All righty. Let's go ahead and get started. Welcome everybody to the Tuesday morning of the JP Morgan Healthcare Conference, 41st annual JP Morgan Healthcare Conference. My name's Anupam Rama. I'm one of the Senior Biotech Analysts here at JP Morgan. I'm joined by my squad, Malcolm Kuno, Priyanka Grover. The next presenting company is Sage. Presenting on behalf of the company, we have CEO Barry Greene. Barry? Thanks, Anupam Rama and squad, and thanks for the organizers of JPMorgan for having us here today. It's great to be here live in sunny San Francisco, live again. I'm Barry Greene, as Anupam Rama said, the CEO of Sage Therapeutics. It's an absolute pleasure to provide an update on the extraordinary progress that we at Sage are making, progressing a pipeline of novel brain health medicines. I will be making forward-looking statements. You know, as we stand here as an industry, we can be extraordinarily proud of the significant, innovative, and life-saving progress we've made in many therapeutic areas, things like cardiovascular disease, oncology, rare diseases, and of course, infectious diseases. We can't say the same for brain health, however. Why is that? Brain health disorders are among the leading cause of disability in the world, and we need significant change. We need the world to appreciate that brain health is associated with good health. For us to get on a path to recover from this disability, a healthy brain is important for a long, robust lifestyle. We're focused at Sage, making sure that we're developing drugs that matter most to patients. The good news is I do see change coming. We're certainly at a tipping point. The medical need is clear. We're seeing tremendous scientific advancement, political pressure, a changing population demographic that is feeding to the momentum that brain health is fundamental to good health. There's certainly an urgent need to think differently. At Sage, we're driven to develop brain health medicines that matter most to patients. The time is now for us to get moving forward. What we're doing at Sage is focused investigation of novel mechanism brain function that could be key to unlocking therapies that may improve brain health. Our work starts with GABA and NMDA. These are the regulatory pathways that control brain circuitry. GABA being the inhibitory pathway, and NMDA being the excitatory pathway. We know that disruptions in these pathways often lead to brain health disorders, and we're focused on restoring normal brain function in a very particular way. We spent a decade understanding natural neuroactive steroids that are endogenous to the brain and manipulate these pathways in very specific ways. At Sage, we're using our chemistry capability of that neuroactive steroids, including oxysterol chemistries, to design new chemical entities that ostensibly mimic these neuroactive steroids that re-regulate these neuronal networks. We're excited by the tremendous progress that we've made to date. It's a really exciting time for Sage, both in 2023 and in our future. Just last year, in December, we and Biogen filed the rolling NDA for zuranolone for MDD and PPD. We're excited to hear from the agency the next couple of months whether we have a standard or priority review, and we certainly will let everybody know. We continue to progress our rich pipeline of innovative brain health medicines, given the deep expertise we have in brain circuitry. Our medicines have an opportunity to impact millions of people worldwide suffering from brain health disorders. We are well-positioned with an incredibly strong balance sheet to execute our long-range plan, investing in near, mid, and long-term value creation. This year should be tremendous momentum for Sage, and we look forward to the years to come. The Sage product engine and methodology works. We have a pipeline of very specific pharmacologically specific molecules for very precise indications. As a proof point to that methodology working, Sage is the first company to get a drug specifically approved for postpartum depression that followed the Sage methodology. Let me turn to depression. I think we all appreciate that we are in a brain health pandemic, and that we are in a crisis stage with depression. We know that all of us have have known somebody, whether it's you, a loved one, or a family member that has depression and is suffering from depression. We all know that depression is not well-served, although there might be common wisdom that it is. Let's look at the data. In 2020, there was a survey in the United States of United States adults. 21 million people reported to have a depressive episode in the last 12 months alone. We know that six to seven million people dynamically are seeking new treatment options. On the PPD front, one in eight live births results in a depressive episode. That's half a million moms suffering from depression. Clearly, a number of people out there that absolutely need help. We need to do more to help these folks. Right now, we have many medicines to treat depression, but there's been really a paucity of innovation over the last several decades, and the way depression patients are treated is on a trial-and-error basis. Those that get help can take weeks to months to feel better, and for those that need multiple treatment options, it could take months to years of lost productivity and lost time. We really need to do something different. I had an analyst approach me and saying they spoke to an expert who told them that their depression patients were well managed with generic medicines. Well, let's look at the facts. That's just not true. The Journal of Managed Care & Specialty Pharmacy published the study of depression. In this publication, they wrote that the average time a patient's on a newly prescribed antidepressant is seven weeks. These patients, if they continue to seek treatment, many discontinue, cycle through two or more treatments in the course of the year. The common wisdom that I diagnose my patient, I put them on a chronic medication, I see them in six months and all is well, is just not supported by the facts. When we look at STAR*D and other publications, we see that those that are undertreated often lead to other depressive episodes. Those with depression have downstream comorbidities like cardiovascular disease, diabetes, cancer and infectious diseases. Just look at the economic burden. In 2018, depression cost the U.S. $300 billion. That was pre-COVID. We know that exacerbated by COVID, depression has increased three to four-fold since that time. Those numbers and costs are only going up. Just think about it from a personal perspective. Who among you would want your adult child in her freshman year of college suffering a depressive episode and requiring the entire semester to get well when there's an option to get well in two or three days? I certainly wouldn't want mine. Or someone in the prime of their career doing very well in their forties that loses a parent, suffers a depressive episode, and takes months to recover, potentially losing their job and their ability to support their family. At a societal and economic level, we just need to do something different. Our hope for zuranolone is that we have a new medicine that can help alleviate some of this burden. Now, there is good news. At medical congresses for years, there's been a plea for new depression drugs that work faster, for new depression drugs that are short course, or even both. There's been a wave of new treatment options, some FDA approved, some being used, things like esketamine, FDA approved, a combination drug that purports to work in one to two weeks. There's an answer to this. We're also seeing ketamine used and psychedelics used to try to alleviate. All of these approaches have some challenges, but what it tells me is that there's a desperate need for new approaches to treat depression. Zuranolone, if approved, has the potential to scale. It's an oral med taken for 14 days and address many of these unmet need areas. What we see across 3,500 patients in our MDD and PPD clinical trials to date is that we see a rapid and sustained improvement of depressive symptoms as early as two to three days. That's after one to two evening courses of drug. We see a well-tolerated safety profile without the stigmatizing side effects often associated with antidepressants like weight gain and sexual dysfunction, GI effect. We have a novel mechanism of action. As I shared, our goal with zuranolone is to rewire that dysregulated neural network back to a normal state so that someone who responds after two weeks of drug does not need drug potentially for the rest of the year or longer. We have improvement in feel and functioning in our patient-reported outcome data. I'm going to cover that in a moment 'cause it's really important and frankly impressive data, importantly a very flexible approach. We've studied zuranolone as monotherapy on top of a stable antidepressant or co-administered with an antidepressant. Importantly, let me reference back to STAR*D again. We know that depressed patients with certain comorbidities, so MDD with elevated anxiety, MDD with insomnia, are not well treated with today's antidepressants. These are some of the most difficult patients to treat. The data we see with zuranolone is consistent, whether you have MDD with elevated anxiety, or MDD with insomnia. Importantly, the profile of zuranolone is the kind of profile that healthcare providers have been asking for for years. Let me turn to the patient-reported outcomes that I referenced. What I'm sharing with you are the eight domains of the SF-36 or Short Form-36. This is a patient-reported outcome measure. What these data suggest is that after 15 days, so after the two-week course of treatment's completed, and importantly after 42 days, that's four weeks off drug, across all of the physical and mental dimensions, patients are reporting that they're better. These are the kind of data that if successful in the real world, can help patients not be less depressed but actually feel well. Let's look at what patients are telling us directly. In the SHORELINE study, to our knowledge, the largest naturalistic study in MDD done to date, we surveyed over 30 patients that responded to the initial two-week course of zuranolone and were on the study for over six months. You can read the quotes, and this is available on our website. Let me just pick one on the durability question. This is a patient who talked about the afterglow after two weeks of treatment. Importantly, I'll read this. "I didn't have to think about it constantly," his depression. "I didn't have to take medication. I wasn't having to think about my depression and try to manage it." Just step back and think about it. When you take a medication once, twice, three times a day, you're reminded every single day that you're dealing with your depression. At least this one patient shared with us that after 14 days they were well, and they didn't have to think about their depression every single day. Then look at the retreatment comment, " I felt better both times." This is clearly a patient that required another course of treatment. These direct quotes talk about the vitality the patients feel with zuranolone. Again, people with depression don't want to be less depressed. People with depression don't want to be less anxious. They don't wanna have their insomnia be less. They want to feel well. When we look at the SHORELINE data, the majority of patients required only two weeks of drug in the course of that initial two-week course. 80% required only one to two weeks of drug in the course of a year. The median time to retreatment on Shoreline for the 50 mg was 249 days, indicative that if you responded to the initial two-week course, you might not have needed drug until another depressive episode. Let me now turn to the commercialization and plans for launch. I will remind you that on December 6th, Sage and Biogen held a investor-focused commercial spotlight. Chris Benecchi, he'll come up on stage, Sage Chief Business Officer, Alisha Alaimo, the Head of Biogen U.S., and Dr. Gregory Mattingly, among others on the team, spent a significant amount of time talking about the use cases for zuranolone, the data, and our launch plans and strategies. I encourage you to listen to that. It was really well done. Let me hit a couple things. We at Biogen are aligned with clear healthcare provider, patient advocacy, and payer strategies. Our strategic focus at launch for MDD will be using an omnichannel approach to address the widest prescribers we can for both MDD and PPD. We'll use digital, virtual, and of course, live interaction. The target patient population for MDD at the beginning will be those that have a diagnosis of MDD and are not doing well either on or off a drug that they recently tried. There's about $6-7 million dynamic patients that meet this profile. It's a lot of people. With PPD, of course, our goal is to reach moms as early in their diagnosis as possible. Since Zuranolone, if approved, will be the only oral medicine specifically approved for PPD, our goal is for PPD to have zuranolone be the standard of care. Strategically, we're starting with a very focused approach and scaling with success. If zuranolone's approved, I can tell you, we and Biogen are extremely excited to launch a complete new approach to treating depression. We'll be well prepared for AdComs and anything that comes our way. Let me now turn to neuropsych, where there's a significant unmet need characterized by cognitive impairment. Cognitive impairment plays a key role in many diseases. In some diseases, often thought about as psychiatric or movement disorders, the thing that patients complain about first is their cognitive impairment. There are multiple domains of cognition: executive function, learning and memory, attention, language, and visual-spatial dimension. I'm gonna focus on the higher order aspects of cognition, executive function, and learning and memory. These two domains together, executive function kind of being the conductor of the brain orchestra, and learning and memory, of course, being how we store and recall memory. These two higher order domains together are what we need to do things like manage our finances or make a shopping list, drive to the store, buy the items on our list, drive home, put those items away, and remember where you put them. Some of you may have left them in the car, but that's a different issue. Our goal here is to allow people to do those tasks. When you talk to people suffering with mild cognitive impairment, which in many cases is not mild, they want to be able to do these activities. They want to maintain their independence. That's the most important aspect of the disease pathophysiology, is the loss of independence. And the goal for us with our neuropsych franchise is to preserve independence by providing rapid, noticeable, and sustained improvement in cognitive function early in the disease pathophysiology as we can. Let me turn to SAGE-718. SAGE-718 is a first-in-class NMDA positive allosteric modulator or PAM. We know that NMDA receptors play a critical role in maintaining cognition. In fact, NMDA hypofunction is implicated in cognitive impairment across several disorders. Our hypothesis is that by modulating NMDA, we can improve cognitive impairment rapidly in a sustained fashion. Now, using the Sage methodology, we focused on an endogenous neuroactive steroid, 24(S)-hydroxycholesterol, which we and others observed was downregulated in certain neurodegenerative diseases like Huntington's disease. SAGE-718 is invented to ostensibly mimic this natural endogenous modulator to restore and improve cognition in the brain and restore NMDA function. This certainly is a disorder of significance. We are working on Huntington's, Parkinson's, and Alzheimer's, where together, the loss of independence because of cognition in these disorders costs the $300 billion-$400 billion a year. That doesn't account for the drug costs, which are another $200 billion a year. Besides the societal burden, the cost burden here is extensive. Let me share some of the data to date that gives us enthusiasm for progressing SAGE-718 as I described. What you can see here on the left is the ketamine challenge study. The bar furthest to left are placebo patients whose cognition was significantly impaired in the study. Importantly, the next bar over are those on SAGE-718. You'll note that these people did not only get back to the baseline, they actually improved cognitive function. We're using the two-back test, the dual system substitution test. These are the higher-order tests to really measure the true impact of SAGE-718. The rest of the data on this slide are single-arm studies. What's important in our eyes is that the data are consistent with the placebo-controlled data and consistent across diseases, giving us enthusiasm to move forward in all three diseases with SAGE-718. I mentioned that we are conducting clinical trials in Huntington's, Parkinson's, and Alzheimer's. We've got four placebo-controlled trials going on and an extension trial. Let me dive into the Huntington's Disease setup to give you a sense of how we're thinking about progressing SAGE-718 in a very novel way. We have worked with regulators on this approach. Of course, data matter here, but we think we have a package that if the data are positive, we can bring forward to try to get SAGE-718 to the market as quickly as possible. Let me go through it. We have a three-month placebo-controlled study called DIMENSION up and running. DIMENSION is a 178 patient study that's focused on improvement in HD-Cog, the numerical measure at three months. We're coupling that study with a SURVEYOR Study. The SURVEYOR Study is meant to be the so what. If at the end of the trial we see improvement in HD-CAB, can people do activities of daily living? Can they do finances? Can they drive and make their way? Coupled together, we think these studies provide the so what? What does the numerical improvement in memory do to activities of daily living? The PURVIEW study is the rollover study. Patients that are either placebo or drug can roll over to PURVIEW, and we'll also have some de novo patients, giving a robust database and long-term data. Not pictured on the slide, but also part of the potential regulatory pathway is the natural history for Huntington's. It's a well-documented natural history. Together, we think this is a very robust package to move forward. We are starting with Huntington's as a genetically defined population and a more homogeneous population, and an orphan rare population. If the studies are positive, our plan would be to commercialize SAGE-718 as a wholly owned program in every country that it makes sense for Sage to commercialize. Given the orphan nature, a more concentrated commercial base, that's the kind of opportunity that Sage would pursue. If positive, we could follow that on with Parkinson's, Alzheimer's as well. We have a very robust pipeline of brain health medicines focused on GABA and NMDA from early developmental issues to later stage disorders. I don't have time to cover all of them, let me make two highlights. We and Biogen are excited by SAGE-324. It's a GABA-PAM that we're focused on developing for essential tremor, maybe orphan epilepsies and Parkinsonian dyskinesia. The KINETIC 2 study's up and running, and our goal is to have that fully accrued this year with data soon thereafter. I'm very excited, and this is no small feat, to announce that we're moving SAGE-319, our extrasynaptic targeted GABA-PAM, into phase I. An extrasynaptic GABA-PAM is quite a feat, and we're really proud of our product engine, our research team, for coming up with that. Data there as well. We have an incredibly exciting year ahead of us with a very milestone rich year, including the potential approval this year of zuranolone. In closing, we're capitalizing on this incredible momentum and laser focused at addressing what matters most to patients. We think the time is now to have a paradigm shift in depression. We think the time is now to think about cognition in a fundamentally different way and to work on movement disorders, and we plan on doing so. At Sage Therapeutics, we're very focused on bringing our pipeline forward, and we realize that these disorders have economic and societal issues and that patients are waiting. Thank you for your attention. For those on the webcast, I'll note the standing ovation. Let me welcome the team up. Barry, you wanna introduce who's? I'll have them do it. Why don't you all introduce yourselves and then we'll get to Q&A. Good morning. My name's Chris Benecchi. I'm the Chief Business Officer at Sage. Good morning. I'm Kimi Iguchi, the Chief Financial Officer at Sage. Hello. James Doherty, Chief Development Officer at Sage. Just wanna remind folks, there are three ways to ask a question here. Number one is you can submit a question via the question portal. I'll see it on this iPad. You can email me. I got my laptop here. Or you can just raise your hand, the old school way. I'd also like to state for the record that I was not the analyst that said MDD patients are well controlled on generics. That's true. I can verify that. Barry, you've submitted for MDD and PPD and, as you're sitting, waiting for a PDUFA date, how do you think about standard review, priority review? What keeps you at night about the filing? Yeah. You guys know I'm not a very good sleeper, so things don't keep me up at night. Well, everything keeps you up at night. Look, we and I'll let Jim talk about this in a bit. As you noted, we filed the NDA for zuranolone in December, we and Biogen. We will in the next couple months hear from the agency. It's our perspective that the unmet need is clear, as we've noted, and the benefit risk of zuranolone over 35 under patients is very clear. We believe, given the breakthrough status and fast track, that zuranolone warrants a prior review. It, the, you know, standard reviews can happen. The agency has noted, and I think Kayla noted this yesterday, it's slightly understaffed. To me, a standard review would be more indicative of staffing. You know, either timeline that works, we'll be ready for it. Jim, you wanna talk about, you know, Advisory Committee and how we're thinking about that aspect? Yeah, absolutely, Barry. Again, similar to a priority versus standard review, it's the FDA's decision on whether or not to conduct an Advisory Committee. From our perspective, we plan to be ready if they choose to do an Advisory Committee. As you saw from one of Barry's slides today, the LANDSCAPE and NEST programs, a substantial program really intended to flesh out all of the opportunities available with this new way of treating depression. We would see this as a great opportunity to present the entire story of zuranolone, and we will plan to be ready if an Advisory Committee is decided. Question from the audience? Maybe for Chris. I mean, what challenges and hurdles do you see in changing, like the KOL, the physician mindset that treating MDD has to be a chronic endeavor, you know, versus the data that you have, which is really shifting the paradigm? Yeah. Let me start, Chris will talk about it. I'm glad you asked that, Anupam. I did not make this in the prepared remarks, but let me comment that chronic treatment of depression is really manifest because of the tools we have to treat, not because of the nature of the disease, which in most patients is largely episodic. Why is that? Just think about it. I'm a healthcare provider, I find someone that's got depression. It might take me four weeks, eight weeks, maybe a couple cycles to figure out the drug or the polypharmacy that gets that patient better. Now, we know through the literature that many people with depression have other episodic events. If it took me months to get that patient well or better, I'm not going to discontinue drug because that next episodic event might take another couple months to get that patient well. We're really seeing chronic treatment not because of the disease, but because the tools we have to treat disease. We're offering something different. Chris, you wanna talk about that? Yeah. What I would say is, as an organization, we believe that we have in our hands a transformational product, given the data that we've seen, and if approved, we have a profound opportunity to really make sure that we're changing the way that depression is treated. While certainly that's our perspective over the course of the last several years in the engagements that we've had with key opinion leaders and in physicians and market research, as well as with investigators who actually have the most experience with this medication, that's what we're hearing from them as well, that they believe that there's truly a transformational opportunity with this product if approved. What we're going to continue to do is to be as ready for the launch of this product as possible, continue to advance through scientific exchange, you know, the dialogue that we're having around the opportunity to fundamentally change the way that depression is treated because the medication works rapidly, it's durable, it works as a 14-day course, so it gives physicians the opportunity to really treat this condition episodically and really return patients back to a state of wellbeing, which is really novel in the space. We're excited about introducing the medication. Yeah. Just to, you know, kind of slightly round that out, and Chris said this very well. When an investigator or other healthcare provider has used zuranolone, they've seen results in patients that they haven't seen in their professional careers. We think, and I mentioned this in the prepared talks, that at launch, there's six to seven people that have been on one, two, three or more antidepressants that are seeking treatment. At launch, we're gonna have a lot of patients that aren't doing well on something. We think the highest number of scripts coming in will be for those patients on something or just off something where zuranolone will be tried. We do want, over the course of time, to get as frontline as possible, particularly for those young adults and elder that we've talked about. Could you expand a little bit on what, sort of medical affairs, you know, medical education efforts you're gonna be doing between now and say launch? Yeah. Chris, you wanna take that? As I mentioned, scientific exchange over the course of the last few years has been really important. Whether it's been one-on-one interactions with key opinion leaders and investigators, or it's been engagements that we've had at major medical meetings or publications, you know, when it comes to the work that's already been done that's changed the way physicians think about how to treat depression, that scientific exchange has played a vital role. Over the course of the next year, as we prepare for our launch, you know, effectively, what we'll continue to do is through scientific exchange, advance that thinking, again, leveraging the data that we've already demonstrated from LANDSCAPE and NEST and data that we haven't put out to continue to tell the story. We'll initiate disease state awareness or disease state education efforts for both physicians and for patients. In fact, there's already a disease state website out there, you know, in terms of rethinking or reexamining depression that already exists to advance that degree of education, where we're really focused on highlighting the unmet need in depression as well as the opportunity to rapidly treat patients and the impact that can have. Again, later this year, introducing a disease state awareness campaign for patients as well too, because it's absolutely paramount that we're not only educating physicians, but patients as well, so that when the product is approved, you know, we'll be prepared. Thank you Chris. Maybe you can also talk about patient activation before and then at launch. Patient activation is gonna be absolutely key here. I think if you take a step back and you think about it, the impact of not treating or under-treating depression is absolutely devastating. While there is gonna be a significant effort with urgency to engage with physicians in and around the peri-launch period, it's also gonna be vital that the work that we do in and around launch is around activating patients as well. They deserve to hear the message and to be informed and well-educated, if zuranolone is approved, about the medication and the impact that it can have. We'll continue to work on those efforts up and through launch around disease state education and awareness for patients, as well as post-approval, in and around DTC and DTP efforts that I think will truly activate patients in the way we wanna see them activated. Yeah. I mean, simply stated, I think zuranolone is the kind of drug that patients are gonna ask for by name. Questions from the audience. Go. What are your plans OUS for zuranolone? The question is, what are your plans OUS for zuranolone? Yeah. We've got a Japanese partnership in Japan, Korea and Taiwan. Biogen is responsible for all the ex-U.S. I'm gonna leave it to them to articulate at their plans. We're happy to support them in any way possible. Barry, we talk a lot about MDD, but, you know, PPD is also part of this filing. I think there's a view on The Street is that, you know, if you price zuranolone for MDD, that PPD is more of a niche-ish, niche-y type opportunity. Where would you agree or push back on that type of thesis? Yeah, Chris, you wanna take that? As we know, there are 500,000 or so moms in the U.S. that suffer with PPD on an annual basis, or approximately one in eight live births. As it currently stands, there is no existing orally approved medication that's available for those moms that are suffering with PPD. We know that there's profound impact not only on those moms, but on those families as well, too. With respect to the opportunity there, we believe that with zuranolone, there is significant opportunity to really introduce this medication, and with approval, to really push for earlier first-line use with the medication. You know, that's absolutely paramount. Based on what we've seen from the NEST program, we believe that the data's compelling. That's not only our perspective, but in the interactions that we have with key opinion leaders, they recognize the opportunity there. I'd be remiss if I didn't say that as an organization, we've learned a tremendous amount about the PPD community through our interactions with ZULRESSO, as you may be aware, that's in the market. Again, not an orally available product, but one that's delivered through IV administration. That's enabled us really to establish strong working relationships with key opinion leaders. It's enabled us to really understand the treatment or the referral patterns in the PPD marketplace itself, and establish strong working relationships with patient advocacy groups as well. Again, with respect to payers, those are foundational relationships in PPD that we're gonna be able to leverage as we move forward with zuranolone for PPD as well as MDD. We don't think PPD is niche. We think there's a significant number of patients, and the data support that. Of the potentially half a million moms that have PPD a year, less than 20% are diagnosed and treated. Why is that? Well, think about it. It's the OBGYNs or the pediatricians that often see those moms and depressed. If it takes months to get well, that's not in the timeframe that they're treating that mom and that baby. Something like zuranolone in two weeks actually fits that timeline. We do believe that we'll have prescribers for mom in areas outside psych. Today, they often get referred to psych, and it could take months to get that psych evaluation. When mom's unwell and can't attach to her baby, that's bad for the mom, the baby, and can have generational impact. Maybe a similar question. You talked a lot, you learned a lot about PPD from ZULRESSO, what type of sort of market initiatives are you gonna be doing right, you know, between now and launch for the PPD market specifically? Yeah. Chris, you wanna take that? We'll continue to stay engaged through scientific exchange, as I mentioned with MDD, with PPD treaters. I think that's gonna be absolutely important as we continue to advance an appreciation for the data from the NEST program, as we move forward with the various groups of prescribers that Barry mentioned. I think that's gonna be key. Disease state education and awareness is also gonna play an important role in our preparations for the effective launch of zuranolone, if approved. I think it's also gonna be important that we continue to engage with advocacy organizations who understand the importance of new technologies like zuranolone and the impact that it can have on a mom and her family by virtue of being able to treat mom rapidly with a new medication. That will work in concert with the work that we're doing, in and around MDD. Again, as I said earlier, you know, we believe that we have a transformational medication in zuranolone, but not just for MDD, for PPD as well, too. Any final questions from the audience? Maybe final one for you, Kimi. Cash position and runway and what's assumed in terms of, you know, next phases for the pipeline-. Great. Well. Well. The guidance. Subra, thank you for that question on the balance sheet. I'm happy to say that we're in a great financial position, especially in this environment today. That is by design. We are, you know, continue to be very diligent about how we think about our investing and deploying our capital. That's resulted in us having a strong balance sheet. At the end of September, we had $1.4 billion on the balance sheet. We had financial guidance that said we'll have $1.3 billion at the end of the year. We'll talk about that at our earnings call that will happen over the next upcoming months. We also talked about runway, and we talked about runway into 2025, which includes not only the cash on hand, but the ongoing funding from the collaboration with Biogen, our strategic collaboration with Biogen, which includes cost sharing on zuranolone in SAGE-324 in the U.S. It includes potential milestones and potential royalties and also potential product revenue, which should get us into 2025. We're in a great financial position. We'll continue to be very disciplined in how we think about investing in this environment for sure. But we're in a very comfortable spot right now. Thank you, Barry and team. Thanks for having us.