Good afternoon, and welcome to this financial results presentation and Q&A with Pila Pharma. With us today, we have Gustav Gram, Head of Investor Relations, and Dorte X. Gram, CEO and founder of Pila Pharma. First, there will be a presentation, and afterwards, a Q&A, where the management team will answer questions submitted via Stokk.io. There have already been pre-submitted questions on Stokk.io, and the Q&A is still open so that you could submit questions live as well. I will now hand over the mic to Pila Pharma to start the presentation, and when they have been through the presentation, the Q&A will start afterwards. During the presentation, you can ask questions on Stokk.io, and we will redirect them to Pila Pharma. Pila Pharma, your line is now open. Thank you, Anders. Hello, everyone. To those of you who are watching live and to those of you who are watching the recap, my name is Gustav. I am the Head of Investor Relations with Pila Pharma, and we are here today to commence our new initiative with Stokk.io for the purpose of coming through to you online with this new sort of earnings call, and we hope that it will be a very fruitful relationship. Now, I'm joined by our CEO, Dorte, as well, who is right on time. But everything worked out great. So, today we will present a little bit around our year-end report, which was released this morning. Just for your information, today is February twenty-eighth, twenty twenty-four, and it is 2:00 P.M. here in Copenhagen, where we are today. And, we will commence just running through the report very quickly, touching briefly upon the important things to us, and then, after a short while, we will commence with the Q&A with questions that you have been asking before this session. So, let's get started. I assume that everyone can see the front page of our report here. And, if we start with the summary, 2023 was, of course, a quite challenging year, generally speaking, for any biotech that is listed and has not got any products on the market. The financial climate for funding has been challenging, but nevertheless, we feel confident going into 2024 that we still have a project that is worthwhile to bet on, first and foremost, for us, as majority shareholders, almost, I would say. Not quite, but- Um- Still a lot of us. And for you as well, of course. We do find that the environment is improving, and we most recently had a funding round in Q4, which we can comment on in a little bit. Do you have anything extra you wanted to touch upon regarding 2023 as a whole, as a year? Well, I think it was a year where we tried to stretch our resources to the best of our efforts. Many of you may know. Well, you touched upon how many shares we have. I still have around 20% of the ownership of the company. So, and for me, it's been always very important to be as cost-effective as possible and to not have, you know, a lot of flesh on the bone, to keep costs low. So, and I think that ability took us through last year, where we didn't have as many resources as we could have used. But, we're through that now, and, it seems that things are turning better, and we are, yeah, now in progress, towards the next clinical trial. So, I would also say that we have, we had, we were waiting for some, tox results, so three month studies results in animals, and they were really good, but the delivery of the report was, significantly delayed, which is, of course, something that can happen, but nevertheless, was really, problematic for us because we were waiting for that to get on to the next point. So instead of March, we had to wait until September for that, actually, so six months delay. This is... was problematic, but, I, I'm sure we, But then in, at the same time, we also published, or showed for the first time, some data that were actually quite remarkable. Now, that we went back to them and looked into them again, I think they actually were the best study results. So if you recall, we did a one month study in people, overweight, obese people with diabetes. We treated them for one month with either placebo or a fixed dose of our molecule, XEN-D0501, 4 milligrams bi-daily. And that came out positive in not having a lot of safety concerns and a little bit of effect on insulin secretion and the two hour blood glucose after that, when we did a glucose tolerance test. Later on, we measured some samples we had in the freezer. I did not have ones for that at the time, but we did find then that a marker for heart failure. It was significantly reduced during just this four-week period with high statistical significance. And of course, it's not a real outcome trial where you can see that people are not dying from a disfunctioning heart, but it is a well-recognized biomarker for cardiovascular not only safety, but cardiovascular mortality. So if this comes out according to what is known about this biomarker, then with longer trials with our molecule, we should be able to prevent heart failure, which is, of course, will contribute to reducing the number of people or overweight or obese people with diabetes who die prematurely because of cardiovascular disease. That is, of course, tapping right into our vision about providing a solution, hopefully cost-effective, easy-to-use solution, treatment, for all these diabetes, of course, the primary indication. We've talked a lot about obesity last year, but everything that is related to being diabetic, there are so many comorbidities, and we believe that we can provide a solution where people can have a better life when they are alive and maybe hopefully prolong their lives so they don't have to die 10 years before they have to. So I think that was actually fantastic result, and we're right now discussing whether to, and how we can, or should, you know, see should we look into heart failure also. But that's a little bit further down the road. We'll just jump a little bit forward. Squeeze a little bit more over to you- Yeah. ... or we can turn the screen maybe. Yeah. I like it. We can do like this. There we go. Yeah. So we can just have a brief look here at the pipeline that we have currently. As you say, the diabetes project is currently about to commence another Phase IIa dose-finding study. Can you touch a little bit upon how this is gonna be? Yeah. First of all, as you can see, we've now made a real graphic representation of a pipeline. It's still the same molecule, but we're looking into different indications. Our diabetes project, which also includes an effect in obesity, hopefully, is of course, the primary one. It's the one that I've been driving for 20 years almost. We also have, as you may recall, this orphan project within a painful condition called Erythromelalgia. Then as a new thing, we announced that in late November, we have entered a collaboration with a professor in Sweden on investigation of the effect of our molecule on growth of what we call abdominal aorta dilatation. It's kind of a ballooning of the aorta in the distal part of the body, and that can lead to that the wall of the aorta becomes so thin, so it actually ruptures, and then you die from bleeding. That's not a very nice condition, and the researchers in Sweden believe that by inhibiting the inflammation that goes along with this condition, then you could actually prevent the growth. So we have started that, and the model work is ongoing. We don't have any results yet to report, but it's interesting to be able to stretch into, yeah, also another cardiovascular condition where we believe we can have a big good effect. So, but when we raised... We had a rights issue before Christmas, as you may know, and I did, or Gustav and I did the majority of the work from our side in Pila to reduce the costs of raising funds. I don't know if that is where you wanna go with that. But anyways, we raised funds, but it wasn't enough for supporting clinical studies in both diabetes and erythromelalgia. So for the moment, we have put the EM project or the orphan project on hold. I still hope we can mobilize funds for that for a later time point, but at the moment, we only prioritize the diabetes project. And getting back to your question, We are in process of still preparing for that. So with the more limited funds, we actually had to go back and redesign the study, focusing on what will be the most important things to to know about. The first thing is, as I've said before, we need to go up in higher doses because with higher doses, higher doses will be needed to get a better effect on glucose as compared to what we've seen before. That would be absolutely necessary for us to be able to progress this to later clinical development and even, of course, attracting a partner that would be interested in sponsoring the late-stage clinical development. So we need a better effect, and for that, we need to go up in dose and do that safely. So that will be the main first question. Then we have now a possibility to treat for three months, which is three times as much as last time. And of course, in diabetes, we are aiming at developing a treatment for chronic treatment, so everyday dosing for maybe your whole life or hopefully you can get out of diabetes, but otherwise you have to stay on that to keep your diabetes under control. So it's very important, obviously, that we can keep a continued treatment without losing efficacy or getting too much side effects. So safety will be the first part, and that can be done in not so many patients, actually, and this is what we will use the money to look into. The second part, obviously, is the effect. Is there an effect on glucose regulation? HbA1c is the biomarker for that, and we've talked a lot about that during the autumn. An effect on obesity. I know people have told me, "But you never told about obesity before," but it's actually inherent in this. When I started the project, you know, got the idea about this kind of treatment, it was always centered around an effect on obesity and thereby, a effect on comorbidities to obesity, including diabetes. And when I started the project, it was... obesity was not an indication, so it was not relevant to think about developing an obesity treatment. And, but now it is, and I think most of you have seen, how, fantastic products Novo Nordisk and Eli Lilly, for instance, have developed, that are highly effective on regulating body's, weight in obese or overweight people with or without diabetes, and I think that's really magic. I actually had the pleasure to be working on, the compound that Novo, sells, so I know that very well. And it also shows that, people, really want that. And the obesity market, it kind of... I mean, Novo and Lilly have been, you know, promoting, their products, for a little, one to two years, something like that, and that there have, of course, also been other products for obesity management, but they're not really successful. But this summer, and we did an interview about that, we went to the American Diabetes meeting in San Diego, and Eli Lilly presented some fantastic results, and also Novo. And it's like, now it's- they seem to have broken the code for obesity treatment. So this whole area, and also many countries, have acknowledged obesity as a disease for which you can register pharmacological compounds for treatment. So this obesity, treatment of obesity will be, the future for diabetes treatment also. I believe if you can treat obesity, that usually comes before you develop, diabetes. So in the future, I think, there will be a willingness to first treat obesity, so that people won't progress into later stage diabetes, where you get complications, for instance, heart failure. So, we think that obesity is a really, really important endpoint right now. I personally truly believe we will have an effect, but we don't have any data yet, so, we cannot promise it. But it's not so complicated or expensive to measure body weight, so we will do that obviously in the next study. And whilst calculating or just redesigning this Phase IIa trial that we are going towards, we had the pleasure of inviting in a new statistical consultant, really smart, and with lots of experience in this space. And it seems that we can for not so many more patients, we can actually get to not just a trend in obesity, if there is an effect, but actually statistical significance. We would need to add a few more patients than what we can afford right now, but let's see if we can't get around that. And then, of course, to get a significant effect on glucose, we need to go to this phase IIb trial that we've talked about for a couple of years already, requiring three different dose levels and of 60 persons in each dose arm. So it would be a big study of 240 or 300 patients, but that's for later. So first, safety, and then hopefully obesity effect. And that we hope to... Yeah, well, let's see when, if... Most likely, we will not be able to start until after the summer because we'll bump into the summer holidays and so on, and both the doctors and nurses are also on holiday. Depending on where we are. But we believe that we can maybe include some more clinical trial sites, so we can have more recruiting sites. So I hope we can still be done with this study within the next year, but we'll have to see. Yes. So thank you for the small update on our, on our thoughts of what to see from us in 2024, hopefully. I just want to round off the report, touching upon the figures. Some of you who look into the financial figures, you will immediately see that the cash flow in 2023 was substantially less than in 2022. And this obviously indicates as well that it's been a year where there has been less activity for us in terms of clinical development. Waiting for results. Yes. It's important to factor that in, of course, like Dorte said, as a company, I think our mantra almost is that we want to be as efficient as we can. So when we do not have anything planned or going on, we really strap in and try to spend as little as we can. I n order to make the money stretch for as long as possible. I think that's especially important in these times... when you have high inflation and a challenging funding environment. Personally, I would say kudos to Dorte and the rest of the team for really, you know, taking a decision to also stretch the budget and not necessarily, you know, start raising more and more capital on unfavorable conditions for shareholders. Yeah, and I think but that's always a balance, and I hope to see enough shareholders at the Annual General Assembly, and then we can discuss it. But, for sure, the next... I mean, the next study that we're about to do, I mean, we're working on right now, will still be a small study, and we can still have a low-cost company. But, when we get beyond that, we will need some more profound resources. And it's also getting into some stages where you really cannot compromise on quality. And everybody knows that in this region here, Copenhagen, southern Sweden, there's at least one really big pharma company that looks for good employees. So it can be a little bit challenging to keep going on. If you really need people to be present in your company 24/7, you really need to be able to match the payments that the industry sets the standard for. But that's a little bit later down the road. I think we can still maneuver on a very flexible scale. And maybe on that note, I should also say that we turned into a fully virtual company last year, and that actually includes both you and me. So we had to, or, well, I kindly asked us both, and since it was my idea, I accepted it, and you had to accept it. So we went from actually being employed to being consultants. That also to be more flexible. But of course, that works well, of course, for somebody like us, because we will work for this company no matter what. But going forward, if we have some really important tasks to be done that needs to be done, we of course need to either hire people or have engagement with a company with more people who can always attend press releases, for instance, or you know, some of these. But that's to be transparent about that we have done from our side what we could to maneuver through a little bit difficult waters, which have affected everybody in this space. Mm. But we're through, and we didn't go under. I don't think we will ever do that, but I think we did actually see some of our peers, a few companies had to close, which is, of course, a really hard thing to accept. And, yeah, but we are looking forward now to move on, and you have planned a lot of meetings. Yes. So we'll get around, and you can look at our homepage and see what Gustav has set up of different meetings here and there. Yeah. Yeah, and we are. I think we're ready for a round of Q&A, if you're still here on this. Perfect. Thank you for that, Gustav and Dorte. Let's move directly into the questions, and let's take them one by one here. So the first question that has been submitted goes: "Pila Pharma is positioned in an interesting field, but with some really big competitors that is further and already has an established market position. Are you worried that you will be late to the party, looking at the years of development in front of you? Yes and no. I think... Now, I don't know who posted this question, but I think they are probably thinking about the obesity space, which is emerging. If you think about the diabetes space, well, there are a lot of products in the diabetes space. What I think will make us unique is that we will, like, Novo is demonstrating for their GLP-1, have a lot of positive effects. That's at least our expectation, with a good safety and maybe a better safety profile. And then it will not be injectable. It will be a really small tablet, so it's easy to use and not a lot of plastic waste and stuff like that. So I do think we will be competitive, given that we can, of course, demonstrate this nice efficacy profile that I expect. In diabetes, you have to show an effect also on either obesity or cardiovascular function to get into the treatment cascade. I expect both, so I hope we'll be fine, but it's of course still my more my ambition. We don't have hardcore data, but as I said before, we do have data on this biomarker for heart failure, and that could actually prove very interesting. In obesity, I think that's another thing. Obviously, Novo and Lilly are plowing the way into that market and opening it actually for everybody. So what we do see is that from—I mean, in rough figures, probably five companies were really interested in the big pharma companies were interested in diabetes, and now we see some of these other companies that have left diabetes, they are coming back into obesity. So the obesity market will be not saturated yet, and we— But of course, we hope to partner with one of the big guys, or girls, because it's gonna be really costly to get to market. And I don't see, at least from where we are now, that we can do it on our own. I mean, intellectually, we probably could, but not... We need a lot of money. So I'm not too worried. Perfect. And, then you actually began to answer the next question that has also been submitted, so maybe we'll just take the last part of that question. It goes around partnerships. Mm-hmm. Then the question would be, when would it be beneficial for you to establish such partnerships? So what we have communicated before is that we have talked to, Gustav and I have been working together, for seven years, so I'm looking at Gustav, and, we have gone to partner meetings for several years, talking to these, usual suspects in diabetes, and I will broaden it from the next... What they have said to us before is, one, you need a good effect on glucose, and you need glucose plus, so an extra effect on obesity or cardiovascular, and you need Phase IIb data. Before Phase IIb data, they will not embark on this. So that's for the diabetes. I think it's the same for obesity, as I think we may have to do a Phase IIb, so that's another SEK 100 million, or what is it? Like, SEK 65 or DKK 70 to do that in a couple or three years. But I do also believe that this obesity space is so hot now, and we see that many companies are looking for new molecules or backup to their own combination products and so on. So if we can show that there is a sign of an effect on obesity in this small study we're going to do, or if we can add on a few more patients so we can actually get a significant effect, I would say I would be surprised if there were not anybody who wanted to discuss that data set with us. If they wanna, you know, get involved, that's another thing. But yeah, so if we are lucky, it's in after this next small study, but if it goes as we have expected, we need to do another big study. Then, of course, and I'm not sure, but there have been questions to us before Christmas, the rights issue about our patent situation. We are working with a relatively old molecule that is off patent now, and we have not yet resubmitted a patent around the use of this molecule because we also want to make sure we can get all indications in. But I think it will, of course, be of importance and maybe significant importance to have a patent portfolio in place. So we are working on our patent strategy to make sure that we know what to do, what we can do, what we must do, and what we'll do first. Now I have to drink a little bit. Gustav, you'll have to ask- Yeah. Answer the next question. While you drink a little bit, you can get the next question here. The question is from an investor, and it goes: "Can you provide us all with an updated timeline for 2024 and 2025? Yeah, so we're working our best to get, we've. Now, as I said, we had to go a little bit back to the study design, so we have lost one month or two months in the plans for that. But now we're going to get back to resuming the work on preparing for the clinical trial application, so I hope we can get that in within the next month or two. And then we have to wait for the regulatory approval. Normally, that would take about two months, but what I heard is that if we do it in Europe, which we will do also, then there's now a central application, and that has actually affected, apparently, the timelines. I still hope for two months, but I heard yesterday it might go up to six months to get approval, so that would, of course, be dramatic for us. But if it is two months, then we should be ready to start dosing patients after summer. And then if each patient has to be treated for three months, and then there are some run-in and run-out periods, so five months for each patient, approximately. And it's not so many patients, but we have decided we want to invite more clinics, as I said. So I hope we can get this recruitment done during the autumn so that we will finish around New Year, next year, in a year from now. And then, of course, we have to close the database and calculate and so on, but safety, we can say something about quite fast. Obesity effect, it might take another month. And then the next question here, there are quite some information to go over, but I will just take the questions. What are the main side effects of your treatment? What have you seen in your clinical trials, and would you say that side effects could actually constitute beneficial effects? Okay, so it's a big issue, and I'll try to answer it shortly. So our molecule has a different mechanism of action than the treatments we see now, and I guess most people are familiar with Novo Nordisk, for instance, products, these GLP-1 analogues, where you see that people have nausea, and they throw up, and they have diarrhea. That's the main thing there, and that actually can get people to discontinue the treatment because it's so unpleasant. Our side effect profile is completely different. We don't have anything on the GI tract, gastrointestinal tract. But our receptor that we work on is sitting on sensory nerves, so nerves that sense signals from the periphery and sends it up to the brain. And that means... And it's also pain-feeling, so we can get some kind of numbness in the facial areas, actually most. That goes away in the previous study after two hours or something like that. Then, sorry, I have to train my voice again. Then also, they can. They actually get a little bit of feeling of being warm, and then that goes away, and then they feel cold again. But I think that is absolutely within those have been mild and transient, so I don't expect it to be problematic. For some compounds of this drug class that have been discontinued, some patients have experienced fever, and that is, of course, not good. But a little bit of increased temperature could actually be a little bit like exercise. So if you jump on a bike and do exercise for 10 minute, you would actually get half a degree increase. So if we can stay in that window and keep that, then it could contribute to energy expenditure and also body weight loss. So I hope the side effects are within the safe window and might even contribute to a desired effect of body weight loss. Perfect. I think it's that. And the next question- Long time since I was out speaking. Yes, first engagement with stock, and they're killing you already. Hopefully, they're killing me. Yes. Probably doing that. How about that? I had a long board meeting yesterday, so maybe, that warmed my... The next question here: How do you see the curve changing for the Pila stock to once again point and rise upwards? Yeah. What would be the drivers for an upward trajectory? Would it be to perform well on weight/CVD? Obviously, if... I mean, we've, I think actually yesterday there was another company who could show that they had an effect on body weight, and their stock went up 80x, I think, or something like that. So, obviously, an effect on body weight will be massive, positively affecting our share. I think there are two components in... Not that I'm, I mean, I'm a veterinarian by training, and I'm not actually very interested in stocks. But I think that there has been a big, big effect on the market on our share, and that we cannot control. It's general market conditions. But what we can do maybe to the things that can positively influence it is, of course, that we get good people on board and that we execute according to plans, and then, of course, results. Results are the main driver, I would say. I would expect- That's true. Yeah. true. Yeah. As you usually say, data is everything, and so I think it's very obvious if you look at companies that work in obesity and diabetes and cardiovascular disease, that if they present positive data, their share goes up, and it will continue to go up. Whether they have products on the market or whether they are still in the development phase like us, if they can present positive data on weight and perhaps positive data on cardiovascular disease or liver disease. We saw a Danish pharmaceutical company rise significantly, on a data set presented by their partner, for MASH, for the liver. So as Dorte has mentioned, there's so many components related to this, you know, metabolic syndrome around obesity, and it's adamant that if you can come up with positive data for this, there will very likely be interest from from other pharma companies, which of course, is in investors' interests. Yeah, and I think, I mean, obviously, I think there is room for more value. Of course. If I can't... I'm not allowed to say so much about it, but, but, I'm sitting on my shares once we get to further down the road. I think it'll... It's also, I had a lot of discussions with investors about that in the beginning, you know, and, the inventor of an idea thinks that it has super big value, and, the investor, of course, don't think it has value until they see the data. So it's kind of, it's not a straight curve. It's kind of, it goes very, very flat, and then if you get data, then it goes up. Oh, you can't see me. So I think that's also a little bit, even though we've been around for some time now, we're still in the early stage in compared to companies that have more projects and are on the market and so on. It's still a little bit binary, maybe not totally binary, but it can still... If we get effect, then that will be really good, I expect. It also, of course, depends on what happens in the world with wars and stuff, but it should, under normal circumstances, be very positive. And i think what is maybe a little bit lower risk, maybe in this project, because we already know that there was an effect on glucose, even though it was not small enough, big enough, but we actually do know that it is an effect already of the molecule. And lack of efficacy is actually what kills most projects in Phase IIb. So we have already reduced the risk of failure, maybe not to 100%, maybe less, of course, but so I think there's a higher likelihood then for other phase II trial stage projects that we will actually get efficacy, and we also have this huge effect on the cardiovascular effect. So. I think as well, there's something important to say in regards to the fact that there's really not a lot of companies operating with the same type of molecule as what we use. So everyone is flocking around the GLP-1 agonist right now. So if we could... prove that our molecule works. We would be in a quite unique. Whole new area. Not a lot of companies would have these type of molecules very far in development. That would give, you know, an advantage. At least not to our knowledge. Not to our knowledge, sure. Yeah, but- So we heard that some of them actually have read up on the literature, and they agree with me on the mechanism. So, that is, of course, something that, you know... But, you know, first movers, if you come with a new idea in a new field, then, it takes often if you could get one or two competitors to join you, that would actually not be a bad thing because it would consolidate your idea. But, let's see. Let's see. But at least, we have, I think, a very unique molecule in this drug class, because other molecules that blocks this receptor have been found to be associated with too much side effects, and we don't see that for our molecule. So, so that's, so far, so good. It seems to be tolerable. Yeah, and that maybe brings us to the final question here. We have been around the partnerships, but the next question is around acquisition. We've seen a lot of acquisition in the diabetes and obesity segment lately, mostly from companies acquiring GLP-1 antagonists looking to join the party, but also some of the established players buying early-stage project with very different mechanisms of action, presumably to combine with the GLP-1s. Do you think something similar could happen to Pila, and when would you be a target for acquisition? I think we are on the target list, at least for some companies already, and I spoke to some last year. I mean, we're still too early, and we still need to demonstrate the data before they actually want to go further. But as I said, some of them have acknowledged the mechanism. Some have said that yeah, we need to demonstrate a little bit more data. And they also said if it's a Phase II asset, it goes directly into their clinical development group, and they actually don't want us to be involved, I think. I heard some subtleties that were not very profound. So, I think we are open to everything. We can't plan any partnership or acquisition or anything. The only thing we can plan is what we do going forward, and that is, of course, with a good relationship we have with our current investors and hopefully with more future investors to mobilize, continuing mobilizing the funds and us to using it with prudence and, being cost-effective, then we can move forward. So we plan to develop this project as long as it takes, and we have already... That's actually a few years back, but we went to China in 2019, and you thought you were actually the, Me too. Case number one after that. Yeah, right. But, and at that time point, we spoke to a number of Chinese companies because they are interested in joint venture projects for taking it to market, for instance, in China, and it's the same with some of the Asian countries in, for instance, Korea and Japan and so on. So we have been looking at, you know, how to get to market. I mean, we look at alternative ways to get there. I mean, my biggest goal, and that is, again, nice, now I see the logo of Pila, that is, our logo is, you know, we are target-oriented, P- company. We want to get this drug to market because if it's safe enough and efficacious enough, it will really be a benefit for many, many people. We might be able to tackle this problem, where a lot of people are not able to treat their different conditions in obesity, metabolic syndrome. So I definitely need to get this drug to market one way or the other. But of course, for our investors, if there was a big pharma company that wanted to pay some upfront, then maybe the likelihood of getting to market would be higher, then, of course, that would be fantastic. But it also needs to be the right partner. They shouldn't put us on the shelf, for instance. Yeah. And that was actually all the questions that we managed to get today. So, that finalizes the Q&A. And before we end the webcast, I will just hand over the word for you, if you have any kind of final remarks to end with. Invest. Yes. We will. I was actually looking at. We will work to go upwards. I actually looked into my Nordnet account today to see what money I had available, but I need to transfer because... and I'm not sure. I said my family says I have enough shares. But anyway, I think I was thinking maybe today, when I'm not in, in, inside about anymore, I've been even during the rights issue, I was inside a lot, so I couldn't purchase shares. So yeah, I think it's Yeah, and just- It's a great journey. To conclude that it's, of course, a very interesting segment still, and it's only increasing a lot in public awareness even as well, with, you know, some of these new drugs coming through that have a name recognition, unlike, I think, anything that's been seen on a global basis before. Yeah. I follow CNN, and they regularly write about Wegovy. Yeah, yeah. It's like- So they... Yeah, so it's commonplace now for medicine in this space to be known by everyone not just people in the industry. So of course, that makes it very interesting, and we need to follow through and show what we can do in order to drive shareholder value and as Dorte says, to provide the world with our great invention. I think that's ultimately the goal. That's definitely my goal, and we are looking at how to get there if we have to do it on our own, and that also, of course, includes, you know, being financially flexible during difficult times, but also we are now preparing for, you know, this scale-up that we hope we'll get to within not so long anymore. So. Perfect. And thank you for that. Thank you everyone for listening in to this webcast. Thank you for submitting questions for Pila Pharma, and thank you to Gustav and Dorte for presenting and answering questions. That ends the Q&A and the webcast, but we will be back at a later point with another presentation. So thank you everyone for listening in today. Thank you. Thank you. Thank you very much, Thomas. Take care.