Most welcome to the first Capital Markets Day of Iconovo ever. This is of course a milestone, and we are very happy to have you with us. We are broadcasting live from Malmö today, and you might be anywhere in the world. As you probably noticed, Iconovo has been releasing a flow of interesting and promising news the last few weeks, so we have a lot to talk about today. I will be your guide through this event. My name is Amanda Tarmia, and I run a communications agency called Spring Kommunikation. We are specifically aimed at sustainability and innovation, and those are two of the topics that we are going to talk about today. About the speakers, Iconovo has a strong management team, and some of them will be presenting here from the studio. Just to get you some insight on their backgrounds, I will tell you a little bit about them when I introduce them, since this is a strong team that together has the competence to take Iconovo into a successful future. For you viewers, you have shown great interest in this event, and we have received quite a few questions in advance, but it's not too late for you to post a question. You can write it in the live chat just close to the video window where you are seeing us right now. You can do it anytime during the event, but we will gather all the questions and answer as many as we have time for at the end of the event in the open Q&A session. By then, you will have learned a lot about Iconovo, and I will give you a sneak peek into the agenda for today. We will begin with CEO Johan Wäborg. He will tell us about the company and the newly released strategy for the next five years. You will get to know some more about the basis of the company, which is the generic products from CTO Orest Lastow and Vice President Business Development, Roger Lassing. They will also brief us on the innovative inhalation projects, increasing potential earnings for the future. We will turn to the new business area, Iconovo Pharma, presented by Johan Wäborg, but also CFO Anna Gallon. They will also sum up the corporate strategy before we take all of your questions and move into the Q&A session. First of all, I want to introduce you to someone special. Please welcome into the studio, the new Chairman of the Board, Gunnar Gårdemyr. Thank you, Amanda. Nice to have you. Thank you. Gunnar, I would like you to tell our viewers a little bit. Yeah about yourself. What is your background, and how come you chose to take a seat on the board of Iconovo? My pleasure. I've spent close to 40 years in life science, primarily in biotech and pharma. Primarily also in building organizations, companies, a lot of marketing and sales, strategy, and business development. Hopefully, some of this could be sort of an experience that is valuable for Iconovo on that growth journey forward. I was very excited when I got the call from Iconovo about 18 months ago about joining the board at Iconovo. I started out as a product manager at Astra many years ago, and one of the things that I did was to launch Bricanyl Turbohaler. That was a very exciting experience for me, and also something that have since then made me very interested in the inhalation area. I moved on to Nycomed, a little bit of a company that grew from a Northern European company to a global company. In that function, I built market access, I built business intelligence and some other group functions. I was also responsible for sales in the rest of the world, including then China. The last thing I did was then to be part of the group that sold Nycomed to Takeda in 2011, a business of about EUR 9.6 billion. I moved on to Torax, which is a immuno-oncology company where I raised $38 million and also took care of an IPO in the Norwegian market. I am since then focused then on board work and part of three other companies in Sweden, focusing then on oncology. Thank you. A little about you and so much experience. Yeah. Welcome into Iconovo. Thank you very much. We will get back to you shortly with more questions, but now I want to hand over the stage to the CEO of Iconovo. He came to the company a year ago, bringing valuable experience in international strategic business development. He has a wide commercial background with experience from pharma marketing, business establishment, and business development, with strong growth in a listed environment. Please welcome into the studio, Johan Wäborg. Thank you very much, Amanda. Johan, this past year, you've used your experience to turn Iconovo's focus from product innovation to commercialization. Today, for the first time, you will be expressing Iconovo's future in numbers. Yes. Please take the stage. Thank you. I'm very pleased to be here and to welcome you all. Iconovo is a company that is deeply rooted in inhalation, and we have the bold vision to radically transform inhaled drug therapy by providing unique devices and tailored dry powder formulations. Today, we would like to take the investor view, and I would like to introduce you to Iconovo today in the start of this Capital Markets Day. I want you to get a good view of our business model, how it's scalable and flexible. We also want to go through the platforms and projects. Don't worry, you will have enough time to dig really deep into this today. What I want to pay special attention to in the beginning here is the five-year guidance that we published only a few days ago, so financial targets for 2026. I also want to delve into the new strategy of Iconovo: generics, innovation, and pharma sales. To start with, Iconovo develops and out-licenses complete inhalation products, and they're all based on our proprietary platforms. We have four platforms today. We have ICOcap, we have ICOres, ICOone, and ICOpre. We create value for you as an investor in this very interesting intersection between medtech and pharma by addressing enormous global markets around the globe. We do this with an attractive business model that works as well for innovative products as for generic products. We by now have a portfolio of projects, and therefore, we can offer a quite controlled risk. Of course, we wouldn't be here if we don't have a great customer offering as well. Customers around the globe contact Iconovo, and they want to see us because very few companies around the globe can actually do what we are doing today. The company was founded in 2014 around device development and design. As you have heard, probably a lot of people working in AstraZeneca are today working in Iconovo. Orest Lastow, whom you will meet today, was one of the founders of Iconovo back in 2014. They founded the company around device design. Another department that we built around this is the competence around the powder and the formulation technology. We have a third department with analytics so that we can all the time test and make sure that the powder ends up in exactly the right composition and that the inhaler and the powder is working perfectly together. The Iconovo offer is that we develop pharmaceutical formulations optimized to our inhaler platforms, and we then make an exclusive license agreement for a combination of the platform, which is one of our inhalers, a drug of the customer's choice, and in one of the territories that the customers would like to launch in. Our customer offering is all about reducing the risk and reducing the time to market for companies around the globe. The way we do this is by an integrated way of developing the pharmaceutical product. We develop the platform, the inhaler, in parallel to the formulation development. Once we are done with that, we make a technology transfer to the customer, here illustrated in blue. When they take over, they make the Pharmacokinetic trials and the registration trials needed. They make the logistics set up, the production, and eventually, they are the ones who are launching this. From the launch on, we will receive revenues in terms of royalty. That is also a key part of the revenue model of Iconovo. It's quite simple, actually. In the beginning of a collaboration, we will receive a technology access fee, then we develop the project over a couple of milestones. Then in the end, when the product is launched, we will get our fair share of the profit as a royalty or a profit split. Today, we have a comprehensive product pipeline. This is the latest view on the pipeline. It has changed quite a lot recent weeks with some new additions. I will take you through it from the top, but you will get enough time today to really get into these projects. From the top here, you have the two ICOres projects, which is the one with Amneal and the one with Intas. In the middle, you have the ICOcap project, which is for Ultibro and Seebri with BNC Korea. You have the global partner in Stevanato, which have the global license to market ICOcap, and also they have production facilities. Towards the end there, you have ICOone, which is the single-use inhalation device that we have primarily for innovative pharmaceuticals. There we have Monash University with oxytocin, and we have the COVID-19 project together with Immune System Regulation. You can look at the bottom there, you see I added something that we made public only last Friday. We recently initiated a collaboration with Respiratorius as well, where we will make a feasibility trial or a feasibility study for a COPD drug in ICOone as well. The last line there you see ICOpre, which is our very important strategic endeavor and our aim towards the Ellipta portfolio and the U.S. in 2025. Quite comprehensive. We will go through it with you. One other thing I would like to lift on this page is just the second column from the right where you will see that we are entering a very interesting time in Iconovo's story, where we will actually see about three of these products entering into clinical trials this year. We have a board, which is, you've already met Gunnar, the new chair of the board. I'm very pleased to welcome him to the company. We have a comprehensive wide very experienced board with a lot of experience from both retail and pharma industry. I would like to pay a special welcome, say welcome to Ann Gidner, who is new member of the board of Iconovo as well. To the right there, you have the leadership team, of whom you will meet several persons today. You will meet Anna, you will meet Orest, you will meet Roger as well. We have Michael Arinder in operations and Mikael Ekström in R&D. Iconovo is a listed company. We are on Nasdaq First North in Sweden, and we did our IPO in April 2018. Today we have a cash position at the end of Q1 of SEK 53 million. We have a market cap today of around SEK 550 million. I would like to introduce you now to our long-term strategy. This is a strategy that we have been working on for a couple of quarters, and it is really the strategy that will propel us into a very successful future. It maximizes the value that we see that we can get out of the company. It's a three-pillared strategy. We have, first of all, the generic area, which is an interesting area which we are established within. It was the strategy that the company was founded around. It is a lower risk area and an area where we can be faster to the market. We have the innovative space, which is really interesting. It's a bit higher risk in those projects that we launch into here. The rewards on these innovative projects are enormous. This is also the area where we see the highest growth potential within these three strategy areas. The third pillar is the pharma sales. Really here it's all about tapping into capturing the full value of our innovation. These three sections will act as the menu for today or the agenda for today. You will see us go through each and every area. A few days ago, we also, for the first time, gave you some numbers and some expectations that we have on the future. Our five-year guidance was issued. Our five-year targets that will come from this long-term strategy is that we in 2026 will have reached a SEK 200 million revenue. That will come from royalties, milestones, and our own Nordic sales, in 2026. A very important signal here as well is that we plan to do this with high profitability, and we are aiming at the 50% operating profitability in 2026. We come from an historic stable growth where we have grown our company from increasing the number of projects we do, we can receive more royalty payments. What we do now with the new strategy is that we are really building a foundation to capture maximal value from what we know how to do. This will all start with this strategy and be fully released in 2023 when we plan to launch the first products on the market. In 2023, we will have global generic royalties and also the start of the first sales revenues from the Nordic region. In 2026, when we reach the SEK 200 million, around a third of that, as an indication, will come from Iconovo Pharma. It's quite substantial part that will come from that. The rest will come from a mix of royalty and milestone revenue from Amneal, from Intas, from BNC, from Stevanato, and ICOpre projects that we today have made publicly known and that's what we are working with. Even when we are here in 2026, I would like to say that we still have a lot of green fields ahead of us. We will see the next phase of the generic launches starting. All of the things that we will do within the ICOpre portfolio basically will come from 2025 until 2030, even beyond. We will also see many of the innovative projects that we are launching today will be launched hopefully in the market in that space. Also, when we have built Iconovo Pharma, leveraged, launched our products within that, there will be a lot of growth within that company as well. On top of this SEK 200 million, we have defined two additional areas as upsides. We see a SEK 70 million potential revenue upside from the sales of Symbicort in U.S.A. This will happen if generic Symbicort sales is established in the U.S. The other upside is potential revenue of SEK 100 million from the COVID-19 vaccine that we have a collaboration with ISR around. In this area, there are high success rewards, although a lower probability. A closer look on the U.S. market will tell you that this is an enormous market, as most markets in the U.S. are. Symbicort is a $1 billion market. Actually, in the U.S., you have the spray version of Symbicort and not the dry powder that we offer. You saw a growth last year at 23% in this market. It may have something to do with the COVID pandemic. Still, it's a really good growth in the world's biggest market. The other upside we should take a bit closer look at is the COVID-19 vaccine from ISR. This is a possibility for us to launch an innovative inhaled project a bit earlier. As you know, with COVID, we have to make every effort to put this on the market as soon as possible. We promise to make every effort so that ISR can have the best possible timelines to build their case on. This could even trigger an earlier profitability point for Iconovo. The probability of success, as I mentioned, for all our innovative projects will be somewhat lower than for the generic projects. From an Iconovo point of view, we need to build a portfolio of innovative projects so that we can increase the chances for us to success with some projects. When you are developing pharmaceutical products, of course, the risks are there, and we have identified the main risks, and most of them are on this page. We believe that we can balance most of these risks with our business model, with the wide strategic width that we have within our company. The very important thing that I would like to point out, that I put a lot of emphasis at, is that we want to build a great company that people want to work in. It's a knowledge company, and we take pride in developing the individuals who work in Iconovo. We also gave out some guidance on what we think or what we aim that our company should look like in 2026. We aim to be a company that is still a lean, effective, and highly competent organization. We will be around 50 employees, and we see that with a new agreement tempo at around one- three annual agreements, we will have a project pipeline of around 10 projects. We see that we can launch five products by 2026. These generic partnership launches will have triggered also then five royalty streams to us. This is the approximate timeline for this. We will see in 2023, the aimed launch at the Amneal ICOres generic in the E.U.. Shortly thereafter or simultaneously, we will launch Iconovo Pharma Symbicort generics in the Nordics. After that, in 2024, Ultibro and Seebri will launch through BNC Korea. We have a generic Relvar U.S. launch planned for 2025- 2026. You also see Intas with an undisclosed product here being launched in the later part of this period. Many many things to come. Another very important thing for us at Iconovo is sustainable development. We have, for the first time this year, really made an effort to put clear targets on what we want to achieve within this area. We have identified three areas, Good Health and Well-being, Decent Work and Economic Growth, and Climate Action as the three target areas where we want to make a difference. By 2026, I see that we will have clear achievements to show within each and every one of those areas. To summarize it for you, our five-year target is that we aim to reach SEK 200 million revenue in 2026, and we will do that at the high 50% operating profit. We see two upsides, SEK 70 million in US Symbicort and up to SEK 100 million in the ISR COVID-19 vaccine. Thank you. Thank you so much, Johan, for showing us the potential future. I would like to ask Gunnar to come back here as well to talk to us a little bit. Thank you. Gunnar, both you and me and the viewers, we have now listened to Johan. Which challenges and opportunities do you see for Iconovo in the near and long term? Yeah. Well, if I may start with the opportunities, I see a lot of opportunities for Iconovo. We have the people, we have the flexible business model, we have the innovation, and we have the newly launched Nordic concept. The people, we have very competent innovators and product developers focusing on an underserved area, inhalation product in general and respiratory field. I think that we can do many great things going forward. We see the witness of the past here on the table. I think that going forward, we'll see much more innovation from Iconovo. I think that's a great opportunity. The flexible business model, we have three different legs to stand on. Both the specialty generics we have the innovative products, we have the Nordic sales. That means that we both have enormous growth potentials in all of these three areas, but also very de-risked business potential. If something slows down in one area, we can speed up something in another area. I think that's a strength as well, an opportunity. You have innovation, and we have seen the three agreements we have now recently had with Monash, ISR, Respiratorius. That shows also that part of the business model is very interesting and actually works. We have now proof. Going forward, we can see, of course, much more of those kind of more aggressive business development opportunities materialize. I think that will also boost Iconovo further. Last but not least, we have then the Nordic sales, which I personally believe a lot in. I think that the market is big for inhalation products in Scandinavia, Nordics. We have, of course, also heritage from AstraZeneca or Astra Draco, with also use in Scandinavia that is very high, and we can capitalize on that. How about the challenges? A bit shortly. Yes, shortly. Challenges, I think primarily it's to explain the business model. Both the innovation track and the Nordic sales are quite new to the investors. I think that we have to explain that in more detail and how that sort of complements then the generic sales. That's great, because that's why we're here today. Yeah. Yeah. Johan, for the first time you are predicting the future in numbers. Why is this the time? Well, the time is right now because the last half a year we have made a lot of agreements. A lot of things have happened. We have been able now to launch this new strategy and made this public. The customers that are kind of leading the commercialization process and Amneal, they are getting ready with their production and everything. We think it's the perfect time now to both explain this complexity and to explain also to the market what this great opportunity may lead to. Gunnar, can you just tell us a little bit about how should a board work for this developing company, Iconovo? Yeah. Well, first of all, I think that we have seen a little bit of change in the board. I think that that started by the company realizing that you need to move sort of from an innovative startup to a more sort of commercial setup. That's reflecting maybe my sort of bringing on myself and others into the board. Now we have a large board, and that board also reflects everything, as Johan said, from retail to life science, business development, and other skills that you actually need for the next part of the growth journey for Iconovo. This is actually an unusually large board, but there is a purpose then? Yes, I think so. We have nine board members totally today, but I think that we work very well together in different committees and so on, focus on different areas. We think that all of this competence together can maybe help the management also bring this company to even greater potential. Yeah. Even greater potential. Yeah. That's a good place to leave this discussion. Thank you so much, gentlemen. Thank you. We will get back to you later. Now we will turn our eyes to the technology which Iconovo is based on. I will introduce to you Dr. Orest Lastow. He is the Chief Technology Officer, the founder, and innovator of the technology platforms. He worked more than 15 years for AstraZeneca when they were world leading in developing inhalation technology. Thanks to his broad knowledge spanning from chemistry via physics to mechanical design, Iconovo today can offer a unique range of inhalers. Together with Orest, you will meet Roger Lassing, Vice President, Business Development. He brings more than 30 years of experience in pharma and biotech into the company. He has actually been the global brand manager for Symbicort, the product which Iconovo is now following up with a generic version. He has specific experience in the realm of combining drug and device, and this is a unique selling point for Iconovo. Most welcome, Orest and Roger. Thank you very much. Thank you. Nice to have you. Orest, you will introduce your generic product range, and there will be something similar to a world premiere, right? Yes, absolutely. Exciting. Roger, you will tell us about the markets waiting for Iconovo's products, and also about an agreement that suddenly doubled the market for your predicted bestseller. Perfect. Yes, I will. Great. Gentlemen, I leave the stage to you. Thanks. Welcome, everybody. I'm very excited to present ICOpre to you. It is the most advanced and most innovative product that we have ever developed. It's a device that really reaches far out and has the potential to be best in class. It's a device that we developed to be similar to the Ellipta device that is a major product portfolio of GlaxoSmithKline. That has great commercial potential that Roger will talk more about. We have developed it to be similar in all ways that is required for being approved as a generic version. We have also added some features that will give us differentiation and some benefits to the users. Those two things are an inhalation feedback and load feedback feature. This is what it looks like. When you load the device, you will get a visual feedback it's loaded, ready for inhalation, and after inhalation, you get a feedback that you have inhaled in a correct way. I believe this is a very strong feature that will promote our device over our competitor. One thing that we had to decide very early in the development was which route to take. There are two obvious ways to go when you do a generic device development. One is to more or less copy the original. This is the route that most of the competition to us are taking. They're doing something pretty much identical to the original based on the same technology. They're using an aluminum strip that is in the Ellipta device. This technology is protected by six different patents and locks out pretty much those devices until 2030. We decided to take a different route. We have our own technology, which is based on an injection-molded disc, and we have a new technology to open the cavities and disperse the drug, and we have our own patents. By doing our own technology, our own inventions, I think we get a great advantage over our competition. Another thing that we have that I think is very important when you develop this kind of product is that we have all the functions, all the capabilities in-house. We have device development, we have formulation development, we know how to do the filling and the heat sealing that you need to do, and we do all of this in concert. It's a true concurrent product development where everything is done jointly by the same team in the same facilities, in the same labs. This gives us a much better understanding and much quicker problem-solving, much more innovative solutions, all of that. Many companies doing this kind of development have device development done by one partner, a technology firm, formulation development by a second partner, the heat sealing filling developed by an additional partner. This makes them spend a lot of time on coordination and bringing those technologies together. We have all this already in-house. We start off very aggressively. This is our biggest investment ever. We develop the device, but we also develop all the formulations required to match all the products in the Ellipta portfolio. Which means that we develop five different formulations at the same time. If you combine them, you actually get seven different products. What we focus on primarily today is the Relvar, which we spend most of the time because that's the product first being off-patent. We have already in development the formulations required for all the products and the Relvar products we have gone the furthest. I'm very happy to show you this because this is the first time we show real results. Those are results from our device with our powder compared to the original Ellipta. As you see, we have very close performance. We are very close to meet the equivalent criteria of the product. Of course, a lot of work remains. We need to do all the different process optimization, all the testing. It's a lot of work remaining, but we are at a very good start and a really good position to move on. Roger. Thank you. I'm going to take you through some market understanding, also some of the competition. The reason we're developing ICOpre is that we want to target the future largest inhaled generic opportunity that exists, and that is the Ellipta portfolio from GSK. The product portfolio had sales of $3.5 billion in 2020, and it showed a growth rate of 20%. If you're looking at it, there are at least three really big opportunities, which is Relvar, called Breo in the U.S., Trelegy, and Anoro. If we want to really capture the full value of this opportunity, we need to go to the U.S. market as well, because the U.S. is half of the opportunity. We saw that was a really good growth rate, and that will continue to grow. It's expected that in 2025, this will be a portfolio of almost $5 billion. Of course, we can only launch our product once all patents have expired. We are here looking at a combination product of a substance and also of a device, which means we can only launch it once all valid patents have expired. As you can see from this table, there will be a lot of patents on the Ellipta device that will actually stop companies from launching, even if substance patents have expired. The most obvious one, that's Relvar, where the substance patents lapse in 2025, but it will still be protected by additional device patents for the Ellipta device. We aim to be ready to launch in 2025 in the U.S. It's also important to know that 2025, that's when the patent expire in the U.S. We will only be able to launch in Europe a few years later. They have some patents that last a bit longer. Here we're looking at a launch in 2027. If we're looking at this opportunity, because of course this is a big opportunity, also attracting other competitors. We can really see two categories of competition. One is competition where the device will have the same handling as the Ellipta device. There could also be competition from other type of devices that have a different handling. If we look at these two categories, we decided to develop a same handling device, which is ICOpre, because that will be substitutable at the pharmacy level. You don't need to have a doctor to prescribe a different product. That will not be the case for the other type of products. We can also see that if it's operating the same way, the patient acceptance will be much higher because they will know how to operate just by looking at it. We have a dual cavity system as the other in that category. That will also give an advantage in the development because you can develop, for example, if it's a two substance product, we can do one powder for each active substance. It will be a much easier and lower risk development path. If we're then looking into the ones that are aiming for the same strategy as we have, we have identified three other companies doing it, that's Vectura, it's Merck & Co., and it's Coalesce. Vectura has already partnered with Hikma, so if you're looking forward, that is not a competition for new partnerships to Iconovo. We don't know the status for Merck & Co. and Coalesce because they are private companies. There are no partnership announced. Like I said, they are not on the public market. We don't know for sure. We have capabilities similar to Vectura. That means that we are developing the device, but we are also doing the formulation. In this project, we are actually aiming to do a final inhalation product that works. That is not something that Merck & Co. o r Coalesce can offer because they are companies that are aiming for making devices. They don't make formulations, so they need to find a partner to do that and have that potentially a bit more cumbersome development as Orest was just describing how we do it in an integrated fashion. Our big selling point, as I see it, is also that we have a non-blister solution. We have designed our own internal design, which will really lower the risk, if not removing it completely, for potential infringement to GSK patents. That will make us a much easier way forward. I also would like to address the opportunity because as I said, this is the biggest opportunity we see. In 2025, like I said, this is almost SEK 5 billion, and you see that on the pie chart to the left. Here again, U.S. will be about half of that size and Europe will be 1/3. There's also a big market outside of U.S. and Europe, which we tend to focus on. Of course, how big share can our partner get in the future? Given the landscape I've just described and the fact that we aim to be in the first wave, we believe it's reasonable to capture a market share of at least 10%-15%. If our partner would capture that type of share in the market, if you're looking in the middle part of the graph, we think our partner had the potential to have sales between $500 million-$700 million, which is a significant opportunity. Here we also expect to get terms similar to what we have for all our current generic collaborations, which means at a royalty between 5%-10%. If you then apply those numbers to our potential partner sales, you can see in the table to the right that our sales basically can be ranging from $24 million-$74 million. This means from SEK 200 million-SEK 400 million, and half of that will come out of U.S. The last thing, looking a bit about the partnering process, because we don't have a partner today, and we're already talking to a lot of interested parties. Of course, these are customers we've been talking to historically as well for a lot of our other opportunities. In parallel, we're doing the development at full speed. This is what we'll continue doing 2021. When we have data sufficient enough for our customers to be willing to make an agreement, because this is a high investment game for them as well, we will have data to convince them that we have fixed and have a good product which is equivalent. That means that we will have a partnering process running during the first half of 2022. We aim to do it as quickly as possible, but at least what we're saying is that in the summer of 2022, we should be able to have an agreement in place. If you're looking at our current development plans, that means that as soon as that agreement is signed, we will be able to go into the first pilot trial, seeing if this is really equivalent in patients as well. That will then be the end of 2022, and then we will start doing all the pivotal work which is required to file a registration file and be ready on time. We will then work in parallel to support our partners in process scale-up, tech transfer, and optimization. We are looking for a partner that have a size and geographic reach. We want them to have a big footprint, at least including U.S. and Europe. Of course, the financial terms we are offered will be very important. Ideally, they should also be focused on respiratory, because this is a special area, not only for developing the product, but also for running the clinical trials. Of course, we are looking for someone who is willing to take the whole portfolio, so we can take all the products we've talked about to the market with one partner. Thanks. Now I think we will move on to ICOres. Thank you, Roger. ICOres, my pride and joy. This is the first inhalation device that we developed. It's our most important one, and I call it our flagship. This inhalation device has brought us the very, very important Amneal deal and will also be the inhaler first on the Nordic market with our own name on. This is a fantastic product that I'm very, very proud of. When we started off developing ICOres, our ambition was to have something that's equivalent to AstraZeneca's Turbohaler. We wanted to have something that looks similar and is handled in the same way, so it'd be easy for patients to know exactly how to use it, so it may be truly exchangeable. Based on that, we developed something that has the same performance, same kind of features, same kind of formulation, et cetera. Based on our long, long experience from AstraZeneca, knowing what the limitations and weaknesses of the original Turbohaler are, we added some very, very important features. Features that we believe will give us an advantage over the original, and definitely a strong advantage over our generic competition, and will also make our patients much more confident in their use. The first thing that was maybe the most important one, it sounds simple, but it's extremely important for the users. That's a dose counter. When you use this product every day, you want to know how many doses you have left. In the Turbohaler, you have an indicator showing, as you can see in the slide, it's somewhere between 80- 100. That's how accurate it is. You don't really know how many doses you have left, and you cannot really see that when you have operated, that it has counted down because it doesn't really move. We have an accurate counter which counts down every single dose. You know exactly how many doses you have left, and you can see directly that it has counted down. It's a very, very important feature, and it's something that the patient, clinicians, healthcare providers have asked for decades. Literally, for decades. Now they will have that in ICOres. Another thing is an indicator providing feedback that you have operated the inhaler correctly. When you use the Turbohaler or the ICOres, you twist back and forth and you inhale. The amount of powder is so tiny that you cannot feel that you have inhaled the powder. You just suck on it and hope for the best, if you may. That's also something that's deeply troubling for many patients because they want to know, "Did I do it correctly? Did I receive the dose?" In many cases, they do it an extra time. They take one, two, three extra doses just to be sure, and that's really, really bad. We have a visual indicator showing when you have loaded, it's ready for inhalation, a closed window, it's ready, the powder is prepared. When you suck on it, you inhale it, you can see a change in the window. It opens up and gives you feedback, successful inhalation. You have received the drug. This is something that will provide safety, comfort, and a lot of improved compliance when using our drug. We believe this will be a very, very strong differentiating factor. Also, when we started developing ICOres, we were aware of that what the trend is. The trend is towards electronics, connectivity, mobile health, et cetera. Someone would ask for electronics in ICOres. We developed it in a very modular way. Today, we have the counter and the feedback features as one mechanical unit in the attic of the device. If a customer would like to have electronics instead, we can easily remove the mechanical counter and replace it with a circuit board, batteries, display, et cetera. That will give us an electronic version of ICOres. We are prepared to do it. We have partners that we know are able to provide this service, and it will be able to be combined with apps. It could be general apps or proprietary apps specific for our product. This is a way of preparing ICOres for the future. Roger. Thank you. I'm going to continue at the same path, but for different products. We're going to look at the competitive situation for Symbicort, so the Amneal project. This is actually a market where, given how long it's been generic, there are very few competitors who have entered the market. Today we see Easyhaler, launched by Orion, and Spiromax from Teva. As you can see from the image, they are not really looking anything like Turbohaler. They are operated and handled in a very different way. We see that as a major and a unique opportunity for launching ICOres. This is the only truly same handling device inhaler available when it come to market. If we're looking at it, we have also, on top of that, added features just described by Orest, which will make our product even better than the originator. What is also very unique to ICOres is that we have two reservoirs, which is a very good feature to have when you're developing various strengths of a product, which we are with our Symbicort, generic Symbicort ICOres. I also would like to take you through the market here. This is still a $3 billion U.S. dollar market. This includes both Symbicort, but also the sales of the generic products, because we feel we can successfully compete with them as well. It's not only about taking sales from the originator. Here what we can see is that U.S. is about 1/3 of the sales. Europe is another 1/3. What is often forgotten is that there is also a lot of business coming from the rest of the world. Here we have done work with PVC. Looking at it, there was an estimation that a market share of 10% is reasonable given where we are, still launching third, but with a better product. Like Johan was saying, U.S. is an opportunity. It's 1/3 of the global market, but it is a spray formulation that is available in the U.S., so it's not a Turbohaler we would compete with. That means that we have looked at that as an upside, but it's still part of the potential. If you're then looking at how much sales could Amneal potentially make if they are so successful that they can get a 10% market share. If you're looking at the bar graph in the middle, you can see that Europe is, as we've said for a long time, about $100 million U.S. dollar opportunity, but that would be another $50 million coming from rest of the world. If U.S. also would come true, that would be another $100 million. Then it would be all the way up to $250 million U.S. dollars. We have communicated here as well that we have a royalty between 5%-10%. If you look at the table to the right, you can see what that type of sales that I just described would translate to in royalties to Iconovo. For the ex-U.S. territory, where we would compete with Turbohaler, we see there is a royalty potential. That is royalty income to Iconovo from $8 million-$16 million. That is roughly SEK 70 million- SEK 140 million. On top of that, we can see that if everything works in our favor, the product would be launched in the U.S., that would be another $5 million-$10 million as an upside. Just to give a bit more flavor to what is happening in the market, I would like to share two pieces of information, one linked to Europe, one linked to U.S.. To the left, you see the market shares in E.U.. In generic product, usually you lose market share very quickly. Due to the fact that the competition doesn't really have a comparative inhaler, they are eating share. They are also today somewhere in the range that we expect, a bit above 10%. Turbohaler still have slightly more than 70% of the market. There is a lot of business still to be captured in this market. Also coming back to the uncertainties in the U.S., there is litigation ongoing, as always, for big selling products. AstraZeneca have prepared for a generic launch, and we can see that because they have launched what is called an authorized generic, which means that you have a company launching your own product as a generic offering. We feel that is something they have done because there has been ongoing litigation. The latest we heard was that AstraZeneca was successful in protecting it. In general, I would like to say when it comes to patents, that is like a living creature. There are always developments to happen going forward and uncertainties. Here, I also would like to say a few words about the process. This is a much more developed opportunity. We have finalized the development work for the product that will go into a pilot equivalence trial. That is being prepared as we speak, and it will run during this year. If that all looks good and well, we will go into a pivotal trial immediately. That is the registration trial. After that, it's another waiting period because there will be a 12-month period to get a regulatory approval. That is the normal approval time, and that would mean that we can launch in 2023. We're already working with Amneal on that scale-up of manufacturing, so they will have enough volume to sell once we get to the market. With that, I would like to end the discussion about ICOres and move on to the capsule part. This is ICOcap. This is our capsule inhaler. It's got some superior handling features, mostly connected to its robust design. Here we can have many variations and customizations for our customers. We could have a transparent cover, and the one that Stevanato is developing is actually a blue version. Looking at the agreements we have for ICOcap, we have an agreement with Stevanato Group. They have the license for global manufacture, distribution, and sale. We wanted a partner that can help us sell this product on a global scale. We will receive royalty payments on their sales for 20 years. They will pay royalties because we have a patent-protected design. We are continuously supporting Stevanato to sell this inhaler to their customers, based on our experience in inhalation. They have made some progress on the regulatory front since we handed this over to them. They have ensured that we have a CE mark for clinical trials in Europe, and they've also filed something called a Type III Drug Master File in the U.S. with FDA, which is something that a developer later on can refer to as covering the device part of the registration file. They will probably start coming in at a rather low rate because a lot of that sales will go to clinical trials of customers to Stevanato developing products. Later on, once they launch, we will see larger sales. It's important to understand that this is a business where they only sell the inhaler. There's no powder, there's no capsules. It's strictly selling this inhaler. There is competition to separate inhalers. Of course, there are the originators. That's Breezhaler from Novartis, and there is the HandiHaler from Boehringer Ingelheim. These products, as I see it, are products where we want to steal away the market. From that perspective, they are not direct competitors. The big direct competitor, that's RS01 from Plastiape, or I think which is part of Boehringer. There's also a company called Presspart, which is currently launching an inhaler called PowdAir Plus. These are global competition that we're facing. On top of that, there is a lot of local competition, especially in Latin America, where there's a lot of local suppliers of various capsule inhalers. The big one, which everybody refers to, is the Plastiape RS01. I would like to compare ICOcap to RS01 rather than all the others. They are both low-resistance devices, so it's very easy to inhale from the inhaler. We have the same number of steps, which is an advantage if you are doing a generic product. If you look at the outside, we have purposely decided to develop an inhaler with a more robust design. We have also an integrated outer cover. If you look at RS01, it's very easy to lose your cover. That cannot happen with ICOcap. For a lot of products that are launched in many markets, there is too many RS01 in the market, which means that they will be looking for a way to differentiate their product, and that can be ICOcap. This is a smaller market than some other markets because it's just for the inhaler. It's not for the formulation. Now, no good numbers, but our estimate is that this market is worth $185 million. What is a bit different to other markets is that it doesn't sell in the U.S., basically. Europe is only 1/3, and the rest is in Asia and Latin America. Given the situation I just described, we believe that a 12% market share is something that Stevanato Group should be able to reach a bit more long-term, because they will have to get into a lot of different products and different customers. That still means that if we're looking at potential sales of Stevanato, looking at the middle part of the slide, they can probably sell something between $20 million- $25 million. Like for most of our generic agreements, we have a royalty rate between 5%-10%, and that means that the potential for this agreement is in the range of $1 million-$2 million. This is only for the inhaler. We also have an agreement with a company called BNC Korea, this is for the formulations that will be used in the ICOcap together with inhaler. This is the license to manufacture, sell, and distribute these two formulations in ICOcap. It's for a territory where there lives a tremendous amount of people, and the larger part of that is Korea, Japan, China, Taiwan, Russia, CIS, and Southeast Asia. They offer two generic formulations, the originators would be Ultibro, indacaterol and glycopyrronium, and Seebri, which is a glycopyrronium, a mono product. Here we will receive mid-single percentage royalties on sales for 20 years. BNC, they will actually get the inhaler by buying it from Stevanato. In a sense, it's a two-way royalty stream. Here we look at, given the patent situation, that the first launch will happen in Asia in 2024. Looking at the market opportunities, this is the addressable market for these two formulations. Ultibro and Seebri is an opportunity of more than $600 million, as you can see to the left. The agreement we have with BNC is not covering the majority of the potential. That still sits in Europe, and that's an area or an opportunity we're still talking to various partners about partnering for. If we focus on the Asian territory, that's about 13% of the total. Again, we aim to be in the first wave of generic products. Think that it's uncertain. We have some order entry models that we're using to estimate market shares, and here we feel that 13%-20% could be reasonable. That means that we are looking at a potential sale by BNC of $10 million-$16 million. Japan is part of that territory. It will be very important for us that they are successful in Japan because that represents more than half of the opportunity. Assuming that they are successful with that, and looking at a royalty rate is mid-single digit, we have translated that to 47%, and that would mean that we are looking at a royalty potential, so sales to Iconovo of $400,000-$1.1 million. Here I think it is important to understand that we still have the biggest opportunity left to exploit by finding a partner for Europe. That is covering all our generic projects. I also know there is some interest about how well do we now cover all the generic opportunities. We are actually well covered, in particular if we're looking and including ICOpre, where we of course still have to find a partner. We have our generic Symbicort and ICOres. We have the ICOpre development covering the Ellipta. If we're continuing down this pie chart, we have Breezhaler covered by ICOcap. There are two big opportunities left, which is basically happening now, and that is a generic opportunity for Seretide and Spiriva. There is approximately slightly more than 25% left, where we hope we can find some good potential opportunities to exploit. With that, thanks for listening to the part on generics, and we will move into Q&A. Thank you so much. I don't think we have time for the questions, but you've given us a great deal of answers without us even asking them. I will actually ask you to continue to the innovation segment of Iconovo, providing different and more complex challenges than the generic section, but also perhaps even greater opportunities. Once again, Orest and Roger, please tell us more. Thanks. Okay, thank you. We move on to the innovative field, which is probably the one that's growing very rapidly now in our company, and it's all around ICOone. I would say that ICOone, that's my favorite. It's a really cool gadget. It's one dose only y ou pull the tab, you inhale, and you throw it away. This is a perfect way to inhale a drug that is today given by injections. We believe that the ICOone could ultimately eventually replace injections. To be able to do that, we made it really really low cost. It's very simple, very cheap to produce. We can really compete cost-wise and address segments and countries where the cost is very important. We accomplished this by having a really simple design. You can see to one side, you fill the drug in the cavity, you seal it with aluminum foil, and then you close it. The really brilliant thing is that it's only one part. It looks like this when you fill it, you put powder in it, you fold it, snap it together, that's it. It's just one plastic part. It couldn't be any simpler. There's nothing like it on the market, and we are really unique in providing such a low cost and simplicity. Even though it's very simple, it has some really clever technology inside. It is based around a technology, an invention of ours that we call reversed vortex dispersion, which means that on top, you see this is like fluid dynamic simulation, so the red is high velocity. You have air passing very rapidly on top, creating a strong, strong vortex that is actually reversed to the direction of the flow. This strong vortex breaks up the powder and disperses it into small small particles that can eventually be inhaled. Excuse me. On this technology, we built this very very clever device. Since it's a dry powder, it has very clear advantages over injections, which is a liquid and a ll injections today are require cold storage. Probably you know now in COVID times, the Pfizer vaccine requires - 80 degrees storage. You can just imagine transporting the drug from the factory to the clinics, all of this handling, and keeping - 80 degrees. Our powder is stable in room temperature. This is what it looks like when you distribute vaccines in rural areas. You use coolers or ice boxes, and you can only imagine how difficult this is, how expensive, how cumbersome this is, and also how do you really control that you have maintained the exact temperature required to keep the drugs stable. Not only is it very expensive and difficult, but the risk is obvious that when you receive the drug, it has been exposed to heat and is damaged. The worst thing is probably if you vaccinate people with damaged drug, and they don't get the protection that is intended. Another thing that is very important to address is that with ICOone, we don't need needles. Needles end up like this in some parts of the world. In Sweden, we have special containers, and they go to be taken care of as hazardous waste. In some countries, they end up in the trash, on landfills, et cetera. Then they are scavenged by people cleaning them in best case and selling them on the black market. This is also a huge problem, huge challenge with injections. With ICOone, no needles, no hazardous waste, no safety issues. When comparing injections to ICOone, it's obvious, a massive advantage with ICOone. It's simple to use. No medical staff is needed. It's much lower cost, no cold storage, no hazardous waste, and it delivers very fast to the lung, which means a very rapid systemic uptake, which you don't get with injection. The advantages are massive. This is our way of changing the world. It will take a while, but we will get there. Roger. Thank you. I would like to say a few words about the benefits of inhaled therapy. When we are now reaching out to innovation companies, deciding what customers to talk to, we of course need to think about what are the benefits that we are offering with inhaled therapy. We have expertise, and what we're really good at is getting basically very small compounds, smaller than five micrometers, down to the lung. Because if you can't get it down to the lung, it doesn't matter. That is what we are aiming for. If you can deliver a drug to the lung, you will have a much higher drug concentration in lung, which is important if that is where the problem exists. Another advantage is that a lot of things that could be swallowed like tablets. They first pass through the liver after being absorbed in the body, and liver is really good at breaking down things. There is a lot of things, like all the proteins, that you simply can't take as a drug, or at least we need to give really high amounts because the liver would destroy them. That you can avoid by giving the drug to the lung. Another benefit is that once you get it to the lung, this is a place where oxygen and carbon dioxide is exchanging very quickly. That also means that a drug coming to the lung will be absorbed very quickly into the system. If you're looking for a fast onset of action, inhalation is a perfect way of achieving that goal. Of course, if you're looking how we are constructed, once the drug is absorbed in the lung, it will go straight to the heart, and from the heart out to the general circulation. It means that you can treat any other organ as well by getting it absorbed quickly in the lung, and then getting it out by the heart pumping it out. That means that we can achieve the same thing and properties as we're aiming for when injecting things. Also by giving it through the lung, you can again get it into the circulation and avoiding the absorption of the intestinal, which is very often breaking down a lot of products. These are the three areas where we focus our attention, and what customers could benefit from these advantages. We've been looking at what type of indications or disease areas where this inhaled innovation could bring value. When you're targeting the lung, as I said, usually you want to separate the wanted effects in the lung from the unwanted systemic side effects. By giving it to the lung, you can reach that. That is the traditional reason for giving an inhaled drug. Now we're talking about asthma treatment, COPD treatment, where obviously the problem is in the lung. That could also be pulmonary hypertension, fibrosis. It could be bacterial infections. You could aim for lung cancer, cystic fibrosis, cough. There are so many opportunities, and we're already having projects in asthma COPD, and also for viral infections. The other one, which you have seen, which has been exploited a bit by inhaled insulin, but isn't that common today, that's looking for the fast onset of action. This is really fast. This is as fast as giving an intravenous injection, and faster than if you would inject it in your subcutaneous fat, because that will take longer time. Here there are obvious diseases where things will have a very rapid onset. We're talking about migraine. We're talking about something we'll come to later, postpartum hemorrhage. It can be acute allergic reaction. It can be hypoglycemia in diabetes patients. It can be people taking an overdose where you need to reverse it very quickly. It can be epilepsy, myocardial infarction, erectile dysfunction, Parkinson disease. You can see, I can almost go on forever here. The last area, which Orest covered very well, that's of course the vaccinations, where you want to have a stable formulation that can be easily distributed, avoiding all the cold chain environment, and also getting rid of hazardous waste. The biggest area here is vaccinations, but there are also other areas. Very often the fast onset of action and replacing injections can have an overlap in the disease areas. This is an area where we have a lot of discussions at the moment. After the Monash University agreement, we are being contacted very frequently to discuss using ICOone as a vehicle for delivering innovative drugs. Now we have three agreements. One is with Monash University for an inhaled oxytocin. That's for postpartum hemorrhage, or actually bleeding after giving birth. We have with ISR, Immune System Regulation, a company in Stockholm, which is developing an inhaled COVID-19 vaccine. Very recently, just last week, we signed with Respiratorius in Lund, so a very fellow company, who have a very interesting compound for the treatment of COPD and severe asthma. Of course, you shouldn't only listen to us, you should listen to our customers regarding why did they decide to go for an inhaled innovation. The first person to listen to, that's Peter Lambert. He's the Director of Program Management at Monash University, and he gives us his explanation for going into this. Hello, my name's Peter Lambert. I'm the Director of Program Management for the oxytocin program, and the coordinator of the Global Health Therapeutic program area here at Monash Institute of Pharmaceutical Sciences in Melbourne, Australia. Postpartum hemorrhage, or PPH, which is excessive bleeding after birth, is the single greatest direct cause of maternal mortality globally. Annually, it accounts for around 60,000 deaths per year, overwhelmingly in the poorest countries of the world. Many multiples of this number of women will also experience serious maternal morbidities as a consequence of PPH. The tragedy of these numbers is that postpartum hemorrhage is largely preventable with existing medications and healthcare. Specifically, oxytocin is the first-line gold standard therapy for both the prevention and treatment of postpartum hemorrhage. The World Health Organization recommends that every woman at every birth receive a dose of oxytocin immediately after the delivery of their baby to prevent postpartum hemorrhage. Unfortunately, oxytocin is only available as an injection, which is administered either intramuscularly or intravenously. These injection products require refrigeration in order to maintain quality and also trained and authorized healthcare workers for safe administration. Both of these things can be lacking in resource-poor settings in low and middle-income countries. The WHO recently published a systematic review of studies looking at the quality of oxytocin found in these settings, and it's estimated that around 40% of oxytocin is below international standards, largely due to deterioration of the product outside of the cold chain. Inhaled oxytocin aims to overcome these problems by developing a single-use, simple-to-use, disposable dry powder oxytocin inhaler. The product would be equally effective to a 10 international unit dose of intramuscular injection, which is the current standard of care in many low and middle-income countries, and would be available at a cost comparable to existing products in this area. Critically, inhaled oxytocin does not require storage in a refrigerator, which means it can be delivered by usual non-refrigerated supply chain methods. With this product, we aim to ensure quality at the point of use by removing the product from the cold chain and enabling task shifting of the administration of oxytocin to all birth attendants in these settings, not just those that are authorized to administer the injection products. In this way, we aim to bring first-line gold standard oxytocin therapy to all women, and most particularly those least served communities with greatest need for this product. Thank you. I thank Pete for his explanation why Monash went into this. I would like to say a few words about the collaboration we have with Monash. Like I said, they have the rights to use ICOone for the prevention of bleeding, excessive bleeding after childbirth. Here they are looking at the fast onset of action and also replacing injections. They have the global rights, but they are aiming at resource-constrained markets where this is a real issue. We got a technology access fee. This is stepwise, so that would be paid out as we make progress in the project of a total of EUR 900,000. On top of that, we are supporting the work being done by Monash. On a continuous basis, we'll do commission development work. Here we also have actually a royalty rate of 5%-10% over 20 years. That might look very big for an innovative project, but it's partly due to the relatively low value of the market. The exciting thing is that this project will actually go into a clinical trial already this year. After that, it will be ready for a phase III trial. This will actually be given to patients or people, I would say, because they're not necessarily patients for this trial, to see how well it works. Like I said, this is not a very big market, mainly due to the low price. There is a lot of oxytocin used in the world, the price are very low, the market value is estimated to $75 million. Given the aim of this collaboration, we will mainly have the use in Africa and Asia, but that is still the majority of the sale. We think that represents 60% of the opportunity and an estimation because this will not be adopted by every country that actually have a need for it. Might also not be completely relevant in the big cities in these countries, but at least on the countrysides. We think there will be a penetration of 15%-20%. That represents for Monash or I think I didn't mention that Monash actually is doing this also in collaboration with J&J, but it is from $7 million-$9 million. A lot of this is aiming at making the world a better place, I would say. Of course, then we do not know what will happen if we look at territories outside of Africa and Asia, because if this would be launched in Europe and U.S., I am sure it would be launched at a very different price point than what we are looking at here. The royalty potential here, I said 5%-10%, that represent for us a royalty income potential of $340,000-$900,000. Not that big, but still looking at what we make today, it is a small contribution, and I think more important is that it is a proof of concept that this works. We have noticed that after this agreement, a lot of companies are lining up outside of our door to start discussing using ICOone for their innovation solutions. Moving on to ISR, a company based in Stockholm. We will actually listen to Dr. Ola Winqvist, who is a professor at Karolinska Institute, the CEO of a company, why they decided to go for an inhaled solution. My name is Ola Winqvist. I am the CEO of ISR, Immune System Regulation, a company working with the immune system. As a professor and senior consultant, I've been interested in developing vaccines. The SARS-CoV-2 pandemic has really increased the science, the knowledge, and understanding of a pandemic, where now we start to realize that the entry of the vaccine could be very useful in the lung. An inhaled vaccine will be delivered to the macrophages in the lung, where there will be local immune response with the preferred immune response that is going to protect the lung tissue from the entry of the SARS-CoV-2 virus. We have been working with creating an inhaled vaccine, where we have found a very interesting solution, where you can have a one-time dose of an inhaled vaccine that can be administered by yourself. This is a cost-effective vaccine, where the vaccine is formulated as a powder, so you don't need a cold chain to deliver and provide the vaccine in the third world. We believe that using a very cost-effective inhalation device will actually change how we go about vaccines. You don't need injections. You don't need educated healthcare personnel. You can take your own inhaled dose of vaccine yourself by just one single inhalation breath. This will change for the disease to come, influenza, different versions of COVID that may come. By using the local immune system in the lung, we will also be able to decrease the dose and diminish the amount of side effects. Inhalation vaccination is probably here to stay, and we're really looking forward to move forward with this new development in inhalation vaccination. Thank you, Ola, for those words. Just saying a few more words about the agreement. This is for immunization to prevent COVID-19 infection, so a COVID-19 vaccine. ISR have the global rights to use our ICOone for COVID-19 and the variants with that technology. They're using a technology of spike protein and an adjuvant. That is kind of their way of getting a very good result from the vaccination. They also got an option to use this technology with ICOone for various other viruses that have its entrance through the lungs. Here we also have a stepwise technology access fee. It's a total of SEK 9 million. We have a contract development. I think this is important for this area because there are competitors that have devices, but the companies that we're talking to, they need an inhalation product. They need an inhaler with a powder, we can help them doing that. This is also exactly why we have a rather big contract development work because we do the product for ISR, and that is only for getting into the patients in the first phase. There might be more business coming from these collaborations. We also have a royalty of a low single-digit% over 14 years because, of course, taking a COVID-19 vaccine to the market will mean a really big investment in the development. We could settle with a smaller% compared with the generic products, where we basically deliver a much larger part of the final value. We are working on this product at high speed, and we really want to succeed, and we're doing everything to move it as fast as possible. We're already looking at accelerated plans, looking at the steps to follow before we're there and knowing if we have success. We plan to enter phase I clinical trials already second half of this year. The market opportunity here is very hard to predict because we see the speed that vaccination happens in U.S., in Europe, and that also means that unless there is a need for a booster shot, which might very well be the case, then there'll be less of a need for this product in Europe or U.S. This could also be a maintenance area where this virus will come back every year, we might actually have a market that will continue for years and years and years. Where we are today, with the limited knowledge we have, and the advantages we have with inhaled, we are mainly looking at an opportunity in the lower middle-income countries, but that's still 3.9 billion people in the world, and they will have a need very often of having a solution that doesn't need cold chain distribution. We've been looking at the price, and we say at least $8-$10, but it's important to know this is the two cheapest ones. This is the Johnson & Johnson with one injection or two with AstraZeneca, but we don't know who will price this in the end of the day. If we compare, for example, with Moderna, they actually have a price around $40 per vaccinated person, meaning two vaccinations. For Pfizer, they're actually running at $16.25 per shot, meaning for each patient, we're talking about above $30 per vaccination. Even with that kind of now very conservative numbers, we're looking at the market potential of at least $31 billion-$39 billion. There are a lot of vaccines in development, but there are very few that doesn't require cold chain distribution, where we can come with a solution. To our best knowledge, it's only Iconovo and the Chinese companies that is developing inhaled COVID-19 vaccine. This is one of the agreements where we have communicated there could be royalty potential up to SEK 100 million per year. As I said, that could go down and that could go up. It's very hard to predict where that number will end up. I also would like to say a few words about our latest agreement. This is very new for us as well. Here, we will be looking at the treatment for COPD and severe asthma. This is a development work where we will develop an inhalation product for them. It is not a license agreement because we first want to see if all the feasibility that we work. We will evaluate what inhaler is best suited. We have a contract development work, which will run up to SEK 3 million, and we think and hope we can combine that with a license agreement later on. Here we will develop a product to go into phase I. We do not know the market opportunity, and we do not have the license agreement, but we know that the COPD and asthma market is worth SEK 30 billion. They have a unique mode of action. They're actually relaxing the small airways, and they have an anti-inflammatory activity. This could, for sure, replace or be complementary to the treatments of today. There are medical needs if they can achieve that. Just rounding up, just to see what is the total market potential for inhaled innovation. If we're looking at the three buckets of targeting the lung, fast onset of action, and replacing injections, targeting the lung is still the biggest opportunity. Here we estimate, and we're only looking at the seven major markets, so it's not like a global potential, but that's still worth SEK 43 billion, and that is traditional indications as asthma and COPD. The other one is fast onset of action, and here the largest one would be a myocardial infarction, epilepsy or migraine. Still to another SEK 25 billion. The last one is replacing injections. Here, this is dominated by vaccinations, and it is about $25 billion. Thank you. Thank you so much, Roger. I would like to ask you a question. Investors are, of course, always interested in the risk level. What is the risk level in your innovation segment compared to your generic business area? For our partners, this has much higher risk. If you're looking at the compound going into phase I, the chance of actually coming to market is about 10%-14%. We need a whole portfolio here to make sure that we get some to the market. On the other hand, we know that a lot of the big pharmas are aiming for blockbusters, and then we're talking about royalties on something larger than $1 billion. Rewards are big, the risks are bigger, and we need a portfolio to cover it. Having said that, it's mainly the risk of our partners because we do this as a contract work, which means that we don't invest big money in this development ourself. Sounds like a good position. Also, I was wondering, you showed us big numbers here on your last slide. How are you working to turn all these opportunities into projects at Iconovo? We have just acquired a big database, and we are launching now a bigger, say, more modern marketing engine where we will identify the customers that are active in the areas where we have identified, they have the right compounds, and we will make sure that they hear and see Iconovo. We are also seeking out all these companies at partnering congresses. We will make sure that they know that we exist. Lots of active work. Thank you so much. It sounds good. Thank you. We will leave you for now and see you again in the Q&A session. Thank you. Now we will turn our attention to the new business area called Iconovo Pharma. CEO Johan Wäborg will reenter the stage, but I also want to introduce to you the CFO, Anna Gallon. She has a long experience from several CFO roles in growing innovation companies, raising funds, doing IPOs, and improving cash flow and profitability. Of course, this is all valuable experience when Iconovo is moving into commercialization. Welcome, Anna, and welcome back, Johan. Thank you. Thank you. You will now tell us about the third pillar in Iconovo's strategy, giving you a unique position in the Nordic inhalation product market. Please tell us about it. Thank you so much. It's time to talk about the pharma sales, the third pillar of our new strategy. Really, here is the big boom that happened only, I think it's a couple of weeks ago now, when we got the license from Amneal to sell ICOres generic Symbicort in the Nordic countries. This means that we will become a pharma company based in the Nordics. This we do because w e want to capture the full value of our innovation, and we will be forming a Nordics-focused franchise for this. Basically, from our point of view, to go from where we are today into becoming a pharma company selling our own generic products in the Nordics is a very natural step up the value chain. For me, we have many in Iconovo have done this before, and we have the needed experience. We have a board with people who have launched drugs, who have set up companies like ours, and we in the leadership team have this experience as well. It's a very natural step. It's good to know that there will be no large investments needed, for example, in equipment or facilities to go into selling generics. We will do this by setting up a separate business because we do not want to defocus the other core strategic business areas in business-to-business sales, in generics, and in innovation. The go-to-market model for us is quite classic. We will set up Iconovo Pharma, Nordics-focused business, and focus on this big market in the Nordics. The total asthma and COPD inhalation market is around SEK 4.3 billion, and whereof the Symbicort generic market is SEK 800 million. It is a market with a very high proportion of high-value generics, and it's also a market, although it's five different countries with different systems, it's countries with very well-developed systems towards generic. We will center in on inhalation pharma, and we will start this by bringing our own products to the market. We will also take the opportunity to take in any other special generics within the inhalation field if we see a strategic fit and they are offered. We will start to set this up quite soon. We will start recruitments in 2022 and 2023 and set up a small organization to do this. In comparison to the rest of Iconovo, this Iconovo Pharma will become a smaller thing. In the core of Iconovo, it looks like this. You have the leadership team and the administrative level, and where it all happens is the three chunks of commercial development, pharmaceutical development with formulation and analytical competence, and then you have the device development. What we're actually adding here is this smaller organization with five-six headcounts, with a leader, with some competence within QA, quality, regulatory, and pharmacovigilance, and of course, finance and logistics. These are either positions that you can hire, or it's very common as well to take in consultants and buy this externally. We need a project manager, a product manager, tender management, and some sales positions to launch this rather complex product. Another thing that I want to bring to your attention is that this idea of us selling our own pharmaceuticals in the Nordics is actually serving another purpose as well. The second purpose of this is that as it is boosting our sales locally, the idea is that there will be a feedback mechanism to boost the sales from our global partners. From the partner perspective, when we are invested in the Nordics, they see this as very positive. We have skin in the game, and it's a very convincing and trust-building scenario. By having our own products in the Nordics, we can also serve the rest of the global territories with, for example, real-world data that we develop. Our marketing materials can be used, and we can also use the Nordics as a test base for other applications. For example, as Orest alluded to, digital applications or other mechanical add-ons. The product portfolio will of course, it will start with ICOres generic Symbicort, with the license granted from Amneal. We will then build on future products through back licensing from our partners, or when we enter a new agreement, we will simply make Nordic ours. We will do this for the inhalation devices that we aim at the generic segment, which is then ICOres, ICOcap, and ICOpre projects. We will also open up to other projects, other products from partner companies. Thank you. I'm now here to talk about our market opportunity for the generic Symbicort. It is probably the first product out for Iconovo Pharma, since we have already agreement in place with Amneal for the Nordic market. On the graph in the slide, you see on the left-hand axis, the market value of the market, and it has decreased over the four-year period with 15%. This is mainly driven by Norway and Denmark. In Norway, substitution is allowed, driving the price down, and in Denmark, the price level historically has been very high, and now prices has gone down just a little bit. On the right-hand axis, we have the market volume, and this has instead increased over the period due to more patients for the products. Symbicort also have their SMART concept therapy, allowing patients to have both a reliever and a controller. The total market value for the Nordics is close to EUR 19 million. We see it as a stable market. There has been few changes in the period. We don't expect any major changes going forward. The country split is we see that Sweden has over 50% of the market, followed by Denmark, Finland, and Norway. This is a normal pattern for inhalation products, not only for Symbicort. Moving on to the next slide, we here see the market share for the different players. We have the original product, Symbicort, and we have DuoResp from Teva and Bufomix from Orion. The generic versions entered the market in 2014. They have chosen very different strategy. Orion, with Bufomix, have chosen the low-price strategy, and they have, during this period, increased rapidly in market share from 19%- 42%, while DuoResp from Teva has chosen another strategy and seems only to be interested in maintaining their market share. On the right-hand side, we see the price erosion. This has gone down only a small amount during the period. We see here a great opportunity for a fourth player on the market. We have done a country analysis of all the Nordic markets. We show you here Sweden as an example. Sweden is the largest market. It's also the home market for Iconovo Pharma, which we see as an advantage. We would use this analysis going forward when doing our price strategy when entering the market. We have looked at different factors. We have looked at who are the patients? How many suffer from these diseases? What's the attitude from them towards generics? How does the pharmacies look like? How are they organized? Are you allowed to choose one product and recommend it over another? Is there free pricing? How often does prices change? Are there any discounts? Is substitution allowed? How does the reimbursement system look like? Taking a closer look at Sweden, we have the total market value of over EUR 45 million, and you can see on the dotted line that the price level has actually increased in the last year, and we hope that continues. Moving on to our business case. As said before in the presentation, our goal for 2026 is net sales of SEK 200 million. We expect that 1/3 of this will come from Iconovo Pharma. The total market value is being over SEK 800 million, and when our product is fully integrated into the market, we see that we can take a market share of between 15%-20%, and that would also mean a net sales between SEK 80 million-SEK 100 million. We feel that our business case is quite conservative. We have only calculated with a 4% annual price erosion, and we have not calculated with any increases in volume at all. Going forward from now until the expected launch, we are now starting to build Iconovo Pharma, and we need to set up several systems. The one that requires most time is the quality management system. We also need a system for batch traceability, PV database, and serialization software. We need to apply for a Wholesale Distribution Authorisation, we need to set up agreements with distributors, with logistic companies, with other suppliers, there needs to be done a couple of audits before we are approved. In 2022, we start teaming up the organization with the aim to launch in 2023. At the same time, Amneal is working on their end, they also aim to do a launch in the rest of the E.U. countries at the same time. Thank you. Great. Thank you. Thank you so much, Anna and Johan. I'm a bit curious. This is not the conventional path to walk down as a company of your type. Where did the decision come from to become a pharmaceutical company? Well, I think it came from a, it was one of those decisions that came over time, of course, but with the company becoming more commercial. I entered t he company is going more into a scale-up phase. We started to discuss our new strategies, and of course, for me, it was very natural to go into selling our own pharmaceutical products. We want to maximize the value that we ourselves can get out of our own innovation. For me, it's very natural to also then sell what you have, and it's as simple as that. This is something that we can do and many others have done before. Why would your partner want to give the Nordic market away to you? We are a very trusted partner, and actually they see a lot of benefit in having us with skin in the game, with equal kind of things at stake. That will also give them confidence that we will do everything we can to get the product into the market as fast as possible. Mm-hmm. Symbicort will be the first one. What will make this generic Symbicort developed with Amneal a success? It will be a success because, as Orest said before, it's the only product in the market that actually is handled in the same way as the Turbohaler. On top of that, we have added several feedback differentiating features that the patient will really like. We think that this is the logic choice over the other three alternatives in the market. Same same, but better? Definitely better. Okay. About Iconovo Pharma, beyond Symbicort, how wide is the range of opportunities? How many other products could sell in the Nordics? The total market value for inhalation products is over SEK 4.3 billion, so there are great opportunities. We have, of course, the generic Symbicort. We also have the other products that we are developing that could be suitable for the Nordic market, and we have the products from our partners. Okay. Well, thank you so much for this introduction to the future of Iconovo Pharma. Thank you. Thank you. Both of you will actually stay on stage because time has come to take a closer look at your finances and also summarize the main takeaways for our viewers today. Stay tuned. Here we see some key figures from our latest interim report for Q1. I just want to mention a couple of things. Our net sales this quarter were slightly higher than the corresponding quarter last year. We'll talk more about the net sales in the next slide. We had an operating loss that was affected by high costs. We have seen an increased activity in our projects, and this has demanded a larger organization. We are currently 28 employees, and we also have engaged a number of consultants, both to manage project peaks, but also to build up a quality system to get Iconovo to follow the regulations in E.U. and the U.S. Looking at our cash situation, we had over SEK 53 million end of Q1. It's a good size cash, it will allow us to manage our ongoing projects. Here we have two graphs of our net sales, the first one on the left showing our net sales per quarter. We have a revenue recognition model that allows us to recognize the revenue once we have delivered a milestone, and it also has been approved by the customer. This creates quite an even pattern for our net sales. Looking at the right-hand graph instead, this is a moving annual total for the net sales, and it's a bit smoother. In 2018, it was a high number. We had then recently signed both the Amneal and the Intas deal and giving it a high number due to high milestone value in the beginning, and also the technology access fee in the start. In the second part of the project, the milestone values were smaller. We also had a very low customer activity for the Symbicort project when it was handed over from Amneal to CBC and back. However, at the end of last year, we did several project deliveries, and we also had two new customers in Monash and BNC Korea, creating an upward movement in the graph. Looking at our shareholders, I want to mention here that we have very strong and stable shareholders. We still have the founders in place. We have large investors in ANDA and Fjärde AP-fonden, and also Länsförsäkringar and Handelsbanken Fonder. We also have foreign representation through French AFO Investment Group. We hope this is an attractive opportunity to other investors. Looking at our share, there has been an increased activity in our share over the last year. Our share price right now is around SEK 69, which is up 37% in a year. We have seen an increased number of trades per day and also an increased volume traded per day. End of Q1, we had close to 1,300 shareholders. To help us out facilitating the daily trades, we have Penser Bank acting as a market maker. Can also mention that the free float of the share is 68% when leaving out our largest shareholders. We hope this is an attractive opportunity to invest in Iconovo. Okay, thanks. The time has come for me to summarize and to close this Capital Markets Day up. I hope really that you have been able to follow. It's been a quite comprehensive day, I recognize that. What we have been aiming to do is to go through our three parts of the new strategy. We started out with the generic area where we are consolidated, and we are active within the asthma and COPD generic areas. We went over to the innovative branch, which is the area where we see the biggest growth opportunity for the future with replacing injections, having the lung as a target organ, and aiming for drugs with a rapid onset of action. I just told you about the third pillar of our strategy, which is the Nordic pharma sales. We will have sales, Nordic inhalation-branded generics. We will set this up using our own products and also open up to other inhaled products. This strategy will now energize us, and we will get going within all of these three areas, and this will propel us into a very bright future where we see that in 2026, we will have reached SEK 200 million in revenue and at a high operating profitability at 50%. Additionally, we see some upsides, and we defined the U.S. opportunity in Symbicort generics as a SEK 70 million upside. We identified the inhaled COVID-19 vaccine, which we are developing for ISR, as a SEK 100 million opportunity. I showed this picture in the beginning here, and some of you may think that this is a quite complex slide. I hope that we were able to break it down for you a bit. It is comprehensive, and what I can promise you is that next time I show this, I probably have to find another format because we want to find more products and more projects. We are a company that is growing. We're in a very interesting phase, and we have an aggressive vision as well that we want to radically transform inhaled drug therapy, and we believe in breathtaking innovation. To give you some takeaways from this meeting and some of the reasons why I believe we are creating both customer value and value for you as an investor, we have an attractive customer offering within this very interesting field, just in between med tech and pharma. We are acting in a field with high expertise but with low competition, and we know how to do this. We're a platform company. We have today four proprietary platforms, our dry inhalation devices. If you look at Iconovo today, there is a lower risk in our projects compared to many novel pharma companies, which have to go through phase I, II, and III trials and then register. We have a portfolio project today with six license agreements, some other agreements that we have been telling you about, and we have also the new three-parted strategy to unlock further value. Thank you very much. Thank you once again, Johan and o f course, Anna. Now the time has come to gather the management team for this open Q&A session. We hope that you will let us have just a few moments to rearrange, and then we will start answering your questions. Okay, now we're gathered here to answer a few questions from our viewers, and of course, many of them are shareholders. Maybe you could tell us a little bit about what activities are performed in Iconovo to increase the interest in your share? Oh, I can take that. Of course, we want to increase the transparency about what we are doing. We realize that what we have been doing lately, the last year, has increased the complexity within our company greatly. We need to take time and really talk to the market, to you as investors, and explain what we're doing. We do a lot of IR activities and try to be seen as often as is possible. Speaking of the investors and what they're wondering about, they, of course, are always wondering about the cash. You told us a bit, Anna, that you have a good amount of cash, but also you've told us today a lot is happening at Iconovo, and you are developing an entirely new business area. How are you doing? Will you need further financing? I can take that as well. We have a good cash position as we said, SEK 53 million at the end of Q1. We have enough cash to sustain the current number of projects that we have ongoing. On the other side, we have so much in front of us and so many things that could be done and bring us value. If we want to accelerate things, there might be good opportunities. If that will happen, then we will inform the market about that then. Mm-hmm. We have received a very specific question regarding Relvar. Among the goals for 2026, you mentioned that Relvar will hopefully contribute royalty earnings. Relvar is expected to sell for about $1.4 billion. How much are you counting on earning in royalties? Is this included in your financial goals, and what kind of agreement are you expecting for ICOpre? This was a few questions, but who would like to grab at least some of them? I can start. As I explained previously, 2025, 2026, it will be only from the U.S. That will be the basis. It will not be based on a global territory. That will be the first year or first full year, 2026. It is included, but it is just like the first baby step into much larger income to come. Mm-hmm. Anyone else who wants to compete, or we're done there? They also said what type of agreement. Yeah. Like I said, we want a portfolio agreement. We want somebody to take the full portfolio. That means launching Relvar 2025, Incruse 2027, Trelegy 2030, Anoro 2030. It's a whole range of launches in that period from 2025-2030. Another question, Amneal's U.S. launch is based on future events in both the U.S. and European market. What are these events, and what is the timeline for U.S. introduction? When it comes to the timeline, I don't think we are, and know what to tell exactly. If you're looking at the events, one event is, of course, the successful development that we need to see in the clinic now going forward. The other one is also linked to the patent landscape, what's happening in the U.S., and we don't have full insights to how that will develop. That is a big part of the uncertainty that we don't know when other generic products will be launched, what time frames, et cetera. That will be a moving target. Mm-hmm. Also, how do you estimate expected milestone payments for future agreements? Well, of course, we know approximately the pace of things that are coming in, we can estimate the mix of innovation and generic deals that we are doing. For us, developing something for an innovative product or something for a generic product is not very different from our business model point of view. We develop inhalation products actually do that in a very similar way. We can approximate the number of projects that we can cope with that we can sustain to be fully successful, then we base it on that. I don't know if you have It's also different if the product involves a formulation or only someone else is doing the formulation. Actually, for us, it's a bit easier now when we have several projects and we have good activity. When we were a bit smaller company and we only had one or two contracts, the variance and the uncertainty was bigger. Now when we can average things out, we can with confidence say that this approximately will be the amount of milestone payments that we will get with an increase every year. Was this specifically for ICOpre as well, or? No, it's just- In general. generally, yeah. Would you like to add something? I was just thinking, because every time we make an agreement, we have the full business case where we look at the total value that we capture, and we look at the split between ourselves and the partners. We have a very good understanding how we're sharing the value. Also, if we want to make trade-offs between royalties or milestone payments, we can also see what value implications that would have for Iconovo. Another question that's come in is, it's known to be difficult to introduce generic inhalation treatments in the U.S. A relevant example is Viatris Symbicort launch. What is your view on the likelihood to release Symbicort and Relvar in the U.S. market compared to the E.U.? Do you want to take that, Roger? Yes. The U.S. market, that requires so much more in terms of risk. I think a lot of the issues we have seen with some of the products that have been facing issues has been linked to that. In a sense, they've cut a corner or they haven't been able to hit the target spot on because they are very tight at the FDA. For example, when we looked at a Viatris product, I think they approved it, but it still had a different orientation. When we looked at the clinical trial they did, I think they failed in the first trial probably because they wanted to do some savings and didn't really power the study well enough, and then they had to go back and redo it again. I think it's extremely important to keep an eye on the ball on the FDA requirements and make sure that you meet them, then I think you're in a very good position to be approved in the U.S.. You also have to face both a pharmacokinetic study but also pharmacodynamic studies. You need to test it in patients. There's many more parameters that you have to meet compared to Europe, where it's enough to have pharmacokinetic bioequivalence, they actually accept different types of inhalers as a generic product to an originator product. Also, what further opportunities do you see within generic inhalation products when your Symbicort, Ultibro and Seebri and Ellipta products have been delivered? Beyond 2026 then? Yeah. They want an even sharper, what do you call it? Yeah, they want to see further in the crystal ball. Yeah, I think you mentioned that in your presentation. Yeah Beyond 2026. We mentioned all the things that can go into ICOpre that we are aiming at now with our existing offer. There will also be some very up-and-coming products that are launched right now that will go generic in this period beyond 2026, of course, towards 2030. Yeah. Novartis has launched a new ICS/LABA recently. They have launched a triple product. We could go after that with ICOcap, both of them. Of course, they're launching now, so they have 10 years data protection. Also we know that Foster is launching Breezhaler. NEXThaler NEXThaler. That could also be another opportunity, and then we also haven't really focused that much on the product for cystic fibrosis, where there's a lot of antibiotics and stuff like that that is given. There are also other areas that we can look into for the future. How much capacity and time will a project within innovative treatments demand compared to the larger products, Symbicort, Intal, and ICOpre? Yeah, I think that was what I was trying to explain before that from our point of view, from our Iconovo development, it's not that different. In some respects, it's actually easier for us to develop an innovative formulation and to have good effect with that, since when you are developing a generic drug, you have to hit the perfect window bioequivalence. When you develop an innovative drug, we can focus on just having our great inhalers perform as good as they do. Maybe Orest. I think one great challenge for us has been to, in some cases, dial down the performance because we exceed the performance of the reference product, so we need to dial it down to perform less. It's called a luxury problem. Yeah, it's a difficult problem. Yes. It takes a lot of work to dial it down and exactly to the right position as the reference. If you have innovative drug, you do the best formulation you possibly can. Sounds like a fun challenge. I would like to stay with you a little bit, Orest, because in the beginning, we met your new Chairman of the Board. Johan has been the CEO for one year, but up until then you were the CEO and you were the founder. What do you feel? What does it say about your company that you come to the point where you're ready to take on a new CEO, a new Chairman of the Board? I think we are in a transition phase. Of course, we were a startup from the beginning, and I think myself and Mats, we are more startup people. We build the first building blocks of the company and set it up. Now we are in a more mature phase, a scale-up, commercialization phase, and that's when I thought it was the best time for me to step down, do what I believe I do best, do the development, invention, making new product, and Johan with his commercial experience and experience of leading big organization is the best person to take on the CEO role. You're taking a leap here, you could say. Well, I do. I f ocus on R&D. I think that's what I do best. We talked from the beginning a little bit about sustainability. We just touched upon it. I would like to ask you, why was this the right time to start focusing on it? Well, we started with a strategy. Of course, sustainability today is I believe it has always been in the minds of the people in Iconovo, but now we just made it concrete and we've chosen to include it in our company goals. We have done the first annual report with the sustainability reporting, and it felt good to do it now. We have big ambitions, and we also have big ambitions within s ustainability. Some examples that we mentioned today is the Monash oxytocin, inhaled oxytocin, where you see a really direct link to health and wellbeing. That's Area 3 within UN Sustainability Goals, 3.1 is actually women's health, maternity health. That goes directly in that pocket, and we can make a great impact there. By focusing on it, we can have even more impact. Then we took two additional areas where we also feel that we need to form ourselves, and we can really make some imprints there. We can change things. Of course, climate is one of them. Yeah. That's a huge question we all need to help solving, but what could be your big contributions? We're a small company. We have a global print. Roger talks to customers every day from all around the globe. When we ask how their sustainability strategy looks like, what they do, what they think, we can propose materials, plastics, ways of doing things. When we come into the commercialization, we can really be there as a partner for them and push some of the things that we believe in as well. We're not producing the things ourselves, we need to have them act. We can be very persuasive in our offer and form the offers in a way that makes it very attractive for them to choose good solutions. I have a very specific question concerning your timeline, which is when during 2023 will the generic Symbicort product be launched? When during? 2023. 2023 is what we say. Yeah. It's what we can say. After we have done the technology transfer, we will of course support Amneal in every way we can, make sure that every time there is a question, we can be there, we can go there and support them, but we don't really control the process. Exactly when is actually up to them, but 2023 is our common goal. If any one of your investors are feeling, "Why are things taking so long launching products?" Of course, you have to work on the timing with other people's patents expiring. That's what you've been talking a little bit about. How do you manage this plan? How do you do this timing? Well, how do we do this? We work backwards from patent expiry, of course, but it's not that easy either, because if you just look at the patent, it could say 2032 or 2028 or whatever, but maybe it's a weak patent and companies will challenge it, and maybe it doesn't hold. You need to have an assumption on when you think the patents actually will not be valid or hold up anymore. Orest is the one who is our IP expert. There are also ways of extending patents that we of course don't know what the patent owner will do five years from now. It's always a risk, always a gamble. We're working with a patent firm in Lund, and they are very good at this and help us to manage it, but this is difficult. Also, it's not only developing and manufacturing a generic version. It has to be approved. You'd have to do clinical trials. There's always a risk with clinical trials because you deal with people and anything can happen. Then registration, it could be delayed because the agency has a backlog, and it's six months delayed because they have a lot of people on sick leave. I don't know. Things like that happen. It's a very strategic game with many parameters, it sounds like. Yes. Some processes are very clear to see. You see that there is a clear timeline. A lot of companies are moving towards that target like we see with the Ellipta portfolio, for example, or Symbicort, which already lost the patent in E.U.. We have a mix of complexity here. Of course. Mm-hmm. We've been talking about the pace of how many agreements you want to find every year and so on. If you look at the range of agreements that you have reached now, how happy are you with your portfolio today? I'm very happy. Of course. Why are you looking at me. I'm very happy, but of course, I'm the one that negotiated at least the latter ones. Good job, Roger. Of course. I think we should be very happy. Yeah. I'm personally very happy that ICOone is such a hit. We have three agreements in a short period of time, I think those agreements will trigger more agreements because now it's more well-known, more established, and it's found its place in the industry. I'm very happy about that. I am really happy, too. I see the momentum in the company, and it's fantastic to see. People are working really hard to do this, of course, but we are also getting a lot of attention. We seek business, but we also are sought up by companies in a very unexpected way sometimes. That's a good sign when the phone is ringing. Yes, it is. We have something really attractive here. Anna, are you also happy? Yes, of course. I must mention that ICOone is also a unique product. There is no competition, almost. Sounds like a good position to be in, and let's end this discussion in a happy place. Thank you so much to all of you, and it's time for us actually to wrap up this afternoon that we have spent together. I want to thank every one of you that sent us questions, making this a dynamic and relevant event. Of course, thanks to all the speakers letting us dive into the future opportunities and challenges of Iconovo. If you want to watch some parts of this event again, or you want to download presentations, or tell your friends about it, you can go to this exact website address where you are now and find everything. As you noticed, Iconovo is a company that sends out a lot of news, so of course, you should go into the website, iconovo.se, and sign up for the newsletter, or you can actually follow the company on LinkedIn. I hope we have given you an informative and inspiring afternoon in Iconovo's world of breathtaking innovation. Thank you so much for watching us, and have a lovely evening.