Ladies and gentlemen, good day and welcome to the Investor and Analyst Meet of Mankind Pharma Limited. Before we begin, please note that all participant lines will be in the listen-only mode during the presentation. You may submit your questions through the chat box, which will be addressed by the management during the Q&A session. Please also note that this meeting is being recorded. With that, I hand it over to Mr. Prakash Agarwal, President, Strategy and Investor Relations, Mankind Pharma Limited. Thank you, and over to you. Yeah. Good evening, ladies and gentlemen. It has been an absolute pleasure to welcome you all on behalf of Mankind Pharma Analyst Meet 2026. Mankind's journey has always been driven by ability to identify growth opportunities early, take bold strategic decisions, and execute with speed and agility while remaining focused on long-term sustainable growth. As we continue to strengthen our presence across chronic therapies, specialty products and innovative platforms such as ACTx, Mankind is entering an exciting new chapter of growth and transformation. Today's session is an opportunity to share our strategic vision, growth priorities, and the opportunities that lies ahead. We are privileged to have the leadership team of Mankind Pharma with us. Mr. Rajeev Juneja, Vice Chairman and Managing Director, Mr. Sheetal Arora, Chief Executive Officer, Mr. Arjun Juneja, Chief Operating Officer, Mr. Chanakya Juneja, Director, Mr. Sanjiv Navangul, MD BSV, Dr. Anil Koul, Global Chief Scientific Officer, and Mr. Ashutosh Dhawan, Global Chief Financial Officer. We are also delighted to welcome the leadership team of ACTx. Coming to today's agenda, we will begin with Mr. Rajeev Juneja's speech, comments and vision on Mankind's evolution, strategic direction, and future growth outlook. This will be followed by Dr. Anil Koul and then the presentation from the ACTx leadership team, who will share insights into the exciting opportunities in next generation CAR T-cell therapy and ACTx. This will be followed by a Q&A session and then dinner. With that, let me invite Rajeev to share his perspective on Mankind's journey and the exciting opportunities ahead. Over to you, Rajeev. Thank you so much, for taking out time and coming here. We are just grateful. I mean, Mumbai crowd is, Mumbai traffic is always bad, but you would reach here in time. The journey of Mankind is very special to us, but today's call has been called because elephant in the room is ACTx, and that is one reason the leadership of ACTx is here. Let me start with Mankind journey, actually. We have always been very dynamic and evolving organization, and if you just look at Mankind, you will always say what basically is the most important attribute of Mankind, it is evolution and dynamism of Mankind. When we started our journey, we started from small town, U.P., and slowly and gradually evolved to bigger cities. For good number of years, we were just in small towns, and our customer base was only GPs. If you just look at this side, you will find that 1995- 2002 it was just foundation time, small towns, GPs to CPs, and gradually we evolved from state to state. This is all. During this phase, we had no factories. It was all third party. Slowly and gradually we went to metros and chronic, tier 1, expanded to South India, stepped in chronic in 2004. In 2007, we started going for consumer division because we wanted to build brand Mankind in the doctor's mind. If you are in pharma side, you cannot really, I mean, propagate your products. Through TV advertisement of Manforce, Prega News and other brands, we wanted to build brand Mankind in doctors' minds so that they can really impact or influence doctors and make them believe that this is a good company. Because when you start very small and you start from a small town and you are not there in metros, you are not there in southern part of the India in many places, and you are rising very fast. You are selling your product at a most affordable price because our philosophy has always been accessibility. When you talk about accessibility, it does not mean that your products are only available. They are accessible to be bought by the poor patient as well, and those doctors, those who are sitting in the smaller places. That is one reason we basically started building the brand Mankind. For the first time, we realized that there is something called chronic segment, and at that particular time, our share in chronic was only 1%. From there we started building the chronic side as well. Gradually, we build Mankind to a different level. But in the pyramid of doctors, bottom side, we were very, very strong. Middle side, we were good. But at the top of the pyramid, we were not strong. That is one reason in 2020, we launched our specialty divisions because we wanted to penetrate big doctors, big hospitals. Keeping that in mind, we opened a new office in Mumbai, away from Delhi, away from our traditional office in Delhi, where we were propagating mass marketing divisions. Because we wanted to have one culture but different strategies. When you go to a specialist, his demands are different, and when you go to a GP and mass marketing, things are different actually. Mankind is basically a combination of plenty of different strategies. On one side, we have some divisions where 1,700, 1,800 people are working in one division, and they are promoting 30 brands, 40 brands, covering approximately 5 lakh doctors. Right from beginning, one thought was there in our mind that how can we create some kind of entry barrier? When you have no resources, you coin different kind of things. You just invent different kind of things. One thing was what? That if we reach to every nook and corner, that would be our entry barrier. If we reach to the small villages, that would be our entry barrier because not many companies can reach to those places. Traditionally, most of the pharma companies started from big metros and came to tier 1 towns only. 350, 400 people they used to keep, and hardly people used to go over there in smaller towns. Instead of getting INR 1 lakh support, INR 50,000 support from each doctor, we thought why not to have even INR 2,000 support from each doctor. That way, we will have a very mass base, big base. So penetration over there would be difficult for any big company. When you keep the prices low, the advantage basically is what? Even if they try to penetrate our market, it will be very tough for them because they will have to cut down the prices, and naturally their profits will go down. We will have to increase their strength. That was the philosophy in those days. But naturally, when you grow, you become responsible. You reach to a certain revenue, and you start having some profits. You start thinking differently. 2020 and 2022, evolution of Mankind started. During that phase only, we acquired Panacea Biotec. Why did we acquire Panacea Biotec? Because Panacea offered us super specialty portfolio transplant business, which is very niche. Whenever we have gone for any kind of acquisition, the thought was that we should acquire only those entities where we cannot build. We cannot build those entities. Keeping that in mind, we acquired, we got Glizid. One more thing was there, that we were in lookout for anything, which has anything with C, chronic segment. Panacea gave us entry in transplant, onco, and chronic became 30%. Chronic in-licensed products and some products we acquired from Novartis. It gave us approximately— Our market share reached to 30%. Public listing happened in 2023, and in 2024, we acquired BSV. Mind you, at that particular time, we have choice of acquiring some other company, which somebody else acquired, versus BSV. But why we went for BSV? Because, that company could have given us immediate revenue, bigger portfolio of chronic. But we were always looking out for one thing, which is called entry barrier. Because by the acquisition of BSV, we got entry in biologics. We got entry in one segment, which is infertility, which is growing very fast abroad as well as in India. The philosophy has always been one that, keep adding something which you don't have. Keep building bigger entry barriers. So philosophy— If you just look at the bottom side, INR 95 crore, INR 2,050 crore, INR 2,750 crore, INR 2,018, INR 5,000 crore. Philosophy has always been one that, 10x. Whatever we are doing in a year can be done in one month. With this philosophy, we have always moved, and we have very big dreams and manifestation is, we keep saying it, our manifestation is that one day we want to become India's number one company. This we are not saying now after becoming something. This we are saying from last 28 years, announcing to public. Because we are not boasting it. We are just reminding ourself, our team just it's a moral boosting. If you just look at this chart, we are the youngest company. Prescription rankwise number one, IPM rank fourth. We cover 5 lakh doctors. Field force is 18,500. We have huge number of stockists. Consumer brands, which are four number one brand. Brand families of more than INR 100 crore is 22. This is what— Revenue CAGR of 2021- 2026 is 18.1%. On one side, initially, we were just in marketing and sales. Then we started thinking of going for R&D. We started thinking of making, going for manufacturing as well. In 2012, for the first time, without having any kind of human background of R&D, we started this, and we became the second company in the world to crack one hormone, dienogest, after Abbott. In 2024, with the help of BSV, biologics platform has been done, and now we are moving towards, with the help of our own NCE GPR-119 in phase II and JAK inhibitor in phase I. We have seven R&D centers, 740 scientists, and 58 U.S. ANDAs approved products. On the manufacturing side, we had no manufacturing. We started building our own manufacturing plants. Today, 75% manufacturing of Mankind happens in Mankind. That gives us a leverage of maintaining great quality and selling the products at the most affordable prices. If you just look at this last couple of years, I will say two years, were quite painful for Mankind because after COVID, we realized that something is not right in Mankind. We are supposed to take some pain. We are supposed to transform Mankind. We started taking those corrective measures. We took those corrective measures and did those things which are unimaginable if a company is being run by a professional, because professionals are supposed to give answers to the board, answers to the promoters, where is the growth? But we thought that these are most important things. We must go for it, and we did that. In last two years' time, what we have done, you can see we just changed the leadership team. We brought new leadership team. This is one. We re-energized the field force because when you remove, you bring new field force, you train new field force. You are supposed to make sure that the new team is in sync with the top leadership and with the culture of the company. That we could try to do. With the help of Medico Marketing, we could really do better doctor engagement and with the help of technology, we could train people, bring certain tools to track how they are working, train those people. This is what we have done. If you just look at what, after doing this, what basically has happened, the volume growth, which was just -0.6% in 2024, has reached to 6.2%. Because volume growth is one thing, which basically tells you that the company is moving in the right direction or not. Two, three things in Mankind we track. Whenever, as you are sitting and analyzing us, when we sit in a meeting and our leaders come, sales leader come, marketing people come, and they say that we are doing very good. On four, five metrics we see people. One is what is their sales trend. The second basically we see is how is the performance of new products. Third we basically see is the growth and more than the growth, jump in the sales, in the productivity. On these four metrics, we generally see. When we see all those four metrics today, we are very happy, very confident that the phase II of Mankind, the kind of Mankind we have always envisaged, where I will say speed of execution was fastest, is come back. After this acquisition of BSV and after acquiring certain brands, Symbicort from Astra, Crenzlo from Novartis, Vonalong from Takeda, Rivotril from Roche. These are certain things we have done the last two, three years' time. What we basically see going forward. On three, four things we basically are working. They are very clear to us that in which direction we are supposed to move. The number one basically is what? We are supposed to move our chronic share from 39%- 50%. How we are supposed to do it? By launching more chronic divisions. What was strength of Mankind few years back? That was our reach and the kind of portfolio we were promoting to everybody, 5 lakh doctors. But post-COVID, attention span of everybody got lesser and lesser. Doctors started giving less time. On one side, one strength is still intact, that we have a great reach, but the second strength that 30, 40 brands one division was promoting, that become a weakness. What we are doing, we are just hiving off some of the brands, creating more divisions. We are launching many divisions. You can see this, cardio is one, gastro is one, cosmetology is one, and GP division is one, and dental division. When we are saying we are launching, that means we have launched. GP division has been launched because we want to regain our command and share in GP side. Gastro division would be launched in the month of February. Cardio division, new cardio division would be launched in the month of June. These are approximate months. But process has been started. Team knows, I mean, who is coming at leadership position, what they are supposed to do. The process internally has been started. Because if you have specialized GP division, GP, CP, cardio divisions, you are at the advantage actually. On one side, our share in market is 4.7%, but if you just look at the hospital side, this side, pillar number three, the share in the hospital of Mankind is just 1.7%. So number three objective is that we should double down on hospitals and make sure that we start generating better prescription from hospital. When I say hospital, I am not talking about hospital injectable, hospital products. I am talking about. You must have seen in the last couple of years, GP practice is going to consultants. Consultants are shifting to hospitals. In hospital, many doctors have joined hospital OPD and naturally attached with the hospital. We just want to penetrate over there. That's the third one. The fourth pillar basically is what? Our ranking is fourth, but 10 states we have identified in India. There, our ranking is seventh to 14th. We have identified and focus is. Our endeavor basically is what? To bring these 10 states to the ranking of Mankind. How we are doing it? Either the top leadership is spending good number of days in those states or leadership from those states should come to head office and sit over there. That means what? If, for example, Andhra Pradesh is there, somebody from Andhra Pradesh should come to head office as a leader and take up Andhra Pradesh. This is what we are basically doing. Pillar number five basically is what? We have selected certain brands which we feel they are doing good, but they can become great. INR 50 crore brand can become INR 100 crore, INR 100 crore brand can become INR 200 crore. These are certain brands where the growth is phenomenal, 30%, 25% like this. That is the focus. BSV has come on track. It took us two years. Mr. Sanjiv Navangul is sitting here. His efforts have really come to some kind of a on the surface. Domestic BSV, international BSV both have really come to the kind of expectations we have from BSV. I have not missed the consumer healthcare. If any place we are disappointed with ourself, that is consumer. The kind of expectations we had from consumer, we have not been able to fulfill. Having said this, let me add one more thing, that in next six months' time, total transformation will take place in our consumer healthcare. Whether it is leadership, people from FMCG would be taking up, I mean, taking over this consumer. The kind of transformation we have brought in Mankind the last two years' time, the same kind of play will happen in consumer side. Having said this, e-commerce is growing at 100% in our consumer division. That is a good news. Our two brands have gained market share, Manforce and Prega News. Gas-O-Fast is doing very good. We are the only company which could really, I mean, penetrate the market of our competitor, big brand. Now comes the eighth, the most important. Innovative bets and capital allocation. If you just look at this particular slide that if 2026 of our chronic share is 39%, we feel by 2030 we should reach to 50% in chronic side. Why chronic is very important for us? Because it brings consistency, it brings more profit, it gives us more money to invest in R&D. It brings healthy EBITDA as well, and great growth as well. Market share in IPM, if you just see cardio, our share was 3.9%. In 2020, it has reached to 5.5%. Our cardio side, it was 3.2%, it has reached to 4.5%. One more thing I just want to point here. If you just look at that particular side. When we started, and we talk about that in anti-allergic, we are depending upon only cold and cough, antihistamine, and all these things. Today, we are doing fantastic in inhalers. That really talks about the acceptance of Mankind in the specialty platforms, specialty hospitals. Symbicort, which we acquired, I mean, we are the only company Astra has given Symbicort name. We decided that we should surprise the multinational by doing fantastic. We could really do very good. We bought, at a very nominal price, Combihale from Dr. Reddy's. That too is doing very good. In oral anti-diabetic, and now if you just look at our insulin, and look at the growth that is 45%, Nobeglar, that really talks about one thing, that super specialty has accepted Mankind as a company with quality. Because for good number of years, people said that you sell affordable medicines, and they had some kind of a doubt that affordability cannot really be with quality. But the growth in Nobeglar, the acceptance of Nobeglar talks about that has faded a lot. In hypertension, we have many products and people said, "You can sell only affordable medicines." Today, we are selling Crenzlo, which basically is lipid-lowering injectable costing INR 1 lakh, one injection. We are doing fantastic in that. We are doing the best, better than the competitor. Now, going forward, we feel that 50% chronic share can come by new specialty division, new products, good to great brands. When we talk about good to great brands, again, the focus is only on chronic side. One thing I just talked about, when you look at a company, look at the performance of new brands. Vonalong is a new brand. We are number one. Market share is 12%. Nurokind, we just launched a few months back, 12% market share, number two. AdvaUD, we launched a few months back, number two. Dyna Duo, again. That really talks about we have some examples to just showcase that how Mankind is performing in launching new products. For the first time in the history, this will happen that Mankind would become the first company to launch first time, certain brands. Otherwise, we were always after Dr. Reddy's and any other company. If they have launched, then we will also launch. These are certain brands. Resmetirom, NASH fatty liver disease product. We will be ahead of any other company. Mankind would be the first company to launch in few months' time. Insulin is on the way, it is coming. Purflora is coming. All these brands are in the pipeline. Again, we will be the first to launch in India. I am saying maybe two months ahead, three months ahead, but we will definitely be ahead of any other company. In last couple of years, you look at this, how many size of brand has been increased, INR 500 crore, three brands are there right now. In 2021, it was zero. INR 200 crore, seven brands were there. In 2021, now 13. INR 100 crore brands in last couple of years, we have added seven. INR 50 crore brands, we have added 18. Look at the growth as well. On the right side, you can see that Telmikind, it is INR 783 crore brand, 20% growth. Nurokind, INR 660 crore brand, 8%. Manforce, 640. At the bottom side, these are the brands. INR 50 crore plus means they are between INR 50 crore and INR 100 crore. That is the progress we are making right now. In consumer, we have talked about and hope that going forward in coming few quarters, you will see a different kind of a consumer division. BSV, plenty of things have been done. In gynecological market, our ranking is one. In nine key brand families, either we are number one or number two. 37,000 gynecologists we are covering, which is approximately an 88% of IVF coverage we are doing right now. As I mentioned that under the leadership of Sanjiv, we feel that this will grow even faster in future. Now comes the capital allocation. There are two, three places we are going to spend our money. Just look at this historically. When we acquired BSV, our debt was INR 10,000 crore, and today it is INR 2,500 crore. By the end of 2028, our objective is it should be fully repaid. Whatever we said, whatever we promised, our intentions are we should come to our words, fulfill the commitment, and we could really do that. Where the money would be going in manufacturing, R&D, and in license, and some kind of a M&A's chronic or consumer. There would be our total focus. As far as two things are there, one is your bottom line and second is your top line. We will try to give good EBITDA, but great growth in top line. That's the kind of thing we basically feel like working on. In the end, I will just say that in Mankind, we believe that, as I started by saying that we are an evolving company, dynamic company, we also understand one thing that every strategy has an expiry date. You are supposed to really keep building new things because then you can say that your success is not flash in the pan. We genuinely believe that with the addition of ACTx, we are adding something very special. When the team would be coming here and you will listen from those people, you will definitely understand. I now invite Anil Koul. He is our Global Chief Research Officer, former Vice President of Johnson & Johnson. He has many things under his belt. He will talk himself, he will praise himself as well. But he will introduce the team and we will talk about the ACTx. Thank you very much. Thank you, Rajeev, and welcome to all of you to Mumbai and this analyst meet. I will give you a quick update on strategic acquisition of Armed Cell Therapeutics by Mankind. The question is always, why innovation? I think that must be a question in your minds also. I believe that for Mankind to grow further, innovation is one of our key pillars. In regards to innovation, ACTx is one of the very concrete, solid steps which Mankind has taken to go forward. The founding factor is why ACTx? I think you must be all thinking about why ACTx and why CAR T. I think ACTx is one of the key innovative companies which we acquired recently and is based out of Belgium. It has its lab operation in Pittsburgh in U.S., and it also has operations in Netherlands. In terms of the role of ACTx in CAR T, the key question is why not ADCs, why not T-cell engagers, why only CAR T? If you look at, I personally believe CAR T is one of the most transformative therapies which has been discovered to cure cancer. If you look at India, one out of eight people will have cancer in their lifetime. That's a staggering number, and the numbers are increasing exponentially. What we need, we need transformational cell therapies, not only in India but across the world. CAR T is basically giving us a platform which allows us to cure cancer. Not only treat, but to cure cancer. That's our hope for future. I think another question you must be thinking about, why ACTx? What is so great about ACTx? That's shown here. ACTx basically has very well-differentiated assets. My colleague John will talk about the assets in detail in terms of their properties, but I will give you a snapshot of it. ACTx has what we call armed CAR-Ts. CAR therapies or what we call chimeric antigen receptor T-cell therapies are basically, they give you extra support in order to cure certain forms of cancer or give extra power to the engine. One of the arming helps is basically modulates the tumor microenvironment for solid tumors, especially. That's one aspect of ACTx strategy. Another key feature of ACTx is that it's multi-targeting. Instead of targeting one antigen on a cancer cell, it targets two antigens. That gives it much more power to kill a cancer cell. The third thing is basically, which is the most differentiated factor of ACTx platform, is that it's in vivo. Why in vivo? I think Rajeev already said that the mantra of Mankind is affordability and access. In CAR therapy, the biggest challenge has been the scale, manufacturability, affordability, and access. With ACTx's in vivo platform, it addresses all those things in very addressable manner. I personally believe that armed CARs, multi-targeting, in vivo therapy is the future where cancer therapy will evolve. John will give you some specific example how market is behaving in this regard. Beyond that, I think the key is that ACTx has one of the best talented teams in cell and gene therapy across the world. I can vouch for that. Also what they have is a proven track record. We'll give you the details in terms of when I introduce the team. Let me introduce one of the founding members, Dr. Paul Stoffels, who's here with us. Paul has been the ex-CSO of J&J, and Paul has been the ex-CEO of Galapagos. Paul, maybe you can come on the stage, please. While I talk about you, it's nice for the audience to see you also. Paul is one of the industry's most renowned, admired leader, mentor. You can call him by whatever name you want to name him, but if you look at his accomplishments at J&J, I can give you example of J&J. Between when he was made CSO of J&J in 2008 or 2009 around. The pharma sales of J&J were around $22 billion, Paul? After 10 years, when he left in 2020, the pharma sales were $45 billion. He made a dramatic transformation of J&J innovative pipeline. Beyond the pharma sales, how did he achieve to do it? He did it through innovation. He introduced almost 25 new drugs into the J&J pipeline. That means every year, two new launches of innovative medicine. That was a innovation engine on fire, I can say that. Out of those 25 innovative medicines, seven of them were what we call on WHO's List of Essential Medicines, Paul. Amazingly, in terms of the transformative potential. I think, beyond that, if you look at some of those medicines which are still in the J&J's essential list, one of the key one is Darzalex, daratumumab. This year's sale of daratumumab, which Paul basically got into the J&J pipeline, is $14 billion. Then, of course, in cell and gene therapy, Paul brought in Carvykti, which is one of the top-selling CAR-T cell therapies in the world today. With that kind of a leadership and the leadership which Paul will introduce subsequently, I believe that for Mankind, it's a great opportunity for us to be on the innovation growth with this acquisition of ACTx. Beyond that, I can tell you, Paul is one of the best mentors and a very great champion of global public health. With that, Paul, I would like you to introduce the rest of your team. Well, making new medicines is part of a life mission. It's also part of building great teams, and expert teams who are focused on exceptional science, transformational science with very good development. I had the opportunity to lead multiple fantastic teams who drove these drugs to the pipeline and brought them to the market. It's also a mission of saving lives and saving quality, generating quality of life, and maximizing that through science. I'm a physician, 35 years of pharmaceutical industry experience, always in R&D. Before, I was in Africa on the ground working in HIV and made it a mission to solve HIV through medicines. I had the opportunity to work with Dr. Paul Janssen, a great leader, the founder of Janssen Pharmaceutica, who taught me on how to lead teams, select science, and make sure to make a difference. I'll come back to the CAR-Ts. I have the pleasure here to introduce Dr. John Mellors. Dr. John Mellors was my partner in crime in the beginning of HIV. John is a world-class physician scientist, bringing immunology, translational medicine, research, target discovery, and therapeutic innovation, including on the next-gen cell therapy. John is particularly known in the world for the person who validated the viral load as a biomarker for HIV drug approvals. He was able to convince the FDA and the authorities that a six-month viral load was the measure in order to bring new generations of medicines instead of counting deaths. Before John's science, we were counting a number of deaths in order to get a drug approval, after which we measured viral load, and John was instrumental on making multi combinations, for HIV combination therapies leading to normal life expectancy or almost close to normal life expectancy. That was where John became one of these virologist and infectiologist and viruses are the basis of CAR-T. The virology science is the basis where you can translate virus expertise to oncology. The next one is Peter Verhaeghe, we have been partners in crime in creating new companies for the last 35 years. Peter is a very particular person. He has his hands and his brain in almost all biotechs in the Benelux. Particularly, he formed argenx now 18 years ago from a Belgian startup with three people to a company which is now the number one biotech in Europe with a market cap of more than $50 billion. Peter has been the brain, the senior guider who has built that company. Then, last but not least, Willemijn. We worked together for several years in Galapagos. Willemijn is a physician expert in cell therapy, did all the strategic planning and run the corporate development for cell therapy and translated that into results. She's also in previous McKinsey, very well organized to run the company. The combination of the team here, Willemijn is the CEO, for the new company, Peter, John, and I on the board, and John is the Chief Scientist, and it will be complemented with a number of Mankind board members as we go forward. Why CAR T? First of all, because of the big challenge of oncology. I think I can tell that nobody in the room doesn't know whether in the family or in the near environment, a person living with cancer. Today you have certain treatments and you can prolong life, but it's often big toxicities, real challenging therapies, and very rarely people get fully cured. There are already some diseases who can get cured. Breast cancer is a very good example. A lot of cancers can be prevented, but it's the field where most likely we need to get the most progress in the next 10 years, 20 years, 30 years. This has to be the focus of the world to get this to either a chronic disease or a cure for cancer. 20 million cases globally every year. It's going up very rapidly. The new cancer cases in India, 1.5 million as already mentioned. With that it's a great market opportunity, but it's first of all a human mission to do this, making cancer therapies and the result is that the business will flourish if you do a good job. I learned that in J&J, I put my old teams all the time on years of life saved and years of quality of life generated. It generated fantastic medicines, great business, and an exceptional company on growing in value and in sales. There is a big innovation, has been happening, a big innovation, starting in the '40s with chemotherapy, then soon after that, in the '60s, '70s with small molecules and antibodies, more targeted therapies. Then a big invention was the checkpoint inhibitors with unleashing the immune system, whether your own body is activated to fight your cancer. Then the antibody drug conjugates, bringing with antibodies chemotherapy almost to the tumor. That was the next step. Now you have recently the T-cell engagers. It has become a big business in the world, redirecting the T-cells to the tumor. Then suddenly, and John will explain more about it, CAR T, one injection of a cell therapy, getting remission for 10, 20 years in certain patients. Also that was my experience. I worked for 15 years, almost 20 years in multiple myeloma. We started with the first small molecules, then brought Darzalex, as already mentioned. Darzalex created like four, six, seven, eight years of life in combinations to patients, but the disease was never really gone in the patient. People need to use this therapy lifelong. Suddenly in China, Legend was the first to come forward with the BCMA targeted for multiple myeloma. We saw that in ASH in the different presentations, 20 patients, next time 60 patients. The data were real. We decided at J&J for the first time to bring a cell therapy to the U.S. We did that in a joint venture with a Chinese company. We agreed to do this together on a global basis. The results were amazing. That is why I focused a next stage of life on how can you get to CAR T cells, which bring transformational medicine. I was responsible with my teams doing the clinical trials. I am very proud to say that the people who joined clinical trials five, six years ago, all had a life expectancy of one to two months. 50% of these people today are still disease-free. That is a remarkable observation, remarkable result. There are relapses, yes, but 50% are disease-free, including a few of my close friends who I have been able to help with this. It is about one shot, no chemotherapy afterwards, sometimes some treatment for side effects in the first two months. Besides that, no medical interventions anymore, deep responses and durable. That is the step we are taking with ACTx now to bring to the next level. I invite John to give you some information on the science and how we are going to go forward. John? Thank you, Paul. I am excited to be here. I hope to excite you about what is to come from Armed Cell Therapeutics. We are at a pivotal moment in cell therapy. On the left-hand side of this slide is what we were doing up until recently. That is ex vivo CAR T. What does that mean? That means the patient is brought to a leukapheresis chair, billions of cells are withdrawn, brought to the laboratory, purified, infected, or transduced, as we called it, with a vector to engineer the cells, grown for one to three weeks, harvested, transported back to the patient, and infused. This can be, as Paul has outlined, life-saving. Many people who had no therapeutic options, destined to die from cancer, lived and have normal lives now. The issue with this is it is logistically complicated. It is technically very, very demanding. Each person gets a customized treatment that cannot be used for any other patient. It also requires chemotherapy to make room for the CAR T cells. That chemotherapy is toxic and can lead to hospitalization and death. It is only available, this whole complicated procedure, in specialized centers that only about one in four individuals who needs life-saving CAR T therapy can access. On the right-hand side is innovation that will expand access to global markets. This involves injecting the engineering vector for T cells directly in the bloodstream of an individual. No cell collection is required. It is an off-the-shelf product. It is not customized. One lot of vector can be used to treat thousands of patients. It can be given without this toxic chemotherapy to deplete the lymphocytes. Single injection, much lower cost, global access potential. It is truly transformative for cell therapy and life-saving therapy. Don't take my word for it, though. The capital markets have exploded. AstraZeneca, after four patients were treated, three who had significant toxicity, offered $1 billion for EsoBiotec. In December of 2025 at ASH, four patients were presented with myeloma with a BCMA CAR by Kelonia Therapeutics. Six months later at ASCO, 18 patients were presented. Acceptable toxicity, 17 out of 18 complete remission, no residual disease. Lilly upfront $3.5 billion for Kelonia. Other transactions have further validated the value of this transformative therapy. Imagine a single vial with a milliliter or less of vector being injected over a few minutes providing life-saving therapy for advanced cancer. This is what I'm excited about. I'm happy to talk to you about the technical details, after this meeting. How is Armed Cell different than what you saw on the previous slide? On the previous slide, a single target in the case of myeloma, B-cell maturation antigen or BCMA, was being targeted by the CAR T cells. As Paul and Anil alluded to, Armed Cell Therapeutics believes in multi-targeting, more than one target hit by the CAR. All the approved CARs hit only one target. Why is that important? Because if the cancer down-regulates that target, it escapes, and cancer by nature is highly heterogeneous. We believe in two or more targets being hit by the CAR, which reduces the probability of escape and can prevent escape. Second, arming. What is that? By engineering, we can confer properties to the cell that supercharge it. What I mean by supercharge: expand further, persist longer, maintain function in the fight against cancer. It's a battle. Cancer wins. It defeats the immune system by suppressing the immune system. We tip the balance in favor of the immune system by giving CARs, but the added benefit of arming is that the CAR cell secretes factors, cytokines that generate immune response from the rest of the immune system to target the cancer. We're not only sending in initial troops, we're engaging mass force against the cancer. We're targeting the highest unmet need first, and I'll show you an example of that, because that is the fastest route to saving lives and also regulatory approval. We're looking at individuals who progressed on existing standard of care. In vivo focus, I've told you why, and we have a phenomenal team. I feel privileged to work with this team every day, as well as our new colleagues and friends from Mankind. A little more detail. Mono targeting and multi-targeting hits multiple sites on the cancer cell. That reduces antigen escape, delays or prevents relapse, and prolongs remission. We have in our laboratory libraries of binders that can target cancer antigens that are in the billions of specificities, and they're all fully human as opposed to mouse or camelid, to which the host can generate a neutralizing immune response. The upper right-hand panel is an example of the value of arming. Carl June and the investigators at University of Pennsylvania armed a standard CD19 CAR T cell. They showed that doing that caused persistence of the cells for up to three years and an incredibly low dose of 3 million total cells, and they rescued over half the individuals who had not only failed standard of care but had already failed commercial CAR T. That is a prime proof of concept that this strategy can work. I already said that arming can enhance proliferation, persistence beyond the last cancer cell, maintain killing potency, and engaging the rest of the immune system. What about our pipeline? We have five assets. Two are nearing first in human studies. The first asset is a combination of multi-targeting and arming that is unique across the CAR-T landscape and certainly the in vivo CAR-T landscape. This will be for an all-too-common disease, non-Hodgkin's lymphoma, in an advanced setting. There are many forms of non-Hodgkin's lymphoma. The number of indications that we can get from that one product can extend to 10 different diseases. The second is solid tumor. 90% of the cancers that have been talked about are solid tumors. Harder to treat, shorter survival, shorter response duration. We are going to take the same approach of arming and multi-targeting to achieve a greater remission, greater depth, and duration, and that is the goal. This is a riskier endeavor, but in preclinical models, the armed CAR-T outperforms T-cell engagers and unarmed varieties. Beyond that, very large potential in different diseases, including multiple myeloma and ovarian cancer, which is a very high. With that, I am going to stop and turn it back to our moderator. Thank you. We will start with the Q&A. Just give us a couple of minutes. Vitilji, can you come? Vitilji? I hope we have mics placed on the tables. We are open for question and answer. If somebody has a question, can just introduce and raise your hand and go ahead please. Hello. Hi. This is Ishita Jain from Ashika Group. Excellent presentation. Thank you so much. My question to the ACTx team is on the clinical development and the funding roadmap for the two lead assets. Maybe you can outline the timeline that it will take to go from. You are already out of preclinical into first in human, and what would be the timeline to reach the first meaningful value inflection point and also the funding required to reach that point? We have the funding over the next two years to reach that value inflection point, which will be a dose escalation study and dose expansion in phase I. That will occur over the next two years. Understood. Would you consider that proof of concept? I mean to harp on this is because in vivo CAR T in the past has had its challenges as compared to ex vivo. Maybe you can outline that as well. The initial data was a little bit concerning about the acute toxicity. The initial treatment with ex vivo CAR T was also alarming because of immune-mediated toxicity, cytokine release syndrome, and ICANS, which is a CNS disorder. Medicine and science evolves quickly. We have learned how to manage those side effects very effectively. The Kelonia team learned from the EsoBiotec team, and with modest pre-medication, have essentially blunted the adverse effects of in vivo CAR. So initial hiccup, but off to what I would call an amazing start with 17 out of 18 complete remissions with minimal toxicity. Got it. My final question is there an India aspect to this ACTx also? Perhaps the Mankind team can join. The U.S. FDA regulatory timeline will take its due course, right? The Indian timelines have usually been faster for the Indian markets. What has been demonstrated in ImmunoACT, which is Laurus' investment. There is Immuneel, which is Biocon's investment. They have done really well in the India market. Is there a simultaneous India regulatory, India clinical trial piece as well? See, the point basically is what in Mankind, we have always thought that we should build some kind of a portfolio which has a barrier to entry. To become a progressive and evolving company without having deep science, we cannot really become very successful. First, when we basically acquired BSV, we were introduced through BSV to this side of the science actually. This is one opportunity which came to us and in time to come, we will be able to comment whether India market will be there in this or not. But yes, that would always be there because when we talk about accessibility, when we talk about in vivo CAR-T which is naturally at a very discounted price, much better price than ex vivo, we feel that one day it may happen. Also just to add to that, in vivo, there is a high unmet need for these diseases, right? If there is success after the phase I studies, we expect a very quick approval even at the U.S. FDA level. Immediately after phase II, we expect that approvals might come in from U.S. FDA, and there will be parallel approach to Indian CDSCO as well. Thank you. Next question, please. Yeah. Hi. Good evening. Kunal Randeria here from Axis Capital. First question to Rajeev and the Mankind team. In vivo CAR-T is a very new, unproven yet, I would say, with the latest, I think, the most progressive company just reporting phase I data. For a company that has never ventured into NCEs, what has kind of prompted you to take this plunge? Kunal, your voice was not very clear, but what I understood is why Mankind is looking at NCE assets? No. Mankind is looking into NCE, that is fine, but in vivo is unproven at this stage, in vivo CAR-T. Is this I hope this Excuse me. Is this better? Question is. If you do not mind, if you can repeat that please. Repeat the question. Yeah. His voice is flung. Is this better? Yeah, much better now. Yeah. I was just asking, in vivo CAR-T is a new frontier, not really proven yet. For Mankind, that has not really ventured into developed markets for NCE products yet, what has prompted this step? How we basically perceive our business, actually. Whenever we go in any kind of a business, we see that are we in the right therapy or not. When you look at this onco side, cancer side, this is on fire. Tsunami of cancer is there, every place in the world. First is this. The second basically is what kind of a leadership, what kind of people are we getting with ACTx? You can say that it is a startup, not run by youngsters, some inexperienced people or less experienced people. Veteran of this industry have come to us. We see this as a great opportunity. Whenever you go for any kind of a R&D, you're never 100% sure about anything, but you basically bet on people and on the kind of credentials they bring in. I mean, just look at the background of these people. They have amazing background. Apart from this, the vetting has happened from Anil Koul, Sanjiv Navangul, who has worked with these people. It's always like that. We basically bet on two things, the therapeutic area in which we want to enter and the team along with that. If I can add into it, Mankind doesn't have any experience of this type of NCE, but what Rajeev said, the credentials of the team. We are just a investor of this. We will be putting money. They have a credential, and they have a proof of concept. They have shown that Eli Lilly, how the Eli Lilly have acquired one company only with three patient and paid so much of money. Four, five company. Their proof of concept is also there. The minds are there, our money would be there, and India opportunity will definitely, whenever we take any R&D, we will look for the R&D opportunity. There's always a India gameplay always be there, but we look for a global opportunity, and India gameplay will always be there. I think just to add, the in vivo CAR. The CAR-T is already validated, the ex vivo, huh? All the antigens like CD19, CD20, they're all validated. The platform of CAR-T is very validated. As John said, Paul said, you have durable responses, you have complete responses in 90% of cancer patients in the clinical studies. CAR-T as a platform is really validated. What has happened with the in vivo is basically how do you take the ex vivo and deliver the CAR into the patient T cells. That's the only technological transformation that is happening between ex vivo and in vivo. With all data, lentiviral technology transfer data, what we have seen, this is feasible. This is what Eli Lilly with their Kelonia data have shown that you can get these CAR-T specifically into the T-cells. I think it is not fair to say that there is no validation of in vivo CAR. In vivo CAR, I feel is at an inflection point right now, where we have very fundamental science that this technology platform is going to deliver to the patient. I think we are all bullish about the possibility of in vivo delivering what ex vivo has already proven. Sure. Thanks. One more for the ACTx team. If I heard you correctly, the issues associated with ex vivo, like CRS and ICANS, you have managed to kind of subdue those issues, and we should not see these safety signals in phase I. Did I understand correctly? That's correct. Right. Thank you. Yes, Kunal. Go ahead. We will get you the mic. Just one second. Hi, this is Kunal from Macquarie. Thank you for taking the question. The first, on the chronic share, increasing to around 50% by 2030 from current 39%. What kind of investment would it require, both from the manufacturing front, field force front? The number of products to be launched, how the portfolio would need to expand, and the 39% going to 50%, what kind of growth it assumes, and the breakup of that growth into new product, volume of existing product, and pricing. That would be great. Shavan, look at the history that it was in 2018 only we had 28%. Correct? Now we have reached to 39%. This was done by just conventional wisdom and reaching to every nook and corner. In 2021 onwards, we started working on the specialized side, and now we realize that we have basically learned lessons from a number of companies. For example, take the example of Glenmark or other companies, that by just giving one brand's different variant to different divisions, 10 divisions, if Telmikind can become a brand double the size of Mankind, why Telmikind cannot become one. The second basically is what? When a brand becomes bigger, it can become even bigger. That's the plus side. I just mentioned you, we will be launching many chronic divisions, which was not happening in the past. These divisions will be totally focusing only on the chronic side. Our model is not like any other company. The model, simple, is that instead of reaching to a certain percentage of doctors, we will be reaching to MBBS onwards. Let's say, play will play over there. Like for example, any company in chronic side has 350, 400 people. We will have 800 medical reps each division, so there our reach is huge. As far as the investment is concerned, only in the team. Not in the manufacturing facilities. We have adequate manufacturing facilities. Sure. Then the near-term field force expansion, which you just suggested on cardio, et cetera. These 18,500 number, how should that move in FY 2028? We have always said that approximately 5%-7% will be increased. We stick to that. Same percentage, maximum 5%-7% - 8% will be increased. That is all. Having said this, whenever we basically increase the strength, we make sure our productivity is continuously increasing. It is never, ever that we have increased number of people and our productivity has gone down. Last year, our productivity was maybe seven. 7.2%. 7.2%. 7.2%, and now it is. 7.4% 7.4%. We have increased people. We are quite cognizant of the fact that on one side, we are increasing our. It should really improve. Productivity should improve because that will definitely, I mean, reflect in the bottom line. This would be more like a satellite division in a way because you just said 800 per division. We just said four, five division, that should be a big number, right? 4,000 people. No, I mean, when you say that we start the process in the month of, say, January, division would be launched in six months' time, slowly and gradually. Then new divisions in June. On year-to-year base, you will always find, annualized base, you will find that percentage would be approximately 7%, 8%. Not more than that. What is our current launch run rate in terms of new product in India on an average for the last four, five? Do we expect a lot of acceleration in that? Quite selective in launching new products. With this intent that whatever we are launching, it should be backed by substance, backed by right marketing strategies. We do not believe, we have learned this, that by launching new products, there is no guarantee that they will become successful if they are not being properly backed by medico marketing, conviction of the team. That also is required. Plus, we have launched some brands last year, selective brand, and they have become number one and number two in their respective segment. Like Rajeev showed me this presentation, empagliflozin, Vonalong, Dyna Duo, they are one, two in their respective segment. So selective port launching, but there should be a substance, one and two. Just like to add something that, in the last two years, we had lot of people correction. So our focus was to bring the volume growth back. Now your NI will start improving even better, because last 2 years was more about realigning the team, and now it is more launches with volume growth improvement. That was more on acute side, right? Across. Across. And one for the ACTx team on the second lead asset on the solid tumor side. What gives you comfort on solid tumor side? What is the different with your lead asset? Because CAR T typically has been good for the non-solid tumors. I wouldn't describe what I feel as comfort. I feel that in preclinical evaluations, the Armed Cell CAR T that we have outperforms the other types of therapies. You're right on to suggest that the risk is higher, and I agree with that. But we have to take our strategies forward in solid tumor because of the huge unmet need. We have a unique binder for DLL3. We have unique arming. It performs very well. We have a pipeline of additional arming strategies that we can add to that. We need to get into clinic to see if the preclinical translation occurs. And there is proof of concept in the literature and in presentations that solid tumors can be effectively treated by CAR and that arming makes a huge difference. We're not close to the 90% response rate, but it's moving upward. And with the persistence of the CAR T, engagement of other immune cells, and the preservation of function, we hope and believe based on data that we will have an impact. Sure. Thank you and all the best. We can take a couple of more. Hi. Thank you for the presentation. My question is to the ACTx team. If you could help us understand the background of these assets and, I believe it was originated at Galapagos, but eventually also deprioritized by them. So if you could help us understand what were the reasons for that. The science sounds very promising, so we would love to understand the reasons for the deprioritization. Sure. There is misunderstanding that these assets were deprioritized. They were really not deprioritized by Lakefront and Galapagos. The assets that were CD19 and BCMA mono-CARs that were further in development were deprioritized because they were a modest addition and improvement on the multiple CARs that were approved. They were actually enthusiastic about these assets and allowed them and persisted to be acquired at a deep discount. And the CEO and his team wanted to see these assets get into patients. They had a shift in priorities towards immunology, not oncology. Paul or Okay. My second question is that, in terms of developmental cost, when we get to, say, phase I, phase II, what kind of R&D spends should we budget? We mapped that out, the cost increases by phase. What we expect with success in phase I, there will be a lot of options for funding that further development. It can either be through Mankind, through public markets, or through partnerships. In terms of timeline. Just to add, for the money that we paid for 70%, that is sufficiently funding for the next 18 months while in phase I. Okay. My question was in terms of timelines, by when do we reach phase I if everything goes smoothly? We have a timeline of at least two years, and we will reach phase I readout by that. What. We are covered for that time with the initial investment. Paul? Yeah, and going forward, what we focus is an extreme high unmet medical need where there is no other therapies. That typically gives you, as I said already, the accelerated approval pathway. Just to give as a comparison, when we started with the Carvykti, when Carvykti, start of clinical trials to approval was four and a half years. Yeah. So that gives an indication of timing, but it is then we do 70 or 100 patients in a high unmet medical need, and you get to an approval in an accelerated pathway with the FDA. EMA and the rest of the world is following now those principles. Once you have a molecule in the market, you start making income, and that gives you the ability then to sell, fund, and pay for the additional indications and the longer term product. So the longer term product development. With this, accelerated approval is most likely, is very much likely, and gives us an opportunity to raise funds in different ways ourselves, through marketing and sales or through partnership. Paul, also in CAR T, we've also seen that there are assets which have shown promising clinical data, initial clinical data, but then eventually they are even dropped because of various complexities. Do you foresee any kind of challenges when it comes. I know it's in vivo, so probably manufacturing complexity is lesser than ex vivo, but any challenges do you foresee? Do you want to answer something, Will? I can tell. So for the ex vivo, the complexity has mainly been manufacturing and logistics and a big challenge in the every patient is a batch. It's a huge cost, and transport and manufacturing has always been the challenge for small young companies to overcome the capital, what is needed. What John was saying, here you produce a virus on a very large scale in a biological plant, and that is very well under control. We work with CDMOs where we don't invest the capital, but we go to the Lonza of the world or the CDMOs of the world who have experience in this, and they will be able to provide us that in a simple way. It takes some time, but it's today GMP, high quality, and available. So what's precipitated dropout of companies that were developing ex vivo CAR-T is the shift to in vivo. Companies that were too far down the path, that had run out of capital, did not have the time or resources to switch, disappear. Those that had sufficient capital, are performing the switch. We are starting from the right point now with Mankind, in that we're making that shift and won't drop out because of the complexity of ex vivo CAR. I think Viljoen wanted to say something. No. The exodus has been quite remarkable this year. Thank you for your answers. There was a question on that side. We have more mics around. Hi, Aditya here from InCred Asset Management. My question is about the deal with Lakefront. There are certain milestones also associated when you've bought that from Lakefront. Does Mankind also fund that, or how do you plan to focus on those milestones, et cetera, if any? So, thanks for that. There are two parts to this. One is the asset which Lakefront developed, that was purchased by ACTx for EUR 8 million. That was one piece. The other, it is the deal, whatever the products which are there, once they become successful, then the payouts are going to kick in. They are linked to that. It is a back-loaded payout which is there and milestone-based and depending on the success. It is a royalty which is there, and post-regulatory approval, some payout has been assigned for that. Sure. Thanks. Yeah. Thanks for taking my question. Paul, just to clarify, for accelerated approval at the FDA, what is the pathway that we will have to take from now to, let us say, two years, I think that you mentioned? That is what John started, is typically you do dose finding and establish safety on a number of doses, then you expand the cohorts of these patients to accrue more safety, get to an end of phase II meeting with the FDA and decide on your or make the choice. Do you do a single-arm study in a high unmet medical need, or do you do a comparative trial, which is, for example, needed in Europe for reimbursement? But the approval in the U.S. still exists, and we had discussions and I had discussions many times in the last few years with the FDA on that it is based on typically, in the range of 60, 70 patients, well, less than that in phase I, II, and then 70 to 100 patients in the confirmatory single-arm study. It gives you enough data on showing the efficacy and the safety, and that is today still, because regulatory pathways may change, but in unmet medical needs, it is confirmed that is still possible. We have not seen this change so far in whatever trials are ongoing, or has this evolved in your view? Evolved? Well, for a certain time, there was a lot of doubt. Not doubt, but there was like the regulatory authorities only allow this for significant unmet medical needs. There has been a discussion from, "Don't do it anymore. It needs to be a controlled clinical trial," but it slows down innovation introduction. With China, especially in China, at this moment, it is going so fast on new innovations that regulatory authorities in the rest of the world are considering, or not considering, are still allowing to get to the single-dose, the single-arm studies. That's helpful. To the Mankind team, now that we have done ACTx, you mentioned that you want to build an innovation platform as a pillar for future growth. What other opportunities do you think Mankind would like to go down? We've seen some of our peers do med tech, some other look at going front-end themselves in these markets. How should we think about the bets that you want to take on the innovation side, and is there a number that you have in mind that we are open to spending, let's say, X million, et cetera, for these opportunities over the next five years? See, the point basically is what you start thinking about these opportunities when you have enough money in your pocket. Just look at what time we basically have put our bet on ACTx. When we were quite comfortable as far as the money in the bank was concerned, one, and at the same time, sometimes opportunity really comes. It was an opportunity which came to us, and we grabbed it because every day you don't see the opportunity. You cannot say that, "I will start searching opportunity." Just imagine, had we started building any kind of an R&D team and we start from scratch, how many years it will take? This was a great opportunity. We took it. We don't know in future what happens. It will- It was serendipity. Yes, we are quite keen for R&D, but keeping everything in mind, the profits, the top line, the bottom line, and some kind of an advantage Mankind gets from that. Yeah. Thank you so much. Let me state what Rajeev has mentioned. When we came for the IPO, when we met the legacy business, R&D spend was in the range of 1%-1.5%. That's one piece which is there. With this specialty coming onto the scene, that has increased to 5% of that particular turnover. Now we have given the guidance of 3% for this year. We started with 2.7% and the guidance is that for this year R&D will be 3% or so. How we are looking at is that whatever is the operating leverage which is going to play, plus with the increase in the chronic share, that's also going to increase the unit economics. Portion of that is going to get allocated towards the innovative marketing spend. Overall, it will not be a margin dilutive. That's the directional pieces. Yeah. I am told nobody is asking from the back, so let me give some opportunity. Yes, this is Nandan from Bernstein, if you can hear my question. My first question is, the strategic arc on this deal. Are we thinking in mid to long term to hive it off or do a kind of out-licensing model if this goes to phase II or beyond? Or this is a much longer commitment to take this asset and go as a Mankind to global markets? Anil, you want to answer? Sure. I think it depends on how we progress with the trials going forward. But we are open to all sorts of opportunities, ideas, avenues, whether we license it, we go into partnerships with global companies to take it forward, through licensing or raising further money through VCs or private equities into ACTx for further development or maybe Mankind investing further into it. It all depends on what kind of data we develop, generate, and what kind of opportunity it presents over the next two years. That is very helpful. Because you explained about the point of the data outcome, my second question is to the ACTx team, fantastic scientific presentation. How have you been thinking about the vector purity and the proliferation risks? Therefore, do you have any specific microenvironment kind of models or proprietary assets that gives you confidence that phase I will be relatively a good translation from in vitro? Is there a pathway around that? At the outset, there is always disconnect between in vitro and translation into human response. You raised several important questions, and we will prioritize specificity of delivery of the vector to T cells. Okay. Okay. We will prioritize expression of the vector in T cells to minimize off-target effects, and we will emphasize specificity to the binder for the specific cancer target. In terms of purity, we have top individuals involved in ACTx in CMC who actually were pioneers in the manufacture of Carvykti. The vector for that. So we have prioritized CMC from day one, and that gets to your questions about purity- Yeah and passing quality assurance of all key indicators for vector. But again, since the AboundBio and Galapagos, we have prioritized specificity of delivery. That's helpful. The final sub-question, because you explained this very clearly. A lot of global emerging competitors, and I don't want to name any specific, but are significantly investing in solid state tumors, especially for in vivo CAR-T, from China, from U.S. In that competitive landscape, I heard two different things, Dr. Anil. First, saying about tumor microenvironment modulation, and then you saying about exhaustion. What's the differential that gives you an edge, if any, in next 18 months? What gives us an edge is multi-targeting more than one cancer target, but more importantly, combating the tumor microenvironment. And the cytokine that we've chosen does several things. It converts inhibitory macrophages to inflammatory macrophages. Okay. It activates NK cells. It causes the activation and proliferation of T cells, not only the CAR, but the many other T cells within a cancer patient's body that can respond to the tumor, but that have been put to sleep, exhausted or suppressed. And we believe that gives us the edge over what's been tried so far. Okay. That's helpful. Thank you. Hi, this is Brijesh Nirala from 3P Investment Managers. I had the privilege of covering Galapagos and argenx both, along with Andrew Bom and Peter Wildoot. With Galapagos and argenx, it was a mixed story in case of both. Galapagos just had one product, which was successful, Jyseleca, and in argenx it was Vyvgart. We have such a wonderful team coming from such research-heavy background. When Galapagos was getting restructured, what gave this team the confidence to go ahead with the purchase of CAR-T assets and then invest their time and resources into taking this forward as an ACTx? We believe in the strategy that I have outlined, and it is supported by preclinical data and by validation in some of the data that I showed from external companies, and the de-risking of the components of the asset. We are bullish on the first asset, as brought up by another analyst. We have more caution about the solid tumor. Again, like Mankind, the science is going to evolve, and I have no doubt that in 5 to 10 years, we will be able to do things to T cells and other cells, engineering them to achieve functionality and clinical response that we never imagined. It is just beginning. This is a revolution in cell engineering, and the key event is in vivo engineering, and I think Willemijn has a comment. I just want to say that Galapagos focused on ex vivo CAR-T, and we will focus on in vivo CAR-T asset, and I think this is really the time to step into in vivo CAR-T. That is the difference. Thank you. We'll take the last question, and then we can have socializing and then dinner. Thank you for the opportunity. My question goes on the diabetic. Request you to please introduce if you don't know. My name is Simran Thakkar from Beas Capital. My question goes like this. On the anti-diabetic, Mankind has now three legs. One glizide via oral. The second is on the insulin via in-licensing that we have done with Chenan recently. The third is on the GLP-1. How are we prioritizing these in terms of near-term growth drivers versus a long-term bet? Also, taking this question ahead in terms of insulin, what is the realistic phase III requirement, clinical trial requirement that we could think of, and the revenue contribution amongst these three that we could see by FY 2028 to 2030 years? That's how the question goes. I mean, when we talk about Mankind and we see the chronic side, in two fronts we are quite successful. One is cardio and the second is anti-diabetic. Quite successful not only in this Glizid side, but in glimepiride as well, and that range as well. The insulin is just two years old, two and a half years old, and right from beginning, it has really got good traction. We could crack that, quite successful. Going forward, we feel that our interest in insulin will go furthermore because a lot of companies, I will say MNC companies, are losing their interest in insulin. We feel that the good growth or maximum growth will come from the insulin side in terms of percentage. But as a whole, in terms of jump in the sales, will still remain from the oral side. Because size of insulin is not very big right now. That is one reason. Right. Pointing out to slide number nine, wherein degludec and the aspart biosimilars. How are we seeing that particular going forward? It is on the way. Aspart, we have recently received the approval from CDSCO, so we should be launching in the next quarter. Awesome. degludec, we will soon be starting trials. The phase I trials, the PK/PD study, and thereafter the phase III trials. We are about 1 and a half years away from the degludec approval. Understand. Thank you so much for taking my question. Okay. Thank you all. It was a great event and a pleasure hosting you again. We are open for a short socializing session and please proceed for dinner after that. Thank you so much. Thank you. Thank you. Thank you. Thank you. Thank you. On behalf of Mankind Pharma Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.