Greetings! Welcome to IntelGenx's third quar ter 2023 financial results conference call. At this time, all participants are in a listen-only mode. A Q&A session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this call is being recorded. I will now turn the conference over to your host, Stephen Kilmer, Investor Relations at IntelGenx. You may begin. Good afternoon, everyone, and thank you for joining us on today's call. With me on the line are Dwight Gorham, IntelGenx's CEO; Andre Godin, our President and CFO; Dr. Frank Pietrantonio, our Director of Clinical Research; Tommy Kenny, our Senior Vice President and General Counsel; and Dr. Horst G. Zerbe, IntelGenx's Chairman. Before we begin, I would like to remind you all that amounts mentioned today are in US dollars, unless otherwise mentioned, and today's call may contain forward-looking information that represents our expectations as of today, and accordingly, are subject to change. We do not undertake any obligation to update any forward-looking statements except as may be required by US and Canadian securities laws. A number of assumptions were made by us in preparing these forward-looking statements, which are subject to risks, and results may differ materially. Details on these risks and assumptions can be found in our filings with the U.S. and Canadian Securities Commissions. I would now like to turn the call over to Mr. Gorham. Dwight? Thank you, Steve. Good afternoon, everyone, and thank you for joining us for the IntelGenx Q3 2023 conference call. On today's call, I will provide a corporate update and discuss the progress we've made on our key pipeline projects, consistent with what we had previously committed to shareholders. Then Andre will review our financial results. Following that, we will open up the line for your questions. I will now update you on our key programs, beginning with RIZAPORT. During the quarter, we received the first purchase order for RIZAFILM, the U.S. market name for RIZAPORT, from our U.S. commercial partner, Gensco Pharma. This represents a significant milestone for the company, as it is our first purchase order for commercial supply of a pharmaceutical oral film. The purchase order triggered both an upfront order deposit payment as well as a pre-specified milestone payment, both of which are reflected in our Q3 2023 financial results. We expect to ship the ordered RIZAFILM product to Gensco in Q1 2024 for immediate launch to market. Production of the RIZAFILM is expected to commence in December 2023. Also, Exeltis, our partner for RIZAPORT in Spain, received this week the regulatory approval to implement a new strategy that enables product substitution at the pharmacy level. Based on the positive feedback they received from prescribing doctors and patients, we believe Exeltis' new strategy will ultimately boost product sales. We are eager to see this new strategy implemented to increase product substitution at the pharmacy level and the corresponding increase in RIZAPORT sales in Spain. Turning to our buprenorphine buccal film program, Xiromed, the agent and affiliate of our co-development partner, Chemo Research, submitted to the FDA an amendment to the abbreviated new drug application, requesting priority review. The FDA granted priority review with the Generic Drug User Fee Act, or GDUFA, goal date of March 8, 2024. However, if the agency determines that an inspection is required, the GDUFA date is July 8, 2024. But given the March 2023 pre-approval inspection of our facility and the subsequent approval of rizatriptan oral film, we are relatively confident that the FDA will decide to review this amendment without the need for an additional inspection. Now, turning to our cannabis business, we are happy to have entered into a settlement agreement with Tilray. The settlement agreement includes a purchase order for three new products, CBD 20, THC 10, and a 10/10 combined CBD THC, and was entered into concurrently with an amendment to our licensing and development and supply agreement with Tilray that renders the relationship non-exclusive for both parties. Clearly, this represents a new stage in our relationship with Tilray. However, we have worked hard this year to develop these three products and are looking forward to having them available to medical cannabis patients. Next, turning to animal health. We have discussed during the previous call that we are under discussions with a potential partner for an important development and license agreement for an animal health product using our VetaFilm technology. These discussions are still ongoing, and with the substantial progress we have made to date, we anticipate being able to announce this animal health partnership later this year. Finally, with respect to our commercial activities, we expanded our CDMO offering by signing a binding term sheet for the packaging of a pharmaceutical oral film product that an undisclosed CDMO customer is planning to commercialize in the U.S. IntelGenx will package the product at our GMP manufacturing facility in Montreal. Moving on to R&D, and specifically turning to our Montelukast program, we have completed enrollment of 52 patients in our phase 2a BUENA clinical trial in patients with mild to moderate Alzheimer's disease. With the intention of efficiently achieving the program's goal, we've made a Health Canada authorized study design modification, where we adjust the P value to less than 0.1. This modification enabled us to decrease enrollment while optimizing the power of the study to detect the effects of Montelukast VersaFilm compared to placebo. We are looking forward to completing the BUENA trial dosing in the first quarter of 2024, and to report initial trial results the following quarter. Additionally, manufacturing of both placebo and active films are ongoing in preparation for a clinical study to investigate the use of Montelukast VersaFilm for the treatment of Parkinson's disease, or PD. The multicenter randomized double-blinded placebo-controlled trial will be conducted at the Karolinska University Hospital in collaboration with principal investigator Dr. Per Svenningsson, who will sponsor the study through a Swedish Research Council grant worth approximately $2 million. The planned study will assess Montelukast VersaFilm as an alternate to the tablet form of Montelukast. We currently expect the study to commence in Q4 2023, with dosing to be initiated in Q1 2024, and we will provide more details on its design when they are available. Lastly, we also engaged an R&D customer to advance their product to commercial output and are proud to have secured the immediate, albeit small, revenue-generating business. With that, I would like now to turn the call over to Andre for a review of our financial results. Andre? Thank you, Dwight. Good afternoon, everyone. As Dwight mentioned, I'll take a few minutes to discuss the company's financial performance for the thi rd quarter ended September 30, 2023. The total revenues for the 2023 third quarter amounted to $318,000, compared to $142,000 in the same period last year. The change is mainly attributable to increase in R&D revenue of $128,000 and R&D milestone revenues of $125,000. Operating costs and expenses were $2.7 million for Q3 2023, compared to $2.5 million in the same period last year. For Q3 2023, the company had an operating loss of $2.4 million, consistent with Q3 2022. Adjusted EBITDA was negative $2.1 million for Q3 2023, compared to negative $2.2 million for the corresponding three-month period of 2022. Our net comprehensive loss was $2.5 million, or $0.01 on a basic and diluted per share basis for Q3 2023, down from a net comprehensive loss of $3 million, or $0.02 per share, for the comparable period of 2022. As at September 30, 2023, the company's cash and short-term investments total $2.1 million. In August, our parent company closed the first tranche of a non-brokered private placement of units from ATAI Life Sciences for an aggregate gross proceeds of approximately $3 million, including $750,000 in a subsequent ATAI subscription upon shareholders' approval. We intend to use the proceeds of the offering to fund the formulation and development efforts related to our collaboration with ATAI for working capital purposes and to cover costs related to the offering. IntelGenx will seek to obtain shareholders' approval at a special meeting of shareholders taking place on November 28, 2023. In addition to shareholders' approval, the offering is subject to final TSX approval and the satisfaction of customary closing conditions. I will now turn the call back to Dwight. Thanks, Andre. At this point, I'd like to review our track record of delivering on our promises. During the previous Q2 call, we indicated we would soon advance RIZAFILM in the U.S., which we have done in Q3. We also told investors that we were expecting to resolve the Tilray arbitration by the end of the year, which was also recently accomplished in an outcome that is favorable to both the company and its partner. Finally, we indicated that our partner, Xiromed, would respond to the latest CRL in a timely manner, and such response was submitted in Q3. All of this to say, since joining IntelGenx as CEO, the company has kept its commitment to the investment community and executed on key programs in line with commitments made. We are looking forward to continue to execute and deliver on our upcoming milestones, such as the signature of an animal health partnership in Q4 2023, the launch of RIZAFILM in Q1 2024, and the fulfillment of the cannabinoid infused VersaFilm order from Tilray.... We are also looking forward to receiving the latest tranche of our recent financing in Q4, assuming we receive shareholder approval. I would like to end my introductory remarks by highlighting the fact that the progress we have made in our key projects has opened the door within our R&D group for additional projects. We look forward to updating everyone on future calls on how we successfully capitalize on that. In closing, I'd like to once again recognize our team for executing our long-term strategy and the team's commitment and focus on the company's transformation from solely an R&D organization into a full-service R&D and commercial operation. With that, I will now turn the call over for questions. I would like to remind you that our forward-looking statements apply to both our prepared remarks and the following Q&A. Thank you. Thank you. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Once again, please press star one if you wish to ask a question. Please hold while we poll for questions. Once again, it's star one if you wish to ask a question. That's star one if you wish to ask a question. We did have a question come from Hugh Kiley. Hugh is a private investor. Hugh, your line is live. Thank you, Dwight and Andre, for the update. Question on the RIZAFILM. The shipment is gonna go in the fourth quarter, 2024. First quarter, excuse me. Is there any idea, can you share, is that going to, you know, pharmacies, hospitals, or any light on the distribution and rollout plan, like CVS or anything like, you know? Yeah, Hugh, this is Dwight. The product, when it's shipped from our warehouse, will be immediately available for shipment, and CVS is a lead, one of the customers. So it'll go to Gensco, and Gensco has set that already in motion, and they expect to have CVS as a large customer. That's, that's good because I've seen that on there, Dwight. I've seen it. I'm following this closely. It was highlighted on the website. There's more info to come about arrival on their shelves. With the Gensco relationship, I know they have, I believe, hopefully, I say it correctly, first right to China. Is there any, thoughts of expanding that, or is that just further down the road? More specifically, just wondering about other countries besides the U.S. and, Gensco. I can answer that if you want, if you want more. I mean, Gensco is also looking at China. Yep. And, I mean, we also have, obviously, Exeltis, you know, distributing in Spain. Hopefully, the sales should pick up based on what Dwight just mentioned. And, they're looking at other- Congratulations on getting that resolved, Andre. Congratulations with Exeltis getting that, you know, shelving issue or, resupply issue resolved. So regarding that one, is there discussions on the way, what countries in the EU, EU would be next in line, or are they just gonna wait to see how Spain goes? I think in the first place, they will wait to see how Spain goes. But there have been discussions for E.U. countries in the past with Exeltis, so we'll see how that goes. But, you know, we also have discussion with other countries, but this, you know, is really preliminary in terms of discussion. But, obviously, we are fully aware how this RIZAFILM or RIZAPORT can be very successful. It's the first migraine film in the U.S., and it will be in other countries. So, I think we're very excited about this launch, and, we're definitely ongoing discussion for other countries. Yeah. Did they... It's Dwight back on the line. I'm sorry, I got cut off. We definitely, as late as 2 weeks ago, were speaking with Exeltis about monitoring progress in Spain and looking to move that into other large markets in the EU, adjacent to, directly adjacent to Spain. Okay. Well, that's good. I asked them with the FDA and the, you know, the pediatric RIZAFILM, is that still, is that ways off to be developed? Do you see that in the first half of next year, the end of the year, or for the, the one that the- That is in, that is in development, and we have studies to do, so it's not likely to be part of the sales line in 2024. It's more likely a 2025 line item. Okay. And then, the new products that were introduced with the Tilray, I know from a prior call, Sawak and Tommy, there was a lot of development effort for cannabis, cannabis THC and whatever other products are. Do you see those? Last call, there was some, I'd say, less excitement of the cannabis market. Do you think those will have an attractive appeal in the marketplace with Tilray? I think that's an open question, Hugh. I mean, we all know- Yeah That the cannabis market has been problematic for most. This is medical cannabis, so the limitations will be a little bit more, will be a little tighter. I think it's a wait and see. The good news is, we're making commercial product. The commercial product go in the market, so there's some return on that investment. They are very clear that they expect that they'll make some traction with this, although I would say cautiously optimistic. Yeah Would be the expression I would use. I was just wondering, with their prior arrangement with Rapid Dose, is that still active as a competitor, or is it basically aligned with IntelGenx? I don't know if you're allowed to say that, but I tracked that. Yeah, no, Hugh, they, they dropped RapidDose. Yeah. They're dealing with us now. Okay. Yeah. Thank you, Andre, and Thanks, Andre. No, thank you for that. And on the, I got on a little late there, Dwight, on the CDMO, this is the contract that was revealed before. Is it close to being finalized? I know you got the binding term sheet and some other issues to work out, resolve to both companies' satisfactory expectation. Would that be done in, you know, Q4, or would that go into 2024? That'll likely be early in 2024, Hugh. The m- Okay. It's not stopped us from progressing. The machine parts, which are the critical path item. Yep ... are on order, and they're subject to the vagrancies of some of the subcontractors, but are expected- Yep to be in in January. And we will then start doing line trials, et cetera, to get the line commissioned and run stability lots. So the definitive agreement, I suspect, will be completed sometime in Q1 2024. Okay. That's a good answer, Dwight. I was gonna ask you about any of the other products like the DisinteQ or VevaDerm before I bring up VetaFilm. Would any of those have any potential interest in the marketplace with new partners? Our focus- Yes Our conversations have all been on the film products. Okay. Not transdermal. Okay, and then the, did you say you have potentially one partner for VetaFilm? Is there any behind that? The first company that, you know, you may be able to bring to conclusion with a contract, or is it just one for the present time for VetaFilm? It's one, but there are other conversations on other pharmaceutical ingredients that might be good targets for conversion from the current dosing regimes of it to VetaFilm. All right, and one last question, I'll go back- But those are early conversations. Yeah. Yep. Okay. No, I accept that. And on the discussions, prior calls we had, and with the status of the Par product maybe being the partner, being the Par partnership being replaced, is that still on hold with the Endo bankruptcy, or is that a potential future product that could be news on? I would say the latter. Potential product that you may get news on. There's discussions- Okay ... but they're in early stages. Okay. Well, thank you. I'll go back into the queue. Thank you, Dwight and Andre. Yeah. Thank you, Hugh. My apologies for getting cut off, Hugh. Thank you. The next question is coming from Abraham Shapiro. Abraham is a private investor. Good afternoon, everybody, Andre, Horst, Dwight. I got the Tilray order. I didn't hear any revenue numbers. What kind of revenue we expecting, is IntelGenx expecting from that initial order? The re- Why you- The initial- Okay, go, go ahead. The initial order is for $400,000. $400,000. All right. Yeah. And, uh- But that, that's just an initial order. That's what kind of revenue. Okay. Being that it's a medical product, is it allowed to export to the United States? No, they cannot. They cannot. They, you know, they cannot, and in general, exports to the U.S. are still problematic on cannabis. Okay. I thought perhaps because it was a medical, it might be a little lesser. So other than that, it's high finance and, you know, it's always my concern that you guys won't get, you know, you get to the finish line, you get so close. What other revenue, you know, borrowing, financing do you have in mind, if any? Andre, can you take that one? Yeah, we're looking at multiple options here, Abe. ... There is another $750,000 coming in on November 28th, upon shareholders' approval. And, you know, based on what we know or see at this point, we will get that money. There's also other revenue that might come in in 2023, that we can not really be specific on, but that are most likely to happen. But having said that, there is always, you know, options that we're looking at to to fund or well-capitalize the company. But we're always and always been and always will be very concerned about dilution. So we're trying to find ways so that the dilution is not too dramatic. But there is... I wouldn't be worried. I think that we have money, and we'll find the money like we always did to make sure that all our programs are, you know, launched as expected, and that we're getting, you know, new programs in and new programs approved in order to generate revenue. All right, thanks. Congratulations. It looked like a, to me, it looked like the Tilray settlement was a good settlement. It took a long time and, you know, moving along. And I'm a longtime shareholder, and I'm waiting for, I'm waiting for the price to reflect, you know, all these great things going on. So thank you. Thank you, Ab. Thank you. The next question is coming from Brandt Gaeke. Brandt is a private investor. Brandt, your line is open. Yes, good afternoon, guys. So the first CDMO contract that y'all have, that's just a term sheet signed right now, or do y'all have... Is that a contract signed and ready to go, or when do you expect that to be done, revenue to come in on that? That is a binding term sheet that is signed. The definitive agreement, as I told Hugh, is expected to be in the first quarter of 2024. There's some registration work to be done, and it should be late 2024, early 2025 revenue. Okay. And what about, I think on the last call, y'all had mentioned a second deal would be coming soon. Is that still the case? And if so, when do you expect that? I don't recall what was said in the last meeting, so I'm sorry. It's like my age is getting to me, I guess. However, at this point, I don't see another CDMO customer on the horizon. I see FDA approvals for Riza, and I see a lot of volume coming with Riza, and I see buprenorphine gonna come out of the FDA. Okay. Those are the two major events I see in the next six-nine months. Okay. And as far as ATAI, I believe, the press release had indicated that they, their shares would be at $0.18. Is that, is that gonna be the case, even if, when this, you know, when this gets approved, if we're at $0.11 or $0.12 or $0.13, is it, is it still gonna be $0.18? On- They're gonna be 8- Can you field that one, please? Yeah, it's gonna be $0.18 half. That's the conversion price on their convertible note, and the warrant that is attached to it is $0.26, and that won't change. Okay. Okay. Thank you, guys. Thank you. Operator? I think the operator- I lost my line for a moment. Yeah, apologies. Okay. I lost my line for a moment. The next question is coming from Bobby Zinati, who's a private investor. Yeah. Hi, good afternoon, gentlemen. First of all, I'd like to congratulate you on all the accomplishments for this quarter. It's really nice to see that IntelGenx is moving forward as a at a very fast pace, so congrats on that. My first question is in regards to the ATAI Life Sciences announcing the filing of an early warning report on October tenth. Could you shed some light on that, with them owning 66% shares in the company? Dwight, you want me to answer this one? Yeah, please do. Yeah, this is kind of unfortunate, but this number is wrong to start with. But ATAI owns 21% of the company, and that's a fact. And they could potentially, at some point, own, you know, more than 50%, so anywhere between 50% and 60%. But to get there, they would have to invest about, you know, $30-$35 million. So the reality is, they own 21%, and, as long as they don't invest any further money into IntelGenx, it will remain at 21%. Okay. Okay. The other question that I have is in regards to the settlement with Tilray. A lot of investors were anticipating a payout for you guys. Was there a payout on the table or a partnership deal, or was it only a partnership deal with amendment of the other part of the deal concerning exclusivity? Do you want me to take that, Dwight? We should be- Hi, hi, it's Tommy here. Unfortunately, Tommy. Settlement discussions are confidential, and it's not something that we can bring up. I can just tell you that the outcome is probably the best thing both company could have expected. We're moving forward as partners, and we're hoping that the future will bring additional product. But at least right now, there are three products, and we're hoping that this will be a continuing product. They have told us that their patients are expecting those products, so there is some expectation there. Okay, just to clarify, Andre, you had mentioned that their ties with Rapid Dose, that there is no manufacturing by Rapid Dose for Tilray, as far as the film goes. As far as we're- Yeah. As far as we're informed, that's the case. But again, the agreement is non-exclusive. We believe they will get the film from us, but it's the same thing with us: if we want to sell to someone else, we're authorized right now. Okay. And are there any other companies, like, from the big players that have approached you in regards to the, CBD or THC products? At this point, we haven't shopped anything around because we were in litigation. Okay. The game has significantly changed now that this is open to us to market if we see an opportunity. Sure. So at this point, we were not entertaining any discussion with the current partner, IntelGenx. Yeah, this agreement was just signed. Okay. We have activated our sales department and marketing department to take a look at other potential targets for these products. Okay. And, just I wanted to ask about the launch of these products or when they will be possibly delivered to Tilray and, distributed to the patients. Do you have, like, some sort of, like, a timeframe? Is it gonna be Q1 or, of 2024, or this year, or? No. It'll, well, based on the order lead times for raw materials, it'll be early Q2. Okay. All right. And, going to the buprenorphine, you said March eighth was the GDUFA date, correct? Provided that they don't push a facility inspection, yes. Or inspection. Okay. So when are we expecting, if, God willing, you get the approval on March eighth, when are we expecting this product to be launched? I, I- I can take that, Dwight. Yeah. Yeah, I mean, it's done here. Please. There is ongoing litigation with the product, so, I mean, we cannot make any statement as to when the product will be available because it will depend on when we get the court date and we get in front of a judge. Unfortunately- Okay ... this is the situation. We're looking forward- I know ... to approval, and we'll push as much as we can to get the product as soon as possible to the market. Okay. And is there any milestone payment that IntelGenx will be receiving upon approval? Yes, there is one milestone upon approval. Okay. And can you shed light on, like, is it, like, a six figure or...? Low six figure. Okay. All right. That's all for me, gentlemen. And, again, congratulations to you guys and the whole team. God bless. Thank you. Thank you. And the next question we had was Hugh Kylie with a follow-up. Hugh, your line is live. Okay. Thank you, and I apologize, Dwight, Andre, and Dr. Zerbe and Tommy for, and Frank, for not congratulating on their great progress with the company so far in 2023. I have a question with ATAI. Is there any other programs in the work besides the one that's moving right along? Any new molecules that they're interested in having your company or our company develop for them? We're really focused on getting their clinical phase II work done for them. As recently as two weeks ago, I had extended conversations with their CEO in Berlin, and at this point, it's a focus on what we've got on the table. Although nothing's been ruled out. Okay. And as a follow-on to that, would the, your, business development team evaluating different molecules, is there anything in the, the background that's being worked on, developed, that we could learn news on, that it may be attractive for the oral film market? ... I think I said that we've opened up some space in the R&D area. We're looking to capitalize on that, and as soon as we've got that nailed down, I would love to be able to share that with... Okay. with the shareholders. But it's premature for me to say right now. Yep. Okay, I accept that, Dwight. Thank you. And last question, well, the last two questions is, with the progress of Montelukast and soon, with the Parkinson's study out in Sweden, any potential partners on the horizon for either one of those programs? I know I ask at every conference call, but always got a, you know, keen eye out for that. Well, there's certainly Dr. Zerbe and I had a lot of conversations at the recent trade show. We're with several potential partners, but everything comes down to getting the readout in the second quarter. Okay. If the readout's good, then I don't think there's a lack of partners. Okay. That's a good answer. And then, that would be the same for both products, or just the Alzheimer's film? I think if the data's good on all of them, then there's partners to be had. The first one will be the Alzheimer's, though. Okay. And it wasn't brought up on the call, but I'll ask, is any update on the progress on Tadalafil? Yes. Tadalafil is, excuse me, we are, we've got the last of the development work understood, and, we're back on track for, with that to, complete the work we would, we need to, to move forward, probably within the next three-six months. Okay. That's not commercial, but there's other project milestones in there. Yep. No, that's, that's a good report. All right, that takes care of my questions, Dwight, Frank, Andre, and Dr. Zerbe, and if I missed anyone else, I apologize. Well, thank you. All the development both in India as well. Yep. But one question. In the past, there's been research reports about the progress of, you know, the company and investors research reports. Is there anything in there with your discussion with investors, any research houses that may issue a report with the success of the approval of RIZAPORT and, you know, the progress the company's being made—has made? To my knowledge, at this point in view, no. Would we like to engage with that? The answer would be yes. Okay. All right. Thank you, Dwight. Thank you. Thank you. And once again, it's star one if you wish to ask a question today. Star one on your phone. The next question is a follow-up coming from Brandt Gaeke. Brandt, your line is live. Yes. Do y'all expect or have any indication that Tilray will put out any communication, press release or anything on these three products? Tommy, can you answer that one? I mean, they will probably. If they issue anything, they will probably only issue it upon receiving the product, because they don't want to create expectation from their patient or customer before the product is actually available. Okay. And if the share price continues to wane down where it is now, do y'all have any indication or idea if ATAI would purchase shares on the open market? I can answer that. I think that ATAI has warrants and available. I doubt that their business model allow them to purchase shares on the open market. But you know like they could bring in money by exercising either you know more convertibles that they have or warrants that they have. But they are there to support us. Obviously they as you probably know they have supported us through a term loan as well. But one of the objectives of the company with all the execution that has taken place the last six months and that continues towards 2024 we'll be out there road showing. I just came back from a roadshow in South Florida and that will continue. So, unfortunately, a small cap has been hit quite a bit in the market, especially life science. But as long as we execute on our business plan and that we get closer and closer to being commercial, I think that the stock price will reflect that at some point in 2024. I'm not worried. Okay. Thank you. Thank you. The next question is going to be from David Nguyen, who's a private investor. David, your line is live. Thank you. Gentlemen, thank you for the update on your progress. It's good to see that, you know, real progress is being made. But being that said, you know, we have a couple of products that have already been approved in various countries, including the United States. And, I think it's fair to say that there's been some hiccups in commercialization. Moving forward with Montelukast being probably the jewel of the company, are there any basic criteria for choosing a commercialization partner? Because, you know, God willing, that drug gets approved for AZ and maybe PD, you know, what is the criteria for choosing a commercialization partner? Because obviously, with prior approved products, we haven't seen real revenues from them. That's a great question. Thank you very much. The from a criteria perspective, I think if the Monti hits, there'll be much more mature companies, much larger scale companies involved in the bidding for the product. And certainly, some of the criteria will be scale, others will be international reach, and others will be specifically focused to reach into the U.S. and to Europe. So for me, it's mostly gonna be scale and a size of the enterprise to make this happen. With some of the other products, we were. We had partners, and they were we didn't quite understand some of the logistics associated with holding their hands to get to market. And that's been cleared up, and I think we've fixed that. If Monti hits, I don't think there's a lack of partners. It'll be significantly into the choosing, and scale, and the credibility of the organization will be key attributes we look at. I appreciate that, that answer there. I just hope that, you know, the company, I know you've only been here for a short time, but I just hope the company can learn from the missteps with already approved drugs and maybe make the next few drugs that we get approved, you know, huge successes. So thank you for your time. Yeah. Thank you as well for the question. Thank you. We would now like to hand the call back to Mr. Gorham for closing remarks. Yes, thank you very much. Well, this concludes our thir d quarter of 2023 investor call. I'd once again like to thank the entire IntelGenx team for its hard work and dedication, our board of directors for the continued support of the management team, and finally, our investors for your continued belief in and supporting us. The quality of the questions was excellent today. Thank you very much, thank you and goodbye. Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.