Welcome to Camurus Q3 report 2026. During the questions and answer session, participants are able to ask questions by dialing pound key five on the telephone keypad. Now we will hand the conference over to CEO Fredrik Tiberg. Please go ahead. Good afternoon, everyone, and welcome to Camurus presentation of the third quarter 2026. I am Fredrik Tiberg, President and CEO, and with me today are Anders Vadsholt, our Chief Financial Officer, and Richard Jameson, our Chief Commercial Officer. Please note the forward-looking statements which apply to everything we say today. So over to the agenda. I will start with highlights. Anders will take you through the financials. Richard will cover commercial development, and I will return with an update on the pipeline and our priorities ahead before we open up for questions. So let me start with highlights. Q3 was our strongest quarter to date, and the growth was broad-based across the business. Revenues grew 28% to SEK 724 million, driven by record product sales. Operating result rose 40% to SEK 322 million with a 44% margin. There was no milestone revenue in the quarter, so this is underlying growth. We ended the quarter with SEK 4.4 billion in cash and no debt. The growth is driven by strong commercial execution throughout our territories. Buvidal grew 26% with gains in every region. Brixadi rose 23%. In Sweden, we launched Oczyesa in acromegaly. At the same time, we advanced the pipeline. The FDA accepted our CAM2029 NDA with a PDUFA date of December 18. SORENTO is moving towards 194 events needed for primary readout. At this quarter end, or after the quarter end, we have dosed the first patients in our phase IIb obesity study. All in all, strong earnings, a growing commercial base, and a pipeline with significant near-term milestones. We will come back to each of these later in the presentation. First, Anders on the financials. Thank you, Fredrik. We had a strong third quarter, and the numbers speak clearly. Let me focus on what is behind them. The third quarter revenue was SEK 724 million. No milestones revenue were recognized in the quarter, so the increase reflects underlying growth in the commercial business. Over the two-year period, revenue has grown from SEK 480 million in Q3 of SEK 2024 million to SEK 567 million in 2025, and now reaching SEK 724 million this quarter, a compound annual growth rate of about 23%. Product sales led growth, reaching a record of SEK 582 million. Buvidal remains the main engine at SEK 574 million, and Oczyesa contributed SEK 8 million. Brixadi royalties from our partner Braeburn reached SEK 137 million. The sales figures will be discussed further in the commercial section. Total operating expenses were SEK 356 million, up 20% from SEK 298 million a year ago. Marketing and distribution costs rose to SEK 153 million from SEK 142 million, reflecting the commercial development of Buvidal and Oczyesa and our expansion into the U.S. Administrative expenses rose to SEK 53 million from SEK 40 million. R&D costs increased to SEK 142 million from SEK 109 million, mainly due to the progress in the SORENTO trial. Costs came below our own phasing plan, which I will discuss in the outlook. Regarding profitability, the operating result reached SEK 322 million this quarter, up 40%, or 33% at constant exchange rate, from SEK 230 million last year. The operating margin was 44%, up 3% from last year. Earnings per share after dilution were SEK 4.5 compared to SEK 3.2 last year. For the first nine months, total revenue were SEK 1.959 billion, and the operating result, SEK 783 million. Our cash position at the end of the quarter was SEK 4.4 billion, up from about SEK 4.1 billion at the start of the quarter, reflecting a rise of approximately SEK 285 million, and 24% higher than last year. The primary factor was net cash from operating activities, which contributed SEK 329 million before working capital adjustments of SEK 4 million, and we invested SEK 41 million primarily to set up a second manufacturing facility. Importantly, we remain debt-free, giving us real flexibility as we look ahead. Regarding capital allocation for the rest of 2026, our priorities remain unchanged, to finance the business organic growth, including commercial expansion and pipeline development, while maintaining a strong and flexible balance sheet to support partnerships and business opportunities as they arise. There were no acquisition or divestitures in the quarter. On the cost side, we have updated the phasing. The additional spend to expand the U.S. activities ahead of the Oclaiz launch is now around SEK 100 million this year compared with previously SEK 200 million as planned, as the buildup is aligned with the regulatory timeline. The additional R&D investment is around SEK 50 million compared with SEK 150 million previously. This is a change in phasing, not in ambition. The spend moves to 2027. We reaffirm our full-year guidance. Based on the performance today, we now expect revenues and operating result in the upper half of the ranges SEK 2.6 billion-SEK 2.9 billion and SEK 0.9 billion-SEK 1.2 billion, respectively. With that, I hand over to Richard for the commercial update. Thanks, Anders. I'll start with Buvidal, where we had another record quarter with sales of SEK 574 million, which is up 26% year-on-year and 10% sequentially. In-market sales were also strong and grew at 26% year-on-year, so the reported figure reflects real demand. The growth came from every region. Germany continued to penetrate the market, and in the Nordics, they grew on expanded access, continued switching from daily treatment, and the transfer of the last patients from the other long-acting buprenorphine. In U.K., growth came mainly from the improved access in prisons. In the community, the new funding is reaching patients, but more slowly than we expected, but the direction is right. The transfer of patients from the competing long-acting product in Australia began late in Q3, which has been supported by a medical team. Most patients who want to transfer will have done so by the end of the year. At the end of the quarter, around 81,000 patients were on treatment with Buvidal, which is net 4,000 more than in June, which keeps us on track for our 100,000 patient ambition by the end of 2027. Moving to the U.S., Brixadi continued to grow. Royalties were SEK 137 million, up 23% year-on-year and 8% on the second quarter. For the first nine months, royalties are up 35%. Demand continues to grow across treatment settings, and Braeburn has implemented the expansion of both its commercial and its medical organization to reinforce the growth. After the period, Brixadi's U.S. net sales for 2026 passed $300 million. That triggers the first sales milestone under our license agreement, and a one-time payment of $15 million will be recognized in the fourth quarter. This is a clear marker of the scale Brixadi has reached in the expanding long-acting buprenorphine market. Brixadi has a clear differentiated profile, being the only product offering both weekly and monthly dosing, and with comparative data versus daily sublingual buprenorphine. Moving across to Oczyesa, sales were SEK 8 million, up 83% on the second quarter, the majority of which came from Germany, where about 100 patients are now on treatment. This is a share of about 5% of patients on somatostatin receptor ligands, up from 2.5% in June. Feedback from physicians and patients continues to be very positive, and the pace of uptake is set by how often patients visit their clinic, where a change of medication is decided. Also, we launched in Sweden in September, and the first 10 patients are now in treatment. In the U.K., a large number of formulary applications have been submitted, with decisions expected in Q4, and a few private patients have already started treatment. Finally, Oczyesa was approved in Australia in August, and we will decide launch timing there in context of a possible future NET indication. After the quarter, Health Canada approved Oczyesa XR, with a planned launch for 2027. On that, I will now hand back to Fredrik. Okay, thank you, Richard, and over to the pipeline review. This slide covers CAM2029 across three programs, acromegaly, gastroenteropancreatic neuroendocrine tumors, and polycystic liver disease. The two near-term events are the FDA decision in acromegaly in the U.S., and the SORENTO readouts, of course. In acromegaly, CAM2029 is approved in the EU, the U.K., Australia, and now also Canada, under the trade name Oczyesa in Europe and Australia, and Oczyesa XR in Canada. In the U.S., the FDA accepted our NDA resubmission for Oclaiz in July, with a PDUFA date of December 18. The review is progressing. The complete response letter in June related solely to GMP inspection at a third-party manufacturing site, and that reinspection has not yet taken place. We are in dialogue with the agency on its timing, and we cannot, at this moment, predict it. That is why we have prepared a contingency, and it is now being prepared for submission. We have manufactured CAM2029 at our secondary site in the U.S., completed stabilities work, completed a phase I bioequivalence study in 130 healthy volunteers, which demonstrated bioequivalence between products from the two sites. Additionally, successfully, I should say. Additionally, the U.S. site recently completed an FDA GMP inspection. The FDA has been informed, and the information is now with the review team. Adding the site to the application would be considered a major amendment, and under FDA's practice, a major amendment can extend the review goal date by three months. We will take that decision in dialogue with the agency and in good time before the current PDUFA date on December 18, and we will provide information on any updates to the timelines as received. There is an alternative path to approval. Either way, the aim is the same, a robust, flexible supply chain in good time ahead of the GEP-NET submission, which is the largest opportunity for us in the near and midterm future. That brings me to SORENTO, the largest randomized study of a somatostatin receptor ligand, GEP-NET. In GEP-NET, 332 patients in 12 countries with progression-free survival as the primary endpoint. We expect to reach the target of 194 events around year-end, with top-line results in the first quarter of 2027. That is the expectations. Some 38,000 patients with metastatic GEP-NET are treated with these drugs in the U.S. alone, so a positive outcome opens a substantially larger market opportunity than acromegaly. In polycystic liver disease, new data from the POSITANO extension studies are due by the end of the year, and we will decide on the next steps together with the SORENTO studies and SORENTO results. The next milestones then are the FDA decision in acromegaly, with December 18 as the current target date, and SORENTO top-line data expected in the first quarter of next year. In the early pipeline, CAM2056, our once-monthly semaglutide, has moved into phase IIb. The trial and ethics approvals come in the third quarter, and since quarter end, we have dosed the first participants. In parallel, development of a final product design, including the autoinjector pen, is progressing to plan. Our partnership are also on track with Lilly. We are developing long-term incretins. Since the option exercise for amylin agonist in June, we have three programs now running in parallel. With Gubra, we are developing a long-acting PTH analog and continuing preparations towards the first clinical trial with a selected lead candidate. Here is the design of the phase IIb study for CAM2056. We have just started in obesity and overweight. The rationale for this study comes from our phase Ib study, where monthly CAM2056 showed potential for faster and greater reductions in body weight and glucose than weekly semaglutide, with a similar safety and tolerability profile. The phase IIb tests higher doses over longer periods of time. 150 patients or participants are randomized one-to-one-to-one to CAM2056 at 20 or 10 milligrams, each reached after dose escalation periods, or to placebo. The primary endpoint is relative weight change at week 36. Results are expected in the first half of 2028. We expect the studies to show potential for further weight loss with the convenience of once-monthly dosing. Before going into priorities, I would like to give a note on our commercial leadership. Richard Jameson here in the room, our Chief Commercial Officer, has decided to retire at the year-end. Richard joined us in 2016 as our first commercial hire and built our commercial organization in Europe, Australia, and the Middle East. Thank you, Richard, from everybody at Camurus. We have thoroughly enjoyed our time together, and fortunately, Richard will continue with us as an advisor. From 1st of January, Samantha Nickerson takes over as SVP International Commercial and member of the executive management team, with responsibilities for Europe, Australia, and the rest of the world. Shad Sheldon continues to lead our North American business, and Sam has led the U.K. priorly and to become one of our absolutely largest markets, and I look forward to working with her in her new role. Now over to priorities and a summary. Q3 was a record quarter for Camurus, with strong growth and a 44% margin without one-offs. We reiterate our outlook with results now expected in the upper half of the ranges. This gives us a strong base, profitable since 2022, and now with SEK 4.4 billion in cash. From here, there are a number of priorities. Commercial execution is one, strengthening our leadership in opioid dependence and continuing the launch in acromegaly and preparing for NET. The pipeline, with the anticipated FDA approval decision for Oclaiz and the SORENTO readout early next year. Finally, our partnerships and business development, where we continue to evaluate new opportunities that complement our portfolio. We enter this period from a position of strength with a clear path to continued value creation for patients and shareholders. With that, thank you so much for your attention, and let's open up for questions. Einar, we are ready for Thanks, Fredrik. The first question is from Romy O'Connor from Kempen. Please go ahead, Romy. Great. Hi, team. Congrats on the strong quarter, and thank you for taking my questions. The first, with the 194 events with SORENTO guided to accrue more towards year-end, are you able to comment on how the event accruals tracked relative to your original assumptions, especially with the original assumptions for the control arm PFS? On the manufacturer side, given the positive bioequivalence study that you have and the completed GMP inspection at the U.S. sites, are you able to comment on what regulatory steps remain before that can support approval? Has the FDA given you any feedback on whether this pathway is accepted? Thank you. Yeah, good questions. When it comes to the accrue, well, of course, you know that we have, for the past year, had the expectation of Q4 readout for SORENTO, and I think it's been tracking quite well according to our latest prediction, so to speak. It's always by chance to some degree because these are real events, and nobody can predict exactly how patients are going to progress. But overall, I think we see that there is a high likelihood that we'll get the events towards the end of this quarter, but there may also be some events that track into 2027 early days. There is no ability for me to give a more precise answer than that. Yeah, clear. When it comes to your second question, we have, of course, discussed with the agency, both earlier and more recently, the approach we have to secure a second manufacturer for CAM2029, and we have followed those guidance and instructions. Essentially, we have everything in place at this point, so it's more about putting the data together and sending the application. Clear. Thank you so much. That is a question about weeks rather than anything else. Yeah. Next question from Gonzalo Artiach from Danske Bank. Please go ahead, Gonzalo. Hi. Thank you for taking my questions. Gonzalo Artiach from Danske Bank. I have a couple. First one on SORENTO. You previously said that most SORENTO patients have grade 2 or grade 3 disease, but do you have any further color you could share on proportions, primary tumor sites, and prior progression of patients enrolled? That would help us to put the timing of event into context against historical studies. One question also for Anders. You mentioned before that the spending saved in 2026 moves into 2027. How should we think about the implications for next year's margin? Does the approximately 50% margin ambition still stand? Thank you so much. Yeah. Thank you, Gonzalo. When it comes to the baseline characteristics of the SORENTO patients, we have said that a majority of patients are grade 2 patients, so that's about 50%. We also indicated that a small group are above, are grade 3. That's a small group. The rest are grade 1 patients. Compared to previous trials such as CLARINET, we don't have a cap on grade 2 patients, so we accept Ki-67 above 10 and upwards for grade 2 and, of course, grade 3 patients by definition. I think those are the main characteristics. When it comes to the primary tumor site, I think you should look upon it as similar to at least the CLARINET study that I think we can and have communicated. Regarding the cost, we have two types of costs. We have the expansion in the U.S., and they are tied up when we get the launch, the expansion of cost. That's tied up also to increase revenue. On the R&D side, we'll have a higher level of R&D spend, of course, next year because some of the costs will then be occurred in 2027 instead of 2026. There'll be a higher level of cost on the R&D side than what we had assumed initially, because some of those costs will be taken next year instead of this year. On the profit margin, 50% or now we have reached 44%. That might be a bit higher next quarter, of course, depending on development. I would say that would be the range between 44% and 50% next year. We will have to invest in the U.S., but that also generates revenue. On the R&D spend side, of course, that will increase. That's the range I would say that we will be in without being too precise. We will not easily get up to 50% because we have to invest next year. Perfectly. Thank you so much. Next question from Shan Hama from Jefferies. Please go ahead, Shan. Hi there. I have three questions, if I may. I am happy to take them one by one. Firstly, can you break down the growth between patient volumes and price for Buvidal and give us a sense of how much of the strength should be considered sustainable into full Q and then 2027? That is my first question. Yeah. The volume and price, and sorry, revenue are similar. We have not had any significant price changes this year, so they are aligned, I think. Growth came from every region. We saw that this year, with market sales growing at the same rate. So right now, we are on track for the 100,000 patients at the end of the year. So I think, yeah, there is- At the end of next year. Next year, yes, of course. Yes, in 2027. Quite right. Thank you so much. My second question is, when do you expect Braeburn's investments behind Brixadi this year to start translating into more visible acceleration in Brixadi revenues? I think you have, as we have communicated, they have invested both in the commercial organization and into the medical affairs and medical science liaison structure. If you take the first one, oftentimes when you do a bigger expansion, you will have to do some things on the regional level, redistricting and so forth, and that can initially have a, what should I say, neutral effects. So it usually takes a few quarters before you really see the impact of these type of investments in resources. The same thing goes, of course, for medical advisory, medical affairs. I think you should think a couple of quarters at least before you start to see impact. This is more just a general observation rather than information we have from third parties here. Thank you so much. Just finally, how confident are you that, A, FDA will reinspect the original E.U. manufacturing site within the current review cycle, so by December 18, and then, B, the U.S. manufacturer will actually support approval rather than complicate the review process? Yeah, I think when it comes to the first question, I can say that I am not confident at this moment, and that is due to the fact that the inspectorate seems to be not communicating that very clearly at this point. I think I stand by what I said in the presentation. When it comes to the secondary manufacturer and the readiness there, I feel much more confident. That is, I would say, the opposite end of the spectra. We feel, and we have had interactions with the agency representatives also to support that. Understood. Thank you so much. That is all my questions. Next question from Mattias Häggblom, Nordea. Please go ahead, Mattias. Are you there, Mattias? Sorry. Mattias Häggblom, Nordea. Thanks so much for taking my questions. I have two, please. Firstly, with regards to the recently initiated phase IIb trial with CAM2056 with two different active arms, why only a placebo control? Why did the study not include an arm with weekly semaglutide as the phase Ib trial did? Secondly, perhaps some more insight to what is going on in the Australian market with regards to the dynamic around switching from the other long-acting injectable, but also some of the bottlenecks that has been referenced earlier this year in reports from Camurus with regards to physician access and so on. Perhaps a bit more in-depth description of what is going on in Australia. Thanks so much. Yeah. Thank you. When it comes to the phase IIb study, obviously, there is one situation that we had some data that we wanted to add, and that was the long-term data and also the dose response data. That we have fulfilled by the design we have now with the three-armed randomized study. Obviously, we already had the data, comparative data versus Wegovy, and that is also going to be part of our planned phase III program. At this point, we felt that that was not necessary. Plus, we do not have the final device ready for, as you know, and we have communicated, for the phase III studies, and we would like to have that before we do a comparative trial so we can look into a more broader aspect of the treatment than just efficacy and safety and tolerability. Essentially, we think that this study design we have, that fulfills our needs for the moment, and that allows us to proceed and start the phase III study with the amount of information that we were considering as necessary. Okay, and I will pick up the question on Australia. We started to see the transfer from patients on the other long-acting buprenorphine towards Buvidal at the end of the quarter. I think there is still some way to go, and we expect everybody to be transferred over that wants to be by the end of the quarter, as I said. That is progressing. Our medical team is supporting that transfer as well with the clinics. As for the bottlenecks, you are right, we have talked about that, and we continue to address that capacity issue, mostly through our pharmacy injection program, which is expanding all the time. More and more pharmacies are now delivering Buvidal at the pharmacy level, so the patient, that creates capacity in the clinic so new patients can start. That is being addressed as we go forward. I think also it is worth commenting that we have seen these transitions being made both in Finland and Sweden, and to some degree also in Germany. Yeah from the two treatments, long-acting treatments. That has been, I would say, a very positive experience, both at least for the treatment providers and the feedback we have seen. So, we expect this to be uncomplicated. Thanks so much. Next question from Filip Wiberg from Pareto Securities. Go ahead, Filip. Hi, good afternoon. Just got a couple of questions on Buvidal now, and maybe also on Australia. So, maybe first, you are talking about that you are expecting most or the ones that want to switch over to Buvidal in Australia to do that this quarter. But do you have a sense of how many that is? I think you have talked about a few thousand that is on the competing product right now. Yes. Obviously, Buvidal already had 80% of the share in the Australian market anyway, so it's the 20% remaining that's somewhere in the region of 3,000 or 4,000 patients, something of that nature. We anticipate the majority of those to switch over to Buvidal, as we've seen happen in the other European markets where the product was withdrawn. Okay, good. Thanks. Just on the phasing of this. Now you're saying most of those are going to switch in Q4, so it seems like that would give kind of a clear boost in patient growth, maybe above recent trends. Is that the right read, that Q4 will see kind of a boost, and then that we should expect some return to a more normal quarterly pace in 2027 towards that 100K target? I think you can assume also that there will be some, we don't really know the size of that, some patients that will switch over and have their first Buvidal dose into Q1 next year. So, it's very difficult to give proportions there, but I think, as Richard Jameson says, a majority of the patients should complete their treatment with the current product, or at least be given the last dose in December or so, and then switched over to Buvidal. So, I think that's a fair estimate. Okay, thank you. Just last one, if I may, just on the cost guidance here. Specifically on the R&D phasing that now having more costs in 2027. I just didn't understand that, but what has caused this, the fact that it's lower this year and it's pushed to next year? Yeah, so a number of milestones for the SORENTO trial will come in the first quarter instead of Q4 of this year. That is a majority of the spend. Then also some clinical costs will occur in 2027 instead of 2026. It is nothing unusual. It is more how the contract has been signed. As Fredrik said, we have initiated the new phase IIb trial, so that, of course, also has a number of costs associated. Okay. Thanks, all. That is all from me. Next question is from Christopher Uhde from SEB. Please go ahead, Kristoffer. Hi there. Christopher Uhde, SEB. Thank you very much for taking my questions here. I was wondering whether you can give us a view on the potential impact of the U.S. midterm elections on the opioid dependence market. Does it make you more optimistic or more cautious? I guess, are there any hard anecdotes that you have around that? Is it still the CJS that has been the big positive driver versus your past expectations? That is my first question. Yeah. It's a very difficult question to answer this early. There's so many new candidates that have been elected, and we don't know. But generally speaking, you could say that blue states have perhaps been more positive to treatment than red states traditionally. But on the other hand, I would say that the view on opioid dependence treatment or opioid use disorder treatment has been positive across the board. So, it's difficult to give a And we have not, I should say, also done a deep dive into this question. So, I think I'm speaking very loosely here. Okay. I guess in terms of Europe and Buvidal, you've been growing despite headwinds from the drivers that you originally expected not appearing, which, and obviously you've benefited to some degree from the exit of your competitor. But overall, it seems like a sign of a strong business. But I'm thinking in particular of, has there been progress on German remuneration, and why is there a delay in U.K. disbursements of funds? And then, of course, are you delivering growth in those markets despite that? Is it just primarily the switches, or is it something else? Well, I can start. I think what we have said is that the growth for Buvidal is broad-based. And I think that has compensated the fact that we haven't got these, what should I say, we haven't got the German remuneration change implemented yet. And Richard can talk about England, but I think it's broad-based. And when it comes to the, yes, there's been some benefit of this switch from products, but what's been very interesting for us to see in the market, for instance, in Scandinavia and Finland, is that we have grown significantly in Finland despite huge market share, and we have outgrown the growth from the transitions by far. So, it's a broad-based growth, and it involves many different components, which I think is very nice for the future going forward here. Richard, you can give some more light on. Yes, the growth is broad across countries. Remember, the other long-acting buprenorphine was only really in two countries, a tiny bit in Germany, but mostly in the Nordics. But it's interesting, we're gaining patients from switch, from prison segment, new patients starting treatment that haven't come into treatment because of the burden of treatment with daily medications. So, there's a raft of different dynamics in there, of which the long-acting buprenorphine switch, yes, you're right, but it's a very small part of that because they didn't have high share and weren't very visible across Europe. I think we should also stress that we are continuing to see struggle a little bit in the U.K., and I think that is just a topic with the political situation changing repeatedly, and then, of course, the general austerity of the U.K. system. Got it. My last question was, are you comfortable with consensus EBIT guidance of SEK 1.7 billion in 2027 and SEK 2.7 billion in 2028? Thank you. I think we will come back to that question, I think, in Q4, but I think it is difficult to comment on this, so others here, they agree. I will get back to the comfort there, if you do not mind. Thank you. Next question from Georg Tigalonov-Bjerke from ABG Sundal Collier. Please go ahead, Georg. Hi, this is Georg from ABG. Congrats on the strong quarter, and thanks for taking my questions. I have a couple, please. Firstly, I'm wondering if you saw any phasing or other positive timing effects for Buvidal in Q3, and also wondering if you could elaborate a little on the main positive drivers in Spain and France. Then lastly, now that there are relatively big upcoming changes in Australia and the dynamics there, it would be nice to hear if you could say something about the rough split of Australia in your segmented MENA plus Oceania sales segment, and are talking somewhere in the three-fourth or 75% range, or is it significantly more than that? Thank you. Yeah, I think these are questions for Richard. When it comes to the split, we should say that Australia is really dominating, so I don't think we have gone any further than that. Yeah, and in terms of Spain and France specifically, your questions were, it's penetration of the markets. They're both markets with a lot of oral use and big opportunities for them, and we're making progress in those markets. In Spain, recently, we had a, maybe two quarters ago, I guess it was, a change in the position of Buvidal as a first-line treatment rather than use after some of the orals have failed. So, that's helping us grow the penetration there. Similarly in France as well, there's more acceptance of the value that long-acting buprenorphine, specifically Buvidal, brings to the treatment system, more people understanding that, and more patients getting access. Thank you. On the potential phasing or other positive timing effects here in Q3, none of them, or anything? No, the in-market demand was aligned with the invoice sales, if you like, so there was no phasing or anything of that nature. Great. Thank you very much. That is all for me. Next question from Damien Choplain from Stifel. Please go ahead, Damien. Your line is open. Yes. Hi. Hello. Thank you for taking my question. One follow-up question on CAM2056, please. Looking back at the phase I-B results, how much of the efficacy advantage observed was driven by the faster dose escalation schedule versus the potential pharmacokinetic benefit from the FluidCrystal formulation? I did not really hear. Yes, the pharmacokinetic benefit, yeah, obviously, the impact of the treatment is related to the pharmacokinetics, and CAM2056 does have significantly different pharmacokinetics compared to Wegovy weekly. That is both in terms of the uptake, the absorption phase, which is significantly slower and a later Tmax, and then together, of course, with a longer duration. Okay, thanks. Maybe last question. Assuming positive phase II-B results, would you intend to advance the drug into phase III on your own, or would you seek a partner? We have not made that decision yet. We have both opportunities, so we are taking one thing at a time. We do believe we can do this as a relatively modest program, considering the area, of course. So, we have not excluded any possibilities at this point. Okay. Thanks very much. There are no more questions at this time, so I hand the web back to you, Fredrik. Thank you so much, Einar, and I will just then finish by saying thank you for attending our call today, and looking forward to meeting you or coming to the next call in a quarter's time. Thank you so much, and we are closing the call.