Wait. Make sure that this product will be successful. Maybe just mention at this point that the first indication which we are working with, or the fact about, has a value for Mabion only, about 800 million dollars. And at the same time, we are speaking already with partners which are very highly appreciated and very eager to collaborate with us on early-stage licensing deals, where we would get co-finance this particular approach at this time. Furthermore, we were able to identify at least 6 further indications—6 further diseases—which are rare diseases, where we have a group of patients between 200 and 800,000 only, but those diseases are like unmet needs. So there is no current treatment, and we are focusing exactly on this kind of products to make sure that we can help patients to improve their quality of life and we can bring those products fast to market. The other activity we have is Novavax. As you know, we started in the past a contract with them during the pandemic, but obviously the quality of the service we are delivering is so convincing the client that we were able to reach another contract until 2029. And this contract includes new projects. So not just the existing product, we were dealing up to now with, but it includes also new solutions, new products which Novavax has in our portfolio, which is encouraging us exactly to do the right stuff. In connection to that, we are going to host FDA in a few weeks from now. I will come to it a little bit later, about that, because this is an important milestone for Mabion. Furthermore, we identified in November last year that antibody drug conjugates is one of the most important and hottest topics globally. We see that the market for the so-called antibody drug conjugates, where you put the antibody molecule and interacting with a small molecule, in conjunction with a kind of interface which is an additional product ingredient, if you will, to this topic. And we see that in 2025 we had a global market of 8 billion dollars already. In this year we expecting 11.2 billion dollars. And in 2035 we are expecting 26 billion dollars market size. And this means for us, if we have a KGAR of 9.9% gross every year, that we have to be there. And we have to be there as Mabion, not just a service provider, but also as provider of products to the market, and therefore we are collaborating with WPD very deeply on their glioblastoma product, which is another unmet need, which we are targeting. We are collaborating with Celon Pharma with their proprietary linker technology, so this interface, if you will. And we were able to sign an MSA with the Taiwanese Croissant Biotech enabling us to collaborate for novel ADCs with small molecules which will be perfectly fit to the ADCs approach we are targeting these days. And I can tell you that we are expecting that this particular technology will be of importance at least for the next 10 years, before maybe a new technology will come up. On top to that, we are more than appreciating our investors who are giving us a lot of trust and, as we were very much in trouble at the beginning of the year, they have given us loans. And since they see this great progress in our approach in the first half of this year, they have converted the loans into shares. And on top, our credit line is still remaining because in case we would need more cash, there are more than happy to support us. And this is, I think, a very important signal for Mabion that we have the trust of our investors. On top to that, coming from last year, we realized that Mabion has a very much scientific-driven company has to focus on drug substance only. And since, as you may know, every company is limited in space, we identified that the drug product will finish equipment which was unused, is not fitting to our strategy anymore. And we are able to fill this space with novel technology which is FCCM, which may which call continuous manufacturing, fully contained continuous manufacturing. And this technology in drug substance will lead to a very efficient manufacturing process in this space. So in future, once we have this equipment, we are not going to have batches anymore. But rather, a continuous outcome and product coming out of this process. And this will be leading by the way, to a reduction of the COX by at least 50, 50 percent. And this is matching perfectly to our strategy because what we want to achieve is democratization of biologics, and enabling to extend the targeted market. So much more people will be able to use our products in future just because of cost increase. And the nice side effect is that we were able to sell the fill-finish equipment, and we are generating by that 5 million euros. This so far from my point at the beginning remarks. In terms of the finance performance, I would love to give the stage to Ilona. Thanks. Moving to the financial results. I would like to highlight three key trends. Revenue growth, lower losses at both operating and net results level. And the significant improvement in our liquidity position. In the first half of 2026, we generated 7.8 million in revenue. And what is important, the 3.3 million was generated in the second quarter. This represents 31 percent year-on-year increase mainly driven by higher activity in analytical service and the expansion of work with existing clients. We continue to execute projects for key customers, including Novavax, Novagen, IBMP, and WPD. And expanding the scope of analytical service provided. Going to operating results, our operating close for the first half of the year was 23 million PLN. This reflects our continued investment in the business and our technology platform. At the same time, we improved our operating result and reduced the loss by almost 6 million compared to last year, mainly thanks to cost discipline and growing share of higher value service. It is also important to note that the result includes a non-cash impairment charge of almost 8 million PLN related to assets from our previous fill and finish strategy. This reflects our decision to focus on drug substance activities in our core business. Overall, we maintained strong cash discipline and significantly reduced operating cost compared with last year, which helped improve our performance. Going to net results, we see a similar trend at the net results level. Net loss decreased from around 31 million in the first half of 2025 to below 25 million this year for end of this first half. This shows that we are already improving our financial performance, while building a strong foundation for future profitability. Our cash position remains stable. It was 5.8 million at the end of June, providing the liquidity needed to support our key activities and plans. We also saw an improvement in cash flow. Operating cash flow decreased from 26 and 6 million to 18.5 million, what means that we use significantly less cash than in the previous year. And some about balance sheet over the last few months, we have been working very hard to strengthen the company's financial position. We secured additional financing covered as mentioned as was mentioned by Gregor around 17 million of debt into equity. And completed 5 million euros from the fill and finish asset sale. We also have continued support from our shareholders and access to additional financing if needed. Thanks to this action, I'm sure Mabion is in a much stronger financial position that's at the beginning of the year. And better prepared for next stage of growth. And just to close the message, overall, the key financial message is very straightforward. First, revenue is growing. Operating and net loss are net losses are improving cash burn is decreasing. And the balance sheet is becoming much stronger. And that's all from finance. Thank you. Many thanks. Okay. To take you with us on the commercial momentum and the steps I think towards revenue generation, we first have to create a pipeline which is very clear that consists of active offers and opportunities. We have converted as Ilona said 7.5 million Polish zloty for analytical work. The adjusted risk adjusted value of our pipeline is 48 million US dollar. You might realize that the same number for a while that doesn't mean that we have not brought in new opportunities. So what we have learned is when we over the last couple of months the pipeline which was existing when we came into Mabion was at the end not relevant because nothing out of that was we were able to realize. So everything which is now in the pipeline was generated over the last 10 months and that shows that the BD is working extremely hard I think to bring new projects in. And we are in the very late and final discussions with companies on the CMO level but as well on the co-development projects for biosimilars to sign contracts. Once we have received then I think the science scope order or scope changes and orders I think we are very quick I think in turnaround and supplying the data we have 100% QC on testing time once we have delivered I think the data which is normally happens in around 12 weeks then we are in a position to charge the revenues to our customers. And based on the feedback from the customers I think we have a 97% customer satisfaction KPI. Clients as Ilona already stated Novavax, Novagen, IBMP, and WPD and new contracts specifically signed with Novavax and extended analytics and as well I think a new product and then the partnerships with OD Factor on this Mabion CD20 and with Freezone on the ADCs which will result as well into additional analytical works short term. If we look on the project pipeline as I stated before there are different levels I think where we are on discussions we have significantly increased I think now the number of offers we have sent the site visits and the offers and the negotiation as communicated we are close to get these two projects on boarded which are for the CDMO business. On the early licensing co-development of biosimilars we are in late discussions with four partners and already discussing the MSA I think which is or better the licensing agreement which is setting the way of cooperation. And the aim is and this is agreed with the partners to start the project still in this year and that will be an important milestone for us as this will increase the our position in the market and partners who are interested but still have some concerns will be much more open than to sign their contracts as well so that we can will see I think from the end of the year towards the next year as a significant number of new contracts in that early licensing and co-development project activities. Many thanks. That's it. So ladies and gentlemen, let's move to the strategy execution which we set up in November last year. So from substance perspective we are on track. We have divested the fill finish equipment. We are in advanced discussion to onboard FCCM equipment to increase our novel technology park for having the right equipment to develop the right products for the right price. That's very important. We buy that having identified the right pipeline for drug substance manufacturing of novel products. On top to that we are in ADCs even faster than we were foreseeing because the collaboration with Celon Pharma, WPD, Creason Bio, will help us and is helping us already now to become a robust partner in this particular industry. And what you need to know up to now around 990% of all new developed products are developed in few companies in Asia. And this means for Mabion it is a perfect fit for us to start to be in this market because we have many advantages in comparison to Asia we are in the EU we have a large market we have innovation here and we are able to onboard a lot of all those products. On top to that I will touch this point a little bit later is that the inorganic growth was always our topic to be discussed and indeed of course stabilization of the company is a most important topic. But the world we are living in is as we all know more and more complicated and the regionalization of the markets will continue for many years from now. Irrespective of the government west or east. And by that we identified an asset in the US which is delivering exactly what we need and this is ADC capabilities including clients behind and abling us to be on the market and also to increase our know-how in NDC conjugation conjugation means to bring the monoclonal antibody and the small molecule where the interface intermediate together. And to get the stabilized. So this is a very important step in the production and the asset we are in the due diligence is delivering exactly what we need. And this will massively strengthen our ADC capabilities. This will massively strengthen our footprint in the world. And this will massively strengthen the markets themselves because then we are able to deliver the products in Europe for Europe and for other regions while we are able to deliver for US out of US without any trouble the products in the right quality supervised by Mabion scientists. Coming now to CD20 as our strategy topic the product which we are developing now is indeed the first step of many. So once we will get from the FDA the green light to proceed we are going to have other indications installing to these development and consecutively developing them to the market. So we are expecting in just few years from now many very interesting unmet needs helping to improve the quality of life to the patients. From operational excellence which is in progress we are very much focused on improvement of the delivery time this is in the biotech industry always a topic but I think we are good on track. Expanding client base is actually the most important topic and that reported to you already that we are very much intensify not just the collaboration with existing clients but even more to onboard new clients and I'm very much convinced that in near future you will see announcements about new collaboration because at the end of the day all those activities make sense only if we have the right client portfolio which are very much working hard on to make it happen and this is one of the topics which we will focusing in the first half of the year to start new collaboration to sign NDAs to offer the products for our services or to our licensing staff and now we are in the final phase to get those things done. The co-development activity is crucial in this world. In the past the CDMO world was quite simple whomever had something to offer had a good chance to win business. These days the market has changed massively. Especially midsize clients are struggling to be able to deliver and to develop on products and to get them financed and therefore the collaboration with Mabion is a perfect fit with our scientific capabilities with the ecosystem in Poland with grants is for sure a very attractive topic for international clients which we are working together and this is enabling us indeed to make fast progress on licensing deals in developing of the biosimilars. And if we consider the market is that in 2030 onwards we are expecting more than 130 molecules in biosimilar which are going out of patent. So this is a perfect ocean for us to get a lot of great fishes to Mabion. Nonetheless Mabion is highly interested not in those blockbuster. Where our big competition is already on it which has a global network. We as Mabion are very much interested rather on midsize and smaller molecules which are especially complicated to develop and to manufacture. And why we are doing that? Because we can. The scientific background of Mabion is just excellent. And therefore we are focusing rather on products which are complex because as you can imagine the competition is not big and as you can imagine the prices are more attractive to Mabion. From financing perspective we've got the loan from ACRX from Tweety and from CC Japan Tweety and ACRX converted to shares with CBC we are in discussions and we are of course looking for further investors supporting our ambitions. Because I think it is not a secret that the Polish biotech market is not very big and rather isolated. So Poland can be much more successful if this is going international and will stay with headquarters in Poland. And this is exactly what we deliver. And yes it needs financial adjustments and support but we are more than convinced to deliver what we are promising. And from internationalization perspective I think we have made an very good progress because as we were onboarding CBC this was a very important milestone second if we signed a contract with Creason Bio in Taiwan which is an important milestone to us too. And IBNP which is for a while already our client those are things which are showing that we are undertaking the right steps. On top to that which is crucial and especially these days where we are in this due diligence process of the US based asset our international advisory board is helping as massively as you know we have onboarded beginning of this year mature and senior top managers of the global pharmaceutical and biopharmaceutical industry and they are supporting us in an important way to make this due diligence as efficient as possible and to get the right results. Nonetheless the US asset is important but the Polish assets which we are investigating are also very important. I think the scientific solutions deserve to become successful. And what we are proving with our CD20 that a product which was somewhere in the corner not touched for a while can become even more of interest and more attractive to the market at it ever was. And we are convinced to onboard the right assets in future for Mabion we will become even more successful and will deliver exactly what is expected innovation made in Poland. And what we are doing here is not just let's say common products which require phase one two and three which are improving something we are targeting unmet needs. And we are approaching those things just because we are able to accelerate massively the registration of those products from like 15 years from now to four till five years from now. And this is the key message which is very important to be successful and have and being measured in a foreseeable time. Let me jump maybe for a second to the Novavax collaboration because I think this is something of very much importance to Mabion. On one hand we have the strategic collaboration and Novavax trusting us and with the new products we will be able to support Novavax but the very much and most important consequence of that is that we've got the message that the US FDA put and drug administration is going to inspect Mabion's quality system and R&D department mid of November. And this is a huge challenge to us and we take it very serious but this is at the same time a big chance for Mabion. As you may know in Poland you have just a handful of companies which are FDA approved. And Mabion with our agility with our great performance in quality with our robust processes we are able to convince the most critical authority in this world which is FDA. So on one hand getting beyond November the approval which we are counting on we may not be able just to deliver to the US we will be at the same time the partner for MENA for South America and for Asia because what you need to know is that many countries and many authorities in many countries are recognizing and accepting the FDA audit reports and results. So once we have been inspected once we have a positive results which we are counting on and we are convinced we will be even if we are taking the seriously the doors will be open for much more clients as we have up to now because the reality is even the clients we have in discussions which we are going to sign in a near future the question of being FDA approved is coming very often. And by that we will have this important milestone achieved. Coming back to our growth platform and strategy. The ADC ecosystem is incredibly important because the innovation in the next year will be with ADCs. There is no other technology at this point which is as hot as ADC is. As Mabion with our global network will be part of that and I can ensure you even if the growth per year is 9.9% we are going to overachieve and to get more of this targeted market just because we are able to do. The co-development piece is so far of very much of importance because the pure CDMO contract manufacturing for third parties is not working properly anymore. And many clients are relying on a committed partner with the right service with the right priority and in many cases also with financial support to make sure that product can be efficiently fast and for reasonable money to be registered. And this is what we are able to deliver. Mabion CD20 is for us a very important milestone and door opener for future because it is just one indication of six at least which we have identified which will bring us to the next to the next phase of the growth of Mabion and last but not least ATMPs advanced therapies medicinal products like T-cell cells like gene therapy like bios and things like that. This is what we are investigating now because we see that in future those technologies will also be of importance. With another words Mabion is playing more and more a role in innovation and in advanced therapies so we are going out of a typical CDMO only to a full-fledged biotech company with partnerships with co-developments and with alliances. And this is I think very important that a Polish company can do much more than being just a facility and delivering services for third parties. Having said that I would like to give you more insights about CD20 and the regulatory process that left your stage. Thanks Gregor. As Gregor said the our CD20 is a fundamental part of our growth strategy and when we as a new management team came in end of last year from November onwards we had a deep look into which data are available what is what can be used and what could be a strategy to utilize what CD20 what out of the CD20 data can be used because that's it's still the foundation of the company. So in May 26th after having first discussions with ODIFACT we have reactivated I think the project with a focus on utilizing the CD20 not as a biosimilar but as a new drug for orphan diseases. We signed then in June 26th the partnership agreement or the first phase partnership agreement with ODIFACT that means okay both parties working together but just submitting I think and the data to use FDA and having the discussions with CUSFDA and once we have a green light from the USFDA we will enter into the second partnership agreement which is then I think linked to the first project we want to do together. In August we finalized together I think the selection of the first indication ITP there are much more I think orphan diseases granted by the USFDA to either ODIFACT or Mabion so which is giving us a great opportunity to to accelerate the partnership and to develop much more products. In August we have a successfully submitted I think our reading book to the USFDA and in on the 1st of October we have the type B pre-ID meeting with the USFDA here we will discuss the strategy for CMC development and especially as well on the clinical study to make them as efficient and as small as possible to save time and cost and we are quite confident that this will will end up in a positive outcome and positive recommendation from the USFDA. And as Gregor said the current market potential I think for the CD20 market with with the indication of ITP is estimated at around 800 million US dollar and can be then extended as well to the global market which is the aim initial focus is on the US because the market entry for orphan drugs in the US is still significantly easier and higher prices can be achieved and stepwise we will go into into further markets in Europe and other parts of the world. So from FDA perspective you see that that the activities are crucial critical challenging but at the same time very much promising. CD20 if we are going to get in three weeks from now the green light from the FDA this will open the doors for Mabion to be a biotech supplier of innovative drugs. And by that means quality improvement of patients and generating reasonable size of revenue and winning additional partners for licensing. As I've mentioned we are talking already to two clients which are highly interested in starting the collaboration nonetheless developing a product even if we are doing this very efficient will still cost some money but on the flip side the speed to registration is incredible. Four five years is something which we are targeting and we are going to deliver. The other FDA topic is our inspection in quality in November this year this will prove the quality of our activities quality of our processes quality of our analytical work and will give a projection whether we in future can be completely approved by the FDA even with commercial activities. Because the reality is the FDA is watching processes the kind of work including health safety and environment and environment and those are things which are taking very serious and this is where we are very much focusing on and this is what we are going to deliver. So for us it is a historical milestone to get and to host FDA for audit and to have an audit and visit at FDA to see whether they can give us green light for CD20. And as you may be see out of our statement although things are coming together the acquisition in the US the activities around CD20 the audit of FDA all those things are bringing us to one source. If Mabion is becoming FDA approved this will open many doors. And to ensure you that the acquisition in the US is not just a dream but something real you need to know that we are following a restrictive strategy. Without emotions without illusions just facts and market needs. And this is what we are going to deliver. Then we see a little bit of execution of acceleration of our activities. So reason ADC with the contract actually we just started the collaboration we met in Taiwan the owner of actually agglomerate of few companies and we are very much convinced that we will be able to intensify our collaboration with Crisan in Taiwan. The same is going to happen with CBC in Japan because both markets both companies are giving very unique extension of our capabilities. On top to that I think the full contained continuous manufacturing onboarding which is going to happen relatively short notice and by that replacing the fill finish equipment and by that even gaining 5 million euros is I think very important achievement. Mabion CD20 in August headsetting up the meeting and getting already in October the appointment is of importance. The Novavax activities are very good for us because they show that we are not transactional company but rather a strategic partner being able to support our clients long term with high quality to get the loans converted to shares with 17 million euros will also very important to Mabion as a signal that what we do is correct. So upcoming things which we have foreseen for 2022 is further collaboration with Novavax intensifying the strategic collaboration with Satorius as you know the German big company is not just an equipment maker they have also owned cell line supporting the biotech industry and in both fields we are intensifying discussions with with Satorius and are hoping relatively short notice to be able to announce further things. The FDA so-called type B meeting with FDA for Mabion CD20 is an important milestone and FDA quality meeting audit will bring us forward. So all in all finalizing this discussion I would like to give you few things. On the way. Mabion is very restrictive in spending money so financial stabilization is the first and most important topic for us. On top to that building a new pipeline and then that I've mentioned this quite clearly in the last 10 months the entire let's say pipeline has been reshaped and shows already good results is an important topic. The FDA approval of Mabion is something we are focusing massively getting CD20 green light from the FDA is another very important topic and the strategic extension to US and onboarding further Polish assets is preparing the foundation for future of Mabion. With another words as you can see all those activities we are progressing with a relative little team so we are very busy we are working very intensive but we are working very focused and we are going to deliver step by step all those things which we presented. Having said that I would like to thank you and I think it is fair enough to give you the chance to ask questions. Thank you for the presentation. We do have a lot of questions so if it is possible let's go with condensed answers. First question I will combine two questions. They are in Polish. They are touching financials so they directed to Ilona. I will read them in Polish. Jaki jest obecny powtarzalny poziom kosztów operacyjnych i cash burn i kolejne pytanie z drugiej strony. Ujmujące ten sam aspekt. Czyli jaki poziom kwartalnych przychodów jest potrzebny na wymagiono ciągną operacyjny break even kiedy zarząd realistycznie oczekuje dojścia do tego poziomu. Obecny powtarzalny poziom kosztów operacyjnych to jest około 13,5 miliona złotych kwartalnie obejmuje to stałą bazę kosztową niezbędną do utrzymania działalności R&D i wszystkie inne rzeczy z wyłączeniem istotnych kosztów jednorazowych i zdarzeń niepowtarzalnych. Jeśli chodzi o break even to myślę że tutaj oddam głos Gregorowi in terms of break even indeed we were working hard to get break even by the end of this year we see slight delay and I think there is a Polish expression which I like a little bit it is like poślizg and this is due to the fact that as we came to the company we were in analyzing the pipeline and we had at least the imagination that the pipeline would be robust and we could do something out of that. The reality was that we were reshaping from scratch the entire pipeline so what you see is the result of the work of the last 10 months so yes we are going to have a little bit of delay but we think still a quarter one 2027 we are break even because all those projects which we have now ready to sign in final negotiations are justifying our assumption. Okay thank you. Next question. Is in Polish indeed about I believe it's directed to that so I will try to translate it in Polish it sounds ile projektu w obecnie faktycznie generuje przychody dla Mabionu a ile z 77 leadów to wyłącznie potencjalne projekty bez podpisania umowy so the question in English is how many projects are currently generating revenue for Mabion and the second part and how many of the 77 leads are mainly potential opportunities with no signed contract in place so I want just to highlight that this question in my opinion is touching two different areas first the revenues and the projects and the leads from its nature are not generating revenues that's sales leads that may convert into contracts. Exactly. So I think thanks for the question. Starting with the second part we have I think in the in the top level I think we have 77 projects if you see I think the pipeline is condensing towards I think the two potential projects we are in the late stage discussions of contract negotiation or waiting for their board's decision I think to start the project with us. So these projects are not signed yet and these projects reflecting I think our future revenue generation. On the current projects a few ones were mentioned I think it's Novavax Novalgen IBMP WPD there are a few other smaller ones so in total we are talking about close to 10 customers which are generating revenues mainly in the field of analytics. Okay thank you. Next question is about the new contracts and in English it sounds out of 33 projects currently at the proposal of negotiation stage how many does the managing board realistically expect to convert into signed contracts by the end of the year and what could be the total value. So the I think that's as well I think for me the question so we have two in late stage discussions we are right now moving a third project into the late stage discussion part so this is something what we expecting as well to sign towards the end of the year between two and three projects and depending on the size of the project I think we talking in total over a period of between one and a half and three years of a project value between three and five million US dollar. Okay next question what approximate conversion rate from submitted offers to signed contracts do you assume. So ideally I think you're on the range of 20% as a smaller company which is in some parts in Europe not well known I think and that takes a bit more I think time to convince them the customers we would be carefully assuming that between 10 and 50% we can generate into signed contracts. Okay thank you. Given the amount of recent news flow the ADC business appears to be relatively advanced. When could the first commercial orders in this area material. Let me jump in here so guys ADCs is a novel area of our industry so what we are doing is following the molecule they are so far no products for tech transfer the majority of all products is in development in different clinical stages so what we are doing is either to entertain the clients with pre-clinic and going to phase one two and three or at least to jump on those projects in clinical phase two so to expect a commercial materialization of tech transfer is rather not possible however with our due diligence asset in the US we have couple of ADC commercial products in that facility which will bring us completely to a new galaxy. Okay thank you. Jak oceniają państwo szanse na zawarcie umowy o kolejnym etapie współpracy z 26 I believe your skill in Polish isn't enough to unfortunately no I will translate it English how do you assess the likelihood of signing an agreement if all the fact for the next stage of the collaboration in 2026. So a lot depends on the outcome of the pre-IND meeting with the USFDA as both parties are very confident that we will get I think the green light give us some adjustment adjustments on the clinical program but I think that's why you do this the likelihood is for signing the next stage cooperation agreement is extremely high. Thank you. Next one we'll keep in Polish because it's financial and strategic czy po uwzględnieniu obecnej gotówki finansowania CDC gwarancji akcjonariuszy i planowanej sprzedaży finish Mabion ma zabezpieczone finansowanie do osiągnięcia break event bez kolejnej emisji. Let me take this question. It seems a simple question everything depends because encourage you to follow our announcement in near future so in case the new signatures will come on time then the answer would be no but since we have all those strategic decision to make with onboarding Polish and American assets there will be something to follow anyway and this is what we have this internal discussions about and therefore to give you a kind of concrete black and white answer is rather impossible at this stage. Okay thank you. Kiedy zarząd oczekuje widocznego przełożenia pipeline'u na przychody kwartalne. So I would say we are expecting in the next few weeks the first projects coming in and therefore I'm repeating myself please follow our announcement and this is what is going to happen. Thank you. How should investors interpret the sale of the fill and finish production line. This is quite simple. We want to be a technological front runner in Europe there are just few companies being able to manufacture drug substance on FCCM meaning full contained continuous manufacturing and for that we need space and therefore the only logical and rational decision was to replace equipment which is anyway unused and replaced this by novel equipment which we know it will be a revolution in this industry and this is exactly the topic why we decided to divest this equipment and by the way a nice side effect was to get some money for but this way or the other way we would need to exit this equipment anyway. Okay thank you. What are the next steps and expected timeline for the FDA consultation process regarding CD20. As we communicated there is an official date which is the 5th of October so you will have the discussions and interactions with the USFDA you will get a preliminary feedback after the meeting and then they have 30 days I think to come back with a written answer and from there I think we have the written clarity usually I think after the meeting you have a first impression I think what is fine so we will we have internally agreed with all the fact once a positive once the feedback from the meeting or out of the meeting is positive we will start with the next activities to set up a collaboration agreement which will be then signed after the official feedback from the USFDA. Thank you. Ile kosztuje jak długo trwa badanie kliniczne na wskazania które chcielibyście pokryć CD20. How much would the clinical trial for the indication you intend to target with Mabion CD20 and how long would it take to complete. This is exactly the question I think we need to discuss with the USFDA it's for sure clear the number of patients I think you can get for orphan disease is relatively small this is why you usually don't need to make a faithful study and you can go with only a phase one and a phase two study to be discussed will be if we can skip the phase one study because there are so many data out for CD20 or the rituximab biosimilar that you can foresee I think all the toxin safety outcomes if we able to do the phase two study only I think then it depends a lot I think if the USFDA is completely following our strategy in terms of small number of patients and only after that I think we can determine I think what the study is costing. But I think what is fair mentioned a frame so we are speaking about 25 till 40 million euros in total and as that level described this is very much depends how the path forward with the FDA will go but this is the frame we are considering. Thank you. Czy współpraca z Novavax może być rozwijana o dalsze projekty. Is there potential to expand the collaboration with Novavax to include additional projects. This is exactly what is happening already. Okay thank you. Jaki zakładają państwo termin zakończenia procesu due diligence w zakresie potencjalnej akwizycji zakładu na terenie USA. Great question. We want to make it fast and ideally if everything is going fine because as you know there are different stages from paperwork due diligence to physical audit and inspection due diligence ideally if everything's fine we should be ready by the end of this year so there is speed in behind and both parties want to make it happen. Okay next question is I believe has been answered meantime but maybe we should highlight it. What strategic purpose. Would the US acquisition serve and how do you intend to finance it. Yeah so I start with the second part we are talking to international investors and to Polish investors to get this co-finance we are strongly convinced that this strategic step to have an asset in the US will support Mabion to grow not just from size perspective but especially on the technological perspective as I've mentioned this company has commercial ADC products on the market and this is what give us exactly what we need on one hand developing and the ADCs at Mabion on the other hand having a company which is manufacturing those things already for commercial purpose so it is a perfect match to us. Okay thank you. One more question about the US target. What could be the size of the potential acquisition in the US. I cannot unfortunately disclose this at this point in time but everybody is welcome to have one to one whether you guys are interested in co-invest and as soon as we are able to quantify then we would step into discussion with you. Okay thank you. The next question is about loan conversion. Po jakich cenach konwersji po jakich cenach konwersji nowe pożyczki czy po bieżących ja to może wezmę na siebie pozwoliłem sobie w międzyczasie odtworzyć treść raportu bieżącego i treści raportu bieżącego jest mowa o tym że cena akcji w ramach konwersji będzie równa cenie rynkowej akcji spółki na dzień podpisania umowy uwzględniającej 20% dyskonta lub w przypadku przeprowadzenia emisji akcji przez spółkę będzie równa cenie akcji zaoferowanej innym inwestorom i o ile nic się tu nie zmieniło to może z tym pozostanie. So far I could not express it better. Thank you. And two final questions are more technological so the first one. Dlaczego spółka uznaje technologię FCCM za innowacyjne podejście do produkcji do unit translated. No. Great question guys. So as we know we are at this point in time in a normal batch production so you are manufacturing batch by batch by batch and the cost drivers for monoclonal antibodies are cell line the length of the process the medias and the labor costs and those are and the results of course what is the yield and the normal yield out of big big vessels is between five gram and seven gram per liter of a ready to go monoclonal antibodies so you can imagine you are running huge volumes of material to get a very little number of grams for the product you need. With continuous manufacturing which is going to be the revolution in this industry you are reducing massively your energy costs your costs and material you are putting in and your results are by far better so all those aspects which I've mentioned which are the cost drivers you are able to reduce using the FCCM. And since Mabion so far not belonging to these bigger players and you need to know that bigger players have bioreactors in the size of up to 30,000 liters and up to 50,000 liters we can meet with this technology exactly the same results which with a bioreactor which is incorporated in this technology of 500 liter. So you hear 500 liter versus 30,000 or 50,000 and this is a magnitude which makes absolutely sense to be involved and to become front runner because I give you my guarantee once we implemented this technology people will come and will hope to learn how we are doing that. In addition to that that technology allows to be much more flexible in the supply chain because in the traditional fat batch approach I think you have registered one batch size at the authorities. And you can't deviate from that. So if the product is at the beginning because it will be launched smaller and then will grow over the time then you need to think about how to deal with that best worst case you manufacture at the beginning way too much material there's a point where batch size and demand fits and then I think if the product will grow I think as everyone is hoping you will struggle with the existing batch size and you need to scale up which is costing a lot money a lot efforts and still having some risk and with a full continuous manufacturing you have the advantage you're not bound to any batch size you will start the machine and then switch it off at an earlier stage or at a significant later stage. Okay. So answering the first question you already covered the next one which was jakie elementy technologii sprawiają że spółka postrzega ją jako innowacyjne rozwiązanie w obszarze wytwarzania substancji czynnej. Ta odpowiedź w zupełności pokryła zapotrzebowanie informacyjne na to do tej technologii. So that was the all the questions we have covered all aspects that were interesting to our investors and the people participating in the meeting. So thank you for joining the meeting. The next communication point a part of the current news flow is that third quarter which is scheduled to November 17 and already I'm inviting you to this meeting. Thank you for joining us and maybe the last final word to the management. Thanks ladies and gentlemen for your patience and for your questions. And I can encourage you check our newsletters check our announcements it will be an interesting lecture to read. Many thanks all the best and hope to hear to see you next time. Thanks a lot. Thank