Ladies and gentlemen, welcome to the Sobi Conference Call and Live Webcast. I am Moira, the Chorus Call Operator. I would like to remind you that all participants will be in listen-only mode and the conference has been recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Guido Oelkers, CEO. Please go ahead. Yes, thank you. Hello everyone, this is Guido Oelkers, CEO of Sobi. We are delighted to welcome you to this conference call following the announcement of the acquisition of Arthrosi today, pending, of course, regulatory clearance. We have posted this presentation to Sobi.com for your reference. Please turn to slide number two. We would like to remind you of the usual provisions on statements about expectations and projections of future events. Please turn to slide number three. I'm joined by Henrik Stenqvist, our CFO, and Lydia Abad-Franch, Head of R&D and Chief Medical Officer. Please turn to slide number four. We will present today the acquisition details. I'll discuss the deal rationale, key opportunities. Lydia will share the relevant scientific data, and Henrik will highlight the financial aspects. When you look at this slide, we are obviously excited to announce the addition of AR882 to Sobi's gout pipeline through the acquisition of Arthrosi Therapeutics. Let me start by outlining the strategic rationale behind this deal. But beforehand, a quick perspective on the product. AR882 is a highly selective, once-daily, oral next-generation URAT1 inhibitor that has the potential to become a novel best-in-class therapy for patients with progressive gout. The compound has shown clinically meaningful efficacy and strong safety profile in several large, well-designed phase II trials. Importantly, two sizable phase III studies are already fully enrolled and scheduled to read out next year. It should be noted that the product has been specifically designed to overcome historical safety issues associated with the URAT1 class and demonstrated impressive efficacy levels in multiple phase II. Back to why we did the deal. Firstly, this acquisition represents a major commercial opportunity. In progressive gout alone, we see more than 200,000 patients in the US, an underserved population where innovative treatment options are urgently needed. Secondly, 882 also fits seamlessly into our broader gout strategy. It complements NASP, our registrational asset aimed at more severe uncontrolled disease, offering a second- and third-line therapy forms the foundation of a competitive franchise for us. Thirdly, this acquisition brings a late-stage de-risk asset into the pipeline, along with an experienced team that strengthens our overall capabilities in gout. Fourthly, and most importantly, the deal is expected to be accretive to net sales and earnings in the midterm, supporting sustained growth beyond the mid-2030s, which you will see reflected on the next slide. Please turn to slide number six. This addition to our pipeline and upcoming launches will drive long-term growth for Sobi. We have a strong wave of high-value launches through 2028, and that will underpin growth mid to long term. Six launches nicely synchronized over the coming years provide the fuel for sustained momentum. Our ongoing launches of Altuviiio and Gamifant will be complemented by Tryngolza in FCS this month. Please note that we got a positive CHMP opinion for Aspaveli in C3G and IC-MPGN in Europe, and we are preparing the launch of NASP in Europe. We expected to launch Tryngolza in MCS in 2027, and now starting in 2028, AR882 for progressive gout will be another major growth driver, further solidifying our momentum. Beyond these launches, our phase II pipeline may give further boost to this momentum. In short, this is not just about near-term launches. It is about building a portfolio that drives growth well into the next decade. Please turn to slide number seven. Before we dive into details of the acquisition, let's take a step back, look at the broader context of gout. Gout is a growing global health challenge. Chronic gout is particularly problematic, especially when it progresses. It leads to tophi formation, chronic joint pain, and joint damage, which significantly impacts patients' quality of life and mobility. It also is associated with flares. These are intensely painful episodes and can severely limit mobility and daily function. For many patients, this means limitations and burden for daily life, material costs, and healthcare systems. The growing prevalence and the severe impact on patients underscore why there is such a large unmet medical need and why Sobi is committed to addressing it. These patients have limited options today, which creates a clear opportunity for differentiated solutions. Please turn to slide number eight. Let's now look at how Sobi is building an innovative portfolio to address the unmet medical need in gout. There's a significant patient population that does not respond adequately to xanthine oxidase inhibitors and is not eligible for uricase therapy. These patients have limited options today, which creates a clear opportunity for differentiated solutions. As shown here, treatment of chronic gout mostly follows three stages. First-line therapy usually treated with xanthine oxidase inhibitors for early gout, second-line therapy for uricosuric for progressive gout, and third-line therapy for uricases of uncontrolled gout. AR882 is positioned as a first and best-in-class next-generation oral URAT1 inhibitor for progressive gout. It represents the first meaningful innovation in chronic gout in over 15 years, while SEL-212 addresses uncontrolled gout. Together, these assets enable Sobi to serve patients across the spectrum of gout severity, creating a differentiated and innovative portfolio that meets a major unmet medical need. Please turn to slide number nine, and I hand over now to Lydia. Thank you, Guido. So moving to the next slide, please. Let's now look at the scientific rationale behind AR882, also known as AR882, and why we are so excited to add this to our portfolio. AR882 is a rationally engineered next-generation URAT1 inhibitor, leveraging a well-validated and highly efficacious mechanism in gout treatment. It has demonstrated an improved and steady pharmacodynamic and pharmacokinetic profile compared to predecessors, which has translated into durable efficacy and a more favorable safety profile, as I will explain in the next slide. In several sizable, well-designed phase II clinical trials, it demonstrated strong efficacy outcomes, including serum uric acid lowering, tophi resolution, and clinically meaningful reduction in gout flares. That's a key outcome for patients. The two large and fully enrolled phase III studies are underway with. Let's look at the molecule at the center of this acquisition. AR882 is a novel and selective small molecule URAT1 inhibitor, a uricosuric that increases the renal elimination of uric acid, designed to improve both safety and efficacy in treating chronic gout. By selectively inhibiting the URAT1 transporter, it helps the kidney to filter and excrete uric acid, effectively lowering serum urate levels and hence preventing urate crystal deposition. Notably, AR882 was specifically designed to avoid the formation of the toxic metabolite associated with benzbromarone's hepatic toxicity, and clinical data to date support the view that this molecule has a safe liver profile. Its modifications, particularly the exchange of hydrogen for deuterium in the benzofuran part of the molecule, minimizes the formation of the hepatotoxic metabolite, and the exchange of hydrogen for a hydroxyl group in the ethyl moiety attached to the benzofuran should prevent interactions with the CYP3A4. In terms of renal safety, AR882 does not carry the same risk for renal stones as traditional uricosurics by having a clearly differentiated chemical scaffold versus the traditional uricosurics that are also OAT1 and OAT3 substrates, leading to bolus excretion and absorption that causes major fluctuations in the renal handling of uric acid. Instead, AR882 has a 24-hour period following dosing, supporting a sustained serum uric acid reduction without boluses of highly concentrated uric acid. In summary, AR882's scaffold and modifications allow for precise engagement with key gating residues in the URAT1 binding pocket, maximizing potency while minimizing the risk of off-target effects and reactive metabolite formation. The design reduces the likelihood of nephrotoxicity and hepatotoxicity, which are dose-dependent and more common with agents that lack such selectivity or generate reactive intermediates. And this is why we are excited about this specifically designed molecule. All of this is reflected in the available data from the long-term phase II studies that have shown a well-tolerated safety profile with adverse events mostly mild to moderate, and importantly, no significant liver or kidney function abnormalities. The drug is currently in phase III, and the program received the Fast Track designation in 2024. This profile positions AR882 as a potential best-in-class oral therapy for chronic and progressive gout, addressing a major gap in the treatment landscape. Please, next slide. Looking at some of the phase II clinical data presented at international congresses, it hints to the excitement we feel about this product and its profile. In study 202, a phase II trial in 140 patients followed for 12 weeks, 71%-82% of patients achieved serum urate levels below the therapeutic target of 6 mg/dL with 50- and 75-mg doses. Additionally, we observed a rapid reduction in serum uric acid within the first week of administration, which is sustained throughout treatment. Please, next slide. In study 203, another phase II with 42 patients followed for up to 18 months, we confirmed sustained efficacy, again with a strong serum uric acid response rate for AR882 alone and in combination with allopurinol. Importantly, AR882 also demonstrated significant tophi resolution, both as monotherapy and when combined with allopurinol, with up to 50% tophi resolution at 18 months and 44% at 12 months for combination therapy. These results show that AR882 delivers clinically meaningful efficacy in a diverse set of chronic gout patients, including those who are refractory to prior therapies and those with severe tophaceous disease. This positions AR882 as potential best-in-class oral therapy, and we are eagerly awaiting the full phase III data to confirm this profile. Please, next slide. This slide shows one of the most compelling aspects of AR882's clinical profile, which is its ability to achieve sustained resolution of tophi. In this phase II study, patients receiving 75 mg once daily showed dramatic reduction in crystal volume over time when assessed with dual-energy computed tomography. Overall, that's a 98% reduction in crystal volume over 18 months, as shown in the imaging on the slide, and you can see the progress over different time points. This is clinically meaningful because these crystals drive progression of gout and the formation of tophi that can lead to joint destruction with bone erosion. Eliminating tophi not only improves symptoms but also addresses the underlying disease progress. Please, next slide. To close the clinical development overview, here's where we stand with phase III. Both pivotal trials are now fully enrolled ahead of schedule, which is a major milestone. REDUCE 1 completed enrollment in August and REDUCE 2 in March 2025. Patients are randomized to receive either 75 mg or 50 mg of AR882 or placebo once daily for 12 months. And the primary endpoint is treatment response defined as achieving serum uric acid level below 6 mg per deciliter at month six. We expect top-line data in 2026, which will be the key inflection point for the program, and we look forward to seeing the full data. With that, I will hand over to Henrik. Thank you. Thank you, Lydia. Please turn to slide 17. Let me sum up. In addition, there are up to $550 million in potential clinical regulatory and sales milestones, of which most relate to sales milestones. The upfront payment will be funded mainly through available credit facilities and partly through a new credit facility. As a result of the transaction, leverage is expected to increase to around two times at the time of closing, but that level will be rapidly reduced over the course of 2026 through our underlying cash flows. The acquisition is expected to be highly accretive to our mid- to long-term growth and margin trajectory, but also in the short term, our ambition is to maintain a very competitive margin. As usual, we will guide for 2026 in February when we report full year 2025. Finally, we expect the transaction to close in H1 2026, subject to customary closing conditions. In short, this is a well-structured deal that strengthens our portfolio, accelerates long-term growth, and focuses on long-term shareholder value. Over to Guido. Looks like you're on mute, Guido. Yeah, Guido is on mute. Please turn to slide number 19. This acquisition reinforces Sobi's strategy of sourcing first-in-class and best-in-class molecules to strengthen our portfolio and deliver differentiated value. Across our portfolio, you can see examples of this approach from Altuviiio, Gamifant, and more recently, Tringalsa, to mention a few. Now with Arthrosi, we add AR882, potentially a first and best-in-class next-generation URAT1 inhibitor for progressive gout. This acquisition follows our strategy, building a portfolio of highly differentiated therapies that addresses significant unmet medical need and drives sustainable growth. Please turn to slide number 20. To summarize this acquisition, it brings a highly strategic asset into Sobi's portfolio. AR882 is a potentially best-in-class, highly potent, and selective next-generation URAT1 inhibitor designed to reduce serum uric acid levels, flares, and tophi in patients with progressive gout. It addresses an underserved patient population that is currently suboptimally treated with first-line therapies. The asset is in late-stage development with two global phase III assets fully enrolled, sorry, two global phase III studies fully enrolled and expected to read out in 2026. This transaction expands Sobi's gout pipeline and in complementary capability in chronic and progressive gout while building on our existing expertise in this space. Finally, the acquisition is expected to be highly accretive to Sobi's mid to long-term growth and margin trajectory, reinforcing our commitment to delivering sustainable shareholder value. In short, this deal catalyzes the formation of a portfolio that drives growth well into the next decade. And now it's time to take questions. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have entered a queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume from the webcast while asking a question. Anyone who has a question may press star and one at this time. The first question comes from the line of Christopher Uhde from SEB. Please go ahead. Thank you so much for taking my questions. I hope you can hear me. If not, please say so. Yes. So my first question is on CMC. What can you tell us about the status? I mean, obviously, a lot of startups cut corners on that, and then that's up to the acquirer to resolve. Could you tell us what remains to be done there? And then in terms of the ex-US opportunity, so you don't have head-to-head data against febuxostat, but obviously, the numbers look clearly better. But what do you need in terms of data to secure reimbursement in Europe? And what can you say about then the kind of pricing you think you might or what indications could you give us around pricing for the drug in the US and Europe? Thank you. Thank you, Christopher. With regard to CMC first, this has been progressing very well. The two manufacturers on the API and also on the DP and finished goods, they are actually FDA certified, working with many MNCs. So we didn't find the typical flaws that you were alluding to. We feel actually quite encouraged now to progress this product, and it's a small molecule. I mean, we had obviously a fair share of learning in this department overall, but this seems to be pretty much under control. With regard to Europe, I mean, we will. Our case completely stands on the US. It's fair to say that based on US approval, we will be able to launch in quite a few other international markets. I think a good time for you to provide a bit of a framework on how we are thinking on Europe is probably the capital market day. I mean, we know that there's obviously a high unmet medical need in Europe as well. But the question is, to what degree can we get away with our direct comparative data? That's something that we will have a good look at. But we are expecting actually to have strong efficacy data that compare well with existing therapy during the course of next year. Next question. Thanks so much. The next question comes from Gonzalo Artiach from Danske Bank. Please go ahead. Hi guys. Good morning. I hope you can hear me. Could you give us some color on the potential operational synergies between NASP and POS? Will you guys use the same Salesforce and commercial infrastructure? I guess yes, but how much do you have to add on top of the NASP investment there? And my second question is on this second-line space. I mean, do you think that POS should be used before, or is going in practical terms to be used before febuxostat? And yeah, based on just pricing opportunities here. And how do you see the Cristalis asset that has data in late 2027, also a URAT1 asset? Thank you very much. Yeah. Thank you. I mean, so this, I mean, as we outlined, we position the product as a second line to, for instance, allopurinol. And basically, we see an opportunity for the drug to actually, to be honest, to replace febuxostat, or at one stage, you will also probably have physicians who combine the products. But that has to be seen. The two pivotal trials are as a monotherapy. So that will be our ingoing hypothesis. And then with regard to the commercial synergies, there are obviously commercial synergies, even though the approach for physicians is slightly different. But we see clearly synergies also on the medical side. You will probably, as we maybe during previous calls, we alluded to the fact that obviously there is a very competitive field force out already in the pegylated uricase sector. And in order, but this deal obviously will allow us to build the field force that will be very competitive in gout. So we will obviously add, but we will not add. We will not have to duplicate. We will augment our existing organization. And we will be very competitive, obviously, when you think about the launch at the time. And with regard to Cristalis or other followers, it'll have to be seen. They are obviously a few years behind. And let's see how they will come out of their clinical trials. I mean, we felt when we did the diligence that AR882 is a very differentiated asset, and we should focus more on establishing the class than being worried about followers in this market. Thank you very much. The next question comes from the line of Mattias Häggblom from Handelsbanken. Please go ahead. Thank you so much, Mattias Häggblom, Handelsbanken. Two questions, please. So with the two phase III trials fully enrolled, was there any data that you, during due diligence, was able to evaluate from the ongoing trials, including adverse event rates on a pooled blinded basis? And secondly, data from this asset started to emerge November 2023 at the ACR meeting and then have seen updates on July 2024 and 2025, as Lydia alluded to. So can you share with us how long the Sobi team has been studying the asset? And if there was one particular data set or update that accelerated your interest? Thanks so much. Yeah. I mean, we have followed this asset for quite a long time. And the team that has worked on this asset is a very, very comprehensive interdisciplinary team that we brought to bear because obviously we are launching this or we have made this acquisition prior to the announcement of the phase III data. Lydia, we have also Niels here, who has led the scientific evaluation. But maybe Lydia first, you want to comment on what data pool we looked at and how we got comfortable that we can make this deal? Yes. So thank you, Guido. And yes, Mattias, obviously we have, as Guido mentioned, a cross-functional team looking at all the non-clinical and clinical data available so far. And that's what gave us the reassurance that not only the safety, sorry, the efficacy profile is really above other assets in that space with very strong serum uric acid reduction, but on the top of that, the tophi resolution and the control of the flares, which, as I mentioned, it's one of the most critical aspects for patients because that's what really improves their quality of life. So that's the data that obviously has been presented, as you mentioned, over the last years at the main international congresses. And that's what we've been looking into detail, this available data so far. And in terms of safety, the same. We've looked at the phase II data in detail, and there has not been any safety signal that has really triggered any concerns when it comes to hepatic or renal safety. So that's why we've been really confident that with the data so far available from phase two, we feel very secure on how this asset will be looking into moving into phase III because otherwise we would have seen potentially some signals. Especially, we are confident, and that's why I think Arthrosi also decided in the phase III trial, they included patients with previous history of nephrolithiasis if it has occurred six months before the inclusion of the trial. So that speaks of the reassurance that Arthrosi had based on the safety profile of the product. So maybe Niels, you were part of leading the. Niels is the head of medical affairs and clinical development. Maybe you want to comment as well a little bit more? Yes, of course, Lydia. So I would say, first of all, we are very confident with the phase II data that we have reviewed. And Lydia did present this data both on efficacy and the safety. I would say for the phase III trial, there's maybe a couple of things just to highlight. First of all, as you could see, both of the trials enrolled ahead of time very fast. I think this is a good sign. It sort of points to the unmet medical need, but also the robust design of the trials and the interest for the product. In terms of safety, these two phase III trials, they are monitored by a safety data monitoring committee. And so far, there has not been. These have been very reassuring. There has been no safety issues raised. Therefore, we believe that the phase II safety profile is maintained in the phase III trials. Yeah. I think, Mattias, this gives you maybe a bit of a flavor, so we got comfortable based on the diligence, and this was a - we have been working on this asset for more than a year. Yeah. Thank you so much. Thank you. Okay. Next question. The next question comes from Kirsty Ross-Stewart from BNP Paribas. Please go ahead. Good morning, and thanks for taking my questions. Just a bit on the profile of the deal. So how soon following launch of the asset do you expect this deal could be accretive? And just wondering if you can add a little more detail on what you mean by kind of maintaining a highly competitive margin into 2026. Are you able to decrease the investment in NASP that you were going to be making in the first half of next year through some synergies that you acquire through Arthrosi? And then just longer term, this seems to kind of a little bit of move away from a kind of true rare disease indication. So just wondering from a strategic perspective in the company, is this kind of a sign of a direction you're looking to move into, or are there kind of other assets, sorry, other aspects that you're kind of trying to maximize by going through this deal? Thank you. Could you actually, acoustically, I didn't catch your first part of the question. I mean, can you just repeat this one? Sorry for this. Yeah, of course. Sorry, my line is bad. So, just asking kind of how soon following launch do you expect the deal to be accretive, and some more details on what you mean by a highly competitive margin into 2026 and whether there are kind of synergies and a wind down in the investment in NASP that you're able to make as a result of this deal. Thank you. Yeah. Thank you. I mean, first of all, we are very much now looking forward to the launch of NASP next year. There is no reason for us to decrease the investment on NASP in view of this new asset. If anything, our conviction about the product still stands, and we want to give justice to this first start for the first portion. By the way, this first launch NASP, I think you would still qualify, according to our definitions, as a rare audience because it's really this group of maximum 15,000 patients that we are aiming at. This base forms basically the nucleus. It gives us a spectacular connection to the community, to the physicians. Then it's extended, let's say, into the second line. So while you can argue that the audience for this second-line gout is probably not as rare anymore, we started with a rare focus and then expand from there. And it is a high unmet medical need. So we are less worried now about definitions more than worried about making a difference to patients. And yes, it will allow us to put up an organization then in the second phase that is very competitive, but builds upon the core that has been laid, will be laid next year. And so basically, we think that the product, as we said, is going to be very accretive as of the 2030 and into the mid-30s and beyond, and will be a significant growth driver for the company. And as such, then we will really be a propeller for growth and earnings. And as of when we will have a break-even, we will probably give you more of a view at the capital market day. But this would be now a bit premature. But clearly, the margin profile, the gross margin profile of the product is very advantageous and will allow us to move up the chain. Yeah. And so I hope this answers the question. Thank you. Next question, please. The next question comes from the line of Lucy Codrington from Jefferies. Please go ahead. Hi there. Thank you for taking my question. Just a couple left. I just noticed in the phase III, you're evaluating two doses. It seemed like from the phase II, the 75 milligram was the key dose. So is that just to have flexibility, or was that a requirement to evaluate a lower dose? And then secondly, just in terms of the safety, in terms of the renal profile, would this allow you to expand use into patients with chronic kidney disease who perhaps are currently not allowed to be treated with uric inhibitors? Thank you. Thank you. Lydia, please. Yeah. So the two dosing, it's basically normally in phase III trials, you want to evaluate two doses. Obviously, the profile of the patients, it's like a spectrum. Not all patients are in the same level of severity. So we want to assess these two doses. And Arthrosi made that decision, obviously, in order to cover the full spectrum, but also to confirm which one of the two is basically the most efficacious. So we believe that this is the correct study design for a phase 3 trial. And in terms of the second question was for patients with chronic kidney disease that, as you rightfully say, were excluded from the study. I think that's a question that we will be able to answer once we see the phase 3 data and we get the reassurance on the renal safety profile of the asset. And that might require additional subset of potential new studies that we will be deciding later on. Thank you. Thank you. Next question, please. The next question comes from Viktor Sundberg from Nordea. Please go ahead. Yes. Hi. Good morning. Thanks for taking my questions. So yeah, maybe this being covered, but just anything you can share on maybe the impact on financials short term when you consolidate the numbers from Arthrosi into Sobi's P&L. Secondly, I also guess some investors might remember the CTI acquisition and make a negative read across into this acquisition, even if that is unfair. So any comment from Sobi that this time is different and any learnings from your previous acquisitions that you have implemented here that would also be interesting to hear? And just finally, I guess you waited for the longer-term follow-up presented this summer on this drug. So what was the catalyst for deciding to go ahead? And anything in particular that triggered you to make the deal now? Thanks. Yeah. Thank you. Thank you, Victor. I mean, with regard to financial outlook, I mean, we will provide, obviously, a financial outlook at the right time when we present our Q4 results. But we think that this is a very manageable impact for us. And in this context, I'd like to remind everybody, obviously, that we have taken some precautionary measures already this year to create some space into P&L. I know that we have a lot on the plate that we are now, but all of this is really nicely sequenced. So we hope that we can demonstrate very respectable results. But yes, it's needless to say that the company at this stage is not providing a positive earning effect on day one. But this is about, obviously, creating shareholder value and improving the value of our pipeline materially and then, obviously, driving and increasing our growth profile into the next decade. So it is a spectacular opportunity. Now, with regard to CTI, I mean, before I then comment on this, I'd like to say the following. The only guarantee that you have in life of failure is do nothing. Yeah? That's a guarantee. And with this one, we have worked on this deal more than a year. We have probably had an internal team working on this, all of magnitude 70 people. And we're using a probabilistic approach here. And yes, I mean, it's not like we have shrugged it off with CTI. There were some fair share of learnings, but we have conviction that this was going to work. And we have, obviously, and it's helpful that this is an area that we have been working on for quite a few years now with NASP. So that means lots of KOL contacts. That means lots of discussions with patients, other stakeholders. Yeah? So So at least you can say that we are going there in an informed way. And we are convinced that we can create some value, by the way, in a similar way that we are doing with so many other products. So Sobi is a little bit more when you look at our current growth trajectory. And with regard to the longer term, we think, obviously, it's a fantastic catalyst for us to drive growth into the late 30s and probably beyond. The product has a long patent life. I hope I got all the nuances of your question, Victor. Maybe if I may, because there was an aspect in if there was a catalyst for us to really. Oh, yeah. Oh, yeah. The catalyst. Yeah. So I think that, obviously, our main drivers have been the robust efficacy and safety data with the long-term sustained reductions in serum uric acid, together with the knowledge of really the strong Arthrosi team that it's built on gout experts and the strong momentum that we've seen in the phase three trials, as we mentioned before, with this recruitment in very large clinical trials being achieved ahead of schedule. So I think if you put all those three things together, that's what reassures us on really willing to be part of this. Thank you. Yeah. Thank you, Lydia. And I'm sorry, I forgot about that. And with regard to the catalyst, I think, Victor, you need to also realize we reason by the data that we are able to see success. If we would have waited for the final phase 3 data, the chances are this deal would have not been ours because there was quite a bit of interest for the company. So in a way. But we did this not in a naive fashion. Great. Thank you very much. Thank you. As a reminder, if you wish to register for a question, please press star and one on your telephone. Any other question? If not, then I would like to thank you. There are no more questions. For your interest. Yeah. Yeah. Thank you. Yeah. I'd like to thank everybody for your interest at such an early time of the day and also for doing quite a bit of work over the weekend, but you can hopefully share a little bit the excitement that we have gained over the last weeks and months and look forward to staying tuned. Thanks a lot and wish everybody a great week. Thank you. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call and thank you for participating in the conference. You may now disconnect your lines. Goodbye. Goodbye.