Welcome to today's event with BioPorto. It's two o'clock, and the topic for today is Building the Global Commercial Platform. Joining us from the company is Jennifer Sanderman, Senior Vice President, Global Marketing and US Commercialization, and of course, Niels Høgh Nielsen, the CFO in BioPorto. Welcome to all the participants, and as always, you are more than welcome to ask questions throughout the event, and I will post the questions to management after the presentation. We are recording today's event, and both BioPorto and HCA Capital will share it all on their social media platforms afterwards. So with that said, welcome, everybody, and I will hand over to Jennifer Sanderman. Thank you very much. I appreciate the opportunity to speak with our investors, as we appreciate that you have invested in BioPorto. Today, we are here to provide the information, as suggested by Peter, about building the commercial platform worldwide. I believe you know the forward-looking statements, and may have read them already. They are available for you. Today, in the agenda, we are going to cover a bit about sort of the product around the NGAL clinical chemistry and the strategy and tactics. As this may be the first time that many of you have met me, I was pleased to have met a few of you at the AGM in April. Just a bit of background, I've been with the company for five and a half years. We started in 2019, when we thought the first round of the pediatric indication would happen, so I'm thrilled that we have gotten a pediatric indication at this time. My background is primarily commercial for more years than I necessarily care to admit. Those have been spent, the last 12, in medical device, and many years before that in a number of high-tech organizational groups, primarily software. My personal background from a schooling standpoint is an undergraduate degree in chemistry, physics and math, graduate degrees in environmental sciences, and most recently from the Kellogg School at Northwestern in marketing, when I was given those responsibilities. So I'm very pleased to be here, and I think for me, what is exciting about the company, the product, and my role in it, is that we're changing a market. I look forward to taking you through some of our concepts. As a product, we sell a kidney assay, and this kidney assay affects the journey of the patient when in the most acute setting. That happens in the first few days in the ICU, typically, and I think what's interesting is that the kidney market is expanding overall, so investors are looking for places to put their money. Kidney is a place, and I think we are creating a new market within that market. Most of the monies go toward things that are at the end of the kidney sort of problem cycle, transplants, dialysis, et cetera. CKD is a new area with Renalytix offering a send-away test that cannot be run in the hospital. But you'll have seen these names in your possible investments, and I think what BioPorto is doing is bringing an assay to market that is affecting the patient in the moment, and therefore actually preventing, hopefully, some of the ongoing issues that would be seen through that movement from acute kidney injury to chronic. I nterestingly, the secondary part of what's important for us in the marketplace is that as a new way to evaluate the situation of the kidney as a functional marker, what we can also do is make sure that when these other technologies are brought to market, the medical devices, et cetera, that those can use NGAL as well as, or instead of serum creatinine, to show their effectiveness. I think that's sometimes lost, but it has an extreme high value in addition to the institutional value we bring to our customers. You'll note in this slide that we note other biomarkers which are moving into this space. So although we are making the market and are seen as a leader, and having a big impact, it's great to make sure that the people in the kidney area, who are jealous of those in the cardiac area, cardiac has 10 biomarkers that they can utilize. Things like PenKid, which is a functional marker, actually complements, NGAL. KIM-1 is only available in a research arena, and Cystatin C has been available. It's one of the few that is available now as well on a clinical chemistry analyzer, and it's being used in that later role in CKD. The market is growing. It was noted to me that we actually now are a market which is tracked. I think that's another indicator we are making a market, and that market is being acknowledged. It's being driven by advances in early detection and by diagnostic technologies like ours. It was noted in a recent McKinsey market evaluation, that we need to move more toward preventative care, because only so much will be able to be done in a hospital setting long term. I think that, we will be moving the market in small ways through these small circles in the pediatric worlds, but obviously the major market will be in the adult arena. You will have seen these slides. We're very proud of the kidney progression. It is used amongst all of those who are in the AKI world, and our place in it is well known, that what we are doing is taking serum creatinine something that every clinician nods as not the best of markers, but that is the current standard of care, and that does not increase until your kidney has lost over 50% of its function, which is why you have sort of darker kidneys here, as shown in the serum creatinine section, and what we do is we move the window of intervention much earlier, so what we are giving clinicians is time, and time in a kidney that could respond more favorably. I think that's very important. The fact that 70% of clinicians agree that they have this issue speaks to the fact that we are making a market that is hopefully going to be quite receptive to this change. This is the picture where you'll see our products. In the picture, you see three product pictures, our reagent kits. The first is the reagent kit with a red and yellow-topped reagent vial, then our calibrators and our controls. These are all used in sync with the large clinical chemistry analyzers. The picture shown here, actually in the lower corner, is one of our customer labs. That is a Roche device. We were pleased to have a tour of one of our customers here in the U.S., and it was quite amazing for our staff to understand the size and breadth of this device. It's a major investment for a company, an institution, a hospital. They typically make that investment every seven to 10 years, so it is hundreds of thousands of euros or dollars, and being able to use that equipment is a major important element for us. The fact that we are a high-value diagnostic, similar to procalcitonin or proBNP, means that we have great margins even at today's scale. I love this quote. This is a gentleman who runs one of the labs in Atlanta, Georgia. This was actually a discussion about those labs and their efficiency, and he gave us a shout-out, saying that, "The real winners will be independent companies like BioPorto, which develops NGAL and work closely with the IVD companies and instrument providers to be adapted on their equipment," because we have the flexibility to run on all. I think this was Peter's original vision, to have an agnostic assay that could run everywhere, no matter as they change out that very large investment in their organization. We'll shift now from our product and market into what the strategy is. The strategy has been quite the same for quite a while, and you saw on the most recent information, sort of our phased approach, in that there were three key points: to grow the pediatric and young adult market, this is the three months through 21 years of age of the adult indication, to initiate our rest of world work around clinical involvement, and to expand our strategic partnership portfolio. To do that, we see a few key elements. One is that we have put in a direct sales team to drive the clinical engagement. We are building those instrument partner relationships. The importance of seeing biomarkers in general, and NGAL specifically in guidelines, is a key success driver as well. All of this leads to building a foundation for the U.S. adult launch and growth. The next two slides you will have seen in February: the commercial strategy for the U.S. and for the rest of world. In terms of the specific tactics that we use, I thought it would be useful to understand how we are accomplishing things. Really, I moved to global marketing from just running the U.S. sales organization a couple of years ago. At that time, what we saw and understood was what was working in the U.S. and wanted to take that more globally. The idea was, by engaging clinicians at different places, that we could have the scientific knowledge at the clinician level, and they could build what we call the use plan, or I call the use plan, about how NGAL will be used for their patients, and take that to their laboratory colleagues. In this way, there's a lot of touch points. We've been starting this in 2023. We've really been actively doing this in 2024. That is a lot of what we spend our time and money on, is making sure that we're at the congresses, we're at the locations our clinicians are, to make sure we talk to nephrologists, to critical care doctors, to people who might be in pharmacy or in the NICU, and we're doing that as well by training our team to be able to have those conversations across. I'd like to say it's working. We're seeing the momentum. At a specific institutional level, they would touch us across the number of places. They might meet us at a congress, they might see us at a regional blitz. When we were attending a congress in Milan this past year, we had a small dinner where we were able to invite people specifically to meet and greet with us and with those presenting their publications on their research around NGAL usage. That was quite useful, and we've used that model in a number of places. The single institution, they have a lot of methodologies for education. The practice of medicine includes things like grand rounds, where people of every department are invited to come and hear about a particular technology or methodology or patient problem, and so we track those. We also sort of watch their changes in use, and then we build that coalition, so across departments within the hospital, they understand how they would use NGAL. There can be formal or informal processes that an institution uses to consider a new test, and we make sure that we help to have the information that the clinicians need to engage in those conversations. This process becomes sort of a two phase I. We start with the person who is the champion. We celebrate the fact that they understand NGAL and its impact it can have on patient care. We ask them to bring people to their coalition, to have a group of people ready to talk, to discuss how they would use NGAL, and then it splits into two levels. We continue that clinical work with education before and after the availability, the implementation done by the lab and that lower part is where a lot of our partners, our distribution partners, come in. They have the access to the lab, they have vendor contracts in place, and they help sort of speed up that lab validation process. But it's mostly clinical, you'll see, and we know that this is working. In the U.S., it's working with this example at Nationwide. The woman in the picture is a cardiac surgeon. She did some of her work at Cincinnati. She was a fellow there. She did research using NGAL. Her name is on some of the initial papers. She worked with Prasad Devarajan, and she has been climbing in her career. When she went to Nationwide to head cardiac surgery, she actually negotiated that she wanted NGAL at the facility for use in clinical work. She built a team. She said: "I want the cardiac surgery team to do that," but she also reached out to the intensive care and nephrology team and built that coalition. They decided that they would use NGAL for cardiac surgery in the ICU after those patients are done with surgery, and then generally managing AKI if it was identified. Although she had enough power to negotiate and get NGAL in her contract, it did take some time. A lab-developed test is a pretty big investment, for the lab. It does mean someone standing at an instrument for a number of days to make sure that, it is safe and effective, it delivers the right results, and that was done. It took a number of years to get them to agree, but when they did, they did that validation. In fact, the woman who runs that laboratory has spoken on our behalf a number of times since. They went live with the assay in 2022. They did training to their teams, and they have been an example that we use at a number of other places, just based on the excellent work they've done, the professionalism, and again, that clear coordination across departments. This process is working, and we are using it to target hospitals. This slide has quite a lot on it, so we'll take a couple of minutes to try to go through it. What you see right in the middle is the number 325. That is the number of hospitals that we track that have pediatric ICU beds. So because we have an indication for pediatric ICU, this is sort of who we definitely want to make sure we're speaking with. When we started this work, there were a number of great people that I worked with, and we targeted the amount of those hospitals that would give us 70%-80% of the market by sort of size of beds, the acuity, how complex the patients are that they had. So this 133 number is our first phase hospitals that we really think we must have. They are places that have fellowship, where fellows in either nephrology or critical care learn about NGAL as part of their daily practice, and they want it when they move on from their fellowship to be doctors on their own at other places. So at this time, we are focused on the risk stratification, ProNephro AKI claim, because we can speak about that officially. We call on a number of doctors. We have four field salespeople who were hired in the summer and fall of 2024, and we have two MSLs who this week are getting their final training and will be at ASN, a major event, the end of the week, and then we'll have them in the field with us. We do have clearance on the Roche c 501 that we can speak about, and our plan is that we have been empowering our partner with information, collateral training, et cetera. That's what we've been sorting, setting up with them. Once we sort of own that market, we'll expand. It's not that we won't talk to the 325. All of them are important and are doing good work for patients. What we'll continue to do is move out to the 5,000 acute hospitals that could run on their clinical chemistry work, our assay. This is sort of a phased approach, which moves us into the adult market. What I would like to call your attention to is that there's some coloration in the circles here. We have some people who are customers already. Those customers are running the research use only NGAL test. We have some people who are customers and run. We have some people we're speaking to actively now, some that are awaiting the FDA-cleared test, and we have some which are not yet engaged with, and that is sort of the role of our four people in the field, is to make sure to get out and speak to all those clinicians and lab people. I'd like to also point out a press release that we put out today. This was something wonderful to celebrate. It's the second year in a row that the U.S. News & World Report, which comes out in early October, has highlighted children's hospital that are our customers. Both years, we had nine of the 10 on this list, although who was the 10 has changed, but nine of the 10 are actively working with us as customers or implementing the technology for their teams. I know there's always a lot of question about our customers. This map does highlight a number of them, and that we have many. I think it's important to note that they are using the NGAL test as a research use only product. That means that their lab does not have the oversight of FDA to have affirmed that the test is safe and effective, and so they need to do that work themselves. In the marketplace in the U.S. right now, this is a very hot topic because there are some new rules that went into effect officially, legislatively, in May and will happen in January. It doesn't mean anyone will stop using, but it is sort of an added hurdle that we are helping people through as needed. These accounts will transition from the research use only to ProNephro, as it is available on the instruments that they run. An interesting and important aspect is sort of slicing the country in a different way, not just from the pure customer list, but who were the people that helped us get that FDA clearance? The study sites we had, they championed NGAL for us. We appreciate the time and energy of the PIs and the research coordinators, and obviously, all those patients who were part of the study. The trials, earnest and guidance, were run across a number of sites, many of which are noted here that are customers now. They were customers perhaps before the trial, and some have been validating recently, and others are waiting. So, it's a model which showed that people had the access to understand more about NGAL, to be champions, and to move forward at the appropriate pace for their organization. That's the model we plan to use for the adult study, and we are actively engaging with sites that will work along the same way. So for us, in summary, for the U.S., we know there are things we need to complete the sale. We need someone who's passionate about NGAL, just like we are. We need a coalition across a number of players to understand how to use it. You need the institution to make their own plan about how they're going to use the test, which patients is important for them, when they'll run the test, and how they'll interpret their results. The fact that in the U.S., we have a highly collaborative pediatric group of doctors is amazing, and what we've been able to do in 2023 and 2024 is help leverage that. They have some international relationships. Stu Goldstein is seen as the leader in pediatric critical care nephrology. So when we are asked to provide speakers, his name is one of the top names, and people are impressed that he would be able and willing to support their work locally around the globe. It's been fun traveling with him to do that. There are a number of protocols now available. His work with his RAI and TAKING FOCUS 2 to key publications we use, and others who come from Cincinnati Children and beyond, that are doing the work to show how to protocolize the use of NGAL. The challenges I noted around a lab developed test, as well as there's always a financial conversation. Reimbursement is a word that comes up a lot. It's something we're working on. But as these patients are sort of in the hospital in critical care, typically they receive, in the U.S., an all-in-one payment. I know reimbursement around the world and how healthcare is provided is one of those things that we need to know about and understand as we go into each of those markets. I think it's worth now shifting to the rest of world for a bit. We have another success story that I'm proud to talk about. The gentleman in this picture, Jean-Maxime Côté, is a nephrologist from Montreal. He was in Dublin for a fellowship with another gentleman that we speak often with, who has a... Again, a fellowship is a way of training on NGAL. And the gentleman that he worked with, Pat Murray, has been on podium many, many times as an expert in AKI and in biomarkers. Dublin has been a customer, and recently they just revalidated. So what happened is that Jean-Maxime was at Dublin, learned about NGAL, did research there, and was passionate about it. He went back to Montreal, and he built a coalition. He spoke to the hospitalists who had the patients, and that he was being called in to work with them on, and he spoke to the pharmacy because they wanted to understand when drugs are harmful to the kidneys, how they could manage that. His particular patient population are those who have moved out of the ICU into the regular beds, and that's an area, in fact, that we are supporting and proud that he has requested information go to his provincial group in Canada, so this is sort of another success story from our outside of the U.S. arena. In the rest of world, we are targeting large medical academic centers that have high volumes. This is very similar to what we are doing in the U.S. Noted here is the groups of hospitals that in this year we have sort of focused on. You'll see the flags of the different countries, and you'll see that it is a growing three-phase approach similar to the U.S. So we know now who the targets are to speak to at those hospitals, and we are applying. You'll see the field salespeople directly and MSLs. That's very new in this year. I think that it's a major shift that occurred. In 2023, we started really marketing to these areas, being at the clinical events, and having feet on the street this year has made a major difference. In that way, we note that we have five accounts who have moved to the point that their labs are working through that validation of the NGAL test. We have a number more who are in the process of getting that validation aligned, and we have many, many conversations with clinicians who now understand NGAL and wish it for their institution. I think that Israeli One is another interesting conversation. This actually started in summer of 2023 at a pediatric cardiac surgery event, cardiac surgery and critical care. That was at Washington, D.C. It was a worldwide event. A gentleman from there was sort of willing to talk about NGAL and understand it. He wanted to have some of those people who know how to use it, the market makers with us from Cincinnati Children and others, come to Israel. And so we are supporting that as much as we can in their current situation. At the same time, that interest created local interest from distribution. So, we were able now to say that we have a new distributor in a new market, so it's exactly the goal that we have. Korea here is noted as better, because we have work there that is happening with a number of hospitals, and our goal there is, as it is with every other customer, to understand their usage and help them if there are new uses for NGAL that would work. I think that the last piece is distribution. You'll hear the words distributor from Korea and from Israel, and that's one of the types of partnerships that we have. Distribution partnerships come in two ways for us. There are the instrument vendors who also distribute our product. This is sort of the relationship we have with Roche. They sell those very large, very high-priced, materials, so they have quite a relationship with the laboratory teams, and it eases the logistics for us, instead of us having to become a vendor. So that is sort of the process by which the interest in Roche and others are there, and we are working actively at those relationships. We do have another set of distribution partners, which are more geographically based. They also import the product for us to a particular area or country, and they respond to bids. Those places with nationalized medicine do things for bids, but both public and privately. Interestingly, quite a lot of what we learned is that a lot of our business that we receive is not for ongoing clinical usage, and that's something that we're trying to change with our clinical engagement. Most of the orders that we're receiving now are for large projects, perhaps a study that might be happening. There's another set of market partners that we think have a major impact, and we keep a close eye on. These are the people who can impact the protocol to use biomarkers for acute kidney injury. Noted here are three that are very important to us, and that we have relationships in. The ADPKD group is a group of key opinion leaders, clinicians, who meet at the consensus, and they pick a particular patient population or interest that they believe it's time to have voice on, and in that way, they meet, they sort of talk through, and then they publish on this. This is important because those are used to then create ultimate guidelines like KDIGO. Noted in the center is the International Pediatric Nephrology Association, and this is a group of pediatric nephrologists, clearly, that meets every three years. Prasad Devarajan, our senior medical director, has been asked to lead a conversation about guidelines for pediatrics that might feed into KDIGO down the road. So it's really important that we have these guidelines because they are what's accepted by the clinicians and by an institution. When you say that the way we do this is to use NGAL in this manner, it means it's a much easier process for everyone, and that's the market making that we are doing. Serum creatinine is cheap, it's been in process and in place for decades, and that's the shift that we are making. Going forward, we're going to keep doing the parts that are working. We're gonna make sure that we have feet on the street at major events, that we're speaking to clinicians. We know who to target in the U.S. and particularly in the E.U. We know patient populations can be making a difference using NGAL, and we believe all of this is the building blocks towards not only success in the pediatric markets, but laying the foundation of having the right products through the right distribution partners and instrument vendors for the adult market once we're ready. So we are building a platform for growth. For me, this is a lot of fun. It's both fun sort of on the internal of the company, doing the right things, making and building a team that can collaborate and bring to market a product and methodologies for its use that are making change. It's also a lot of fun to speak with clinicians and to hear their stories of how they're impacting patient care, and how a particular patient, really, you know, had a major change, in their journey. Because we're able to identify that they had a high risk for AKI, or that their kidneys were actually in really good shape, and what was necessary for them and their journey could happen without injury. So thank you very much, Tuck, and, I appreciate the time. Thanks a lot, Jennifer, for a very good and thorough presentation of how you built the commercial path. And we have a lot of questions coming in, and we can expect more questions to come. And just be aware that BioPorto is in the gray area right now, so they're not able to speak about the Q3, but of course they can answer all questions, and that's why we also have Niels with us today. But let's start with the area you presented, Jennifer. And maybe you can, because there's some questions about your partnership with Roche. Could you elaborate a little on what is going on? Is it out of your hands, and what are we going to see? Of course, the next question is: When is the next partner onboarding to your system? So, I can say that we are doing everything we can to support Roche's process. We've given them all the materials that they need from us, and we await. That is not something that we can control, but we do have ongoing meetings with them and provide anything as they need it. So, my fingers are crossed, just as everyone else's, but it is out of our hands. Any other partner communication, I would say, as soon as we're allowed to release that information, we will do so. Thanks a lot, Jennifer. And now, in your presentation, you mentioned other areas besides ICU. Just to, you know, highlight what you actually got FDA approved on is not specific for ICU, but it's for the pediatric indication overall. Isn't that true? Actually, the pediatric indication is for those on their first day in the ICU. It's sort of post-stabilization. So doctors worry most about keeping the patient alive, and sort of once they know that first day in the ICU, then they sort of look a little bit more broadly. And two drops of urine that's sent down to the lab on that first day can tell them about the patient's risk for severe AKI 48-72 hours later. And what that means is it's a real contrast to serum creatinine, which wouldn't rise for those days. So doctors have a head start in those most critically cared for patients in the ICU to know if they're at high risk or not. Okay. Yeah, thanks. Thank you. So, if we should take it to the adult AKI, and we know you're preparing this, you know, it's still very early days. But first of all, would you look into an NDA more or less looking the same as the pediatric? Of course, there's a difference between adults and pediatric, but would it look more or less the same? That, always from a regulatory perspective? Yeah. The quicker it is, it's the quicker through regulatory, so that is a strategy that most companies use. Good. And good. Now, but that's interesting. And, if I should take another one. Let's see here. Yeah, well, if we then jump a little back to today's announcement on all these children's hospitals, there's some questions here. Is it you pushing, or is it the hospitals dragging you to the negotiation table in terms of AKI? Can you elaborate a little? You already did on your strategy, but maybe you can do it again. I'm not sure that that sounds like a comfortable dance with the pushing and the pulling. No. So I think that, the best salespeople always have a product available that meets the needs of the customer. And in a market, when we have a research use only product, we are actually only legally allowed to respond to their interest. Once ProNephro became on market in December of 2023, it was the first time that we were allowed to have a booth and actually promote an NGAL product in the U.S., and we have begun doing that. I'm pleased that, we have a number of clinicians and laboratorians who are very interested in utilizing NGAL. So, perhaps it's a wide range of those in terms of how much they're pushing and pulling, but we are always responsive to their interests. Thanks a lot, and really, really, an interesting message you've sent out this morning, then a question again about the adult. When and if it's approved, we hope for the first, can you use the same infrastructure that you mentioned in your presentation about building direct sales guidelines and so forth, if and when you get the adult approved? That is the plan. Yeah. So, so you actually invest in the future, that's what you're telling us? Yes. And by that also, hopefully, getting faster to market the day you got the indication. Yes. I think we will. It is faster to market. As you can see, it's a complex market and w e're just guessing that we don't sell socks or milk. We sell a very complex scientific understanding to a number of people, so yes, we are doing all that we can to seed the foundation for that success. I think you also very thoroughly went through that in your presentation today. What you're actually doing behind the scenes, maybe you don't see that much in the numbers, but you are doing a lot at the same time to position yourself, not only for the pediatric market, but also for the adult market. If I may shift a little to you, Niels, because yesterday you sent out another message about the changes in U.S. Could you elaborate a little on that, and what would that, how would that influence the company going forward? Sure. Thank you, Claus, for the question. Yes, first of all, I think we are extremely happy and grateful for Jen for taking over the U.S. commercial responsibilities and sales there. And also the full commercial organization. That's really important for us with her competencies, her experience. I think that's really, really crucial for us. So we're really happy to have her on board and taking the full responsibility. Secondly, of course, we are thankful to Jeff for his tenure with BioPorto, but also by mutual agreement, we decided to part ways. So that's what I can basically share in that sense. But I think we have a really solid setup now with Jennifer at the helm here. Thanks a lot, Niels. Then in terms of sales of AKI, and I mentioned in the beginning, you are in between your borders. You know, you cannot state anything about the upcoming quarter, but could you elaborate a little on your expectations for the approved label product, AKI, in terms of margins going forward? No, basically, you know, we are in a freeze period, so I can only maybe restate some of the Q2 numbers. You know, what I saw there, especially on the U.S., the NGAL sales there, up 43%. So I think based on those numbers, we saw a really good tracking in the U.S. We also saw the NGAL sales overall 22% up from previous period last year. So I think we have seen a strong momentum on the NGAL sales, and of course, this is where we focus. That's quite clear. So I cannot go into the details of the Q3 figures. You need to see that by mid-November, where we plan to publish that. Yeah, and we will host the event with you when we enter that period, so hopefully we can shed some more light on that. So let me get back to Jen. Jen, could you elaborate a little on your talks with insurance companies? Because, you know, for most investors, it sounds like, you know, it's an easy walk in the park for them to understand why they should reimburse your product. You save time, you save lives. What else not to like? In the United States, we actually don't speak to payers. That is a relationship between the institution and the payers, so only if we are requested to join that conversation can we do so. And are you invited for those conversations from time to time? I will say we're ready for them. Good. What do you experience in terms of Europe, where it's more the public system? I think that there's always a requirement to show the clinical and economic value of anything you're offering to a hospital. And they look at things like the length of stay of a patient, whether it attributes to mortality or you can sort of better mortality. And those are conversations that we are actively working to make sure we can, and support the clinicians. Thanks a lot. Let's see if there's other questions out there. If you have any questions, please post the questions, and I will forward them to management. It doesn't seem like there's more questions coming in, Jen and Niels. So by that said, I will say thanks a lot for your participation with a short notice, and we really look forward to host you Q3. Good luck with the sales and the commercialization, Jen, and you too, Niels. Thank you. And to the audience, thanks a lot for all the questions, and hope to see you soon. And as I remember in the beginning, the event today is recorded, so we will put it public after this event today. So by that said, enjoy your afternoon, and thanks a lot.