Good afternoon. I'm Eric Joseph, Senior Biotech Analyst with J.P. Morgan. Our next presenting company this afternoon is Prime Medicine, and presenting on behalf of the company is CEO Keith Gottesdiener. There is a Q&A after the presentation. If you have a question, just raise your hand, we'll bring a mic over to you. And for those tuning in via webcast, you can also submit questions by clicking the Ask a Question icon. So with that, Keith? So thank you very much, everybody, and I'm here today with other team members as well, Jeremy Duffield, our CSO, as well as... Oops, I'm sorry, the slides aren't coming up yet. There we go. Ah, except that's not our first slide, but we'll try again. Thank you. Jeremy Duffield, our CSO, and also Ann Lee, our CTO. They, they wondered how many things I'd get wrong in the first minute. Now we know the answer to that question. So let's start again and see if I could do this correctly. They're still not coming up on my screen here. If If someone could come up and just help me to get this on the screen, that'd be great. So in general, there's a quote on this slide that one of our co-founders, David Liu, used in a recent talk to introduce, and the quote is, "The age of human therapeutic gene editing isn't just coming, it's already here." One more. Can we start up here? Just up to the private here, Keith. Just... Which slide are you supposed to be on? It doesn't really matter. If you could just get a slide up, I'll make sure I can get back to the right slide. Hold on. Let me close this. Back Back to the beginning of that. Yeah, I will. Just go Just go back to the beginning. That's fine. Thank you. Just go back one slide. Okay. All right, so... Going the wrong way. All right. Just start us at the beginning. We're trying to get there, Jeremy. Thank you. That's it. Just leave it there. You know what? I'm gonna do it with this, with the arrows. All right, let's start again and see if I can do this a little better. Keith, you've got the full screen. All right, just one moment. I can't see the slides at all, and unfortunately, I'm nearsighted. I can't read off of this slide right here. But let me get started anyway, and hopefully, they'll fix it reasonably soon. So one of our co-founders, David Liu, used this quote to introduce a talk earlier this year. "The age of human therapeutic gene editing isn't just coming, it's already here." And I think today, when we look at what's happened over the last couple of months, I think we can all agree, in fact, that David was exactly correct when he said this, many, many months ago. And I think we at Prime Medicine, who really are doing gene editing, believe this fervently. This now is our moment because Prime Medicine brings together the right people and the right technology at the right time. Now, over the past year or two, we've spent most of our time talking to investors, really introducing the groundbreaking technology of prime editing and the tremendous opportunities that prime editing has the potential to deliver. Instead, today, much of the presentation will focus on our pipeline and our path to entering the clinic. But before we do that, I wanna highlight a couple of points about how we got there and what's important in our story. So first, excellent execution across our business since we were founded in 2020, is something that's been very important to move prime editing forward quickly. Secondly, I have to highlight the tremendous power of our groundbreaking technology and the commitment we've made in others to the ongoing innovation that has driven Prime Editing forward. Also important, Prime Editing is uniquely positioned to address the widest spectrum of diseases, and I have to highlight the benefits from our highly differentiated safety profile. In addition, the modularity of our platform will enable us to rapidly accelerate and follow on programs and to expand our reach over time. And I'm gonna expand on each of these points in just a few moments as we go through the presentation. So let's begin with operational execution. So Prime Medicine has a very strong, very experienced team, and we've performed, and we've delivered. Now, it's hard to realize that Prime Editing was a single laboratory phenomenon as recently as early 2020, just three and a half years ago, and how much we've accomplished since then as we begin to enter the clinic, and we've built the foundation for our platform translation to enter the clinic. You can see what happened over the last couple of years. In 2020, it was program gestation, and then we moved to program industrialization, and today that transformation is beginning and will be a focus of what I'm talking about today. Now, I mentioned the versatility of Prime Editing, which unlocks multiple opportunities across a wide spectrum of diseases. We can edit, correct, insert, and delete DNA sequences in any target tissue.... Now, there are people who still think Prime Editing can only make small gene corrections, but the commitment to innovation has really led to extremely broad capabilities. For example, we can edit hotspots, in other words, places where gene mutations cluster and repair 100 or more base pairs perfectly, so that no matter what mutations fall in that area or that interval, are all corrected with the same Prime Editor. We can precisely delete multi-kilobases of DNA, as we do in our repeat expansion or triplet diseases and their programs. And now what we can do is we can make large, precisely targeted gene insertions into the DNA at a very specific spot. In particular, I'd like to highlight this last example. We call it PASSIGE. PASSIGE uses technology and Prime Editing to insert gene-sized sequences into a single spot into the genome. Our initial focus, for example, is to make highly differentiated, non-viral, multiplex edited CAR therapies, and I'll say more about that later. We believe we can do things in terms of the engineering that absolutely no one else can do. Using this PASSIGE technology, it goes well beyond the things that people were expecting from Prime Editing when we first came out early in the 2020s. Second, we have this very highly differentiated safety profile, and what we've done is we've built a comprehensive off-target pipeline of off-target assays that's IND-ready. Here we're showing some of the data from our genome-wide analyses for our CGD, chronic granulomatous disease program, which is entering the clinic this year. The results are remarkably clean. As you can see on the left, where we study greater than 500 potential off-target sites in this program, and we see no off-target edits. We also don't find large deletions or translocations, as shown in the middle, which is very different from CRISPR. CRISPR actually is our positive control for this assay to identify the presence of these deletions and rearrangements, and you can see it on the right-hand side of the panel. More broadly, we have yet to detect any off-target activity, any deletion or translocation in our four leading programs to date. Now, it's our hypothesis that showing that prime editing goes in and does a precise therapeutic edit, it doesn't muck around with the rest of your DNA, and then it gets out and leaves patients with a genetic cure. That's gonna be the kind of message that is gonna allow doctors and patients to decide that prime editing therapeutics truly are something special and allow their widespread use. We also think that safety profile is going to become an important differentiation from other gene editing approaches. Now, many of you know that prime editors themselves, the machinery, are modular, and that you can swap out one component, the guide RNA, from a prime editor, and you can repurpose it to a different genetic location. It's important to emphasize that every aspect of our program and every part of developing prime editing therapeutics has strong modularity. For example, we've developed these extensive assays for off-target activity. Those assays can be used from program to program to program, just as they are across all the different programs in our area. So all the hard work that we've done for the first program can be applied just as it is to other programs as well. The same thing is true in the CMC manufacturing area. So much of the work can be applied to the next program and the next program across our therapeutic pipeline. As a result, the core components can be readily leveraged to drive the pipeline acceleration, efficiency, and execution. It allows us to develop more programs, more cheaply and more quickly than we think people can do with almost any other platform. Now, later, we'll be providing an update on our first program to enter the clinic. But first, a few thoughts, especially on the evolving regulatory landscape, which we believe is growing more and more supportive for gene editing. On the left, you can see some of the things the FDA has done just in the last year that are very, very supportive of gene editing. And on Saturday, I had the opportunity to have Peter Marks speak at a symposium where I had a chance to talk to him, and he reiterated that support for gene editing as an example of a platform technology which the agency is really excited about developing. And in fact, a bit closer to home, if one looks at the right side of the slide, Prime Medicine's own experience strongly supports this view of the regulatory environment. We've engaged in multiple formal and informal interactions with the FDA and other global regulatory agencies on the PM359 CGD program and on the Prime Editing Platform. We've aligned with the FDA recommendations in a whole area of very important for our clinical development programs. Now, we've had a very large pipeline as we went forward.... We originally started out with 18 programs in our pipeline, really to understand the breadth of where prime editing could work. And frankly, many investors have come to us and said, "It's an awful lot of programs. Can you help us to understand what's most important in your pipeline?" So in order to simplify a bit, we've presented, pardon me, have presented a new way of organizing our pipeline, focusing on four pillars: hematology, immunology, liver, ocular, and neuromuscular. And in each one of these, we've demonstrated high efficiency and precise in vivo editing, and each has its own modular platform. Now, business development will also increase our reach and impact, and I'll say more about that later. To reiterate our strong execution abilities, at the bottom, we highlight our some key capabilities that provide a strong foundation to company efforts, which we think are important to locking, unlocking future opportunities. Now, we apply this same simplification to our pipeline chart here to help people to understand what we're gonna be focusing on as we go into 2024, 2025. These include by pillar, our CGD program in our hematology and immunology program. In our liver program, three programs there, or three indications in Wilson's disease, GSD, and one undisclosed program as well. In our ocular program, retinitis pigmentosa RHO, and our neuromuscular programs, a little more complicated, but primarily Friedreich's ataxia. Now, notice at the bottom, there are additional programs that are outside of this core, such as our CAR-T work and cystic fibrosis, and I'll say a few words about them later. But we think these are places where, at the proper time, business development partnership may be the path to go. So let's take a minute and talk about what's happening within each pillar. So in the hematology oncology pillar... Sorry, not oncology, immunology pillar, my pardon. Let's first talk about CGD, where a serious life-threatening disease presents in childhood, manifested by recurrent life-threatening infections. It's caused by a mutation in the p47phox gene. There are hundreds of these patients that exist in the U.S. alone. These patients also have severe ongoing autoimmunity and inflammation. We believe that Prime Editing is uniquely well suited to initially address this form of CGD, but it's important to point out as well, with our modular approach, we can also apply Prime Editing to other forms of CGD as well. Now, this slide presents our first outline of our global clinical trial with PM359 that we intend to initiate this year, which we've discussed with regulatory agencies. In other settings, we can delve a little bit more so into the specifics, but let me make a few key points. One, we plan to file one or more IND CTAs in the first half of 2024. Second, our clinical program is in general alignment with the FDA and other regulatory bodies. As is the rule in ex vivo cell products, enrollment, mobilization of the CD34 cells, manufacture, and release, they take time, and we've outlined that in the schema. As you also know, regulatory agencies insist upon sequential staggering in our dosing for the initial patients, which clearly will have implications. As a result, our first clinical data we expect in 2025. But keep in mind that for each individual patient, our biomarker, DHR, gives a very early read on efficacy. Lastly, the study is designed to rapidly move into the pediatric population, the key target, and to progress directly to pivotal data, though the design of pivotal trials have still not been discussed with regulatory agencies. Now, this particular area, hematology, immunology, has huge potential. But to fully mobilize in this particular area and increase access to patients, a path to non-toxic bone marrow transplantation is required. I won't have time today to explain all of the work we're doing there, but our current efforts are providing the foundation for benign conditioning with CD117 cell shielding with our partner in this, Cimeio. And platform expansion could be the key to great opportunities in this clinical area. And you could see that the idea of moving from low intensity autologous to low intensity allogeneic, to eventually, we believe in the not-so-distant future, in vivo editing of HSC, just unlocks literally dozens of diseases overall. Now, I'd also point out that in practice, while we're not gonna show this kind of slide for each and every one of our pillars, this type of growth trajectory path exists for each of our clinical pillars as well. Now, our liver program is important because a key result achieved this year was the safe and effective LNP delivery and precise editing of non-human primate liver, where we demonstrated approximately 83% precise editing of hepatocytes, and you can see that off to the left. Our approach is to use a universal targeted LNP, and building on this modular approach, we anticipate these results will accelerate the development of our three lead liver programs, GSD, Wilson, and as I mentioned, an undisclosed target. For our ocular programs, early data with our proprietary dual AAV system was a key step towards unlocking opportunities in retinal disease and larger indications. We achieved in vivo proof of concept in humanized mice and demonstrated high efficiency. In parallel studies, we showed no off-targets detected, and Prime Editors were shown to prevent degeneration of the retina in vivo. Now, today, ocular programs seem to be a little bit out of favor with investors, but I want to convey our excitement that Prime Editing has the potential to cure genetic forms of blindness. Keep in mind, we actually correct the causative mutation with our approach, which we believe no one has been able to do to date, and that may result in additional therapeutic benefits. Now, the neuromuscular program is certainly one of those that I find most exciting overall, but these programs are a little bit earlier in development. Still, we're very excited that the early in vitro and in vivo data suggests potential for Prime Editing to address many neuromuscular disorders, including a variety of significant repeat expansion disease, where Prime's leads include Friedreich's ataxia and also ALS. We have a lot of data on this slide, and I doubt many of the folks within this room can actually see the data from where they're sitting. But in the left-hand panel, we basically show that Prime Editing in Friedreich's ataxia really restores normal function in sensory neurons. And what you can see there, if you can see the slide, are the axons that grow from dorsal root ganglia, which are spinal cord afferents or spinal cord organs that help to bring sensory input into the spinal cord. And you can see the healthy axons in the first column, their absence in the second column, and the complete restoration of the phenotype once we've Prime edited the patient cells. While the second panel in ALS is probably even less legible without getting closer, it's a place where we've shown that Prime Medicine restores normal motor function in neurons. And again, you can see a panel where in the first column, you see the results from healthy patients. In the second, you can see actual disease patients, how different it looks. And in the third column, you can see if we take the cells from those diseased patients and we Prime edit them, we return them to the phenotype that one would expect with healthy patients overall or healthy volunteers overall. Now, our current focus is really on delivery for the CNS programs, where the solution is still not completely settled, but we're moving forward very rapidly in large animal studies. Now, if there's one thing we have, it's lots and lots and lots and lots of targets that we can approach with Prime Editing. So business development remains a core focus for building up the company and also getting Prime Editing out into the community. So as a result, our BD strategy has a multi-pronged approach. On the cell side, within our core pillars, we intend to advance programs and create significant value. We may partner some of the programs at the right time to accelerate them or to globalize their market. Outside the core, we aim to collaborate or license potentially sooner in order to maximize the potential of Prime Editing beyond what we can do ourselves in the short term, or to bolster our financial resources, or to create future options for us. We'll continue to be active on the buy side to access enabling innovation, particularly in the area of delivery and manufacturing capabilities. On the left-hand side, you can see the many of our recent accomplishments, and we believe that those accomplishments will provide a strong foundation on which to execute our BD strategy, and we are very, very actively engaged in doing it at this time. Now, consistent with our BD strategy, I want to describe a couple of examples of places where we think there are really great opportunities. First, I want to talk about our highly differentiated CAR-T products. Current products have many, many existing limitations. They have quasi-random integrations, constraint to a small number of edits, they depend upon viral approaches, and there are many other things as well. We certainly know that the FDA has highlighted some of the potential problems with some of the current approaches to CAR-T in some of their recent communications. Our solutions include directed integrations aimed at maintaining endogenous control, high efficiency, a non-viral approach, and many other advantages as well. This is an area where we know we don't have full expertise, for example, in oncology, to bring these things forward. It's a place where we're actively considering business development. Another area potentially is cystic fibrosis. Remember that about 15% of patients do not have a therapeutic option, and we could provide these patients with the potential for a full genetic correction. Now, using our hotspot approach, where we can look at clusters of mutations, it turns out that if you map these unmet need mutations across the cystic fibrosis genome, just 8 Prime Editors, almost identical, but focused on a slightly different interval or different hotspot, could potentially address approximately all of these unmet need indications. As an example, we can precisely correct the null G542X mutation, as shown on the left, as well as demonstrated in our phenotypic assays, which is intestinal organoids on the right. But our hotspot approach means that when a Prime Editor is designed to correct an important unmet need mutation, such as the I507del mutation, as shown in the sort of middle panel there below, okay? Potentially, that same Prime Editor could also provide a genetic option to patients with the even more prevalent F508del mutation as well, probably the most prevalent form of cystic fibrosis today. So in the end, with eight Prime Editors, we not only would cover all the unmet need mutations, but almost as a freebie, we would get the opportunity to also offer the genetic cure to just about every potential patient with cystic fibrosis. Now, just one or two more slides, and I'll finish. But it's important to note that Prime Medicine holds broad, enabling foundational IP for all Prime Editing technologies, currently with four issued or allowed patents that have absolute clear priority in this space. Along with many additional patents working through the system from the foundational paper, we've also pursued an aggressive filing strategy for technological advances, because those advances have really allowed us to reach more and more places with Prime Editing. Now, I just want to make a parenthetic question, a comment or two. More recently, many variants of Prime Editing have been announced, which have been called by various names by various companies. Our position is for those that truly look like, act like, seem like Prime Editing, they probably are Prime Editing, and we're confident we have the foundation IP for these, for these technologies. Of course, we continue to be slightly flattered by the imitation and rebranding of PE by others, but I think as one of our more outspoken directors says, "We invented it, we own it," and certainly, we in Prime Medicine certainly feel that way overall. But I should point out, Prime Editing isn't all about IP. There's a tremendous amount of know-how in order to really do Prime Editing well, and that resides in the company at the moment, and it's a major plus as well. Last slide. We have a lot planned in 2024, 2025, and the milestones here are articulated pillar by pillar. But let me point out a few important ones. Number one, we plan to open our IND or CTA for our phase I/II study in chronic granulomatous disease in the first half of 2024, with the anticipated initial clinical data in 2025. We plan to continue to advance preclinical studies for our three liver programs and to initiate IND-enabling studies for at least one in 2024, leading to an IND CTA in the second half of 2025 or the first half of 2026. We'll nominate a development candidate for our retinitis pigmentosa RHO program in 2024 and initiate IND-enabling studies to begin by the end of 2024. We intend to advance Prime Medicine's differentiated CAR-T program using PASSIGE technology into lead optimization. Last but not least, we plan to advance discussions with regulatory agencies on platform strategy for streamlined development. In conclusion, we really believe this is our moment. We're on the verge of showing Prime Editing works in humans, and we have an exciting broad set of programs to follow. So with that, I'll say thank you, and I guess we'll open it up to questions, Eric. Great. Absolutely. Thanks, Keith. And just a reminder, if you guys have questions, we'll bring a mic around if you have any. Picking up on the CGD lead program, I guess we could call it that, anticipating a clinical start the first half of this year. Maybe you can just sort of set the stage a little bit for I guess operationally, how that study will proceed in terms of I guess enrolling patients, kind of prepping them for manufacturing cell product. I guess should we think of perhaps some of the sickle cell DIsease programs as a useful analog for what to expect with your phase I within CGD? Well, first, I wanna just make a couple of slight nudges on some of the things you said. We don't think of CGD as a lead program because we're bringing a wave of programs towards the clinic. CGD happened to come out a little bit in front. It wasn't a choice on our behalf, it's just that's a place where the technology steps with a brand-new technology just worked out best. Second of all, we really plan to file the regulatory documents in the first half of this year, not necessarily to start the clinical trial, however, that's defined immediately, though, hopefully, that trial will be open very soon after the regulatory documents are accepted. In practice, the first patient for enrollment, mobilization of the cells, manufacturing and release is probably gonna be the longest patient. We've put an estimate of about 6 months into the schema that we showed there. It's hard to know exactly what that will be. Remember, once we've gotten the first patient in, the FDA and other regulatory agencies want stagger dosing. So they want us to dose people to show that, in fact, that they engraft... and then, in fact, we're on the path to a potential cure of their disease before we could really go forward. So the first couple of patients, there's no question, will be slow, but on the other hand, the data within each individual patient will come very fast, 'cause engraftment comes within weeks, and the DHR biomarker could potentially be available within weeks as well. I don't wanna make any promises. The minute we get our first data on our first patient, we're gonna put out a press release, where we tend to be underpromise and overdeliver. Almost got that wrong. It's been a long day. No reflection on any of the sickle cell programs, but I certainly hope, and we're doing everything we can, to try to keep it much more expeditious than some of the promise our competitors have held. We've really paid a lot of attention, and we hope we can learn from, you know, their trials and tribulations. Makes sense. Not to draw, again, too much of a contrast with the Sickle Cell programs, but certainly in that setting, being able to dispense with Busulfan as a conditioning regimen is thought of as a big unlock for that class of therapies. I would think similarly here, right? With Oh, absolutely. So I guess, you know, in developing an approach that does just that, maybe you can sort of make the contrast with how yours, your SCIP program with Cimeio, perhaps, you know, compares, contrasts with other folks also targeting CD117. Sure. We're not the only one who obviously is working with cell, cell shielding. Clearly, Beam has such a program. CRISPR has certainly said things, there may be other companies out there as well. You know, when you work with a cell-shielding approach, some of it depends on the sort of the quality of your antibody. Does it actually do what you need to do? In other words, does it kill the cells that you want it to? Does it prevent killing the cells that have been edited to be shielded? Our initial impressions from the work we did with Cimeio and the work we've done ourselves, this is a very special pairing. And of course, when you do that kind of work, the CD117 receptor is very constrained, so your ability to actually edit it, to protect with edits, is very, very constrained. The good news about Prime Editing is it doesn't matter where that is or what base pair you have to change, or group of base pairs you have to change, Prime Editing has that widespread ability to do so. As a matter of fact, that's why Cimeio originally came to us, is 'cause they really couldn't find anybody else who could make the edit that they thought they needed to protect those cells. Of course, they didn't realize we can multiplex edit, so we make the therapeutic edit, and we make the protection edit at the same time. And if you could do both of those at the same time, it's just an amazing, you know, step up from just the cell shielding. I think we certainly hope that during the course of 2024, we'll have the opportunity to get much greater clarity about how that's working, begin to work out the regimen for benign conditioning. There may be room for many of these. They may have to match with a particular gene-editing approach, as I just mentioned, but we're pretty confident that we have something that really seems to clear out the bad cells, protect the good cells. That's what you really need, is that discrimination. And we really like the data we've seen so far. Would initial, sort of clinical proof of concept with the cell-shielding approach, also take place in the context of CGD? It does... Theory doesn't necessarily have to - No, no, no. So a couple of things I would just say on CGD, it's pretty important. Today, the treatment for CGD is an allogeneic bone marrow transplant, which carries not only the risk of the bone marrow itself, but very severe risk for graft versus host and other problems. Today, getting patients to take our autologous approach, frankly, we're offering them a great advantage over what's available today as a curative process. One of the reasons we were delighted this will went forward, the need is totally clear. We're not adding toxicity. Just with what we're doing, we're subtracting toxicity overall. I don't think we'll go back and do that with CGD, though it's not certainly off the table. I think more the question would be is: will it unlock places today where people really won't consider a toxic bone marrow in order to get cure? I'm sure there's every investor in this room is gonna be curious how things are gonna work out with Sickle Cell Disease. Mm-hmm. I hope for the sake of patients that many decide to actually get the gene-editing approaches. But if they're resistant, the idea is really for diseases like that, where there aren't great alternatives, but you have to do a risk-benefit analysis as to should I get this treatment or should I, in fact, stick where I am today? It's hard today. With this, it becomes much simpler. And frankly, in the long run, what our hope is, and I think there's a reason to believe it, is this will be the key to in vivo HSC editing. Today, to edit stem cells in the body, frankly, no one really can do it well. But think about it, if you could get 2% or 3% or 4% editing, obviously not enough to be a therapeutic edit, by just going into the body and delivering even to a small degree to the HSC cells, you could use the CD117 to literally select in humans very gradually, and so there would be absolutely no toxicity, at least hypothetically, involved with that. That's just- that would just be a complete game changer. And frankly, we can see every step along the way to that happening. A lot to prove, but, but it isn't really a pipe dream. It's something we can really see in front of us over the next couple of years. For some of the indications you're pursuing on your pipeline chart, you know, think about the corrective edits in C for CFTR, triplet repeat syndromes, the Huntington's and the like. Delivery is a key facet to getting these programs - Absolutely. -off the ground. Maybe you can just talk a little bit about sort of the delivery approaches that you think are gonna be feasible in those settings, and sort of the progress you anticipate in order to achieve that end. So, you know, it's very funny. Analysts remind me of, you know, other folks. You know, it's sort of, "What have you done for me today?" A year ago, Eric was asking me, "So are you ever gonna get to the point where you can do in vivo editing to the liver? And can you use AAV approaches to get to the eye?" That's quite all right. That's his job, and I certainly understand him and, I forgive him for that, for those questions. But in practice, this year, what we did is we completely de-risked three delivery methods: the ex vivo method, LNP delivery to non-human primate liver with high levels of editing, and AAV approaches to deliver to the retina in the eye, all in vivo. So we've crossed off three really important delivery methods. Now, having said that, Eric asked a great question, despite that, okay? Which is, so some of the other indications, like neuromuscular or lung, are there going to be delivery methods that can get us there? So we believe the answer is yes. What's happening in delivery today is just extraordinary. New companies are doing many new things. There are companies that really believe they can use AAV or other methods to get across the blood-brain barrier. Frankly, for some of our diseases, I don't think the blood-brain barrier is the be all and end all. You know, to cure Huntington's disease or prevent it, I suspect we'd have no problem convincing someone to get intrathecal administration as a once and done, if that were necessary. But even with that, I don't think today we're fully in the position where we can really deliver as well as I would like. But, you know, part of what we're doing is working on that ourselves with many different approaches. Part of it is getting the payload ready, 'cause frankly, if there was another company out there that we really believe could do exactly that, I would call them up tomorrow and say, "This is something we have to do together. And if that doesn't drive you enough, what we need to do for patients, there's gonna be enough money in it for everybody to be filthy rich and to really run the company along. And if that's what drives you, then we'll figure out some way to get this together, get together and to get this solved." So it's really an open invitation. If any delivery company is sitting out there and they think they've solved that problem, I'm waiting for the phone call. And in practice, we're out there looking for that literally every day, as well as the great work that Ann and Jeremy are doing within our company today. Well, with that, we'll have to leave it there for time. So, thanks. Thank you very much. Thank you very, very much, everybody. Bye-bye.