even generated a profit for the third quarter in a row if we exclude the non-recurring Abliva acquisition related expenses.

So given our strong growth outlook. I believe that our ability to be disciplined financially will be as important as generating strong top line growth to unlock Silicon value creation in the near and long term. And as the first step, we've made the decision to cut GNA expenses by 15% or $10 million on an annual basis to optimize capital allocation to grow our business.

Next slide. Our pipeline continues to progress well during this quarter. Both the genetic PID and CID phase 2 studies are now initiated and enrolling patients. These two indications in patients with immune dysregulation who may benefit from a modulation of their PIK3 delta signaling pathway has the potential to propel join to a whole new level, given the much higher patient prevalences.

The clinical development team also worked very hard to resume the enrollment of the phase two registration or trial for [KL 1333 in MTD] just a few weeks after the completion of the Abliva acquisition. Before I let Anurag tell you, telling you more about this $2 billion plus pipeline opportunities, let me firsthand over to Stephen Toor, our Chief Commissioner Officer, who'll give you a more granular perspective on the strong dynamic of Ronness and Georgia. Steve.

Thank you, Fabrice. Good morning, everybody. If you could go to the next two slides. The performance so as Fabrice said, we've delivered a very strong performance in Q1. Rootes is up 49% versus prior year. This reflects the strong trend that started in early 2023 as we emerge from the disruption caused by the pandemic.

Since then, our sales teams have added new prescribers and new patients on a quarterly basis, which is translated to consistent quarter on quarter growth of nest sales. In addition to the underlying strength of the business, we also saw significantly less inventory buildup. As Bree mentioned, the specialty pharmacies in Q4, so less inventory to wash out in Q1.

Sales therefore largely reflect the demand created within the quarter. And I'm also pleased to share that our market access team also improved the number and speed of prior authorizations in Q1, enabling our patients to reorder [Ruanes] earlier than in previous years. So, these two factors combined also strengthen the [Ruanes] performance in Q1.

The key though to the past and future performance is of course Ruconest. It always starts with a good product. So next slide please. And in Rocas we have an excellent product serving all patient types, those being [type 1, type 2], and the normal C1 patient population.

All three groups, as it relates to ruins have one thing in common. They all suffer from moderate to severe debilitating HAE attacks, and they have them frequently. They've also typically failed other targeted acute therapies such as a catapan or are having to redose to resolve their HAE attack. The Ruconest delivers attack resolution for 97% of patients in a single dose is therefore a major factor in patients continuing to choose it to treat their acute attacks.

Now, as some of I've been with the company for almost nine years. So, I've witnessed firsthand the continued growth and also the enduring strength of the ruthless business. So, I can testify that as well as being a very good product, it's also the result of very deliberate positioning and discipline messaging to the needs of the more severely affected patients.

Primarily by our sales team, also supported though by the services we provide to ensure patients get covered, they get trained. And are able to benefit from Ruins confident to refuse themselves over the long term. Now on this slide, you can see an actual patient, and, in the photographs, you can see the patient at the start of an attack and then a recovery as it resolves at the four-hour mark and the 24-hour mark.

So, for patients like this, as I said, suffering with a severe course of disease, attacking frequently and having to redose on other therapies. Knowing that 97% of patients will get their attacks stopped in a single dose and almost all of them will be attacked free for at least 3 days, is critical to their decision to use ruinous. So, weakness efficacy, its reliability.

Allows our patients to better plan and control their lives. So, the severe course of disease our patients have, and our team's executional excellence is why Ruconest will continue to have a strong position in the US acute market and remain an important product for us for many years to come.

Next slide please. Transitioning now to Joenja. As Fabrice said, we increased sales by 9% to $10.5 million in Q1. And importantly, we saw an acceleration in Q1, adding six more patients, ending the quarter with 102 patients on paid therapy in the US where we've now identified over 240. Additionally, we have 187 patients on treatment globally, and we've now identified close to 900 patients worldwide. And as you'll see in subsequent slides, Yenda is still in the very early stages of its life cycle.

With many well identified opportunities to accelerate growth in the near term, including the US program rollout, a pediatric label extension, and the launch of Jo in key markets outside of the US, which actually started just this quarter last quarter in the UK at a launch meeting in London, which I had the privilege to attend. And I can share the physicians and patients there are just as excited as those in the US by the prospect of now accessing Joenja for APDS. And the potential it has to transform patients' lives with APDS just as it has in the US.

As with ruinous though, it always starts with a good product, and in Joenja, we have the only product indicated to treat APDS, serious, debilitating, and often fatal disease.

Next slide please. I think that, as you all know, APDS is a primary immune deficiency caused by pathogenic variances in either of the two genes that encode the PI3K delta enzyme. The result is the immune system doesn't develop properly, having more immature cells and less functional cells. This leads to the symptoms APDS patients suffer with, which are often serious, have a negative effect on health, quality of life, and the patient's ability to live what we might consider a normal life. Unfortunately, APDS can and often does also lead to early mortality.

So, until the development and launch of Joenja, APDS patients had no targeted or indicated medications to treat the underlying cause of their disease. Importantly, Joenja was specifically designed to correct the underlying immune defects, selectively inhibiting PI3K delta and normalizing that hyperactive pathway. Thereby restoring balance to the immune system. And in doing so, Joenja has that potential to transform patients' lives.

Next slide please. So, let's look briefly at a typical patient with APDS on Joenja and in this case, it's a 24-year-old male that we followed up over six years. On the left-hand side, you can clearly see the severity of the symptoms that this patient endured and the burden and impact it had over a prolonged period of this 24-year-old man's life.

After starting Joenja, our patient was able to stop infusions of the immune globulin, had no hospitalizations, whose blood platelets increased, and critically, the organ damage in this instance, the lungs hasn't worsened. The clinical impact means this young man has been able to walk and drive without difficulty, graduate high school and university, and has now secured a full-time job.

Results like this is what I meant when I stated on the previous slide Joenja's potential to transform the lives of APDS patients. It's also why myself personally, my team, and in fact all of farming's employees are excited for our global launches for APDS and what the molecule will deliver for patients and farming over the long term.

Next slide, please. Finally, I want to review those near-term opportunities I mentioned for Joenja in both APDS and the longer term beyond. Right now, our teams have in their hands the patients we've already found. And those remaining patients that bridge the GAAP from what we have today to the full prevalent populations in major markets around the world.

We can also look forward to some milestones that important additional op opportunity to expand that addressable patient population. And if you look at the second block on this slide, the first is our targeted geographic expansion program to key markets. As I mentioned, this has already begun with the UK launch.

And the teams are preparing for further launches on approval in Germany, France, Italy, Spain, Japan, Canada, and Australia, which means Joenja will soon be available in most of the top 10 farmer markets around the world. The second Is the outputs from the VUS resolution program which ARA will discuss later. That will deliver another bonus of APDS patients available for treatment this year and beyond.

And the third will be the pediatric indication launch in the US which is expected in 2026. We currently have over 60 pediatric patients in our US patient pipeline, and that is growing, and they will be transitioning into as soon as that indication is improved.

Those are all significant near-term opportunities. In addition to that, though, as you see in the final two blocks of this slide, Leos for APDS is only part of our story. Trials have also been initiated using [leooid] to treat PIDs with immune dysregulation, including CVID, which, while still a rare disease with the prevalence of 40 patients per million. Transitions line from a small ultra rare disease molecule to one with blockbuster sales potential.

Thereby creating a lenioship franchise delivering significantly greater value for all stakeholders in the coming years. So, we and our teams have a lot to be excited about. With all that said, I'll hand over now to our Chief Medical Officer Anurag Relan, whose teams are critical to driving these programs forward to provide us with an R&D update.

Thanks Steve. Let's turn now to those growth drivers you were talking about, including beginning with those near-term opportunities that we can see on the next slide. So, as you heard from Steve, Joenja can have a real impact on patients' lives. But one of the problems in diagnosing APDS happens when the result of the genetic test shows what's called a variant of uncertain significance or a VUS. In fact, we found more than 1,300 patients in the US alone who have received such a result. This happens because the variant is new and there isn't enough information about that variant to know if that variant is actually.

Variances and screen those variants for PI3K hyperactivity. The results, which will be published soon, will show that many of these variants actually do lead to hyperactivity of the pathway and can eventually cause these variants to be reclassified as causing APDS.

The next step in this process will be for genetic testing labs to review the data from this academic lab and the publication, reclassify these patients, and then inform the doctors of any changes to the previous reports that showed these patients had a VUS.

We expect that together all of this will lead to the identification of many new APDS patients later this year, as you heard from Steve. On the next slide, we can see some of the other opportunities that we have in terms of bringing lens to more APDS patients in several key markets across the world and to expand the addressable population.

To support geographic expansion, we have a number of regulatory applications underway in several key markets across the world on the left. With the EMA European Medical Agency, we have a single outstanding CMC request, and we remain on track to respond to this in January 2026, which could then allow for approval soon afterwards.

We heard from Steve. We already have MHRA approval, and we launched the drug there. We also have approval in Australia and an application under review in Canada. In Japan we expect to file mid this year. And then I think one of the other important things you heard from Steve is the pediatric need in APDS. This is a genetic disease that where symptoms begin early in childhood and given the progressive nature of treatment is critical.

To address this, we have a program with two studies that have actually completed enrollment now, and we intend, based on the results of the first study to be able to file with FDA in the third quarter of this year with an expected six-month review of this efficacy supplement.

Once we have the data from the second study, we'll follow a similar path to be able to bring Joenja to even younger patients. And then in the next couple of slides I'll be talking about the two phase two studies we have underway to expand the use potentially of [leos] even further to additional primary immune deficiencies.

And you see that here now on this slide where we're looking at using [gleosi] for primary immune deficiencies with immune dysregulation. To advance to the next slide. There we go. This is this group of patients of primary immune deficiencies with immune dysregulation is a group that's similar to APDS with their clinical features, the unmet need, and early mortality. It's also a group that's significantly larger than APDS.

But the rationale for setting millennials up here is very clear. The PI3K pathway in lymphocytes plays a clear role in the dysregulation seen in these patients, which drives the lymphoroliferation and the autoimmunity. It's actually the same approach that we have that we've seen be successful in treating ATDS patients or modulating that enzyme to address the immune dysregulation.

We also have a positive experience and a handful of patients who've been treated with leosis now for more than six months as part of the compassionate use request that we've received from physicians across the world.

So now we have two phase two dose range finding studies underway, one in a genetically defined group of primary immune deficiencies and the other in what's called CVID or common variable immune deficiency, both with these hallmarks of immune dysregulation, and we expect the first results from these studies to be available in mid 2026.

And on the next slide you can see the 3rd molecule that we have in our portfolio. Which is KL 1333 for primary mitochondrial disease. This is a disease of impaired energy production due to mitochondrial DNA mutations which cause fatigue and muscle weakness in these patients, which you can see described in the quote from the patient on the right.

This is being developed now for primary mitochondrial diseases with these, which is a group of rare disorders where these patients have these mitochondrial DNA mutations. There's a large number of these patients already diagnosed in the US and large European countries, and they're usually treated at centers of excellence and part of a large, advocacy group.

KL 1333 addresses the underlying problem by normalizing the NAD to NADH ratio, which is abnormal in these patients, and we have a registration enabling study underway with endpoints that have been supported by regulators, including FDA. We've already completed a blinded interim analysis in which both endpoints pass utility. And we've also, as you heard from Fabrice, restarted recruitment in the second wave of this study and expect readout in 2027, which with potential approval later in ['28].

And now on the last slide here you can see our expanded pipeline which will provide significant growth prospects beyond Rukun and HAE and Joenja and APDS. Across this portfolio, we can use our rare disease expertise and development infrastructure to bring products to patients where there is significant unmet need. I'll turn it over to Jeroen now to review the financial performance.

Thank you very much, Anurag. Good afternoon. Good morning, everybody. As you've seen in the previous part of the presentation in the next slide, please.

Q1 was a very strong quarter for farming. The revenues grew by 42%, driven by Ruconest growth of 49% and Joenja by 9% versus Q1 last year. And the key growth drivers were additional demands for both Ruconest and Joenja from increased numbers of patients and the sustained expansion of our prescriber base.

The gross profit is up 50%, which is the result of the additional revenues, and a gross margin improvement of 4% to 89%. Operating expenses increased because of the non-recurring Abliva acquisition related expenses of $7.8 million. Excluding those one-off costs, [OpEx] would be $70.4 million which is well below the Q4 2024 OpEx level and in line with our guidance.

Again, adjusting for the I believeva non-recurring costs, the operating profit was [$0.8 million]. The net loss was $14.9 million and that increased loss was primarily due to the non-recurring I believe acquisition related expenses, most of which were non-tax deductible. And the net results were also impacted by foreign exchange exposure and increased tax costs.

The cash and marketable securities decreased since the end of 2024 by $60.5 million to $108.9 million and that was primarily driven by the purchase of the Abliva shares totaling $66.1 million. We had a positive operating cash flow in the quarter for the third quarter in a row, even with the non-recurring [Abliva] cost included.

On the next slide, we see the financial impact of the Abliva acquisition. So, we completed the acquisition of Abliva via a public cash offer to the shareholders to acquire all outstanding shares for approximately $66.1 million in March 2025. You see the immediate financial consequences on this slide.

As I mentioned before, the non-recurring acquisition related expenses were $7.8 million, and that is the bridge between the GAAP operating loss and the adjusted non-gap operating profit on this overview. The acquisition was accounted for as a business combination with substantially all of the value of the acquisition concentrated in one single asset, KL 1333.

The acquisition price is allocated on our balance sheet to the fair value of the acquired identifiable assets and liabilities, and the access is recorded as goodwill, and you see the numbers on the slide. Moving on to the next slides, on the financial guidance on the back of the strong Q1 results and the outlook on the remainder of the year, we raised the 2025 total revenue guidance to between $325 million and $340 million up from the prior guidance between $315 million and $335 million.

And this new guidance implies a growth between 9% and 14%. We expect operating expenses to be flat versus last year prior to the impact of Abliva, and we expect $30 million in Abliva related operating expenses, and that includes research and development costs and non-recurring transaction and integration expenses.

Available cash and future cash flows is expected to cover the current pipeline investments and pre-launch costs, and that hasn't changed since the last guidance.

With that, I would like to hand back to Fabrice to close the Presentation.

Thank you. Jeroen. So, as you've heard, I mean, we are off to a strong start of the year which is fueled by the continued strong growth of re and acceleration of new patients on Joenja, the largest increase since Q224. As a consequence, we are raising our full year guidance.

And we are also setting the foundation for strong financial discipline with as a first step, the decision to decrease the annual GNS spend by $10 million on to optimize capital allocation and drive sustainable growth. We also we also continue to invest in our pipeline with the objectives to generate two blockbusters. The potential new indication for PIDs with immune deregulation are an opportunity to see expand joint addressable patient population beyond APDS.

And KL 1333 and mitochondrial diseases is another asset with a billion dollar plus revenue potential. So, as you can see, we are building a solid platform for sustainable growth and value creation with a series of Kea catalysts in the short and nearer. I personally believe that today more than ever, our goal to develop a leading rare disease company is really enriched.

Let me finish this call by thanking sincerely Jeroen Wakkerman, our Chief Finance Officer, for his contribution to the growth of farming of the past four years.

With this, I'll open the line for questions.

(Operator Instructions)

Jeff Jones, Oppenheimer.

Good afternoon, gentlemen. Thank you for taking the question and congrats on a great quarter. Jeroen, one quick clarification for you on the financials. Can you clarify on the flat OpEx for 2025 pre-Abliva while reducing GNA by $10 million, should we be then thinking about the $10 million adjusting into say R&D or how should we think about that?

So yes, so as I said actually this is really an adjustment that we're making on GNA, so general administrative expenses to really optimize the capital location to drive the growth of our business further. So clearly the goal is not to touch R&D, not to touch our commercial expenses, which clearly are the engine of the short- and long-term growth.

Got it. I appreciate that. And then, one thing that is obviously a topic of a lot of discussion right now is the potential for tariffs with the US. And given your European manufacturing and most of your sales in the US, can you comment on how you're thinking about this at this point and the opportunities for mitigation?

So obviously I mean we don't have the details you know on the size and on the scope of those potential import tariffs so it's very difficult to comment without the specifics. What I can say is that we've been working to evaluate a range of scenarios to see really how we can mitigate the risk and the impact of potential tariffs.

This could include, I mean, adjustment in our supply chain in our manufacturing, adjustment in our custom price, I think it's too soon actually to go into more details, but, our goal is to be proactive, so we have a set of options, if, this actually, come, becomes a reality.

I appreciate that. I'll jump back into the queue.

Thank you.

Joe Pantginis, H.C. Wainwright.

Hey guys, good morning and good afternoon. Very nice to see the continued growth in the assets and looking forward to the expansion of the pipeline. So two part question if you don't mind. So first, I wanted to get a sense, and this is one of the obvious questions with regard to product growth.

Know potential impact on tariffs right now and on your supply chain, and as part of that you saw nice Ruconest growth in the first quarter. Just curious how first quarter insurance and Medicare resets might have impacted that. And then the second question is maybe for Stephen, as you're looking to continue to drive new doctor.

Signing on for Ruinest. What are some of the key educations or, they need to wait to see more factors before they actually sign on for Ruconest. Thanks guys.

Steve, would you like to comment actually on the Medicare reset and the growth?

Absolutely. Thank you, Fabrice. Morning Joe. Thank you for the two questions. So just on Medicare, clearly, as you're aware, the IRA and out of pocket expense impact bottomed out this year, which is good for patients.

I would say that it certainly didn't hurt us, but it wasn't a major factor in our growth, Joe. The growth, as I said, just came from the underlying strength of the brand, but the trend, but also the focus that we have on those severely affected patients. So yeah, had some impact, but it wasn't major, for us and certainly not for ruin us.

In terms of what new doctors like to see, I would say in those, these centers of excellence or or those locations where physicians have a bigger patient base.

Then we're already very well positioned for patients that are attacking frequently and, for whom other medications just are working or they happen to redose a lot. In some of the other practices where we see growth in prescribers, it's often where they only have one or two patients. So it's really the point at which they get reviewed. So it's not the positioning or the profile of the product, it's more the opportunity for that position to actually use.

Which I think is one of the factors why, aside from the execution stuff I mentioned, you see that consistent growth, pre-pandemic, and then you see it return again when the office is reopened and we're able to get back out there and remind physicians of exactly where root can sits within the market. So, I think, does that answer the question for you, Joe?

Yeah, it certainly does, Steve.

Thank you. We will take our next question.

Alistair Campbell, RBC.

Thanks very much, everyone. Thanks for taking my questions today. Just a couple please. First of all, on Joenja, so a few things happening in 1, but maybe if you could just help me understand, as we think about price evolution from 2024 to 2025, what do you think that the true underlying net price evolution will be in the US?

Secondly, on the [VU] US opportunity, maybe you talk through a bit more detail about. The process of getting those patients transferred on to therapy and how quick you think that can come through or is that going to be a bit of a slow build maybe just touch on that. Then finally for your own good luck in the future your own. Maybe one last question before you head off given the dynamics on tax, obviously loss making Q1, but a tax expense in Q1, can you help us understand what we should be expecting for the full year?

Thank you.

Thank you, Alistair for this question. So, I'll let first Jeroen answer the tax question and then see if Steve, can, provide actually a caller on just two questions on Joenja.

Yeah, thanks, Ali for the question. In terms of the tax line, in Q1, it was, really affected by three key things. One was the, I believe, related cost that they were, non-tax deductible. Then we had some share-based, payment costs that are also non-deductible, so that increases, obviously the effective tax rate.

And we had a release of a deferred tax assets, from the past. Now those topics are all one-offs, apart from share-based compensation that will increase a little bit, but most of it is one-off. So the high tech, cost that we had in Q1, is a one-off, and we don't expect that to continue in the remainder of the year.

Thank you.

Thank you. Yeah, I was there, so just in terms of you asked about net pricing evolution, we expect roughly [75% to 76%] of our pricing action to flow through to the net line this year. And then in terms of approval evolution, I think, as you've seen both within the US but also globally in key markets, we've continued to build the funnel. Now, and we've seen an acceleration, as both the reason I mentioned earlier in the call in patients coming on to pay therapy in Q1, which was really nice to see.

And that really that reflects everything that we've put in place and the support services and the reimbursement services, etc. To convert patients as quickly as possible. The good news is that the vast majority of patients are being converted relatively quickly once they're enrolled.

And with very little, market access barriers being put in place. One would imagine, the severity of the disease, the lack of treatment options, and the fact that this is the only indicated product of big factors there. But as I said in previous calls, it's not linear. You have patients, these are very complicated patients with all kinds of comorbidities, we also, as I mentioned, have a lot of pediatric patients who simply don't qualify right now. So it's not linear. There has been consistency though, and, as Q1 was great to see, and, we expect to see. More and more patients converting through the year.

And they're very confident in that. Does that help Alistair?

Yeah, it certainly does. Maybe Stephen, can I quickly come back? You're talking about 75, 76 flow through to net this year. I mean, how would that broadly compared to what you saw in 204?

It's obviously gross the nets are quite complicated, and they affected by different things. I think it's probably, slightly better in the book of business lends itself this year in terms of utilization of government versus commercial, patients. So I think, without having a direct comparison for it, it's probably slightly better than last year.

Okay, great, thank you.

(Operator Instructions)

Simon Scholes, First Berlin.

Yes, good afternoon, thanks for taking my question. I've just got one, just on the gross, oh sorry, on the GNA cost reduction. I mean, given that revenues are going to be presumably going to be continuing to grow quite strongly. Reducing GNA cost by $10 million is not going to be that easy. I was just wondering what elements of GNA you expect to be able to reduce, which elements you're targeting in particular.

Thank you, Simon, for your question. I mean, at this stage, I cannot comment actually on the detail of the plan and as soon as I can, I'll share more. It is indeed actually, an ambitious plan. I believe it is, something that we hope to do. I mean our ability, as I said, to manage, to ensure that we get the.

The best return on every euro, every dollar we invest is absolutely essential to unlock a second value creation. We have a great growth outlook and, it's both about top line and bottom line if we want to optimize the value creation. So, we are we're doing that exercise, we're finalizing that exercise and when I can share more, I'll share more, but, this is the target that we've set $10 million dollar, on an annual basis.

Okay, thanks very much.

Unless there are any further questions. I'd like to hand back to the speakers now, thank you.

Listen, with this, I think we're going to close our call. Thank you so much for your interest in the company. Thank you for your questions. We look forward to. Updating you on our plans and, probably I'll see many of you, in person through one-on-one meeting or at investor conference in the coming months.

Thank you very much.

Thank you. That just concludes today's conference. Thank you for participating. You may now disconnect. Speakers, please stand by.