Okay. Good afternoon. Welcome to the 41st JPMorga n Healthcare Conference and the Blueprint Medicines presentation. My name is Ting Zhang. I'm from the JPMorgan Healthcare Investment Banking Group. It's my great pleasure to introduce Kate Haviland, CEO of Blueprint Medicines. Without further ado, Kate, take it away. Let's see. Thank you very much, Ting, and I wanna thank the entire JPMorga n team for inviting us to present today. My name is Kate Haviland. I joined Blueprint Medicines seven years ago, and the first thing I did when I joined was come to the JPMorgan conference. It's a real pleasure to be here on behalf of all of the employees of Blueprint Medicines in what is our first JPMorgan presentation since we became a public company in 2015. I am tremendously honored to represent our team, and I have some of those team members here actually in the room, including two of my colleagues, our Chief Operating Officer, Christy Rossi, and our President of Research and Development, Fouad Namouni, who will be joining me for the Q&A portion. Let's see. Looks like these. Okay, am I moving? There we go. Today I will be making some forward-looking statements, and I will refer you to our SEC filings for our risk factors. Precision medicine, it's a term we all talk about quite a bit in our industry. What is compelling about precision medicine is the promise that targeting the underlying genetic cause of disease will lead to more effective and safer medicines for patients. Many companies are pursuing precision medicine approaches. However, very few companies have been able to realize the impact and vision of precision medicine for patients. Blueprint Medicines is one of them. With AYVAKIT, we have transformed the treatment of a very serious disease called systemic mastocytosis, or SM. The patient pictured here, her name is Suky, suffers from indolent systemic mastocytosis. It is our goal to impact patients like Suky and others and give them more high-quality time. Time to live their lives, time to be there for those who depend on them and be productive members of their community. Indeed, we have demonstrated that precision medicine is a powerful force in the fight against disease. We are on the precipice of delivering and expanding our impact by expanding AYVAKIT and delivering more transformative precision medicines in the future. In November, we hosted an investor day where we laid out our vision for the next five years and what we think we can achieve. We call it Precision at Scale. Here's how I briefly frame that vision. It starts with our differentiated approach to R&D, which increases our chances of success by creating medicines that can drive transformative outcomes for patients. We focus in a disciplined way on three key areas where we believe we can have the greatest impact on patients. Those are mast cell disorders, lung cancer, and breast cancer. It captures the value we believe we will create in the next five years. Where do we think we can get to by 2027? We think we can double our impact in half the time. I will show you later on in the presentation some specific metrics about what that actually means and what that looks like, and how it's going to translate into significant value for the patients we serve and our shareholders. As I stand here today, Blueprint Medicines offers a unique and very compelling value proposition. There are four major components to this proposition that I will walk through today during my presentation. The first is our foundation of success. The second is our commercial portfolio. We are delivering important medicines today to patients globally, creating a certainty of value for us as a company. As we look at 2023 and beyond, we have an incredible growth story. Starting with number three on this slide, which is the acceleration of our revenue growth with our anticipated launch into a very important and sizable market with indolent systemic mastocytosis. Beyond AYVAKIT, we have a very robust clinical portfolio that is going to start taking shape in 2023 as we progress our clinical execution, and we start to get a really good line of sight on some large and important areas of unmet need. Let's start with our foundation. The numbers you see on this slide, we are incredibly proud of. What we've achieved over the last 10 years is remarkable. Our R&D is highly productive, and our clinical success rates are well above industry averages. In a little over 10 years, we already have two approved medicines across five indications under our belt. Success like this is rare in our industry, and we are ready to do so much more. What makes Blueprint an outlier? How did we achieve this? What is our competitive advantage? Our scientific platform is at the core of our success and our differentiation. Our platform enables us to efficiently create precision medicines focused on targets that will have a big impact on patients. We are exceptionally good at designing selective molecules and potent precision medicines, which convey three key benefits: durability, tolerability, and combinability. We consistently achieve the high bar target product profiles we define with compounds that reflect all three of these attributes. We have also established an incredibly strong financial foundation for Blueprint, and it is only getting stronger. We are well-positioned today with over $1 billion on our balance sheet, and we are on track to achieve the high end of our guidance, both in total revenue for 2022 and in product revenue. I think importantly, as you can see on this slide, our product revenue is also becoming a much more important part of our overall growth story, and we see that continuing to be the case both in 2023 and beyond. Indeed, it's the growth in our product revenue that is pushing us towards a self-sustaining financial profile. The other thing to point out in this slide is the diversity of our revenue. We have leveraged many different sources to bring capital into the company, importantly through business development. Let's take a closer look on how we've utilized business development to meet our corporate goals. Business development has supported the growth of our business. It has increased the reach of our research and development, and it has enabled us to focus on efficient capital allocation in the areas, in the programs where we believe Blueprint can have the greatest impact on patients. Altogether, our efforts in business development have brought in over $1 billion in capital to date, providing a diversity of revenue sources that include upfront payments, milestone payments, and loyalty streams. BD will continue to be a very important component of our business strategy going forward as well. We've talked about our track record in R&D. We've talked about our strong financial base. Very importantly, we also have the people and the global infrastructure we need in place today to deliver on the results. We are leaders in precision medicine. We have deep knowledge in leadership in the therapy areas in which we are commercializing innovative therapies, and we are developing innovative therapies. We have a fully integrated global infrastructure that we can scale efficiently as we think about pursuing these next exceptional growth drivers. We have an experienced and highly motivated team who are innovating from discovery through into commercial. A team of people who are well-positioned to deliver on our goals. The skills and expertise of each of our team members working together is what gives us the confidence that we can deliver on our five-year vision. Let's take a moment and turn to our commercial portfolio, which is the driver of our near-term revenue trajectory. Let's spend a few minutes just talking about these important medicines. AYVAKIT and GAVRETO are the first two precision medicines that Blueprint has brought from discovery in our labs to now patients globally in a total of five indications. Both of these drugs are approved in the United States, in Europe, in China, and in other regions. They're generating important revenue and giving us a certainty of value. Our most significant driver of growth, however, is AYVAKIT. We'll take a little bit more time to focus in on AYVAKIT. AYVAKIT became the first precision medicine to address the underlying cause of a disease called systemic mastocytosis. That underlying cause is a mutation that's in the vast majority of patients called the D816V mutation in the c-kit protein. AYVAKIT is a perfect example of what results from our scientific approach. It is a drug that potently and selectively inhibits this mutated protein. What that has resulted in is across multiple clinical trials, dramatic clinical results, and a consistent profile in all forms of SM. We are continuing to drive innovation in this space. Indeed, last year, we had a very important data readout of our phase three study called the PIONEER study of AYVAKIT in indolent systemic mastocytosis. Based on those compelling data, we submitted a supplemental NDA to the FDA in the fourth quarter of last year. We are confident in the potential for their approval given the strength of that data set. Since launching AYVAKIT in 2021 in advanced systemic mastocytosis, it has rapidly become the standard of care and the treatment of choice for patients with advanced systemic mastocytosis. This is reflected in the doubling of AYVAKIT revenue year-over-year. On our upcoming Q4 results call, which will happen in February, we plan to provide an update on our 2022 financial results, as well as provide revenue guidance for AYVAKIT in advanced SM and GIST. Now shifting from what we achieved last year, let's spend some time looking at the most exciting inflection point we have this year, which is our anticipated label expansion into indolent systemic mastocytosis. This slide depicts the significant growth driver that we have right in front of us. On this slide, you can see the population of ISM patients in the 7,500 bubble, who have severe to moderate ISM and who are being actively treated for their systemic mastocytosis. That is juxtapositioned with a similar population of the advanced systemic mastocytosis, the 550 patients you see on the left. These are the patients who are being treated actively for their advanced systemic mastocytosis. I think you can clearly see that the ISM opportunity is orders of magnitude or 15 times larger than the one that we have in advanced systemic mastocytosis. Our deep understanding of systemic mastocytosis from a clinical perspective, now combined with our real-world experience with our field teams out both in the U.S. and Europe, engaging a broad set of prescribers, we believe the global peak opportunity for AYVAKIT in systemic mastocytosis is greater than $1.5 billion. For those of you who are familiar with specialty markets, you will have seen other categories where a relatively small number of patients is really able to translate into significant growth in value, such as this. Let's take a look at one such example. There are a number of analogs we can look at, particularly when we're thinking about defining a new market that we're building with a first-in-class therapy. No analog is perfect, but we think one that is relevant and helpful is the market for HAE. At one time, this market did not exist, and then therapies came along that addressed the underlying cause of the disease. There are a number of factors here that have some similarities to the market for ISM, including the prescribing physicians, including some of the clinical presentation. Importantly, there are 7,500 patients with HAE who are being treated today. That has translated into a $1.5 billion market for prophylactic therapies in 2021. That market continues to grow. Importantly, we at Blueprint Medicines are very well-positioned to unlock the value of the ISM market. Let's drill down on some of the structural aspects of that market that give us the confidence that we can capture this value. First, there is significant medical need. Through multiple methods, be that looking at claims data, through market research, through our engagement with physicians broadly in our field-based teams, through our engagement with patient advocacy and patients directly, we hear about this medical need. We also know that patients are motivated and identified, and they are being treated for their ISM. Both patients and healthcare providers are highly motivated to access innovation for this disease and for these patients. Importantly, ISM is also a specialty market, where we see a concentration of prescribers that we can reach, with just a modest increase in our field-based teams. Finally, we have an established commercial infrastructure and footprint already. We have a team of individuals, both here in the U.S. and in Europe, who have relationships with key prescribers and physicians who are caring for these patients. We have deep insights into how these patients are presenting in physicians' offices. With our SNDA submitted, we are making preparations now for the launch into ISM. We are ready to go for the middle of this year. We spent a lot of time talking about SM and AYVAKIT. The treatment of SM and the growth of AYVAKIT is a very exciting inflection point for us this year. It is only one aspect of the compelling value proposition that Blueprint Medicines offers. Let's turn to our clinical stage portfolio and pipeline. In 2023, our clinical pipeline is really starting to take shape. Today, we are concentrating our efforts in mast cell disorders, lung cancer, and breast cancer. Within each of these areas, our programs have strong mechanistic rationale and a development strategy to make them the first-in-class or best-in-class therapeutic options and standard of care for the selected patient populations. This year, we are gonna start to generate the data that will chart our path forward and begin to answer important questions, such as: Are we really best in class, and can we become the standard of care? We've talked a lot about SM today. I'm gonna take a few minutes and talk about our lung cancer portfolio and what we are doing in breast cancer. In lung cancer, we have multiple molecules that are going after the most common driver of non-small cell lung cancer, which are mutations in the EGFR gene. Our approach is designed to be both comprehensive and modular. Which means that each of our investigational therapies have a profile that is potent and selective, where they can stand on their own in certain populations, or they can combine very easily with other agents to provide deep and durable responses to patients in frontline settings. Given the multiple opportunities we have to achieve commercial success in these populations, we are really excited about the opportunities this portfolio represents in terms of growth this year and beyond. It also positions us to ultimately revolutionize the first line care standards for all EGFR patients over time. I know what many of you are thinking. You know, the goal to establish a new standard of care in frontline EGFR-driven lung cancer, it's ambitious, and it could be an expensive endeavor. what we have done is designed a phase one expansion study to provide all of us with the data and the confidence that we can win in first line. We're gonna do that first by addressing the area of the most medical need, which is in patients who have the driver mutation L858R or LR, as we call it for shorthand. patients with the LR mutation today have worse outcomes on current standards of care. Based on the preclinical and the clinical data that we have generated to date, we believe that combining our investigational agent, BLU-945, with the standard of care, current standard first line of care, osimertinib, we can drive deeper and more durable benefit for these patients. What makes our approach stand out is what you see on this slide, is that once we identify a recommended phase two dose for the combination regimen of BLU-945 and osimertinib, we are gonna initiate a randomized phase one cohort comparing that combination to osimertinib alone. It is data from these two arms of the study that will enable us to make well-informed, data-driven decisions to pursue the pivotal development of the combination as a new standard of care in frontline patients with EGFR-driven lung cancer due to the LR activating mutation. Later this year, we anticipate being able to get some of the initial data out of this expansion study, we'll be looking at things like safety and translational medicine markers like ctDNA, which are important indicators of potential success, with the more mature data to come in 2024. Let's turn now to our efforts in breast cancer. Given the strength of the underlying science of the role of CDK2 as a biological target in cancer and its potential to impact large populations of patients, this is one of the most important programs we have in early development. BLU-222, our CDK inhibitor, is another great example of Blueprint's differentiated ability to design selective and potent inhibitors against high-value biological targets. We believe BLU-222 is the best-in-class CDK2 inhibitor. We are currently in phase 1 dose escalation with this compound, and we are looking at a number of different patient populations, including patients who have CCNE1 amplified tumors such as ovarian and endometrial cancers, where we are targeting the primary genetic driver of the disease. We are also evaluating BLU-222 in patients with estrogen receptor-positive HER2-negative breast cancer, where CDK2 has the potential to address CDK4/6 resistance in first-line settings. Similar to our strategy in lung cancer, as we develop the data in these populations, we'll be looking to move into frontline combinations with more established care standards, with the goal of providing deeper and more durable benefits to these patients. We plan to present the early dose escalation from this study, of BLU-222 in the first half of this year. With our near-term opportunity in SM and our longer-term opportunities that we just talked about in both lung and breast cancer, we have a diversity of options to create significant value for both patients and our shareholders right in front of us. Our goals are ambitious, and they are achievable. We are well-positioned to execute and achieve what we are calling Precision at Scale, and we are confident in our ability to deliver on these opportunities in 2023 and beyond. Here on this slide, we're highlighting the priorities for the company over the course of this year. Again, for me, this slide really does highlight the diversity of value drivers we have at Blueprint Medicines, including both our commercial value drivers in our AYVAKIT in systemic mastocytosis, our discovery value drivers as we bring forth new compounds within our mast cell franchise, and our follow-on compound elenestinib, which now has a name. It used to be called BLU-263, that we also haven't even had the chance to talk about today, but we'll be showing important data in the second half of this year. We have our EGFR franchise, which we just talked about, and CDK2. There are numerous opportunities for us to drive growth and drive upside at Blueprint Medicines this year. We look forward to updating you on their progress. Most importantly, our 2023 goals put us squarely on the path to achieving our 2027 vision of doubling our impact in half the time. At the beginning, I told you I'd put some metrics behind what does that actually mean. What it means is that we will be making the promise of precision medicine a reality for 20x more patients in 2027 than we are today. We aim to do that by four approved medicines, by having established disease leadership in three areas, and by expanding our robust pipeline. What it really means is that we will enable thousands of people suffering from mast cell diseases, lung cancer, breast cancer, and other cancers to be parents, grandparents, colleagues, and productive members of their communities for years to come. If we are able to achieve these goals, we will create extraordinary value for patients, for the medical community, and for all of our shareholders. Thank you very much for your time. At this point, I'll ask my two colleagues, Fouad and Christie, to come on up, and we can transition to Q&A. Thank you, Kate, for the wonderful presentation. As a reminder, as the Blueprint team's coming on the stage, as a reminder to our audience, please feel free to raise your hand and there will be mics going around. For people joining us from online and the webcast, there's a Ask a Question button in the portal. Feel free to submit your questions online. Do you wanna swap? Yeah. Okay. I got a question to kick it off. You have seen a slow quarter-over-quarter growth in advanced SM in the second half of 2022. What are your forward-looking expectations for the AYVAKIT opportunity in SM? How does your advanced SM launch experience inform your view of the non-advanced opportunity? Maybe I'll start and then ask Christie to weigh in as we talk about the dynamics in the advanced systemic mastocytosis launch. As I said in my remarks, AYVAKIT has quickly become the standard of care in the patients with advanced SM who are treated for their SM. We are now seeing that we are getting 75% of any new patient who's starting treatment for advanced SM is coming on to AYVAKIT. We're seeing an expansion in the number of providers who are prescribing the drug. These are all really important metrics that talk about the health of the launch. We have seen a slowing of growth. That has to do with the efforts we need to now, instead of penetrating the population of patients who are being actively treated, which is to grow that market. Christie, if you wanna talk a bit more about that. Yeah so as Kate said, you know, we were really pleased to see AYVAKIT become very rapidly the standard of care in the treatment of advanced SM. We're now working to grow the size of the treated patient population, and we expect to continue to see growth as we go forward, in the advanced SM treated patients on AYVAKIT. A key difference, though, as you look at non-advanced disease is, as Kate said earlier, it's a much larger opportunity. We have 15x the size of just the treated market now without driving that growth. And in fact, if we were able to replicate the performance that we achieved in the advanced SM market already to date, that alone would translate to more than a billion-dollar opportunity in the U.S. We feel, you know, really optimistic about this larger opportunity that we're looking to unlock. We are already out in the SM space, engaging with providers and know this area really well. There are many learnings from the advanced SM launch that will translate really well to that non-advanced opportunity that we're looking towards in the middle of the year. Thank you. I just have a quick question on the indolent SM indication. Do you have any consideration of the pricing? Will that be the same as the ones, the SM indication? Thank you. Sure. I can address that. AYVAKIT is on the market now across dose strengths, including the doses that we anticipate being used in non-advanced SM. We've had very strong access, quick time to fill, very strong coverage. As we expand into the non-advanced indication, we're still very much operating in a ultra-rare indication from the perspective of payers. You know, we will clearly finalize our pricing strategy as we get closer to an approval. We are always focused, first and foremost, on making sure that the right patients can get access easily for healthcare providers, and that we minimize any financial burden on patients. We've done that really well to date, and we're confident in our ability to do that going forward. Thank you. As a follow-up to that, there's a lot of debate about the true size of non-advanced IS-- as a opportunity. What gives you confidence in the size and your ability to execute and achieve it? How quickly do you expect sales to ramp with the expected approval in mid-2023? I'll start and maybe Christy Rossi, please therefore add some color. You know, we can see these patients, individual patients in U.S. claims data, we can see the patients. We know that they have a diagnosis of SM. We can see the multiple symptomatic therapies that they're on and their engagement with a variety of healthcare providers. When you think about the 7,500 patients that we are really targeting as we think about the early quarters of launch, those are identified patients who are diagnosed and being actively treated for their SM. In fact, we can see where those patients are in terms of seeing 1,500 of those patients sitting with 350 current healthcare providers, many of whom we already have relationships with, who already have clinical experience with AYVAKIT. So this sets us up really well in sense of we can... We know the market, we've looked at the data in multiple ways. We've triangulated those claims data with our field-based teams being out and talking to physicians and understanding. Your medical team is out talking to these physicians, understanding where the patients sit and our market research. It really does triangulate to that a pretty solid number of 7,500 patients who are being very actively treated for their SM. Yeah, I think that covers it. I mean, as always, it's encouraging when you triangulate across data and then the experience and feedback we're getting from the allergists that we're interacting with who are validating the view that, you know, roughly half their patients struggle with symptoms on a day-to-day basis despite available therapies. That's really where we'll be looking to position AYVAKIT at launch with room to grow, I think, over time, as we continue to see diagnosis rates improve, and based on the profile of AYVAKIT as we saw in PIONEER, which we think has a really compelling benefit risk. I think one question you had there was about guidance. As I said in my remarks, we will be providing guidance on our Q4 call in February for AYVAKIT in advanced systemic mastocytosis and in GIST. We will not, you know, as is our standard practice in a launch year for a new indication, we will not be providing guidance on the indolent systemic mastocytosis opportunity. But of course, we will try to be characterizing for everybody what we think that, you know, market uptake would look like. Can you unpack- Can we, have the mic? Excuse us. Hi, can you unpack further the symptoms that these ISM patients are dealing with? I know moderate to severe means a lot of different things, but some examples might be helpful. Yeah, absolutely. Fouad, do you wanna talk a little bit about the symptom range that the patients experience? Absolutely. First of all, this disease, as Kate mentioned earlier, is related to a dysfunctional mast cell because of a KIT gene mutation, the D816V position. It is not only the mutation, it is chronic inflammatory disease, and these patients have been seeing these allergists and physicians for a number of years. The symptoms of these patients are variable. It's some patients have some skin symptoms, rash, patients have some GI symptoms, some patients have some neurocognitive symptoms, bone pain, and so on. The most important thing for these physicians when they will be using, assuming approval of avapritinib in these patients, and they know these patients. Each patient have one, what we call one most bothersome symptom that the physician will be specifically targeting. I would also add, it's a variety of symptoms, but it is also all driven by one and the gene mutation on the mast cell AYVAKIT is the first treatment to not only improve the symptoms that will be reporting at the end of February in the conference in San Antonio AAAAI Annual Meeting conference, but it also the first time modifies the biology of the disease, allowing patients to improve and improve over a long period of time. We are also evaluating BLU-222 in patients with estrogen receptor-positive HER2-negative breast. It also, it's the first time modifies the biology of the disease, allowing patients to improve and improve over a long period of time. Thank you. Maybe I'll ask a question about the clinical program. Great. You have three clinical stage assets in the EGFR mutant lung cancer. You've been clear about your ambition to target first frontline patients, first with the combination of BLU-945 and osimertinib. Given the high bar that osimertinib has set, it seems like it's a high-risk plan that you will require large and long studies. Can you de-risk a large phase three, and how can you set expectations for what data you'll be sharing this year? Great question. Fouad, do you wanna take that? Yes, of course. osimertinib as a standard of care really led to a major improvement in the first-line setting of EGFR mutated non-small cell lung cancer. There are two activating mutation, the LR mutation or L858R mutation and exon 19 deletion, that separately drive the disease. As much as osimertinib improved PFS and overall survival for the exon 19 group of patients, which is about 60% of these patients, the other group or the LR patients, as we call them, the remaining 40%, have seen much shorter PFS or progression-free survival and much shorter overall survival than the other activating mutation as a driver. There is a high medical need in the first-line setting of EGFR mutated non-small cell cancer for this subgroup. We have developed BLU-945, as Kate mentioned earlier, to have a very good coverage of this specific driver mutation while not adding toxicity, and that's the selectivity, and that's what we really do well at Blueprint. Selective, safe, durable, and also combinable. We believe by adding 945 to osimertinib, we will have a complete coverage of this activating mutation without adding EGFR-related toxicity. Therefore, our hypothesis is to improve PFS in these patients. We are not moving to phase three without generating some comparative data between BLU-945 plus osimertinib versus osimertinib. We will be sharing, by the end of this year, not only safety data, but some translational data, in particular ctDNA data, to really start guiding us on the clinical outcome of patients in this expansion trial. We know from the data that AstraZeneca generated on osimertinib, that at certain point, ctDNA clearance is a very good biomarker for progression-free survival for osimertinib. We will also look at response rates later. They probably come later in 2024. With all that de-risking, we put the bar very high when we only move to a large registrational phase three in first line, assuming a stronger profile of the combination versus the monotherapy osimertinib. Let's touch on BLU-222. Can you clarify what your strategy is with this program? Are you expecting to see single agent activity? What data would you be sharing first half of the year? Yeah. CDK2 has been a target in our industry, as many of you know. The reason it has been very difficult for the last more than a decade is the selectivity over cyclin-dependent kinases, in particular CDK1 because of its toxicity. At Blueprint, we were able to make a highly selective CDK2 inhibitor. We have moved the development of BLU-222 in phase one, looking at two parallel strategies. One is to go to breast cancer and target two populations, patients who are progressing after CDK4/6. We believe CCNE1, the direct partner to CDK2, is responsible of that resistance. In the first line of hormone-positive, HER2-negative breast cancer, we believe the combination of CDK4/6 and our CDK2, BLU-222, will show better and will prevent primary resistance in the front line to CDK4/6. There is actually work reported by the teams working on palbociclib back then in 2019, showing that CCNE1, the direct partner to CDK2 overexpression, in overexpression led to shorter progression-free survival on palbociclib compared to those who did not have CCNE1 expression. That's breast cancer. We're very excited about it. We think it really could become a good opportunity for patients with hormone-positive breast cancer. On the other side, we are looking at it from a precision medicine strategy, where we will be looking at patients whose tumors, like in ovarian cancer and endometrial cancer, amplifying CCNE1, looking at BLU-222 as monotherapy and also in combination with platinum-based therapy. Thank you. I think we have time for one last question. Maybe we'll end on a financial question note. You had said that you believe Blueprint is on a path towards self-sustainability financially over $1 billion cash in hand. Mm-hmm. You have two very large clinical programs moving through development. Do you believe you can be on a path to profitability without additional capital infusions? How are you thinking about partnerships moving forward? As I mentioned in my remarks, you know, business development has been a core element of how we've achieved our corporate strategy to date and will continue to be. That is to your point, we have these very interesting programs that Fouad was just talking about in EGFR-driven lung cancer, as well as in a broad range of large tumor types, including breast cancer with CDK2. What we know is that these are targets of high interest, and there's an opportunity for us to think about when is the right time to bring a partner on board? What parts of those programs is Blueprint really well positioned to drive and capture the value in? I think our track record in business development shows that, you know, we always do business developments from a strategic perspective, but it has very much enabled, financially, the company to continue to have a lot of, you know, freedom to kind of operate and invest in the areas that we think are most impactful. I think that opportunity in BD and for our clinical portfolio, as well as the ISM launch. As I think we've talked a lot about today, that just the ISM opportunity is magnitudes larger, and the field to start to realize that revenue growth and revenue momentum is what's gonna very much be what drives us towards a self-sustaining financial portfolio. Thank you. Looks like we're coming up on time. Thank you, Kate, for the presentation, your team for answering the questions, and thanks everyone for joining us. Thank you. Thank you.