Welcome to Medivir Q4 Report 2025. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing hash five on their telephone keypad. Now, I will hand the conference over to CEO Jens Lindberg. Please go ahead. Thank you. Welcome everyone, to the Medivir Quarterly Results webcast. We look back at a very eventful quarter, marked by great progress and a very optimistic outlook to the future. Today, we very much look forward to sharing more details about the great progress, but also in our pipeline, but also how we see the future shaping up for the company. If we look back at the quarter, thanks to the recently announced directed share issue to Carl Bennet AB, we're able to add another program to our in-house pipeline as it enables us to initiate the clinical development with MIV-711 in osteogenesis imperfecta, which is a new and strategically important indication for us, and it has comparable market opportunity as we're already seeing with Fostrox in liver cancer. The news also comes on the back of MIV-711 being granted orphan drug designation by the FDA. Our second in-house program, the collaboration with Dr. Chon and the Korean Cancer Study Group, continues to progress very well, and among other things, the eight hospitals that will participate in the study have been selected and are eagerly looking forward to get going with the study. Then finally, when it comes to our partnered programs, we've seen very exciting news from our partner, Vetbiolix, with the published landmark proof of concept study for MIV-701 in periodontal disease in dogs. But perhaps even more importantly, they've already recruited, as recently announced, 20% of the subjects in their next study, which will be the key study to confirm that MIV-701 is the first disease-modifying treatment, which is also then the critical step to unlock its blockbuster potential. If we take a look at the pipeline, we do have a broad pipeline of first-in-class programs, all of them targeting populations with significant unmet medical need and programs that have the ability to potentially transform care for patients. And today we'll focus on three of the programs, those have been highlighted here in green, two in-house programs and one of the out licensed. Please note, I made a slight change to the MIV-711 line, as I have had some questions today. Just wanted to clarify that the next development step in osteogenesis imperfecta is in osteogenesis imperfecta patients. We don't see a need to do any sort of further healthy volunteer work as a phase I asset, because we've already done that as part of our OA program. So the next step, clinical step, is in phase II and a phase II proof of concept study. Important information, and you'll see that sort of when you access the presentation on our website. Today's presenters here in the room are, apart from myself, our Chief Medical Officer, Pia Baumann, and our Chief Financial Officer, Magnus Christensen. And joining us for the Q&A is our Chief Scientific Officer, Fredrik Öberg as well. So with that, let's move into the meatier part of the session, and we'll start with MIV-711, then on the back of the recent sort of directed share issue and what that will enable us to do. Pia will provide a bit more background on the disease and why we think it, there's exciting opportunity for MIV-711 and how we see things progressing going forward. Thank you, Jens. So just start with what is osteogenesis imperfecta, and it's a mainly inherited rare disorder, where 85% have a mutation in the genes that actually is for collagen one. And this results in varying degree and severity of the disease, and it could also impact life length. There is a significant unmet need in this population because there are no systemic treatment approved. And for the disease itself, it's characterized by you have defective bone and cartilage, causing that the bones becomes fragile and stiff. It's also called. Maybe you recognize this as brittle bone disease, and this leads to that you will have frequent fractures, and depending on the type of OI you have, I will come back to that, it leads to deformities, pain, and impacted mobility. So, bisphosphonates are used off label, and it's often used in growing children to reduce the risk of deformities, and particularly in the vertebral spine, and also to reduce pain and improve final adult length. So that is sort of the background. We can go to the next slide. So the next slide is showing the different types of OI, and these subtypes are divided into one, two, and four, primarily for those who can actually be suited for suitable for treatment, and it's divided due to clinical severity. So I've already said that it's a heterogeneous disease, which means that there's multiple different types, and some of them are actually not, they are lethal, like type 2, and the others that are in the, the sort of. Below part of this slide. So we are only going to talk about type 1, type 3, and type 4, which are the main types. And type 1 is mild. It's considered mild, but it could also be very different depending on how it actually is displayed in the different patient. And this is making up around 50% of all OI, and they have usually normal height or can have a short stature, depending on how sort of severe it is in that type, and actually have up to 30 fractures during the lifespan without any treatment. So when we say it's mild, it's still considerable impact on your quality of life. Type 3, which is the next one, is severe, with the patients having considerable reduced length or stature, with deformities and severe scoliosis, and can have up to 100 fractures during their lifespan. Type 4 is somewhere in between. It's called moderate, and they are usually short and have variable form of deformities and scoliosis, and can have up to around 50 fractures during their lifespan. So this is sort of what we have to work with. This type 1, type 3, and type 4 would be the types that are considered also for treatment with MIV-711. We can go to the next slide. So just to put the effect of this OI mutation in context, as I said, it's causing mutation in the collagen type 1 gene. And to put it in the context of what normally is going on when it comes to building and maintaining strength and functionality of our bone, and also to briefly explain what molecular players, as you see here, that are involved in normal bone remodeling, which is a continuous process that essentially removes the old bone and replaces it with new, fresh bone and minerals. And this is a simplified picture as you see here. And there are essentially two players. It's the osteoclast and the osteoblast. And then you also have an enzyme, cathepsin K, which is what we are inhibiting. So the osteoclast are the ones that are responsible for resorbing the bone, and normally it's the old bone, right? And it secretes an enzyme, that's the cathepsin K. That cathepsin K cleaves and degrades type 1 collagen, that is the main component of the bone. Then the osteoblast are responsible for the production of new bone matrix and mineralization, because when you have eaten up the old bone, you can replace it with new, fresh bone. And the coupling between resorption and formation of new bone are crucial for maintaining this healthy bone, and this is the interplay that is impacted in OI. We can go to the next slide. So, in OI, which affect type 1 collagen, I'm saying it a couple of times here because it's a little bit complicated. The type 1 collagen is the skeleton of the bone, and it maintains flexible strength and normal mineralization, healthy bone. It is the major component of the bone, making up to around 90% of the bone matrix. The OI mutation leads to reduced or defective type 1 collagen, resulting in this imbalance between the osteoblast and the osteoclast interplay that we showed on the previous slide. This results in increased bone resorption and reduced formation of qualitative bone. And we have also seen in studies increased level of cathepsin K in pediatric studies, which also sort of is what we are trying to inhibit in order to restore this balance. We can go to the next slide. We have the cathepsin K inhibitor, MIV-711, that is highly selective on inhibiting cathepsin K. And this could, as I said, restore the balance between the bone resorption and the bone formation in OI. So by inhibiting cathepsin K, the degradation of type 1 collagen can be prevented. The increased bone degradation activity can thereby be inhibited selectively, while still preserving the continuous bone remodeling that you saw on the first slide, the interplay and coupling between the osteoclast and osteoblast. This results in the restoration of the balance between bone resorption and bone remodeling to ensure best possible quality of bone in OI. So this is sort of the hypothesis behind this, and we can go to the next slide. So as I said, there are no approved systemic treatments in OI, and MIV-711 have a different approach to those used off-label or are under investigation. So MIV-711 inhibits, as we said, cathepsin K and effectively prevents bone resorption while saving osteoclast functionality, and preserves this bone remodeling. This is really, really important, this fact that we have the interplay intact. While, for example, bisphosphonates that are used off-label prevents bone resorption by killing off the osteoclast. And then you also lose the function, and the coupling, and the bone remodeling. And this creates a negative impact on the formation of new bone. So you, essentially, you keep the old bone that you have, but you inhibit more resorption. Anti-sclerostin has been investigated in OI, and recently in December, they announced that their phase III study had failed. It has been investigated due to the fact that it seemed to be effective in inducing new bone formation and also have an indirect reduction of bone resorption. However, the benefit diminished already after six to 12 months due to induction of, if you call it escape pathway or feedback loops, that makes it more or less ineffective. So this is sort of where we are with the other treatments that has been used or are under investigation in OI. So we can go to the next slide. So what, what do we have? What data do we have that makes us believe that MIV-711 could be very important for these patients? And that is that cathepsin K inhibition have shown significant benefit across multiple bone-related disorders. In OA, or in osteoarthritis, with MIV-711, it shows a statistically significant improvement in preventing bone and cartilage degradation. And other cathepsin K inhibitors have shown benefits also in osteoporosis, with reduction in fracture rate and improved bone mineral density. So, just to say that osteoporosis itself shares commonalities with OI, such as bone fragility and bone mass loss. That's why this is important as well. And we have also seen a significant and dose-dependent improvement in bone volume and quality versus placebo in an osteogenesis imperfecta mouse model. So in essence, the clinical benefit that we have seen, and of cathepsin K inhibition, this is really supported by the proof of concept in this OI mouse model, and it indicates for us that we would have a high likelihood of success in OI. That's why. We can go to the next slide. We are now initiating or planning for a phase II proof of concept study with MIV-711 in OI that eventually will inform the next pivotal development phase. This study will enroll about 20 patients randomized to two arms of MIV-711, with a high dose and a low dose. The patient will be treated orally. This is an oral compound, and it will be given once daily for 12 months. The endpoint will include biomarkers for bone resorption and bone mineral density, PK safety, et cetera. Enrollment is planned to take place at sites in Europe, and there is a huge advantage when it comes to include these kind of patients into a clinical trial, and that is that the patients are already identified and known at the sites, why we are hoping that enrollment will be really, really fast. I will leave it there to Jens. Thank you, Pia. And I think the feedback that we've gotten from KOL so far is that these patients are also quite eager to participate in clinical studies due to the significant unmet medical need. So from a commercial viewpoint, if we sort of take then this sort of the next step in terms of estimated prevalent population, candidates for treatment, et cetera, then we are looking at somewhere around roughly estimated 80,000 patients across E.U., U.S., Japan, and Korea. And Pia broke down earlier the subtypes, which is type 1, type 3, type 4. There is a subgroup of type 1 that are many times not diagnosed because they might be too mild. So what we're estimating is that sort of 2/3 of patients are potential candidates suitable for treatment options and to be included in the study. So that leads to, because of the significant unmet medical need, no approved treatment options, we had anti-sclerostin antibody failure in Q4, and Ultragenyx are looking to sort of scale back. So the opportunity for to be the first approved treatment option is definitely still there. So when we estimate that market opportunity across the markets, we're looking at at least sort of a $3.5 billion annually sort of commercial opportunity, and this is in these regions. It's a bit more difficult sort of due to prevalence, sort of not having prevalence numbers in, in countries like China, but there's no reason why there would be less patients in China, so that's a potential upside opportunity. As the U.S., administration has recently voted to prolong the Pediatric Disease Designation Program, we will, of course, move forward and file for that. There's precedent to, to receive it, and that, with that comes then, of course, the, the potential for a priority review voucher. So to sum up, we, we do have a highly selective cathepsin K inhibitor that across multiple bone-related, sort of disorders, and including our own sort of mouse model work in OI, sort of signals sort of potential benefit with regards to improving bone volume, improving bone quality, preventing fractures. As we now sort of move with speed to initiate the phase II proof of concept study, there is the potential to be the first approved sort of treatment options in this, or for these patients. And as mentioned, the total market opportunity is significant. I would argue conservatively estimated at $3.5 billion across key markets, then with other markets outside of U.S., E.U., Japan and Korea as potential upside. So with that, we'll stop with regards to MIV-711, and we very much look forward to sort of sharing sort of further progress as we sort of continue to work to design and get the study up and running. We'll move to our second in-house program, which is Fostrox, which continues to be just as important as it was before, and we continue to move with as much speed as we were before with regards to initiating the FLEX-HCC study as the next step. And Pia? Thank you. I'm happy to share again that the collaboration with Dr. Chon and the Korean Cancer Study Group is progressing very well. It is super positive to see that interest in participating in the study has been considerable. We don't know about the process in selecting this, but we know that there are many hospitals that wanted to participate, so now 8 hospitals have been selected. Importantly, among this, as you can see on this map here, the 3 largest hospitals, Samsung, Asan, and Seoul National, have all committed to this study, which is a real quality indicator. This is also a testament to the fantastic work done by Dr. Chon and his team at Bundang Hospital, and we are more than pleased with the collaboration and actually the process that is ongoing. I'm sure you already know this, but I'm gonna say it anyway, as with all studies, formal study approval processes is needed- Mm. And it's ongoing also here. Mm. When it's completed, the investigators are eager to start recruiting patients, and very much also due to the fact that there are no other studies ongoing in second-line liver cancer in Korea currently. The unmet need, as we have talked about so many times before, after progressing or intolerance to immune oncology, is super, super high. When we know more about exact when the recruitment will start, we will of course communicate this with you. As a little bit of a reminder for, I'm sure that you have seen this a couple of times now, this is the study design, and as I said, we have eight hospitals selected. And with these eight hospitals, as I said before, the three largest ones, this really supports that we will have a speed of enrollment of the patients and an ability to generate top-line results already in 2027. 80 patients will be enrolled in the study, as I said, all will have received prior immunotherapy combination, and they will be randomized to either Fostrox plus Lenvima or Lenvima alone. They will be assessed for response every six weeks, with the CT or MRI scan, and the primary endpoint will be overall response rate. Importantly, also, this overall response rate will be evaluated by a blinded independent committee to ensure that we really have quality results coming out from this study. So, I will give it back to Jens. Yep. And without going into this one, I will just say that there continues to be a almost complete lack of movement and progress when it comes to second-line advanced liver cancer, sort of outside of our program. So in terms of where we are and in terms of what we're moving forward, we are at the forefront and continue to sort of aim to be the first approved treatment option for these patients. Let's move into sort of the final bit before we take the financials and the Q&A. So just a few notes and slides on the program that is called VBX-1000, which is the Vetbiolix name for MIV-701, and the progress that they have made over the past quarter. So just to provide a little bit of a background, this is also a cathepsin K inhibitor, but sort of suitable for use, not suitable for use in humans, but suitable for use in animals. Vetbiolix, a French biotech, veterinary sort of biotech company, in-licensed it, and they are developing it as sort of as a first step for periodontal disease in cats and in dogs. And you see a sort of picture here in terms of what it is. So basically, periodontal disease leads to a lot of pain, it leads to tooth loss, it leads to infection. There are no treatment available to stop disease, the process today, and as it progresses through the steps, basically surgery will be in removal of tooth, which is sort of troublesome, painful, and quite expensive, will be the final step of the process, and there are no treatments available. And MIV-711 will as is the one and only disease-modifying treatment candidate in development as we speak. And they recently presented sort of the first proof of concept study. And this study actually looked reasonably similar to the one we showed before on MIV-711 in osteogenesis imperfecta. Two-arm study, 10 subjects in each arm, high dose, low dose, but most importantly, they showed clear evidence of potential for disease-modifying benefit, and significant effect on biomarkers, but also significant effect on bone parameters such as alveolar bone loss, et cetera. So very encouraging first step and no safety concerns. They are now moving forward and just to take a couple of seconds to talk about sort of the potential financial upside here for us as a company. This was outlicensed a few years back. The agreement is quite back-loaded in the sense that there are quite small milestones throughout the process, but sort of a healthy sort of share when it comes to royalty revenues and potential partnership payments if Vetbiolix outlicenses the compound. The question is then, how big of an opportunity is this for a potential bigger player in the animal health field? The dog population is today estimated to be 90 million in the U.S., 70 million in the E.U., and as many as 80% of those dogs over three years of age will suffer from periodontal disease. Some animals, it will be quicker, and some animals, it will be sort of slightly later. But as many as 80% will suffer from periodontal disease by the age of three. Again, no approved treatment options, providing for a significant unmet medical need. No other treatment options in development to compete with MIV-701. So for us, there is a significant financial upside, which we haven't talked about that much before, and we didn't feel it was necessary until they now move into this step. Because the step that they are now taking is the critical step to unlock the potential. And for us, significant upside to royalties and potential partnership, share of partnership payments. We've done sort of, in our estimation, in our modeling, the annual royalty revenues, sort of if this hits and this becomes launched as the first disease-modifying treatment option, the annual royalty revenues that we would anticipate, sort of after a global launch, are equivalent to sort of the company's current market cap. It's a sizable upside, and it is the next step, which will basically. Oh, now I'm looking for a good word. It's the next step that will show whether sort of this potential is there or not. So they have, we recently announced that they have initiated a randomized, double-blind, placebo-controlled pilot study in dogs to confirm the efficacy. They've included 10 dogs to date out of 51 in total, so 20% of the dogs have already been included, sort of quite quickly. And Vetbiolix have announced that they are expecting the top-line results sort of already this year, during Q4. So that will be basically the determining factor as to whether the blockbuster potential is there and if sort of the potential for the financial upside, sort of for us. But the data that they've shown in the proof of concept study was quite convincing. And if you look at sort of the size of the study here and the number of patients, it's a relatively small study, which is a testament to the how confident they are in the efficacy they saw in the proof of concept study and the likelihood of this reading out positively. So we're very much looking forward to following the recruitment process and the readout of the results. With that, I will stop on the programs, and we'll move into the financial highlights. And Magnus? Thank you, Jens. Can you please turn to slide 27, and we can see the financial summary for Q4 and for the whole financial year, 2025. And as always, all numbers are in SEK million. The revenue in Q4 was a bit higher than the previous quarter and is primarily related to the outlicense of remetinostat, and of course, royalty income from Xerclear. Other external expenses were significantly lower in the quarter, as has been throughout the year, and it's reflecting lower clinical cost for the year. Personnel costs were slightly higher, and it's primarily due to provisions for the personnel on the notice of termination, that we had in Q4 this year. And during the period, we booked a write-down on the birinapant project of 28 point. 29.8, and this has no cash impact on the company, so it's more a book written down value. Operating loss for Q4 amounted to -42, higher than last year, but it's related to the birinapant write-down, as I mentioned. The cash flow from the operating activities in Q4 was approximately -6. We have a strong financial position at the year-end. We completed a rights issue, raising approximately SEK 151 million before transaction cost, which meant that our cash balance at the year-end was SEK 119 million. In addition to that, as Jens mentioned, we completed recently a directed share issue of SEK 45 million to Carl Bennet AB, enabling to continue clinical development of MIV-711 in osteogenesis imperfecta. With this, I will come back, back to Jens. I think that, sort of, it concludes the presentation, and operator, we can move into the Q&A session of the call. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Richard Ramanius from Redeye. Please go ahead. Hello, good afternoon. I had a few questions on each of your candidates, or each of the new candidates. Could you give us some more details about the way to the market for MIV-711? What more studies do you need to do to take it to an approval? We basically see the good thing about sort of osteogenesis imperfecta as a treatment from a regulatory pathway point of view is that the anti-sclerostin antibodies and the recent interactions they've had with FDA and other regulatory authorities. It sort of paves the way and shows the way in terms of what is needed. So we see basically I would sort of arguably a two-step approach, i.e., the first step is establishing the clinical proof of concept, which we are doing with this study. That takes us into a pivotal phase of development. So then the next phase would then be sort of a larger. I say larger than sort of 2020 size of that study doesn't need to be super large, but we sort of need to sort of continue to do some work. But the next phase would be sort of pivotal phase. And well, I guess the one outstanding question that sort of needs to work through, because this is adult program, sort of adult and pediatric population, is whether sort of we can combine the two populations in one study or whether we need to sort of run them as sort of sub-studies or sort of separate programs. But the next phase would be a pivotal sort of development phase. Okay. Could you give us more details about the royalty agreement you have on VBX-1000? I think, I mean, we haven't communicated any in sort of, in terms of any numbers before. What we have said is that the development milestones, the regulatory milestones right now, and including also approval milestones, they are small, I would even say minor. Sort of, when we made the deal with Vetbiolix, there was a focus on having a healthy sort of share of royalties and potential sort of out-licensing sort of partnership payments or out-licensing share from Vetbiolix. So we haven't disclosed the percentage, but it's arguably a very healthy percentage, and that's what we focused on. So when I say, when we do the calculations on the compound, having the opportunity to generate sort of as a disease-modifying treatment, for us, royalty revenue stream, sort of annual royalty stream of sort of in line with our current market cap, I am also not including milestone payments from potential sort of partnering deals that Vetbiolix does. So if they out-license, and they generate upfront, they generate milestone payments, we will also sort of take a healthy part of that share as well. Yeah. Final question, what is the runway of the latest funding? I mean, hi, Richard. I mean, as I said, we have a strong financial position at the year-end and with the directed issue to Carl Bennet AB. And as we stated in the Q4 report, we assess that existing cash resources are sufficient to cover the planned phase two study in the liver cancer and osteogenesis imperfecta. And that's according to our, I mean, current plan assumptions that we have today. So I hope that answers your questions. And before we said, I mean rights issue, we had money end of 2027, and with the directed issue now, we of course have, according to the plans, cash runway into 2028. Yes, that answers my questions. Thank you. The next question comes from Klas Palin from DNB Carnegie. Please go ahead. Thank you very much, and thanks for, thanks for taking my question. Would like to start with the MIV-711 and this proof of concept study. Where do you stand when it comes to preparations? Perhaps also I noticed that it's a 12-month treatment. How long, even though Magnus indicated that your cash runway was into 2028, but how long do you think the study will take to finalize? Good questions. So when it comes to the preparations, I'm sure that you saw the press release when we got some financial from Carl Bennet on that. Which means that we have actually planned for this study before, but we obviously need to do all the preparations that you need to do when it comes to studies. What we are doing currently is that we are pulling together a scientific expert council to get external advice. This is a disease that has many different aspects on it, since it goes from pediatric until adulthood, and we need to understand thoroughly what kind of patient population we should include in order to get the results that we are requiring for approval concept. That's the first one. The treatment time for the patient is 12 months, and that is to get the, to the primary endpoint that we will select. The benefit for this trial, I would say, that usually is not in place in other trials, and particularly not in oncology trials that we have been doing before, is that the patients are already there. They know who the patients are, since the majority of them has been diagnosed already at birth or before birth, since it's a dominant inheritance of this genetic mutation. Which means that since they're already in place, you can go to those sites you want to go to, and they more or less can give you the patient at once. So the enrollment time is usually really short in this kind of studies. The other element to comment on, sort of one of the timing challenges many times in studies like this is the CMC element. One of the benefits is that we do have active product ingredient with MIV-711 since before, that we can use. And so there's no need to synthesize additional, so we can cut sort of some of the CMC processes on the way as well. So we're moving forward with speed. We will be able to recruit the patients quite quickly, and then they're treated for 12 months. As I think that you you're picking up here, we're a bit reluctant to give you a date on when the study will start, because there's always, I mean, clearly, we need to do the regulatory interaction and get sort of the formal approval processes in place. But it's very clear from the early interactions with the scientific community and also from the patient advocacy group, is that there is an eagerness for studies to happen, and there's an eagerness for them to participate. So in terms of getting there, we have a nice, how do you say, wind in the back with regards to sort of support in terms of getting there. Great. And just also I wonder, I mean, I guess, is this positioning. Are you positioning this treatment, and your hypothesis is that this could be a lifelong therapy for these OI patients, or how should we think about that? I would say that it depends on. Since, since it's so different, depending on what kind of severity you have of this disease, it could be different depending on when you start, first of all. As it is currently, they start already when they are, more or less, they are up to two years old if they want to use a bisphosphonate, because that is what they use off label in order to give them something. If, if you think about that, then it's all the way until you stop growing. So that is sort of in the pediatric disease. Obviously, that is not a study we can do, so we need to have another endpoint. But, when it comes to older patient, it depends on what phase they are in. As I said, osteoporosis is a little bit similar to this disease when it comes to adults, and it starts earlier in their forties and their fifties. And then they could need treatment all the way until they get older. So, I would see it as a sequenced treatment during sort of the time in their life when they need more support in order to keep their bones in a position that they reduce the fracture rate and degenerative pain and mobility issues. So but again, when you develop something, you need to do a study that you have an endpoint. And I think the development of anti-sclerostin, for example, and other treatments for osteogenesis imperfecta has really paved the way for how we can look at this. And obviously, we are going to learn from. I'm not saying they are mistakes, but we are actually going to look into that very, very carefully before deciding exactly how we are going to move on with the further development. I'll say the following as well, Klas, If I were you, I would look at it from a modeling perspective. I would divide it into basically three, sort of, on the back of what Pia said, pediatric setting, that would be sort of a chronic treatment through as the children are growing, and I would look at sort of the share of patients and how many will be treated in that setting. Then you have the period when they stop growing until age of 40, 50, where maybe sort of the need will be somewhat lower, at least depending on subtypes, and then the need will increase again when you enter the later stage, kind of osteoporosis stage of the patient's life. So I would sort of arguably say the highest share of treatment among patient population in the pediatric setting, and then it will, the lower share in that middle section of life, and then it increases again, maybe not to the pediatric setting share, but sort of to a clearly higher share of patients treated from that 45 to 50 and onwards. That's how I would look at it. Yeah, but you also need to add that some of the patients are not diagnosed until they enter osteoporosis age, right? So you might want to increase and think about that as well. Yeah. Does that help, Klas? Yeah, sure. Absolutely. Thank you. Just want to jump to VBX-1000 and just the clarification there, but I guess the deal with Vetbiolix, it spans over the patent life, and that's from. How long is the patent life? Yes, patent life, and the patent life from an animal use perspective is long. That's a wobbly answer, and I'm saying that I know the number, and that's why I'm saying. Or the date, and that's why I'm saying long. I'm just a little bit unsure what Vetbiolix has communicated themselves externally, because they've done additional sort of patent application work on it. I'm looking at Fredrik now here to see whether he's guiding me towards. Yeah Okay, well, this has been shared in terms of what, what- I'm not sure. Would you like to add anything, Fredrik? Yeah, I'm not sure what they have communicated, so maybe we should be careful about that. Yeah. Yes, the medical use in animals, that patent has a quite long future. Yeah, and it wasn't too long ago it was initiated. We'll put it that way. So with regards to kind of a modeling out in terms of a commercial opportunity, it does, it's not tomorrow. There's a change. It is quite long. No, but that's even though they have filed a patent, it's relevant for your deal? Yeah, yeah, yeah. Yes. Okay. Short answer, yes. Okay, great. No hesitation on that. Okay, perfect. I have no further question, but just want to congratulate you on all the progress you have made recently. Thank you, Klas. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Thank you. And to pick up on Klas' s note then, to summarize, we were quite happy where we are. We look back at the very eventful quarter and the progress made and the future outlook of the company. We are moving with speed to initiate the clinical development of MIV-711 in osteogenesis imperfecta, an opportunity comparable to the size of the fostrox opportunity and the potential to be the first potentially approved treatment options in a significant unmet medical need disease. The collaboration with Dr. Chon and the Korean Cancer Study Group is progressing very well, and the hospitals are ready and eager to get going, sort of as we have sort of when we get the final approval processes in place to start recruiting patients. Our partner, Vetbiolix, has taken quite massive strides towards confirming 701 as a disease-modifying treatment for periodontal disease in dogs, and then unlocking blockbuster potential for the drug, and, and for us, then clearly significant value upside, potential. So with that, thank you everyone for calling in, and, have a great rest of the day.