Q3 2022 EQRx Inc Earnings Call
The conference will begin shortly to raise your hand during Q&A you can dial star one one.
[music].
Okay.
Yeah.
Good morning, and welcome to the Q Rx third quarter 2022 financial results Conference call.
At this time all participants are in a listen only mode.
Later, we will conduct a question and answer session.
Please be advised that this conference call is being recorded.
I would now like to turn the call over to Neal <unk> head of Investor Relations.
Thank you operator, and good morning, everyone.
Earlier today, we issued a press release, providing an overview of our third quarter 2022 financial results and our recent corporate progress a copy of this release and presentation to accompany this call are available on the Investor Relations section of our website at investors got EQ Rx dotcom.
Joining me on the call. This morning are Melanie military President and Chief Executive Officer, Jamie Rubin, Chief Financial Officer, and Dr. Eric Hedrick, Chief physician executives.
Before we get started I would like to remind everyone that some of the statements. We make on this call and information presented in the slide deck include forward looking statements.
Outlined on slide two.
Actual events and results could differ materially from those expressed or implied by any forward looking statements as a result of various risks uncertainties and other factors, including those set forth in our most recent filings with the SEC and any other future filings that we may make with the SEC.
You are cautioned not to place any undue reliance on these forward looking statements and EQ Rx disclaims any obligation to update such statements I will now turn the call over to Melanie.
Thank you for taking the time today to join our third quarter call as we shared significant updates.
Our late stage pipeline, our go forward strategy in light of regulatory guidance, and our robust capital positioning and deployment now.
And in the coming quarters and years ahead.
To begin on slide four over the last several weeks, we have had multiple discussions and written communications with the FDA around possible path to approval for our most advanced medicines, I'm alert and sugar amount of milk.
We now have the feedback and clarity on the agency's position to make decisions for both programs.
For <unk>, we have.
Have a clear understanding of the fda's position on a path for.
Potential U S approval.
This incorporates advice from the FDA entered the trial designed to bring this potentially best in class compound to patients and drive commercial revenue in the U S. As early as 2027, following our first expected UK and EU approvals and commercialization in 2024 timeframe.
Positive data for our recently initiated phase <unk> study could support the use of an alert neck in combination with chemotherapy as potential future standard of care and possibly also as monotherapy in the U S population.
We had been hopeful that an interim comparison of the two monotherapy arms with support and near term filing, thereby and getting our alert neck to U S patients as expeditiously as possible.
But do not expect filing in the U S for amyloid net before 2027.
For sugar Allomap with chemotherapy on its own there is no commercially viable path for stage four non small cell lung cancer in the U S.
The evolution of the Fda's position on applicability involve.
Also requirement for a second trial with an overall survival based non inferiority study versus currently approved checkpoint inhibitors.
This study would require a significant percentage of diverse American patients and no interim readouts would be acceptable.
While we do not agree that this is in the best interest of American patients. It is clear that the time cost and fundamental feasibility of such a study makes this indication not commercially viable in the U S.
We do believe approval in <unk> is still possible in the U S and what bring tremendous benefit to patients. However.
However, it is not as significant commercial opportunity sugar.
Sugar Allomap has obtained breakthrough therapy designation in this indication and we are in ongoing discussions with the agency.
We continue to have confidence in this program and based on its strong phase III data, including robust overall survival benefit expected to play a commercial role outside the U S.
The reality is that this clear pathway in commercial opportunity for <unk> in the U S as directed.
By FDA feedback requires us to adapt and shift to a market based pricing strategy for both of our lead assets <unk> <unk> and they are cyclical in the U S.
First supporters of.
New disruptive model and for the U S portion of our global buyers Club partners.
This was not what we were planning for it together.
Instead of having sugar Allomap and <unk> be the first approved product to deliver to our partners in the U S. In the 2023 2004 timeframe as was our original goal theyre not able to serve the role of near term catalysts for U S buyers club.
We will continue to look for additional options to bring value to our partnerships.
For our investors. This means the revenue gap for us in the near term given the additional time now required to bring <unk> to market in the U S and the potential effects on then current pricing due to the inflation reduction act it will make more sense to take a market based pricing approach for <unk>.
While this shift in our pricing strategy for these two programs is different from our original intent. We believe it will allow us to focus more resources on our development and regulatory efforts for <unk> and there are cyclical and to bring these therapies to patients while maximizing economic value.
For our shareholders.
Okay.
As you see in slide five the existing data and underlying clinical characteristics support what are now our two lead programs I'm alert nib and they are cyclical.
They both have advantageous toxicity profiles that may separate them from other drugs in their respective classes, thereby potentially making them more combinable and potentially important backbone therapies.
We believe the future of standard of care in Egfr positive non small cell lung cancer will be combinations.
Given the strong phase III efficacy data, we have in hand compelling CNS activity and its favorable Tolerability. We believe I'm alert nib continues to have significant potential as a best in combination Egfr inhibitor.
Similar to our malignant our next in line oncology drug candidate at layers to clip also has the potential to be a best in class backbone therapy based on data generated to date and over 300 patients layers to clip our CDK <unk> inhibitor in licensed from <unk> Therapeutics and <unk>.
With Carolina has the potential to be clearly differentiated from other CDK <unk> inhibitors due to its favorable tolerability and the ability to continuously dose.
In our early stage portfolio, we are developing a number of new molecules in collaboration with our drug engineering partners for potential best in class molecules. We anticipate that some of these will be beneficial combination partners for the above mentioned backbone therapies.
As mentioned earlier outside of the U S. We continue to make great progress towards regulatory filings with both <unk> and sugar Allomap in Europe , and the U K and in our conversations with payers and health systems to help create broad access to these innovative therapies once approved.
As a reminder, we submitted our filing for marketing authorization in June of this year at our molybdenum. It's currently under review by the NHRA, We expect to file with EMA in 2023, we're anticipating our first stroke amount of submission to be accepted in the U K by the end of this year with an additional filing with EMA.
Expected in 2023.
We recognize the significance of maintaining our cash position and are tightening our expenses, but the plan that our runway will extend into 2028, we expect to end this year with more than one 4 billion in cash and we plan to provide a more comprehensive update on our pipeline expenditure.
And business in Q1.
I will now turn the call over to Eric who will discuss <unk> and lower cyclic in more detail Eric.
Thanks, Molly I would like to provide some additional detail on the development and regulatory path for <unk>.
Lewis likelihood expanding upon these comments in your introduction.
So for both of these agents to be best in combination drugs in their respective treatment areas.
These areas evolve towards a novel combination therapies.
With regard to Elm alert.
Our third generation Egfr inhibitor.
Let me outline the current path towards monotherapy approval in various territories around the world.
Outside of the U S. We have made considerable progress in advancing applications for monotherapy approval.
The finding in these territories based on the compelling clinical benefit demonstrated in the pivotal phase III study.
<unk> versus <unk>.
In the first line treatment of metastatic Egfr mutated non small cell lung cancer conducted by okay. So.
Our filing in the U K is currently under review and we anticipate acceptance of filing in the European Union by early 2023.
As Melanie you noted it has become apparent that initial approval in the U S could be predicated on the final results of our ongoing phase III in Q1 dollars 43, 301 study, which is evaluating the combination of chemotherapy.
Compared to <unk> and alloy and brokerage firms.
We believe that the results from this study could support both combination and monotherapy indications in the U S.
However, we no longer believe that an interim comparison of the monotherapy arms will address applicable it concerns and thus support.
On the therapy filing in the U S based on the phase III data.
It is important to note that the treatment of patients with advanced Egfr mutated non small cell lung cancer is likely evolving towards combination therapy.
The combination of chemotherapy with the envelope.
<unk> is being evaluated in the phase III study I, just mentioned represents part of that possible evolution.
However, with the elucidation of the mechanisms of resistance to third generation Egfr inhibitors, and the development of targeted agents addressing the main drivers of resistance.
Including Egfr met by specific antibodies and fourth generation small molecule inhibitors targeting Egfr C 797 S.
Novel combinations with third generation Egfr inhibitors may also have a significant place in the treatment landscape for this disease going forward.
In this light we believe that <unk>.
With the safety and Tolerability profile differentiated from all other Egfr inhibitors based on the lack of wild type Egfr inhibitory activity at both the parent drug and they mature metabolites has best in combination potential.
Additionally, as CNS activity in protective effect is likely to be of Paramount importance in combination the definitive CNS protective effect demonstrated in the pivotal phase III <unk> trial, potentially lends well to the effectiveness of our malignant based combinations.
We plan to fully explore a combination development strategy with ALM alert nib as the armamentarium for Egfr mutated non small cell lung cancer evolves.
Regarding litter are cyclical.
We're encouraged by continuing clinical trials experience with the CDK four and six inhibitor.
We believe that lira cycle. It is likely to be differentiated from other currently approved CDK four six inhibitors on the basis of Tolerability and the ability to dose continuously without planned treatment interruptions or unplanned dose reductions due to toxicity.
In the previously presented results from the dose ranging phase one two trials sponsored by <unk> Therapeutics, and which 150 milligram dose was tolerated without the need for planned dose interruption due to neutropenia, thus differentiating from Pampa cycle to drive recycler and.
The relative absence of dose limiting Gi toxicity, which accounts for the frequent dose reductions required with the battery recycling.
The early experience with <unk> and the ongoing ETR ex sponsored multi regional phase II trial in either first or second line ER positive metastatic breast cancer appears to confirm the ability to dose continuously without the need for dose interruption of reduction.
Going forward, we plan to further the development of <unk> in the treatment of advanced ER positive breast cancer mindful that the management of this disease in the future is likely to evolve with the emergence of a number of novel hormonal agents in development.
Additionally, we plan on developing their site glib with other estrogen in other estrogen.
Settings, such as the Phase III study of later cycle, plus anti estrogen therapy in metastatic endometrial cancer, which we anticipate will begin in 2023.
In addition, our preclinical pipeline and drug discovery focus continues to be on medicines that are potentially complementary to an evolving combination treatment landscape in these diseases with programs focused on <unk>, a selective <unk> one inhibitor in egfr met by specific.
<unk> antibodies.
I will now turn the call over to Jamie for a financial update Jamie. Thank you Eric moving to slide eight in summary of our third quarter 2022 financial results can be found in the press release that we issued this morning more details will be included in our 10-K filing.
We ended the third quarter of 2022 with $1 $5 billion in cash cash equivalents in short term investment.
Total operating expenses were $90 million $40 million for the same period last year for.
For the first nine months of the year. Our total operating expenses were $255 million up from 101, five year ago R&D accounted for 62% of our operating expenses this quarter.
To advance our portfolio.
Nickel trials across all stages of development.
Of note our cash burn was $181 million for the first nine months of this year based on our current trend, including the clinical activities to support our pipeline and our decision not to pursue the large head to head sugar mill in that trial in the U S. This quarter, we expect our total cash burn to be well under $300 million for the year.
Which will bring our expected total year end cash balance to more than $1 4 billion.
As we look to 2023, our shift in U S strategy for our two lead assets necessitates the adjustments to our annual expenses to a level that is more appropriate for our pipeline and new U S timelines.
We expect to hold our annual cash burn to be flat over the next several years a significant reduction from our previous plans with the caveat that additional assets brought into in licensing our product acquisition efforts with potentially change our forecast.
This will allow us to extend our cash runway into 2028 compared to our previous guidance of 2025, specifically.
Specifically the key drivers are principally that we will no longer pursue sugar allomap plus chemo for stage four non small cell lung cancer in the U S, including the large head to head study, we had planned which will lead to cost avoidance of approximately $200 million. In addition, we will postpone plans for commercial activities in the U S.
For the next several years.
We are also focusing our early stage R&D investment on the most promising drug candidates that we believe will provide a differentiated profile importantly, we expect that our extended cash runway will allow us to get to a key clinical and regulatory milestones in the U S. I will now turn the call back over to Melanie. Thank.
Thank you Jamie we will conclude on slide nine in a short period of time, we have been able to assemble an excellent portfolio of innovative therapies in development for some of the most prevalent cancer and immune inflammatory indications.
These assets were in license because of the compelling clinical profiles validated clinical data and ability to kick start our global buys club.
Of course, it would have been preferable if sugar of Allomap and all the alertness could've activated the bias club in the U S. Along the same timing as what we're expecting for our launches in the UK and Europe .
However, with <unk>, we have two drug candidates that have strong efficacy data and due to the specific design and associated favorable tolerability can separate themselves from other options in their respective classes as backbone therapies with best in combination potential.
Our development and commercial approach outlined today represents a compelling investment opportunity and the best path to bringing these drugs to patients.
That along with our intriguing early stage pipeline one of the largest untapped cash positions among early to mid stage biotech companies and a team of talented drug developers industry leaders and investors puts us in a strong position and we adapt our go forward strategy in the U S.
We've just given you a high level vision for what our company will look like in the future, but theres a lot more to come.
Thank you.
As a reminder to ask a question at this time, you will need to press star one on your telephone.
Please stand by while we compile the Q&A roster.
Our first question comes from the line of Steven <unk> with Cowen. Your line is now open.
Thank you.
I have a very basic question, but since EQ Rx has always embraced the volume focus strategy I guess I am not clear on why you are abandoning.
The overall strategy in the U S. At this point I appreciate there have been setbacks, but some had to have been expected and given that the company is thought to have.
10, 2050 drugs why does a setback in one or two lead to abandoning the strategy entirely.
Completely sympathetic to the fact that the first two drugs, where those that had the setbacks but.
That doesn't really in my opinion justify abandoning the entire strategy. The limited degree to which the pipeline has been built over the past 12 months I think is the biggest disappointment.
The inevitable product setback, so any thoughts on that basic question what would be helpful.
Yes. Good morning, Steve This is Melanie I'll I'll take both of your questions first of all I want to be really clear that we are not abandoning the strategy and in its entirety and so just to be really clear because of the feedback that we have.
Just received and the extended timelines.
We are using a market based pricing approach for <unk> in the U S. Only.
We are not we have not made any determination around our pricing strategy for other assets in the U S.
And I want to be clear outside of the United States, our conversations with payers and health systems continue to progress really well and therefore, we maintain that the ability to get significantly greater volume and greater share in exchange for lower prices is still what.
We are pursuing.
And so I want to I want to just make sure Steve.
We're still of the opinion that we can achieve an important goal, which is to get our medicines to as many patients as possible, but we also have to be realistic Steve that we now have a revenue gap for a number of years, where we had counted on that revenue to come in.
Now with regards to the portfolio.
I want to be providing a little bit of additional detail.
We have as you know in licensed the first set of clinical assets because of the strong clinical data. We saw a couple of years ago. When we brought them in because of their potential to activate the global bias crop as you will know the notion of then really ramping up the pipeline is.
<unk> on our efforts in what we call our Rx creation portfolio.
Those are.
New molecules that we're designing from scratch against targets that we have selected because we believe that they can be best in class and quite frankly very much on an earlier timeline then.
Some of the in licensed assets that we've just talked about and that.
That portfolio of earlier stage assets as you know is very significant we have seven different partners and with every partner we have at least one molecule of course that we're pursuing so you can imagine that this becomes quite large very quickly the first filings from that portfolio.
<unk> are expected by 2024.
Thank you.
Thank you.
Our next question comes from the line of <unk> with Jefferies. Your line is now open.
Hi, This is Amy unfair cost thanks, so much for taking our questions.
Just a couple on I guess, starting off can you clarify what you mean by market based pricing strategy.
And then another one can you kind of reiterate your confidence in ex U S filings and how discussions are going given that we've seen some instances like with Hudson at that EU decisions are seemingly following suit with U S.
He comes to Generalizability Netflix.
And then another one on cash burn what are the major changes leading to the extension of cash runway from 2025 to 2028 and then can you go over your updated average cost per program now thanks, so much.
Thank you Amy so much for the questions. This morning. This is Melanie I'm going to I'm going to start off with your first question on what do we mean by market based pricing first of all let me just.
One really important piece up there which is.
What we are now talking about especially when you think about the timing for our monarch net in the U S that several years from now and I just want to make sure that we all remind ourselves that we don't know entirely what pricing in that category of Egfr.
<unk>.
Inhibitors is going to look like 345 years from now, especially given the IRI and potential changes there having said that the way I think of market pricing is and in fact I'll go back to something Steve asked just earlier, we continue to maintain that ultimately what we.
One is to get our medicines to as many patients as possible and so market based pricing for us means that we are going to be competitive in the class and going to make sure that we're going to take major share. That's ultimately the goal and so we're going to make sure that our pricing is.
Set up in such a way to to achieve that what it doesn't mean, it's 60% or 70% production just to be really clear it doesn't mean that.
With regards to ex U S filings, we continue to make really good progress there and I'll hand, it over to Eric in a moment.
And we are encouraged by the conversations that we've been having with regulators outside of the US Eric do you want to provide some more detail.
Sure. Yes. This is derrick.
I would I would put it this way.
Where.
Filing in multiple territories for two drugs on the basis of phase III data, that's definitively shown efficacy and safety of these drugs and so the proceedings, thus far with regulators outside the U S have been very typical.
Typically when you have drugs that are safe and effective.
Been established and well run randomized phase III trials.
While that data.
Can you discuss the conditions over approval with the regulators so.
<unk>.
The proceedings outside the U S.
In my view have go on in a very typical fashion right and that's in contrast to into the U S. But I would say that there is nothing unusual given the drugs we have in the data we have.
That's occurred in our regulatory proceedings outside of the U S. If I just can quickly jump back.
Remember in the U K NHRA has given us innovation passport designation, which comes with a faster review for both I'm alerting and show them Allomap and what we wanted to provide you with today is a when we're expecting the first acceptance of the filing for sugar Allomap with MH already by the end of <unk>.
This year and then we wanted to make sure that you were aware of the fact that email filings are anticipated in 2023.
And Amy Thank you for your question on our extended cash runway that work.
To that first point I want to make is that there aren't that many companies with the cash runway that lap out to 2028, and we are doing everything we can to make it last but also balancing the need to invest in our most important programs.
So how do we get there we have ample opportunity to adjust our spend with some of the key following factors being number one our decision to prioritize amo in zero number two our decision to discontinue <unk> plus chemo in frontline lung I had mentioned.
Script that is that will remove $200 million.
It had been potential cost, we also don't need to scale the pipeline that fit the needs of the global buyers club, nor do we need to fund pre commercial activities in the U S. We will provide more specific guidance around our spend early next year, we are still refining our budget and need board approval.
Yeah.
Okay.
Great. Thank you so much.
Thank you.
Our next question comes from the line, Chris Schott with Jpmorgan. Your line is now open.
Great. Thanks, so much for the questions I just was trying to follow up on the shift to market based pricing. So as we look out to 2027.
What is <unk> going to have to build from a sales and marketing standpoint versus what was originally envisioned through the global buyers club as we think about this kind of pivot and model and maybe just following up on earlier question, let's see if it posed.
I appreciate kind of the model has changed here, but I guess why would a market based pricing strategy makes sense for these lead assets, but this I guess the lower price model that you had originally envisioned might make sense for future assets I'm, just trying to kind of understand like.
Why we have this kind of hybrid model potentially in the U S. As you think about development versus just moving to a completely market based model going forward. Thanks, so much.
Yes, Chris.
This is <unk>, let me start out and then.
Jamie can add to my remarks, so the.
The development.
Past that we've just outlined for both <unk> and there are sick clip is really to focus on these in a much more comprehensive way than what we have previously described as you recall, what we were trying to do is we're trying to get alert nib as monotherapy.
In the U S to patients as quickly as possible and as you rightly mentioned via the pull through model and our agreements with the worst payers and health systems that we have agreements with and by the way just short pause here as a reminder, we currently have.
A.
Set of partnerships that cover over 210 million lives and are still making great progress on adding to the number of lives and as you recall, we had a pretty high goal for the end of this year and so that was the original goal to get.
Nib as monotherapy.
In the first line to patients as quickly as possible. What we've just outlined essentially is a program where we wanted to do that and move very quickly to where the standard of care evolves and what Eric laid out very nicely is that we believe that that doesn't just include the <unk>.
Combination with chemotherapy. It will include the combination with other fourth generation Egfr inhibitors potentially.
A met inhibitor on met by specifics could be in there. So we are seeing this as a more comprehensive go to where the standard of care goes Lewis. The club is a very similar situation and part of the reason we wanted to outline not just the fact that we have data in hand that makes us feel.
<unk> really strongly about this program, but also talk about endometrial cancer.
That is an area, where we still have.
Really high unmet need again, it's a different way of thinking about the development of best in class best in combination and that's the reason why we're saying we're going to.
Just to a market based pricing, we do not believe that that means lower volumes just to be really clear.
And just let me add to that Craig.
Again, the way I would think about it.
Market based pricing essentially made pricing in line with market leaders and just so that you understand this applies to zero and onno.
And in terms of how we are thinking about selling these assets just like any conventional biotech model. We are going to build a sales force. When the time comes we're going to be efficient about it small focused oncology field force to generate share avoid but essentially what that means is pricing in line with market leaders with a conventional.
For us at the time that we will be focused.
Great. Thanks for that clarification, if I can just ask one quick follow up on the your partners in the U S. I don't know if you had a chance to.
Articulate this initial model and obviously, there's been some change in the regulatory pathway, but how are you expecting your partners to react at least on these initial assets to the.
The strategy.
Yeah, Chris I'll take this this is Melanie <unk>.
First of all I do want to remind us of a couple of important things here.
Our partnerships of course are centered around the commercial arrangement, but they are so much more I'll just give you a few examples one of our largest partners we have laid out.
An entire development program, where they help us identify patients and we anticipate that that will very favorably.
Impact our enrollment speed in one of our largest studies that we have planned to initiate and so that's an example, where it just goes beyond just the commercial arrangement as you know we also have partnerships, where we have direct access to EHR data and we are using.
That real world data both to identify patients for our clinical trials, but also to ensure that we fine tune what our clinical development strategy is again. This is our partners being invested in how we can advance our model like <unk> I want to be key.
Clear this is not where we want it to be we wanted to bring our partners.
Our first two drugs in the 'twenty three 'twenty four time frame along with our partners outside of the U S. But we have to face the reality, we need approved drugs to do that and right now the guidance that we have received and as I said earlier that we do not believe is in the best <unk>.
<unk> of patients because these drugs are malignant sugarman allomap have strong phase III efficacy and safety data that absolutely supports their use but ultimately we do need an approval from the FDA to use them in the U S.
Thank you. Our next question comes from the line of Chris.
Kristina <unk> with Goldman Sachs. Your line is now open.
Good morning.
<unk>, Thanks for taking all my questions.
I have two if I may.
Sugar was still kind of thinking on stage.
Are you still planning to file for this indication in the U S.
When would you expect with online and second given all of the update.
This morning, So can you help us think through the key assumptions in the model in key items in the P&L et cetera.
Okay.
Yes.
Yes.
This is Eric.
Thanks for the question you asked about stage III disease for sugar mental map I believe and so.
The situation is that we are anticipating a survival analysis of that system sponsored phase III trial in 2023.
<unk>.
Be mindful that that.
Trial design differs a bit from.
Other drugs in this and.
In this category and that includes a population of patients treated with chemo radiotherapy in the sequential model right.
Believe that that's an area of unmet need.
And so that trial has some unique.
Design and population features to it in contrast to other checkpoint inhibitors.
Currently for that indication and so the bottom line is we will wait the survival results when those results come in.
We'll evaluate.
That data with respect to.
<unk> filing possibilities in the U S and in other territories.
If I heard your question correctly.
To answer that.
I think the question was just given all the puts and takes in the news. This morning, how would you think about how would you think about the model and valuation and if I were in your seat here is how I would think about it if you take a step back and you look at our average share price of the last six months or so it's been roughly $5 a share $3 of that.
<unk> cash $2 represents enterprise value with amo in charge.
You're seeing that as a framework I would think about it in the following way number one take out U S yogurt allomap.
Number two I would push out U S. Amo by two to three years number three I would add <unk>, which we view as one of our core leading assets and are excited about it and see it as equally valuable as Arno number four and perhaps most importantly to your model, we would take out the 60% discount and assume market based pricing.
Each drug and and lastly, and also importantly, just given our cash runway update. This morning, we would take I would take your operating expenses down.
Well, let the market decide what that's worth but thats sort of a framework in terms of how I would think about it.
Okay.
Thank you.
This concludes the question and answer session I would now like to hand, the conference back over to Melanie military for closing remarks.
Thank you operator to summarize with the FDA clarity on <unk> and sugar sugar Allomap now in hand, we're confident in our adaptive strategy and promising portfolio of late and early stage assets led by <unk>, both of which have the potential to be best in combination.
<unk> and backbone therapies with the support of our strong balance sheet. We believe this path forward will create value for all stakeholders over time and I just want to thank our partners and health systems that have.
Come forward and are poised and ready to act to ensure that more innovative therapies can get to patients all over the world. Thank you for listening and have a great weekend.
This concludes today's conference call. Thank you for participating you may now disconnect.
Yes.
The conference will begin shortly to raise Johan during Q&A you can dial one one.
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As Johan during Q&A, you can dial one one.
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