We'll kick off the session. Good morning, everyone, and thank you for joining this session of the Morgan Stanley Global Healthcare Conference. I am Thibault Boutherin. I am part of the European Pharma Equity Research team, based in London. Before we start, I need to refer to important disclosures. Please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. For this session, I am delighted to have with me Mark Crossley, CEO of Indivior, and thank you very much for joining us today. We will shortly do a Q&A, but before that, Mark, would you like to start with some introductory comments on Indivior, the situation and outlook? Sure. Maybe just a short intro for those not as familiar with Indivior. We're a company that for over twenty years has been focused on helping people, you know, with substance use disorders, specifically opioid use disorder, where we've had commercial assets and have established buprenorphine medically assisted treatment. The intimacy of that knowledge and engagement and leading in that space led to being the first company to launch a once monthly long-acting injectable, you know, to treat this in an adherence-based space. It's called Sublocade, which has a paradigm sort of shifting approach to treatment, and is our primary revenue product in the portfolio now, as well as some of the heritage products. In addition to Sublocade, we also have a pipeline of other opioid use disorder assets. A potential three monthly long-acting, which is in phase II. An orexin-1 asset, which would be an oral non-opioid, opioid use disorder medication. So something that patients ask for all the time because they've been in this relationship, you know, with opioids and would like to be on a non-opioid medication that's effective. In addition, in the opioid franchise, as we get to the continuum of care, you know, last year we bought Opiant Pharma and their lead asset, Opvee, which is a nalmefene-based rescue medication that we think is perfectly suited to help with these highly potent synthetic opioids. nalmefene is very fast acting and very strong on the mu receptor, so perfect for these synthetic opioids, where fentanyl is forty to a hundred times more potent than morphine. And some of the newer variants, like nitazene and things like that, they're 600 times more powerful, and that's leading to the roughly 75,000 deaths a year that you see. So a good, robust opioid use disorder platform. You know, I think as we look towards that and think about what's happened recently, we've been busy since the half year results. We booked our first BARDA order for net for that Opvee product, about $8 million in sales. For those not familiar with BARDA, they're the U.S. institution that's responsible for dealing with weaponization of chemicals like synthetic opioids, and they've picked nalmefene as their asset of choice there, which we think is a good signal, you know, for the market with regards to the uptick there. We've also been continuing to address legacy legal matters and have settled two of those recently through the half year and continue to move forward with a more normal profile for our company. So a very exciting, you know, lead up to the time here at Morgan Stanley. Perfect. So I want to maybe start straight away with one of the big debate around Sublocade today. You know, you mentioned about maybe Q1, Q2 some headwinds coming from the Medicaid disenrollment situation. So if you can provide an update on what you are seeing at the moment on the Medicaid dynamics and how you expect this to impact Sublocade on the remaining of the year. Yeah, good question, Thibault, and one we get from investors. And just a reminder to folks and for those less familiar, I mean, this is a headwind that has slowed our growth, but Sublocade is still growing off of a large base of $620 million, you know, in Q2, at about 25% year-over-year. So still significant growth, just a bit slower than we expected due to these transitory issues associated with Medicaid renewal. I think the good news is we're starting to work through this headwind. We have, you know, about 11 remaining states that are going through this. Eight of those will be done by November. You know, and we have a remaining three, two of which are very small, Alaska, Washington, D.C., which will be 2025, and New York, which is larger, that hasn't negotiated with CMS when it will be done. This is incredibly important to our therapy area, different than others, because over 70% of our patients, due to the nature of the disease, you know, where they eventually will lose their jobs and need support from the government on Medicaid, you know, rely on that. So, you know, we're a little bit more concentrated than your typical therapy area in this space. No, absolutely. And I was just looking at the KFF data, which I think you're also following, which is kind of tracking you know how the Medicaid disenrollment is progressing. And it looks like the disenrollment has decelerated 'cause we you know we are going from 24 million of patients disenrolled in April to 25 million in August, which is probably a bit more of a modest increase compared to recent months. So are these data kind of correlating with what you are seeing on the market? And should it? Is this hinting at a kind of end of the headwind already? Yeah, and I think that's what we're expecting in the second half of the year. Originally, this phenomenon was supposed to be done at the end of June. CMS had targeted that, but a number of folks had seen so much disruption with the 24 million lives, then 25 million now as of August twenty-third, that, you know, Congress had made some increase to CMS to extend some of the remaining states. And so, you know, what we'll see is, as those remaining states are done, and I think it's North Carolina that ends in November, and we had a number in August. You know, we expect those headwinds to ease off through the year, and then to those remaining three states that I talked about a little earlier. So we would expect those headwinds to ease, you know, through the balance of the year. Once we're fully through that process, is there a potential for this to reverse and actually becoming a tailwind, if, you know, we start to see actually the number of, you know, new enrollments on Medicare kind of outpace the disenrollment, and then suddenly your kind of eligible population start to grow again? Is it a potential tailwind, or should we just expect that it normalizes and stay there? I think the hypothesis has been that that has potential to be there. I think we haven't been seeing that in the market yet, that those have been coming back. It's interesting when you look at how many people have been adjudicated and fallen out of treatment prior to the emergency sort of declaration, where they weren't renewing people. There were 72 million people on Medicaid. It went up to 94 million, and now you're down 25 million. You're almost where you were prior to COVID and the emergency measures that went in place, so you're almost back to a normalized amount. You know, we're not counting on that becoming a major tailwind. Right. And so Sublocade launch has been very successful and it's provided a, you know, very valuable option for patients, and you know, very different mode of administration, but then recently, you had competition coming in the market with Brixadi, and so investors have been very focused on the competitive dynamic here between you and Brixadi, in particular in the U.S. You indicated on your last communication that in July, Sublocade had around 77% share of patient start. So, has this number evolved since? Has it kind of stayed there? Yeah. I think this is. We spend a lot of time with investors on this. As you would in any therapy area, when you get new entrants, you know, how is the competitive environment gonna settle out? You know, when will it settle out, and when can we get a feel for what the ongoing dynamic will be? I think I always like to start with, in this therapy area, there's such a huge unmet need, you know? Nine million patients are abusing opioids. You know, somewhere between three to five have been diagnosed with opioid use disorder, depending on which numbers you use, and at any point in time, there's only 1.2 million in treatment. So you've got about 20% of people in treatment for this. Long-actings are gonna play a huge role in helping people get and stay in recovery, and we believe that market will establish. So there's plenty of room for multiple competitors, and we see this in schizophrenia, where there are multiple players in that market, which is, you know, approaching $4 billion. We have more people diagnosed than they do in schizophrenia, so plenty of room for both. You know, with regards to Brixadi, we have tried to highlight because through the Medicaid and the disenrollments, you know, this is a high turn, about a six-month length of treatment, so you lose and turn over your patients quite quickly, and that was aggravated through the Medicaid renewal, which disproportionately impacted the established player. And so we tried to use that as a highlight of where doctors and patients are making their choice as of the half year. And you're right, it's about 70% of new starts, based on how we see the data, are choosing Sublocade. I think the key here is, as you move forward, how does the market continue to adjust? And the paradigm we believe in so much with Sublocade, where it gets to its therapeutic levels in four to eight hours, which is very unique for a long-acting, and maintains them the whole month long. And for me, importantly, two different therapeutics depend on dose, two to three nanograms per mil, five to seven nanograms per mil, where we're seeing over 45% of our volume due to the highly potent synthetic opioids. We don't see the competitor getting that. So we think long term, you know, Sublocade will disproportionately benefit from that, but the market's settling, the doctors are getting experiences, and patient feedback's coming back. So we're in this transition period for 12 to 18 months. That's clear. You just mentioned the rise of injectables and how it's, you know, an option that definitely has a lot of advantages compared to the oral treatments. One of the debates on the market right now is how high can the share of injectables go? You know, probably I think we are around 7% penetration today based on the data we have of buprenorphine treatments, you know, being injectables. How high could we go? You know, could it be 30%? Could it be more? Yeah, and I think that's the piece that the market's gonna help us understand. You know, I think when we did our research on this early on, we said it would be about 30%. Competition talked about 35%, is where doctors saw the patient population. If you look in another area like schizophrenia, they're at about a 20% share of patients that are on long-actings. You look to Europe and in schizophrenia, you know, they're at 45%. You know, so there's a lot of numbers there. I think the key here is, when we give our guidance of greater than $1.5 billion for Sublocade's net revenue, it takes about a 10% patient share to get to $1.5 billion. So if I think of that as a waypoint, you know, the thought of having 10% of buprenorphine medically assisted treatments on Sublocade, you know, seems like a low threshold. And I think part of that market development will also be to share of voice, and obviously, you know, with Brixadi in there, we should see market growth, you know, starting to take off in a more competitive environment. Can you touch a little bit about the obstacles or the frictions you need to address, you know, to reach this, you know, 30-35% or plus? You know, is it a problem of patient preference, physician preference? Is it a logistic bottleneck? You know, what frictions do you need to address? Yeah. I think one of the things we're fighting against is a very good oral medication, and if you think about what the patients have gone through, typically, they abuse for about six and a half years on average before they come into treatment. I mean, six and a half years of being in a cycle that starts out chasing a high, but then you become physically addicted, and your entire life is consumed in pursuing more opioids. And so the thought of not taking a daily dose as a patient is an incredibly tough item, and it's something that they can't believe would happen. So the film and orals to them are a perfect sort of solution, and so you're fighting against that belief from a patient standpoint and a worry standpoint. The anxiety that they have when they first take a long-acting, that the next day they'll wake up in withdrawals, is a major, major barrier for them mentally, and so what we need is, we need to get the physicians to have belief in these long-acting, similar to in other spaces, have them talking through the benefits and educating these patients. I think there is a bit now on patient choice and allowing that, but I think as long-acting continue to get more experience, word of mouth in chat rooms and patient awareness through marketing, I think we can start to have patients asking for the medication and continue that growth and that uptick. That's very clear. I want to touch on one kind of subsegment of the market where we have, you know, been very active, which is the criminal justice system. If you can remind us what proportion of Sublocade U.S. sales are in the criminal justice system, and how this channel has been performing in the last few months? Yeah. This is another nuance of an area, therapy area of opioid use disorder, that 60% of our patients, because of that life cycle I talked about, six and a half years abusing, eventually pursuing so much medication that it drives you into a life of crime, 60% of our patients come in contact with the justice system. I mean, you don't get that in other therapy areas, and so it makes justice systems a channel to help people start their journey on recovery. What we've seen is a real mindset change, as injectables have become available with jail systems and justice systems that are trying to stop the revolving door of patients coming in, you know, being in the jail system, going out, 75% start reusing within the first three months, and the next thing you know, they're in the revolving door and back in the prison system. So we've seen a huge intent to treat in this space. You know, over the two years that we've been actively pursuing this, we have 700 individual institutions that are ordering. It's about 25% of our revenue. It's an area where we also see the competition starting to focus. You know, if I think through, you know, since our half-year update, we've seen kind of an uptick in that pressure, you know, from competition. You know, they want a jail system out on the West Coast, and they've focused a little bit on pricing. So the uptick in the pressure from competition has picked up a bit, too. Okay, that's clear. And you mentioned a little bit longer sales lead time for new criminal justice system accounts in your last update. Can you just give us a, you know, an update on this? Sure. So, so obviously in our, in our first phase, we focused on the largest jail systems, who had a lot of intent on prescribing and trying to stop this revolving door, got those activated. As we've moved on to the more medium size and smaller size sort of jail systems, what we're finding is as we activate them, and there's a lot of work that has to be done here, one, they have to secure funding. Two, there are state and federal laws, there's REMS to comply with. It's a controlled substance, and it takes months and quarters to activate each of these jail systems from the time they say, "I think this would be good for our patients." And what we saw that we... In organized health systems, the medical centers, when we went from the large to the medium, we didn't see a change in duration and activation on those. You know, it was still about the same timeframe. But in the jail systems, where they have less back office in the smaller jails and stuff like that, it's taking longer to activate those. It's a shift we believe, you know, out rather than an intent. We have high engagement with activation. It's just taking them longer to do all of those administrative things and secure the funding to get there. I want to come back on the trajectory of growth for Sublocade ` for the rest of the year. So clearly, you have a guidance for the product, but when we think about the sequence of kind of Q3 versus Q4, you know, should we expect Q3 to still be a bit milder due to, you know, maybe adverse conditions ahead, as you mentioned and then an acceleration in Q4? So kind of how to think about this sequence. Yeah. We just gave the guidance a month ago. We don't typically guide on the quarter two, but I think you're thinking about some of the headwinds and forces there. You know, you have the Medicaid renewal, which will be done by November. You know, a big chunk of it is August, September. You know, you've got competition, which is heating up in some of their pace and intensity of competition in organized health systems and CJS. And then you've got some impacts, you know, of seasonality, which typically happen in Q3 and Q4, due to the seasonality of what's going on. You know, you can imagine, I don't know about anyone in the room, but when I'm gonna do a diet, I always wait till January first. You think about this. A lot of people will put off, you know, their entering recovery until there. So there's a bit of seasonality, and all those get off-put by we increased our sales force that went into the market in February. Their efficiency and effectiveness have increased through the years and should offset some of those headwinds in the back half. Very clear. You mentioned the competition, you know, Brixadi. I mean, they've done. You know, I think the uptake has been quite good for them as well. And I think one of the characteristics of the product that Camurus is insisting on is like some advantages they have over Sublocade. And so can you just to tell us a little bit about your work to try to kind of catch up on some of this product advantage, you know, whether it is, you know, being able to start a product at room temperature or, you know, injection sites or all of these characteristics? Yeah, no, it's absolutely right, and it is an area we've been focusing on. You know, I think when you look at the two products and you look at the concept of the competition, which is, you know, flexibility and a better injection experience with a smaller needle versus, you know, Sublocade, which has this very unique paradigm, which we believe is very efficacious and appropriate for synthetic opioids, you know, that does resonate, that concept, you know, with doctors that elicits trial. Some of the things that resonate are, you know, we know the competition talks about the fact that they don't require a cold chain. Well, for our product, it requires a cold chain, but now we've been able to extend the out-of-fridge time to 12 weeks. Very important because the doctor can't keep the product in his office when it's allocated to a patient for more than that duration, so they don't have to anymore have it in a fridge. So that stock is in the market on both doses, you know, no longer an issue. Our clinical specialists are able to talk to that. So that's one checkpoint on differences on features that that's there or a potential friction point, and less on the fridge, I think, and more on taking it out to warm it up before you inject it. When you move to the other two, I think there's two that we've been working on for some time that we've built into our four in one study, from our post-marketing commitment to the FDA on more, you know, high-use patients, fentanyl-use patients, and we've been able to build in both alternate sites of injection as well as a rapid induction. So today, on our label, injections occur subcutaneously in the abdomen, and they rotate around. We're now able to do back of the arm. Or we now have a submission in to do back of the arm, buttocks and thigh, similar to the competition, and so, you know, that, that's been submitted. In addition, at the same time, we submitted for a rapid induction of Sublocade, where you would just do one dose of buprenorphine and then be able to inject, as long as they don't have a reaction to that buprenorphine, which is very similar to what the competition has on their weekly, but doesn't have on their monthly. So we'll have a bit of an advantage that we can induct right on a monthly from a usage, especially in jail systems, which focus a lot on resource utilization. We think that's an advantage to be able to rapid induct there. Those were submitted last month, ahead of schedule. The original schedule was kind of the end of Q3. So we'll find out in 60 days with regards to what the review cycle will be. If it's a standard review of 10 months, we should hear back from them in June of next year. Understood. And you've also done this innovative partnership with Albertsons, to try to open alternate sites of care, to try to decouple prescription from actually administering the drug. So if you could give us an update on how the partnership is going, and when do you think we're going to see an inflection in Sublocade sales, being driven by this collaboration? Sure. And for those less familiar or new to the story, you know, there was a law that enabled buprenorphine medically assistance, called DATA 2000, which had an unintended consequence of creating a barrier for long-actings, where a doctor couldn't prescribe the medication and send the patient to an alternate site to be injected, so for psychiatrists or people that don't want to put hands on patients or don't have the facilities to store it, it's became a major barrier for these independent physicians. You know, the good part of that story is, as the law changed, Albertsons really saw this as their one of their roles in helping with the opioid epidemic and were ready to do this. They'd been also, you know, lobbying for the law change to help this, and so we activated Albertsons, and have activated four additional partners since Albertsons, for a total of five, for 12,000 injection sites across 22 states. We're still in very early days of uptick there. We've had over 400 patients that have gone through injections. The dispenses grew 50% in Q2 over Q1, so we're seeing good growth off of a small base. I think the key here moving forward is continuing. We've got a portfolio of additional partners to try and create a very efficient national network, so that every doctor that has an independent office can send these patients there to get their injections. Now, that's gonna take quarters and years to do this. The block and tackling of working with these partners to comply with all the rules and make sure they're there and get them there. And then in some cases, there are folks that the stigma is against that, and they're reticent, you know, because of the stigma of a patient, of having them in their stores. And so we have to work through that, connect them with people that are already doing it, that it's not impacting, you know, their business. So we're working through that portfolio and looking to expand that network. Okay. That's, that's clear, and maybe taking a step back and thinking about the opioid epidemic in the U.S. in itself, you know, if you have market intelligence here or you have access to, you know, analytics, what are you seeing in the data in terms of the epidemic evolving, you know, number of individuals actually, you know, impacted by opioid addiction? So kind of any data helping us understand how this addressable market is evolving? Yeah. I think the unfortunate part about this epidemic is it's not easing off. As the market has evolved from different phases, you know, from pain pills, to heroin, to fentanyl, to now, you know, fentanyl and synthetic opioids and poly-substance use, it has just continued to have nine to 10 million people that are abusing opioids, which is a self-reported number. Many people think that number is much larger. We talked about the three to five million people diagnosed with OUD and a very low treatment rate. You supplement that with the fact that these opioids have become so strong, you have over 75,000 deaths happening a year due to opioid overdose. That's like a 200-passenger airliner going down every day. You know, you combine that with a low treatment rate, and this becomes a very bipartisan issue. So, you know, when we think with an election, you know, I think we've got record funding. People have been putting laws in place to break down some barriers, and what we hope is that we can continue to partner with whichever administration comes in, to continue to break down barriers, increase access, and reduce stigma, so we can increase treatment across the board. And, of course, the long-actings will be a major part of that. Looking outside of the U.S., I mean, you've. You know, understandably so, mostly focused your Sublocade launch in the U.S., but you're starting to have some diversification ex-U.S. So if you can share some market share data, maybe to start in some key regions like Australia, the U.K.- Mm-hmm. Yeah, maybe starting here. Yeah. And I think you're right, Thibault. The U.S. is the largest value opportunity with regards to the epidemic, has disproportionately impacted it. I know there's a lot of shareholders who want to try and compare what's happened in these other countries, and will that be the analog for the U.S.? I think it's really tough to do that from a couple of different dynamics. I think the first is, the U.S. and Canada have been uniquely impacted by the rise of synthetic opioids. It started with China, and then has accelerated, you know, with China selling the raw ingredients down to the drug cartels, who've really accelerated that dynamic. That hasn't happened in Europe, it hasn't happened in Australia, and it's. You're just starting to see the press talk about them hitting the shore over there. So people are just starting to get worried about it. So the treatment arena is quite different, you know, when you're trying to do those analogs. And then I think the other one is, obviously, you know, the health systems and the reimbursement are quite different with the more socialized medicine versus private, and the complexity that's in the U.S.. But we are proud of where we've gotten to. And then I guess the other one is, we were the first mover here in the U.S., based on how we went about our approval process, and the competitor was first, you know, in most of those ex-U.S. markets. So we were a follower over there. I think the good news is we have a product that's out there, and it's proving out in those markets. It's grown in the second quarter at about 30% to $13 million. We're seeing good success in markets like the Nordics, where we're about a 25% market share. In Canada, where there is no competitor, we're 12% of buprenorphine medically assisted treatment in Canada, which is really strong progress and penetration there, and then in Australia, which is an analog we hear a lot, you know, it's really. They've got their healthcare broken out by kind of geography or state, and it's really a tale of different geographies based on where they are. There's one large geography in New South Wales that has a protocol for Brixadi, and so we're, you know, on a secondary impact, and we have a very low share there, just under 5%. In the other markets, as a follower, we're somewhere typically between a 30% and a just over a 40% share of the market that you'd expect from a second to market, you know, that's three years behind ourselves, so good progress there, good growth. The value won't be the same for shareholders as what we're seeing in the U.S. market. Absolutely. Absolutely. So thank you, thank you very much for these comments on Sublocade. And maybe let's switch a little bit on the litigation- Sure ... side of the equity story. So you recently resolved a large part of I mean, you know, some litigation, and in particular, a large part of the U.S. opioid litigation with municipalities, which removed the best case scenario. And so I think the litigation that investors are focusing on are, first, the generic multidistrict litigation. Mm-hmm. And second, the remaining part of the antitrust litigation. So maybe let's start with the dental one. You know, in this litigation, you have six hundred and 73 pending cases, according to plaintiff's Lawyer, and you have a potential of 10,000 claims added to this. So if you could just help us understand what are the next key steps for this litigation, and what investors should be aware of when they're following this topic? Sure. Thanks, Thibault, and listen, we've obviously had some of these legacy litigations from allegations from over a decade ago we've been living with, and our strategy has been to try and resolve these, you know, and you resolve them one of two ways. If you can get resolution and certainty at the right value, you settle, otherwise, you defend them, the allegations in court, and we've been able to resolve a number of these and bring certainty to shareholders, so as we look to these two remaining, which I think you're right, those are the two shareholders ask the most about, you know, on the tooth decay issue. I think we're in really early stages on this. It just became an MDL in the fourth quarter last year. We've only had a couple of procedural meetings with the judge. You're right, the state of play was there were just over 600 cases, and then ahead of the potential statute of limitations, a bunch of claims were put in. You know, and those have not been screened for compliance with the MDL, and so there's a bunch of procedural things that are gonna have to be done with the judge and a potential tolling agreement with the counterparty on how we deal with those things moving forward. But it's multiple years before you get to, you know, a courtroom and typically in an MDL, and we'll have to go through a number of procedural items moving forward, where we'll, once we gain the insights from those, we'll be able to share those with the market. That's clear. And the second one, the antitrust litigation, so you had a series of settlements on the antitrust issue with the multidistrict settled in 2023. And then you had another settlement earlier this year with another segment of the antitrust litigation. So now what you have remaining is these two separate litigation with one with Humana, one with Centene, still around this antitrust issue. So if you could help us understand where we are in the process for these, and what are the next steps here as well. Yeah, and I think this is similar to the tooth decay, in that where the other antitrust items had accelerated in discovery and process, these two had been filed but hadn't moved forward. They were watching the other ones. So we're still in early stages, very little discovery, still working on procedures, no court dates, you know, with regards to these. And so, you know, we'll continue to move forward in the same strategy. You know, we'll look to those folks with regards to if there's a way to resolve them. But we believe we have very meritorious defenses on these as we move forward. So if we had to go to court and defend, we would. Clear. And switching to balance sheet, capital allocation. You recently settled these two litigations earlier this year. You announced a $100 million share buyback plan. Can you remind us of your net debt position today, if we kind of take into account the provision for the settlements you've already made? You know, your priorities and flexibility in deploying cash in coming quarters. Sure. At the half year, we had roughly $400 million of cash on the balance sheet, with a payment that hadn't gone out yet, of $85 million in the settlement. In addition, we've got a number of settlements that are over a couple year period that are, you know, in the footnotes, that would be a use of cash. We have debt of about $238 million. But, you know, we are an extremely cash-generative business, $300 million of operating profit over the last twelve months. You know, so very cash generative and very comfortable in our balance sheet and cash generation to fuel the business and meet our financial sort of needs. When it comes to capital allocation, it's, you know, we've made a decision to stop Perseris. We had, you know, an Aelis asset, our cannabis use disorder asset that we haven't talked, that we had a phase II B- study in a, with a partnership out, that didn't have separation from its primary or secondary endpoint. So we won't be moving forward with that. So when you think about strategically, we'll narrow down in the short to medium term on our OUD franchise, fueling Sublocade, fueling the growth in this transition period of this competitive market, as well as focusing on the pipeline on OUD with regards to that. We'll make certain those are fueled properly, and then at the same time, you have business development and/or returns of capital to shareholders, where we've demonstrated both of those. But I think in the short to medium term, we're gonna be focused on the portfolio we have. Yeah, absolutely. So you just mentioned your I mean, the decision not to continue with the asset with Aelis Farma. So you know, in the last minute or so, can you help us, you know, what should we be focusing on, on the pipeline or on the next kind of follow-on products, you know, beyond your current portfolio? You know, what are you excited about, or where you do want to go if you kind of think about business development? Yeah, I think if I was to think about the pipeline, we've got two phase II assets for opioid use disorder, potential three monthly, long-acting, where we're doing dose and duration studies to optimize the product going into phase III. You know, and then we have our orexin-1, the non-opioid, opioid use disorder medication, which could potentially also be used for poly substance abuse. Those are both in phase II, and the orexin-1 just dosed its first patient in June. So that study's starting to ramp up, and, you know, you'd expect those to have, you know, readout and FDA sort of meetings, probably 2026, you know, based on the study. So those are in the near term. That is, those are the majority of our portfolio focus, right at the core of opioid use disorder and unmet needs. From a business development standpoint, you know, we always say we're a leader in substance use disorder. If there's an attractive asset that we think could have good commercial potential and scientifically breakthrough, you know, we keep an eye on those, and we monitor, you know, about 80 different sort of assets out there and watch them as they head through, and pick those at the right opportunity. We could do those at any time, but I'm not expecting anything in the near term. Okay, that, that's clear. And we are at the end of the time, so thank you very much for taking the time and be with us today. We appreciate it. No, thank you for the time, too. I really appreciate it. Thank you very much.