Q3 2024 Pharming Group NV Earnings Call

Okay.

Yeah.

Operator: Good day, and thank you for standing by.

Speaker Change: Good day and thank you for standing by welcome to the farming group N V. Three cute 'twenty 'twenty four results conference call and webcast.

Operator: Welcome to the Pharming Group NV 3Q 2024 results conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star, one, and one again. Please be advised today's conference is being recorded.

Speaker Change: At this time all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session.

Speaker Change: Asked a question during the session you will need to press star one on your telephone you will then have an automated message advising Johann just raised to withdraw your question. Please press star one on one again.

Speaker Change: Please be advised today's conference is being recorded.

Unknown Executive: I'd now like to hand the conference over to your first speaker today, Simon DeFries.

Speaker Change: Like to hand, the conference I put your first speaker today Simon Jefferies. Please go ahead.

Simon DeFries: Please go ahead. Thank you very much, and good morning. Good afternoon, ladies and gentlemen. Welcome to our reserve school.

Speaker Change: Thank you very much and good morning, good afternoon, ladies and gentlemen, welcome to hours at school.

Simon DeFries: I'm happy I'm here with the, please use my colleagues here, Stephen Toor, Chief Commercial Officer, Anurag Relan, our Chief Medical Officer, and you can welcome him on our Chief Financial Officer, and we will take you to the results and obviously answer all your questions.

I'm happy I'm here with the <unk>.

Speaker Change: They just use my colleagues here Stephen <unk>, our Chief commercial officer underwrite ground, our Chief Medical Officer, and you can walk him, our Chief Financial Officer, and he will take you through the results and obviously answered all your questions, but before I do not like that the next next slide I'd point you to the forward looking statements.

Simon DeFries: So before I do that, I'd like to have the next slide and point you to the forward-looking statements because during this presentation we will be making usual forward-looking statements, which of course are expressions of our expectations, which can differ significantly, of course, from future results.

Speaker Change: Because during this presentation, we will be making the usual forward looking statements which of course.

Speaker Change: Expressions of our expectations, which can differ significantly of course from future future results.

Simon DeFries: So, having said that, I would like to start with the next slide, and you see a slide of my face there, and you'll see, no doubt, the announcement that after 16 years here at the helm, which is actually precisely next week, I have been informed by the Board of Directors that I will not be available for reelection. You know the companies in great shape today, so we have, and I'm reaching a beautiful age of 65 next week, so it would be a good moment to basically hand over the helm to a successor who can continue to build a company as we have been over the last few years into this rare disease company that you know we are building as we speak with a great pipeline and with a global geographical, geographical presence. And having said that, I would like them to know the next slide because they can see how we are going to build that.

Speaker Change: Having said that I would like to start with the next either ucs side of my face there.

Speaker Change: No doubt the announcement that.

Speaker Change: After 16 years.

Speaker Change: At the helm, which is actually precisely next week.

Speaker Change: I have informed the board of directors that Ivo and not be available for reelection.

Speaker Change: The company is in great shape today.

Speaker Change: So we have and I'm wishing a beautiful age of 65 to the next the next week. So it would be a good moment to basically hand over to helm.

Speaker Change: Do a successor, who can continue to build the company.

Speaker Change: We have been over the last few years into this.

Speaker Change: Rare disease company.

Speaker Change: Our building as we speak with a great pipeline.

Speaker Change: With a global geographical overlap with geographical presence.

Speaker Change: Having said that I would like them to node to the next slide because they see how we are going to build that.

Simon DeFries: Reconace obviously on the slide number 5, please on the next. Reconace of course the pillar of the company has been the pillar for a long time and you see the results of Reconace continues to grow more prescribers, more patients using Reconace that in this increasingly competitive territory and your demand market resulting in a plus in the three quarter results of more than 64 million dollars and you know almost 173 million dollars for nine months in 2023. So in other words, Reconace delivers significant cash lobes from which we can actually, you know, build that company and build that portfolio and build out our commercial presence with, of course, Joanne Childe and Yola Cip, the first and only FDA approved treatment for APDS, a new ultra rare immune disorder rare under our ground. I will speak to you later on about, and you see the revenues are marching quite nicely for ultra rare. The launch to actually make 32 million dollars in the first nine months of this year, which is, of course, an incredible growth, which last year is no mean feat. And of course, it's a new disease, ultra rare, so we'll talk a little later about the way is how we find these patients and about what's going on with regards to the deferred exploitation of additional markets beyond the currently approved UK U.S.

Speaker Change: <unk>, obviously on the slide number five cities.

Speaker Change: On the next Rick message of course that the pillar of the company has been the pillar for that for a long time, you'll see the results as we can ask continues to grow more prescribers more patients are using <unk> in this increasingly competitive rytary angioedema market, resulting in a <unk>.

Speaker Change: And the three quarter results with more than 60% almost $64 million.

Speaker Change: And almost $173 million for nine months in 2023, so in other words deliver significant cash flows from which we can actually build that company and build that portfolio and build out our commercial presence with Joanne <unk> first.

Speaker Change: And only FDA approved treatment for <unk> a.

Speaker Change: Our new ultra rare immune.

Speaker Change: Immune disorder, where under a ground will speak to you later on about how you see the revenues are marching quite nicely for ultra rare launch jets, we make $32 million in the first nine months of this year, which is of course, an incredible growth versus last year is no mean feat and of course thats immune diseases.

Speaker Change: So we'll talk a little bit later about the ways, how we find these patients.

Speaker Change: And about whats going on with regards to the charter expectation.

Speaker Change: Additional markets beyond the currently approved U K U S and in Israel and of course the.

Simon DeFries: and A. and Israel. And, of course, the extension of the label with our pediatric patients. And then on the right hand side, of course, I'm very excited that we have been able to start a phase two in a way bigger indication for another primary and efficiency for the other side. And Anurag will speak to that later on as well. And last one of these, as you well know, we continue to be focusing on extending the portfolio further with an emphasis on in-licensing or acquiring clinical stage with proof of concept, clinical proof of concept opportunities and other rare diseases.

Speaker Change: Extension off label by with our pediatric rare pediatric.

And then on the right hand side of course, we're very excited that we have been able to start a phase II and in <unk>.

Speaker Change: Bigger indication, Florida, another primary immune deficiency for any other segment.

Speaker Change: And Rocco will speak to that later on as well.

Speaker Change: Boston Northeast as you well know we continue to be focusing on extending the portfolio further with an emphasis on.

In licensing or acquiring.

Speaker Change: Clinical stage with proof of concept clinical proof of concept opportunities in other rare diseases to both games further leverage our commercialization presence in the U S. UK.

Simon DeFries: To be able to gain further leverage, our commercialization presence in the U.S., UK, Europe, and also the future as Microsoft, Japan, and Australia.

Europe and also in the future markets like Japan and Australia.

Simon DeFries: And when you do the next slide, you see the pipeline depicted in the visual disease beginning to look like something. You know, we are in these markets with Rubenst and Joenja. And obviously, you see there the graphic depiction of the further rollout of Lenni Olisip for APDS. And on the bottom, you see that the phase two stage when Lenni Olisip is for the subsequent indication of PRDs with immune discrimination. So we're beginning to build that pipeline. And we're, of course, working very hard to extend it with additional assets that actually build that portfolio further and leverage our commercialization infrastructure and ability to do clinical trials and get regulatory approval further.

Speaker Change: The next slide to see the pipeline depicted in the individual disease. The gaming into it look like something we are in these markets with the <unk> in Georgia, and obviously you see there the graphic depiction of the further rollout of the <unk> for <unk> and on the bottom you see that the phase II stage.

Speaker Change: Well any of those effects for the subsequent indications vips with immune dysregulation.

Speaker Change: We're beginning to build that pipeline and we're working very hard to extended the additional assets that actually build that portfolio further and leverage our commercialization infrastructure and ability to do clinical trials to get regulatory approvals and before I hand over to Stephen to talk about commercial results I would like to show you one thing.

Simon DeFries: And before I head over to Stephen to talk about commercial results, I would like to show you one thing. And that's the next slide. That is way to see, you know, an enormous incredible number of products that are available here for heritary and Judeema patients. So it's really good news for heritary and Judeema patients in the U.S. mainly we're talking about yet. That was so many products available. There's a lot of, there's a lot of prophylactic therapies available here. And there's a lot of, there is, of course, acute products available as well. There's, of course, one outstanding product that is Rukines.

Speaker Change: That's the next slides.

Speaker Change: That is why you see.

Speaker Change: Amazon incredible a number of products that are available have for heritage and Judy My patients. So it's really good news for Harris every inch of DMR patients in the U S. Meaning we're talking about here.

Speaker Change: That's where so many parts available there's a lot of.

Speaker Change: As a matter of prophylactic therapies available here and there's a lot of there is of course acute products available as well there is of course, one outstanding product <unk>. That's the explanation why recommenced.

Simon DeFries: That's the explanation why Rukines is so strong, and Rukines continues to be so strong and will in the future continue to be so strong. Rukines is high dose protein replacement therapy. And all the products that you see there that are being on the markets and the main ones that are being used for the treatment of acute attacks for hereditary and Judeema and breakthrough attacks. All the ones that act on the color cleaning independent pathway, drug cleaning, color cleaning pathway. And a good example of that experience here, it catches that which is by far the biggest volume of products used for the treatment of acute attacks.

Speaker Change: Strong demand continues to be so strong and will in the future continues to be so strong recognized as high dose protein replacement therapy and all the progress that you see that being on the markets and the megawatts that are being used for the treatment of acute attacks aeritalia in Geneva and breakthrough attacks are the ones that act on the Pelican.

Independent rather keeping telecommute buffet.

Speaker Change: Good example of that <unk> talked about which is by far the biggest volume off products used for the treatment of acute attacks. There is drawbacks associated with this approach these products are not IV.

Simon DeFries: There are drawbacks associated with this approach. These products are known IV, which Rukines is and of course all our patients are very confident to do IV cell injections. But these products are for incidents of quotations.

Grouping assays and of course all of our patients are very confident to do IV self injections, but these products are for instance, subcutaneous and there is new.

Simon DeFries: And there is new; there's that is potential news on the horizon. All opportunities that are being actually reviewed by the FDA and our clinical stage to actually address the acute attacks. However, these oral opportunities are tested in patients that are actually responsive to periods here. And that is a big, big difference here in terms of patients that were serving with Rukines. Every patient that Rukines, that uses Rukines, doesn't use Rukines because they can because they must. IE, they are not responding to periods here e-cati-bound therapy. Hence why you can see there's a clear segmentation in the market where Rukines serves its own segment on the severe end of the markets.

Speaker Change: Potential news on the horizon or opportunities that are being actually reviewed by the FDA and our clinical stage direct you to address the acute attacks.

Speaker Change: However, these are all opportunities are tested in patients that are actually responsive to periods here and there.

Speaker Change: That is a big big difference here in terms of in terms of patients that Resurfaces you connect every.

Speaker Change: Every patient at <unk> that uses <unk> doesn't use <unk> because they can because they must I E. They are not responding to various <unk> therapy. Hence why you can see there is a clear segmentation in the market that <unk>.

Speaker Change: Serves its own.

Speaker Change: <unk> on the severe end of the market and that is of course in relative terms patients while a relatively modest segment, but it is a segment where patients are very severely afflicted with the disease a lot of the so called type III patients, which are the more severely affected and have recently been developed.

Simon DeFries: And that is, of course, in relative terms, patients wise are relatively mother segments. But it is a segment where patients are very severely afflicted with the disease. A lot of the so-called type three patients, which are the most severely affected. And it has recently been developed and has recently been, you know, acknowledged and discovered. And there are more and more coming. And that's exactly where Rukines with this unique motivation action, IE, looks all the pathways, serves the purpose, and we continue to serve the purpose, and serves as unique as the second dose. of patience. That is why we are confident, and we've seen the results of that after all those years in the market, more than 10 years in the US market, by looking at continued and continued, and will continue to be the main stay under our company, delivering those cash flows which enable us to confidently develop the further growth potential of the company to us the future.

Speaker Change: And has recently been.

Speaker Change: Technology and discovered and where.

Speaker Change: More and more are coming and Thats exactly where I recommenced with its unique mode of action I E locks all the phosphate serves a purpose and will continue to serve the purpose and serves as unique as seconds ourself patients that is why we are confident we will see the results of that after all those years in the market more than 10 years in the U S market by weakness continues.

Speaker Change: And continues and will continue to be the mainstay under our company delivering those cash flows which enable us to continentally develop the verdict growth potential of the company to us in the future.

Stephen Toor: And we said that I would not now hand over to Stephen to take us through the commercial aspects of the business in the ourselves. Thank you Simon, morning everybody, if you can move to the next slide please, thank you. I think Simon did a really nice job at describing their our patient population and why Rookiness is used, and that is, of course, as you can see on this slide, why Rookiness is the second most prescribed acute product in the US market. And really that talks very much to the features there, it's an IV, it gives a bolus of C1 so it's highly effective, it's very quick acting and Simon said that that's really critical for the patient population, patient population, we serve that as a more severe cause of HAE, it doesn't respond well to the alternative therapies.

Speaker Change: I would not come I'll hand over to Stephen to take us through the commercial aspects of the business and the results Steve over to you. Please.

Stephen: Thank you Simon good morning, everybody.

Stephen: To the next slide please thank you.

Stephen: I think Simon did it did it will not show, but describing there are patient population what reconnects issues.

Stephen: That is of course as you can see on this slide what we can see is the second most prescribed acute product.

Stephen: In the U S market.

Stephen: Yes.

Stephen: Very much. So the features there it's an IV it gives a bolus of <unk>. So it is highly effective very quick acting.

Speaker Change: And as Simon said Thats really critical for the patient popular patient population. We said that is a more severe course of HMA it doesn't respond well to the alternative therapies.

Stephen Toor: It's also important to remember that the environment in an environment where current future options may not serve that severely effective population as well as to why Rookiness will continue to endure and why we continue to be confident in the Rookiness growth story in the US. We also continue to grow our prescriber base, and that's important to mention. We have 57 new prescribers this year, and we're heading towards 800 in total. And that perhaps also, that success is also best demonstrated through our leading and lagging metrics, all of which experienced double digit growth this year, including new enrollments which gained momentum. In fact, we had over 100 in Q3, and that's up 25% versus gray year.

Speaker Change: It's also important to remember that the environment in an environment with current and future options may not serve that severely afflicted population.

Speaker Change: As to why weakness will continue to endure and why we continue to be confident in the growth story in the U S.

Speaker Change: We also continue to grow prescriber base. That's important I mentioned, we have 57, new prescribers. This year, we're heading towards 800 in total.

Speaker Change: And then perhaps.

Speaker Change: Yes.

Speaker Change: The success has also been demonstrated through our leading and lagging metrics.

Speaker Change: Each experienced double digit growth this year, including new enrollments, which gained momentum we had over 100.

Speaker Change: In Q3, and Thats up 25 for simplicity.

Stephen Toor: And all of this translates into around 12% revenue growth for the year so far, which is outperforming last year, where we were at 10% revenue growth.

Speaker Change: With all of this translates into.

Speaker Change: Around 12% revenue growth for the year, so far which is outperforming last year, where we were at 10% revenue growth. So the next slide please.

Stephen Toor: So, next slide please. So moving to the Geo Angel launch, we achieved, as you know, a strong initial start to our US launch and that growth stated, which was expected as we come towards our next pending big inflection points. Over the 18 months since launch, we found approximately 50% of the known patients, which the prevalence suggests exists, and of those, 25% of pediatrics, so they'll begin therapy when we get that indication of the eligible patients. The eligible adult patients, we have 93 on paid therapy, and we have five pending already in this quarter, pending insurance authorization, which has been going very, very smoothly.

So moving to the joint launch we achieved as you know a strong initial start to a U S launch.

Speaker Change: Gross studies, which was expected as we as we come towards our next pending big inflection points.

Speaker Change: Over the 18 months since launch we've found approximately 50% of the known patients, which the prevalent suggest exists.

Speaker Change: And of those 25% of the pediatrics, so they'll begin therapy, when we get that indication.

Speaker Change: Eligible patients the <unk> patients, we have 93 unpaid therapy and we have five pending already in this quarter pending insurance authorization, which has been going very very smoothly.

Stephen Toor: And as we continue to find patients and process the adult patients not yellow therapy, it's important to note that our next significant growth opportunity, these are reflection points, will be the launch in the UK where Geo Angel was recently approved, the potential influx of the US patients in 2025, and then those pediatric patients I mentioned in 2026. So, while we had an initial strong growth, which is stated in that adult population that we can serve, we have those three big inflection points coming along with global launches beyond that. So for patients outside of the US, and you can see here that it's approaching 900, it's important that many of those are in the various of our access programs, over 20% in fact. And as we roll out approved laws and launches globally, they'll become eligible for reimbursed. So all of that translates so far to $32 million in sales year to date.

Speaker Change: As we continue to find patients and process that'll patients go on therapy.

Speaker Change: It is important to note that our next significant growth opportunities over three points will be the launch in the UK with where <unk> was recently approved the potential influx of the U S. Patients in 2025, and then those pediatric patients as I mentioned in 2026, so while we had the initial strong growth, which has steadied and that.

Speaker Change: I don't population that we can serve we have those three big inflection points coming with global launches beyond that.

Speaker Change: So for patients outside of the U S and you can see here, it's approaching 900.

Speaker Change: It's important to note many of those are in.

Speaker Change: Various of our access programs over 20% in flex.

We rolled out of approvals and launches globally that will become eligible for reimbursed treatment.

Speaker Change: So all of that translates sofa to $32 million associated to date.

Stephen Toor: And then the final section of this slide shows, we also continue to drive development of growth opportunities for outside of APDS markets without teams working on a life cycle management opportunities. For Lenny Overship, the molecule outside of APDS, and they have significant potential value to our patients and our customers.

Speaker Change: And then as the final section of this slide shows.

Speaker Change: We also continue to drive development of growth opportunities for outside of IPD markets, where that team is working hard on lifecycle management opportunities.

Speaker Change: Lenny overstate the molecule outside of <unk>, so they have significant potential value to our patients and our customers. So with that I'd like to hand over to a CMO gorilla to talk more about those opportunities.

Anurag Relan: So, with that, I'd like to hand over to our CMO and Anurag Relan to talk more about those opportunities. Thank you. And if we see on this slide, let's start by reviewing some more details about our activities in APDS. And as you see here, we have a number of strategies to help find and diagnose new APDS patients. And first on the left side on the education front, we continue to share and present new data on APDS, including the seriousness of the condition and on the use of one of those in these patients. And you see a number of conferences where we have shared this data, including just last week at the European Society for Union Deficiency meeting in France.

Speaker Change: Thanks, Steve.

Speaker Change: If we see on this slide let's start by reviewing some more details about our activities in Atvs and as we see here, we have a number of strategies to help find and diagnose new Aps pesos.

Speaker Change: First on the left side on the education front, we continue to share and present, new data on <unk>, including the seriousness of the condition and only use of when you're also in these patients and you see a number of conferences, where we have shared this data, including just last week at the European Society for immune deficiency the gate.

Speaker Change: Thanks.

Anurag Relan: In the middle, you can see here a number of programs that we have to help diagnose new patients. And that includes our sponsored no-cost testing program, our work and family testing to help identify additional patients from family members of affected patients. And lastly, on the right, and most importantly, we know there are a large number of patients with so-called variants of uncertain significance. And these are patients that have a genetic test result that has not been classified as having APDS or not, but they do have a mutation or a variant in one of the two genes that leads to APDS.

Speaker Change: In the Middle you can see here a number of programs that we have to help diagnose new patients and that includes our sponsored no cost testing program, our work and family test data to help identify additional patients from family members of affected patients and then lastly on the right and most importantly.

Speaker Change: We know there are a large number of patients with so called variants of uncertain significance and these are patients that have a genetic test result that has not been classified as having atvs.

Speaker Change: I do have a mutation or a barrier.

Speaker Change: One of the two genes that leads to Aps.

Anurag Relan: We have a number of initiatives now in this work to resolve these patients with the U.S. We are actually doing a functional testing study with these patients to help get their blood samples re-analyzed, and be able to tell if there is pathway activation or not. And a large scale project that we have, and that's called the May Project, which is actually scheduled to complete this quarter, will help us determine systematically and to be able to analyze all possible variants in these two genes. And we expect that, based on these results and based on the initial results that we have so far, that up to 20 percent of patients with a variant of uncertain significance could turn out to have APDS.

Speaker Change: We have a number of initiatives now in this work to resolve these patients with the U S. We're actually doing a functional testing study with these patients to help get their blood samples really analyzed.

Speaker Change: To be able to tell if there is a pathway activation.

Speaker Change: And then kind of large scale projects that we have enough coal the main projects, which is actually scheduled to complete this quarter will help us determine systematically.

Speaker Change: And to be able to analyze all possible areas in these two genes and we expect that based on these results and based on the initial results that we have so far that are up to 20% of patients.

Speaker Change: With a very incremental certain certificates could turn out to have a DBS. So you could imagine quickly by doing the math there that this could lead to almost a doubling of the currently diagnosed atvs population within a short period of time.

Anurag Relan: So you can imagine quickly by doing the math there that this could lead to almost a doubling of the currently diagnosed APDS population within a short period of time.

Anurag Relan: And on the next slide, we can see the sources of future growth for the children. First of all, we continue to make progress in addressing the CHMP remaining CMC requests. And as we mentioned previously, the CHMP had already concluded positive clinical benefit and safety with when we almost said the MAPDS patients. And as Steve mentioned, we also have the UK marketing authorization just last month. We are also making progress in our filing in Japan, and we expect that we will be able to file in May of 2025. We continue to receive numerous requests from doctors to access money-holes in other markets where there isn't regulatory approval, and we are providing that to our expanded access programs that evokes name-patient programs. Steve also mentioned the Israeli marketing authorization, and we also have reviews ongoing in Canada and Australia.

Speaker Change: And on the next slide we can see the sources of future growth for Gilenya.

Speaker Change: First of all we continue to make progress in addressing the CHP remaining CMC request.

Speaker Change: As we mentioned previously.

Speaker Change: <unk> already concluded positive clinical benefit and safety with when we listed.

Speaker Change: Ah patients.

Speaker Change: And as Steve mentioned, we also have the UK marketing authorization just last month we.

Speaker Change: We also are making progress.

Speaker Change: Finally in Japan, and we expect that we will be able to file in mid 2025.

Speaker Change: We continue to receive numerous requests from doctors to access renewals. They are in other markets, where there is regulatory approval and we're providing that through our expanded access programs.

Speaker Change: Named patient programs.

Speaker Change: <unk> also mentioned the Israeli marketing authorization and then we also have reviews ongoing in Canada and Australia.

Anurag Relan: And very importantly, we have now our first pediatric study where enrollment is completed, and we expect results shortly on that. And on that basis, we will be able to file, we think, by mid or the second half of 2025, to expand the indication to a younger population down to the age of four. This is very important for the progressive disease earlier on. It's logical, and we're working hard to getting these patients' potential access to Georgia at a younger age.

Speaker Change: Very importantly, we have now our first pediatric study where enrollment is completed and we expect results shortly on that and on that basis, we will be able to file we think by mid.

Speaker Change: Through the second half of 2025.

Speaker Change: To expand the indication to a younger population down to the age of poor. This is very important for atvs because as you know, it's really a pediatric diseases. The disease that starts in early childhood of course being able to treat a progressive disease earlier on is logical and where we.

Speaker Change: Working hard to getting these patients potential access to Joanne.

Speaker Change: Younger age.

Anurag Relan: And then we'll talk a little bit more on the next study that we've just started, which is the use of money-holes in primary and new deficiencies, where there isn't any indis-regulation. And on the next slide, we can see the work that we're doing there. And this work is work that we think there are significant opportunities to develop when you also have been other primary immune deficiencies. And experts really have come to us and say that there's a significant unmet need here, and there's a potential for when you listen to us address this need. And in fact, they've been coming to us with requests to obtain access already, because it's been, in fact, before we had the study up and running.

Speaker Change: Then we will talk a little bit more on the on the next study that we've just started which is.

Speaker Change: Use of millennials in primary immune deficiencies, where there is immune dysregulation.

Speaker Change: And on the next slide we.

Speaker Change: You can see the work that we're doing there.

Speaker Change: And this work is work that we think there are significant opportunities to develop when you also the other primary immune deficiencies and experts really have come to us and say that there is a significant unmet need here and there is a potential linear elusive to us address this week and it's actually been coming to us with request to obtain access already.

Speaker Change: This is a big impact before we got the study up and running and we actually have some use in renewals.

Anurag Relan: And we have to look at some use in renewals, use of renewals that are in, so called fantastic use cases, and these patients actually are doing well with signs of disease improvement. And this group of primary immune deficiencies are a broad group of disorders that often have a genetic basis. And the key aspect is the immune dysfunction as well as the immune dysregulation. The dysfunction leads to the increased risk of infection, and the dysregulation leads to young complications such as lipopuloperation and autoimmunity. And again, these are features that we also see in APBS. And unfortunately, they also share with APBS the high morbidity and mortality.

When it rolls in.

Speaker Change: So for compassionate use cases, and these patients actually are doing well with signs of disease improvement and this group of primary immune deficiency or a broad group of disorders that often have a generic basis.

Speaker Change: The key aspect is the immune dysfunction as well as the immune dysregulation. The dysfunction leads to the increased risk of infection and the dysregulation leads to the other complications such as with proliferation in autoimmunity.

Speaker Change: These are features that we also see in Atvs and unfortunately.

Speaker Change: Also have share with Aps, the high morbidity and mortality.

Anurag Relan: We are now developing, when we also have four of these patients with these primary immune deficiencies, and we've listed here a number of mutations, a number of diseases, such as TPLA4, hapline deficiency, outstaff, NFKB1, and T10 deficiency, where these patients will be enrolled into a study. It's important to remember that these patients have clinical manifestations that are very similar to APBS. There are no specifically approved therapies for these patients. And the patient population is significantly larger when we think of these groups together. Approximately five times larger than that of APBS. And we're starting this clinical trial, this proof of contact phase, who's still finding study, just in the last week or two.

Speaker Change: Now developing lineal doses for these patients with primary immune deficiency, because we've listed here are a number of.

Speaker Change: Mutations number of diseases, such as <unk> deficiency, our staff and our <unk>, one and <unk> deficiency, where these patients will be enrolled into the study.

Speaker Change: It's important to remember that these patients have clinical manifestations that are very similar to <unk> there.

Speaker Change: There are no specifically approved therapies for these patients and the patient population is significantly larger when we think of this group together.

Speaker Change: Hospital, five times larger than that of Atvs and we're starting this.

Speaker Change: Clinical trial was proof of concept phase II dose finding study just in the last week or two.

Anurag Relan: In addition, we're working on a third indication, and we're in the process of a 10 regulatory feedback on this clinical development plan, and we'll have more to share about that. And on the next slide, we'll give you some details about the study that we just started. So this is, again, a phase two proof of concept dose-finding study in 12 patients. And in fact, we started this study; we announced the start of the study on 10th of October, and we expect the first patient actually to be dosed in the next couple of days. The study will include patients with a number of these different variants.

Speaker Change: In addition, we are working on a third indication and we will.

Speaker Change: We're in the process of obtaining regulatory feedback on this clinical development further we will have more to share about that.

Speaker Change: On the next slide we can see some details about the study that we just started so this is again a phase II proof of concept dose finding study with 12 patients and in fact, we started this that we announced the start of the study.

Speaker Change: 10th of October.

Speaker Change: The first patient actually be dose through the next couple of days.

Speaker Change: The study will include patients with a number of these different periods, it's being conducted at the NIH and again the NIH.

Anurag Relan: It's being conducted at the NIH. And again, the NIH was a critical partner for us as we developed when he also for APPS. And then they again have come to us and they looked at further opportunities to use when he'll sit in another group of patients, where there's a significant unmet need. And we're starting the study, as I said a couple of days ago, with the first patient being dosed. So, more to come on that soon, as well as the third indication that I mentioned briefly.

Speaker Change: A critical partner for us as we've developed when he also for Atvs in the bag and have come to us as they looked at us further opportunities to use millennials and another group of patients where there's a significant unmet need.

Speaker Change: We're starting the study as I said.

Speaker Change: A couple of days with the first patient data dose.

Speaker Change: So more to come on that soon as well as the third indication that I mentioned briefly and with that I'll turn it over to my colleague <unk> Walker wins to talk about our financials.

Jeroen Wakkerman: And with that, I'll turn it over to my colleague, Jeroen Wakkerman, to talk about our findings. Thank you very much, Anurag. I'll first take you to the financial highlights of this quarter, and then the yesterday figures. So revenues into three increased by 12 percent, Rukunas grew by 6 percent, and Johenja by 73 percent. And the growth in both products was mainly driven by volume growth. Growth profit increased by 9.7 million, which was basically in line with the revenues, and growth margin increased slightly. The increase in operating expenses compared to the same quarter last year was caused by a combination of continuing investments in Johenja in the US, launch preparation of Leneolosib outside of the US, and increased payroll expenses due to business growth.

Speaker Change: Thank you very much.

Speaker Change: First thank you to the.

Speaker Change: Financial highlights of this quarter and then the year to date figures.

Speaker Change: So revenues in Q3 increased by 12% <unk> grew by 6% and Joanne job by 73%.

Speaker Change: The growth in both products was mainly driven by volume growth.

Speaker Change: Gross profit increased by $9 7 million, which was basically in line with the revenues.

Speaker Change: Gross margin increased slightly.

Speaker Change: The increase in operating expenses compared to the same quarter last year was caused by a combination of continuing investments in Georgia.

Speaker Change: Yes.

Speaker Change: Launch preparation of linear ownership outside of the U S and increased payroll expenses.

Jeroen Wakkerman: But the operating profit amounted to $4.1 million compared to an operating profit of $1.9 million last year. And the increase was primarily due to the increase in growth profits, as I mentioned before, offset by increases in operating expenses. We had a net loss of 1 million in the quarter compared to a net profit of $3.4 million last year, and the change was mainly due to higher finance expenses resulting from unfavorable euro dollar exchange rate developments. Cash and cash equivalence increased from 161.8 million at the end of the second quarter this year to 1,073.3 million. And that was primarily driven that growth in cash by positive cash flow from operations of 9.7 million. Last year, that was 3.5 million.

Speaker Change: Business growth.

Speaker Change: The operating profit amounted to $4 1 million compared to an operating profit of $1 9 million last year and the increase was primarily due to the increase in gross profit as I mentioned before offset by increases in <unk>.

Speaker Change: Operating expenses.

Speaker Change: We had a net loss of $1 million in the quarter compared to a net profit of $3 4 million.

Speaker Change: Last year, the change was mainly due to higher finance expenses, resulting from unfavorable euro dollar exchange rate developments.

Speaker Change: Cash and cash equivalents increased from $161 $8 million at the end of the second quarter of this year to $173 3 million.

Speaker Change: That was primarily driven that growth in cash by positive cash flows from operations of $9 7 million.

Speaker Change: Last year that was $3 5 million.

Jeroen Wakkerman: So moving on to the figures for the first 9 months of the year. The total revenues increased by 25% in the first three quarters of 2024 to 204.5 million. Revenues of Rukunest were 12% higher at 117.72.6 million, and Johenja grew by 210% compared to the first 9 months of last year. And remember last year, the first sales commenced at the start of the second quarter in 2020.

Speaker Change: So I'm moving on to the.

Figures for the first nine months of the year.

Speaker Change: The total revenues increased by 25% in the first three quarters of 2024 to $204 5 million.

Speaker Change: Revenues of <unk> were 12% higher at 117 point.

Speaker Change: $72 6 million, Andrew and Jeff.

Speaker Change: <unk> grew by 210% as compared to the first nine months of last year.

Speaker Change: Remember last year. The first sales commenced at the start of the second quarter in 2023.

Jeroen Wakkerman: 23. At the end of the day, revenues of Jouenja also include 3.2 million from the EU and the rest of the world. So XUS Seals. The gross profit increased by 35.3 million or 24 percent and mainly due to the increasing revenues. The increase in operating expenses in the first nine months was caused by a combination of continued investments in Jouenja in the U.S. Launch preparation for Lenni Oleship outside of the U.S. and increasing R&D investments to expand the Lenni Oleship franchise that Anurag just mentions, and increased payroll expenses due to business growth. The operating loss amounted to 15.3 million compared to 6.5 million last year and excluding the one-off effects in 2023 from the Jouenja milestone payments and the Jouenja PRV sale.

Speaker Change: And year to date revenues of Joe NGL also includes $3 2 million from EU and rest of the world. So ex U S sales.

Speaker Change: The gross profit increased by $35 3 million or 24% and mainly due to the increase in revenues.

Speaker Change: The increase in operating expenses in the first nine months was caused by a combination of continued investments in Georgia in the U S launch preparation for any other ship outside of the U S and increasing R&D investments to expand the linear other ship for.

Speaker Change: <unk> that <unk>, just mentioned and increased payroll expenses due to business growth.

Operating loss amounted to $15 3 million compared to $6 5 million last year.

Speaker Change: And excluding the one off effects in 2023 from the <unk> milestone payments and the <unk> sale.

Jeroen Wakkerman: The 15.3 million operating loss compares to 17.1 million dollars last year, and that is depicted on the picture. The company had a net loss of 14.7 million dollars compared to a net loss of 7.4 in the first nine months last year, and again this is affected by the other income from the PRV and the milestone payment for Jouenja last year. The financial income of 1.4 million was realized versus financial expense of 2.5 million last year. So an income of 1.4 million versus expense of 2.5 million last year. And the cash and cash equivalence compared to the beginning of the year decreased from 1.2 million to 1.73 million, and that was primarily driven by the refinancing of the convertible bonds earlier this year for an amount that was lower than the redeemed bonds.

Speaker Change: The $15 3 million operating loss compares to $17 $1 million last year and that is depicted on the picture.

Speaker Change: The company had a net loss of $14 $7 million compared to a net loss of $7 four in the first nine months last year.

Speaker Change: And again this is affected by the other income from the <unk> and the milestone payment for Joe and Jeff last year.

Speaker Change: The financial income of $1 4 million was realized versus financial expense of $2 5 million last year show an income up one 4 million.

Speaker Change: This expense of $2 5 million last year.

Speaker Change: And the cash and cash equivalents compared to the beginning of the year decreased from $215 million to $173 million.

Speaker Change: And that was primarily driven by the refinancing of the convertible bonds earlier this year for an amount that was lower than the redeemed.

Bonds.

Jeroen Wakkerman: A bit more detail on the next slide on the operating expenses of this year. So the operating expenses in the third quarter decreased by 8% from 70.1 million in the second quarter of this year, and that brings our year-to-date OPEX to 198.7 million. We do not expect the Q4 operating expenses to be significantly different from earlier quarters this year.

Speaker Change: A bit more detail on next slide on the operating expenses.

Speaker Change: On this year.

Speaker Change: So the operating expenses in the third quarter decreased by 8% from $17 1 million in the second quarter of this year and that brings our year to date Opex to $198 7 million and we do not expect the Q4 operating expenses to be significantly different from earlier quarters.

Speaker Change: This year.

Jeroen Wakkerman: Then going to the next slide on the financial guidance for this year, we stick to the overall range in terms of the revenue to 82 to 95 million, and the current expectation is to end up around the midpoint of the range. Jouenja is a significant driver of the revenue growth, and we also expect continued growth. And the Jouenja revenue assumptions have not changed. We expect continued growth in patients on therapy. We expect a continued high adherence or compliance rate at about 85%, and the US pricing again has not changed annual cost.

Then go to the next slide on the financial guidance for this year.

Speaker Change: We.

Speaker Change: Stick to the.

Speaker Change: Overall range in terms of the revenue to $82 million to $95 million.

Speaker Change: And the current expectation is to end up around the midpoint of the range.

Speaker Change: <unk> enjoys a significant driver of the revenue growth and we also expect continued <unk> growth.

Speaker Change: And joined via revenue assumptions have not changed.

Speaker Change: <unk> continued growth in patients on therapy.

Speaker Change: We expect a continued high adherence or compliance rate at above 85% and the U S pricing again has not changed.

Will cost the WAC is 566 thousands.

Simon DeFries: The work is $566,000, and the growth in that discount is approximately 15.15%. And on the OPEX, as discussed, we've made some OPEX adjustments, and so the overall OPEX expectation for the fourth quarter is around the levels of the prior quarters this year. And with that, I'd like to hand back over to Simon for the outlook for this year. Thanks, Jeroen. Yes, and the outlook, as you heard from Jeroen, we expect to land in the middle of the year at the range with the cost of total revenues.

Speaker Change: And the gross to net discount this approximately 15 one 5%.

Speaker Change: And on the Opex as discussed.

We've made some opex.

Speaker Change: The adjustments in the sort of the overall opex expectation for the fourth quarter is around the levels of the prior quarters. This year.

Speaker Change: And with that I'd like to hand back over to Simon for the outlook for this year, yes. The outlook as you heard from <unk>, we expect to land in the middle of the range, but the cost of the total revenues.

Simon DeFries: You heard the land rack are continuing to progress in finding additional APDS patients, and I think also very important to look forward to for next year, the significant additional growth of patient numbers that will become available during next year, as a result of the clarification of the VUS situation. Increased revenues in XUS as well, albeit, of course, that goes on an individual patient-based trial named patient programs, but it does really help and will continue to grow over time.

Speaker Change: Wine rack.

Speaker Change: Continued progress in finding additional patients.

Speaker Change: Patients.

Speaker Change: And I think also very important to look forward to for next year.

Simon Jefferies: Inefficient additional growth of patient numbers that will become available during second next year as a result.

Simon Jefferies: The classification of the U S situation.

Simon Jefferies: Increased revenues ex U S as well, albeit of course that goes on an individual patient basis by a named patient programs, but it does help I will continue to grow over time.

Simon DeFries: Obviously, you heard about the expansion, how we are looking towards the expansion to us, Japan, and the period of level expansion, which again will be two significant growth engines for Jeroenja that can be expected, somewhere in 2000 to 26, as is the subsequent launches on the European markets, of course, and of course we're looking towards Canada and Australia for the regulatory actions towards the future. And then we're very, very excited that we have been able to start that stage two trial in that population that is significantly bigger than APDS, the PID with immune dysfunction, where NRAC explains what the rationale is for that phase two, and we look forward to, of course, executing on that study and sharing the results as and when they come available with you.

Simon Jefferies: Obviously, you heard about the expansion how we are looking towards the expansion to us Japan and the pediatric label expansion, which again will be too significant growth engines for J&J that can be expected.

Simon Jefferies: Somewhere in 2026 as is the subsequent launches on the European markets of course.

Simon Jefferies: And of course, we're looking towards.

Simon Jefferies: In Australia for further regulatory options to watch in the future.

Simon Jefferies: We're very very excited that we have been able to start that phase II trial in that population is six.

Simon Jefferies: Significantly bigger than <unk> PIV with immune dysfunction <unk> explained what's the rationale for that asset for that space and we look forward to of course.

Executing on that study and sharing the results as and when they come available with you.

Simon DeFries: And those results obviously will be able to formulate the phase three proposal that we will go down to the regulatory agencies with to get the product further developed.

Simon Jefferies: As a result, obviously you will be able to formulate the phase III proposal, but we will go down to the regulatory agencies with to get the product to further develop and then of course the last one at least we were very active with our small but efficient business development group to actually look at clinical stage opportunities.

Simon DeFries: And then, of course, a last one of these, we're very active with our small, but efficient business development group, Trashelieu, at clinical stage opportunities that are as close as markets to the market as possible in areas like immunology, humanology, respiratory, and gastroenterology, for instance. And, of course, you know, this, of course, business development is, it aims over until you have to deal in hand, but we hope to update you on a, on clinching a deal in the north to the future. We're very active in that respect, and there are quite a few aspects that are available that are currently contracted.

Simon Jefferies: That our explosives markets too close to the market as possible.

Simon Jefferies: Areas like immunology, hematology respiratory and Gastroenterology for instance, and of course. This of course business development is it aimed over until you have to deal with but we hope to update you on unflinching a deal in the not too distant future. We're very active in that perspective, and there is quite a few assets that are available that.

Simon Jefferies: Look attractive.

Simon DeFries: Having said that, I would like to now end this part of the goal, and would like to open the floor for any questions that you may have for me or my colleagues. Thank you very much. Thank you.

I would like to now and this part of the.

Simon Jefferies: A call and we'd like to open the floor for any questions that you may have for me or my colleagues. Thank you very much.

Speaker Change: Thank you.

Operator: If you would like to ask a question over the phone lines, you'll need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star, one, and one again. Thank you.

Speaker Change: Like to ask a question over the phone lines, you'll need to press star one on your telephone and wait for your name to be announced to withdraw your question. Please press star one again.

Speaker Change: Thank you.

Sushila Hernandez: We will now play our first question.

Speaker Change: We will now take our first question.

Sushila Hernandez: This is from the line of Sushula Hernandez from Kempen, please go ahead. Yes, thank you for taking my questions. I have a few underliqueness in June, J.F.A.

Speaker Change: This is from the line of Joe Sheila Hernandez from Kempen. Please go ahead.

Speaker Change: Yes. Thank you for taking my questions I have a few on the liquidation Julian J, if I may I'll start with your goodness.

Sushila Hernandez: I'll start with Duqueness. So, underliqueness, again, over 100 new patient enrollments is quarter. Do you see refills happening from the previous quarter? And also, how do you see the ODC markets is dropping in the coming years in terms of size?

Speaker Change: The refinance again over 100, new patient enrollments this quarter at Gucci ratios happening from previous quarters and also how do you see the ODT markets or something in the coming year in terms of size. Thank you.

Stephen Toor: Thank you.

Stephen Toor: Would you like to answer that one, Stephen? Yes, thank you. So, I'm sorry, just on using. Yeah, yeah, we do see Sushila refills. They tend to reflect the patient's course of disease. So, with some patients, we see them more frequently than we do others. Just depends how frequently they attack and what their individual need is. But yeah, many of our patients come back to the refills.

Speaker Change: Would you like to answer that one Steven.

Steven: Yes. Thank you Simon so are just amazing.

Steven: Yes, yes, we do see yes, so Sheila <unk>.

Steven: <unk> they tend to reflect the patient's course of disease with some patients we see the more frequently than we do others.

Steven: It just depends how frequently that tack on what their individual need is but yet many of our patients come back to the repos.

Stephen Toor: And I'm sorry, I didn't catch the second question. How do you see the ODC markets is dropping in the coming years in terms of size? ODP market, sorry. I don't know on the month market. Well, I think we've seen a continued demand even with prophylactic therapies. So, well over 50% of patients still have regular acute attacks. And so, I don't think we've seen a huge; we've seen it with the generalization of fear is there. Some decline in revenue and dollars for other companies. But in terms of the market itself, patients continue to have breakthrough attacks and continue to have an e-procute therapies.

Steven: I'm, sorry, I didn't catch the second question.

Speaker Change: And then how do you see the ODT market developing in the coming years in terms of size.

Steven: The ODP market sorry.

Speaker Change: And then on the market.

No.

Speaker Change: Well I think we've seen we've seen continued demand even with prophylactic therapies, so well over 50% of patients still.

Speaker Change: Yes.

Speaker Change: I have regular acute attacks and so.

Speaker Change: We've seen a huge we've seen with the generic amortization of.

Speaker Change: If there is some decline in revenue in dollars for other companies, but in terms of the market itself patients continue to have breakthrough attacks and continue to have an equal acute therapies salmon illustrated so eloquently earlier for weakness specifically, we tend to serve a patient population that was pretty severe course of disease.

Stephen Toor: And I saw him in the other straight-ed telecom in the earlier, burrukeness specifically. We tend to serve a patient population that is a pretty severe course of disease. And that is not really, or potentially won't be well treated by some of the new agents, as well as the ones that exist today. So, pretty stable. And as we've demonstrated with our leading lagimetric, some growth in certain areas.

Speaker Change: That is not really will potentially won't be well treated by by some of the new agents as well as the ones that exist today.

Speaker Change: So pretty stable.

Speaker Change: And as we've demonstrated with our leading and lagging metric some break in certain areas.

Stephen Toor: Okay, that's clear. And then on Juwenda in the UK, how are your discussions? It's a nice progressing. Any color that you can share in depth. And then also in the US, how many of the over 30 patients identify the US? Do you expect to go forward to Juwenda and within what same length? Thank you. Yeah, sure, with nice. I mean, the discussions with nicer, productive, and ongoing, but given that they're confidential, I really wouldn't want to comment beyond that. We're having a very good dialogue with them. And in terms of the patients that we're identifying and finding, it's obviously the speed at which they come on therapy depends on the discussions with their insurance providers.

Speaker Change: Okay, that's clear and then on Joanne yes, okay.

Speaker Change: How are your discussions with nice progressing any color that you can share on that and then also in the U S. How many of the over 30 basis identifies any wise do you expect to confer to Joanna and within what timeline. Thank you.

Speaker Change: Yes, sure with nice.

<unk> with nice productive and ongoing.

Speaker Change: Given the confidential I really wouldn't want to comment beyond that.

Speaker Change: Having a very good dialogue with them.

Speaker Change: And in terms of the patients that were identified in finding it's obviously the speed at which they come on therapy. It depends on the discussions with their insurance providers.

Stephen Toor: All eligible patients I expect to eventually end up on therapy that wants to be on therapy because our discussions with those insurers have gone very, very well. We haven't had any; we haven't had any refusals at this point in time. It's just different types of processes depending on who we're discussing the patient with. That is clear.

Speaker Change: All eligible patient so I expect to eventually end up on therapy that want to be on therapy.

Speaker Change: With those insurers have been very very well, we haven't had any.

Speaker Change: Haven't had any refusals at this point in time, but just different types of processes, depending on who we are discussing with the patient with.

Speaker Change: That's clear thank you.

Sushila Hernandez: Thank you.

Speaker Change: Thank you.

Speaker Change: Thank you.

Joe Pantidis: We'll now move to our next question. This is from Joe Pantidis from H.C.

Speaker Change: Well now move to our next question.

Joe: This is from Joe <unk> from H C. Wainwright. Please go ahead.

Joe Pantidis: Wainwright, please go ahead. Hey everybody, thanks for taking the questions. First off, Simon, I want to congratulate you for everything that you've done for the company and where you brought it to date, and just want to wish you the best of luck on your future adventures. Thank you, Simon. You bet.

Speaker Change: Hey, everybody thanks for taking the questions.

Speaker Change: First off Simon I want to congratulate you for everything that you've done for the company and where you brought it to date and just want to wish you. The best of luck on your future Adventures.

Speaker Change: You bet.

Jeroen Wakkerman: So first, maybe a question for Iran. Just wanted to see what maybe the plan is for your remaining convertible bonds. The plan for the current convertible bond because the old one is completely redeemed, right? There's nothing in market anymore. The current one, we just keep on the market. There's now a plan to redeem that one, and in terms of the timing of redeeming it, that's too early to tell.

Speaker Change: So first maybe a question for you Ron.

Speaker Change: Just wanted to see what may be the plan is for your remaining convertible bonds.

Speaker Change: The plan for the current.

Speaker Change: The convertible because the old one is completely redeemed right theres nothing AD market anymore.

Speaker Change: The current one we just.

Speaker Change: Keeping people in the market there is no plan to to redeem that warm.

Speaker Change: In terms of the timing of redeeming it that's too early to tell right.

Stephen Toor: Sure, note that helpful. And then, with regard to Joenja, obviously very nice growth trajectory, and you've described nicely how you're looking to expand that market. So I was just curious, can you describe any of the hurdles or headwinds that you're seeing right now that might not be considered the usual, say, you know, being able to get patients to paid status with regard to insurance or identifying patients, or what would you define as the potential? Yeah, certainly. Thanks, Joe. I think there's a couple of things. I mean, obviously we've had that big bonus of patients at the start.

Sure that's helpful.

Speaker Change: And then with regard to Joe and Joe Obviously, very nice growth trajectory and you've described are nicely how youre looking to expand that market. So I was just curious can you describe.

Speaker Change: Any of the hurdles or headwinds that youre seeing right now that might not be considered the usual say being able to get on.

Speaker Change: Get patients to paid status with regard to insurance or identifying patients or what we did to finance the potential headwinds.

Speaker Change: We'd like to take that one.

Speaker Change: Yes, certainly.

Speaker Change: Thanks, Joe I think there's a couple of things I mean, obviously, we had a big bolus of patients of the stock.

Stephen Toor: Probably the short term headwind is when we've identified almost half the patients in the US, and you've got a good chunk of those adult patients who are currently eligible for therapy on therapy. Then you expect the rate of growth to slow because we're still tapping into that one segment of the market. But we do have that funnel building. So we have more adult patients coming in. We have people who have pediatric patients coming in, and we continue to find patients globally. As the slide showed earlier, almost 900 already. Many of them are on various types of access programs. So I think the before I pick up to some of the other challenges, the, you know, it's what I said earlier that we have those big bonus events coming through with the VDSs next year, the UK launch and then the pediatric indication.

Speaker Change: Probably the short term headwind is when you've identified almost half the patients in the U S and you've got a good chunk of those adult patients who are currently eligible for therapy on therapy. Then you expect the rate of growth to slow because we're still tapping into that one segment of the market.

Speaker Change: But we do have that funnel building. So we have more adult patients coming in with a pediatric patients coming in and we continue to find patients globally as the slideshow.

Speaker Change: 900 already many of whom are on various types of access programs. So I think the before I pivot to some of the other challenges.

Speaker Change: It's what I said earlier, we have a big bolus events coming through with the Bdus's next year, the UK launch and the pediatric invitation. So I think short term. It is just that we're tapping into a bit of a decreasing population of <unk> patients in terms of insurance challenges I actually think that's gone very well in the U S.

Stephen Toor: So I think short term, it's just that we're tapping into an ever decreasing population of adult patients in terms of insurance challenges. I actually think that's going very well in the US. As I mentioned, we haven't had a single patient rejected. We do have different stages within the insurance. So we could go anything from a fairly quick approval to an MDC block, which takes longer to negotiate, all the way through to perhaps having to go to a judge and actually get the patient on therapy. But every patient that so far wants to go on therapy is on therapy.

Speaker Change: As I mentioned, we haven't had a single patient rejected we do have <unk>.

Speaker Change: Different.

Speaker Change: Different stages within insurance. So we could have anything from a fairly quick approval to an NBC block, which takes longer to negotiate.

Way through to perhaps having to go to judge and I should get a patient on therapy, but every patient so far once they go on therapy is on therapy. So what we're really soon as what you would typically see you have to educate physicians. It's a new disease. You also have to educate patients and make sure they understand the disease and the implications of Pds and what's important to be on therapy and stay on therapy.

Stephen Toor: So what we're really seeing is what you would typically see. You have to educate positions. It's a new disease. You also have to educate patients and make sure they understand the disease and the implications of APDS and why it's important to be on therapy and stay on therapy. And all of those are things that I think any commercial and medical organization would accept as pre-part of the course. Is that past the procedure? It certainly does.

And all of those are things that I think any commercial and medical organization would accept is pretty powerful the cost does that answer could you just.

Speaker Change: It certainly does thank you Steven.

Simon DeFries: Thank you, Stephen. And then my last question, I guess it's a short question in case you wanted to add any color, but with regard to pipeline expansion potential and with your BD, if I sort of heard you correctly, with regard to your comments about not to dis in the future, it's safe to assume that these are essentially mature discussions. There's a few. There's a forward-looking statement on the job, but yes, I mean, but I would say that over, over, if I look back at the last nine months, we have been in several, you know, matured, Twitter developed discussions, obviously.

Speaker Change: And then my last question I guess, it's a short question in case, you wanted to add any color, but with regard to pipeline expansion potential and with your BD.

Speaker Change: If I sort of heard you correctly heard you correctly with regard to your.

Speaker Change: A comment about not too distant future, it's safe to assume that these are essentially mature discussions.

Speaker Change: There's a few there is a forward looking statement on the gel, but yes, I mean, but I would say.

Speaker Change: Over and over if I look back at all.

Speaker Change: Last nine months, we have been in several.

Speaker Change: Matured.

Speaker Change: Further development of discussions obviously.

Simon DeFries: But again, as I've just tried to reset, you know, it ain't over until the old days, right? And yes, we are indeed having interesting discussions, but, you know, that's why I said, hopefully in the notes of this in future. But yeah, we continue to be really looking at and getting quite a few interesting opportunities to look at. But we are very, very selective, obviously, with regards to, you know, what kind of disease, what kind of, you know, what kind of benefits. It's a therapeutic case, and if you look at, you know, what really does for patients who have nowhere else to go, and Joe Anja as a unique product in a disease that is, you know, deadly, and that is progressive.

Speaker Change: But again as I just tried to reset.

Speaker Change: Until the deal size inside.

Speaker Change: Yes, we are.

Speaker Change: Indeed, having interesting discussions but.

Speaker Change: That's why I said, hopefully in the not too distant future, but yes, we continue to be really looking at getting quite a few interesting opportunities to look at where we are very very selective obviously.

Speaker Change: With regards to what kind of.

Speaker Change: Disease, what kind of what kind of benefits of therapy takes and if you look at what <unk> does for patients who have nowhere else to go.

Speaker Change: <unk> is a unique product in a disease that is.

Speaker Change: Badly and that is progressive then you see what we mean with making really making a difference for patients.

Simon DeFries: Then you need to see what we mean with making, really making the difference for our patients, because that is, that's first and foremost, we are always looking at. And we bring the real, real sacrifice to them.

Speaker Change: That's first and foremost.

Speaker Change: With no cost.

Speaker Change: We also have the seasonal markets.

Joe Pantidis: Great, thank you for all the details.

Speaker Change: Great. Thank you for all the details.

Simon Scholes: Thank you. Well, now I'll take our next question.

Speaker Change: Okay.

Speaker Change: Thank you.

Speaker Change: Take our next question.

Simon Scholes: This is from Simon Scholes from First Berlin, please go ahead. Yes, good afternoon. Thanks for taking my question. I was just wondering if you could give us an update on what percentage of the market or your volume for Ruchenst is derived from those who are taking it as a rescue product. And they're using prophylactic drugs, and what percentage are you using as a first line? And if you could give us an idea of how those two segments of the market are growing relative to each other.

Speaker Change: This is from Simon shelf from first Berlin. Please go ahead.

Simon Shelf: Yes. Good afternoon, thanks for taking my question.

Simon Shelf: I was wondering if you could give us an update on.

Simon Shelf: What percentage of.

Simon Shelf: The market for your volume for reconnect is.

Simon Shelf: Derived from those who were taking it as a rescue.

Simon Shelf: Not using prophylactic.

Simon Shelf: Drugs and.

Simon Shelf: And what potentially using as a first line and if you could give us an idea of how how those two segments of the market are growing relative to each other.

Simon Scholes: And then my second question is also on Ruchenst. I was just wondering whether, in individual HAE patients, attacks usually proceed over one pathway. Or do they proceed? I mean, do individual patients have attacks proceeding over several different pathways. And if that's the case, I mean if you've got patients where attacks proceed over several different pathways, I mean how do the products which are orientated to say the color crime pathway or the Brady kin pathway cope with the attacks coming over different pathways.

Speaker Change: And then my second question is also on reconnect.

Speaker Change: I was just wondering whether.

Speaker Change: In individual.

Speaker Change: Hey patients attacks usually proceed over one pathway or do they proceed to patients to individual patients have attacks proceeding over several different pathways.

Speaker Change: If that's the case.

Patients.

Speaker Change: <unk> proceeded with several different pathways I mean, how did the.

Speaker Change: How does the products, which are oriented towards say, the <unk> path pathway or the.

Speaker Change: Brady Kenyan pathway.

Speaker Change: Cope with these with tax coming up with different pathways.

Stephen Toor: Simon, do you want me to take the first question, and then I'll start. Yeah, that was an idea. Thanks.

Speaker Change: So on the do you want to take the first question yes.

Speaker Change: Thanks, David.

Stephen Toor: Okay, so it's up to the evolution of the prophylactic market, Simon, or both markets. Actually, I'd say they're fairly stable right now. You have those three pro prophylactic launches over the course of two, three years earlier in the decade. And so I think most ourselves and most of the other players in this market would say it's around 78% of the way you've got patients on prophylactic. And then you've got the rest that are purely acute, and then of course all those prophylactic patients are also many of them carrying acute therapies on hand for breakthrough attacks.

Okay. So in terms of the evolution of the private electric market Simon.

Speaker Change: Both markets actually I'd say, that's fairly stable right now you had those III prophylactic launches over the course of two or three years earlier in the decade and.

Speaker Change: So I think most.

Speaker Change: So most of the other players in this market would say.

Speaker Change: Her around 78%.

Speaker Change: <unk> got patients on prophylactic and then you've got the rest of the purely acute and then of course. It was prophylactic patients are also many of them carrying acute therapies on hand for breakthrough attacks I would say, it's fairly stable and I would expect it to remain so even when new players come in and they just bought you have to ship.

Stephen Toor: I would say it's fairly stable, and I would expect it to remain so even when new players come in and they just fight out the share.

Stephen Toor: Okay, so how much of your volume is going towards rescue attacks? So the rescue therapy. Yeah, that was the second part of my assignment to your question it. I would imagine that almost all patients on Ruchenst using for rescue therapy, and the reason I say that is you have three. You have you have very good prophylactic options that are indicated for that and the word very well. So there is really no reason for a patient to want to use Ruchenst for prophylaxis when they have those options available. So I think the majority of our patients are on rescue therapy.

Speaker Change: Yes.

Speaker Change: I mean, how much of your overall you may see some.

Speaker Change: Yes, it's getting towards rescue attacks, so the rescue therapy.

Speaker Change: That was a that can be taken a lot of months of Simon to your question is.

Speaker Change: I would imagine.

Speaker Change: Most patients recognize using for rescue therapy, and the reason I say that is you have three youre very good prophylactic options that are indicated for that.

Speaker Change: They work very well. So there is really no reason for a patient to want to use <unk> for prophylaxis when they have those options available.

Speaker Change: I think the majority of our patients are rescue therapy okay.

Simon Scholes: Okay. And so if that answers that satisfaction. Yes, that's fine.

Okay.

Speaker Change: If that answer is that satisfactory, yes, that's fine.

Anurag Relan: I mean, I wonder if that's okay to answer the more complicated question that you use.

Speaker Change: Okay to answer the more complicated question that you asked.

Anurag Relan: Hi, Simon. So it is indeed a complicated question, but I think that I'll turn my back to Simon's slide about the pathways. And if you count on there, there's actually 11 different points where C1 and Hibiter act to block the different proteates. And we think, again, most people think there's a contact activation system in the middle that leads to the production of Brady Kindens, and then Brady Kindens acts on this. and one of two receptors to lead to angioedema. But we know that, again, in patients, they're actually deficient of Stephen's inhibitor; they're actually missing that protein, and that acts on all of these pathways.

Speaker Change: Hi, Simon and so it is indeed, a complicated question, but I think I'll turn it back to Simon slide about the pathways.

Speaker Change: Count on there, there's actually 11 different points.

Speaker Change: C. One inhibitor acts to block is different protocols and we.

Speaker Change: We think again most people think that the contact activation system in the middle that leads to the production.

Speaker Change: Brady timing and then really kind of an axon. This.

Speaker Change: One or two receptors to lead to angioedema, but we know that again in patients that actually deficient of senior inhibitor, they're actually missing that protein and then act on all of these tablet was not possible to know.

Anurag Relan: It's not possible to know, you know, when a given patient, when an attack occurs, what the relevance of a given pathway is, but what we do know is that if you block one pathway or one protein, so let's say you're the monoclonal, the block caliperin, we know that patients still have attacks, right? So we can block it nearly completely as you do with a monoclonal, and a patient can still have an attack. So what that tells us, you know, by definition, is that there must be some other element that's leading to the production of brain time.

Speaker Change: Given the pace of an attack occurs.

Speaker Change: But the relevance of the <unk> pathway is but what we do know is that if you block one pathway or one protein. So let's say you the monoclonal for block powertrain, we know that patients still have attacks right. So we can block it nearly completely as you do with a mono.

Speaker Change: Cuomo and Ah.

Speaker Change: Patient can still have an attack so what that tells us.

Speaker Change: By definition is that there must be some other element that's leading to the production of greater China.

Anurag Relan: And we also know this in the case of the cataband, right? So the cataband blocks the B2 receptor, but we see patients on a cataband still having recurrent attacks, requiring re-dosing, and we think that that probably is a consequence of brain time and still being produced and acting on the B1 receptor. So, in this case, you know, a targeted approach can be quite elegant, but it is certainly not comprehensive. And I think the failures that we see, again, these are very good drugs that are on the market, these FDA approved therapy, very good therapy, but they're not necessarily comprehensive and they're approached to blocking the entire, all of these catapas and all of these different points we're seeing in their acts.

Speaker Change: We also notice in the case of Canada back right, so kind of that block the <unk> receptor, but we see patients on a cat events still having.

Speaker Change: Recurrent attacks, requiring re dosing and we think that that probably as a consequence.

Speaker Change: Great economy still being produced and acting on the B one receptor. So in this case a targeted approach can be quite elegant, but it is certainly not comprehensive but I think the.

Speaker Change: The failures that we see again these are very good drugs that are on the market is FDA approved therapy very good therapy, but they're not necessarily comprehensive in their approach to blocking the entire.

Speaker Change: All of these cascades and all of these different points, we're seeing him thereafter, and I think that is the reason why you still have patients have a breakthrough.

Anurag Relan: And I think that is the reason why you still have patients having brisket attacks; it's also the reason why you have patients needing re-dosing, and it's also the reason why we think that we will remain a place for rupinus for these types of patients who aren't adequately treated by other therapies. I hope that answered your question. Yes, thanks very much for your helpful.

Speaker Change: It's also the reason why you have patients.

Speaker Change: Meeting re dosing and it's also the reason why we think that we will remain in place for roofing for the types of patients who are adequately treated by other therapies.

Speaker Change: I hope that answered your question, yes, thanks, very much that's very helpful.

Simon Scholes: Thank you.

Speaker Change: Thank you.

Operator: There are no further questions on the phone lines at the moment, so I will hand over to management to address any written questions. Thank you. We received, indeed, a few written questions here from Alistair Campbell from RBC. He's asking a question about any insights into the patient front in the US. Field secretaries now slow and steady.

Speaker Change: There are no further questions on the phone lines at the moment, so I will hand over to management to address any questions.

Speaker Change: Thank you.

Speaker Change: We received indeed.

Speaker Change: Written questions here from.

Speaker Change: From Alastair Campbell from RBC.

Speaker Change: He was asking a question about any insights into the patient ramp in the U S feels trajectories now slow and steady I think we more or less addressed that Stephen though would you like to provide additional color on that.

Stephen Toor: I think we more or less addressed Stephen; would you like to provide additional collar on us? I think there's a tone on it. We are very active, as you would expect, in patients finding both in the US and globally. We continue to find patients, some of whom are eligible more immediately, and some of whom are not because they're pediatric, or they have some other form of clinical path that first requires addressing. And we've been very successful in getting those patients that are eligible right now on insurance, and I said I'll just repeat it quickly one more time, as you would expect in any launch.

Stephen: No I don't think there is.

Stephen: A terminal so I mean, we are very active as you would expect in patient funding both in the U S and globally, we continue to find patients.

Some of whom are eligible more immediately and some a framer would not because that pediatrics will they have some other form of.

Stephen: Clinical path first requires addressing and we've been very successful in getting those patients that are eligible right now on insurance and I said I'll just repeat it quickly one more time as you would expect in any launch that rate of growth will slow as you put more and more of the eligible patients from therapy, which we've done very well.

Stephen Toor: That rated growth will slow as you put more and more of the eligible patients on therapy, which we've done very well. And we've got those big inflection points coming, so that's global launches in some of the biggest markets outside of the US, the VUS population which should come online next year, and then the pediatric launches in 2026.

Stephen: And we've got those big inflection points coming so thats global launches in some of the biggest markets outside of the U S with the U S population, which should come online next year and then the pediatric launches in 2026, So I would say strong steady progress at the moment with the patient funnel building for the future.

Stephen Toor: So I would say a strong, steady progress at the moment with the patient's final building for the situation. Thank you.

Stephen Toor: I don't know any more color you could give on the update on the range approval for all out of the XUS and timelines and so things. Yeah, so I think we talked a little bit about that. Obviously, for Europe, will continue to make progress on addressing the one remaining CNC issue. We are in discussions with the Japanese regulators and expect to file next year there. We talked about pediatric self-so being able to have data enhanced soon on the first study down to H4 and being able to file on that basis also in the second half of next year.

Thanks, Steve.

Speaker Change: Any more color you gave on the update on dredge approvals rollout of ex U S timeline. Thanks.

Speaker Change: Yes, so I think we've talked a little bit about.

Speaker Change: Obviously for Europe will continue to make progress on addressing the one related to CMC issue.

Speaker Change: So we are in discussions with the Japanese regulators and expect to file next year there.

Speaker Change: We've talked about pediatrics also being able to have data in hand soon on the first study down to age or and being able to file on that basis also in the second half of next year.

Stephen Toor: And again, a number of other markets where there's regulatory submissions and views ongoing. Australia, Canada, and of course the recent success in the UK. Thanks.

Speaker Change: And again, a number of other markets, where there is regulatory submissions and reviews ongoing.

Speaker Change: Australia, Canada and of course, the recent success in the UK.

Speaker Change: Thanks.

Jeroen Wakkerman: And then there's another question here. You're going to think on the cost base and plans to move the firm to profitability. So if you enter and slower than anticipated, what does cost base look like in the context of what we just reported on getting the operating cost in the control? Could you do some more color on that? Yeah, sure. So what we've already done this year is to reduce the OPEC from earlier plans because of the email launch, and that's what we will continue to do. So if you enjoy growth, it is not as we expected it to be. Then we will again, on a continuous basis, review our OPECs and act accordingly.

Speaker Change: And then there's another question here I think on the cost base.

Speaker Change: And plans to move the firm to profitability.

Speaker Change: He says joins our slower than anticipated thus cost base look like.

Speaker Change: In the context of what we just reported on getting the operating cost under control could you give some more color on that yes sure sure. So what we have already done this year is too.

Speaker Change: Reduce the Opex from earlier plans because of the EMA launch.

Speaker Change: That's what we will.

Speaker Change: Contains introduced so so if if <unk> growth is not as we expected it to be then we will we will.

Speaker Change: Again normal continuous basis review, our Opex and <unk>.

Speaker Change: And act accordingly.

Jeroen Wakkerman: So that's the game plan, right? To move the firm to profitability and not the list of future? That is indeed the game plan. And as you've just seen, we delivered a profitable quarter already.

Speaker Change: Because thats the game plan right to move to affirm to profitability is not too distant future that is you need to go in and as you said that youre seeing we delivered a profitable quarter already so we look we look forward to.

Jeroen Wakkerman: So we look forward to updating you on subsequent subsequent results.

Speaker Change: Getting you on subsequent all subsequent to our results.

Simon DeFries: And then the last question he has, of course, on my departure. And that's an interesting question. Now, the key attributes you want in the new CEO are, for instance, strong BD experience. You know, the board has made a profile for candidates that are, of course, big look at in international markets that indeed, you know, have experience in, in first of all, meeting with company like this. And of course, having experience in commercialization and knowledge about, you know, the takes to be successful in rare disease commercialization, especially because that's, you know, that is a very different thing than mass markets.

Speaker Change: And then the last question. He has of course on my departure and Thats. An interesting question analysis. The key attributes you want and the new CEO is placing a strong BD experience.

Speaker Change: The board has.

Speaker Change: We have made a profile for <unk>.

Speaker Change: Candidates.

Speaker Change: That are of course being looked at in the international markets that indeed have expired and first of all leading a company like this.

And of course, having experience in commercialization.

Speaker Change: Knowledge of biology, and what it takes to be successful in rare disease commercialization, especially because thats.

Speaker Change: A very different thing than mass markets and of course.

Simon DeFries: And you know, of course, you know, BD experience. Now, of course, we also have achieved Business Officer and Board. This is the next, of course, I don't have a big difference where I used to be myself very much involved in BD activities. That's no longer a case, you know. I was on the bottom of this team doing during the work nowadays. So, in other words, yes. These are the kind of attributes that are looked at. I've seen, of course, the profile help develop the profile for the new candidates. And of course, here, the searches in the emotion, and of course, we will update you as and when we have, we have candidates available.

Speaker Change: <unk> is now of course, we also have achieved business officer on board vis vis that makes of course, a big difference where I used to be myself very much involved in BD activities, that's no longer the case.

Speaker Change: I was on the Brian and Mark and his team are doing are doing the work nowadays so in other words.

Speaker Change: Yes.

Or the kind of attributes that I look at I've seen of course, the profile helped develop the profile for their for the new candidates and and of course here the searches in motion.

Speaker Change: Of course, we rollout we will update you as and when we have.

Speaker Change: We have today.

Speaker Change: In today's available and Meanwhile, I would like to illustrate it.

Simon DeFries: And meanwhile, I like to illustrate that it is business as usual. We continue to speed ahead with what we have been doing.

Speaker Change: It is business as usual we continue full speed ahead with what we have been doing.

Speaker Change: And executing on the growth.

Speaker Change: The protocol for our company.

I look forward also to then be able to work alongside new colleagues because my terms, although over until the next AGM I look forward to actually bringing our new colleagues to the company.

Speaker Change: And <unk> I hope that answer <unk> question any more questions that we can answer.

Speaker Change: As a reminder, if you would like to ask a question over the phone lines you can press star one on one key pads.

Speaker Change: We have a question coming through.

Speaker Change: Bye.

Speaker Change: Question from the line of Jeff Jones from Oppenheimer. Please go ahead.

Speaker Change: And then just finally on slide 10.

Speaker Change: Thanks, so much.

Jeff Jones: I'll have a couple of questions.

Jeff Jones: So far.

Speaker Change: Two patients on pain therapy.

Speaker Change: Slide Panning, Inc, third quarter 2021 dose.

Speaker Change: Yes.

Speaker Change: Patient pending to be in inbound how many of you as we can.

Speaker Change: First of all the main process to be down in the time to related to the product from <unk>.

Speaker Change: And how many patients of data.

Speaker Change: You mentioned a lot.

Speaker Change: Large then.

Speaker Change: <unk> diagnosed patients in the U S.

Speaker Change: Just curious how many immediate.

Speaker Change: And how can we think about the average cost for each patient.

Speaker Change: Atvs.

Speaker Change: Patient finding so far thank you.

Speaker Change: Stephen you want to comment on that yes.

Speaker Change: <unk>.

Speaker Change: So the patient the patient slides I feel like we're a U S patient. So the 93 owned <unk> therapy in the U S. The five pending here within the U S flagged.

Speaker Change: Like those.

Speaker Change: Up to 900 separately, obviously, the the global many of whom are on some form of access program.

Speaker Change: Terms of time to being unpaid therapy very honestly the averages between probably four to six weeks. We have some that go longer if there's an NBC block and we have to negotiate with the plan that but generally it really runs pretty smoothly.

Speaker Change: I think Paul I think health plans recognize this is a severe disease with significant implications and it's progressive and you need to treat early so I think it's it's varies to be honest, but it's relatively quick for rare disease and in terms of value.

Speaker Change: I mean, theres nothing thats very easy too.

Speaker Change: Probably workout room referred earlier on to the.

Speaker Change: So the gross to nets.

Speaker Change: You are aware of the price I mean, generally speaking I think we provide high clinical value to patients and that positions, but what is it.

Speaker Change: A very significant and tough disease and.

Speaker Change: On the flip side obviously.

Speaker Change: We also.

Speaker Change: The majority of that value based on what.

Speaker Change: What we charge, which has a market.

Speaker Change: Thank you so much.

Thank you.

Speaker Change: I would now further questions at this time, so I'd like to hand back to the speakers for any closing comments. Thank you.

Speaker Change: Thanks, very much yes. Thank.

Speaker Change: Thank you very much for attending this results conference here.

Speaker Change: I would like to really emphasize again that we are.

Speaker Change: Going towards the mid range of our of our revenue.

Speaker Change: Items that we gave earlier in the year.

Speaker Change: <unk> heard about.

Speaker Change: Important growth engines that are ahead.

Speaker Change: The next segment of the <unk> markets that can be others, most notably in the near future.

Speaker Change: Expect a doubling of the patient pool.

Speaker Change: The available for therapy in the United States.

Speaker Change: As a result of the <unk> classification effort. It is a new disease at a new disease is not fully described yet and thats exactly what this U S validation efforts will bring.

Speaker Change: And then subsequently of course.

Speaker Change: The fact that there will be a pediatric.

Speaker Change: Correct that there will be a pediatric indication and we can serve those patients earlier on.

Terrible chronic.

Speaker Change: Chronic.

Speaker Change: And that means that the disease.

Speaker Change: We will see continued increasing revenues from the named patient programs outside of the United States, becoming more significant during the next year as well and of course, we expect that we will get further regulatory actions in those territories, where we are in the EU as well.

Speaker Change: <unk> kind of Australia, Manuel defined course windows, but we do see expect to see some more regulatory action and of course in Japan.

Speaker Change: We know when we are going to file and can get.

Speaker Change: Probably an accelerated review in Japan, as well, but that of course remains to be seen and I think it's important to realize that.

Speaker Change: We just embarked on creating potential very significant inflection points towards the future with the start of the phase two study in Florida for PID immune desert Dysregulation Ah patient population that is well described and which is readily available when the product.

Speaker Change: Sure.

Speaker Change: Could be approved in the future.

Speaker Change: Which is different of course in <unk>, which is a new disease. So that is enforced very for the longer term a very important growth engine for the company and for the <unk> franchise.

Speaker Change: Franchise, and last but not least we hope to be able to update you on progress on the BD front in the not too distant future.

Speaker Change: Thank you very much for attending.

Speaker Change: And we look forward to updating you in the near future.

Speaker Change: Our full year results call, which will be normally in the somewhere in the beginning of March. Thank you very much for being here and on behalf of my colleagues. Thank you very much goodbye.

Operator: Thank you.

Speaker Change: Thank you. This concludes today's conference call. Thank you for participating and you may now disconnect speakers. Please standby.

Operator: This concludes today's conference call. Thank you for participating, and you may now disconnect. Thank you.

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Okay.

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Operator: Sushila Hernandez, Jeroen Wakkerman, Sushila Hernandez, Jeroen, Sushila Hernandez, Jeroen, Sushila Hernandez, Jeroen Wakkerman

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