We can. Yes, thank you very much for the introduction, and welcome everybody to our audio cast for Q4 2020. The next slide, please. On the next slide, you see our forward-looking statement, since we are listed in Stockholm. On slide number three, you will see a very brief snapshot of the company. Just to remind everybody, we are an antibody discovery and target discovery company. We're focusing clearly on cancer immunotherapy, and there, specifically, we are focusing on overcoming tumor resistance. We have a lead program, BI-1206. This is currently in a phase I/II clinical trial for non-Hodgkin lymphoma, and also in a phase I/II trial for solid tumors, and I'll come back to that later in a little bit more detail. We have two additional programs. Currently, we have four programs in the clinic, all proprietary, and I will come back to that in more detail when I discuss with you our current portfolio. All those programs are based on our in-house discovery. We have a discovery engine that has been validated through a number of collaborations, such as Daiichi, Mitsubishi, Takeda, and most recently with Pfizer. Pfizer selected its 2019 targets, and then by the end of 2020, antibodies that they are now moving into their development pipeline. On the last bullet on slide three, you see a brief summary, and Stefan will come back to that a little bit later. Obviously, we had big news today in the morning announcing a very good and high-quality financing. We have now new shareholders that I would like to welcome, Redmile, and then also the current shareholders such as Van Herk, Omega, HBM, SEB Bank, Robur, AP4, and Invus, of course. From the current shareholders, I want to mention Van Herk, HBM, Robur, AP4, and Invus. They also participated in this financing that we just implemented during the night and announced this morning. We come back to that later in more detail. I'm sure there will be a lot of questions around it, and we will try to keep the presentation rather short, such that we have sufficient time for Q&A. On slide four, just to remind you quickly about the very unique discovery platform that we have. This is a phenotypic functional-driven discovery platform, and I'm not explaining it to you in detail, just highlighting the USPs. First of all, I mentioned it's patient-centric, which means we are starting from human tumor tissue that we receive freshly from the local clinic in Lund, and we have a very good collaboration with them such that we get high-quality material several times a week. Once we have done our QA/QC, this goes into the screening process, and we screen our human n-CoDeR phage- display library that has been validated now a number of external collaborations, as already mentioned. Once we have identified specific binders, before we even check what those antibodies are binding to, we do a phenotypic screening, which means we check those antibodies for therapeutic effects in a number of animal models, and then we only focus on those that have shown strong therapeutic effects. Then, for those, we also identify the target. Basically, this is a machine that spits out clinically or pre-clinically validated targets and antibodies. Obviously, this is of clinical relevance. That was what I wanted to say before. With that platform, we have served collaborators, and we might also come back to that in our Q&A session. Most importantly, we have built, and this is summarized on slide five, a very interesting portfolio with multiple value drivers. It's quite focused, even though it's a number of programs, so currently four that are in the clinic. By the end of the year, we will have five programs in the clinic, but they're all around targets and cells that play a role in tumor resistance in various liquid as well as solid cancers. The main focus is on solid cancer. We have one program in indolent non-Hodgkin lymphoma, which is a liquid cancer, obviously. I go briefly from the top to the bottom. We have two antibodies targeting a structure called FcγRIIB. Our lead there is BI-1206, and as I already mentioned, this is in the clinic for indolent non-Hodgkin lymphoma, but also for solid tumors. Just to highlight here, this program has been partnered with CASI Pharmaceuticals. In the solid cancer trial, we have a clinical supply and collaboration agreement with Merck, but Merck doesn't have any rights to BI-1206. I come back to those two programs later in more detail. We have a second antibody called BI-1607, and this is actually scheduled to go into the clinic during the second half of this year. Once we do that, we will also announce a little bit more around the mode of action, et cetera. This is news to come, basically. We had a very broad approach, and still have an ongoing approach, actually, screening on T regulatory cells. Specifically in the tumor microenvironment, I want to highlight three programs. First of all, our collaboration with Transgene, which is a 50/50 collaboration, is called BT-001, which is a combination of our proprietary anti-CTLA-4 antibody device backbone from Transgene. There, we just got approval for several clinical trial applications, and this program is ready to move ahead, and we are expecting to enroll patients at any time soon. That program, and I will also highlight a little bit more, has been published quite significantly- the preclinical data, I mean- during the last year, and holds a lot of promise, and is basically a fast follower of the Replimune program. They have also combined the oncolytic virus platform with an anti-CTLA-4 antibody, which is the one that is currently used in the clinic. We have quite some activity around TNF Receptor 2, which was also recently highlighted in an endpoint article. BeiGene, who have licensed its anti-PD-1 to Novartis, just recently got antibodies against TNF Receptor 2 into its hands for China. Not only for China, I think for Asia, New Zealand, and Australia, an option license deal. Obviously acknowledging that the pathway of TNF Receptor 2 plays a big role in the PD-1-based therapies. In that article, it was also mentioned that BioInvent is actually quite ahead of the crowd since we have BI-1808, which is now in the clinic, and we have enrolled the first patient, and we have mentioned that already. Then we have a second program, BI-1910, which is basically still pre-clinical. We are very much ahead of everybody at the moment, and we are planning to keep that advantage. The last column here, in a way, or the last bucket or category, is our collaboration with Pfizer. There, maybe just to mention, they have selected targets that were expressed on tumor-associated myeloid cells in 2019 and now, in 2020, end of 2020, have also selected antibodies which are now moving into their development. Coming to slide six, where I provide a quick product overview for BI-1206. I mentioned already that it blocks FcγRIIB and has application potential in both liquid cancers as well as in solid cancers, and also in autoimmune diseases. I'm going to come back to that later in a minute. The lead program is clearly in non-Hodgkin lymphoma, which is an interesting market and also a very interesting introduction point for the antibody. As I said, it has the potential also in solid tumors, and I will come back to that also in a minute. Probably going directly to slide seven. In the non-Hodgkin lymphoma trial, they're exploiting FcγRIIB when expressed on the tumor B cells. There we're focusing currently on three areas, which are mentioned on the right: mantle cell lymphoma, follicular lymphoma, and marginal zone lymphoma. For mantle cell lymphoma, we have orphan drug designation. The trial design is basically described on slide eight. It's an open-label study. We're currently composed of two parts, Part A and Part B. Part A is the dose escalation, and Part B is the dose expansion. We're currently at Part A, and I will summarize the data on the next slide, but not quite yet. Just to mention a little bit about the study here. As I said, Part A is almost done. We're at the end of dose escalation, and we are soon moving into dose expansion. We're basically focusing on patients who have relapsed or are refractory to those three different non-Hodgkin lymphoma types, mantle cell lymphoma, follicular lymphoma, and marginal zone lymphoma. Going to slide nine, which basically gives a quick update that we already provided to the market at the end of January. To date, 15 patients are enrolled in Part A. Nine can be evaluated at the moment, and two are still on treatment. Out of those nine, we have two complete responses, and those complete responses are still continuing as of today. One is more than a year, and the other one's more than two years, which I think is a very strong value indicator because those patients that we're treating, normally, if you can get a response again, would not respond for that long. Then we have four partial responses. I think still early days, but six out of nine is a good start. As a next step, we still have to get the readout from two patients at the end of next week, which should come in at any time point soon. Of course, we continue to recruit and then hopefully determine the recommended phase II dose soon, and then we'll start Part B. When we do that, we will obviously mention that to the market and provide an update. On slide 10, you basically see the potential for 1206. When we start at the center, this is indolent non-Hodgkin lymphoma. This can be expanded into non-Hodgkin lymphoma, and we're also looking into solid cancers. To that study, I will come in a minute. There we're focusing at the moment on metastatic melanoma and non-small cell lung cancer, but we are also looking into other solid tumors, and then we also have the possibility to go into autoimmune diseases. Within BioInvent, we will clearly focus on the cancer indication and the autoimmune disease we try to explore in academic collaborations, and would be interested in establishing at least the proof of concept pre-clinically and then see how we take it from there. Our focus is clearly on cancer. Moving to slide 11. This is the ongoing solid cancer study that runs under a clinical supply and trial collaboration with Merck. We're currently in part A. It is also a dose escalation, then followed by a dose expansion. We're focusing on patients with solid tumors who have relapsed or are refractory to anti-PD-1 or anti-PD-L1. The current plan is to update the market towards the end of the year on the status and data that we have accumulated so far in that study. So far, the trial is running well and enrolling patients. On slide 12, a quick introduction to the T regulatory cells program. This is the antibody that I already mentioned, BI-1808. This is in the clinic for TNFR2. On slide 13, you see the clinical trial design. As I mentioned, the study has started, and what we're doing here is basically testing both. We're looking first for stimulation activity. There we are looking in particular for three indications: non-small cell lung cancer and ovarian cancer, which is quite interesting since a lot of the material that we use for screening came from ovarian cancer patients. We also look at PTCL, which is a very rare T-cell lymphoma, which is also quite interesting since TNFR2 as a target seems to play a role there. In addition, we'll look for a combination and for synergies with anti-PD-1. There, we also look for non-small cell lung cancer as well as ovarian cancer. I think ovarian cancer is also very interesting since this is an indication where checkpoint inhibitors did not have a strong footprint yet. As I said, the study has started. We have enrolled the first patient, and I think it's quite interesting since we are allowed to start at a relatively high dose, such that we might be able to see a glimpse of data during this year. Going to slide 15, which is the program that we run in collaboration with Transgene, BT-001. Transgene has a very interesting oncolytic virus platform based on vaccinia, and that virus can incorporate large payloads such as a full-length antibody. We have identified in our screening on T regulatory cells our own proprietary anti-PD-L1, which is nicely differentiated from the one that is currently used in the clinic. In that way, it has a similar inhibition or blocking profile of PD-L1, but it has much stronger T-reactivation activity. What we could see preclinically, and that has been published last year significantly, is that we have a very nice enriched expression of anti-PD-L1 only in the solid tumor environment after intratumoral infection, and a very strong anti-tumor activity. That is quite encouraging. I mentioned already in my introductory part that Replimune has a similar program, which has already generated some clinical data, such that our hopes are quite high that we will have at least the same quality of data, if maybe not even better, since we have a more potent anti-PD-L1. I should also mention briefly that the anti-TNFR2 program, BI-1808, but also BI-1910, was published last year at AACR and SITC. Especially for BI-1808, we had very encouraging pre-clinical data where we could show that it works as a single agent, but also very well as a combination in synergy in combination with anti-PD-1. That's basically also what we're testing, as I have already mentioned. I think I should stop here so that Stefan can give the financial overview and also talk about the most recent fundraising a little bit more in detail. I have a slide at the end, slide 18, that basically also highlights the milestones that we have achieved, but also what we are doing going forward, especially with the new funds coming in. Stefan, maybe take it, please, from slide 16. Thanks. Please turn to page 16. I will present the financial overview for Q4 and the 12-month period, January to December. All amounts are in SEK million unless I say something else. Net sales were SEK 98.7 million in Q4 2020 compared to SEK 25.4 million in Q4 2019. That's an increase of SEK 73 million. Net sales for January and December 2020 were SEK 147.4 million. For the same period in 2019, net sales were SEK 93.7 million. That's an increase of SEK 54 million. The increase is mainly related to the net sales in 2020; we had an upfront payment of $5 million from when we licensed BI-1206 to CASI Pharmaceuticals for the China region. We also had a $3 million milestone from Pfizer, which was triggered by their selection of antibodies under our collaboration. We had a EUR 2 million milestone under our collaboration with HC SunCare when they started their phase I study. These prepayments, they correspond to approximately SEK 91 million. In 2020, revenues from the production of antibodies were SEK 9 million lower than in 2019, and also SEK 9 million lower for research funds. When it comes to operating costs, in Q4, operating costs increased from SEK 65.8 million in Q4 2019 to SEK 69.3 million in Q4 2020. We had higher costs in BI-1808, BI-1206, and the TAM program, and also lower costs for the production of antibodies for customers. For January and December, the decrease in operating costs was SEK 9 million from SEK 231.6 million in 2019 to SEK 222.8 million in 2020. We had lower costs in BI- 1206, BI-1607, and the Treg program, and also a slightly lower cost for the production of antibodies for customers. At the same time, we had higher costs in BI-1808 and the TAM program. In 2019, we also had some early data. The profit for Q4 2020 was SEK 28.5 million, and the loss for January and December 2020 was SEK -76.3 million. Liquid funds at the end of December 2020 were SEK 729 million. When it comes to share issues, the share issues completed in August 2020 amounted to SEK 625 million before issue expenses. CASI Pharmaceuticals, they made a $7 million investment in shares in Q4 2020, and that corresponds to approximately SEK 61 million. Please turn to page 17. I will do a summary of the directed share issue that was announced this morning. It's a directed share issue of SEK 962 million. That corresponds to $116 million before transaction costs. The investors are a range of international Swedish institutional investors, including Redmile, Invus, HBM, AP4, Swedbank Robur Fonder, and Van Herk Investments. This capital injection enabled us to accelerate and broaden our clinical development. The proceeds that we have received will fund the continued transformation of BioInvent and the expansion of our programs. Assuming continued generation of positive data, we plan to, in particular, use the funds to prepare a pivotal clinical trial for BI-1206, and that's for NHL, with the aim of receiving an accelerated regulatory pathway. Also, to expand the clinical programs of BI-1206 in combination with KEYTRUDA in solid cancer, and also BI-1808 in solid cancer. The subscription price for new shares was 50.36 SEK, and that corresponds to the five-day volume-weighted share price we want. 2.8 million new shares are issued based on authorization granted by the EGM in November, and 16.3 million new shares are issued subject to approval of an EGM on March 23rd this year. That was my summary for the period. Over to Martin. Yes. Thanks very much, Stefan. Please, if we could go to slide 18. What I would like to do is to give you a quick summary, and I will not bore you with details about what we have achieved during 2020. Basically, as you can see from the upper part of the slide, we had quite a number of important clinical and preclinical development milestones, and that's, of course, also a reflection that we are pushing ahead with the portfolio. This is clearly our strategy. We are not focusing on one program but on several programs because we feel this is the best risk diversification that we can do as a company in order to increase the chances of success and generate significant value. We also had, and still have, quite some focus on business development and partnering activities. We mentioned a number of times already that we had our deal with BI-1206 and CASI Pharmaceuticals. They got an exclusive license for the Greater China region, which would include Macau, Hong Kong, and Taiwan. We talked already about the commercial numbers there, but I can say this is really a very active collaboration. You could also see that we had Wei- Wu, the Chairman and Chief Executive Officer, participating in our webcast, and we're very pleased with CASI Pharmaceuticals, and we feel that they also add significant value to the program. Stefan mentioned the milestones that we received from Pfizer and Daiichi. Of course, we also have in-house manufacturing capabilities, which is the number one priority, of course, to support manufacturing for all our programs, which also enables us to be very quick. Just to give you an idea. In August 2018, we had one clinical program. By the end of this year, we will have five clinical programs. That is only possible with having our own cell and gene generation and manufacturing capabilities in-house. In case we have available spots we also do manufacturing for external parties. We signed a deal with Cantargia in this context at the end of 2020. Looking now a little bit in detail at 2021. I touched basically on the main milestones already. Obviously, we have started a number of studies. We also presented our early data on indolent non-Hodgkin lymphoma. As Stefan already mentioned, the financing that we just implemented successfully during tonight and announced this morning will allow us to really prepare for potential accelerated approval. Obviously, this whole thing will be data-driven. Currently, the data that we see is actually quite encouraging. If that should hold up during the expansion phase, then that's something that we want to be prepared for on the CMC side, but also with all the clinical development steps that need to be implemented in order to be able to do that. Obviously, we want to push our second program, BI-1607, into the clinic during the second half of this year. That will also be quite exciting, and I think it will also be interesting for the market because then, once we do this, we will also give a little bit more granularity regarding the mode of action of this antibody. We have been quite secretive about it, and that's for the reason of to give a competitive advantage. Then we have those two programs that I already mentioned, BI-1808 and BT-001, that hopefully will give us the first glimpse of data during this year already, but definitely next year. We will remain active regarding business development and potential additional partnering. You can see that with all our programs, we are actually in quite interesting areas where there's a lot of demand and unmet need. Last but not least, at the end of this year, we want to present our second clinical program with BI-1206 with pembrolizumab in solid tumors. That will be happening at the end of the second half of this year. I think I will stop here so that we still have some time for questions and answers. Thank you very much for your attention. Thank you. If you wish to ask an audio question, please press zero one on your telephone keypad. If you wish to withdraw from your question, please do so by pressing zero two to cancel. Once again, please press zero one on your telephone keypad if you wish to ask an audio question. There'll be a brief pause while we wait for questions to be registered. Our first question comes from Sebastiaan van der Schoot from Kempen. Please go ahead. Hi, Martin and Stefan. Can you hear me? Yeah. Yes. Hi, Sebastiaan. Yeah. Great. Congratulations on the raise this morning. Can you maybe expand on how the rai se has expanded your current cash runway? Does the current cash position also allow you to approach business development from a different angle? Can you also give a bit of guidance on what we can expect for R&D and SG&A expenditure in 2021? Yes, absolutely. Happy to do so. The financials will be covered by Stefan. I can make a quick comment on partnering with the activities. Obviously, we can be very selective, and we will be. That doesn't mean that we will not do deals, but we will only do very selective deals, provided the right partner and the right commercial structure. And also, last year, our collaboration with CASI was actually under that premise. We want to find the right parties, get the right commercial structure in place, and also keep enough upside for ourselves. Basically, selectivity, that's the catch word there. Stefan, do we want to address the financial points that Sebastiaan asked? Yeah, sure. The cost, of course, that will increase over the years now. We see we had a little bit over SEK 200 million this year or 2020, and that will increase. Yeah. Quite. We don't really give forecasts, but we could say for the cash run is that we foresee, with the use of proceeds that we have presented, the expansion of the studies, the people, the studies, we would have money until, yeah, the end of 2024 and, yeah, early 2025. Depends a little bit on our plan, of course. Okay, great. Thank you. If I may, regarding FcγRIIB in non-Hodgkin lymphoma. You previously mentioned that you would enrich for mantle cell lymphoma patients, which also were refractory to BTK inhibitors. Is this still a goal of the study, given that you experienced some difficulty in recruiting this type of patient in so far? Will you focus now more on follicular lymphoma? Thank you for the question. That's still the goal, absolutely. We'll also look more closely at follicular lymphoma as well, because based on the data that we have seen, we still want to explore, and we will try to push for more mantle cell lymphoma patients during the dose expansion. Okay. Regarding the dose escalation, can you give some insight into how it is progressing? Do you expect that the 100 mg cohort will be the final cohort, or do we expect more? Also, regarding the two patients you mentioned in the 100 mg cohort, will you PR that separately, or will you PR that when you have determined the recommended phase II dose? Yeah. Starting with your last point, Sebastiaan, obviously, what we're trying to do is not to report every patient or every second patient. What we will do is always try to make packages. What I can foresee that is one, we have the part two dose, and then, at that time point, do an update. I can't tell you right now whether 100 mg will be the final. What I remember is that we might try one dose higher, but I can't tell you at the moment exactly because we're still waiting for the data to come in. My final question for FcγRIIB in solid tumors. We have seen from the other programs that you have generated a lot of preclinical data that actually supports the rationale. For FcγRIIB in solid tumors, we have not seen that yet. Can we expect more preclinical or clinical data for FcγRIIB to be in solid tumors, especially for BI-1206, at conferences or in the form of a publication of some sort? Yeah. What I can tell you, and of course, it's always difficult to promise when it comes in, but we're trying to make a very nice high-impact publication around the mode of action of taletrectinib in solid tumors. In any case, we will have an update at the end of the year regarding the clinical program, and then we might also include some updates around the mode of action. The only thing that I can tell you at the moment is that, obviously, we got Merck on board. They have seen all the data. That, of course, doesn't help you much because I know everybody is keen. We decided basically to keep the data such that we can do a high-impact publication. That, of course, did not stop us from moving ahead with the clinical trial in any way. Yeah, in summary, hopefully we'll have some publication around the mode of action soon. That, at least, is what we're trying to get in place. In any case, there will be an update at the end of this year regarding the clinical trial. Depending on what has happened in between, we also give some more ideas around the mode of action at that time point. Probably might do something similar to what we have done for the mantle cell lymphoma study. Okay, great. Thank you very much, guys. Thank you. Thank you, Sebastiaan. Our next question comes from Dan Akschuti from Pareto Securities. Please go ahead. Hi, can you hear me? Yes, we can, Dan. Hello. Perfect. Yeah. Just regarding the increase in interest from specialist investors that we have seen since last year, now this year, could you maybe shed some light on what they see specifically or what they like the most about BioInvent, and also what they are bringing to the company besides capital? Yeah. Okay, I'm happy to do that. Obviously, what they see is a very interesting package. I think all of them are not only interested specifically in one program, but they can clearly see that we're building a portfolio, which I think is good for the reasons that I have already mentioned. Then, of course, they can see that we have a fully integrated discovery engine, which spits out those clinical development opportunities. I think, combined with the manufacturing capabilities that we have, to become a powerhouse of generating new treatment modalities and testing them in the clinic. I think that's probably what triggered the interest. Then basically, all the programs that we have, they are based on high-class, forefront science. For all the programs that we have, we are first and best in class, which, of course, also has a certain risk profile. Since we have those multiple shots on goal, I think it's nicely balanced. I think it is this package that triggers the interest of those specialist investors because they know, as well as we know and everybody in the field, that good preclinical data and good science is a good starting point, but there's no guarantee for good clinical data. Therefore, we need multiple shots on goal. Obviously, what we have been striving for is not only the money, but also high-quality investors who can basically support us regarding the further development of the company, because that will be the next step to getting more professional, not only to accelerate and to push and deliver, but also to ensure that we basically really deliver the highest quality. Then, of course, they also provide the network and have very deep insight into the science, so they would know exactly what is going on in competing programs. That is, of course, also quite helpful to get their perspective on that as well. Makes sense. Thank you very much. Another question is, now you have a bit more funds than before, and you also mentioned that you would like to expand some of the programs. In light of personalized medicine, do you consider combinations of similar, maybe as with the Transgene collaboration, where you also include a TNFR2 antibody, for instance, for a specific indication? Are you looking into such kind of expansions of your portfolio? Yeah. Basically, what we are ensuring is that, first of all, since we already have a broad portfolio, we ensure that we move that ahead as diligently and as quickly as possible, also with a clear focus on quality. Because it's not only speed, but also the quality of the data that you deliver. In that sense, we now can do things, as Stefan mentioned, for the indolent or multiple myeloma, getting prepared for a potential pivotal study, which obviously will be a data-dependent decision. Also, in the other studies, we might include additional cohorts in other interesting indications or in order to ensure that we move quickly. In some cases, we do things sequentially that we now can do a little more in parallel. That is basically all in order to ensure that the current portfolio, as I presented it today, will move ahead as well as possible. Then, on top of that, exactly what you say, and that's something that we already had initiated before we even implemented the financing. We're always on the lookout for combinations, and I think a good example of that is the oncolytic virus program that we run in collaboration with Transgene. We're looking into other possibilities in order to make sure that, and especially oncolytic virus is actually quite interesting, what you can do there if you have the right platform, because you can incorporate quite interesting antibodies. We are currently, as we are speaking, evaluating other combinations as well. Absolutely. Okay, thank you. Now, with all the capital and the clinical trials and the expansion of those trials, I guess we can expect that the clinical team will be increased and also maybe the number of centers, if you identify other high-quality centers around the world to kind of accelerate the trials. That's what I call making the company more professional. That process has already started. Obviously, we need more heads, more hands, and that is already in process and was already started before we even thought about this new fundraising that we just implemented tonight. Then clinical centers, yes, that's always something that you look at. Again, also, it has to be done very selectively. It's not that you just say, "Okay, now I have a lot of money, and I get a lot of other clinical centers on board." That doesn't help either. It will be a very selective, case-by-case process. Now we have the flexibility to add on where it makes sense to add on. Absolutely. Okay. Thank you. Just another question on the two additional patients. You mentioned that it could come within the next week with the 100 mg dose. Can we expect a press release there within the coming weeks, then as well? Basically, as I said to Sebastiaan, we don't want to become a company where we basically press release every patient, or maybe if it's just two patients. We'd rather put, like we have done already for the last year, well, a more meaningful package together. I think, without committing, I think what would make sense, once we know the recommended phase II dose, that at that time point, we update the market and then also maybe give another update on where we are with the data. That's kind of what I have in mind. That's probably the next news that you will hear from that program. Okay. Thank you. A last question on the TAMs with Pfizer. Do you have any insight into the timelines of Pfizer? Are they initiating preclinical development this year? Can we then expect maybe phase I trials next year? I don't have the agreement in front of me. I think we probably have some diligence milestones in there. At the end, of course, as you know, with those pharma collaborations, it's not only with Pfizer, but also the collaboration that we have with Daiichi, Mitsubishi, et cetera. There's not so much from our side to control. I think, nevertheless, it's interesting because if you put the programs together in a diagram as we have done for our internal portfolio, you would get an impressive portfolio, which is kind of a secondary portfolio, but obviously not under our control. As you could see, last year, we received a couple of milestones. The year before we did. Those programs are moving quite nicely. Going forward, we will probably have one or the other milestone coming in as long as those programs are performing. From my perspective, that's nice, but it's obviously nothing that we control. The most important thing for BioInvent is really the validation that we get through this because that means that we use our platform to generate therapeutic agents. It's also done by a handful of other companies, which are among the high -quality and large pharma companies of this world. I think that's probably the most important message for the shareholders from those collaborations. Eventually, there will be one or the other jackpot, and then that might hit some later-stage milestones where it really becomes interesting. We don't control it. No, we don't. Okay. Thank you very much, and all the best in this exciting year. Thank you, Dan. Thank you. Our next question comes from Niklas Elmhammer from Redeye. Please go ahead. Yes. Thank you. Hello. Good afternoon. Just one follow-up regarding the Pfizer deal. If you could just clarify, are you done with Pfizer in terms of screening and selecting targets and antibodies? We did not disclose that specifically publicly, and of course, I have to be careful since it's not only BioInvent, it's also Pfizer. The way I would describe it is that Pfizer is moving now into the development phase, which, of course, gives an indication of where we are with that collaboration. We have an ongoing collaboration, which has now moved into its development phase, basically. Okay. Could you, if possible, comment on the potential value here for those antibodies and programs? I think we had some disclosures around that. Stefan, can you maybe make a quick comment here on what we have disclosed publicly? Sorry, I didn't hear the question. Can you please repeat? Yeah. Regarding the Pfizer collaboration, how does it look right now? What is the potential value in terms of milestone payments now? I think if you have an antibody that goes all the way to the market, it's SEK 100 million in milestone payments. On top of that, you have royalties. Okay. There's still several antibodies, or how would you describe it? Yeah. Basically, as I said, they have selected targets, and now they have selected antibodies. Obviously, you will understand, Niklas, so since this is always very coordinated, the communication that we have to do with Pfizer, we can't say anything in addition that has already been announced in the context of the Pfizer collaboration. Okay. Understandable. Thank you. You're welcome. Thank you. Our next question comes from Sebastiaan van der Schoot from Kempen. Please go ahead. Hi, guys. I just have a few more questions. That's mostly regarding the timelines. Regarding epcoritamab in non-Hodgkin lymphoma, when do you expect to actually have the recommended phase II dose? Is that still in H1 2021, or do you expect that to be in H2? That could still be in H1. Of course, this is always difficult to forecast. The current forecast is that it should be during H1. Of course, this is driven by the recruitment, et cetera, and maybe COVID. So far, we can probably still maintain that expectation. We would actually, as I said, in the next couple of weeks, maybe months, then we would like to know the recommended phase II dose such that we can move into dose expansion. For the TNFR2 Program, you mentioned before that you have already started at clinically meaningful doses or can actually escalate faster than with the TNFR2. Do you expect still that you would have data or some sort of data in 2021? Yeah, that could happen, actually. Of course, again, to be also very careful here and to manage the expectations very clearly. The driver here is really that the study is going well, and that we are at this high dose, which also has a relatively high receptor occupancy. Then, basically, the expectation that we're currently having is based on the preclinical data sets that we also published last year at AACR and SITC. That is, of course, all animal studies, and you cannot extrapolate that one-to-one into humans. Based on that, and the high dose that we already are providing to patients, we have some expectation, or let's put it that way, we have hope that we might see something, a glimpse of data during this year. Yeah. Okay. Then, one final question is regarding the effect of targeting FcγRIIB in solid tumors. In non-Hodgkin lymphoma, you are also seeing depletion of B cells. Is it something that you would also see in the solid tumor setting? Yeah, you would get the same effects, obviously. The main difference, really, if you think about it in the context of mode of action, is, as I briefly mentioned in my part of the presentation. When we are in the non-Hodgkin lymphoma setting, we're targeting FcγRIIB on the tumor B cell. It also looks, especially in those indications that we have selected, as well as there's a clear correlation also with the outcome or resistance to rituximab with the expression of FcγRIIB. Of course, the expression plays a role. In the solid tumor setting, obviously, since FcγRIIB is not expressed by the solid tumor cells, we're targeting really the innate immune cells in the tumor microenvironment, which are, by the way, also overexpressing FcγRIIB, and there's also a nice correlation with resistance or non-responsiveness to anti-PD-1 and anti-PD-L1. You could see a certain spillover effect there to the T cells, obviously. Yeah. Okay. Thank you very much. You're welcome. Thank you. There appear to be no further questions registered, so I'll hand back to the speakers for any further remarks. Yes. I think this, as we already have summarized, this is really very exciting times ahead. I think we now have a very stable financial position, which gives us the power and strength to really execute as well as we can on our portfolio. Since we now have a number of programs in the race, I think there will be a handful of data points coming along during this year and next year. That will be exciting to see. As I mentioned, we will still have all the activities on the BD partnering side, but we will be very selective since we now can be with the good financial position that we're having. That will be my final words. I don't know, Stefan, whether you have any concluding remarks from the financial perspective. No, I think I have no addition. You summarized it very well. Thanks, everybody, for your attention today. Absolutely. Thank you very much.