Hello, all. Welcome. My name is Edwin Zhang, I'm an associate at JPMorgan. It's my pleasure to welcome our speaker for today, Michael Castagna, CEO of MannKind. With that, I'll hand it over to Michael to get us started. Thank you for having us today. I appreciate being back at JPMorgan. It's been a great week and a great conference, and thank you for hosting it this year. MannKind, as you saw, is really about paving the future of orphan lung diseases and how we have pivoted the company from what we were known as 31 years of a inhalation diabetes company that was struggling to now, you know, really pivoting to a pipeline that has multiple shots on goal, nebulized and dry powders, along with a nice royalty stream with our partnership with United Therapeutics to a diabetes franchise that is growing and has lots of good readouts over the next year. Our mission is really to give people control of their health and the freedom to live life. As we took back and looked around the company and said, "Where do you wanna be when we grow up? How do you wanna transform the company?" We talked to our patients, our providers, what is it that MannKind technology really does? When we hear from our patients on diabetes, it's about freedom. It's about, I get to live my life. I get to go out to eat with my wife and really transform how I feel every day. When we talk to patients who are taking Treprostinil, they're about, "Hey, I got to leave my house and go to the movies, go to the grocery store. I got freedom." That really rings true. As we recruit our employees, it's about freedom from big pharma, how do we actually embrace diversity of thoughts, diversity of talent, and how do we break the healthcare mindset of traditional approaches to running our company and running this industry. We call that ultimately living life more human. Many of you may know MannKind historically. It's had a lot of transformation over the past couple of years. I joined in 2016. I've been CEO since 2017, it's been a whirlwind of a ride between the equity markets, the cap structure, the failed launch and the turnaround and our partnerships, we're really proud of where we are today. We've done an amazing job. The team's worked really, really hard to get here, and the future of MannKind is very exciting. We have two therapeutic areas that we focus on. We focus on orphan lung disease, and we have four assets, as I'll talk about in a second, and we focus on endocrine with our diabetes business with Afrezza and V-Go. We're not limited to our dry powder inhalation technology. We are agnostic. We look for things that can help make a difference and help complement what we're doing. We do like our technology. We find it a very unique platform and something that does differentiate us in the marketplace. We don't expect us really to go into COPD or asthma, but if someone comes to us and says, "We'd like to use your platform," it's got two products that are FDA approved, it's de-risked, we're open to those types of partnerships. Otherwise, we're gonna keep moving forward our own programs and really focusing on what we can control. For those who don't know Technosphere, it's an extremely versatile platform. It's, we got scale, we got a large facility in Danbury, Connecticut. We got a great team, and it's got two FDA-approved products on the platform. As you know, many small to mid companies barely get one drug approved, let alone two. I think we're unique of the 1,000+ companies out there that we now have two drugs and working on more. What makes us really unique is how well our Mann, our Founder, and the team he built really delivers the powders into the lung. Most dry powders, you lose 70% on the way into the lungs, and most of it only gets stuck in the upper airway, and it's very dependent on how you inhale. Our technology actually slows the powder as it comes out, and you get really deep lung penetration, and it gets picked up in the blood and treats, you know, whatever you're trying to treat. If you want more blood circulation, right, you increase the dose, and that's what we do with our insulin. In the case of pulmonary hypertension, you wanna really treat the lung and get to the periphery. We get that extensive distribution and rapid systemic and lung delivery, which is really unique, and it happens in half a second from the time you inhale to the time it's distributed. That really gives you consistent dosing to where we can dose down to 16 micrograms in the case of Tyvaso, and most dry powders can never be that accurate, where you're 16 to 32 to 64 and keep going. When you think about MannKind's evolution from 15 to 20, it was really all about Afrezza. We spent 20-some years at that point working on inhaled insulin. A lot of money invested in the company and the infrastructure and the technology and the talent. We got Afrezza approved in the U.S. and Brazil. At that point, we've had 125,000 scripts written for Afrezza. Now, we're probably another 100,000 beyond that. we did pipeline deal with United Therapeutics, with the RLS on the cannabinoid space and Phosyn for oncology assets. those are gonna be opportunistic and continue to hopefully have positive impact. Then we said, "How do we expand?" That's really been the last, the next five-year plan. Within that, it was really getting our second platform approved with United Therapeutics as the lead. In that one, we'll get royalties and manufacturing revenue. When we laid out that plan four years ago, it was about getting Tyvaso approved so that that could fund our innovation as we pivoted the company. While the market's been paying attention to diabetes, we've been pivoting to orphan lung. Now, when you look, all that basic research we were doing, all the formulation, all the tox, all that hard work is done. Now, it's still gonna be hard work, but now it's about execution. That's really what's coming into purview is, like, we're well-capitalized, and as those assets now move into phase one, two, and three, we're able to fund that growth ourselves as opposed to depending on partners or public markets. As you guys may have listened to United Therapeutics on Monday, Martine and the team have done an amazing job there on the launch of Tyvaso DPI. They've given some clarity on IPF and enrollment times, and that's a big upside to the company. We're really happy with just where we are today with ILD and PH with that launch. There's a big upside to us and ultimately to United Therapeutics and patients in IPF who are really suffering with a lack of choice. That our technology, we're really excited, can really help the IPF landscape. It was about scaling Afrezza growth. You know, every year we've grown Afrezza consistently despite the pandemic, we still grew year-over-year. We wanna get stronger uptake in the U.S. We're looking at indication expansion in pediatrics and international market expansion. We can go back to Brazil now that COVID's almost behind us, but stopping a relaunch. We're waiting on some FDA timelines on expiry. We can make a bigger lot and lower the cost for Brazil. India will have a trial readout roughly in Q2 this year on a new Type 2 trial. We're excited about those results 'cause all the work we've done in the last couple of years was about fixing the development program of Afrezza. It had a lot of flaws, and the dosing was misunderstood. That's a lot of what we've put our energy in, is making sure we know the dosing because fully dosed inhaled insulin probably is gonna lead you to a far better outcome and safety profile than what we've seen with the previous dosing regimens that were used. We'll wait for those results. We'll get excited once we see them. These new trials reading out will help bring some clarity, and I'll show you that in a few minutes. On the business development side, we've been very prudent with our capital. We've made strategic bets that so far they're really working out nicely. We bought MNKD-101 two years ago. That's now, as you'll hear me talk about today, going into phase III, phase II, III, depending on how you wanna catalog the study. Looks like we're going in the right direction with the FDA, as I'll talk about. V-Go we purchased last year, that's going well. The new collaborations we'll continue to look for. Our goal really is to set ourselves up for one new indication or one new product launch every year, starting in 2025. Here's overall, diabetes is up top and our orphan lung is down the bottom. I'm gonna hit the highlights of the key programs. You can watch this if you wanna look back at any one program, happy to talk about. Let me talk a little more about orphan lung direction. For those of you who didn't know, we announced the collaboration with United Therapeutics in 2018. That was about a $105 million deal over time. Upon launch, we get manufacturing and royalties on sales. That is now off. We've received all the milestones, now it's just purely manufacturing revenue, some expansion revenue in the manufacturing plant, as well as Tyvaso royalties every quarter that go out the door. We have a 10-year supply agreement, we expect to be able to supply Tyvaso for a long time. We're actually working on a manufacturing expansion. When we built the facility and did the deal in 2018, it was obviously for PAH and ILD. We feel very comfortable with the supply around those two assets. As Martine looks at IPF, which is 10x bigger, that is not what we built our production capacity for. That's what we're investing with UT now. They are funding that growth and the manufacturing plant. That will be done hopefully this year and ready for upon indication. They have an option to license a second product if they want on our platform. They have exclusivity for PAH. They are looking for other assets to continue to grow in the inhalation space, as you heard. They're very happy. We've been a great partner. They've been a great partner, we hope to be able to find more assets to help more patients in this disease. In terms of why Tyvaso, and what do we think and what's UT think, they presented the same slide on Monday, but I thought it really talked about our technology and why is it unique, what makes it different. It's really the ease of use, right? It fits in your pocket. It's small. It's nimble. At least the product's stored at room temperature. You think about the patient satisfaction. We know in diabetes, people love it. We know in Tyvaso, they love it. It's a, it's a half a second inhalation and you're done, and then you move on to your day. The efficacy, obviously, the technology works great. I think it really gives you that trust, that safety, and that comfort, and it's already approved. This is paving the way for us as we go into more into orphan lung. A lot of docs will now be familiar with our platform and our technology as we continue to launch new products. What else is unique about our technologies? When we did our first data for Tyvaso, we were really excited. I remember we had no money back then, and every week the trial kept going, it was another $200-$300 grand. All of a sudden, a dose we thought would stop around, you know, 100 micrograms, and then it was higher and higher. We got all the way up to 180 micrograms before we had to stop. Our max tolerated dose on our platform before we saw any safety signals was around 180. We know we can safely dose Tyvaso DPI up to 150. What you can see on that with the nebulizer, when you plot the green and the black, the green is what you see in Tyvaso. One of the things we always knew is they couldn't really go higher than 54 some derivative of that micrograms. You can see on our DPI, we can go almost 3x higher in a linear fashion. As you look at other competitor troponins, they really drop off. Their platforms aren't consistent. They need a lot more powder to get the same effect. You know, we don't need 100 micrograms to get 54. We need, you know, 54 micrograms. We're really parallel to Tyvaso nebulizer, and you can see that as linear all the way up to really 150, 180 where we dosed out. That's really different about our technology and showing you. The next question I get is, we don't give guidance, but like, what are the analysts saying? How does this impact our company? You can see this dark blue area from OpCo really shows you that, you know, they project Tyvaso to do over $1 billion this year. I think if you look at Q3, UT announced it should be a billion-dollar run rate from that point forward. The question is, okay, that's great for Tyvaso. What does that mean for MannKind and your DPI formulation? RBC's done a nice job breaking that out, showing you the light blue being Tyvaso conversion. I think every quarter from here on out, that's gonna be the big question, is how fast is it converting? How's it going? Are people happy? Are you on track with this curve? Are you ahead of this curve or behind? I think ultimately, you know, that every quarter from here on out, we will start to see, you know, patients are happy, and this is gonna do very, very well and help a lot of people. I'm gonna pivot to our pipeline real quickly. This is what's emerging very rapidly. We pivoted the company into three areas: NTM, nontuberculous mycobacterium, which has a huge unmet need. It's about a $3.7 billion market opportunity. It's about 58,000 patients in the U.S., which is our main focus. We think there's opportunities in Asia-Pacific, most of the drugs are off-label, all generics, and the only drug really there is Arikayce. You can see they projected about $300 million this year and growing. In the IPF space, you know, it's littered with failures over the last 20 years, a lot of unknown. That's why it's called idiopathic. We think that that's a real opportunity for our technology to really treat the lung and fibrosis, we think you're just touching the surface, whether it's United Therapeutics with treprostinil or what we're gonna talk about today is our 201 nintedanib or inhalation. We think that, you know, there's ability that the oral nintedanib just has a dose-limiting side effects, can't go much higher, but putting it directly into the lung allows you to dose much higher. We're very excited about the ability to move that into clinical development now in phase I, hopefully in the next 12 months. You have cystic fibrosis, which we've been working on Pulmozyme for years, and that one finally is looking like it's gonna get out the gate. That's an area where, you know, fortunately, you know, we kept debating, do we go, do we not go? Pulmozyme is still doing $70 million-$100 million a year worldwide. I talked to the CF convention or fundraiser in December and met a guy, and he's got four kids, and two of them have CF, and he goes, "My son's in college. He doesn't take half his doses. If you had a dry powder, this would be amazing. Like, he'd be more compliant and get him functioning better." I do think there's still an unmet need here, that Vertex has done an amazing job extending the life expectancy of patients. They still have not everyone works on the Vertex drug, and they still have relapses every so often. We think this population will live a lot longer. They'll have less exacerbations, but they still could benefit from mucolytics. We're excited about that product. Little deeper dive on the NTM space, about 180,000 patients, 86,000, somewhere in that range in the U.S., about 58,000 truly diagnosed. This is growing 8% a year. I think because there's not a lot of treatments, it's a lot of misdiagnosis, underdiagnosis. As more and more treatments come out, as the awareness gets higher, I think this disease expansion in terms of treatment, diagnosis, and patient growth will actually accelerate. I saw this when I worked in hepatitis B, as we got better and better treatments, more and more people came in and the market compounded. EU, not as much population opportunity. Maybe some people say it's underdiagnosed, just generally the pricing is not good in Europe, it makes it very hard. Japan is a large market. South Korea is a large market. We look at this as really a bi-MAP perspective, which is Asia-Pacific and U.S. is really the pillars of what we'll focus on. For us, it's mainly pulmonary and ID doctors treating it with these three generics, which have a ton of side effects along with Arikayce. We're just getting in research, and I think as you think about clofazimine, which is the drug we're working on, MNKD-101, is clofazimine was approved in the 1980s for leprosy, and it worked really well, but there's no more leprosy, Novartis makes it available on a patient basis. It's not widely used, but it is used quite a bit. There's quite a bit of publications on the efficacy of clofazimine NTM. All of our micro studies, our animal models look really good. This is not a high-risk bet. It is hard to get formulated, hard to work through some of the challenges of making clofazimine. Ultimately, we're gonna be able to lower that dose dramatically. What that's gonna do, we expect, is minimize QT prolongation, minimize skin discoloration, minimize organ toxicity, and all the problems that clofazimine had. But we know it really does work. So we're super excited about getting this in. We met with the FDA in December, and it looks like they're directionally aligning that we're gonna be able to do a phase II, III program, and it'll be one study, and we'll be in patients this year. The way it's gonna work is 28 days of dosing, followed by two months off, followed by 28 days. It's really a six-month endpoint, two treatment courses, and we're really excited about this, and we're just getting research from the doctors and the patients who are equally excited. More importantly, like, where is the source of business gonna come from? Who's the right patient type? A lot of upside in that market for us as we go forward. All the tox is done. We're now doing chronic tox, but that'll be done before we start our study. This is really a nice pivot for the company and something I think people aren't quite paying attention to, but the pipeline is emerging very quickly, and this is going to go very fast as we go forward. I'm gonna bridge to endocrine, which is the basis of where we got started. It's been a nice slow growth. We all want it to be faster. We wanna help more patients. We get very frustrated at the lack of concern for patient care and how do we do a better job in driving change. I don't know when the endocrinology community will wake up that, you know, the problem is not the pump, the problem is the insulin. If you're not gonna change the insulin, you're not gonna get a better output, and you want a faster insulin. You wanna control your mealtime sugar right away. This is something we've been generating our data, publishing our data, showing how to properly dose the drug. We didn't have a lot of money to fix the fundamental problems until the last two years. Now, we finally started our ped study. We did a pump switch trial, share in a second, and we got the trial readout for India approval. I think when you look at Afrezza, we haven't invested as much as we could because we wanted to fund the orphan business. Those were the strategic bets we took, is to move the pipeline, be a diversified company. While diabetes is a transformative event, we think it's a breakthrough product opportunity, you're changing 100 years of habit, that just does not happen overnight, as we've learned. We bought V-Go last year, now you can start to see we have a very nice, sustainable business growing year-over-year, quarter-over-quarter. If you took Q3 revenue, and you analyzed it, and you annualized it, you can see, you know, you're looking at $65 million growing every year from this point forward. There's nothing we see slowing down Afrezza's growth. It's, it's really an unmet need. There's nothing new coming out for Type 1 diabetes that's meaningful. People have gone through the MiniMed 670G Medtronic, they've gone through the Tandem pump, now they're on the Omnipod, and eventually they're gonna say, "Okay, now I've been through three devices and my sugars are still out of control, and at what point do I actually try something different?" I think we're the next innovation in that space, we're preparing for that opportunity. We are gonna run this business till cash flow break even, so it's no longer a drain on the company. It'll become a profitable business for us, we'll start to then think about how do we grow other parts faster. For those of you who don't know Afrezza, it's been around, it's almost nine years this year. It really can be the next mealtime standard of care, which is a huge market. Pricing pressure and insulin is amazing. It's been down every year since 2013, 2014. This year we're very excited because Afrezza got covered under the Inflation Reduction Act at $35. One of the things we hear from customers is, you know, access is a barrier. Finally, this year, commercial and Medicare should be $35, and we will see how much of a trajectory change that is as we come out of Q1 and go forward. We're launching a lot of new things with our sales force in a couple of weeks. Indicated for Type 1 and Type 2, we are gonna be more focused on Type 1 in the future as we pivot and position V-Go for Type 2 diabetes. That's a little bit of background there. Why do we get excited about Afrezza still? Why do we keep it on doing what we're doing? It's because it is truly differentiated. It's misunderstood, but it truly is differentiated. We just did a pump switch trial, and most people don't even realize we did this study. So we're going against the grain, which is hard to do, and it was hard to find investigators to do this trial. We took 20 patients, 25 patients. We randomized 10 to Afrezza placebo, took them off their insulin pump. We put 10 more on a pump plus Afrezza for mealtime, and then we kept five on the pump, and then we saw for 12 weeks what happened. Those results will be posted in an oral presentation at the end of February and hopefully again at ADA. What we do have available publicly is this, and this is the first dose in the office in the first two hours. We give the dose in the office. We bring you on your injectable insulin, on your, on your pump bolus, and we showed you against AID-delivered bolus. You know, here's what happens over two hours. A 55 milligram per deciliter difference in the first 60 minutes, and that sustained itself. When you think about time and range and that being the goal with CGM, these patients barely went above 180. We were able to keep them pretty much flat for two hours. You could see when you're looking at injectable insulin, you're spiking almost 100 points in that peak thing, and then you're still not really coming down for two hours. That's what's misunderstood. When I ask people from the time you inject to the time you bring your sugars down on CGM in Type 1, how often, how long does it take? People tell me, "Oh, immediately. I inject, it's right there." They don't realize it's 45 minutes to break down the insulin, 45 minutes to start working. It's about 90 minutes before you see any impact. That's a major difference when you can see impact on CGM here in the first 30 minutes with us. The second big thing we invested in was pediatrics. It was an FDA commitment, but we spent a lot of time trying to make sure we designed the trial right. We got the right thought leaders on board. If you ask me, the way you're gonna change the standard of care is through kids. Al Mann, when he built the insulin pump, started with kids. Adult endocrinologists had to learn how to use it. I think Dexcom did a great job with the CGM in that space, and now you can see that they're worth $40 billion. I think the same is true of Afrezza. You know, I worked in growth hormone where we couldn't get a kid to take one shot a day, and now we're fighting three to five shots a day and worried about hypoglycemia and sleepovers and sports. These kids, they're busy. I mean, I did a camp this week, this year, and they're taking their pump off to play basketball. They're taking their pump off to get a shower. They're taking their pump off to go swimming. You know, when you add it all up, they're not having their pump 25% of the day. If you're not getting 25% of your insulin, you're not getting the goal. This is really a different lifestyle for these kids. We're doing this trial in ages four to seven. It's more than halfway enrolled now, so we're super excited. The team's doing an amazing job. We should have those results. We'll finish up the trial this year. six-month endpoint, so sometime during early next year, we should expect this readout, and then that'll be filed. You know, just to give you some color here, there's about 200,000 kids in treatment, roughly, and every 10% market share is about $150 million in revenue. It doesn't take a lot of penetration for us to make a meaningful business. We already have the infrastructure, so we don't need a lot more expense to launch this opportunity. So we're already getting ready for launch in that space. For those of you who don't know V-Go, it's been around a long time. Big investment behind this patch pump. It's an amazing product. People love it. Doctors love it. One of the reasons we bought it is we know, you know, a large percent of the time we call on a doctor, they're not gonna wanna write Afrezza, but they still have patients that need help. So this really allowed us to get another 2,000 prescribers who are comfortable with the product, using the product, want to continue to use pumps or patch pumps. We're super excited to be able to purchase this, drop it in the bag of our Afrezza sales force. This is being added to our Afrezza bag here in a couple weeks. We also have a dedicated V-Go sales force with key accounts. We have about 80 reps now in the country selling both V-Go and about 65 selling Afrezza and V-Go together. We bought this for $15 million. It was a great opportunity. We, we knew the product well. This year we expect, you know, we'll be at the high end of the revenue guidance we gave back in June. V-Go's off to a great start. It looks like it's stabilized and should start to grow once we drop it in the rest of the bags. The other thing to think about is this as a platform. It's not something people thought about V-Go, but we look at how do you use it for biosimilars? How do you think about the buy and bill market? How are there drugs that need continuous infusion for side effects? There's a lot more opportunities probably with V-Go than people could think about, but we're putting our heads together and really working through what those could be. In summary, MannKind, it's a new company. We're super excited. I wanna thank the entire company and the 400 employees we have. It's been a major transformation, a very good success story, well-capitalized. We closed Q3 with about $175 million on the balance sheet. No major debt due in the next three, four years. We're growing, accelerating our growth here when you look at now four sources of revenue from one. Much more diversified, much more balanced growth, and super excited there. When you look and say, "What's the excitement about MannKind?" It's really the next 24 months. The clinical profile, the assets we have are all starting to come into fruition. When you look at Afrezza, you're gonna have the Indian trial read out in Q2. You're gonna have the pediatric trial, and we're gonna do a larger pump switch trial to really show this is how you can get off a pump. This is how you titrate your basal. The Tyvaso manufacturing facility will be done, and that'll set us up for the IPF launch if UT gets positive results there. On orphan lung, you can see I got a ton of FDA work, and my regulatory development team are doing a great job around getting the APIs ready, the stability programs done, the tox done. We got a ton of pre-IND, IND, and post-IND phase I, phase IIIs, phase II things moving along. Extremely busy and super proud of the company and where we've been and where we're going. There's really. The future is very exciting. Four sources of revenue growth, IP well into the 2030s, a great emerging pipeline, indication expansion with approved assets and billions of dollars in opportunity and sustainable growth that is well-funded. Hopefully, you see a different company, different perspective, and nothing but great opportunity for investors, for employees and stakeholders in what we're doing, and we're looking forward to helping, hopefully, you know, hundreds of thousands of patients as we go forward. Thank you for everyone who's been an investor and hopefully for those that are here, become new investors and continue to watch our company grow and be with us. Thank you. Thanks very much, Michael. I guess, we have some quick Q&A if you wanna come join us. Steve, do you wanna come up? Steve, our CFO, is here. I'll ask him to come up. It's okay. Sit down. Yeah. As you mentioned in your presentation, can you just let us know how you're thinking about the longer term strategy of MannKind? Yeah. I think when you look, we are gonna be laser-focused on making sure we're in the U.S. Anything outside the U.S., we'll look for licensing partners and launch partners. When you look at clofazimine, huge opportunity U.S., but huge opportunity Asia-Pacific. How do we start to find good Asia partners to help bring that on? We think the Japanese authorities will have a pretty clear development pathway for this asset, and it'll be pretty exciting to help those patients. I think within the company, as we get bigger and bigger, you know, you start to have a big diabetes business and you start to have a big orphan lung business, how do you really think about that future? You know, we've invested 31 years now of our life in the technology, in inhaled insulin. We're 12 months from finding all the answers that we've worked so hard for. Let's get those cards to flip over and really understand what that potential is and what the upside looks like. Our shareholders, if we did the right decisions, we'll be very, very happy with those choices. It's been a long ride for inhaled insulin. We understand that too. Got it. In terms of the near term, what are you most excited for in 2023? For me, it's full titrate. Obviously, hands down, is the biggest transformation for the company. It completely de-risked us. Martine and UT have been a great partner. Being able to see that launch and help all those patients, and the stories have just been heartbreaking. That to me is, like, the most transformative thing, and last year really solidified our next decade of future. I think as we go forward now in NTM, it's a proud moment to finally get your own product into phase III and start to be able to launch that in a disease area that has, you know... You look at United Therapeutics with 12,000 patients, they're making almost $2 billion revenue. NTM alone has 60,000 patients. We feel we're in a meaningful opportunity with meaningful launch potential. Starting to pivot our commercial enterprise in that direction is really going to be critical. The clinical development team, you know, those are the growing pains of the company, is building and finding the talent to grow the assets in the pipeline, because we haven't had to run large phase III trials for many years. But those are great problems to have, especially today. There's a lot of good employees in the market. I guess following on from that, can you dig into the commercialization efforts and building out the force? I think today we are especially getting ready for India and, you know, building up a global marketing capability, how do you be a good partner for launches is something we never had to do. Sanofi did that and then handed it back in shambles. We've been working through that part of it. I think now starting to get a good commercial leader in place that position us with orphan lung to meet the thought leaders, go to the conferences. We're getting invited to the conferences and the patient community. I think that's some of the work we're doing today. The same thing on pediatrics. I think the one thing MannKind did not do was prepare the market for a disruptor product, right? How do you get the thought leaders on board? How do you get your data published? How do you design your trials to get the endpoints you want? I think we're doing that now in peds. We're building those thought leaderships in peds, and I think that's really a new way to really think about for us, like, how do you actually launch a drug and prepare the market and get thought leaders there? We think that's gonna be really important for the launches, whether it's orphan lung or peds. That's great. Maybe I'll open up to the floor to see if anyone has any questions. I guess with that, we can close the presentation. Thanks so much for joining us. Thank you. Hopefully see you next year. All right.