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A Leading Specialty Vaccine Company January 2026
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Disclaimer 2 This presentation does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, Valneva SE shares to any person in the USA or in any jurisdiction to whom or in which such offer or solicitation is unlawful. Valneva is a European company. Information distributed is subject to European disclosure requirements that are different from those of the United States. Financial statements and information may be prepared according to accounting standards which may not be comparable to those used generally by companies in the United States. This presentation includes only summary information provided as of the date of this presentation only and does not purport to be comprehensive. Any information in this presentation is purely indicative and subject to modification at any time without notice. Valneva does not warrant the completeness, accuracy or correctness of the information or opinions contained in this presentation. None of Valneva, or any of its affiliates, directors, officers, advisors and employees is under any obligation to update such information or shall bear any liability for any loss arising from any use of this presentation. The information has not been subject to independent verification and is qualified in its entirety by the business, financial and other information that Valneva is required to publish in accordance with the rules, regulations and practices applicable to companies listed on Euronext Paris and the NASDAQ Global Select Market, including in particular the risk factors described in Valneva’s universal registration document filed with the French Financial Markets Authority (Autorité des Marchés Financiers, or AMF) on March 24, 2025 (document d’enregistrement universel 2024) under number D. 25-0140, and in the Form 20-F filed with the U.S. Securities and Exchange Commission (SEC) on March 24, 2025, as well as the information in any other periodic report and in any other press release, which are available free of charge on the websites of Valneva (www.valneva.com) and/or the AMF (www.amf-france.org) and SEC (www.sec.gov). Certain information and statements included in this presentation are not historical facts but are forward-looking statements, including with respect to business partnerships, the progress, timing, results and completion of research, development and clinical trials for product candidates, to regulatory approval of product candidates and review of existing products. The forward-looking statements (a) are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business strategies and the environment in which Valneva operates, and involve known and unknown risk, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from those expressed or implied by these forward-looking statements, (b) speak only as of the date this presentation is released, and (c) are for illustrative purposes only. Investors are cautioned that forward- looking information and statements are not guarantees of future performances and are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Valneva This presentation presents information about investigational vaccine candidates that have not been approved for use and have not been determined by any regulatory authority to be safe or effective. Management uses and presents IFRS results, as well as the non-IFRS measure of Adjusted EBITDA to evaluate and communicate its performance. While non-IFRS measures should not be construed as alternatives to IFRS measures, management believes non-IFRS measures are useful to further understand Valneva's current performance, performance trends, and financial condition. Adjusted EBITDA is a supplemental measure of performance used by investors and financial analysts. Management believes this measure provides additional analytical tools.
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3 We develop, manufacture, and commercialize prophylactic vaccines for infectious diseases addressing unmet medical needs A Leading Specialty Vaccine Company: Focused on vaccines that make a difference Cash-Generating Specialty Vaccines Business: Proprietary travel vaccines: IXIARO® , DUKORAL® , IXCHIQ® Strategic Expansion: Value creation through organic advancement and targeted inorganic pipeline expansion Blockbuster Clinical Catalyst: VLA15 (Lyme disease) partnered with Pfizer; significant unmet need with Phase 3 readout expected in H1 2026 Innovative Pipeline: Proven R&D engine with potential first-in-class assets including S4V2 (Shigella)
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Product Design Indication(s) Differentiation Commercial Products IXIARO® Whole virus inactivated vaccine, injectable Active immunization against Japanese encephalitis (>2m old) Only Japanese encephalitis vaccine approved in U.S./Europe Vaccine requirement for U.S. military deployed to parts of Asia DUKORAL® Inactivated bacteria and protein subunit, oral Active immunisation against Cholera + LT-ETEC (>2 years old) Only Cholera and LT-ETEC1 vaccine approved in >30 countries IXCHIQ® Live attenuated virus, injectable Prevention of disease caused by the chikungunya virus in individuals >12 years of age (Europe, Canada) and in individuals >18 years of age (U.S.2, UK, Brazil) Strong and long-lasting immunity across all age groups tested 1 Heat-labile Toxin Enterotoxigenic Escherichia coli - indication in some markets only; 2 As of August 22, 2025, the FDA has suspended the biologics license for IXCHIQ in the U.S.; 3 Controlled human infection model Valneva’s Commercial and R&D Portfolio A unique, differentiated portfolio 4 Program Design/Description Pre-Clinical Phase 1 Phase 2 Phase 3 Clinical Programs VLA15: Lyme disease World’s most clinically advanced Lyme vaccine candidate; protein subunit-based VLA1553: Chikungunya Approved live-attenuated vaccine Post-marketing efficacy studies underway S4V2: Shigellosis Most advanced tetravalent bioconjugate Potential first-in-class Key Pre-Clinical Activities VLA2112: EBV Adjuvanted, protein subunit-based Large market, partnerable opportunity Various Enteric diseases
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*Subject to successful development, licensure and launch of VLA15 partnered with Pfizer Our Strategy to Become a Globally Recognized Vaccine Company Contribute to a world in which no one dies or suffers from a vaccine preventable disease 5 Drive Commercial Growth Maintain trajectory of established brands; unlock IXCHIQ® value Expand global reach with new partnerships Focus on generating cash to invest in innovative R&D Capture Vaccine R&D Upside Leverage proven R&D engine and strategic partnerships Maintain focus on vaccines that can make a difference: (first-, only-, best-in-class) Generate value by achieving meaningful clinical milestones Maximize Integrated Biotech Model Augment clinical pipeline to generate long-term shareholder value Curate a rich portfolio of differentiated niche and large- market opportunities Achieve sustained profitability with successful commercialization of Lyme disease candidate*
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1 Valneva Strengthens Financial Position by Refinancing Debt with Pharmakon Advisors and Provides Business Updates Continued Product Sales Growth Fuels Investments into R&D Commercial business expected to be cash-flow positive for 2025 6 2019 2020 2021 2022 2023 2024 2025E IXIARO® (travel) IXIARO® (DoD) DUKORAL® 3PP 130 66 63 115 145 163 80 VLA2001 COVID-19 Impact IXCHIQ®Pre-COVID (€ million) 155-1701 127M 9M Leveraging Infrastructure Lean commercial infrastructure markets multiple high-margin, specialty vaccines Market Recovery Post-pandemic travel rebound is driving growth. We target travelers to endemic regions, utilizing our established relationships with travel clinics and military contracts.
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World’s leading Lyme Disease Vaccine Candidate VLA15
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1 Kugeler et al. Emerging Infectious Disease, 2021 (doi.org/10.3201/eid2702.202731); 2 Davidson, A., Davis, J., Brestrich, G., Moisi, J., Jodar, L., & Stark, J. H. (in press) (2025). Lyme borreliosis incidence across Europe, 2015-2023: a surveillance-based review and analysis. Vector-borne and Zoonotic Diseases.; 3 Schwartz et al. Morbidity and Mortality Weekly Report Nov. 10, 2017; 4 Ursinus: https://www.thelancet.com/journals/lanepe/article/PIIS2666-7762(21)00119-8/fulltext; 5 Aucott, J.N., et al., Risk of post-treatment Lyme disease in patients with ideally-treated early Lyme disease: A prospective cohort study. Int J Infect Dis, 2022. 116: p. 230-237.; 6 Lyme Disease research and analysis conducted by an independent market research firm Lyme Disease Represents A Major Medical Need And Market Opportunity No vaccine is currently available to prevent Lyme disease in humans Annual Burden of Disease U.S. : ~476K cases Europe : >132K cases Severe Manifestations3 10-30% cases develop • Lyme carditis • Lyme neuroborreliosis • Lyme arthritis Persistent Symptoms4,5 5-10% cases continue to have persistent symptoms following treatment Population Living in Endemic Regions1,2 Population Living in Endemic Regions1,2 Commercial opportunity for Valneva U.S: 87 million Europe: 223 million >$1 billion estimated global market6 8
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1 Phase 3 VALOR Lyme Disease Trial: Valneva and Pfizer Announce Primary Vaccination Series Completion; 2 Pfizer and Valneva Initiate Phase 3 Study of Lyme Disease Vaccine Candidate VLA15; 3 Lyme Disease research and analysis conducted by an independent market research firm; 4 Subject to positive data. 5. Valneva Reports Further Positive Phase 2 Safety and Immunogenicity Results for Lyme Disease Vaccine Candidate World’s Leading Vaccine Candidate Against Lyme Disease VLA15: the only Lyme disease program in advanced clinical development today On track for Phase 3 data readout in H1 2026; Regulatory filings (U.S.+ EU) expected 20264 Completed Valneva contribution to Phase 3 trial costs in H1 2024: Reported Phase 2 antibody persistence and third booster results5 Exclusive, worldwide partnership2 >$1billion estimated global market3 Valneva eligible for upfront and milestone payments up to $408 million ($165 million received) Tiered sales royalties 14-22% Multivalent, recombinant proteins Targets six most prevalent Borrelia serotypes causing Lyme disease in U.S. and Europe (>97% coverage) Established mechanism of action U.S. FDA Fast Track Designation Phase 3 fully recruited; all vaccinations completed1 Vaccine Highlights Market Opportunity Key Milestones 9
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1 Phase 2 VLA15-201 and -202 study results published in The Lancet Infectious Disease (June 2024); Phase 2 VLA15-221 18-month booster results published in The Lancet Infectious Disease (November 2025) VLA15 Demonstrated Strong Immunogenicity Across 1,030 Adults and Children Three Phase 2 studies1 optimized dose and schedule across age groups 10 • Immunogenic (all serotypes & dose groups) • Higher doses elicited higher antibody responses • Encouraging profile in older adults (ages 50-65) 2020 First positive immunogenicity data 2021 First positive booster data • High antibody response confirmed after primary vaccination • 12-month booster dose elicited strong anamnestic response 2022 First positive pediatric data • Strong immunogenicity profile in adults2 (18-65yo) & children (5-17yo) • More immunogenic in children on both 2-dose & 3-dose schedules; 3-dose schedule selected for all in Phase 3 • Confirmed three annual booster responses (all serotypes & ages) VLA15-201 VLA15-202 VLA15-221
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1 Subject to positive data; 2 Cases are evaluated and confirmed by an Endpoint Adjudication Committee Phase 3: Vaccination Completed; First Data Readout Upcoming Pfizer aims to submit regulatory applications in U.S. and Europe in 20261 Efficacy Read-out H1 2026 Placebo VLA15 Month 0 2 5 -9 6-10 13 18 19 25 Tick Season 2023 Primary series Booster Tick Season 2025 Placebo VLA15 Month 0 2 5 -9 6-10 13 18 19 25 Primary series Booster Cohort 1 Cohort 2 Primary endpoint: Rate of confirmed LD cases2 after 2nd consecutive tick season (i.e., after completion of full vaccination series 3+1) Secondary endpoints include rate of confirmed LD cases2 after 1st tick season (i.e., after completion of primary vaccination series) amongst other secondary endpoints as defined in Phase 3 protocol Tick Season 2024 Population: ~9,400 evaluable participants ≥5 years of age at high risk of Lyme disease (LD) (by residence and occupational/ recreational activities) in U.S., Canada and Europe (randomization approx. 1:1 VLA15/Placebo and 2:1 N. America/EU) 11
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VLA15 is a Compelling Opportunity First-Mover Advantage in a Vaccine-“Naïve” Market Only Lyme disease vaccine candidate in late-stage clinical development First potential Lyme vaccine in nearly 30 years Differentiated yet De-Risked Product Profile Proven MoA with broader coverage: multivalent (6 key serotypes) Recombinant protein eliminates theoretical autoimmune risk Compelling Target Population and Use Case Broad addressable population (5+) High and growing disease burden in high-risk areas Exploding Lyme incidence Strategic Fit with Pfizer’s Vaccine Franchise Leverages Pfizer’s established commercial capabilities in adult and pediatric vaccines Attractive Commercial Dynamics Prophylactic vaccine model supports predictable demand and repeat dosing, potential inclusion in routine or recommended immunization schedules 12
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A Highly Differentiated single-shot Chikungunya Vaccine IXCHIQ® / VLA1553
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1. Staples et al. CDC Yellow Book 2020, Chapter 4; 2. The global health and economic burden of chikungunya from 2011 to 2020: a model-driven analysis on the impact of an emerging vector-borne disease; 3. Bettis et al, PLOS Neglected Tropical Diseases 16(1): e0010069. 4. 2025 data as of Oct. 8th 2025: https://www.ecdc.europa.eu/en/chikungunya-virus-disease/surveillance-and-updates/seasonal-surveillance; 5. https://doi.org/10.1136/bmj.r1746 Chikungunya: A Major Public Health Threat Mosquito-transmitted outbreak disease with potentially debilitating consequences 75% of world population lives in areas at-risk of chikungunya Identified in >110 countries across five continents Aedes aegypti Aedes albopictus 14 • Often causes large, explosive outbreaks • Affecting up to 75% of the local population1 • Substantial quality-of-life and health-economic impact2 • Nearly half (43%) of those infected develop chronic symptoms3 • ~Major outbreaks in China, India, and Indian Ocean in 2025 • La Reunion/Mayotte outbreaks led to 700 locally acquired cases in France4 • Cases >double in UK vs 20245
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1 As of August 22, 2025, the FDA has suspended the biologics license for IXCHIQ in the U.S.; 2 VAMV005. Chikungunya virus vaccines. Global demand analysis. Feb 2020; 3 Low- and middle-income countries IXCHIQ®: A Highly Differentiated single-shot Chikungunya Vaccine 15 Copy format from slide 11 Potential upcoming approval of locally developed vaccine VLA-1555 in Brazil Reported Positive Phase 2 pediatric results; Phase 3 study planned in pediatrics Initiate Phase 4 clinical program with support from $41.3 million CEPI grant Live-attenuated: offers strong and long-lasting protection with a single shot Approved for adults by the U.S.1, FDA, EMA, MHRA, Health Canada, and ANVISA; For adolescents as well by EMA and Health Canada. Launches underway in Europe, Canada and UK Filed for additional adolescent label extensions and including two-year persistence data Vaccine Highlights Market Opportunity Key Milestones Travelers Military Outbreak preparedness Estimated global market to exceed $500 million per year2; $300-$400 represented by travel segment Partnership for Latin America and certain LMICs3 (Instituto Butantan) Building supply chain and commercialization network for high- risk areas in Asia
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1. Valneva Successfully Completes Pivotal Phase 3 Trial of Single-Shot Chikungunya Vaccine Candidate; 2. Re-testing of Phase 1 sera (vaccinated with liquid formulation of VLA1553) using the final assay/threshold used for the pivotal endpoint; data presented at CISTM18, May 2023; 3. CHIKV neutralizing antibody titer of ≥150 by µPRNT50 (MicroPlaque Reduction Neutralization Test), agreed with regulators to be used as a surrogate endpoint in Phase 3; 4. Valneva Reports Positive 12-Month Antibody Persistence Data for Single-Shot Chikungunya Vaccine Candidate; 5. Valneva Reports Positive 24-Month Antibody Persistence Data for its Single-Shot Chikungunya Vaccine IXCHIQ®; 6. Valneva Reports Positive Three-Year Antibody Persistence Data for its Single-Shot Chikungunya Vaccine IXCHIQ®; 7. Valneva Reports 95% Seroresponse Four Years After Single Shot of Chikungunya Vaccine IXCHIQ®; 8. Valneva Reports Positive Pivotal Phase 3 Immunogenicity Data in Adolescents for its Single-Shot Chikungunya Vaccine Candidate; 9. Valneva Reports High Sustained Immune Response in Adolescents One Year After Single Vaccination with its Chikungunya Vaccine; 10. Valneva Reports Positive Initial Phase 3 Safety Data in Adolescents for its Single-Shot Chikungunya Vaccine Candidate; 11. Valneva Reports Positive Phase 2 Results in Children for its Chikungunya Vaccine and Announces Phase 3 Dose Decision CHIKV Vaccine Achieves Long-Lasting Immunogenicity with a Single Shot Differentiated vaccine shows rapid, persistent immunity across all age groups tested1,2,5 16 Immunogenicity Data 99% Seroresponse3 Rate (SRR) after single vaccination → maintained at 95% after four years4,5,6,7 Similar SRR and antibody titers in age 65+ adults as younger adults1,4 100% SRR after 14 days and sustained for 12 months2 Adolescent trial met primary endpoint8: highly immunogenic in baseline-negative individuals; 99% SRR sustained at 98% after 12 months9 Generally well tolerated by >3,600 adults and 754 adolescents Pivotal Safety (solicited systemic AEs): • ~50% of participants, most commonly headache, fatigue, myalgia • Majority mild or moderate; 2.0% reported as severe, most commonly fever Adolescent10 and pediatric11 trials demonstrated favorable safety profile regardless of previous CHIKV infection Safety Data
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1. https://valneva.com/press-release/cepi-expands-partnership-with-valneva-with-a-41-3-million-grant-to-support-broader-access-to-the-worlds-first-chikungunya-vaccine/; 2. https://www.fda.gov/media/173759/download; 3. https://www.fda.gov/media/172166/download; 4. Valneva Reports Positive Final Phase 2 Antibody Persistence and Safety Results in Children for its Chikungunya Vaccine IXCHIQ® IXCHIQ®: Focused on Expanding Access, Label Extension, Product Profile Robust clinical program supported by CEPI grant1 To confirm effectiveness following licensure based on an immunological surrogate of protection and to optimize description of the safety profile • Observational effectiveness study in Brazil • Pragmatic randomized controlled effectiveness and safety study3: adults (and adolescents - tbc) in endemic countries • Prospective safety cohort study and pregnancy surveillance in Brazil Post-Marketing Effectiveness2 (Phase 4) Label Extension To expand access to the vaccine for all age groups • Phase 3: Randomized, controlled study in adolescents aged 12 to 17 years • Phase 3: Randomized, controlled study in children aged 1 to 11 years Reported positive data up to Month 12 Planned, based on (+) Ph2, further real-world evidence4 Product Profile To confirm the long-term durability of the immune response and further differentiate the vaccine • Phase 3: Ongoing antibody persistence and long-term safety study in adults; reported positive 48-month results to date
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World’s Most Clinically Advanced Tetravalent Shigella Vaccine Candidate S4V2
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Tetravalent bioconjugate vaccine with potential to cover up to ~85% of shigellosis infections1 1. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8878964/pdf/vaccines-10-00212.pdf; 2. Valneva and LimmaTech Enter into a Strategic Partnership to Accelerate the Development of the World’s Most Clinically Advanced Tetravalent Shigella Vaccine Candidate; 3 20240221_LimmaTech_Shigella-Interim-Data-PR_Final.pdf (lmtbio.com); 4 LEK 2024; Appox. 7 years after launch; 5. Low-and-Middle-Income Countries; 6. Shigellosis | CDC Yellow Book 2024; 7. Immunization, Vaccines and Biologicals (who.int); 8. Controlled Human Infection Model; 9. Chemistry, Manufacturing and Controls S4V2: Opportunity to Develop First-in-Class Vaccine for a Life-Threatening Disease 19 Phase 2 infant study launched in 2025; data expected H1 2026 Ongoing Phase 2b CHIM8 study aiming to provide early look at potential efficacy; data expected in 2026 Upon success, Valneva to assume all further R&D, CMC9 and regulatory activities; worldwide commercialization upon potential approval World’s most clinically advanced tetravalent Shigella vaccine candidate Exclusive global license from (LMTB)2 Includes four most common pathogenic Shigella bacteria serotypes: S. flexneri 2a, 3a, 6, and S. sonnei Positive initial Phase 1/2 clinical data reported3 Awarded FDA Fast Track designation Vaccine Highlights Market Opportunity Key Milestones Global market expected to exceed $500 million annually4 Travelers and military Endemic countries (LMICs5) Second-leading cause of fatal diarrheal disease; Up to estimated 165 million cases and 600,000 deaths annually6 Identified as a priority vaccine by World Health Organization (WHO)7
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Vaccine candidate “S4V2” €10 million upfront payment to LMTB Up to €40 million in future development, regulatory and sales-based milestones Low double-digit royalty on net sales (travel) Additional payments and single-digit royalties based on net sales (LMICs) Clinical collaboration through Phase 2 LMTB: Phase 2 CHIM2 study (S. Sonnei) and Phase 2 pediatric immunogenicity studies (ongoing) Valneva: Phase 2 CHIM study (S. flexneri 2a) Valneva to lead all future development activities and commercialization 1 https://lmtbio.com/wp-content/uploads/2024/02/20240221_LimmaTech_Shigella-Interim-Data-PR_Final.pdf; 2 Controlled Human Infection Model Valneva Gains Exclusive Worldwide Rights to Tetravalent Shigella Vaccine Strategic partnership with LimmaTechBiologics (“LMTB”) 20 Key Aspects of PartnershipKey Aspects of Partnership World’s most clinically advanced tetravalent Shigellosis vaccine candidate Bioconjugate vaccine targeting four Shigella bacteria (O-antigens of S. flexneri 2a, 3a, 6 and S. sonnei) Promising efficacy in challenge model for monovalent vaccine candidate (clinical proof-of-concept) Positive Phase 1/2 clinical data for S4V2: Robust immunogenicity against all strains Favorable safety and tolerability1 FDA Fast Track granted in October 2024
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Source: Market Study: LEK 2024, 1 Appox. 7 years after launch; 2 Converted to vaccination rate by applying the yearly vaccination penetration every year over a cohort of 5 years Commercial Assessment of Shigella vaccine Shigella vaccine market estimated to peak at ~€500 million1 21 Market Recommendation Acceptance Vaccination Traveler (~23%) Children in endemic countries (~76%) Military (<1%) 20-50% (Med-high risk destinations) 30% (OOP) 2-5% Europe, North America, Japan, South Korea and Singapore with €80-85m from the U.S. alone 30-100% (OOP-reimbursement) 90% 15 - 60% 50-90% (reimbursement) 70-90% (Med-high risk destinations 100% 9-11%2 (OOP) 15-50%2 (reimbursement) Non-Gavi endemic countries: public funding anticipated, driven by high disease burden notably in India, Brazil, Indonesia and Gavi supported countries. Gavi-supported countries, vaccines could cover over 10m children per year U.S. representing c.50% of the revenue
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Financial Guidance & Outlook
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Financial Outlook2025 Guidance 1. Assumes continued wind down of third-party sales business and prolonged suspension of the IXCHIQ product license in the U.S.; 2. Dependent on the timing of shipments of drug substance to commercial partners in low and middle-income countries Valneva Remains Solidly Funded with Strong Financial Outlook 23 Product Sales: €155 - €170 million1,2; Commercial business expected to be cash-flow positive Total Revenues: €165 - €180 million R&D Expense: €80 - €90 million, partially offset by grant funding and anticipated R&D tax credits Targeting significantly lower operational cash burn Stringent focus on cash management supporting sufficient cash runway to reach key inflection points Continued revenue growth and cash flows from commercialized vaccines Focused and strategic investments in R&D Next Phase 3 program entry post Lyme data Gross margin improvement • Focus on proprietary sales • Cost-efficient manufacturing leveraging new facilities Potential for sustained profitability from 2027 based on successful Lyme disease vaccine approval and commercialization
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*Subject to positive Phase 3 data Valneva Outlook: Growth Drivers for 2026 and Beyond 24 VLA15 success case • Potential for sustained profitability upon potential approval and commercialization* , driven by substantial milestones and royalties starting in 2027 Growing commercial revenues • Near term: continued growth trajectory of IXIARO® and DUKORAL® • Additional growth as IXCHIQ® gains further traction Realizing future pipeline value • Accelerate R&D upon Lyme success: Advance internal candidates / identify new opportunities • Goal to enter next Phase 3 upon successful VLA15 commercialization
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. Low- and middle-income countries Reaching Further, Where Most Needed Our Vision: a world in which no one dies or suffers from a vaccine-preventable disease 25 Protecting Lives We develop vaccines for unmet medical needs – focusing on universal access Preserving the Planet We aim to minimize the company’s environmental impact Reaching People We rely on a diverse and engaged workforce – committed to ethics and compliance Commercial vaccines with access routes for people in LMICs1 Clinical-stage R&D programs 100% 4 Electricity used by R&D and manufacturing comes from renewable sources100% Women in the company of workforce participated in performance and career reviews 58% 100% 66% of vaccines’ secondary packaging is plastic-free ESG Agenda
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Thank you Merci Danke Tack