I think we can get started. Again, welcome everyone to Citi's Back to School Biopharma Conference in Boston. It's day two. I'm Yigal Nahamovitz, a biotech analyst here at Citi. The next session is with a great company called LENZ Therapeutics. We've been covering them for, I guess, over a year now, a year and a quarter. We have the CEO, Evert Schimmelpennink. Welcome. Thank you so much. Thanks, Yigal. Thanks for having us. Obviously, you've had a lot going on, to say the least, including an FDA approval a week ahead of schedule. Maybe we could just start out, you know, talk about the product a little bit. It's called Vizz. You know what the launch plans are, what the opportunity looks like, and how you see things evolving over the next few quarters. Absolutely. Again, thanks for having us. Back to school, I wish. With everything that we got going on, I could go back to school. Okay. We do have a lot going on, as you say. Maybe just super brief. I think most of the people in the room and listening in are well aware of what we're doing [inaudible] The Cliff Notes version is that we've developed an eye drop that treats presbyopia. Presbyopia is the loss of your near vision that happens to all of us as we age. Come 45, you'll start to see many of us holding our phone further away from our face or having difficulty reading a menu at night. That's, of course, your lens hardens. What we've developed in this eye drop is actually a way to restore your near vision without impacting your distance vision through an eye drop. Think of this: you wake up in the morning, brush your teeth, put your eye drops in, and for the full workday, your near vision is back. That's the product that we've developed. As you said, that we got approved by the FDA late July, earlier than our PDUFA date. Very pleased with that. Very pleased to have, at that moment, been able to reveal the brand name Vizz. We're currently, you know, in, I would say, beyond prepping for the launch. We are launching now. I'm sure we're going to double click on what that means in a second. OK. Tell us a little bit more detail about exactly the plans. A lot is going to happen over the next weeks and months. There is going to be samples, and then you are going to do various phases of the marketing rollout. Can we double click into what some of those steps are and when they are going to happen and how you are going to move from the initial outreach to eventually the social media, the influencers, and things of that nature. Yeah. It's so important to understand that this product is a script, obviously, FDA-approve d. You need a doctor to write a script. It's a self-pay product. It's a huge market. There's 128 million presbyopes patients out there. It takes a lot of dedication and very strong execution to obviously roll a product like this out. We unpacked that a little bit. I'm actually going to take us back to late last year when our 10-person MSL force was out already starting to have those doctor-to-doctor conversations, educating the 15,000 or so doctors that we're targeting on a miotic agent, because that's our active ingredient. As MSLs, they could actually have that discussion with them. That's where we started to lay the groundwork. They were explaining how important it is to get to a small pinhole pupil, what our data was like, and how, and that's key to our product, how it's ciliary-sparing, which means that it doesn't impact the distance vision. Those three messages were key to get out there. We were confident in the approval. We're very pleased with how we work with the FDA. We actually hired our sales force, if you will, at risk. By July 1, ahead of the PDUFA date, we had a full sales force on board. Think about about 100 reps, 88 in field, and then about 12 or so inside sales that are targeting those same 15,000 doctors. We started to train them up. Once we had the approval, we actually were able to train them on the label. That happened immediately after the approval. That sales force is out there now as well, obviously detailing the product to doctors. It's a good moment to maybe pivot into the commercial strategy that you asked about. A three-pronged commercial strategy. First, you know, first tier there is to make sure or get doctors to recommend us. That is that sales force. That's the sales force out there, like I said, the 88 that are really detailing the product now to doctors, making sure that they understand what this is, how it's different, what they can expect, what it is used, telling them about the clinical data, and then indeed giving them the samples. We'll talk about the samples in a little bit. That's going to give them that confidence in how the product works, what they need to tell their patients, and how to write the product. We'll take the remainder of the year to rebuild that confidence with the doctors. In Q1 of next year, we'll turn on the DTC. We know that this is a market that's very easy to motivate. Once you're at that age, you know what this means. We're not going to be talking about presbyopia, but you'll talk about blurry near vision and wanting to take your life back. That campaign is going to be all about that. It will start to activate people that maybe normally don't go to an optometrist or people that are frustrated with their reading glasses. That is that second part of the strategy. Yes, we'll have influencers. I know that you've got your own list of favorites that we should put in. We're not ready to obviously share any names yet. I just want to preempt that question. I was going to ask that. Yeah, at the right moment, we'll talk about them. We're sure that's going to be a name that's going to resonate very well with a lot of people. The third part of that strategy is what we call seamless journey to use. That means we want to make it very simple for a consumer to go from your visit to your optometrist to your five-day sample to then getting the product delivered to your home, and you can actually start using it. All right. A lot to dig into there. On the 15,000, it would be helpful if you could just describe who these 15,000 are. When I've done channel checks and asked people about the competitor, which we can talk about at some point, Judy, apparently they kind of had the, they inverted it. They were spending too much time with ophthalmologists and not enough time with optometrists and opticians. You're obviously taking a very different approach. Can you walk us through that? Yeah, absolutely. There's a lot of things that we could learn from VUITY, which was the product that was launched by AbbVie about three years or so ago now. One of the things is we can actually look at the data and see who actually prescribed VUITY. VUITY failed because the product didn't work, and nobody refilled. If you look at that early launch, the first six months or so, they had a phenomenal launch. What we saw was that about 80% of the scripts actually got written by optometry, which is not unlogical if you think about it. That's the entry point for something like this. However, AbbVie VUITY, they had VUITY in the back with their glaucoma medicines, which is obviously ophthalmology. Their core point was mostly ophthalmology. Still, despite not being in the optometry office, they were still able to drive those scripts. If you think about what that means for us, with that knowledge, we obviously inverted, to your point, our strategy. 80% of the core point of the sales calls will be on optometry, calling on what's the D1- D4 in a 10-decile setup. That's where the sales force will go, like 12,500. The 2,500 that are more in the white space will be inside sales. Those are the people that were the highest prescribers of VUITY, but also of other products. Yes, very different setup there, really focused on where you'll find these consumers, which is mostly optometry. Maybe walk us through also just the mechanics. Because obviously, when I speak to clients about you guys, everyone's actually quite interested. They have very specific questions about how could I get it and what are the samples. How does it actually work? I mean, you go in, you get a, tell us how it works. What's the process? Absolutely. Let's talk about the patient journey. Important to know is that there's already 40 million presbyopes just annually being seen in optometry. That's just a patient group or a consumer group that's sitting there. 215 on average per month per doctor in those 15,000 that we're targeting. That are already on some. That are just. Therapy? That are just coming in because they have a distance vision correction that they need or wear contact lenses. They are then aging into being presbyopic. Those are the people that we don't have to find there. Let's start with a person like that. He or she comes in, complains about their near vision. They get there, they test, and goes, yeah, your near vision is not good. You already know that. They're frustrated with their reading glasses or they're aging into it. They go, something's wrong with my eyes. The doctor, in a much more polite way than I'm going to say, it is, yeah, you're getting old. This is just part of what's happening. At that moment, the doctor will offer up, hey, there's this alternative solution that I have to reading glasses or bifocals, which is an eye drop. Do you want to try it? It's a free sample, five days that somebody will then walk away with. Very important is that that will go hand in hand with a script. We want that doctor to, at that moment, also write a script. Even though we're in both channels, both e-pharmacy and retail channel, we'll try to get them to e-pharmacy. You'll literally walk out the door with your five-day sample and a text message on your phone that's saying, there you go. Thank you for your interest in this. Hope to enjoy your sample. Here's your script. You're filling your credit card details, your address. You click yes. It shows up on your doorstep five days later. That's how simple and seamless that's going to be. E-pharmacy, we can do a one-month or a one-pack for $79. You can also bulk buy three months for effectively $66 a pack or $198 for that three-pack. Okay. You talked about some of the DTC turning on in Q1. I do get that question. The choice of doing that in Q1 versus sooner was carefully taken, obviously. Can you walk us through the pacing there in terms of why that's strategic to do it then? Absolutely. You want to make sure that the doctors are actually prepared and know what this product does, that they're comfortable with it. You need to give them a couple of months to get there. That is what Q4 is all going to be about. They'll have their samples. We want them to use it on 10- 30 patients. They're probably going to use it on themselves before you send that bolus of new patients in. There is nothing more frustrating for a doctor than to have patients asking for a product that they're not aware of. It's very embarrassing if you were to come in and go, hey, doctor, can you write me this? They go, write you what? No. We are putting a lot of effort in making sure that is a good process and that we give them that time. That is why we feel that if you take about a quarter or so for that, we have a three-week call cycle. In a quarter, each of those doctors will have been seen by our reps, let's call it about three, four times. You mentioned sort of the headline number, the $128 million. That's a big number, but you're focused on certain segments there, which you expect to be good high adopters who would have an affinity for this type of product based on certain demographics, which you've discussed. Can you go through that? Absolutely. Important to understand is that this product works effectively for everyone. That's what we've seen in our trial. We had very broad inclusion criteria from 45- 74 years of age, very different refraction, so different distance vision corrections. It's almost an all-comers study. That's 128 million people out there. From a commercial point of view, from a marketing point of view, you want to segment that because that's just a very broad group to go after. Now, if you look across that group, what the interest in a presbyopia eye drop is, it's about 60%. That's incredibly high to begin with. Across that group, there's very high interest. I think across that group, you'll start to see usage. From a how do you target groups within that, we've looked at different groups that over-index. Now you're thinking about 80- 90+% of people of interest in use. The three groups would be people that wear contact lenses. They've chosen to be glasses-free. They've, from age 20- 25 on, worn contact lenses because they don't want to wear glasses. Now they turn 45, and they realize that my near vision is going. There's not a good contact lens alternative. There are bifocal contact lenses, but they work for very few people. They're now forced to actually go into glasses. With this eye drop, they can continue to wear their contact lenses for distance correction and the eye drop for near vision. That's one group that is over-indexing significantly. Second group would be people that have had LASIK. Similar story. They paid, back in the day, $5,000 or so per eye to be glasses-free. They now claim that their LASIK is wearing off, which is not the case. Distance vision is still okay because of the LASIK, but then near vision, again, through presbyopia, is being impacted. Same thing with this eye drop. They can continue to be glasses-free. The third group is what we call the active aging group. The people that care about their looks, care about their active lives. That's the group that just doesn't want to be seen with glasses because it doesn't fit their lifestyle, doesn't fit their look. Again, each of those groups you can target very easily. Those will be the early adopters. Doesn't mean that those will be the only users. When you think about sort of the categories or the types of usage patterns, I could imagine there'd be people that would be using it basically all the time because they love it. There might be people that see it as something to do in certain situations, social events, or whatever it happens to be. How does that all work out in terms of your assumptions for what would be the run rate of use on a per-patient basis? Yeah. Great question. In my mind, the key question towards our success. This is where, frankly, if we look at the data that we have from people that have used the product, whether it's in our clinical trials, we've had hundreds of people obviously on the product. When you ask them, do you want to continue to use the product, 75% says absolutely. It's a very high number. It's something that you wouldn't normally see. When you ask them, how often do you see yourself use it, they're saying four to seven days a week. They're basically in that camp where you say, what you mentioned is like, if this works, why would I not use it every day? That number would equate to about 10 refills a year. We want to be obviously very conservative in that approach. That's basically us fleshing that number out. Rather than saying 10 refills, let's assume it's five refills. We've not heard a lot of patients that say, oh, this is a great drop if I go out at night. That doesn't seem to be what people are looking for. They're looking for an all-day solution. Again, we're being very conservative. That's a 42% refill rate or five fills a year. You mentioned the all-day aspect a few times. I want to make sure we cover how that's potentially differentiated versus, and we talked about VUITY. There are a few others. There's this Qlosi. There's another drug from TenPoint that's moving forward. Can we just go through the competitive dynamics and where you see the differentiation? Obviously, with VUITY, as you point out, the efficacy, it just wasn't there. By lunchtime, it was kind of not working super well. On a good day. Yeah. How do you fit into the competitive landscape, and what's the value proposition versus specifically these other ones? How we talk about it, and we try to do it without any arrogance, is that we really see this as a category of one. It is very clear what consumers want. Once-a-day eye drop that works for your full workday, works for almost everyone, and is very comfortable. Against those four parameters, if you just cleanly look at the data, it is just a very clear difference. Let me very briefly go over how we stack up against VUITY. In a very simple way of saying it, we are at least three times more efficacious. If you look at our 30-minute efficacy, we are in the 70% range for three-line gains, which is the FDA endpoint. We are in the high 90% for two-line gains, which is all the 20/40, which means you can go without reading glasses, compared to like a 22% or 23% for VUITY. At least three times more efficacious, at least three times longer in duration. VUITY lost efficacy in one of the clinical trials at three hours. That is why most people say, yeah, it works like two and half hours, maybe three. At 10 hours, we still had triple 0.01 p-values. That was the last time point that we have measured. The other thing is that we tested in, like I said earlier, a very broad patient population. Not only focused on emmetropes, which is what you see most other products do, but truly, so emmetropes are people that do not have distance vision correction. This is across a broad population. That is how we are different than VUITY. VUITY failed not because people did not want an eye drop, but VUITY failed because it did not deliver. There was a lot of enthusiasm, 150,000 people out there that tried it, but were frankly disappointed. I was one of them. They are going, it does not really work. If you compare, and I am not here to talk about other products, but if you compare us against VUITY and then the other two that you have mentioned, you see that Qulose is a twice-a-day drop and exactly the same profile as VUITY. You see the same thing for Primacol. We welcome competition. It is hard to see because it is proven by VUITY that that is a profile that consumers do not want. We are focused on our success and driving it clearly as we are launching now. Let's talk about the name. You spent obviously a lot of time thinking about the branding and the simplicity of the message, and not just the name, but the whole sort of aspect of the branding, the website, everything that envelops that whole message. Just talk about the process of how you arrived at this name. No, we're very pleased with that. It's one of only a handful of single-syllable names that's been approved by the FDA over the last 15 years. That's not by accident. We started the branding process probably two and half years ago, now maybe three years ago, always with this vision of we don't want your standard pharmaceutical product and product marketing and a name that sounds like it's coming straight out of a chemistry book. From the beginning, we've worked with the right companies to say we want something that's really that category of one, that's really that lifestyle brand that we want to build and a name that fits that. When Viz was on that list early on, it tested incredibly well. The name recollection is off the charts. You basically tell people 20 names, and then at the end of the day, you ask them which one do you still recall. Vizz comes out immensely high. We went in with only one name to the FDA, and we got that approved or conditionally approved probably 18 months or so ago now. We've obviously kept keeping it on the rep since while we were developing the whole thing. I'm just extremely pleased with it. The feedback's been great. We're not doing any marketing yet. If you look at what's on Instagram, the TikToks, and the other channels, it's already people are picking it up. It's resonating. You're doing a lot of good things. I actually get your marketing because I signed up, and I'm already getting the emails. Like every two weeks, I get an email from you about Vizz. Something's working well. All right. Talk about the, so you're launching the, when are the samples coming? How specific did you say? When are they actually coming? We're very confident that we'll have samples in October. Let me just explain a little bit what's driving that gap between approval and October, because we get that question sometimes on, hey, is something wrong? Nothing's wrong. This is really just logistically driven. Very different than oncology launches that I've done and many of us in the room here have done, where you need a couple of thousand, usually vials, which are easy to hand pack. These are in the tens of thousands, hundreds of thousands. We couldn't prepack this. This is too much to pack at risk, because you know that the FDA last minute will always ask a change in your labeling. The one that we always, and again, it was good to work with the FDA. In, let's say, the one that we use often as an example of what they changed is literally the day before approval. They came with, if you look at our packaging, it says 1.44% concentration. They felt that there wasn't enough room between the 0.1 and 0.4. They wanted that to change by like a tenth of a millimeter, which means you change that, and all your packaging changes again. We waited until that was all done with final labeling. That's all done now. That's all printed, and we are packaging now. We started producing bulk as early as April of last year, so we're sitting on a lot of bulk product that's now just being packaged that will go through the logistics and then show up at the pharmacy. You get that question. I get the question just in terms of what to expect for the fourth quarter. That will be, I assume, a sample-heavy period and not necessarily one that's going to reflect the revenue potential or even the beginning of the revenue potential. Is that accurate or fair? Yeah, no, that's how we think of it. Think of this truly as this is the quarter that we want to use to establish that confidence with doctors that this is a product that works, that their patients like. I think how that will go in most doctors is that they will try it themselves. They will try it on a handful of patients. That handful will go to 10 or 15. Once that confidence is there, that's when they will start to widely prescribe. That's how we think about Q4. We're frankly looking forward to that, obviously. A couple of other things, importantly, with regard to manufacturing. You talked about it. I think you first mentioned it at the R&D day back in New York regarding obviously the question on manufacturing and where it's manufactured and what customs has said about your product. Remind everyone about that because you were very front-footed about that. Yeah. Either by design or by some luck. We'd like to think by design, and then maybe the government helped us a little bit. I've never had so many questions about tariffs in my career. If you think about the product, the API, it's like an industry West manufactured. All the IP is in the U.S. companies, obviously U.S. We then ship the API to Germany to the actual company that invented this blow-fill sealed container technology. They'll do the fill-finish, and then it gets shipped back. As just, I would say, normal course of business about a year ago, a little bit over a year ago, as we were thinking about our commercial supply chain, we already engaged with the U.S. authorities and the customs authorities and border groups. We feel this is an American-based product, and they agreed. We have all of that in place. That's the by design. Maybe the by luck thing is that obviously, what was it, late last year, early this year, when the whole tariff discussion started to, we're free. OK. As far as some other little sort of odds and ends, as far as storage, this is something where you can take it with you for your day. You should keep it in the fridge for the doses you don't need for that day, but it can be portable and it can stay at room temperature. Yeah, even the one, it's very simple too, or very similar to most eye drops. We'll get it to your home. Actually, the last piece not, but we'll get it to the wholesaler cold chain. What you see as a consumer, if you order a monthly pack, that's all room temperature. You don't have to keep that in the fridge. You can keep it outside of the fridge for a month. Important to know there is how that works with the FDA. You actually need to show that the product is stable for twice the amount as what they will give you in your label. We've shown that this is stable for at least two months. They'll give you one month at room temperature. You can keep that in your bathroom. You can keep some at work, wherever you want. Customer-facing, it's room temperature. The other thing you mentioned earlier, this is cash pay, given what you talked about. It is a script, and it will require, or there's a recommendation for a retina exam. How does that work? Do the optometrists have these machines? I understand a lot of them have them already in the practices. No, absolutely. This is common practice. If you, let's forget about Viz for the moment. If you go to your optometrist for an annual exam, they will 99 out of 100 times give you a retina exam. In most instances, they'll use an Optos or a type of Optos machine, which is basically just taking a photo of the back of your eye. If they don't have that, then 85% to 90% of optometrists have that machine because it's a cash maker for them. If they don't have it, they'll do a dilated exam, which is the old-fashioned way of doing it. This is something that every optometrist can do. It's not a hurdle or anything. It's actually good practice and it's a moneymaker. It's a recommendation for our product just because it's in general a good thing to do. This is not something out of the norm. Anybody can or any optometrist will be able to do that. OK. As you progress and you start reporting numbers over the next several quarters, what are some of the metrics that would be helpful that you're going to convey to investors to understand both in terms of the scripts and making sure that people understand the numbers correctly? There's not necessarily concordance between what's actually being ordered and what the data shows. Just kind of walk us through that, because there's different channels. It's not necessarily that simple. No, it's very important. We keep stressing that with everyone. Don't look at IQVIA in the first couple of quarters to gauge how the launch is going. We expect, like I said, we have two channels, retail pharmacy and e-pharmacy. IQVIA only picks up retail pharmacy. It's hard for us to predict how much will go there. We obviously, we like the e-pharmacy channel for a couple of reasons. IQVIA doesn't pick up any script data from the e-pharmacy. We'll make sure that appropriately, we'll inform investors what the revenue, what the script data is over the course of time. The parameters that we'll start to talk about are first, what are the amount of doctors that have prescribed once, the amount of doctors that have prescribed multiple times. We'll start to roll in on what's our NRx or total Rx rate, so how many scripts. Ultimately, what's the refill rate? Like I said earlier, I think firstly, what's our NRx rate going to be scrutinized by us and by everybody else, as we should. More in the Q1, Q2 time frame, it's OK, are we seeing that refill rate that was missing, frankly, with VUITY? That's going to underpin the success of us. I would think, even if I were to get it, I would think that I would do the five days of the samples. Most of the channels should go, I would think, would go through e-pharmacy. Because they're going to go. They're going to do the visit. They're going to have a five days. Then it'll be ordered electronically. They won't need a, they won't have to make a separate trip to the CVS. That's what you would expect. In general, more and more of our pharmaceuticals are going through that channel. Not only for us, but you'll see that in many different products. I guess the GLP-1s are a great example now. Actually, that's one step further where AbbVie and others are actually taking that part of the channel on themselves, obviously something that we're not doing. I think it's a fair assumption, but until we have that data, we can't really know for sure. Over the course of the quarters, we'll see how this shapes up. IQVIA will ultimately catch up, but in the first couple of quarters, it's just not going to be accurate. Yeah. Let's spend a little bit of time in the remaining minutes just so that, I mean, we just started talking about the US. There are other markets. You have a partner in Asia. Tell us a little about that. Also Canada. There are some other geographies where it's open. How are you thinking about those? Yeah. We've been, from the beginning, very clear around we will clearly launch this product in the US and take it on ourselves. XUS is an enormous opportunity. Not surprisingly, everybody gets or becomes presbyopic XUS as well. Something of a benchmark out there, if you look at Botox, about a third of the Botox revenue, which is somewhat comparable to what we're doing here, is XUS. Huge opportunity there. We licensed Greater China early, now probably about three years ago, because they had to do their own clinical trial. We wanted to make sure that we obviously didn't lose time there. That trial read out about a year ago, actually. Identical outcomes to us. A great testimony to the product. Different company, different population, exactly the same data. They've submitted their NDA. Think of them launching probably like 12 or 18 months or so behind us. More recently, we signed a deal for Southeast Asia with a very successful company in that region. I think South Korea and markets there. Shortly after that, we signed with TAYA for Canada. Those are territories that we wanted to do early for different regions. Others, we don't feel it's that urgent to get, for example, Europe licensed out. We're taking care of the registration there. That market opportunity is obviously huge. We feel that for us to extract the most value for it, we might be better off showing success in the US first. Ultimately, whether it's Europe or Middle East, Africa, Latin America, all those markets will be covered. What is the structure there? Are they going to follow your blueprint where it's the samples and it's cash pay and you go to the optician? Do they have more freedom to do it however they want to do it? Would it be different or similar? I think most markets definitely initially will follow that model. I think many companies are very grateful for the branding that we've put up and all the work that we've put into it. I would expect them to follow that. There might be some smaller differences per geography, but I think overall, it will follow the same model. I guess I should have checked. In Greater China and Canada, are they using a different, or would they use Vizz? Are they going to do something else? No, we want them to use Vizz. They would use Vizz. OK. It will be globally, the branding will be globally consistent. Yeah. OK. Very good. Of course, they will use your manufacturing. Yeah, in most cases, absolutely. Yeah. Right. OK. Now, just going back to the, you mentioned the 88 reps. Of the fifth, how many is the goal that everyone is going to get a visit and had an intro teach-in for Vizz before the product's actually available? Is that feasible? Yeah. To get all those people down? Yeah, it feels, and it is a lot of doctors. If you break it down, very rough math, 12,500 doctors that we're visiting with, let's call it roughly close to 1,000 reps, that gets you to 135 or so doctors per rep. If they do five to seven a day, that's a three-week call cycle. Every three weeks, ideally, they see all the doctors in that territory. That means that every three weeks, those 12,000 are being called on. That's the call cycle. Absolutely, the aim is, and we're right on track there, that before they actually have samples, they'll have done maybe two, sometimes in some cases, three visits. First visit is introduction, just a quick, this is who I am, and this is what the cycle is. Second visit is a deeper dive into the data. This is how we would like you to prescribe it. This is what you can expect. Hey, dear doctor, in a couple of weeks, I'll be back with samples. Now that you've had essentially a month and a few days of experience in the field with the label, carrying the label in hand, I assume you're collecting feedback. I'm curious what kind of questions you're getting from the prescribing base that's maybe different than what you might have expected or just anything that's clarifying or how you might want to refine the message. What are you learning about their understanding of the product that helps you do a better job? Yeah. No, as you would expect us, we're keeping a very close eye on that. We actually had another meeting on it yesterday. It's great to see that the feedback is right in line with what we expected. I think a great data point is that the number of doctors that are saying, no, not interested is low single digit. Sometimes this question. Why would they not be interested? Because they've seen VUITY. They go like, I just don't believe in eye drops. Or it's going to cannibalize on my readers business. That group is super small, which is great to see. There is, and rightfully so, a large group that says, this sounds really interesting. Tell me more. Get me samples. I want to get a feel for what this is really like. There is a group that believes in it that goes, yeah, absolutely, and is ready to start prescribing. It's playing out the way that we expected it, which is very encouraging. Again, very happy with that. OK. Now, of course, you've spent a lot of energy, rightfully so, on Vizz getting to this point. Is there a plan to have a portfolio approach and potentially license other products? Is it full steam ahead on Vizz, get that launched on a good trajectory, start to bring in the revenues, cash flows, and then think about product expansion? How do you think? Yeah. Y es to both, but in a sequence. By design, we've built this company around one product. That's not because there's not other interesting things out there. We really felt that to drive success, we wanted everyone, every brain cell, every dollar focused on this. There's not that many, I think there's hardly any $3 billion opportunities in general in pharma out there that are this close to being launched. That's the design. Now, once we've shown success, we can definitely see that as being a cornerstone product in a larger portfolio. That would all be M&A, BD-driven. It doesn't make sense for us to add a product that's in early-stage clinical development that we could maybe launch four to six years from now. We would want products that can either fit the bag if we continue to be in optometry very quickly, or we can leverage our consumer knowledge that we'll have or our self-pay product knowledge that we have. Great. This has been terrific. Congrats on the approval. Right. Best of luck with the early samples. I think I'm going to try it. Absolutely. Okay. Thanks, Yigal. Thanks, everyone. All right. Thank you. Bye-bye.