Good day, and welcome to the Olink Proteomics Second Quarter 2022 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. As a reminder, this call may be recorded. I would like to turn the call over to Jan Medina, Vice President, IR and Capital Markets. You may begin. Thanks, Michelle, and good morning everyone. Thank you all for participating in today's conference call. On the call from Olink we have Jon Heimer, Chief Executive Officer, Carl Raimond, Chief Commercial Officer, and Oskar Hjelm, Chief Financial Officer. Earlier today, Olink released financial results for the second quarter ended June 30th, 2022. A copy of the press release and an updated corporate presentation are available on the company's website. Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the U.S. Federal securities laws, which are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. For a list and description of the risks and uncertainties associated with Olink's business, please refer to the Risk Factors section on Form 20-F, Commission File Number 001-40277, filed with the U.S. Securities and Exchange Commission on March 17th, 2022, and in our other filings with the SEC. We urge you to consider these factors, and you should be aware that these statements should be considered estimates only and are not a guarantee of future performance. Also in our remarks or responses to questions, management may mention some non-IFRS financial measures. Reconciliations of adjusted gross profit and EBITDA, constant currency revenue growth and certain other non-IFRS financial measures to the most directly comparable IFRS measures are available in the recent earnings press release available on the company's website. This conference call contains time sensitive information and is accurate only as of the live broadcast today, August 11, 2022. Olink disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise, except as required by law. With that, I will turn the call over to Jon. Jon. Thank you, Jan. Good morning everyone, and thank you for joining Olink Second Quarter 2022 Earnings Call. I'll begin with the quarter's highlights, discuss a few areas where Olink is driving the science of proteomics. I'll wrap things up by discussing our outlook for the remainder of 2022. I will then turn the call over to Carl for more details on our performance during the quarter. It was a very strong 2Q for Olink, benefiting from our industry leading execution and building on our very positive start to the year. We remain very confident that we head into the back half of 2022 and are well positioned with customers and prospects within biopharma and academia. The impact of the pandemic environment was largely as we expected, settling into a manageable workflow that remains conducive to strong growth for Olink. Furthermore, as we consider the broad dynamic industry environment and macro crosscurrents, Olink's execution remains strong and our customer base appears healthy with high interest in proteomics and project funding remains solid. We delivered quarterly revenue of $27.5 million, 56% growth over the second quarter of 2021. Growth from kits and services was both strong and we remain confident in the continued shift of revenue towards kits with our 2022 outlook supported by the performance during the first half. In high-plex, we've been very encouraged by the clear signals of robust customer demand, and we believe that the opportunity with Explorer continues to show that it's more sizable than we originally anticipated. Olink has, in a very short period of time, driven proteomics to unprecedented scale, quality and throughput, allowing for the first time ever the scientific community to add proteins as a clear strategy to overcome the challenges we face in healthcare and drug development. Protein data is proving to be an immensely valuable addition to the genomic data sets that we have developed over the last couple of decades, driving invaluable insights on novel causal drug targets, clearly defining subgroups of patients more likely to respond to both new and existing drugs. This is defining modern healthcare and opening up new opportunities both for the industry as well as healthcare providers and patients. Another layer of our confidence is that we continue to expand our reach within the low and mid-plex proteomics market with Signature, which began deliveries to customers late last year. The ability of Olink's product platform to address multiple use cases within the same customer is increasingly clear, with multiple Signature customers also being Explore customers, toward expanding our customer reach. In June at the ASHG general meeting, Olink's mission to democratize proteomics and enable Explore broadly across the NGS landscape entered a new phase. We announced collaborations with three NGS pioneers, Ultima Genomics, Element Biosciences, and Singular Genomics. Olink's effort in NGS are meant to provide customers with as many options as possible in picking the sequencing platform that is optimal for their needs. We expect our efforts with each of these companies to be additive to our existing and very productive relationship with Illumina. Further to addressing our customer needs, we expect to continue to build out our library of antibodies, commensurate with the ambitious goals in clinical and diagnostic research, and remain on track to expand to 4,500 protein biomarker targets by year-end, and further beyond that. Toward advancing the science of proteomics, we're encouraged by the achievement of more than 940 carefully planned and executed research studies involving the use of our PEA technology, published in high impact peer-reviewed publications to date. Publication count continues to accelerate from 2021, and the increase we saw in just the first half of 2022 exceeds the increase we saw during all of 2020. Another milestone was the first study published that cited the use of Olink Target 48 Cytokine for researching COVID-19. As a reminder, Target 48 has pushed proteomics in the mid plex space to new levels using unparalleled multiplexing and providing the highest data quality with absolute quantification. This is critical for studies in clinical settings, generating more protein data points from the same sample, and for informing additional patient insights such as efficacy prediction, stratification, or safety assessment. All these efforts represent activities by thousands of researchers across the globe, covering every major therapeutic category, from research and discovery to the downstream clinical settings. I'd like to focus on a couple recent high impact publications that highlight the differentiated value of the Olink product platform. In June, the UK Biobank- Pharma Proteomics Project published early results from its groundbreaking proteomics research to the bioRxiv preprint server. Underpinned by more than 54,000 participants, the data are an open access population scale resource of unprecedented breadth and depth to help inform biological mechanisms underlying genetic discovery. The study also highlights the strength of Olink Explore Assay for pQTL detection and downstream biological discovery. With a high proportion, 82% of the proteins tested had cis associations, evidence of Olink's highly specific assays that measure their intended protein. Measuring thousands of proteins at population scale can accelerate the development of novel biomarkers and therapeutics, and we are extraordinarily grateful that Olink's Explore platform can be part of this tremendous journey. We eagerly await the full data release to the scientific community expected by the end of this year. It will be published using Olink's unit of protein expression, NPX, or normalized protein expression, providing a unique opportunity to shape the language of next generation proteomics. These data will also be available to researchers around the world for download, where we expect them to catalyze new thinking on proteogenomics, determining the role of new drug targets and exploring causality, defining more homogeneous patient populations for clinical use, predicting the likelihood of disease progression, and identifying more relevant safety biomarkers. As a reminder, the data published this year are from Explore 1536, and in 2022, we began running the expansion phase on the Explore 3072 platform. In inflammatory bowel disease, a team led by Dr. Andrés Hurtado-Lorenzo, Vice President, Translational Research and IBD Ventures at the Crohn's & Colitis Foundation, recently ran a study to find prognostic markers to determine if children with Crohn's disease will develop serious complications like fibrosis or fistula, and to find predictive markers that determine whether they are likely to respond to more aggressive anti-TNF therapy. Using machine learning, the team was able to identify a plasma protein signature that can predict at diagnosis the likelihood of a child with Crohn's disease to develop complications within five years. Beyond UK Biobank, Olink is part of additional consortia exploring the role of protein biomarkers. These include SCALLOP for disorders like coronary artery disease, rheumatoid arthritis, bipolar disease, heart failure, dementia, or metabolic syndrome. Also, CORAL for neurological conditions and COLLIBRI for inflammatory bowel disease. We believe that these efforts will be important contributors to the field of proteomics and provide meaningful new data points for drug discovery and development efforts. Our considerable progress, anchored in strong execution across our platform, including multiple product launches, our robust revenue growth, new collaborations in NGS, our partnership with Octave in MS, and advancing the science of proteomics, would be impossible without the talent and dedication of the entire Olink team. We remain steadfast in our goal to strengthen this already broad and deep talent pool and to further improve our lead in the proteomics field. We started the second quarter with 465 employees and reached 516 upon entering the third, including 186 full-time employees in the commercial team. Turning to our expectations, we are reiterating our 2022 revenue guidance range of SEK 138 million-SEK 145 million. As we previously discussed, given the procurement and budgeting cycles of many of our customers, the majority of Olink's revenue is secured during the second half of the calendar year. We expect this trend to continue over the near term, with the heaviest weighting towards the fourth quarter. We expect our seasonality to become less pronounced over time as we continue to broaden our customer activity. We also expect continued progress this year toward our goal of increasing our sales mix towards kits. Overall, Olink's business broadly across our product platform, high to low plex and customer base remains very strong as we enter the second half of 2022. Beyond this year, we remain optimistic about our strategic and financial outlooks, our path to return to profitability, and prospects for continued strong growth. I will now turn the call over to Carl to provide a few more details on the quarter. Carl? Great. Thank you, Jon. It was a strong second quarter for Olink, and I'd like to thank the entire commercial team for their incredible work during the first half of the year. Overall growth was driven by buying activity across our customer base. Each revenue segment performed quite well and within our plan, setting up a healthy trajectory for the second half of the year. Second quarter 2022 revenue grew 56% on the yearly basis, to SEK 27.5 million, led by our services business, which was largely in line with our expectations, given deliveries to the UK BPP. Revenue was comprised of SEK 7.1 million in kits revenue, SEK 17.9 million in analysis services revenue, and SEK 2.5 million in other. Q2 kit mix improved sequentially, reaching 26% of total revenue and growing 42% year-over-year. While analysis services revenue grew 51%, other revenue tripled on a yearly basis, largely due to Signature sales. Looking at Explore, total Explore revenue of SEK 18.5 million was 67% of our total revenue in Q2 2022 versus 53% in the year prior. On a trailing twelve-month basis, Explore represented 68% of total revenue. We expect Explore to continue performing strongly, benefiting from robust pull-through at existing sites and a significant expansion of externalizations in the second half. On Explore externalizations, cumulative installations during the second quarter reached 29 for a total sample volume potential of roughly 640,000 samples per year. Total sample volume potential is a metric we've discussed in the past and is defined as the number of samples our entire installed base of Explore sites, numbering 29 as of the end of Q2, could theoretically run over the course of a year. Explore pull-through at external sites has surpassed initial expectations from last year, and we believe this metric better represents the market that Olink could serve with its cumulative Explore externalizations, as well as the tremendous headroom for growth that remains. We also delivered 14 signature instruments to customers for a total of 51 by the end of Q2. We are really encouraged by the adoption of Signature, our strength in the mid and low- plex segments, and uptake by new and existing customers. We believe our execution with Signature really speaks to our ability to identify and successfully address a new opportunity with a new product, and to do so in a relatively short period of time. Looking broadly from Olink's perspective, customer buying behavior remains strong across our major geographies and from high to low plex, with continued appetite for proteomics projects from new and existing customers. Recent data featuring the Olink platform are being well received by the community, driving more interest to our products and strengthening our competitive position. The drive for new insights to improve human health is stronger than ever, and we believe modern proteomics and Olink NPX data specifically will be one of the key enabling technologies to unleash a new era of biological understanding. I'll now turn the call over to Oskar to provide additional financial details. Thanks, Carl, and hello, everyone. Second quarter revenue continued to grow very well, up 56% on a yearly basis, even with FX headwinds. Driven by continued investment in alignment with our strategic plan, adjusted EBITDA was - SEK 7.9 million for the second quarter, as compared to - SEK 6.3 million for the second quarter of 2021. As Carl mentioned, at the end of Q2, we had 29 externally placed revenue-generating Explore installations. This install base achieved about SEK 700,000 in average customer pull-through during the 12 months ended June 30, 2022. During our early experience with Explore, we have seen average annual pull-through range from SEK 500,000 to SEK 750,000, with individual spend ranging from less than SEK 100,000 to multimillion-dollar orders. We continue to expect variability in quarter-to-quarter pull-through, which will be further impacted by our customer spending seasonality, but overall expect a continued strong growth. Kits revenue for the second quarter of 2022 grew 42% to SEK 7.1 million, as compared to SEK 5 million for the second quarter of 2021. Target was a bigger contributor to kits revenue growth during Q2, and we are really excited about the strength of the mid-plex segment. Analysis services revenue in Q2 grew 51% to SEK 17.9 million, as compared to SEK 11.8 million for Q2 of 2021. The mix of kits versus analysis services revenue improved sequentially and was in line with our expectations. Olink continues to expect progress throughout the remainder of 2022 and beyond in increasing the mix towards kits. With growth driven primarily by Signature Q100 instruments, other revenue was SEK 2.5 million for the second quarter of 2022, as compared to SEK 800,000 for the second quarter of 2021. By geography, revenue during the second quarter of 2022 was SEK 12.5 million in Americas, SEK 12.6 million in EMEA, and SEK 2.4 million in China and rest of the world. Consolidated adjusted gross profit was SEK 17.9 million or 65% of revenue in the second quarter of 2022 versus SEK 12.5 million or 71% in the second quarter of 2021. Adjusted gross profit for kits was 91% in Q2 of 2022, as compared to 90% in Q2 of 2021. Q2 2022 adjusted gross profit margin for analysis services was 58%, as compared to 64% in Q2 of 2021. The decline in analysis service margin was primarily driven by deliveries to the UK Biobank and our continued build out of lab capacity. We continue to expect service margins to revert to normalized levels we've observed historically in the second half of this year. As we consider total quotes, we expect our strategy of increasing kits revenue as a percent of total revenue will have a positive impact on gross margin over the long term, and quarter-to-quarter variations should be expected given the seasonality of our business and our ongoing product launches. Furthermore, the continued adoption of Explore 3072 should provide support for margin expansion over time, leveraging our internally built antibody library. Adjusted gross profit margin for other was 45% in Q2 of 2022, as compared to 44% for Q2 of 2021. Total operating expenses for the second quarter of 2022 were SEK 31.7 million as compared to SEK 23.3 million for the second quarter of 2021. The increase was largely due to continued and accelerated investment into Olink's commercial organization, research and development, and driven by cost of the public company as well. Operating expenses are broken out as follows. Selling expenses for Q2 of 2022 were SEK 10.6 million versus SEK 7 million for Q2 of 2021. Administrative expenses for Q2 2022 were SEK 14 million versus SEK 12.2 million for Q2 of 2021, and R&D totaled SEK 7.3 million and SEK 5 million for Q2 2022 and Q2 2021 respectively. Other operating income was SEK 239,000 in the quarter as compared to SEK 868,000 in Q2 of 2021. Net loss for the second quarter of 2022 was $4.8 million as compared to a net loss of SEK 10.6 million for the second quarter of 2021. Net loss per share for the second quarter of 2022 was SEK 0.04 based on an average number of outstanding shares of 119,101,120 shares, as compared to a net loss per share of SEK 0.09 in the second quarter of 2021 based on an average number of outstanding shares of 119,007,062 shares. We ended the quarter with a strong balance of SEK 100 million in cash and cash equivalents. Our strong cash position shows our ability to responsibly balance investment needs with efficient use of capital. Consequently, we believe Olink remains sufficiently capitalized to achieve our return to profitability and to fund our existing strategic plan. Moving to our outlook for 2022. Olink's strong performance to date has continued according to plan, offsetting FX headwinds successfully. We're reiterating our yearly revenue guidance of SEK 138 million-SEK 145 million and anticipate that fourth quarter seasonality in 2022 to be slightly improved over Q4 of 2021 when considering the midpoint of the range. This guidance also anticipates a pandemic environment similar to what we've experienced to date, and the impact of the geopolitical environment remains non-material overall. As we consider 2023, we believe we remain very well positioned for return to profitability and continued strong growth as well. I'll now turn the call back to Jon for his concluding remarks. Great. Thank you, Oskar, and thank you, Carl. It was a great first half of 2022 for Olink. Our leadership position in proteomics is seeing even greater recognition, and the company is benefiting from robust adoption across our entire portfolio of products and services, selling into a broad, diversified and growing customer base across multiple proteomics use cases. At this point, we'll open up the call for questions. Operator? As a reminder, to ask a question, please press star one one. Our first question comes from Matt Sykes with Goldman Sachs. Your line is open. Hi. Good morning, Jon, Carl and Oskar. Thanks for taking my questions. Maybe my first question. Just given the back half of the year and you expect to see improvement there. Just wondering if you could help us maybe with any additional color on Q3, just given that the biobank revenue is rolling off, maybe some view as to what implied growth or kind of some of the metrics for Q3 might look like so we can help with modeling. Yeah. Good morning and thanks, Matt. Yeah, no, super excited, of course, coming out of the first half very strongly. As you probably see and realize from the narrative here that proteomics is increasingly getting higher and higher on the strategic agenda in the global research community. In particular, Olink Proteomics and PEA is becoming a very important tool for all of this research and adding to the genomics data sets that we have generated over the past few decades. On top of that, as you also recognize with how we designed our product portfolio, covering all the various use cases from high to mid to low- plex, with Explore, Target, and, of course, the Signature platform. With all that said, Olink is sort of in a sweet spot on where the research community is focusing their attention at this point in time. As we look into the second half, and with our externalization strategy, which is being very well received, we see a very healthy pipeline looking into Q3 and beyond that. Yeah, in my years, as CEO, since we started company, I actually haven't, you know, seen us being in a better situation. We are super excited leaving the first half of the year, moving into the second half and, yeah, looks very healthy to everything what we've communicated over the past few quarters. Got it. Thank you. Maybe a higher-level question. You've shown it's probably stronger than expected growth, at least in our view, in terms of low and mid- plex, particularly in mid plex with target. Maybe could you just maybe help us out a little bit with customer behavior, customer activity, in mid and low- plex relative to high- plex, just given what our expectations were. I think mid and low has grown a lot faster than we expected. High plex is maybe not growing from an installation standpoint as fast as we expected. Maybe help us out in terms of what your customers are saying and the level of activity in each of those areas to kind of help us understand that dynamic. Sure thing. Thanks for picking that up, Matt. We worked together now for roughly 18 months, I guess. I guess you also sort of start to recognize the strength and value of the PEA technology. Also Olink's capacity to sort of understand customers' workflow and how these processes, development processes are executed. The high-plex is you know per our script you heard that it represents 67% of the business, which is quite remarkable. It's only sort of 18 months we've had Explore you know as a product on the market. These and all these researchers, they scale their research. You start off sort of casting that broad net and sort of in an unbiased or hypothesis-driven. Everyone's hoping for a golden biomarker. We often see that you find rather a signature of proteins, and then you want to advance your research with those. Our technology is truly unique with its scalability. We've been honestly sort of hampered on the mid- to low-plex market based on the readout. That's why we were so excited. We invested in the signature product or readout platform. As we launched that last year, now you're starting to see that it's not only in the high-plex, but this research market is beginning to appreciate and value the uniqueness of PEA in unparalleled multiplexing with unparalleled high quality where you can trust every data point. This is now seeping into the mid-plex segment as well with a very competitive, cost-effective signature readout. A bit of a long-winded answer, perhaps, but I wanted to give you the full sort of scope. It's very early days for Signature. We're seeing good progress there, and this is just our starting point. We are super excited, as we mentioned, across high, mid, and low- plex. Got it. Maybe one last follow-up, if I can. I'll get back in the queue. Just, Oskar, I know you said in the past that the target and focus relative to Explore, the margins are relatively similar. I just want to make sure that, you know, if we continue to see strong growth in mid and low plex, that the margin, you know, uplifts that we could see from that mix shift going more into kits is still intact, if those are sort of the mid and low plex are some of the drivers of the kit growth. Yeah, Matt, that's a really good question. That sort of correctly summarize that if we look across sort of at a high level, across Explore and Target kits, the margin profile is very similar. Either product going sort of, you know, up and down in relative contribution is not gonna sort of materially impact our gross margins. Thank you. Our next question comes from Tejas Savant with Morgan Stanley. Your line is open. Hey, guys. Good morning, and thanks for the time here. Jon and Oskar, maybe to kick things off on the analysis services piece, picking up on an earlier question here. Outside of UK Biobank, it sounds like growth was essentially flattish quarter-over-quarter. What I'm wondering is, as you think about, you know, the overall business, you've talked about kits being an increasingly important part of the mix on a go-forward basis. Is that mix shift something you're envisioning sort of really kicks into high gear here in the second half? And is there a risk here that service revenue might sort of scale off a little bit? Then I have a couple of follow-ups as well. Sure. Morning, Tejas, and thanks for the question. Well, as I sort of alluded to, proteomics is getting higher and higher on the strategic agenda. Proteomics is, for the first time ever, at scale and quality driven by Olink, and we are getting a lot of new customers as well. Our analysis service is a great sort of first step in opening the door to new customers. That's also why we see a lot of new activity, new customers, and it's a great onboarding. It's a first step for them to get acquainted to proteomics, to our technology, to the NPX data, et cetera. I could actually kick this question also over to Carl, and he maybe can elaborate a bit on what we see a very healthy pipeline in terms of the kit business in the second half of the year. I actually believe that we already in Q3 have more externalizations than we did in the second quarter. I don't know, Carl, if you wanna elaborate. Yeah, sure. Thanks, Jon. Yeah, for sure. I think we're seeing actually sort of broad success across the portfolio from, you know, as you mentioned earlier, from Explore all the way down to the mid and low plex. I alluded to this in my comments, we have a strong pipeline for Explore externalizations in the second half. I think reiterating, you know, guidance we provided earlier, we'll continue to shift the mix more toward kits, certainly in the second half of the year. As you saw, we were having good success with the signature instrument, so in the low plex, the mid and low plex space as well. As Matt was asking about as well, you can see we're doing quite well on the kit revenue there. We feel like we're executing our strategy actually, exceptionally well at this point, to sort of push the technology out into the world, and as Jon said, to continue to support our customers who rely on the service part of our business as well. We'll continue to meet that demand, but the mix will continue to shift as projected. Got it. That's helpful. Color, Carl. Actually, that's a great segue into my follow-up here. Are you sensing any sort of delays or longer decision timelines as far as these kit externalizations go? You know, two units was a little bit below where we were. Carl, is it still entirely NovaSeq's or are you seeing NextSeq's get activated as well? I'm curious as to any commentary on any early traction with customers using non-Illumina instruments at this stage. Yeah, sure. The externalization has been going well. It's nonlinear, is a good way to describe it. It's sort of in line with our expectations. That metric I mentioned around total market capacity, we think is an awfully good way to look at it. That 640,000 sample capacity that I mentioned would sort of exceed the capacity needed to sort of meet our targets for now. We feel good about that. As I mentioned, again, we have a very strong pipeline in the second half for externalization, so we expect that trend to continue in a very positive way. As Jon mentioned in the second half, we're already sort of exceeding that early here. As far as NovaSeq, NextSeq mix, yeah, we're continuing to see NovaSeq being the dominant platform, but we do have some NextSeq customers as well. There's a mix there, but it is, it's definitely predominantly NovaSeq. For the non-Illumina sequencers, as Jon mentioned, we're still, you know, collaborating, and it's still to be determined in terms of, you know, what future volumes and throughput, et cetera, will come from these next gen sequencing platforms. That is to be determined, but we're, you know, again, we're quite optimistic about that potential and again, sort of reaching our customers no matter, you know, which platform they choose to use. Got it. That's very helpful, Carl. One final follow-up for Oskar here. You know, it looks like you burned about SEK 20 million in cash in the second quarter here. And obviously cash burn is on everyone's radars given the market environment. Can you just walk us through any internal plans here for you know, extending out your cash runway a little bit and how you're thinking about sort of investments at this stage? Yeah. No, great question, Tejas. Thank you. So I think sort of, first of all, you know, as we've alluded now for a couple of quarters, I mean, sort of we are really sort of, you know, reverting back to profitability and we see sort of, you know, 2023 as being a key year. It was not that long ago that, you know, we ran a high margin, you know, cash generative business. So I think in terms of sort of cash runway, you know, I mean, we're comfortable that the cash we have at hand today will sort of take us through this plan and as we return to profitability next year and you know, cash flow breakeven after that. Clearly we are, you know, prioritizing sort of investments, but I think we've always been, you know, responsible in how we spend our cash, where we invest. I think as we've also heard sort of today from both Carl and from John, that the sort of opportunity here in front of us is big. Got it. Appreciate the time, guys. Thank you. Thank you. Thank you. Our next question comes from Puneet Souda with SVB Securities. Your line is open. Hi, guys. Jon, Oskar, Carl, thanks for taking the question. First one, just wanted to clarify the contribution in the quarter for UK Biobank and what's left to go at this point, just to be clear, what sort of contribution we should be expecting there in the third quarter. Obviously, a big project for you and an important one in terms of publication and significance-wise. Also wondering if that benefited you in sort of new customer additions or folks, researchers who you know looked at the impact of this publication. Thanks, Puneet, and good morning. Yeah, I love to lead with the science, right? I'll start by answering the question there. It's amazing the feedback that we're receiving on the proteogenomic approach, and in particular by the value of Olink and NPX. The root of that is basically that our customers here, that the participants in this fantastic project in UK Biobank, is now being able to either confirm hits from genomics or actually rule out targets. It's crucial information providing, you know, immensely valuable and increasing interest in what we do. Fantastic. To go into more tactics, I mean, first of all, I can take this opportunity to congratulate our team at Analysis Service, who actually just past week delivered the last QC data from the running of the complete expansion part of the project. We have now executed the full 3072 on all samples in the UK Biobank, an amazing milestone and achievement from the analysis service team at Olink. Huge congrats to them for that. In terms of, as you know, we have not been sort of communicating the exact financials around this based on our agreement with the consortium. But you know that it's been quite aggressive pricing from our perspective. This is also a very important project and in raising awareness and importance and significance of both proteomics and Olink. It's great that this project is behind us, as Oskar alluded to, and you will see our service margins going back to more historical levels as we move forward. Got it. That's helpful. On Explore, Oskar mentioned that the average pull-through is around SEK 700,000. You know, sort of how should we think about that trending as you add more Explore? I'm assuming there's gonna be meaningful more additions into this, into the second half. Obviously, you had only two in the last two quarters, I mean, back-to-back. Just wanted to understand how should we think about that line trending as new accounts come online in Explore. Sure. Carl, I don't know, maybe you're closest to that. Do you wanna comment? Yeah, sure. I, yeah, I think that last 12-month metric is a good one to look at just for the reason you mentioned. As I stated earlier, it's a bit nonlinear. As we add again, we have a strong pipeline in the second half. As we add more, you know, you're gonna change the math there a little bit. I'd keep an eye on that last 12-month metric, as I think that will be telling. Yeah, the pull-through, as mentioned earlier, has exceeded expectations, and we're doing quite well at our sites and the adoption has been robust. We've had sites expanding their capability, so increasing throughput during the quarter as well. I think these are all, and again, very sort of positive trends for the continued growth and success of the Explore business and the externalization of it. Okay. That's helpful. Just for maybe this is for Jon. On the antibody development side, I mean, you talked about the 4.5K launching at the year-end. I mean, how should we think about the productivity on the new antibody development and internalization of that? Sort of maybe a question for Oskar, too, in there. Sort of as you continue to develop those, how should we think about the gross margin trend line as you bring those more of those antibodies internally? Just help me through that. Thanks so much. Great, Puneet. Thank you. Yeah, and thanks for teeing that one up as well. I can take the opportunity. I'm not sure if we have any colleagues on here from Olink or the old Agrisera team that we acquired a couple of years back. Huge shout-out to them as well. We have, as I have communicated over quarters as well, continued to improve the processes of success throughout the workflow in from antigen immunization to harvest, to purification, and eventually PEA development. We are actually, you know, doing extremely well and a bit ahead of our internal curve and so forth. We are, you know, in very good shape to hit the targets and milestones that we set out. Extremely good work by all the fantastic scientists within Olink in achieving that. Oskar, on the gross margin side, it's also good news? Yeah, absolutely. I mean, due to, Puneet, as we expand our own library, you know, we will expect the sort of Explore kit margin to expand, you know, up to a couple of percentage points, you know, when we sort of approach the sort of 4.5K product. Clearly, that will sort of, you know, take time as sort of, you know, the mix will develop within the Explore segment. It's definitely sort of, you know, a tailwind for the gross margin. Got it, guys. Thank you. Thanks, Puneet. As a reminder, to ask a question, please press star one. There are no further questions. I'd like to turn the call back over to Jon Heimer for any closing remarks. Thank you very much, and thanks for joining us today and for your continued interest in Olink. We look forward to keeping you updated on our progress and wish everyone a great day. This concludes the program. You may now disconnect.