Good morning. My name is Daisy, and I'll be your conference coordinator today. At this time, I would like to welcome everyone to the Blueprint Medicines conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, please press star followed by one on your telephone keypad. If you would like to withdraw your question, please press star followed by two, and please kindly limit yourself to one question. Thank you. I would now like to hand over to Jenna Cohen to begin. Jenna, please go ahead. Thank you, Daisy. Good morning, everyone, and welcome to the call. This morning, we issued a press release highlighting Blueprint's $1.25 billion transformative, strategic, and non-dilutive financing collaboration with Sixth Street and Royalty Pharma. You can access the press release as well as the slides that we'll be reviewing today by going to the investors section of our website at www.blueprintmedicines.com. Joining me on today's call are Kate Haviland, our Chief Executive Officer, who will discuss the importance of this deal for Blueprint Medicines, and Mike Landsittel, our Chief Financial Officer, who will review details of the transaction. Dr. Fouad Namouni, President of Research and Development, is also on the line and available for Q&A. Before we get started, I would like to remind everyone that statements we make on this conference call will include forward-looking statements. Actual events or results could differ materially from those expressed or implied by any forward-looking statements as a result of various risks, uncertainties, and other factors, including those set forth in the Risk Factors section of SEC filings. In addition, any forward-looking statement made on this call represents our views only as of today and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligation to update or revise any forward-looking statements. I'll now turn the call over to Kate. Thanks, Jenna, and good morning, everyone. Thank you for joining us to discuss this morning's announcement on our strategic financing collaboration with Sixth Street and Royalty Pharma. Before Mike provides details on the agreements, I want to share perspective on how this $1.25 transformative billion-dollar financing ensures Blueprint's long-term growth and solidifies our financial independence. At Blueprint, we are building the world's leading precision therapy company with a diversity of growth drivers, including our two approved medicines across four indications, a broad clinical-stage pipeline of important investigational medicines, and a prolific research and discovery engine. The financing we announced today brings significant non-dilutive, low-cost capital to Blueprint, which will provide us the operational flexibility to both accelerate our diverse pipeline and also pursue strategic and synergistic business development opportunities to propel our long-term growth, importantly, without the need for future equity financings. The terms of this financing are highly attractive under any scenario, and even more so when juxtaposed on the backdrop of significant uncertainty and volatility in today's equity markets. These investments by highly respected strategic life science-focused investors speak to the quality of the company we have built over the last decade and provide additional external validation of the substantial opportunities we have for growth across our business, as well as our ability to execute commercially to capture that value. We are thrilled to be adding Sixth Street and Royalty Pharma to our group of long-term, high-quality investors who are aligned with our ambition to build the leading precision medicine company. Let me take a moment to highlight a few important points from this transformative deal. First, this financing validates the opportunity for AYVAKIT in systemic mastocytosis, driven predominantly by the compelling market opportunity in non-advanced SM and our collective confidence in the PIONEER trial readout on track for later this summer. Importantly, Sixth Street is also investing in the strength of Blueprint's commercial execution to capture this value. Second, on the R&D side, this deal provides us with flexibility to accelerate our five clinical stage programs where we expect a high return on investment that will drive substantial top-line growth in the coming years. We have shared our bold plans to transform the lives of patients living with EGFR mutant lung cancer and CDK2 vulnerable breast, ovarian, and other cancers. These programs address important medical needs in prevalent patient populations, where we look to move rapidly to frontline treatment where the patient impact will be the greatest. With this additional capital, we now have the financial optionality to accelerate all of these programs to commercialization. Finally, the dedicated Sixth Street credit facility gives us firepower to pursue strategic and synergistic business development opportunities. We continue to evaluate technologies and assets to identify those that we believe will be value accretive under our R&D and commercial leadership, leveraging our expertise in the infrastructure we have built globally. The current market environment and reduced access to capital has opened numerous opportunities, which we continue to actively evaluate. Our newly fortified cash position, along with multiple drivers of top-line revenue, position us as a top-tier biopharmaceutical company that has the proven ability to discover, develop, and deliver medicines with transformative potential to patients around the world. Over the next 12-18 months, we have a clear roadmap to multiple value-creating inflection points across all aspects of the company. Now with this financing, we can realize these milestones freely while also avoiding dilution to shareholders and without the real or perceived constraints of the volatile equity markets. With that, let me turn the call over to Mike to discuss the deal specifics in more detail. Mike? Thanks, Kate, and good morning, everyone. I'm pleased to be able to share with you the details of this transformative transaction for Blueprint Medicines. This multi-component deal is the result of an incredibly competitive process and is structured across two of the most highly respected financing partners in our industry, Sixth Street and Royalty Pharma. Let's start with the Sixth Street deal, which has three components. First, the synthetic royalty monetization provides $250 million upfront in exchange for future AYVAKIT and BLU-263 royalties of 9.75% up to an annual cap of $900 million in net sales. Additionally, these royalties are capped at 1.45 times the upfront invested capital, a cap that we anticipate reaching prior to achieving peak sales across our KIT franchise. This highly favorable structure maximizes near-term cash flow while retaining the long-term strategic value of these products. In the unexpected event that Sixth Street does not receive their expected return by a certain date, the cap will increase to 1.85 times their investment. However, even at this step-up, 1.85 times invested capital is incredibly attractive, not only in today's market but in any market. It represents one of the lowest capped royalties we have seen in similar transactions, where many deals have caps north of 2 times invested capital. The opportunity to obtain such significant upfront capital for such a small portion of expected future sales is one of the most attractive parts of this transaction. This capped royalty structure allows us to retain greater than 90% of the financial benefit from AYVAKIT and BLU-263 in the near term, and 100% of the economics after the cap has been met. Further, this component of the financing is a testament to Blueprint's systemic mastocytosis leadership and Sixth Street's belief in the SM opportunity and Blueprint's commercial execution. Second, the credit component of this deal includes $150 million upfront in the form of a senior secured credit facility, as well as an additional $250 million available in two delayed draw tranches at Blueprint's election, for a total investment of up to $400 million. We believe this represents a disciplined and appropriate leverage profile given the de-risked nature of our business and our growing and diversified revenue base. Third, we have secured an additional $260 million in a conditional credit facility available to support buy-side business development opportunities. Together, these credit components provide future optionality and flexibility to meet the evolving investment needs of our business at a low cost of capital and in a non-dilutive fashion. Separately, the agreement with Royalty Pharma monetizes Gavreto royalties from net sales by Roche outside of the U.S. and outside of Greater China, with $175 million paid to Blueprint Medicines upfront and up to $165 million in potential milestone payments based on future net sales. Blueprint Medicines will also retain rights to all of the remaining milestone payments due from Roche, as well as all milestone and royalty payments from CStone related to Gavreto sales in Greater China. When combined with our existing collaborations with Roche and CStone, we have the potential to ultimately realize more than $2 billion in total upfront and milestone payments from our partners over Gavreto's life cycle, achieving significant value for our shareholders. Altogether, this transformational deal fortifies our balance sheet at an exceptionally low cost of capital, amplifies our ability to invest internally and externally, and maintains Blueprint's financial independence. As of the closing of this financing, we will have $575 million fully funded upfront, in addition to the nearly $900 million in cash on our balance sheet as of the end of Q1. Further, we continue to expect $115 million-$130 million in net product sales for AYVAKIT for this year. We will provide an update on total revenue guidance, including the impact of this transaction on our Q2 call. From this exceptionally strong financial position, we have the foundation to continue to invest in our ongoing commercial execution for AYVAKIT and GAVRETO, as well as expand our ability to bring the promise of precision therapy to a broad patient population through internal R&D and strategic business development. With that, I'll now turn the call back over to the operator for questions. Operator? Thank you very much. If anyone would like to ask a question, please press star followed by one on your telephone keypad. If you would like to withdraw your question, please press star followed by two. When preparing to ask your question, please ensure you are unmuted locally. Please kindly limit yourself to one question. Our first question is from Marc Frahm from TD Cowen. Marc, your line is open. Please go ahead. Good morning, everybody. This is Andrew Rodriguez for Marc Frahm. Congratulations on the deal. Question for us is basically why do the deal now? Is it driven by the need to finance a broad program for the EGFR program or the CDK2? Or what sort of prompted the completion of the transaction now. Yeah, thank you very much for the question. You know, as Mike mentioned, this was a very competitive process, and this deal represents incredibly attractive financing for us as a company with very favorable terms that brings forward significant non-dilutive capital, just creating strategic flexibility and allowing us to drive innovation and growth across the business and in many facets of our business. You know, we certainly are very excited about the opportunities the EGFR and CDK2 programs represent. They're significantly larger market opportunities that are gonna warrant additional R&D investment particularly as we try to move those compounds into first-line treatment settings for large patient populations. That is something these programs we are very excited about both the investment opportunity and the revenue generating opportunity that sit on the other side. Additionally, just from a strategic perspective, you know, we want to continue to pursue strategic and synergistic business development opportunities, and particularly those that can leverage both our development and commercial infrastructure. This deal gives us opportunities for financing as we look for high-quality assets that could meet those types of criteria. There was a number of reasons why we did this transaction, and I don't know, Mike, if you have anything else to add to that. No, I think fundamentally what we were most happy with was how the terms Kate, that Kate mentioned came out, is we believe these are, for a deal like this, industry setting terms in terms of cost of capital. We needed to seize upon this opportunity to allow us to accelerate, expand our internal investments and give us that flexibility to further invest in the external environment. We're very excited about that, and we think this puts us in a tremendous position for years to come. Well, thank you. In terms of like the result of this deal for your cash flow positivity, do you have new guidance in terms of when will you get to cash flow positivity? Yeah, I'll take that. Andrew, it's Mike. Yeah, you know, we're not providing specific guidance as to when we get to cash flow positivity. As we've said before, you know, even before this financing, we fundamentally believe that we have the cash to take us to an independent financial profile. But what this capital does on the balance sheet now is it fortifies that belief, but also allows us the flexibility to expand, accelerate investments, continue to look for external innovation on the BD side while retaining that independent financial profile. So fundamentally, it just puts us in a better spot, and that's what we wanna take advantage of. Yeah. I just say in this market environment, we have, you know, we have certainly seen that there is a flight to quality, and we believe this transaction is very much an external validation of the growth opportunities at Blueprint and our ability to execute against them. Thank you. That's helpful. Thanks for taking my questions, and congratulations. Thank you. Thank you very much. We will take our next question. Our next question is from Dane Leone from Raymond James. Dane, your line is open. Please go ahead. Hi, thank you for taking the questions. Just kind of a dumb question, as the first part, has it closed? I was having trouble actually finding the filing with more of the granular details. In lieu of that, I was just curious if you could maybe explain what you think your cost of capital is, for the Sixth Street component, so the $400 million component that's going to be funded at close, and how you calculated that cost of capital relative to either equity financing options or debt financing options. Then could you please compare what you are looking at for the actual terms of the Sixth Street deal? Because you know, what immediately came to mind for me was actually the REGENXBIO deal with HealthCare Royalty Partners, and they had a 1.3 cap, and then if they didn't hit a certain cap by a date, it only went up to 1.5, which does seem a bit lower than the terms that you guys have here today. Thank you. Maybe I'll start, and then Dane, we'll—I'll let Mike kind of address some of the questions specifically. You know, I think how we look at the financing is, as Mike said, I mean, this was a highly competitive process. And we looked across multiple different transactions, I mean, numerous transactions. We could certainly, you know, provide offline, you know, that set of comparabilities. We believe that this is, you know, incredibly attractive deals across all aspects of this transaction. It's really, you know, an opportunity to obtain financing now in converting future revenues to cash, but with a total payback amount that's a very small proportion of expected future sales. It allows us to benefit now, particularly from AYVAKIT's meaningful sales position in non-advanced SM, in a way that recognizes the overall value of that program that is frankly just currently not being recognized in our stock price. I think that for us provides that long-term optionality and flexibility. Maybe, Mike, do you wanna talk about the specifics on the close? In terms of the close, basically the deal is signed as of today, and a portion will close today, and then there's this follow-up portion on the debt financing that we'll fund in just a matter of days. Fundamentally, the transaction's gonna be closed. There are no conditions to close. It's just the funding. Mechanically, you know, we'll walk through kind of what the impact is on our financial statements on the Q2 call. In terms of, like, the cost of capital, you know, when we look at both comp deals and just look at the components of this, we're really excited about the pieces, right? The debt component, the up to $400 million, I mean, that's at a rate of the base rate, SOFR rate, plus 6.5%, which we feel in this market is a very attractive cost of capital to us. With respect to the royalty monetizations, you know, referencing it's at a 145 cap. I'm not gonna speak to the specifics of other deals that have been done, but when we look at that in totality, you know, we feel that that's a very attractive rate to us, and it's better than most deals that have been done out in the market. Further, I think what's important is, like, we're doing it with partners who believe in us for the long term, right? They're not in here just for the transaction itself. They fundamentally believe in what we're trying to build here, and you can see that with the Sixth Street components and the future potential debt to support BD. This is a partnership that we think is gonna stick with us for many years, and we are very excited by that and that prospect. Okay. Thanks, guys. Thank you. Our next question is from Salveen Richter from Goldman Sachs. Salveen, your line is open. Please go ahead. Great. This is Elizabeth on for Salveen. Thank you for taking our call. Could you kind of expand on whether this signifies a willingness to pursue similar financing approaches for other assets? Thank you. Yeah, this is Mike. I'll take it. You know, fundamentally, we view this as a transformational financing that's, you know, I'd say once in a lifetime of a company. I don't know if that's the right terminology. It is very unique, and it's really tied to where we sit today with the business, where we have ramping revenues for AYVAKIT, where this transaction provides external validation for the belief in those revenues. We have ramping revenues, you know, through GAVRETO as well. We're in a period where we have these exciting opportunities in our EGFR programs, our CDK2 inhibitor that we're currently investing in. The culmination of all of that, bringing this together, gives us the opportunity to capitalize on the excitement around growing commercial revenues, yet expand the investment in our R&D portfolio, and as Kate mentioned, look externally for innovation, which we also think is gonna be very important for Blueprint's long-term growth. Putting that in context, where we sit today as a company, this was the right moment to do this type of financing. In the future, you know, we don't typically comment on what we'll do in the future, but we fundamentally believe this sets us up on a very strong path to drive value for years to come. Thank you. Thank you. Our next question is from Andrew Berens from SVB Securities. Andrew, your line is open. Please go ahead. Hi. Thanks. Just a couple of questions from me. I think you may have touched on one of these, but if I'm reading deal terms correctly, it looks like you took out about $140 million advance on the debt instrument with this deal. Just wondering why you did that with over $900 million on your balance sheet. It sounds like you paid about 6.5%+ for this interest rate. Could you give us any, like, color on that? Then- Yeah. I also wonder, has the royalty of Sixth Street had any visibility on the ongoing trials, and is there any provision in any of these agreements if the ISM trial had disappointed sales? Yeah. Did you- Yeah. Andrew, I don't know if it was a little hard to hear you on the last part, but maybe Mike can. I'll start, and then we may need to get the last part of that question asked again. With respect to the debt component, right? The part of the deal with Sixth Street is up to $400 million in a secured credit facility, and that's tranched. We will be drawing $150 million at close, and then there are two delayed draw tranches that we will have the ability to access at our option in the future should we so choose. You know, fundamentally, with where we sit today as a company, we feel that there's a very responsible amount of borrowing to take on. As we think about, you know, our capacity and our investments that we wanna make, we felt that this was, you know, a prudent number, and it just buys us that additional flexibility to invest in these opportunities. You know, there are a lot of options that we have to accelerate investment within our own commercial, our own R&D pipeline as well as externally, and having that capacity now gives us that firepower to have the flexibility to invest going forward. With respect to the rate, I think that was the next part of your question. The debt, it's gonna be SOFR, which I think is kind of the replacement for, like, LIBOR since as the base rate plus 6.5%. I think the SOFR rate is approximately 2% right now, in terms of the benchmark. Again, we feel very comfortable with that cost of capital. Also important on the debt piece, right? We're basically guiding to $180 million-$200 million in total revenues, right? This is less. This is fully covered by our current revenue profile right now, which we expect to continue to grow in the future. I think there was a question- Yeah. On the endpoint and maybe if you could ask that last part again. I think, Andy, your question was around, like, what diligence was done and what visibility did Sixth Street have. I mean, standard diligence, I mean, PIONEER is a placebo-controlled study. That is not, you know, no one has access to that data. But they did all the standard diligence on the data we have to date, regulatory correspondence, our forecast and our commercial assessments. I think what, you know, what this transaction really shows is that Sixth Street is very much underwriting our forecast and our belief in the opportunity in SM and particularly non-advanced SM, as well as our ability to execute against it. Okay. Are there any direct provisions if that trial happens to fail or if it's just? No. This is the structure, and there's no contingency on it with respect to PIONEER. Okay. Thanks, guys. Congrats. Thanks, Andrew. Thank you. Our next question is from Peter Lawson from Barclays. Peter, your line is open. Please go ahead. Perfect. Thank you. Mike, I don't know if there's any guidance around the P&L and how we should be thinking about that for the second half and impact we should be thinking on costs and the bottom line. Yeah. Thanks. No. Yeah, I think two pieces to that. I think one is the accounting for the transaction itself. We will fully disclose that with our Q2 filings and on the Q2 call, you know, coming up in you know four or five weeks. We'll have more details on the accounting then. With respect to expenses, like, we don't fundamentally believe this is gonna change our operating expense profile. Like, the point of this is in the near term to, you know, really focus on how do we think about future investment optionality. As we've always been with our programs and our financial discipline is we're gonna remain data-driven. As we turn over data cards, of which we have many coming up over the next 6-9 months, like, that will drive our decision-making in terms of investment and how we deploy this capital specifically. Gotcha. Thank you. Then, Yeah. No, go ahead, please. No, go ahead please. No, I was just gonna add that, you know, this is really about creating strategic flexibility for the long term and how we think about driving innovation and growth while taking financial risk off the table that could have been diluted to shareholders. We're avoiding dilution to shareholders while investing fully in all the programs, as well as potential external innovation that will create a lot of value for our shareholders. We believe it just positions the company in a very strong way. Great. Thank you. That kind of dovetails off of another question for me around the $260 million credit facility. Is that purely for acquiring assets or is there more flexibility around that you would be thinking about that in a more broader sense? Yeah, no, that facility is purely driven for external BD. As Kate has mentioned before, as well as on this call, like, fundamentally, we believe access to innovation is important. Especially now with the markets and a lot of dislocation in value, we wanna have the flexibility as we look to build Blueprint to be able to access that external innovation. The $260 million component is specifically reserved, as we think about future business development. Whereas the other $400 million facility, up to $400 million facility, that is flexible for us to invest, you know, be it internally, externally, as we see fit. Okay. Just to follow up on that, the indications you would be interested in, they would still kind of dovetail neatly into your existing footprint in oncology. Yeah. I mean, Peter, we'll be looking for things that have a strategic and synergistic business development opportunity for us, right? They will really leverage our expertise as well as our R&D and commercial infrastructure. You know, I think the transaction, the acquisition we did of Lengo Therapeutics for BLU-451 is a great example of that. We'd be looking for things that very much leverage and are synergistic to what we're doing. Gotcha. Thanks, Mike. Thank you. Our next question is from Brad Canino from Stifel. Brad, your line is open. Please go ahead. Good morning and congrats on executing these terms. Maybe to follow up on that last bit, I'd like to ask about the business development opportunity more. I mean, this $260 million flexibility is roughly the size of the preclinical EGFR you bought last year. You've also jumped into targeted protein degradation recently. Can you help us understand the characteristics of any deal you would like to pursue at this point, stuff like stage type, indication, et cetera? Are you looking to augment potential combinations with the EGFR and CDK2 or pursue new opportunities altogether? Thank you. Yeah. Thanks for that question, Brad. I mean, I think as we think about business development, we think about a wide range of opportunities. As you said, I mean, the transactions we did at the beginning of this year, you know, we did basically an asset acquisition, along with some additional, you know, assets there. As we purchased Lengo and got BLU-451, that really just dropped right into our EGFR clinical execution. And then we did the Proteovant deal, right? That really is an element of our build as we think about moving more fully into targeted protein degradation. That was a much earlier stage research level collaboration. We're looking across that whole spectrum. you know, we're not constraining ourselves to any kind of one specific area, but I'd say that, you know, the level of synergy for something that is a later stage asset, it needs to be highly complementary, you know, for a later stage asset and be able to really to bring to bear the expertise and the significant infrastructure we have built over the last number of years, including our commercial infrastructure. you know, I think it's a range of things we're looking at. As I you know said in the prepared remarks, the current market backdrop and the constraints on capital are providing numerous opportunities, and we're highly engaged in many conversations in terms of across the spectrum of business development. Great. Thank you. Thank you. Our next question is from Michael Schmidt from Guggenheim. Michael, your line is open. Please go ahead. Hey, guys. Good morning. Just maybe following up on the business development component of this. You know, are there any particular opportunities that you have, that you are, you know, focusing on or zeroing in on at this time? Or is this purely a, you know, a placeholder for future, you know, opportunities? And perhaps, talk a bit about the component with Sixth Street that requires the mutual agreement of some, you know, around some of these opportunities and what your alignment is with with Sixth Street on that front. Thanks so much. Yeah, I'll start with the first and I'll hand it to Mike for the second. Thanks Michael for the question. There's nothing imminent, right? There's nothing that we're looking to transact in the very near term. Really, for us, how do we continue to In this market, we believe there's gonna be a drive towards consolidation, and we believe that we as Blueprint Medicines are positioned exceptionally well to be one of those forces of consolidation. We think that we can bring assets and technology into the company in a highly accretive way that will serve both the assets well as well as drive long-term value to the company. This is really a placeholder, but it, you know, I think it also shows that Sixth Street is very much aligned with our ambition and that ambition to build the business in such a way. I think we have a very strong alignment with Sixth Street. With that, I'll turn that over to Mike. Yeah. Again, I think, I mean, Kate touched on it. I think what's most important is the strong alignment with Sixth Street. What we've agreed to is as we look to access this conditional line of credit in the future, that we'll work with them in terms of, you know, making sure that we're all on the same page in terms of the opportunity. Fundamentally, they are bought into the long-term vision of Blueprint. They wanna invest alongside of us, and we think this is a great partnership for the long term to help build a leading precision medicine company. Makes a lot of sense. Thank you so much. Thank you. Our next question is from Derek Archila from Wells Fargo. Derek, your line is open. Please go ahead. Hey, good morning. Congrats on the deal, and thanks for taking the questions. Just two quick ones from us. I think I may have missed this, but can you just repeat the mechanism by which the 1.45 times moves to 1.85 times? I guess you talked about achieving the 1.45 before getting to peak sales, so I don't know if you wanna provide any additional color there. On the BD front, just, you know, following up to the last line of questioning here, you know that there's nothing imminent, but is there something that we should expect to happen maybe in the next six to 12 months? Is that a fair assumption? Thanks. So the- Mike, do you wanna take that first? I'll start with the first. With respect to again, one of the things that we are most excited about this deal is the fact that it is a capped royalty structure, which means as economics revert back to us, and we think that's important in terms of driving the long-term value. The cap initially is set at 1.45x the initial investment, which is the $250 million. And then, basically, if at a certain date that we have not disclosed, but if by a certain date Sixth Street hasn't returned their desired investment, the cap jumps up to 1.85x. Importantly, as we look at our forecast and have worked with Sixth Street, we fundamentally feel that we will. It's well within our base case to stay at the 1.45 cap. Then that cap, as that relates to peak sales, like a lot of this is just thinking about what the duration is. Like, we fundamentally, we believe we will reach that cap before downstream, 100% of that royalty will come back to us. We're very excited about that in terms of the, both the near-term flexibility it provides to us with this capital, but then the fact that we can retain long-term value in the future as AYVAKIT grows. As we mentioned, just to add to that, you know, the $1.85 cap is the maximum exposure we have is incredibly favorable, even in the very unlikely downside scenario, right? I think, again, we are, you know, exceptionally pleased with the terms here and, you know, again, just feel like the cap structure has really allowed us to retain all the upside in the product. From a BD perspective, in terms of, you know, can we expect maybe in the next 6 to 12 months? I mean, we, you know, we never guide specifically to when a transaction may or may not occur. I mean, as I said, there's nothing, you know, kind of imminent in terms of a transaction that we're pursuing at this moment. you know, we certainly are now in a position to very much, you know, take advantage of the current market climate and the opportunities that it presents. We're gonna continue to engage in these conversations and, you know, and make sure that if we see something that we think is synergistic, accretive, and value-enhancing to Blueprint, that we have that opportunity to bring it in. Excellent. Thanks, and congrats again. Thank you. Thank you. Before we take our next question, I'll remind everyone, if you would like to ask a question, please press star followed by one on your telephone keypad. Please kindly limit yourself to one question. Our next question is from Joel Beatty from Baird. Joel, your line is open. Please go ahead. Hey, congrats on the deals and thanks for taking the question. What's the recent primary endpoint change in the PIONEER study? Did the Sixth Street diligence include review of FDA correspondence related to that recent change? I'll let Fouad answer what drove it. Just from a diligence perspective, Sixth Street diligence included review of all our regulatory correspondence for AYVAKIT. Yeah. Thank you for the question. As we were approaching in our statistical analysis plan, we started really interacting with the FDA for this specific topic of finalizing it. We have been requested by the FDA to change the primary endpoint that used to be comparison of response rates, and to a comparison of means, which was a secondary endpoint. The former primary endpoint become the secondary endpoint or a key secondary endpoint. The key secondary endpoint of comparison of means is now the primary endpoint of PIONEER Part 2, registrational study. Just as a reminder, the study was fully powered for both endpoint, and we don't see any impact on this swap of endpoint on our belief in the outcome of the study. Got it. Thank you. Thank you. Can you please? Thank you. We have finished. Milan, for any closing remarks. Thank you, operator. Thanks everyone for taking the time to join us today. You know, today's $1.25 billion transformative strategic and non-dilutive financing announcement could not be more well-timed to take advantage of the significant opportunities that we have created here at Blueprint and to secure an incredibly attractive cost of capital to accelerate the growth of our business. You know, we have a differentiated profile with two revenue-generating products with the near-term potential to expand into a blockbuster opportunity with non-advanced SM, as well as multiple data readouts from our five clinical stage medicines targeting prevalent and difficult to treat cancers within the next 12-18 months. Here at Blueprint, we now have the firepower and conviction in a revenue-generating machine that we have to get us to that differentiated and top-tier biopharmaceutical company. Thank you for your continued support, and we look forward to discussing our continued progress with you soon. Thanks, everybody. Thank you, everyone, for joining today's call. You may now disconnect your lines and have a lovely.