Ladies and gentlemen, welcome to the Cosmo Pharmaceuticals 2020 Results and 2021 Outlook Conference Call. I am Alice, the conference call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to the management team of Cosmo Pharmaceuticals. Please go ahead. Good afternoon, everyone. This is Alessandro Della Chà, the CEO of Cosmo, and on the call with me also Niall Donnelly, the CFO. Thanks for joining. 2020 has been a very interesting year for Cosmo. Notwithstanding the pandemic, we have had major advancements on basically all fronts. We've seen a streak of approval. We've seen the return to operating profit, and we have seen the return to positive cash inflow from operating activities. Our outlook now looks very different from 2019, and we're very happy that we've been able to reach these achievements through hard work and also throughout the pandemic, which has disrupted many business and has been impactful for everyone on many fronts. Just to give you an example, for what pertains more strictly to Cosmo, while our manufacturing activity has not been impacted at all, and we have continued to supply seamlessly all our partners and clients, clearly the introduction of really drastic travel restriction has been very impactful on the sales of Aemcolo as the sharp reduction everywhere, and in the U.S. especially, of all elective procedures, including colonoscopies, has been impactful on the sales of colonoscopy-related products and has been impactful for our specific case in sales of Eleview. If you look at the overall clinical trial activity, that has been impacted throughout whole healthcare sectors. Access to hospitals has been challenging. Most clinical trials have been basically put on hold unless those that were COVID-19 related, and we've been no exception in this. Furthermore, also the interaction with the public agencies and specifically the FDA in this case, has been dramatically slowed down by the pandemic, with everyone working or not working smart from home. We've experienced significant delays in feedbacks and regulatory advancement. If you look at these results in this setup, I think they are remarkable and at least we're very happy with those. Revenues of EUR 60.9 million, of which EUR 32.8 coming from manufacturing of our own products and EUR 10.8 in manufacturing of generic products and products on behalf of third parties, including related services, EUR 8.5 million of royalties and EUR 7.5 million in license fees upfront and milestones. Our operating profit has been EUR 6.9 million. Our loss after tax, EUR 7.9, mainly impacted by what happens below the line of operating profit, namely the interest that we have to pay on the convertible bond and the share of the results of the associate, Cassiopea. This is what actually the two items summed up make a loss after taxes. The cash inflow, this is the positive news. Clearly, the cash inflow from the operating activities now is positive by EUR 10 million, and later on you will see in the presentation a very precise breakdown on how our cash has been deployed throughout 2020. I think you'll have the chance to appreciate that basically all the cash that we have been deployed has been deployed in investments and not in the financing of standard operations. You will see that the money has gone into the purchase of shares of Acacia in the context of the Acacia deal that we did in January 2020, in the financing of Acacia, because within the agreements we had provided for a EUR 25 million loan, the subscription of the capital increase of Cassiopea. These three items together, as we will see in a couple of minutes, summed up together, makes all the, or almost all the cash deployment of the company. We have increased our cash position in respect of the expectation because of being cash positive from operating activities. Now cash at the end of 2020 is EUR 212 million, EUR 213 million. The equity stakes in other company now are worth EUR 339 million. Treasury shares and loans, we have a EUR 25 million loan to Acacia, as I've said, is EUR 72.5 million, and we have an equity position of EUR 400 million. In this context, what I think is highly remarkable is that if you put together and sum up cash, bonds and fund investments, equity stakes in other company and treasury shares and loan, you reach a figure that, if I'm not wrong, is around EUR 624 million, which is roughly CHF 680 million out of a market cap of EUR 1.2 billion, which means that the business of the company is currently valued by the market around EUR 600 million. I let everyone decide whether this is a good valuation for the business or not. What I think is important in understanding Cosmo, whose complexity is growing, is that our aim and our scope has always been to diversify as much as possible and decrease the overall level of risk of our activities. I think it is in this context that you have to understand that we have stakes in multiple companies. We have stakes in Cassiopea. We have stakes in RedHill. We have stakes in Acacia. We have stakes in PAION. Simultaneously, we've entered into commercial partnership deals with many different partners from one another. The medical device are entrusted with Medtronic. The antibiotic is entrusted with RedHill and Dr. Falk. The sedation agent, BYFAVO, is entrusted with Acacia. Lumeblue, which has been approved by the EMA in the centralized procedure, is now in the hands of Alfasigma in Europe, Russia and Mexico. It's in the hand of China Medical System Holdings in China. It's in the hand of PendoPharm in Canada. We have an approval, hopefully scheduled in Canada, of Lumeblue around the end of May. The company has two marketed MedTech products. It has one approved, which is Eleview and GI Genius for Europe. One approved therapeutic, which is methylene blue MMX. In Europe, three marketed therapeutics already, LIALDA, Uceris and Aemcolo. A very interesting, rich development pipeline that is being replenished. I'll tell you a little bit more about this. Again, market cap of CHF 1.3 billion, CHF 1.2 billion and net cash of EUR 212 million. This is a very brief description on slide number seven now of the breakup of our stakes in other companies and as a result of spin-offs and together with the other financial investment. As I said, this sums up to EUR 624 million. I think this is a very remarkable portion of our current market cap, and we should look at the business of Cosmo having an understanding of how much is business and how much is now financial assets and financial investments in other company. I think, if I'm not mistaken, Niall, that the part in key events will be covered by you, right? I'm passing you the word. Thank you. Thank you, Alex. The key events during the year were the sub-licensing of BYFAVO to Acacia Pharma in an equity for product deal. We took in EUR 30 million in Acacia shares over the course of the year in various milestones. We released the intangible on our balance sheet into the P&L. We had a net gain on that of EUR 4 million. We had very positive results from the first investigator-initiated trial of GI Genius. This demonstrated a significant increase in adenoma detection rate and also adenoma per colonoscopy in the GI Genius group compared to the control group. GI Genius is already approved in Europe. We had further approvals in 2020 in Australia, Israel and the United Arab Emirates. Of course, BYFAVO received FDA approval during the year. That triggered a milestone, an inflow from Acacia in the form of shares. The protocol and related statistical analysis plan for methylene blue has been filed with the FDA for final comment, and we're hopeful that that trial will commence in 2021. Our associate, Cassiopea, received FDA approval for Winlevi for the treatment of acne. Methylene blue, as Alex mentioned, was approved in Europe for the visualization of colorectal lesions during colonoscopy. The Pharmaceuticals and Medical Devices Agency approved Eleview. We expanded our license agreement with Dr. Falk to include the new 600 mg formulation in IBS-D. We licensed our China rights for methylene blue to China Medical Holdings. We had announced the successful outcome of a phase II proof of concept for Aemcolo in IBS-D. In February of this year, we licensed the E.U. rights for methylene blue to Alfasigma. In relation to the Acacia Pharma deal, we've touched on that already. We now hold 19.66% or 19.6 million shares in Acacia. We're entitled to a further $105 million based on the achievement of BYFAVO commercial milestones. As Alex mentioned, we have a loan to Acacia with a five-year maturity and an 11% interest rate. Methylene blue. I'm on slide number 15. We have covered those points. In terms of Aemcolo, we've already discussed the successful outcome of the phase II proof of concept trial. GI Genius, our U.S. trial is ongoing, sales in the U.S. are expected to begin immediately after. Hopefully, the product is approved in the U.S. We're hopeful that that product will receive approval for that product within the first half of 2021. In terms of the financial review, our revenues for 2020 were EUR 60.9 million, this compares to EUR 62.5 million last year. Our expenses came down by EUR 20.8 million to EUR 54 million. This was mainly as a result of the closure of a U.S. organization during 2019. We're seeing the full year impact of those savings flow through into the 2020 P&L, and these were approximately EUR 16 million. The net reduction expenses also includes the EUR 4 million gain on the sub licensing of BYFAVO. We should point out that these expenses include non-cash ESOP cost of EUR 9 million and depreciation and amortization of EUR 6 million. We're back to operating profit with a profit of EUR 6.9 million, and this compares to a loss of EUR 12.3 million in the prior year. We generated a cash inflow from operating activities of EUR 10.1 million, as Alex mentioned. This compared to an outflow of EUR 17.6 million in the prior year. Really the core business is in good shape now. Our net financial expenses were EUR 8.9 million, this compared to net expenses EUR 3.9 million in the prior year. This includes an imputed convertible bond interest of EUR 8.4 million, the actual cash that we paid out on the bond to bond holders was EUR 4.4 million. Our loss after tax, therefore was EUR 7.9 million, this compares to a loss after tax of EUR 24.5 million for the prior year. This includes a share of Cassiopea's loss of EUR 4.9 million. In terms of more detail on our revenue on slide number 21, our LIALDA sales increased by EUR 5.9 million to EUR 27.6 million, mainly as a result of orders from Shire in the U.S.A. Our Uceris income was EUR 4.9 million. This compared to EUR 9.3 million in 2019. Net sales of Uceris reduced to EUR 34.1 million from EUR 66.1 million. We're seeing the impact of the generic on Uceris. Cortiment income was EUR 6.7 million, this was up from EUR 3.9 million in 2019. Net sales by Ferring were EUR 18.1 million compared to EUR 16 million in 2019. We had upfront fees and milestones of EUR 7.4 million, these mainly relate to the out licensing of the China rights for Lumeblue to CMS, and also to the amendment of our rifamycin license agreement with Dr. Falk. In terms of our balance sheet on slide number 23, our total equity is EUR 400 million. We had cash and investments in funds of EUR 212.9 million at the end of the year. The non-current and other current assets include our shareholdings in Acacia, PAION, RedHill, which totaled EUR 114.5 million. Our investment in Cassiopea was traded at EUR 136.1 million, the market value of that stake at the end of December was EUR 225 million. We had intangible assets of EUR 26.6 million, property, plant, and equipment of EUR 29.3 million, and trade and other trade receivables of EUR 57.9 million. This includes the EUR 25 million loan to Acacia. On the liability side of our balance sheet, the main liability there is the liability component of the convertible bond, which is at EUR 162.2 million. Moving to slide number 25, some more detail on our cash flow. We had a total net cash outflow of EUR 55.4 million over the course of 2020, which you see from the detail that we generated a positive cash inflow from our operation. In relation to Acacia, we made a EUR 20 million equity investment and advanced a EUR 25 million loan. EUR 45 million out of the EUR 55 million outflow related to the funding of Acacia. We purchased treasury shares, to the tune of EUR 5.7 million. We paid convertible bond interest of EUR 4.4 million, incurred capital expenditure of EUR 4.1 million, we participated in the Cassiopea capital increase and advanced a further EUR 4 million for that. We had capitalized development expenditure of EUR 4 million, we made lease repayments of EUR 1.8 million. We received a tax refund of EUR 2.9 million, we had other inflows of EUR 749,000. Alex, I'll hand back to you for the key priorities and outlook for 2021. Thanks, Niall. Let's see what's going to happen in this nine months of 2021 ahead of us. Main overall priority is for us to complete the trial of GI Genius and start sales. We are hopeful that this is going to happen within the first half of this year so that the second half will be already dedicated to sales. Clearly, our second priority is to have Cassiopea enter into a strategic deal to launch Winlevi. Here, I have to open a bracket and explain the following. The environment in the U.S., and especially the environment in the derm market, continues to be extraordinarily challenging. There are large companies such as the derm business division of Bausch, who has all of the sales force. This has gone through the whole sector with several companies active in derm cutting their commercial infrastructure and commercial organization in derm. Access to cabinets and visits with patients is still very challenging. In this tough environment, Cassiopea, who's the owner of the product, has the luxury of not having to rush into a launch, but select the best deal, because no matter who the final partner for the product will be, there's frankly no need to rush into anything because the environment is highly challenging. This is a view that is largely shared by [every month it] operates into the market. Cassiopea is currently having multiple discussions with multiple potential partners, and I trust that they will be able to come up with the best possible deal. In respect of Cosmo, we will be happy, whatever deal occurs, and especially a deal that produces immediate results. The reason why a deal that produces immediate results will be nice for Cosmo is because Cosmo has to book its share of result of the associates. If Cassiopea makes a very nice profit because it enters into a transaction that generates a profit, then Cosmo would have to book 47% of this profit within its own P&L. This is something that we're looking at with great level of attention because we certainly take the largest part of whatever result is generated by Cassiopea. We are hopeful because we have information on how these negotiations are proceeding, and I think they're proceeding well. I'm optimistic. The important thing in this context is to have optionalities, and I think that Cassiopea has all the optionality that are needed at this point in time. Maybe I should add something more upon request of investors, but this is certainly something that's going to be covered by your questions afterwards. In respect to the sales of GI Genius in the United States, as I said, I hope that they will begin in the second half, but it's very difficult for us now to make any specific forecast. We don't know how much access will be provided to the Medtronic reps and how easy it's going to be for them to enter into hospitals, make the promotion the way you need to do it. As you can understand, one thing is to have Teams or a Zoom meeting with someone you're very well acquainted to, and you just have to give updates and check how things are going versus meeting someone for the first time for making a sale of a very sophisticated equipment that needs to be tested live and seen in real procedure. If there's limited access there, this will necessarily be impactful on sales. When we will come to the guidance, we have been extraordinarily cautious simply because we do not know how that is going to play out. I hope, as everybody, that things will clear up in the course of the year and that we will be able to have a lot of visibility. When we have given the guidance that you have seen already in our presentation, we have been very conservative. I hope the guidance is not going to disappoint anyone because the guidance is showing that we will continue being with an operating profit and we will continue to be cash positive. Fact is that we don't know, and I think that anyone, unless someone's got a crystal ball, can exactly say how 2021 will play out. We all thought that because of the pandemic, 2020 would've been a transitional year, and now it looks like 2021 will be a transitional year as well because the impact of the pandemic is certainly more protracted than originally expected. The third priority is to commence the methylene blue confirmatory phase III trial required for the U.S. approval. Here, this largely does not depend on us because the interaction with the FDA has been extraordinarily slowed down by the pandemic to the point that at certain moments, we had to wait for months before getting an answer. I'm hopeful that we're going to get the green light soon, but I have to tell our audience that even if the approval and the okay from the FDA would come tomorrow, it is very unlikely that we will be able to start any clinical trial, not just the methylene blue trial, because there's very limited access to hospital. As an anecdote, I can tell you that, as an example, not even the Medtronic people and technical people were allowed to access the hospitals and the sites where the clinical trial was ongoing. They basically had to drop the box containing the device to the reception of the hospitals, and then everything else, including installation, had to be done with phone calls. Therefore, something that would've taken three minutes to do it in presence had all of a sudden become very cumbersome exercise because the box went here and there and had to be retrieved through phone calls, and all this turned into the thing being enormously more complicated. Fourth point as a priority is: Finalize what's needed with the FDA and our partners to start the phase III clinical studies for IBS-D. As you will recall, and if you don't recall, I'll say that again, because of the license agreement that we entered into with both Dr. Falk in the new amended version and RedHill when we did the transaction and the deal with them back at the end of 2019, we have completely shifted the financial responsibility and the regulatory responsibility of conducting this phase III trial to our partners. The cost of this will be allocated 75% to RedHill and 25% for Dr. Falk. The nice thing is that Cosmo just have to coordinate the activities of the partner. Further development in IBS-D will come at no cost for us. Fifth point is progress our product pipeline. As I have already said to the investors I've spoken to, we are in the progress of replenishing very materially our pipeline, and we intend to announce a new pipeline in due course, which we would expect would occur after the summer break. We are now in the process of doing a lot of preliminary testing and crafting the intellectual property protection that's needed to be in place before we can announce to the market what we're doing. I think that you will see a significant boost in the pipeline. We have identified a lot of areas with great unmet needs in GI. We intend to work overall with API, which are already approved for other indication in order to shorten significantly the development pathway and have a faster track in terms of safety data. We will announce it, as I said, in due course, but our expectation is around September. What we're thinking of is about organizing an R&D day in Zurich where we would presenting all this. How much all this milestone, as I said before, will be potentially influenced by the pandemic, I can't say. This is just reflected in the following slide 20, where we have been issuing, as I said, a very conservative outlook. I hope no one is disappointed. I would like our audience to understand that when you look at our expenses, significant portion of those EUR 57 million-EUR 59 million is actually non-monetary items, such as cost of the ESOP or the cost for depreciation and amortization, which total together close to EUR 13 million. It's a significant item, but they're non-monetary ones. Again, this is a point that I want to stress, guidance for operating profit doesn't take into account the outcome of a potential Cassiopea transaction, because this will occur clearly below the line of operating profit. Specifically, let me just make an example. Just imagine that Cassiopea is going to do a licensing deal and gets, I'm shooting from the hips just for the sake of the example, is going to receive EUR 50 million down payment, which would be hefty. 47% of this would be positively impactful on our accounts as a result of the share of results of the associate. We will see how that will play out. Again, consider that many of our different pieces are likely to continue to be influenced by the pandemic throughout 2021. We need to provide a guidance in light of what we really think is going to happen. Again, in this specific range of revenues, the impact of GI Genius is very limited because we cannot yet predict, nor can Medtronic to this extent, predict what exactly is going to happen in 2021. I think that this is all for now. Thank you very much and happy to answer to any question you may have. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only hands as we're asking a question. Anyone who has a question may press star and one at this time. The first question comes from the line of Bob Pooler with valuation Lab. Please go ahead. Good afternoon, Alessandro and Niall. Thanks for the excellent presentation. Just a few questions. First starting with methylene blue. Just on the brand name, you have methylene blue MMX and Lumeblue. Are these regional brand names and where do you use Lumeblue and where do you use methylene blue? Well, Bob, thanks. Actually, Lumeblue has always been the name that we wanted. Clearly, because of the setback with the FDA, a name has not been decided yet, but that has been chosen by us a long time ago. This was immediately approved by the EMA. We're using Lumeblue because Lumeblue is the registered trademark. When we refer to methylene blue MMX, that's just the product name, but it's not the branding. When we refer to Lumeblue, that's the brand. Okay. We hope that also in the United States, we'll be able to call it Lumeblue. Clearly, there are some advantages in having a global brand name. Okay. Thank you. That's clear. Just again, on Lumeblue, when do you expect the E.U. launch to occur by your partner? Within months from now, but for the very same reason, we haven't planned together with Alfasigma. We haven't planned a launch date yet, so we're in the process of refining the forecast. We're waiting for them for indications so that we can organize the supply. We're really at the first stage because the first thing that you have to achieve in order to allow them to make planning is the transfer of the marketing authorization, which has not occurred yet, because we're in the process now of obtaining grandfathering for the U.K. indication because U.K. now is out of the- E.U. out of the E.U. Therefore, we need to grandfather in the U.K. before we can transfer the marketing authorization of E.U. Otherwise, if we would be transferring the marketing authorization straight away to Alfasigma, they would lose the chances of grandfathering in the U.K. Because the U.K. is going to be a large market, we want to make sure that first we get the grandfathering, and then we transfer the marketing authorization. This is why the process is taking a little longer. Again, even if that could be transferred tomorrow, issues in respect of promotion and access to doctors will be more or less the same. Yeah. This is not going to be ultimately impactful. Okay. Just on U.S. phase III trial, when you start there, are you already factoring maybe additional precautions due to COVID-19? Will it have an impact potentially on the trial duration and cost? No. That's not the issue. The issue is simply that if we listen to the data that is coming and the information that's coming from Medtronic, the drop in the number of colonoscopies in the U.S. is massive. Yeah. Massive. This is true for all elective procedures, but it's particularly impactful in terms of colonoscopies because this is what we know better. Therefore, even if we would be getting the green light from the FDA tomorrow, because of the condition of the market and because of the restriction of access to hospital, it's very unlikely that the trial will begin. Once that will begin again, and therefore activities for screening and surveillance will resume to normal levels or close to normal levels, no specific precaution will be required. Okay, great. Do you see somewhere or Medtronic, do they see somewhere maybe a sort of pent-up demand for colonoscopies because a lot have been delayed now, but maybe in 2022 that you might have a spike of colonoscopies? No. Due to the last- No. Oddly enough, they're not expecting that. Actually, I had the same question this morning, and apparently, no one is expecting that. What they expect instead is that the number of colonoscopies will go back to normal in 2023, but you're not going to see a gigantic spike in 2022 because of the backlog. What they're projecting is simply that people that had scheduled for their screening or surveillance colonoscopies simply would skip it. This means that you would unfortunately have, like in many other diseases like oncologic diseases or cardiovascular diseases, within three, four or five years, you will see the severe impact of not having done the screening and surveillance activities in the patient's population throughout all diseases for a couple of years. I don't think the people have yet realized the self-inflicted damage, if I may say, that has occurred because of certain choices that have been made throughout all countries, but there will be a heavy toll down the road. Anyway, no one's expecting a specific spike in 2022, but rather, an increase in respect of 2020. A little increase in 2021, another increase in 2022, and back to normal in 2023. Okay. Very clear. Just two more questions on your products. On LIALDA, the growth, which is generic now or facing generic competition, where is this growth coming from? It's still that people prefer LIALDA over the generic version? Precisely. Okay. Precisely. Which is something that, by the way, we would expect should occur for Uceris as well. Okay. Yeah, that was my follow-on question, especially also for Uceris. You have a sharp decline, of course. Do you see this now bottoming out maybe this year? This is the information that we have, that we should have plateaued now, and that therefore, we should expect a rebound. We will see whether this is going to happen or not, but that's the expectation. Okay. Thank you, [Francesco], for the question. Good luck with all the moving parts this year. Thank you, Bob. Thank you so much. Thank you. As a reminder, if you wish to register for a question, please press star and one on your telephone. Star followed by one. We have a question coming from the line of Philippa Gardner with Jefferies. Please go ahead. Oh, hi there. Alessandro, I wonder if you could maybe sort of outline for us, I guess, you sort of touched on this talking about the pipeline, but I guess sort of your longer-term vision for Cosmo. You've obviously got the manufacturing, you've got all these investments in companies, and you're now looking to replenish the pipeline. I guess, when you look at Cosmo in sort of three to five years' time, how do you see the company sort of shaping up? Thanks, Philippa, for the question. Well, first of all, I would need to say that I'm expecting a lot from GI Genius, and I'm kind of surprised that the market hasn't seen it yet coming, because if it has seen it, this is not reflected at all into the share price. Sometimes I suspect that if Cosmo Artificial Intelligence Ltd., which is the company that's fully dedicated to AI, would be listed separately and autonomously, because of the validation coming from the deal of Medtronic and because of the very close FDA approval, I suspect that it might have a value which would be probably higher than the value that the market is currently giving to our business. What's going to happen, first of all, in the next three years, is that we will position ourselves as a highly significant player in this field of AI. I don't think that people as also yet understood that we have really developed, not so much an artificial intelligence device on a standalone basis, but as more of a platform. There are a lot of indications that we're already working on that can expand significantly the use of our device into other areas. Not to mention the fact that within the business model of Medtronic, normally they buy out the product once the product produces certain sales. They don't like the impact of royalties or other outflows that they have to pay to their partners. In our specific case, because we've entered into a revenue share agreement whose terms are not allowed to disclose, the outflows from Medtronic to us would be pretty significant. My first piece of answer to your question would be, you're going to see AI taking a very important role and be hopefully a significant source of revenues. In terms of the most traditional pharma activities, as you will see when we will present in due course the new pipeline, our intention is to concentrate on very early-stage projects. Namely, preclinical and phase I of known APIs that we will reshape and use for previously not tested indication. We have quite an array of opportunities there. The nice thing, which is going to be an integral part of our business model, is that we intend to start from the earlier phase, because that is precisely the phase where you can create more value with the lower investment. It's true that you create a lot of value when you do, for example, a phase III, but it's also true that a phase III is the most expensive of all clinical phases. What we will be doing instead is that we intend to play on multiple tables by running simultaneously several preclinical and phase I activities on different compounds for different indications, all within the GI space, because that's where we have the know-how. The good thing of this is that each of these programs will have a very low deployment in terms of CapEx, because that initial phase is the least expensive, and the intention would be to gather early efficacy signals and early activity signals as soon as possible, so that by the end of the phase I, which would be relatively rapid, we can then partner up with other companies and other players for the subsequent phases. This is how I see the next three to five years, and I hope that this answers your question. That's very helpful. Thank you. Once again, to ask a question, please press star and one on your telephone. Star followed by one. Gentlemen, there are no more questions at this time. If there are no more questions. I'm sorry to interrupt. We have a follow-up question from Mr. Pooler from valuation Lab. Please go ahead. Sorry, Alex, for dialing so late. Just on the strategic deal for the launch of Winlevi. Do you have any preferences in how far you may be involved with that? Of course, it means a lot of value for Cosmo as well. How is that process working? Well, thank you for the question. As you know, we're not really part of that process because Cassiopea is run independently by independent directors. What I think I should say in this respect, that I'm relatively agnostic in respect of the kind of the deal that will be eventually chosen. I don't have a specific preference. The only thing that I think Cassiopea should not do is try to pursue the setup of a commercial infrastructure by itself, because that would not be economically and financially convenient, would expose the company to a very high risk when there are a lot of other entities there, or companies that you can do combination with that already have the infrastructure. This is the only thing that I am frankly against, to the creation of a standalone organization with a single product. That I would not be supportive of. Unless, of course, this would come in conjunction with some other partner. When I say standalone, I mean Cassiopea just by itself. I would not be supportive of that. When it comes to licensing agreement, I think that even the licensing agreement would be okay if this is done under the right conditions, because that could be very convenient. Again, what I think that the market should understand is that, no matter what the performance of Winlevi will be, if there has to be a wild card, the wild card is Breezula, is not Winlevi. Winlevi has very high potential, but in the U.S. only. That's where you can do most of the money if you have an acne product, because that's the place where acne products are reimbursed. Whereas an alopecia product, yes, that's not a disease, that's a cosmetic product. It will be a cosmetic product that needs to be prescribed because you will need to have a prescription. That is a global product. It's the product that you would sell in China, you would sell it in India, you would sell in South America. If that is successful in the end, well, that is Cassiopea's wild card, way more than Winlevi. If Cassiopea should enter into licensing agreement that doesn't entail any consequence for Breezula, then Cassiopea would be comfortably sitting on a high revenue-producing license with Winlevi, which would mean no further capital need for Cassiopea at all, that could concentrate on the advancement of the other product. And namely Breezula having unfettered rights to that product, and then therefore the capacity of selling the company with Breezula in any other product at any time. This is why I'm basically agnostic. Even a licensing deal would work, at least for Cosmo, because it would put the company in a perfect track, would make it completely independent in terms of financial needs, would make it highly profitable over the years, and with all the money that's needed to advance the Breezula program as quick as possible. Okay. Yeah, that's very clear. It seems you're in that respect, are aligned with Cassiopea after yesterday's call. I think that's going very well. Fingers crossed for a good deal for them there. Thank you. Thank you so much. Of course, it's also a breakthrough product for acne. That should feed some interest from companies I think there as well. No. Well, in respect to Winlevi, I think we are registering a lot of enthusiasm from potential suitors. This is good. Again, what people need to understand is that what you have in acne is always a polyproducts approach. There's not going to be, in any given case, just one product that will be prescribed for acne. Because this is brand new, it has a brand new mechanism of action, it will be very highly sought for. On this specific point, well, basically all suitors agree, and this is the reason why they want it. They know it will be prescribed because it is very new and it works, and it works actually on the factors that generate acne. Makes perfect sense to use it together with other products. Just a question, when would you consider then reducing your stake in Cassiopea? What would trigger that? If there's a transaction in terms of combination, well, probably our stake would be automatically reduced by effect of a combination because we will be diluted. I think we'll have to see what comes next. If Cassiopea decides to enter into a license agreement, I'd be very curious to see how the market will react. What I know for sure is that Cassiopea is run very efficiently. My expectation is that even if they would enter into a licensing deal, this licensing deal, in terms of net present value, would probably absorb a very, very significant portion of the overall value of Cassiopea. As long as this is what's going to happen, as a shareholder, I'll be happy. If Cassiopea becomes highly profitable, well, I don't know whether I will want to immediately divest. Let's see, right? If I have a 46% stake in a highly profitable company, and I have the luxury of booking, as a profit, the profit that this company makes, well, this is going to be advantageous for us as well. Yeah. I agree. Okay. Thank you. Thank you. For any further questions, please press star and one on your telephone. There are no more questions. Okay. Thanks everyone for your time. We're happy for any of you to reach out to us if at any moment you want to have further clarifications or information. Thanks again. Have a good afternoon. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.