Ladies and gentlemen, thank you for standing by. Welcome to the Roivant Fourth Quarter 2025 Earnings Call. I would like now to turn the conference over to Stephanie Lee. Please go ahead. Good morning, and thanks for joining today's call to review business updates from Roivant's fourth quarter and fiscal year ended March 31st, 2026. I'm Stephanie Lee with Roivant. Presenting today, we have Matt Gline, CEO of Roivant, and Drew Fromkin, CEO of Pulmovant. For those dialing in via conference call, you can find the slides being presented today, as well as the press release announcing these updates on our IR website at www.investor.roivant.com. We'll also be providing the current slide numbers as we present to help you follow along. I'd like to remind you that we'll be making certain forward-looking statements during today's presentation. We strongly encourage you to review the information that we have filed with the SEC for more information regarding these forward-looking statements and related risks and uncertainties. With that, I'll turn it over to Matt. Thanks, Stephanie. Thank you everyone for dialing in this morning. I'm glad to be talking. We have an unexpectedly busy agenda with a bunch of topics, so I'm looking forward to going through all of it, including obviously, what we announced this morning, which is the preliminary open label period data from the IMVT-1402 study in D2T RA, as well as a plan spotlight we've been planning to do for a while on mosliciguat getting into that data, which Drew will take us through, and some smaller updates on the brepocitinib program, although exciting. A lot to cover. Before I get into all that, use one small bit of executive privilege and wish my father, Jerry, a happy 75th birthday. Today is his 75th birthday. Happy birthday, Dad. He sometimes listens in on these calls. I don't know if he's listening in now. If not, he'll catch it on the replay. Okay, into the important topics now. Starting on important business topics now. Starting on slide five. This has been a pretty wild 12 months for Roivant. We continue to see just tremendous execution momentum across our development portfolio. An update that will get drowned in some of the other things for today, but is actually pretty great, is that brepocitinib was awarded breakthrough designation and rare therapy designation for cutaneous sarcoidosis, which just underscores indication selection and development there in terms of what that could mean for those patients. Also in this quarter, we announced LPP as an indication for brepocitinib, and that study is already enrolling. We're excited about how that's going. A ton of work ongoing in commercial prep for the launch in DM, which assuming FDA goes as we expect it to, will launch by the end of September. The biggest data update for today in the FcRn franchise is what I mentioned earlier, which is that IMVT-1402 showed, we think, clinically meaningful, pretty exciting ACR response rates across ACR 20, ACR50, and ACR70 in the D2T RA study in the open label portion. We will talk more about that is obviously encouraging data that we are looking forward to spending some time on. We are also fully enrolled on CLE with top line data expected in that study in the second half. Earlier in this quarter, we announced the failure of the batoclimab studies in TED, but also that the hyperthyroid patients showed normalization, which was supportive of our Graves studies, which are ongoing and continue to enroll well also. Finally, hard to believe it was this quarter, but earlier this quarter, we also announced our $2.25 billion settlement with Moderna, and we expect to receive the first portion of that payment, the $950 million upfront, in July. Just an incredibly busy quarter of execution for us and an incredibly busy fiscal year for us. It's really hard to believe how much has changed in a year for Roivant. None of that, though, is to say on slide six that we're done. The next 12 months are also incredibly exciting. Obviously, one of the most important things going on, we will hopefully be launching brepocitinib in dermatomyositis by the end of September. The phase III study in cutaneous sarcoidosis we expect to begin this year as well. We expect the NIU phase III top line data in the back half of this year. A transformative year for brepocitinib as all of that comes around. We'll spend time on this today, but the mosliciguat PH-ILD phase II-B top line data is expected in the second half. That also will potentially underscore that as a really important program and hopefully look forward to that data and to talk more about it. Obviously, D2T RA, some of the data is around today, but we're looking forward to providing a pretty significant update later this year with a little bit more data as well as some detailed analysis we're doing at a patient level and hopefully with some feedback from FDA on a go-forward plan given what we've now seen. Obviously, we'll get the CLE PoC top line data as well. Next year is a huge year with IMVT-1402 data in Graves and MG coming in. A ton to look forward to, and frankly, as much in the windshield as in the rearview mirror. I think I've got the car analogy right there. Great. Okay. I'm going to go in now without spending any more time on the preamble and talk a little bit about this D2T RA data, which I would call surprisingly good. We were pretty excited to see what we saw here is slowly been a little bit hard to process just how exciting this data is, and so we're still doing a lot of work on it. As a reminder on slide eight of what we're talking about today. This was a unique study design in a few ways. First of all, as I think everyone's aware, this was a study in heavily refractory patients. Every patient in this study, in addition to failing steroids and DMARDs, also had to fail at least two advanced lines of therapy. Most commonly that's two of, for example, TNFs, JAKs, and IL-6s. We'll talk a little bit about that. There's obviously some other things that could be in that bucket as well. The study also had a pretty strict entry criteria on autoantibody positivity. We had a criteria on ACPA + positive above a certain level, and that was also specific to the study and the design. The other way in which the study was unique is it was a randomized withdrawal study with two periods. First, an open label active treatment period of 16 weeks at high dose IMVT-1402, 600 mg, followed by a Period 2, 12-week re-randomization where ACR20 responders at week 14 and 16 both are re-randomized into a 12-week randomized withdrawal period, where some of them stay on 600 mg, some go down to 300 mg, and some go down to placebo. What we have to share today is preliminary data. We're still actually cleaning and finalizing it all, but it shouldn't move very much from here. On the top line treatment effect from Period 1. Period 2 is still ongoing, with more than half of patients still being dosed in the study. We don't have any data or information about Period 2 to share today. Even for Period 1, there's a whole bunch of data like IgG, for example, that we haven't analyzed fully and are not ready to share. Nothing to say about it other than that we're going to be sharing a pretty limited subset of this data today. On slide nine, you can see baseline characteristics for the patients in the study. A run of 165 evaluable patients. I'm not going to go through all of this in detail other than say, this is quite a sick patient population. Obviously, by design, it's refractory, and we'll talk more about that in a second. For example, if you look at the DAS28-CRP score, 6.1, that's quite high for a study like this. There's a bunch of measures on here that suggest a quite sick population, which was the goal, right? This is the population that we set out to enroll, we feel good about who's in the study. On prior lines of therapy, specifically on 10, you can see on the right-hand side, we succeeded with our entry criteria. That is basically all of these patients have failed more than two advanced therapy mechanisms. That's very different than either the nipocalimab study or really any of the later line RA studies that have been run. Actually, one thing that we're highlighting today which I think is particularly interesting, 65% of these patients roughly have failed, specifically JAK inhibitors. Notably, we'll highlight this elsewhere as well, basically every single one of the patients who fail a JAK inhibitor also fail the TNF. This is a TNF and JAK refractory patient population that we're focused on. Slide 11 is the headline here. The headline is, with all of the appropriate caveats for an open label study, these numbers are high. We saw 73% of patients roughly with ACR20 responses. Not just that, but we saw quite deep responses. We saw over half of patients with an ACR50 and over 1/3 of patients with an ACR70. Notably, once you get onto the deeper end of that with ACR50s and ACR70s, you just don't see a lot of placebo response in that level of responder analysis. It feels to us like looking at this data, there's something going on that's meaningful and interesting with this drug and something that merits enthusiasm and a lot of further investigation, and we're certainly doing all that work now as we get ready to take the program forward. I'll highlight on slide 12, the one other bit of interesting data from the study that we're able to present today, which is we pulled out the subset of patients who are JAK experienced. Remember, those patients, 107 of them, are both JAK and TNF experienced, all of them. Some of them have also failed something else as well. One of the things that I think is maybe most exciting about this data is it's basically fully preserved in that subset. As you think about that opportunity where these patients have really failed all of the most advanced options available to them, we're able to deliver in an open label setting, pretty exciting response rates for those patients, which I think bodes well for the exact biological thesis with which we ran the study to begin with, that autoantibody, positivity is an orthogonal mechanism to some of the other anti-inflammatory options, and that for ACPA+ positive patients, this could be an effective treatment option. Look, I think on slide 13, just to reiterate what we're showing here. Look, these are sick patients, a difficult-to-treat patient population who have failed a lot or all of the available options and come in with highly active disease. We showed really great response rates in the data that we're excited to see how they evolve through the rest of this study and on deeper patient-level analysis. Notably, this is the largest patient population dosed with IMVT-1402 to date. It was safe and well-tolerated in the study. Nothing new drug-related from a safety signal perspective identified. A clean data set overall and further underscoring what we think we've got with IMVT-1402. Path forward from here. Obviously, as you look at this data and you feel pretty good about what this could be, significant potential benefit, a differentiated mechanism, a difficult to treat population with not a lot of options. We're actively working right now to get ready to talk to FDA about this data and plan a path forward. The data is encouraging. I'll make one comment about it, which is the depth of responses is exactly what's exciting about the data set. It's exactly what makes us believe there is something beyond placebo happening in the data set. As you'll recall, the randomized withdrawal period, the primary endpoint of Period 2 is, do patients taken off drug lose their ACR20 response in 12 weeks? Which was a relatively short period to begin with and almost certainly would've been fine if we had seen more marginal benefit on ACR 20. The truth is, once you're looking at ACR50 and ACR70 responders, I think the bar has actually gotten a fair amount higher for Period 2. Paradoxically, I think we still have a good shot of success there. In some ways, Period 2 is less meaningful than it might otherwise have been. I think there are plenty of scenarios where we don't see a P value in Period 2 and continue forward with the drug given the overall quality of this data. Conversely, depending on FDA's feedback, potentially situations where we do see a P value in Period 2, and just need to make sure we're comfortable with the plan forward. I think much more interesting than the Period 2 data at this point is more patient-level analysis, as well as the results of those FDA discussions. We expect to share all of that in the second half of this year. We're working on it right now. My hope, given the quality of this data, is that we'll be coming back to you with an enthusiastic update about next steps here that lay the groundwork for just a really big opportunity. Remember, we presented some data at our Investor Day suggesting this is at least a 70,000-patient population, and some more specific revised commercial analysis that Immunovant has now done that looks like that number could be 85,000 or higher. It's a big patient population in need, I think underscoring that the speed with which this trial enrolled, the enthusiasm that physicians have for putting patients on study is just further evidence that there's really something interesting here. With that, actually, just want to also just give a shout-out to the Immunovant team who have continued to execute really well. Obviously, the data itself is strong, but also the speed of enrollment, the speed with which we're moving through these studies, the full enrollment on CLE, and I think that spans all of our programs. I think we're excited about obviously what Priovant's been able to do with brepocitinib from a clinical enrollment perspective. We're excited about the speed of enrollment for mosliciguat. The quality of that data we'll find out soon. Look, we're really excited about what we've been able to do across the portfolio on clinical execution. Much appreciation for the enormous number of people who are working toward those goals. Cool. I'm going to pivot now to mosliciguat and do a little bit of a data preview there because the next time we get together, that data could potentially be very close in front of us. We wanted to get out ahead of that and give people a chance to just ground themselves in what's coming, as we did last year around this time or a little later for brepocitinib in dermatomyositis. Look, I'll do a little bit of an introduction here, then you all heard from Drew back at Investor Day in December. He's in the room with me and is going to talk through a little bit more about the program. Look, intense unmet medical need. These patients, in extreme, a significant proportion of them die. They're very sick. There's currently only one approved mechanism with two therapies, we think there's probably 200,000 patients across the U.S. and Europe. That one mechanism for treprostinil is underscoring multiple really great launches at this point. We're excited to see the commercial enthusiasm and excited to see these patients have access to something that provides real benefit already, and we're hoping to add to that. Mosliciguat has a completely differentiated mechanism of action for the disease. It's an sGC activator. It's an inhaled sGC activator. It is potentially the first non-treprostinil that could be available for these patients. We expect this to be a polypharmacy combination therapy market as PAH has been. We think mosliciguat has a chance to be first line, has a chance to be a major part of the treatment paradigm, and we're just looking forward to getting this data and moving forward there. In our phase I data across healthy volunteers and pulmonary hypertension patients, and Drew will remind us of this data specifically, we saw among the best PVR reductions to date. One of the things we're going to remind people of today is that although we saw a 38% PVR reduction in some of those patients, that basically anything that has ever shown 20%+ PVR reductions has been able to deliver clinically meaningful benefit. I think it's true that there has not been any class of drug showing a 20%+ PVR reduction that has not gone on to be a commercially successful class of drugs. Finally, as a reminder, unsurprisingly, the top-line data from that study is on track, and we expect to get it in the second half of 2026. It's a 135-patient study. With that, I'm going to hand it over to Drew, who's going to take you through the next handful of slides here on the program, and then I'll come back for a little summary at the end and the rest of the presentation. Drew, go ahead. That's great. Thank you. Thanks a million, Matt. I can tell you there's a lot of excitement about mosliciguat. Mosliciguat is an inhaled sGC activator that's delivered directly to the lungs to activate sGC and restore impaired sGC function. sGC is a key enzyme in the NO-sGC-cGMP pathway, in oxidative stress environments like PH-ILD, nitric oxide may be reduced and the sGC binding site can become impaired, leading to sGC dysfunction. Typically, sGC is activated when nitric oxide engages sGC in the presence of heme, cGMP is then produced. Unlike cGMP, sGC stimulators that requires nitric oxide and heme to activate the sGC, inhaled mosliciguat binds to the heme pocket independent of the need for NO and heme, producing cGMP, which results in vasodilation of the pulmonary arteries and potential reduction of fibrosis and inflammation of the lung tissue. Next slide. We know many pulmonary diseases are heterogeneous in nature, and that fact can make patient treatment complex. To start, there's disease of the pulmonary vasculature and disease of the lung parenchyma. The combination of these two disorders is embodied in pulmonary hypertension with interstitial lung disease, which is the first indication we're exploring in our phase II PHocus study. We believe mosliciguat has the potential to address both the pulmonary vascular and the lung parenchymal diseases experienced with patients with PH-ILD. Next slide. What I'm going to do is call out the slide numbers. Okay. I'll call out. You call out the slide numbers for me. You can call them out. Okay. Thank you. Thank you very much. I appreciate that. I want to make sure we're handling Okay. mosliciguat's preclinical properties led Bayer to take mosliciguat into phase I trials in a total of 170 patients, including healthy volunteers and patients with Group 1 PAH and Group 4 CTEPH. In the phase I study, Bayer studied mosliciguat in 132 healthy volunteers and 38 PH patients. The healthy volunteers underwent studies with single and multiple dose formats, mosliciguat proved to be well-tolerated, active, and has an extended half-life of approximately 40 hours. In the phase I-B ATMOS study, 38 patients with PH were dosed in a single ascending dose format, and mosliciguat again proved to be very active, producing deep PVR reductions, and was very well-tolerated. On to slide 20. Given mosliciguat's mechanism of action and inhaled route of administration, one would expect to see notable reductions in pulmonary vascular resistance associated with hemodynamic changes. With 1 mg dose of mosliciguat in PH patients, that's exactly what we saw. A single dose of mosliciguat reduced PVR in these patients early and sustained through the three-hour observation period, with a mean PVR reduction of greater than 30% and a mean peak PVR reduction of approximately 38%. This places mosliciguat's PVR reductions amongst the highest reductions seen in single and multi-dose trials in PH treatment space. With 1 mg dose of mosliciguat, we also saw cGMP levels rise as measured in plasma with no associated clinically meaningful systemic side effects, including systemic blood pressure and heart rate. We also observed the desired impact on other hemodynamic measures, including mean reduction in mPAP of up to 20% and mean increase in cardiac output of up to 25%. Slide 21. Mosliciguat was also well-tolerated in phase I patients, in healthy volunteers, and patients with PH, with treatment-emergent adverse events being mild to moderate in intensity across both groups. All doses were well-tolerated, and we did not see significant cough, which is often exacerbated by inhaled treprostinil. We did not see clinically relevant systemic side effects, which we believe in great part was due to the inhaled direct delivery of mosliciguat to the lungs and the limited bioavailability of mosliciguat in circulation. Slide 22. With mosliciguat's phase I tolerability and clinical profile, we look to take mosliciguat into phase II development in an indication where there exists a major unmet medical need. We felt that PH-ILD was an exciting opportunity for development. Given the primary site of PH-ILD, it's in the lungs, involving the pulmonary vasculature and the lung parenchyma, and the currently approved treprostinil treatments have high treatment burden as well as tolerability challenges with highly variable efficacy. Mosliciguat lines up really nicely in this moment. Since it was delivered directly to the lungs as a once-daily dosing, that's been very well-tolerated and produced limited incremental cough and systemic side effects in phase I, and has the potential to address both the pulmonary vascular and lung parenchymal diseases. Slide 23. To go a little deeper into PH-ILD patient populations and the opportunity, PH-ILD represents a large and underserved market where new drugs are sorely needed for these patients. There are up to approximately 200,000 patients in the U.S. and Europe, likely underdiagnosed given the lack of treatment options in particular. This is a sick population and severe subgroup of PH, less than a five-year median survival, and the combination of PH and ILD represents an increasingly poor prognosis compared to each alone. I mentioned previously the lack of treatment, as there are currently only two approved FDA treprostinil drugs, leaving room for significant improvement. Slide 24. Now the core field of drugs in development for the treatment of PH-ILD is rather sparse. There are three companies, all with treprostinil treatments in different formulations, and all of these treprostinil treatments continue to have a range of challenges. Seralutinib, with its different mechanism, has also run into recent challenges as Gossamer's phase III PROSERA trial in PAH did not meet its primary endpoints, coming off challenges in Phase II as well. The result of the recent PROSERA trial outcome, Gossamer has paused its planned studies in PH-ILD. Mosliciguat, on the other hand, with its first-in-class opportunity as an inhaled sGC activator, has once-daily dosing, positive tolerability, and positive activity in its profile from phase I studies. This really positions mosliciguat to be a leader in the treatment of patients with PH-ILD upon its approval. This is slide 25. I also wanted to share our thoughts about how we see PH-ILD and the market and how it's going to develop. We actually think the PAH market provides a likely roadmap for that development. In the early days, supportive care was the only option for patients with PAH. This is what we currently see, and that's the reality of PH-ILD patients in most regions outside of the U.S., where there are limited treatment options. Over time, drugs with newer mechanisms were approved, and combination therapy involving multiple mechanisms of action became more common. As the median survival of these PH patients has also steadily increased as time went on from 2.5 years to where they are today at 12-15 years, the treatment guidelines evolved alongside the data, which reinforced the evolution of the treatment paradigm. Today, revenue in the PAH market has really reached a stellar level at $100 billion in aggregate sales and a robust $7 billion per year, with 15 drugs approved, there remains a good pricing environment and commercial opportunity for these newer therapies because this is driven by the complex nature of PAH. Finally, a key takeaway is that today, over 40% of patients with PAH initiate their treatment with dual therapy, and 15% of these patients will add a third therapy by the end of the year. This combo therapy, as Matt said, is really the norm. We are currently deep into our phase II study exploring mosliciguat in our blinded phase II placebo-controlled and randomized study in adults with PH-ILD. The study is a multi-center study across the globe. We're targeting 120 patients. We ended enrollment with 135 patients. During the screening period, the investigators look hard to find patients to confirm ILD, elevated baseline PVR indicative of PH, and limits on the level of fibrosis and emphysema as determined by CAT scan. If eligible for the study, the patients then randomized 2: 1, drug to placebo, and then they go through a rapid uptitration, and that moves from 1 mg to 2 mg to 4 mg. Matt may have spoken about it, but we've seen really great progress there with the vast majority, over 95% of our patients achieving that 4 mg dose and sustaining well through the week 16 period. That's been very attractive and positive. At week 16, the primary endpoint is change from baseline PVR, and that's determined at 16 weeks alongside the secondary endpoint of change from baseline six-minute walk and change from baseline NT-proBNP. The patient moved on to week 24, secondary and exploratory endpoints, then they all go on drug if they weren't on drug into the long-term expansion. Slide 27. Very importantly, as we get closer to data in the second half of this year, we've focused very heavily in designing our phase II study and defining our patient population. We carefully designed around the Seventh World Symposium on Pulmonary Hypertension, these guidelines are crucial for PH-ILD patient selection. We targeted patients with worsening symptoms of PH, mild to moderate impaired lung function based on pulmonary functional testing, elevated PVR and mean pulmonary arterial pressures were crucial, we excluded severe emphysema to ensure a cleaner ILD population. The result is that the study population closely mirrors the recommended guidelines in more severe patients. On slide 28, as you can see, this effort is reflected in our baseline data in focus. Our mean PVR came in at 7.1 Wood units, so very elevated. Mean pulmonary arterial pressures of 39.3, consistent with our desired thresholds and confirming we enrolled patients with significant hemodynamic involvement. The lung disease mix also looks well-balanced, and we protected for emphysema both in number of patients and level of severity as determined by the CAT scan. This was very important from all of those learnings. We also explored background therapy, including exploring PDE5s on background, and this is also consistent with real-world practice. This careful patient selection and enrichment gives us confidence we've enrolled the right population to detect meaningful treatment effect and are very much looking forward to our phase II data in the second half of this year. Matt, back to you. Awesome. Thank you. Yeah. Thanks, Drew. Look, a lot to be excited about on the program here. Just a couple quick reminders and a summary on slide 22 and 23 here. On slide 22, Drew talked about this in detail, but just as a reminder, the primary endpoint of this study is PVR. That is the same as the primary endpoint for the phase II programs across a variety of other PH-ILD studies or mechanisms or drugs. Just so we're doing the same thing following a well-trodden path there. We will then, in phase III, move to a six-minute walk and other clinically relevant endpoints as the way that the trial is measured. I want to remind everybody, this study is not powered to achieve a P value on six-minute walk. We may or may not achieve a P value, and what we're really looking for is affirmation of dosing, affirmation of safety, affirmation of PVR in this patient population, and we will obviously look for interesting trends in patient-level data on six-minute walk. I want to make sure we've been clear ahead of time. This is not a study designed to achieve a P value on six-minute walk, and that's not what we're looking for as our own criteria to go from here. That's the point I wanted to highlight. I wanted to highlight it now while having not seen any of that data, so that I can't possibly be telegraphing anything about the study other than how it was designed. On slide 23, just to recap what Drew has said here. First of all, again, with appreciation to the Pulmovant team, this study enrolled very quickly with all the patients enrolled within 12 months of the first patient being dosed. Early discontinuation rates compare favorably to what we've seen in previous PH-ILD studies. With this and $20, you can buy two pizzas at Domino's, our investigators are enthusiastic about the program. They're excited. The feedback's good. I think we're feeling great about how the study is being run. This is a great thing for safety. It's a great thing for the opportunity. As Drew said, 95% of the participants reached the maximum dose during their titration, all of the blinded safety reviews and the ongoing assessments by the DMC have continued to affirm the safety of the program and allowed people to run the study. There's lots of things that don't get revealed until the data's unblinded, but it certainly gives us comfort that the patients are achieving high dose and that things are moving as they should be. Again, thank you to Drew. Happy to provide this update now ahead of that data. I'm really looking forward to seeing the outcome from this program in just a few short months at this point. Looking forward to it. Lastly, in terms of the pipeline updates today, I'm just going to give a brief recap of where we are on brepocitinib. brepocitinib has been the focus of so much of our conversation for the past 10 months. It's less of the focus today as we're in execution mode there. Just as a reminder on slide 25 here. Sorry, I'm looking at the wrong slide numbers. As a reminder on the next slide, on the first slide of the brepocitinib section, it's slide 32, sorry. This is a huge opportunity for us. There's possibly close to 300,000 patients addressable by the existing indications and just a ton of data coming over the next 12 - 24 months between the potential approval, obviously, in dermatomyositis, but also the NIU data, the potential for the NIU launch, the ongoing program that we'll start enrolling soon in cutaneous sarcoidosis, the currently enrolling study at LPP, and potentially more indications to come. Just a lot of great stuff coming for brepocitinib and a really exciting moment from here. On slide 33, we've put this up a few times just to remind people. First of all, these are sick patients, and there are really very few options for them in dermatomyositis. As a reminder, 75% of these patients are on principally steroids, and in many cases, on very high doses of steroids, over 10 mg a day for a good portion of the year. Beyond that, it's a combination of IVIG, which, as a reminder, the sort of established treatment paradigm for IVIG in dermatomyositis is somewhere between four and five days a month consecutive in an infusion center. A really arduous path. Other than that, it's off-label stuff, much of which has not been successful in studies, but is used because there's no other option. We feel really great looking forward here to our ability to bring a new option to these patients. On slide 34, further underscoring, and again, this is not new, we've presented this before, further underscoring the need here. These patients are treated as with PAH, for that matter, with polypharmacy on multiple lines of therapy. They're bouncing around. They have accumulated organ damage with high systemic corticosteroid exposures. It's just a tough experience for these patients, and we think a new option is going to go far. We're not saying a lot on slide 35 about our commercial progress. First of all, it is a, and will become, a more competitive field, and second of all, we're mostly just head down in execution mode. I'll just say, suffice to say, we're doing all the things that you would expect us to be doing at this stage. We're in the thick of payer engagement. We're working with the physician community. We're partnering with specialty pharmacies to make sure distribution is effective for these patients. We've built a strong commercial team that we're really excited about, and we continue to do unbranded patient engagement. We talked about dermatomyositis.com when we got together in December. I'm super pleased with the work that team is doing. I think they are executing on the commercial side with the same vigor that they executed on the clinical side. I'm excited to see what we're able to do there later this year and beyond. We have also been moving along on the scientific and medical side. If you look at slide 36, this is a small subset of the presentations that have been made of this data, but the data's been presented all over at this point and continues to be presented all over, both at the major medical meetings as well as at a whole host of regional myositis meetings and rheumatology meetings. Notably in March the phase III data was published in NEJM, which is a testament to how exciting the data is, a testament to the importance of the study, the quality of the study, and we couldn't be more excited for that publication as well. Finally, just a super quick recap on LPP, which we announced just about a month and a half ago. A fourth indication for brepocitinib. It's a highly morbid disorder with no FDA-approved therapies. These patients are miserable. They are in a ton of pain. It's a really tough disease that, in addition to pain, causes itch, burning, redness, scaling, generally irreversible hair loss. There's probably 100,000 or so such patients in the U.S. It's been growing in prevalence over time, and there's nothing approved, so we have an opportunity to do something really interesting for these patients. Our trial design on slide 38, we talked about when we first unveiled the program, is a sort of continuous enrolling phase II-B/III pivotal that's designed to give us endpoint validation and is going to get us into, hopefully, registration there. We're really looking forward to that. There's just a ton of reasons to be excited about the program on slide 39. The high unmet need in LPP. The mechanistic rationale for brepocitinib is strong. It's a Th1-dominant disease where dual JAK1/TYK2 inhibition should work specifically well. We think we've got the right trial design, and there's obviously some overlapping prescriber base and KOL community with our existing indications. It all sort of fits together, and we're excited to see how that program continues from here. Great. Okay, I'm going to wrap up quickly with the financial update, and then we'll get to Q&A. I'm not going to spend a ton of time on this. Financial quarter was relatively straightforward. We continue to be in a strong position from a cash perspective. $4.3 billion in cash equivalents as of March 31 before the Moderna settlement. No debt. We continue to retire shares. We got just a fair amount in this quarter. We continue to have an active program. Spend continues to be sort of as it has been. Over time, R&D has grown a bit as the scope of the programs have increased, but that's all for the good, and looking forward to the future. There is a couple of slides in here that I'm not going to talk to now, but we've gotten a few questions on accounting treatment as the launch gets closer. There's some good reference material in here on slides 44 and 45 if you're trying to build models or understand our financial statements in the future. Look, I've talked about this a fair amount already. On slide 46 and 47, we just have a great run ahead of us here. We got a lot to do. Obviously, we've been fortunate and have had high-quality execution so far with the quality of our data. It sets a high bar for the stuff coming next, which I couldn't be more excited for. A lot of really great data coming in our existing programs and new programs and looking forward to sharing all of it in the period to come, as well as obviously getting back on the commercial arena and watching all of that play through. With that, I'm going to say thank you again. I'm going to say thank you to, obviously, all of you for listening. Thank you to all of our teams, Pulmovant, Priovant, Immunovant for continuing to run high-quality studies, executing well, generating quality data. Couldn't ask more of these drugs, couldn't ask more of these teams, and obviously a great thank you to the investigators and the patients who work with us and make this happen. Thank you to everybody who makes this work. I'm going to pass it over to the operator for Q&A so that we can get to it. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced and to withdraw your question, please press star one one again. We do ask that you please limit to one question. Our first question is going to come from Corinne Johnson with Goldman Sachs. Your line is open. Good morning, and happy birthday to Papa Gline as well. Maybe you could just contextualize the ACR responses you saw here at 16 weeks first. I think more kind of typical in later-stage studies, there's a 24-week reporting timeline. How would you expect those responses to trend with more time on therapy with kind of implications then towards the randomized withdrawal phase? Thank you. Yeah, perfect. Appreciate it. Look, I think the first answer to that question is we don't know. This is the first time patients have been treated with this drug and the first time this patient population has been studied this way in detail. Sicker people tend to need more time to get better in general, and that's why I made the comments I made about the phase II sort of randomized withdrawal period. But in terms of week 16 versus week 24, I don't know. I'll say I don't think there was anything specific about the data leading into week 16 that suggested we were done, and I think there's certainly a possibility for continued improvement with therapy over time. But we'll find out as we look at that part of the patient population. Thanks, Corinne, appreciate the question. Thanks. Thank you. The next question is going to come from Yasmeen Rahimi with Piper Sandler. Your line's open. Congrats team, congrats to Papa Gline for also achieving a major milestone of 75 years. Happy birthday to him as well. Quick question on mosliciguat. Congrats, we're very much looking forward to the data. You've been very granular on sort of the baseline as well as what you're seeing of uptitration and safety. Have you been able to look at whether your assumptions for standard deviation in PVR and six- minute are sort of tracking in alignment with what you're seeing? I'll jump back in the queue. Yeah, thanks. I appreciate it. Look, I think the short answer to that question is we are largely blinded to all of that data and don't have a lot of information about it, so it's hard to say. I think given the patient population we enrolled, we feel pretty good about where the study's headed and we think we've got an efficacious drug. We don't have a lot of information about sort of ongoing distributions because the way the study has been blinded. Thank you. Thank you. The next question will come from Andy Chen with Wolfe Research. Your line's open. Hey, thank you for taking the question. Matt, I'm aware that you said with Immunovant, you haven't analyzed IgG reduction, but that's still my biggest question. Other FcRn drugs, they don't seem to be able to achieve this level of efficacy in RA, and people blame it on Fab glycosylation. Do you somehow have ACPA+ antibody reduction data, or will we see that data before you unblind the Period 2 data? Do you expect ACPA+ reduction to be less than IgG reduction? Thank you. Look, I don't have that data now, as I said, so I can't answer the question. We know from our phase I studies that IMVT-1402 suppresses IgG quite deeply relative to other drugs. Given the quality of the clinical data we've seen on ACR, I think it's certainly a thing to speculate on that the overall profile of IMVT-1402 is part of what's contributing to our ability to deliver this data. Obviously, it's also a different patient population that has been studied, and it could also be partially patient selection, and I think that could certainly be playing a role here. I think those are both important. Look, I think we will continue to analyze this data. I don't know at this stage exactly when we're going to present what data. I don't have a good answer to what you're going to see before or after the phase II is unblinded. I think we will provide more information about what we've seen, about what our analysis looks like when we're sort of prepared to talk about the full future of the program. I'll say I think mostly this has been a blessing, but also its curse. We've been a leader wonder if this data is going to also establish a leadership role for us along the lines of which others may follow. I do think we're going to be a little bit conservative on what exactly we say from a competitive perspective. Overall, I think the data are starting to speak for themselves here in terms of the quality of what we're able to do, and I hope we are continued able to see that as the data mature. Thanks, Andy. Thank you. Our next question will come from David Risinger with Leerink Partners. Your line is open. Yes, thanks very much. Congrats on the phenomenal data this morning. My question is on mosliciguat. If the phase II PHocus study surprisingly shows a statistically significant benefit on six-minute walk, could it represent a pivotal study? What would the requirements be in that scenario for a future NDA filing? Just one other on mosliciguat, is the company considering development of mosliciguat in any additional indications? Thanks so much. Thanks, Dave. On statistic of six-minute walk, I think it's impossible to say exactly what we would do until we saw the data. If the data looked good enough to support a productive conversation with FDA, I think we would have a conversation with FDA, and the FDA has been aggressive lately on conversations about single pivotal designs. Never say never is the answer. I want to be clear, it's not the base case expectation, and the study is not powered to show a benefit on six-minute walk, we'll see what we see. Look, I think given where we're at, we'll certainly take that as we go. Other indications, I'll say every sign around mosliciguat is pointing to an effective, exciting agent with a lot of things we could do with it. As we watch the field around us, others are showing us good ideas all the time in terms of how these mechanisms might work. We have some our own that others haven't shown us yet. I think there are absolutely opportunities for indication expansion. I remember we got this question about 40 times when we first unveiled mosliciguat. Our comment then, which is still our comment now, is man PH-ILD is an area with a lot of unmet need. Even if it were the only thing we ever did with mosliciguat, it's a big opportunity with a lot of value delivered to patients. I think there's a lot of different ways to go there. Thank you. Our next question will come from Yaron Werber with TD Cowen. Your line's open. Great. Thanks so much, and also congrats on that difficult-to-treat study. Question actually about that. Is there any chance you can amend that protocol and essentially run Period 1 and then sort of get new patients completely into Period 2, so you're not going to have that step-down issue? Secondly, based on our analysis, we think that about 75% of patients are ACPA+ positive. Is that still kind of what you think the data shows? Thank you. Yeah, thanks, Yaron. Look, I think on your first question, there's a lot of things you could imagine doing. I think the truth is between this data and detailed patient-level analysis of this data plus the Period 2 data, we're going to have a pretty good sense for what we've got and a pretty good sense for what we need to do going forward. I don't know that we would gain that much from dragging this study out given the quality of the data we're seeing here. I think we're going to do that analysis in detail. I think we're going to have the conversation with FDA, and I think we're going to plot a course forward, but I think we'll have a pretty clear sense. Look, we've done some commercial analysis of the market in various settings. There's an updated version of analysis actually in Immunovant's 10-K that was filed today. I think your number is within the range of what we have seen in the literature for ACPA+ positive patients generally. Thank you. Thanks, Yaron. Our next question comes from Brian Cheng with JPMorgan. Your line's open. Hey, guys. Thanks for taking our question. Yeah. In this RA EXPLORER trial, since there's no washout period between Period 1 and 2, I'm curious if you have some thought around the tail of the efficacy from those going from drug to placebo. You said that Period 2 might be less meaningful. Are you saying that 12-week may not be enough to fully drive the separation? Thank you. Yeah, thanks. I appreciate the question, Brian. Just to reiterate, I think, first of all, it's hard to know exactly what the tail will be at the end of dosing at the end of week 16. That's one piece of this. Obviously, period two is blinded, so we don't know now anything about what's in there. That's all sort of a part of that. Look, I'll say the other thing is, and just to reiterate what I said earlier, I think given that the period two primary endpoint is losing an ACR 20 response, if you imagine a patient who has achieved an ACR 50 or an ACR 70 response, even if they start worsening on the first day of Period 2, it just takes some time to give up that level of response. That's where I'd say the quality of the data in Period 1 is in some ways counting against Period 2, irrespective of the pharmacokinetic effects of withdrawal of the drug. Remember, every ACR 70 responder is an ACR 50 responder, is an ACR 20 responder. It just takes time to come off that hill. We have people who've achieved a lot of benefit. That's that. Thank you. Thank you. Our next question will come from Dennis Ding with Jefferies. Your line's open. Hi. Good morning. Thanks for taking our questions. For PH-ILD, I am curious what are your thoughts around the phase I-B data and the interpretability of that data in the small number of patients. Specifically, why did the 4 mg cohort outperform so much relative to the 2 mg dose on cGMP, and also cardiac output? I wonder if you should expect a big increase in cardiac output since mosliciguat is locally delivered to the lungs and it is not really a systemic. Thanks so much. Thanks, Dennis. I appreciate the question. Look, I think the first answer is four is twice two, so there's just a lot more drug being delivered. The second point I'll make is, remember, there are 170 patients across the Healthy Volunteers program, and so while the specific study that you're referring to may have had a smaller patient, we have a large body of evidence at this point across mosliciguat being administered in a lot of different settings. I'd say the dose-dependent improvements in cGMP were broadly consistent across all of that data. The dose-dependent improvements in PVR were broadly consistent across all that data. I think we generally think we know what we've got. I think with a single dose, you saw real robust growth and immediately right away in cGMP. I think the thing that was exciting for us is it demonstrated that the inhaled approach was really buffering us from a systemic result. That was really important for us. I think we'll see that as we go forward. This inhaled approach is so important because you can get the drug to the well-ventilated parts of the lung without worrying about those systemic effects. I think that's the biggest takeaway was we saw cardiac output, we saw mPAP reductions. These are the things you want to see, but these were single-dose studies, so now we'll see it in much more robust fashion in our phase II. Thanks, Drew. Yeah, the other thing I'll say, it just occurred to me as Drew was answering that question is, look, I think one of the things that makes PH-ILD exciting as a commercial opportunity is it really requires inhaled therapy precisely because of this effect. Yep. The competitive landscape will be thinner, and the ability to develop drugs for this market will be more challenging because you need to sort of thread the needle on systemic vasodilation. We feel that gives us an advantage as well and frankly increases the level of need for the patients. Look, I think it's all setting up in that way. Thanks, Dennis, appreciate the question. Perfect. Thank you. Thank you. As a reminder, please limit to one question. Our next question comes from Derek Archila with Wells Fargo. Your line's open. Good morning. This is Jacob on for Derek. Thanks for taking our question and congrats on the IMVT-1402 data. Real quick on safety, just want to clarify, confirm there were no LDL changes or other events of interest observed, right? Secondly, given the strong activity in Period 1, how is this informing your trial design strategy in the future? I know you mentioned that this is likely one of a couple registrational trials, do you think this data changes that? Thanks, Jacob. Great questions both. I'll remind politely for the other analysts, we're trying to keep to one given the number in the queue, but I appreciate both questions, and I'll take both of them. First of all, on safety, in fact, what I can say here is not just in this study, but across now hundreds of patients dosed across IMVT-1402 studies, the DMC has been watching that issue, and we have seen no impact on albumin or LDL across the hundreds of patients dosed with IMVT-1402. While I don't have the very specific data to share for this study numerically, I think the answer is we've seen literally nothing on albumin or LDL from IMVT-1402. Look, given the level of activity in Period 1 on trial design, I think the answer is we're going to have to take this data when we get it. We're going to have to look closely at it, and we're going to have to have a conversation with FDA about where we stand and what we need to do. Obviously, the stronger the data from the first study or from this study overall, the more compelling that conversation is. I think we're excited about this data. Our belief is that we should be able to run a lean program from here, given the patient population we're focused on, given the level of need in this patient population. That's a conversation we're going to have to have together with FDA in the months to come. Thanks for the question. Awesome. Thank you. Yeah. Thank you. Our next question comes from Samantha Semenkow with Citi. Your line's open. Hi, good morning. Thanks for taking the question and congratulations on the data this morning and all the progress. Now that you have this first data in RA for IMVT-1402, I'm wondering also how we should be thinking about the CLE data coming up in the second half. Will that readout include the entire 52-week study, or will that just be the 12-week randomized portion? What magnitude of treatment effect do you think would be meaningful here? Thanks very much. On first question. Thank you. Appreciate the questions. On the data, that will just be the 12-week period. That's what we'll have by then, so that's what we'll be able to share. In terms of what treatment effect will be meaningful, look, I'll say two things. One is we will have an opportunity to continue to talk about what we expect to see from that study over time, and we'll probably do a little preview of that data before it comes. Secondly, CLE is a little bit different than some of these other indications in that it is commercially more competitive, and there's other mechanisms coming. I think the bar for us is not just sort of per se clinical meaningful. I think the bar is do we think our data is good enough to support a program in the face of where the landscape is headed? We're going to look closely at that data. We're going to look at what we see, and we're going to make a decision based on the totality of the data. I think the bar there is pretty high, and I think we knew that going in. Thanks for the question. Thank you. Our next question is going to come from Thomas Smith with Leerink Partners. Your line's open. Hey, guys. Good morning. Congrats on the really stellar RA data here for IMVT-1402. Just wanted to ask one, if I could, on the pivotal Graves program. Any updates you can share with respect to patient enrollment? I think you were initially kind of gating some of the scale-up activities and trying to get a sense for how the early enrollment trends were going. Just wondering if there's anything that you could share there in terms of pace, cadence, and maybe patients being enrolled, anything differing from initial expectations. Thanks so much. Thank you. Yeah, it's a great question. Look, I think the short answer is we had a pretty high bar for ourselves when we started the study, and we didn't exactly know because there hadn't been a lot of development in Graves' disease. I think we can now say enrollment's going great. We're on track. We'll have the data in 2027, as we previously discussed, and a lot of enthusiasm and a growing amount of enthusiasm as we continue to add sites, as docs continue to get comfortable with the study. I think overall, really happy with how that program has evolved. I'll just, again, take the opportunity to say I think all of our main teams at this point are executing at a really high level from a clinical enrollment perspective, and I think that's been a real driver of value for us. Thank you. Thank you. Our next question is going to come from Alex Thompson with Stifel. Your line's open. Hi, guys. Congrats on the data. This is Patrick Krause on for Alex. I guess just building on the path forward here in RA. Looking at Period 2, I guess if your 300 mg arm performs just as well as 600 mg, how are you guys thinking about your dosing strategy going forward in phase III? It's fun to sit here and think about what happens if in the phase II study we see as good, First of all, it's a randomized withdrawal study, so I was trying to figure out exactly what it would look like for the 300 mg and 600 mg to perform equivalently. Look, I think overall it's just too early to say. We've got to look at the data. This is a patient population with extremely significant unmet need and to say without a lot in development is an understatement. I think basically we are plowing a new course with this patient population. I think we've really got to look at that data and get an outcome from it. I think the inclusion of 300 mg and 600 mg in the study was important because FDA, especially in new indications, especially an indication like RA, is likely to want some dose ranging information. I think we're going to have some flexibility, and we're going to get to see. Historically, there has been separation in IgG reduction, obviously between 300 mg and 600 mg. We'll see how that translates in this population. I think we got a lot of options here. Thanks for the question. I appreciate it. Thanks. Thank you. The next question comes from Prakhar Agrawal with Cantor Fitzgerald. Your line's open. Hi, thanks for taking my questions and congrats on these impressive data. Maybe on the RA front, given the sample size is quite large, but ultimately this trial was open label and some of the ACR responses can be susceptible to open label nature of the trial. Maybe just if you can expand if you have any data on some of the secondary endpoints which might be less susceptible to open label design of the trial and how much efficacy degradation would you assume as you move from an open label to more of a placebo-controlled trial in a registration trial? Thank you. Yeah, thanks. Look, it's a great question. It's obviously what was on our mind from the day we first saw the data. I think it is certainly helpful that we're talking about ACR 50 and ACR 70 responses than just ACR 20 responses. I think once you get to that level, it's sort of spontaneous placebo-style, like remissions of those kinds are less frequent. We don't have any of the secondaries or additional markers to share. We've been looking at that data hard, and we feel excited about the data based on what we've seen in terms of everything hanging together. That's about all we're able to say at this point because that's about all we know at this point. One other thing is the way the study is designed, the people doing the joint assessments are blinded. They are doing the assessments without knowing anything about the study, what patients are on, where in the study they are, or whether they're on drug or placebo. That's obviously only one component of the total here, but it is one way for us to get a little bit of objectivity into a study that's otherwise, at this stage, open label, and that is helpful and pretty objective. Thank you. Thank you. Our next question comes from William Pickering with Bernstein. Your line's open. Hi, congrats on the updates and thanks for the question. On mosliciguat, you also have a phase II open label with patients on background treprostinil. What are you hoping to see in that study? How are you thinking about broader evidence generation strategy to support reimbursement of mosliciguat in combination with treprostinil? Thanks. Yes. I think in the combo study, we have patients on background treprostinil. Obviously, in the main phase II-B, we don't have patients on background treprostinil. The reason we set this up this way is because we know that polypharmacy is going to be a part of the landscape. In the subsequent study that we run, we're likely to have some proportion of patients on background treprostinil as well. It felt like going into that state study with no experience treating patients on both drugs was, for a variety of pretty obvious reasons, a liability. I think the combo study is in part really a safety study. It's just designed to make sure these things can be administered safely together. We will learn from it the information that will help us design the stratification rules, help us understand better who's going to be on what in the subsequent study. I think beyond that, it's hard to say at this point. The combo study is still in pretty early days, so we don't have much to say about it. Drew, anything to add to that? I think that's exactly the case. We decided not to go on top of inhaled treprostinil in the first PHocus study. We were initially looking at our drug and single agent activity in PH-ILD. We wanted to have some time to understand that population, understand mosliciguat. As you know, treprostinils do have a sticky issue with cough. We wanted to make sure that our drug would have a clear path to be able to demonstrate its tolerability profile, which I think has been relatively impressive. With that, in the later days, we decided with the team to go a little deeper and look at mosliciguat on top of inhaled treprostinil, given the confidence we had in mosliciguat after seeing it in our PHocus study, of course, in an aggregated setting. With that as a backdrop, as Matt said, we're only in the days, but we actually don't expect there to be much of an issue there. We definitely want to understand that from a dosing and safety perspective. Thanks, Drew. Thank you. The next question's going to come from Douglas Tsao with H.C. Wainwright. Your line's open. Hi. Good morning. Thanks for taking the questions and congrats on the data progress. Matt, I'm just curious, in terms of RA data. If you've had a chance to talk with some of the key KOLs and clinicians on the data, I'm just curious what their sort of feedback is. If they were more focused on the depth of response that you saw or the breadth of response, and obviously you'd kind of have both, so you didn't necessarily have to choose. If there's anything that was striking to them from the initial data set. Thank you. Thanks, Doug. Look, we have obviously a bunch of KOLs involved with the study, therefore we have those conversations continuously and with some of the important ones for the field who have been on multiple of these studies as well. I think in general, the answer is they're super impressed. I think one KOL told our team roughly as a quote, "You can't fake ACR70s like this." That's the opinion of one physician. I think it's true at some level, ultimately we'll have to see what the rest of the studies show. Look, I think docs are excited. They're excited about the depth of responses. They're excited about what this could mean. Look, I think the most important thing is these are physicians who, they're treating these patients, they have no options. Many of these patients are very uncomfortable and in a lot of pain. I think they see a new option for this population, and they were hoping for something that worked even a little, and obviously this is beating that bar handily. I think there's a lot of enthusiasm. Thanks, Doug. Great. Thank you. Thank you. Our next question will come from Dina Ramadane with Bank of America Securities. Your line's open. Good morning. Congrats on the data this morning, and thanks for taking our question. Just a quick one from us. On the non-responders, could you provide maybe some more color on these non-responders in period one? Was there anything you can maybe point to, such as prior lines of failed therapy or baseline characteristics such as maybe antibody levels, that were the reason for not responding to IMVT-1402? Thank you. Yeah. We're looking at that in detail now just to try and get some further comfort and understanding about what's going on. I don't have anything to say about it now. That's exactly the kind of analysis that we're running. You said non-responders, just a reminder, 72% or 73% were ACR 20 responders, so we're also looking at some of whom who've got to 20 but not 50 and just trying to get a better sense of what happened there. Thank you. Thank you. Our next question will come from Iris Gao with Guggenheim. Your line is open. Good morning. This is Iris on for Yatin. Thank you for taking my question. Congratulations on the data, and happy birthday to Matt's father. My question is also on IMVT-1402. Are there any more colors on what proportion of patients were refractory to rituximab and maybe anti-IL-6? Since these MOAs are relevant in seropositive patients, so would like to check with you. Thank you. Yeah, thanks. I don't have that in front of me. It's a good question. We have cleaned some of that data. We had a bunch of IL-6-refractory patients, but rituximab, I don't know. Look, overall, we don't have that to share right now, but I think the answer is that the population is consistent with a heavily pretreated population. They've been on multiple lines of therapy. Many of them have failed things in addition to JAK and TNF. All of those different mechanisms are in. We may eventually share more data on sort of what those different subsets look like, but I think we're particularly enthusiastic about the JAK and TNF combined failures. Remember that over 10% of these patients had failed more than three lines of these advanced therapies. Thank you. Okay, thanks. Thank you. Our next question will come from Sam Slutsky with LifeSci Capital. Your line's open. Hi, good morning. This is Kate on for Sam. I appreciate you taking the question. I know the strength of Period 1 data has made Period 2 all the more challenging, particularly on ACR 20. Looking to Period 2, is there a delta versus placebo potentially on other endpoints that would excite you commercially? I don't think phase II is really about commercial value at this point. I think phase II is about better understanding the characteristics of the patients, seeing erosion of efficacy, starting to separate out drug effects from other things. I think it's not so much that we're looking for some commercial bar in phase II. I think the quality of this headline data is such that even if it degrades, we're happy with it, and I think even in subsequent studies, I don't know that we're shooting for this bar per se. This is just a great foundation from which to build something pretty exciting in RA. Makes sense. Thank you. Thank you. That will conclude today's Q&A session. I will now turn the call back over to Matthew Gline for closing remarks. Great. Look, thank you everybody again. Appreciate it. There were a lot of questions there, I appreciate everyone's forbearance in helping us get through it all, and in limiting the number of questions, which is a great favor to the people lower in the queue who need to come up with questions if theirs has already been asked. Thank you again to everybody for playing along with that. An exciting day for us, exciting data to be able to put out. Thank you again to everybody who makes that happen from the Vant and Roivant teams to the patients and investigators. It takes a village and it's a great outcome and something that we can really build from here. Once again, happy birthday to my dad. Thank you everyone for listening, and we'll talk again soon. Have a great day. This concludes the conference call. Thank you for participating. You may now disconnect.