Welcome, everyone. Thank you for standing by for Bora Pharmaceuticals' First Quarter 2025 Earnings Conference Call. We have here with us today Group Chairman and Bora Pharmaceuticals CEO Bobby Sheng, and CFO Alice Wang, Vice President Simon Cheng with us. At this time, all participants are in a listen-only mode. After the speaker presentations, there will be a question-and-answer session. To ask a question during the session, please enter your questions directly. Some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our annual and financial reports, including the risk factors. We undertake no obligation to update any forward-looking statements. During this call, we will present both IFRS and non-IFRS financial measures. A reconciliation of IFRS to non-IFRS measures is included in today's presentation, which is distributed and available to the public through our website. I would now like to hand the conference over to our speaker today, Bobby. Please go ahead. Thank you, Nadiya. Pleasure speaking to everybody, and good morning to most of you this time in the evening for our U.S. listeners. Next page, please. Here is Bora by the numbers. I'm sure most of you are familiar with this. We have TWD 2.5 billion in market cap, 2,100 employees, export to 100 countries and manufacturing sites, over TWD 600 million in revenue, U.S. dollars for 2024. 95% of revenues are outside of Taiwan, and we're the number one pharma manufacturer in Taiwan. Next slide, please. Next page. The highlights and milestones for Bora in quarter one are CDMO revenues, which marked a historic high for us over quarter one. We completed our strategic consolidation of the U.S. CDMOs and used the capacity ahead of schedule. As you know, we have the MIPS growth facility and the Baltimore facility in Camden, and the Jeju facility is definitely coming online ahead of schedule, and the earnings for that site are coming ahead of schedule. We've also confirmed our small molecule CDMO offerings and expansion focusing on the Maple Grove facility, and closure of the Clinton facility. We've executed a structural transformation of the VIGAFYDE go-to-market model and acquired USL into our company last year. The VIGAFYDE strategy has proven very strong, and our go-to-market, we've executed extremely well and have some great results in that. We've also given some adjustments to the market to maintain our leadership position into DLS within the U.S. Next slide, please. Next slide, please. Here, I'd like to highlight some of our revenues. Our revenues for the quarter were TWD 4.4 billion, and that is a decrease from our previous year, previous quarter, sorry. Most of these revenues were fueled by additional customers across the CDMO sites for our CDMO business. Bora's CDMO business recorded a higher quarter of 52% from last year and 3% quarter-over-quarter. We have strong CDMO sales, as I explained in the earlier pages. On the pharma sales, we also had revenues of increase of 82% from the year-over-year. Obviously, that's because of our addition of the USL products and our specialty pharma division with the addition of Vigify. Now, as you can see, though, it's very clear that consolidated, the TWD 4.48 billion is below our fourth quarter for 2024, and that's because of the 15 products that we discontinued. I want to highlight that these products were already earmarked for discontinuation when we acquired the USL facility. I think a year, I think maybe about in April or so of last year, we were highlighting the fact that after the acquisition, we were going to maneuver the company into higher-margin products, specialty generics that were more meaningful to the manufacturing sites and also to the company. In conjunction with that, we followed on the discontinuation of 15 products. In addition, we've also moved six products from the Clinton facility onto our other sites within the network. All of this has resulted in a lower revenue, but as you can see from our cost of goods sold, we actually have increased our gross profits. None of the discontinuations actually affected our gross profits. We have been very disciplined in making sure that we keep the products that have the gross margins and discontinue the products that do not have them. You can also see the gross margin for the quarter is 42%, which is 9% more than the previous quarter. Also, if you reduce the one-time adjustments for the discontinued operations, we are getting closer to 49% in gross margins. On the operating costs, with the discontinuation of some of the operations within the sites, we have decreased sales and marketing, a decrease in G&A, a decrease in R&D spend. We have a decrease in total OpEx spend of 10% quarter-over-quarter and an increase of operating profits from the previous quarter. That is what I really want to highlight here, our increase in operating profits as we continue to do quarter-over-quarter. Our net income with the non-operations is with non-operations TWD 2.3 billion. I'll explain more of that as we get down the income statement here. Our net income before taxes is TWD 3.03 billion. From the discontinuation of some of the operations in Clinton, we have a one-time discontinued operation adjustment of TWD 1.3 billion. That is an acceleration of the disclosure or discontinuation of products and acceleration of the closure of that site. That is just a one-time that we think is needed to continue operations going forward in a profitable basis. The net income from continuing operations is TWD 2.7 billion, and the net income for the quarter is TWD 1.4 billion. The operations, the basic EPS from continued operations is TWD 26 billion. Just for this quarter, if you include all of the one-time costs and the one-time benefits, the one-time expenses, the basic EPS for this quarter is TWD 13.55 billion. In summary, I want to say what happened this quarter was expected, and it was an acceleration due to market conditions. There were definitely some unfavorable market conditions that were existing in the generic business that really accelerated our plan to discontinue these products. As these products were discontinued—I'm sorry, can you stay on that page? That's fine. I could talk about this later, but can you stay on that one page previously? Can you go back one page? Sorry. The discontinuation and acceleration of those products to be moved into other sites definitely showed an increase in the Clinton facility costs. It accelerated our closure of that section of the Maple Grove facility. Just to clarify, the Clinton facility is part of the larger Maple Grove facility and is considered one site by the FDA. The Clinton facility had many disadvantages, and definitely it was, in our position, a site that we definitely did have no competitive production advantages. In the U.S. operations, the Clinton facility definitely was one that needed to be closed down basically due to market conditions and really was part of our plan when we acquired USL. Next page, please. Next page, please. Some highlights on the upstream of this story, I want to focus on that because of the one-time cost here. We definitely have increased our operational efficiency by integrating the three teams, and the sales and marketing infrastructure that has been done. The pipeline ramp-up, as you can see, we have integrated both pipelines. You can see a decrease in R&D costs by integrating those pipelines. As I was explaining before, the market conditions definitely had us accelerate some of the reductions and the discontinuation in those products. Evaluating the Clinton site, especially the ASP products in the Clinton site, decreased by—and that's average selling price, that's ASP—decreased by 37% sequentially. It was really a smart move by our team to accelerate the closure of that site, which will result, as you can see, in higher gross margins, which will result, as you can see, in growing gross margins and also our ability to free up cash flow to invest in other parts of the business as we were going to as planned. Next slide, please. Next slide. Here's some part of the rationale for this bank closure as well. We wanted to really right-cost the profile, right? A lot of the overhead that was in Clinton was definitely not needed, basically based on the new profiles of our new drugs that we were bringing in there. The overhead of that facility was definitely too high. We wanted to make sure that that was being rationalized correctly, and it was a decision by the team and a very quick decision by the team to make sure that we get that done within the quarter of first quarter 2025. We also wanted to have the right kind of technologies that could go into Maple Grove. Looking at Clinton, the space was old. It was a very tired facility, and certain technologies that we wanted to move in there to make them right for CDMO just did not have the sufficient space. That was another rationale for really wanting to make sure that we were bringing in the right technologies that were ready for CDMO. Converting a site from an innovator facility or a generic facility into a CDMO, it's a very tedious process. We want to make sure that the technologies and the production quality and also the production scale is ready for CDMO. That was one of the rationales that we had for closing the Clinton site. Finally, the focus on high-tech complex capabilities we were talking about for Maple Grove, nasal sterile, high-potent APIs, high-potent drug products, and also different variations that would not fit in the Clinton facility. Once again, some rationale for why we needed to close down that Clinton facility and focus on the larger Maple Grove facility, which is a very high-valued asset, especially given Trump's tariffs in the U.S. Also, as I explained before, we are unlocking a lot of cash flow. In being financially disciplined, as we always are at Bora, in closing of the Clinton facility, we are freeing up cash flow. We expect to unlock about TWD 200 million in capital per quarter and also free up a lot of initiatives for CapEx into the current Maple Grove facility and also potential other M&A opportunities as well. Next page. Next slide, please. Sorry, Bora still continues to deliver profits. Bora has always focused on delivering net income growth year-over-year for our shareholders. Our actions this quarter have given us a clear pathway for that growth in the future. Even while doing so, still having impressive numbers for quarter one, we are more confident in our ability to increase the numbers quarter-over-quarter for the remainder of 2025, but really, really looking optimistic for 2026 as we move forward with a cleaner operation, higher gross margins, and as we fill the current Maple Grove facility with CDMO customers as well. As you can see on the right side here, the CDMO business is actually increasing compared to the pharma sales, and we see the CDMO business growing pretty rapidly in the next 24 months. Next slide. Next slide, please. This slide, we just want to show that we really focus on four of it. There are a lot of acquisitions that we do year-over-year, but internally, we're going to have a practice in these investor conferences and these investor meetings to really show our growth and its real value for growth and not just an EBITDA or an income statement type growth. If you take out some of the one-time costs that are associated or one-time gains that are associated with our growth year-over-year from 2002, as you can see, our core EBITDA has increased year-over-year. In quarter one of 2025, we're poised to have another record year for our core EBITDA contribution to the company. Next slide. A little bit about the Trump tariff, and we may have a lot of questions about that, but we don't want to say that. We are well, well, well positioned to take advantage of the current U.S. Administration and the tariffs that they are imposing for or the proposed tariffs that could be imposed for our industry as well. A couple of charts, I want to show here. As far as the M&A side, we're seeing a much, much lower activity from China competitors on the M&A side. We see a lot of advantages for us in the upcoming year and then next year for really high-value assets to be very reasonably priced. We continue to be aggressive in our M&A strategy, and that only increases with the absence of China competitors in the M&A space within North America and Europe. On the right side, we definitely want to show some of our analysis internally on the current tariff possible implications and want to focus on the bottom right. We expect, given if there is a 20%-30% tariff, we see a potential decrease of our gross margins from 0.5%-1.5%. We see that there will be an effect, but our team is consistently evaluating all possible options with regards to our supply chain, with regards to our customers, and with regards to a lot of our vendors. This is a time where strong management and A-plus management shows. This is a time for us to definitely react accordingly and also be proactively getting ahead of some of the current potential tariffs that come up. I will say strongly that we have invested in the last three to four years in the U.S. As it goes on this slide, there has been over TWD 200 billion invested by the top 20 pharma companies in the U.S. We have been proactively doing that. It is really not as we knew that Trump would have these tariffs, but we knew that ever after COVID, there was a strong move to have supply chain be closer to the customer or be closer to the patient. In looking into our customers, we were very proactive in setting up locations within the U.S. to onshore or friendshore the production of our drugs for our clients and for our patients. That definitely seems to be paying off at this point as well, not only in Taiwan, but in the U.S., like Sterile ointments, Sterile nasal, Sterile film finish, OSD, and packaging lines, all within the U.S., especially in large molecule and small molecule as well. Next slide. Here is some summary of our quarter one 2025 business. A highlight of ours is that we, as a global CDMO, continue to be recognized as a global CDMO. We are one of the top awards. Sorry, can you go back one slide? Can you go back one slide? We are at one of the top awards in our industry at a global conference in New York called DCAT. We were awarded three awards, actually, but one of our core awards was the most outstanding CDMO award in the industry. This is something that we continue to show our value and continue to show our presence in the global CDMO space, and we will continue to do so in 2025 and 2026. Next slide, please. In 2025, we have an initiative to have our margin profiles improve as the synergies of high-value assets emerge. Maple Grove, their first CDMO business began in March. We also are in discussions with three very, very large pharma clients to have a much larger partnership within that site. As you know, that is one of the top largest OSD facilities and a lot of furlough space in that facility for other potential production manufacturing capabilities. Given the current U.S. administration's push for local U.S.-based manufacturing, we are definitely in some very, very high-level discussions with C-level executives in a lot of top pharma to put many products, multiple products into the site. We are very excited about that. In Maryland, we are very excited about the FlexLine that will be going online in June and July of 2025. That is another 30% capability. We also signed an extended contract with an existing customer, a very large customer, to continue manufacturing in the Mississauga facility. That is our Canadian facility. We also see growing demand and partnerships for other customers within that facility despite the tariff complexity. One thing I want to highlight here is that we do not see our customers changing our space. Our industry is very, very difficult to transfer manufacturing. I think that is a strong point that you will see and a consistent message within our industry that it is very hard to transfer existing products from a site. I think a lot of our customers, a lot of our large customers especially, are holding steady and continuing to discuss very long-term supply chain agreements with our current facilities. Obviously, with some new facilities coming up or new equipment coming up, our current customers are very excited about giving us more product and have more demand for the facilities within North America and the United States. Of course, we've achieved historic highs with project wins in Q1 2025. The Plymouth Seed Commission is 90% complete, and we've kind of over-exhaustively discussed that, but we are very happy with the closure. It is definitely on track and is turning results financially that we are already seeing in April and May as well. We are very happy about that. The tech transfers for the U.S. facing internal orders of the six molecules will definitely bring a more cost-effective profile for USL, but then also give a lot more work and take up more capacity at our current North America and Taiwan facilities. Next slide, please. This slide just want to focus you on our continuing execution of our synergies. I think in large part, you can look ever since 2020, we've been focusing on North America. Within the last five years, we've built up a very, very nice foundation, a very nice footprint of manufacturing in the U.S. I would say one of the most complete footprints for one single CDMO within North America and within the U.S. There are some updates on our M&A activities. I'll start with the Upsher-Smith. We continue to invest in CapEx, and we definitely have some scale technologies that we're moving into Maple Grove site. I will explain some of those technologies in a couple of other slides. The CDMO for Emergent, that one is definitely going ahead of schedule. FlexPro will start a contribution in July. We also have approval internally for an additional line that will bring in additional revenue. I'll explain that a little more in the next following slides. Next slide, please. For the Maryland facility I was just speaking of, we've just approved internally to add an additional product line in the aseptic processing space. It's a near-term project, and we expect this AST isolator line that was just approved by our board. We expect that to be a line installed within 12 months and start producing revenue within 12 months. We expect this line to give us an additional pipeline of TWD 40 million-TWD 50 million in contract manufacturing work. Next slide. Next slide, please. A little bit about Maple Grove. As you know, in closing the Plymouth facility, our Maple Grove facility is actually extremely, extremely valuable, which is a large facility, six times the size of Plymouth. It was built in 2003, expanded in 2022. We are moving forward with an investment of TWD 10 billion to unlock a lot of potential in the Maple Grove facility. These investments are with existing clients and existing sales and existing pipeline that has come in. I will say we are in strong, deep negotiations with some large pharma that will have substantial, substantial investment into this facility and substantial impact on our earnings and our growth within the next 12-18 months. We are really excited about our investment. It's proven to be one of the most valuable investments we've made in the last 24 months. The interest in this facility will prove its worth definitely within the next two to five years. It's going to be an amazing, an amazing, I would say, headquarters for our manufacturing CDMO within the U.S. Next slide, please. Next slide, please. Here's some of our highlights again for what we've done in the first quarter. I want to just focus on maybe the highlighted on the left bottom here. We've looked and talked with many potential clients, and we see that we will be adding on Sterile nasal ointment and high-potency type products within our dosage forms. On the right, our numbers continue to be market-leading as far as the yield-batch success rate, right? First time or on-time in full, which is OTIF, is down a little bit. That's a function of the scaling up the Maryland facility and getting that facility up to CDMO standards. I think that number will go up as the Maryland facility, which I've talked before, the Baltimore facility, will go online and be much more efficient as it becomes a CDMO facility for Bora. Next slide, please. Some of the highlights of the CDMO business. We produced 600 million doses in quarter one. We have 10 commercial MSAs signed in quarter one. 29% of our revenues are from the world's top 20 pharma companies, and that continues to grow quarter-over-quarter. we have added $78 million in backlog. That is incredible. I think we announced that in Q4, we hired a new President, J.D. Mulroy. He has brought on incredible skills and leadership, and the backlog of products continues to grow quarter-over-quarter. we are very excited about the new leadership team we have there with J.D. Mulroy and some of the people that he has brought on. We have exciting announcements. One late-stage large molecule CDMO signed for Bora Biologics that will probably be explained more in another meeting when we talk about Tanvex and Bora Biologics in that and their annual or their quarterly investor meeting. Next slide. Some updates on the pharma sales side. Next slide, please. As you can see, quarter-over-quarter, our initial guideline to the investors and the shareholders three or four years ago when we got into this space was to continue to focus on high margin, continue to focus on specialty brands. As you can see, year-over-year, we are doing so. The percentage of specialty pharma continues to go up, which also continues to increase our gross margins and continues to increase the load we build around our consistency of growth within our product profile. As you can see, it represents almost 34% or 30-some% of our total product profile in quarter one of this year. Some highlights on the right. We're definitely seeing some competition index on the pros and DLS. You're seeing some losses there. You're definitely seeing some YOY changes. As you can see, the specialty has grown a lot more year-over-year as well. That will be a continued trend in increase in the specialty revenues and adjustment of products to increase our gross margins, but not have as many SKUs in those maybe highly competitive low-margin products within the generic space. We're trying to continue to get out of that message. It's very consistent. It's been very consistent quarter-to-quarter. It's been very consistent year-over-year. We have successes in doing that in the previous years. We see that we continue to have success with having the knowledge and having the clear mission to decommission low, if not negative gross margin products and focus on high-margin products. Some information on the pipeline here for the specialty business. We have two very exciting products that we see in the 505(b)(2) phase with Serenpitol and USL 551. For the generic business, we focus on high-margin specialty hard-to-manufacture. We have three products in this space. I won't go into too much detail of those. We have the end approvals. The most exciting one I could probably talk about is the DiflatoCore. We feel that that is a very strong product that we can have a brand name that we'll have within the next couple of months. We'll sell that as a branded drug as well. Some highlights on the Mirabegron. That has some legal issues that we've been able to take advantage of. We're excited about that product in 2026. Next slide, please. We continue to consolidate the commercial business under the Upsher-Smith name. That's a very, very strong name in the U.S. As we continue to focus our commercial sales business within the U.S., the Upsher-Smith name is a very, very strong name within the U.S. We want to make sure that we brand everything under the Upsher-Smith brand name. Next slide. Some highlights on the Vigify business. As you know, we purchased Vigify from Puros in quarter four of last year. We've gotten orphan drug designation last year. We're waiting on orphan drug exclusivity. We have a discussion meeting with Q2 of 2025 this quarter. We're preparing to submit for TSC in quarter two of this quarter of 2025. We definitely had the Medicaid process streamlined during the quarter, improved protocol reimbursement recognition for Vigify as an innovative product. Basically, when you online or launch some of these products, the payer part is very, very important. For this product specifically, we've had 100% coverage now in all the states and all the hospitals. That is extremely strong for a product launch of this size, which really validates our assumption that this is a groundbreaking, I would say, game-changing product within the infantile spasm space. Next slide. As we continue to invest heavily into Vigify, we're seeing great results. On the focus on the right here, Vigidrone plus Vigify, basically the vigabatrin portfolio has increased in new patient market share. In quarter four, 60% of all new patients were prescribed Vigidrone or Vigify. Now in quarter one, up to 70% of all patients for infantile spasm, all new patients for infantile spasm were prescribed Vigadrone or Vigify. That is definitely a strong, strong market position. Combined, these products added over 17% more patients in quarter one versus last quarter. We had 17% more patients in this quarter versus last quarter. In our revenues, new patients over the next few quarters turn into revenues and prescriptions. Our investment in the last couple of months has definitely increased the Vigify revenues. Our Vigify revenues for Q1 in 2025 have increased 114% compared to last quarter. We are very excited. Since our launch of Vigify, we have had over 400 new patients added into this treatment for Vigify. That means we had very meaningful penetration and very meaningful growth and definitely improving on the early intervention of this product for infantile spasm. Next slide, please. Next slide. A little bit about Bora and what we are doing in the community. We are definitely highly focused on ESG. We think as a global company, we need to be globally responsible and lead by example. In the TWSE corporate governance evaluation, we ranked and our ranking has improved to the top 6% from 20% amongst listed companies, demonstrating our determination to de-risk the lack of oversight. We are definitely continuing to improve our governance within the corporation. Our MSCI ESG rating is an A, and we are definitely trying to increase that over the next couple of quarters coming up. A strong commitment for us has turned into having a committed sign recognized by EcoVadis. EcoVadis is something that a lot of pharma companies, a lot of big pharma companies look at first and foremost to decide which CDMOs they would like to use or partners they'd like to work with. We always focus on operational equity and sustainability to drive mutual success. A similar sustainability effort is to. We conducted an employee human rights due diligence survey. We have established a board-level sustainability committee. We do have a board-level sustainability committee. We've committed to achieving net zero by 2050 on the drug sustainability drug supply side. Obviously, maintaining a high-level regulatory compliance is a must for us. We continue to do that. Let's focus on the bottom right here. We have zero recalls and no serious complaints through 2024. For having 10 sites and zero recalls, that's a very, very high accomplishment for an up-and-coming, growing CDMO company on the global stage. Next slide. I would say thank you, everybody, for your time. I hope we have a lot of time for some Q&A. Thank you. Thank you. As a reminder, to ask a question, you will only need to answer in the Q&A section. Now we will come back in one minute while we go through the questions that you raised. We have a question from our covering analyst versus how to gauge the potential impact of Trump's policy to cut drug price in the CDMO and pharma sales business, respectively. Bobby, please. I think that's definitely the question. First and foremost, I want to say the executive order is an outline for what Trump and the administration likes to do. It's a very tedious process that needs to be executed. There are definitely a lot of changes that will come our way. On the CDMO side, we're actually seeing more, we actually predict more benefits than more negative impact. Our current, we've actually, as soon as the executive order came out, we contacted all of our clients. They are very firm on the volumes that they will commit. They are very firm on the pricing that we have with them. They do not have any concerns as of late. I think, like I said, there's going to be a long process, and we're going to see how that's going to affect. Also, we are hearing that they're only focusing on Medicaid, and they're focusing on the top 100 products. For better or for worse, those top 100 products aren't really in CDMOs. I think that's one strength. Also, Medicaid is a very small part of the overall drug pricing in the U.S. We'll see how far that goes and if it goes beyond Medicaid. They focus on the drug pricing around the world. I think a lot of our products that we CDMO are the only manufacturer in the U.S. A lot of our products are OTC products, which means they're not prescription drugs, they're over-the-counter drugs. I will say we have a nice mix of customers that, although we definitely will probably see an impact, we don't see anything currently in CDMO. I will give you another position that we are looking at in the CDMO industry. I think CDMO will actually benefit because what this current administration is trying to do is to try to have the, I think, to have the U.S. Pharma companies operate more efficiently and effectively. I think efficiency and effectively is good for the CDMO industry. I think there will be a lot more outsourcing, a lot more discussion of outsourcing products as pharma companies try to maintain their gross margins. In maintaining gross margins, there is a lot of margins that can be gained by pharma companies by outsourcing some of their products. I think that will be a positive addition for the CDMO industry. Now, as far as our drug products are concerned, we are currently doing an evaluation of if there is any drug impact. The only one we could see is potentially our Vigadrone and Vigify within Medicaid. Then again, that is a very, very small portion. We are currently doing analysis if there is any. One thing I will focus on is we are not top 100. We are considered an orphan drug or rare disease. We do not normally see policies with regards to price affect the rare disease and orphan drug space. We are confident in that. However, we are always, always watching. We do definitely have some alternatives that we can, alternative options that we can enact specifically with regards to looking at our supply chain for our products and trying to reduce costs where possible. There are some of those that are being implemented as we speak. Right now, we are optimistically cautious or cautiously optimistic about the current drug pricing with regards to how it reflects on our CDMO business and how it reflects on our commercial business. One more discussion is on the generic side. As you can see, the executive order for Trump does not talk about generics and does not mention generics. We want to see how the administration views the generic business because that is normally a low-cost provider. It possibly could be out of the current discussions with regards to the current Trump executive order on lowering drug prices. Thank you, Bobby. We're back with another question here on our debt ratio. What is the company's plan to lower the debt ratio in 2025? In 2025, we can see our earnings from CDMO and the commercial business. We will contribute our cash flow. The second part is we discontinue the premise business. We will also contribute TWD 1.6 billion. It can reduce our debt. The third, we will reduce each subsidiary cash on hand level. We also can reduce our debt ratio. Thank you, Alice. Moving on, we have a couple more operational questions to Bobby. First is for acquisitions. What would be the fields the company is looking into at the moment? And does the company intend to continue to conduct any M&A activities in 2025? Yeah, I think we're still very bullish about the CDMO industry in general. We think it is a high-growth industry. We think all these actions that are happening within the U.S. and every action Trump is taking is advantageous to Bora, is advantageous to the CDMO industry within the U.S. As there will be any pressures on pricing, any pressures for gross margins, I think benefits CDMO because outsourcing of manufacturing and having companies specialize in what they do, whether it be sales and marketing, R&D, and manufacturing, and the separation of these functions within a company will definitely make the company more efficient. I think on the M&A perspective, we see a lot of opportunities within the CDMO space. On the drug product side, I think we have a lot to extrapolate value from. I'm very bullish on just the current pipeline that we have, although there could be potential opportunities within the product space. I think given how unstable and unclear the future outlook for drug pricing is, we're comfortable with our product line and we're comfortable with our pipeline. Any acquisition of future products would have to be very, very strategic, would have to be at a very, very low risk for Bora. I think we'll be opportunistic on those at best. I would say we're more cautious about any drug product acquisition. We're very excited about potential CDMO acquisitions. I can never predict the roadmap, but acquisitions is definitely a part of our growth. We still see our company growing very rapidly in the upcoming years. We are still very short of our target goals of where we need to be globally. We see the industry growing. We see our customers continue to come to us with a lot more demand. I think in the CDMO space, we will continue to grow. Acquisitions will be a very, very strong part of our growth in 2025 and 2026. Thank you, Bobby. Another operational question. Could you help us with more details on the project onboarding cadence for the CDMO side regarding the backlog added in the first quarter, essentially the new signed contract in the first quarter? I'm sorry, say that again. Could you detail more on the project onboarding cadence for our CDMO side? Essentially, the new project signed in the first quarter, what is the cadence of onboarding? Some of the projects are development projects, some are commercial products, right? Onboarding is very fast. It takes 30-60 days to onboard those projects. There are a lot of them. It was easy to describe it when we had one or two sites. We have 9-10 sites across the network. A lot of customers are being signed, a lot of commercial, a lot of development programs. They normally take 30-60 days to onboard. The development programs run about 18 months to about two years. The commercial ones obviously go on consistently for multiple years. Thank you. Please give us a second to go through the ongoing questions. We are coming back with another question regarding the discontinued operations. I'm not sure if the market expected significant impact on discontinued operations in the first quarter. Why didn't Bora provide pre-warnings about this? Second one is, is there any significant potential one-time loss in the following quarters? I think there's multiple reasons why we didn't provide pre-warning. The site closure has its costs, and we need to understand what those costs are as we close them. It would be unfair for us to give any guidance on closure costs, especially with regard that this is just a part of a larger site. It is not a closure of a business. It is not a closure of a company. It is a closure of certain production lines within a site that we bought, within an acquisition that we bought, right? We view it as a refinement or making the operation more efficient. We will need to have certain parts of that site be closed down, which had one-time on paper financial impacts. We felt that we did not require, nor could we have the ability to give that kind of guidance on how much we were writing down. We just got the information recently. I hope the market and the shareholders appreciate how fast we were able to react to the condition. I think that would probably, I would like for us, at least internally, I'm very, very proud of our team and our ability to identify the market difficulties, ability to forecast and look at leading indicators, not lagging indicators, leading indicators to say, "Hey, going forward, this site cost will increase as we discontinue these products." The thought process was not, "Here's what we're going to do with the totality and where do you need it." The thought process went from, "Okay, there's some headwinds in the market. These headwinds in the market deducted from us to say, 'Okay, we need to discontinue 15 products.'" The discontinuation of these and accelerated discontinuation of these 15 products meant that we would need to have a higher cost in the point of facility. We need to move products out of there, which deduct everything. That site, actually, we had to evaluate the validity of that site by itself very quickly as a CDMO. Like I said, I want to commend our team. We were tirelessly to evaluate these certain conditions and react quickly enough so that the impact would only affect one quarter. I would like to focus on the positives of that and the fact that we're not able to give any indication or any sort of alert to the investors or the market of what that dollar amount is. I think that would be a little irresponsible to throw a number out there. These are the numbers that we've gotten most recently. I will stress again, from a process standpoint and from a legal process standpoint, we're not closing a company. We're not closing a full operation. It was part of an operation with some production lines, although it was in a different facility. The closure of that facility was in due course of the normal evaluation of the business post-acquisition. I will also highlight focusing on the positives. This will result and has resulted already in higher gross margins and higher net profits for the company. Thank you, Bobby. This marks the end of the earnings call today. Bobby, would you like to close the call? Yeah, I would like to thank all the investors for listening on this call. As you know, I'm sure everybody's very concerned about the current Trump administration and what all its policies and all its announcements affect our industry. I can only say that we are on top of everything every day. You have a strong leadership team here that is invested in the future and the future benefits and the future success of Bora. I think the leadership team has reacted very, very strongly in a very positive manner to ensure the future profits and the future growth and the future potential of Bora. I also really want to thank all the investors for your patience, investors for understanding the current market conditions and what the leadership team here is doing on a 24-hour basis to ensure the success of Bora in the future. Thank you, everybody. Thank you for joining us today. Wish you have a good day or evening. Bye-bye.