Okay, thank you very much for that introduction. Welcome to Sedana Medical fourth quarter and year-end report. Together with me, I also have our CMO, Peter Sackey, and our CFO, Susanne Andersson, and also our commercial director, Jens Lindberg. We are ready to have a lot of questions later today. Anyway, I will start the session. The ambition for today's meeting, we will go through the commercial and the regulatory development of the company, and we will go into the more of the clinical development space as well, which will be presented by Peter. Then we will end with the financial summary and highlight of the quarter, but also over the year. I suppose I should start with another topic, and that's the topic you all have heard about. That I, as the CEO, will leave the company later this summer. I just wanted to comment on that shortly. If you have further questions later on, you're also free to ask me questions at the end of this meeting. I just wanted to first mention that Sedana Medical is really a fantastic company, and I really believe in it. I also want to say that there are no conflicts or anything else like that that is behind my decision of leaving. The reason behind my decision is that I'm coming now closer to five years of day and night work, 24/7, responsibility of this company. Of course, it's never right timing of taking this kind of decision. In my mind, we have seen now that we have established inhaled sedation with AnaConDa in many markets all around the world. We have increased the sales dramatically, and we have a launch of the full therapy just around the corner, which will be handled fantastic by the team. We also have a U.S. clinical development being initiated, and it looks promising indeed. I think it's, as I said, never a perfect time, but it's a good timing anyway for a new CEO taking the new responsibility to can take the company to new level. Everything has an end, and I will now start all over again in a smaller company, and starting from the beginning, and to build up the company again. That's what I am good at, and I like the small company and the entrepreneurship. I feel now it's the time for starting that new challenge or possibility for me. With that words, I will leave that topic and go in then to slide three. This is the summary of this year, 2020. As we all are aware of, we are strongly influenced by COVID-19, and especially we as a company, I would say, though, from a positive way, if you can say so. Nevertheless, it has opened a lot of new users for our treatment all over the world. Going to the slide four. You know our purpose in the company. We are here to improve life during and beyond sedation. That's what we are working for, and that's the reason why we are in the epicenter of COVID treatment. The vision is actually to make inhaled sedation a global standard therapy for critical care patients treated in the ICUs mainly. Going to the slide five, you know that there are benefits that actually, thanks to these advantages this treatment has been used widely, both during COVID-19 treatment, but also continue with other indications of patients. We have a reliable effect, on/off effect. We have short wake-up times. We have seen that we can reduce the ICU stay. We can also see that we are reducing the opioid usage in the ICU, and the possibility to reduce different kind of cognitive side effects like hallucination and delirium. Potentially, we also have seen in interesting studies organ protective properties with improved gas exchange for inhaled sedation generally. Going to the next slide six. You have seen it before. The market potential is still there, even though during 2020, I would say that the number of patients has been dramatically higher in the ICUs. The long-term potential will stay the same when we have post-COVID situation. EUR 2 billion-EUR 3 billion is the potential of the market divided into three regions as you can see on the slide. We have estimated an average price globally of EUR 100, and that's the background of the potential. Going down to slide seven, I just want also to remind you of our financial targets and objectives for long term and also our strategic priorities. We are in a situation where we are now commercializing our therapy in Europe this year. We have a full launch later the second half year expected if we get the Sedaconda registration approved by the European authorities in the different countries. We are also planning for the development and the clinical development in the U.S. headed by our medical director. We are preparing. Of course, we have seen, there are some challenges due to COVID-19, mainly due to FDA are fully crowded with other responsibilities as well during this time. Now we have the data and it looks promising that we're working and still the same ambition of having an approval in the U.S. by 2024. Of course, the rest of the world, it's very interesting markets as well. We are looking to possibly to register based on the European dossier, but also a standalone dossier in many interesting markets. The ambition of our target is getting three years after the registration in Europe, that we should reach SEK 500 million on revenue. That should be in 2024 then, with a very healthy EBITDA margin, thanks to the great gross margin. Also, we have reached a certain level now this year where we think that should be enough with approximately 100 people in Europe to sell this product in Europe. The margin we're looking into is 40% on operations. The initial target for growth before registration was 20% annually, which you know that we have overperformed significantly during the last year. Next slide is the strategic ambitions is actually, as I said, we would like to make this treatment become a new standard and late-stage should be standard in the critical care patients treatment in the ICUs. We're doing that through different levels where we are initiating AnaConDa in establishing AnaConDa treatment in as many countries as possible, and together with a parallel registration of the drug. We have the full label going from off-label to label treatment. The core here is actually to also show superiority. From a marketing point of view, we need to show the endpoint that is showing superiority versus intravenous drugs. That we are doing through phase IV studies and investigating the phase trials and other supports. We have this evidence because they will be very important also pricing, but else well for expansion from a commercial point of view. The next phase is, of course, when you have the right data and the evidence and proofs, you have the possibility to get into the guidelines. You actually are fully recommended and as a standard treatment within the ICU data. That is the last step to reach the new ambition here. How do we succeed? Slide nine. We are now in the phase of actually painting the map blue. We are having more and more countries choose for AnaConDa and actually, I would say more and more all of the main markets, I would say. We are lacking the U.S. market, which is, of course, essential for us to succeed in the future. We are working on that and we'll come back on that in the presentation. Going next slide 10. What are we doing there? This is quite often the situation. You know that we are selling in many countries, AnaConDa as an off-label treatment. During 2020, we increased the sales by almost 100%. It's not only in Germany anymore. You can see that we are also increasing sales. Of course, Germany is still the giant in, I would say. They are growing also very significantly during this quarter and year. The other markets actually have a hard time to follow, but still you can see that they are growing a little bit more than the other markets and than Germany. Also you can see that also distributor markets led by the South American market mainly, the growth is also starting to become significant in the sale. There we also in units, in volumes, it should be a little bit higher because the selling price to the distributor is lower compared to the direct sales market. Going to the next slide. We are showing again. We have 129% increase in Q4 and 98% in over 12 months of full year. Actually it's even higher in local currencies. Slide 12. Regarding approvals and regulatory registration process. We submitted the application on the 13th November last year to 15 countries in Europe, including Norway. We are expecting approval and launch during the second half-year in this year. After the end of quarter, we will have submitted application based on the European dossier, both in Switzerland and U.K. U.K. also are requiring a national process these days after Brexit. We expect an approval the first half-year of next year. Of course, we are looking into the second wave. When we have first approval in Europe, we can initiate the next wave of registration countries in Europe. That we are expecting to take approximately six to eight months to have it approved and launched in that time frame. Of course, we are now ongoing to investigating the possibility to use the European dossier also in other markets in the world. We will come back on that, where that would be. Of course, that's from a commercial and business point of view evaluation as well as the regulatory evaluation, where is possible. That's ongoing from off-label to label. When you look at the slide 13, I talked about the guidelines, which it should be the fourth level in our strategic ambition. Of course, we already now are in guideline. In Germany, we have been there many years, but only as an alternative IV drug. This is the latest recommendation review by NICE in U.K., saying that AnaConDa, it's a good alternative intravenous drug for sedation in the ICUs. This is an example where we are focusing quite a lot these days, and we are not satisfied with only being an alternative. We would like to be on a higher level, but that will never be achieved before we have a full registration and when we have the evidence, which is so much needed. Going to the 14th slide, next slide. There you see definitely where we are putting our efforts and where we are actually lot of resources are spent in supporting both our own studies, but also sponsoring investigator-initiated trials to reach both registration but as well to reach the evidence that's needed to reach the full potential out of this treatment. I think I stay there and hand over to you, Peter, to report the clinical development progress. We can go to slide 15. Thank you. First, the top-line results from SED001, the IsoConDa study, which was the study that was performed in order for us to register Sedana as a therapy in Europe. It was a 300-patient randomized controlled trial, and it was completed in February this year and included a Marketing Authorization Application. Go to the next slide, please, slide 15. The primary endpoint was to demonstrate non-inferiority versus propofol, and this was demonstrated clearly in this study. The mean proportion of time at target sedation level was similar in both groups. For isoflurane, it was very far away from the set non-inferiority margin of 15 relative%. Next slide, please. Slide 17. Looking at the safety of isoflurane for ICU sedation, there were very few adverse events in both groups, despite a critically ill population. We found no safety tolerability concerns in the data, no adverse events that were linked to this drug, and generally, adverse events reported were not related to sedation or to the device. Next slide, please. Besides the primary endpoint, slide 18. Besides the primary endpoint, we had a number of other interesting endpoints that were aimed at demonstrating superiority for isoflurane versus propofol. We found that opioid requirements were lower during sedation with isoflurane, which is in line with previous smaller academic studies. We also found that patients had more spontaneous breathing during isoflurane sedation. Also, this has been demonstrated in other smaller trials, and this is obviously beneficial for the mechanically ventilated ICU patient. Finally, we found that wake-up time, as the study continued into day two, we found that patients woken up from isoflurane had a shorter time to wake up, reaching an alert and awake state compared to propofol, which also was something demonstrated in previous studies. This is the largest randomized controlled trial of preemptive sedation to date. We are very happy about these results as part of the clinical study. We go to next slide, clinical development in the U.S. We take next slide after that is slide 20. In the U.S., we are planning for a combined registration of Sedaconda and AnaConDa. After meeting with the FDA in 2019, a number of steps were determined that would be taken towards this goal. One of them was non-clinical studies in selection exposure similar to the clinical setting, and these studies have been performed. We're now moving into planning two clinical trials that the FDA required. These will be assessor blinded studies and will include approximately 100 patients in total. We have great interest in the U.S. among clinical researchers to do the study. We're in full preparation with this, and as Christer said before, if all goes as planned, we will have an approval in 2024. We now go to the next slide, please. 21. Here's a timeline looking at the activities in Europe and in the U.S. Last year we had the end of the Sedaconda study. We had high-level data presented and also the secondary endpoints I presented were presented at the congress in late 2020. We opened the first ICUs, pediatric ICUs for our pediatric study, the IsoCOMFORT study. We sent them Marketing Authorization Application as well. This year we are expecting an approval in the second half year of 2021. We have also started, had our first patients included in IsoCOMFORT study in pediatrics. In 2022, we expect the pediatric study to be completed, and we hope that this study will be useful also for our U.S. registration to have a full registration in 2024. That should lead to an approval of the pediatric indication in Europe by 2023. For the U.S., we have completed the human factors formative study and done the pre-clinical studies. This year we have an end-of-phase II meeting late spring, and we hope to have an IND approval in the middle of the year and to be able to start the clinical trials before the end of 2021. As Christer said, we will decide how to commercialize this in 2022, complete the clinical studies in 2023, and submit our NDA application with an approval at 2023. Next slide, please. 22. Okay. Thank you, Peter. Some final slides about financial. We can go to slide 23. As you have seen in the report, we have a high pace of SEK 6 million, an increase of 129% spent. A full year sales of SEK 142. The gross profit we are a little bit disappointed of that's mainly due to increased freight costs during this last year. The costs are increasing from Asia overall. It's not only hitting us, I would say. I assume that we hear that from many companies these days. We are working on that, we are working looking into other opportunities to improve the gross margin in the future. Our aim is still the same as we have mentioned before of 76%. The EBITDA margin, we have a negative EBITDA, as you see, minus SEK 14.10 million over the year. What you can say is that is very much due to that we are building up and prepared the organization for full launch in Europe, but also to be a pharmaceutical company with everything that is required both from regulatory quality and medical organization. I think that is something that we are looking into now and the main cost increases among the staff of including the consultants that you see now. We are more than 80 people by the end of December. As I said initially, we are looking into that number of people. I have said before that roughly around 100 people is needed to do this fully, including the headquarter in Europe, just to launch it and prepare for the clinical registration also in other parts. Okay, let's go to the next slide, 24. Some cash and balances. As you see, even though we have a negative EBITDA, we have positive cash flow from operations, which is fine. That's fine. That shows that we are going in the right direction at least. Of course, we have still high investments, and they are increasing as you see. We have SEK 31 million in investment during the last quarter and in total SEK 85 million over the year. That of course into the clinical development, clinical studies. It's expensive. Regulation is expensive, pharmaceutical regulation. That's what it takes, as you're aware of. Overall, the burn rate. As we said, approximately SEK 30 million discount during the last quarter. We burned a little bit less than SEK 90 million during the full year, and we have still saved SEK 376 million in cash. It looks good, and we are well prepared for initiating the clinical study in the U.S. Also I would like to mention, I don't think we have mentioned it before, but we have seen it obviously, but we are debt-free company. We have no long-term financial debt, which is also important to mention. Next slide 25. We also normally give you an update, which you can find also in the homepage, the shareholder list, where we still have the major Swedish institutions combined with founders and also some international institutions as well, as you see on the top 10 list here. No dramatic changes. Okay. I think that is the last slide. 26 is the question slide. Please, if there are any questions, we are happy to try to answer them. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. We have a question from the line of Peter Östling from Pareto Securities. Please go ahead. Yes. Thank you. Can you hear me? Yes. Yeah. Great. I have a couple of ones. I'll take two or three and then jump back to the queue to let other ask also. Could you just talk a little bit about within the distributor markets and the other direct sales markets, if you could highlight any specific countries that performed really well within those categories in the quarter? Distributor markets, I would say the biggest surprise was Central and South America, which went from almost zero to the biggest market outside our direct market. I noticed that Colombia issued specific guidelines for inhaled sedation during Q4. Did that help? It obviously helped a lot. Yeah. Absolutely, it helped. Maybe Peter could just comment on that. There is general interest in South America from the many key opinion leaders who have returned to us, and we still have more registrations to come. Before the Colombian guidelines, the Pan-American guidelines already included mention of inhaled sedation. I think it's a combination of guidelines and the COVID-19 situation that led to this interest. Every year that goes, we have more modifications. I'm optimistic. It is amazing actually what the interest is there. Anyway, also when it comes to the direct sales market, I think Jens, our commercial director, is best to answer that. Yeah. I think that the first and fair statement is that we're seeing quite strong interest and good performance across all markets outside of direct sales markets outside of Germany. Sort of new hospitals coming on board throughout the year. It's a general statement. I think if you want to highlight a few, we've seen France grow quite nicely in the year with the double the number of hospitals that have come on board. Spain has had a very strong year, specifically in the second wave, and so has the Benelux market. I think that we're seeing quite strong uptake and with hospitals coming on board. Okay. In the Q2 report, you mentioned that about 40% of the growth came from new customers. What's your best guesstimate if you look at H2 or Q4 or during the second wave? Those customers that came on board during the first wave, I guess they remained customers. What did you see during the second wave when it comes to new customers? If I divide that answer up in a couple of chunks. We continue to see new customers coming on board. That trend is the same across markets. Encouraging to see is that a majority of the customers are also now repeat regular customers. We did see a few customers in the first wave that came on board maybe a bit sort of urgent due to propofol shortage that have not gone repeat. The majority are now repeat and regular customers, and that's been quite a big focus for us. In terms of what percentage of the growth comes from new customers in second half, we haven't done that analysis into the same depth, but it's fair to say that that number is likely to be a bit lower than the first half of the year, partly driven because of that we've seen the COVID-19 volumes have been much greater in the second half of the year, meaning that the existing customers have taken a larger chunk of the growth. But still a significant part of the growth is coming from new customers in the second half as well. Also what I want to complement Peter is that during the first wave, there were quite a lot of chaotic orders due to the IV shortage. In the second wave of COVID, we have not seen the same shortages of IV in Europe. I would say that is a good interesting trend. Despite that, we are having production increase. Okay. Have you made any general analysis of the new customers? You mentioned shortage of existing drugs and are there reasons that they use or start to use inhaled sedation? I think the main reason is that for the COVID patient, they believe that this is a better treatment. That patient doesn't need to have ARDS. Most of the patients within the ICUs suffering from COVID do suffer from ARDS. I'm looking at Peter, but that's correct. Was your question whether they use it in other patients? Yes. Yes. We don't have data on individuals, the ICUs, and the patients, but we certainly do believe that they do. COVID does cause ARDS, and many other patients develop ARDS. I think what made this very attractive in the COVID pandemic is that these patients need very much sedation, and they get multiple drugs, and when you have inhalation, you just can manage with that alone. It will be, of course, interesting to see how people behave when COVID is no longer here. We do believe that this will be something that brings their attention to a new therapy that has benefits. I think our approval will strengthen that at least. Yeah. That was my follow-up and last. I've seen some estimates that around 40% of patients on mechanical ventilation are in some stage of ARDS, and if it could be a risk that when you get the full approval, it will be kept for those patients and not as broadly used as you may hope. Peter, 40% of all ICU patients are quite good. Yeah. Okay. I agree. You still have to penetrate all those 40%. Yeah. I see. That is true. I can speak to this. There are many other reasons than ARDS. I would say that there are many other medical conditions and patients that we have good reason, I think clinicians as well, to see that this treatment probably is the better choice compared to the other IV treatment. This is hard for us to convey as we don't have marketing authorization. As an off-label therapy, we're much more silent than we will be after approval. Because the question. Yeah. Yeah. Go on. Just kind of leading back to, okay, why did they come on board? An interesting analysis that we have made, or analysis, what we've seen is that, when we're speaking with the U.K. team, for example, and we've seen similar patterns in the other countries, is that of the customers that came on board, that started off in first half and second half, pretty much 100% of those customers were customers that we had interacted with before, that had shown interest before. We've had our AnaConDa days locally, and engaging with customers. Basically, all of them that are coming on board have already shown interest from before. We're feeling quite comfortable that they didn't come just because they were afraid of propofol shortage. They came on board because they saw the benefits, and they are here to stay for reasons beyond COVID. Yeah. Sorry, finally on this, on a little bit of the same topic. The two largest ongoing investigator study, SESAR and the Canadian study, are focusing mainly on ARDS patients. Will you be able to use those data as a crossover or read-through to other indications as maybe Peter alluded to? Well, I think when the clinician at the bedside is not really looking at the oxygenation when we are deciding for sedation, they're looking at the patient's needs. I'd say that certainly, these studies will be generalized to patients who need sedation, regardless if they have a good or poor oxygenation. The oxygenation part, and the SESAR study is focusing actually, the primary endpoint is not oxygenation. It's ventilator-free days. That's driven not only by oxygenation but also how rapidly can you reverse sedation, how rapidly can you get the patient out of bed. Those things will also determine that endpoint. I think certainly that those studies will be useful not only for us to discuss inhaled sedation, ARDS, but also for other patients. Okay. The pharmacology of inhaled anesthetics, and isoflurane specifically, speak very clearly to their benefit for critically ill patients with organ dysfunction. I think we'll have a lot to talk about besides ARDS. Okay. Great. Thank you. I jump back in the queue. Okay. Are there any other questions? There are no further questions. Peter, if you want to ask again. Okay. Can you give a brief update on where you are at establishing manufacturing outside Malaysia? That's ongoing. We foresee to secure that during this year in Europe. I also would like to mention that we have ramped up the manufacturing capacity by almost 30% in the existing site, actually only during the last quarter. I'm not that worried about it. Of course, from a risk mitigation, it's good to have a second source here in Europe as well. As I also mentioned, I think it's good for the freight cost, and we can reduce that kind of cost significantly. On the other hand, the staff cost is significantly higher here. We prepare for a very lean setup and effective manufacturing of our products. During this year, we will have it. The sooner the better. We have it under control. Okay. On the U.S. side, the human factor study and the tox studies that you need to do in order to file an IND. In the report, you say that they are ongoing, but in the presentation, you have previously said that they were finalized during Q4. Can you talk a little bit about the interactions that you have had with the FDA on those matters? Yeah, certainly. We had the meeting in 2019 when the preparatory manufacturing studies were discussed. We have performed the studies that we believe are necessary to move on to clinical trials. These have been submitted to the FDA for a so-called Type C meeting, and they will determine whether they consider that the model we've done and the study design answers the questions that they feel need to be answered before we do our clinical trial. I'd say that the ongoing means simply means that we haven't yet had the green light to go ahead with clinical trial. To come back to that. Yeah. As soon as we have news on that, we'll come back. Okay. The U.S. studies, will they also be non-inferiority studies? Sorry, which studies? The U.S. studies. The two ones. Yes. They plan to be non-inferiority studies. Once again, the FDA will have to give feedback on the study protocol. Non-inferiority design is. We won't be able to do a placebo study, that's how it believes. Comparing with another drug. Actually, as you could see from the SED001 study, propofol works pretty well for sedation. We believe more in other benefits. I'd say that this treatment for some patients who need very much sedation, the benefit is it works for everyone. Everyone goes to sleep, and you can just use one single drug, and that's a fantastic feature. Propofol doesn't always suffice. There are many other things that we believe, among others, the other endpoint that I mentioned in SED001 that we think makes a difference. There are primary endpoints, more to satisfy regulatory needs. The secondary endpoint is what makes it actually stand out. Okay. That will be used also for the pricing and then for the commercial and for marketing as well. That's important. Very important. The European study was very much statistically tilted towards the primary endpoint. I know that you have talked about looking at the design in order to get the statistical chart more evenly so that you can have it on the secondary endpoints as well. Yes. There is an approach, secondary endpoints for U.S. labeling, that we are employing in order to be able to make more claims and say that this is non-inferior. We've been working a lot with that, and we'll be having that discussion with the FDA later this spring. Of course, we have learned a lot also from the European studies. Of course, we have learned where we should fine-tune, so to say. Yeah. In Europe, do you estimate to have reimbursement in place at the time of approval or just shortly after that? Jens is in charge of that, so he will respond to that. The quick answer is it depends on country. Each country has its own set of rules and processes. There will be countries, and most encouragingly, a country like Germany, and we look at the Nordics, Netherlands, et cetera, where we will be able to start selling Sedaconda, basically as soon as we have product on shelf. Yes. It's the same as for drugs. Yes. Yeah. There will be a quick process. There are other countries like France and Spain that have slightly longer standardized reimbursement processes that we need to go through, and there might be a three-plus month delay before we can start selling stuff. It will vary across, but there are a number of countries we can move with speed as soon as we have the product on shelf. Okay. Can you give a quick update on where you stand on China? Yeah. When we communicated China submission, we estimated two years till approval, and that should be summer 2021. That's where we're still aiming for, and that should be possible. Okay. Well, I jump back to the queue if anybody else has any questions. Well, we can comment on You asked about price. Yeah. Just for your information, when we get the registration in Europe, first we will go into the national phases, and there they decide the label and the artwork and the patient leaflet in local language. You need to get that approval nationally before you can start to produce. There is a little bit delay of some months from approval till we have product on shelf. Yeah. I suppose everyone is aware of that. We are trying to tight that time as much as possible, of course. Have you been working with the German authorities or medical board in order to change or widen the guidelines? Do you need more evidence even? Of course, the more the evidence we get, the easier it will be. The guideline committees are very independent, so it's quite challenging to make. To influence. Yes, influence that. I think that's important to mention. That's the reason why proofs and evidence from clinical studies are so essential and important, because that's the reason why they are. Peter, maybe you want- I just wanted to say that we do understand that they do have a process, guideline process, where they ask for inputs from industry, and so we are keeping an eye on that since we do not yet have a publication out there besides the poster. Anytime we will be asked for any inputs, we will share generously. While talking about publication, have you an updated timing for publication of the SED001 results? That will obviously depend on the review, but we anticipate that it will be published in the second half year of this year. Okay. That's about how detailed I can become at this time point. Okay. We have said the ambition is to get it in as well-replicated- Journal Journal as possible. That's the reason why we are aiming high. Yeah. Good. It's a little bit of a delay because I think you said first half of 2021 originally. Well, it might be. It depends on the review timeline. Our ambition is to be with it for launch, I can say. Yeah. Have you thought of your financial target of SEK 500 million in sales in Europe three years after approval? I think it's been the same since IPO, and having the COVID experience. It's a good target then, Peter. No, we have not. Of course, we will look into U.S. later on. For Europe, I think it's still the target of SEK 500 million. I think that the three years after launch, it's still a realistic ambition. That's Europe, and of course, we have other markets now coming closer. We need to look into that, but we will come back from that. U.S. is, of course, interesting. I know that you belong there. Yes. I didn't finish my question. Sorry, please. The SEK 500 million for Europe has been around and was set before the COVID-19 experience. Now you have had all these customers, and supposedly you will start from a higher base than originally thought when you set at least SEK 500 million. You still think that SEK 500 million is a good estimate? Yeah. You're right in that, but I think it's still challenging and still realistic, but it's tough to estimate. I don't know if you want to comment. I just wanted to comment on that while COVID has been, from a Sedana perspective, an opportunity to demonstrate this therapy, the majority of ICUs are not using this therapy today in Europe, and it's only after launch, really, that we'll be able to fully flesh out all the benefits. I think that we shouldn't overestimate the effect of COVID on our long-term goals when it comes to spreading the word about this therapy. How many percent of the ICUs in Europe are using AnaConDa today? I don't want to say a figure, but it's far less than that. It's less than 25%. Yeah, hopefully the customers that you have will stick and have had a good experience. Oh, absolutely. COVID or not. Absolutely. What I mean is we're rolling this out in a completely different fashion once we have a launch. Yeah. Okay. I think we should stop there. I think we are done. Yeah. Are there other questions from anyone in the audience? There are no further questions on the phone. No? Okay. We stop there, and we thank you all for your attention and your interest in Sedana Medical, and welcome you back in three months. Thank you. Bye-bye.