Great! Thanks, thanks very much. Packed room here. It's my pleasure to be hosting the Sage Therapeutics management team. We have a lot to talk about, and we'll get perspectives on both the commercial and the clinical side. Maybe we can start by having, you know, Chris, and then Laura, just briefly talk about, you know, the zuranolone launch, obviously the prep work and kind of where things stand. And then, Laura, maybe you can give a quick snapshot on the pipeline. Does that sound good? Yeah. Sounds good. Great. Thank you. Yeah, so it's an exciting time to be at Sage, as I'm sure you know. There's a lot going on. As an organization, we are really looking forward to the opportunity to launch Zurzuvae for the treatment of women with PPD. And as we are active and engaged with our stakeholders, we get a lot of positive feedback at this point. There's a lot of enthusiasm that we're hearing from physicians, from payers, from patient advocacy organizations, from patients themselves, and even from policymakers for this medication and the impact that it ultimately can have. You know, so with respect to how we're thinking about the launch, again, tremendous enthusiasm. We have gone ahead, as we announced after the third quarter earnings call, that we have hired all of our sales representatives. So an incredibly enthusiastic, highly experienced group of professionals have joined our organization from a number of organizations that have successfully launched blockbuster neuropsychiatry products. So they're on board, they're training, and the idea is to have them in place for, you know, in effect, commercial availability in December, and then the launch in the early first quarter. We were recently out at the Neuroscience Education Institute conference last week in Colorado Springs, which is where, from a clinician's perspective, you have high science meeting what's in the best interest of clinical practice and sort of the state of the knowledge, if you will. And from a share of voice perspective, from the podium and from interactions that we had with physicians.. Yeah. Hold on, hold on. You guys ready to head out, Mark? Yep, coming. Thank you. We need another one, too, if you don't mind. Can you hear me now? Yep. Is that better? Any better? Not really. It's cutting in and out. How about now? Now? There we go. Yeah. That's perfect. So, so we're back on. So, the Neuroscience Education Institute, again, a very large meeting of, you know, sort of the, the, the top clinical practitioners in the U.S. in neuropsychiatry. What was of most interest in all of this, not only was, was, you know, obviously great feedback coming from the podium, but in our, our booth, and we had our first ever Zurzuvae booth, a lot of attention from clinicians there. Not only asking to learn more about Zurzuvae itself, but to ask: "When is the product gonna be available, and can you have a sales representative come and see me as soon as it's available?" So a lot of anticipation for the medication. And I think last but not least, as we've talked before, and I'm sure we'll get into it in a little bit, the payer receptivity has been high. We continue to be active and engaged with payers, and the response to the medication has been really strong. So with respect to how we're thinking about the stakeholders, as I mentioned, a lot of anticipation, and we're gonna be ready to go. Great. Yeah, before I speak in more detail to the pipeline, you know, I'd like to add my excitement, too, around the launch of Zurzuvae for PPD. You know, as a clinician, I've treated many of these women. I've struggled to treat many of these women, and I'm personally really excited to see that clinicians are now going to have an option that's very well understood. Two placebo-controlled double-blind trials that demonstrate the efficacy of this drug, as well as, you know, a well-understood safety profile. In addition, we've characterized the amount of the drug that's present in the breast milk, which is present at very low levels. And so, in totality, this is a data set that's gonna enable clinicians to make good decisions about how to best treat their patients with PPD, and I'm very proud to be part of that. With regard to our pipeline at Sage, it's also a very exciting time. We have two ongoing clinical stage programs. One is SAGE-324, a GABA-A receptor positive allosteric modulator that's in development for essential tremor. As you know, we've had a prior phase II study there to demonstrate proof of concept at a higher dose of SAGE-324, the 60 mg dose. We're currently conducting a phase II-B study looking at dose ranging for SAGE-324. We expect to get results from that mid-next year. In addition, we have the SAGE-718 program, which is a wholly owned Sage program. It is an NMDA receptor positive allosteric modulator, currently in phase II development for Alzheimer's, Parkinson's, and Huntington's disease. We look forward to talking more about the details of our exciting pipeline later in this discussion. Great. So maybe let's start, obviously, with the launch, and that is really: What have you learned from talking to payers, and, you know, what's your confidence that at the price point you've set, patients are not gonna have to try another medication first? So, I think philosophically, what we've said historically has been, to be a transformational medication, you have to be both accessible and affordable. And really, not only do we believe that, but because of that, we've prioritized interactions with payers, and we have now for a number of years. And we've engaged national and regional payers, as well as government payers as well, to make sure that we have a clear line of sight into what their expectations are, as we were, in effect, marching to the approval of Zurzuvae for PPD. You know, in effect, what we've heard from payers is that there is high unmet need in this marketplace. You know, that this is a market that's not particularly well-served, that being postpartum depression. You know, we've also heard that there is a perception of clinical value here that is unique for Zurzuvae, and that not only do they recognize that, that clinical value, they understand that in addition to not only treating women themselves, that there is an economic impact at the plan level, and there's quite a bit of, I would say, interest in the data that we've demonstrated from ROBIN and SKYLARK. So with that being said, you know, they see this medication as a true advancement and, and an advancement that they can see as a, a first-line therapy. Now, that's predicated upon, you know, as you mentioned, how we price the product and, and how we think about, overarchingly the approach to contracting, right? As we go in. In effect, we set the wholesale acquisition cost at, you know, what is a price that we believe will provide unmitigated access. You know, so no complex prior authorizations, no step edits, so that patients can, you know, rapidly and affordably access this medication. That's a price where there's no trial of an SSRI required first? The conversations that we've had have been first line without an SSRI. Okay. Right. Okay. Because we want to enable broad, pervasive access regardless of- Yeah. No, it's really- Right, so that's, you know- I mean, it's really important. Speed of onset doesn't matter if you can't get the drug. Yes, that's right. Yeah. I think on the back end, the support services from a patient support perspective are gonna be critical, right? Patients can't afford to wait weeks to get this medication. Yeah, and I wanted to talk about that- Sure. ... 'cause, like, for most of these specialty CNS drugs, right, it does take some time. And for an SSRI or for Ativan, right, which are both commonly used in this population, you can. You know, they're in stock at most CVS or Walgreens, right? So theoretically, you could get it in an hour or two. What do you think is gonna be... Like, how do you think you're gonna be able to control that supply chain and the time to getting drug? Yeah, so the model that we put in place is designed to speed the product to patients directly, and to really mitigate access, right? So that the onus is not on the physician to purely be responsible for making sure the patient can get it, and they can get it quickly. You know, in cases where there may be a physician that's actually gone ahead and prescribed the medication, and there's particular challenge to getting, maybe it takes a little bit longer, maybe it's still not a plan that has put the product on and there's a medical exception, we're not gonna make the patient wait a long period of time. We're gonna lean in as the payer. We're gonna provide- Yeah. ... the product to the patient, right, as we, as we adjudicate that. Again, if you're, you're a woman living with PPD, and you have the courage to go in and talk to your physician and express the symptoms that you're suffering from, and, and you want a product like this- Mm-hmm. ... we have to make sure that we get it into the hands of that patient as quickly as possible. Have you thought about just shipping it right away at risk? Well, I mean, I think- Not trying to put you on the spot, but like, you know, like if it takes- Yeah, sure. Like, like, I mean, taking five days, taking a week, you know? Sure. I think you have to thread the needle- Yeah. ... in situations like that- Yeah. ... where if you become the payer immediately- Yeah, right. ... you know, what's the incentive ultimately- I get it. ... to navigate from a payer perspective? Yeah. I think- I'm not trying to put you on the spot. It's just like- No, no, I get it. ... it's an interesting thing to think through, right? Because the current medications are not great, but they are extremely accessible, right? So. Well, I mean, I would say that the existing medications, while they may be accessible, are not particularly. Well, first of all, they're not indicated for postpartum depression- Right. ... as you know, and I think the second part of it is, I think the perception of some of these medications, like SSRIs, is that the physician prescribes the medication and sends the patient home, and it's all done. I think if you've got experience in the space with SSRIs, and, Laura, maybe you can comment on this a little bit more as a clinician. You know, in effect, what happens is, you send the patient home with an SSRI, and then there's the callbacks that take place, right? You have to call back because you may need a dose titration. You may call back because you may have a side effect. You actually may go back in and need to see that OB-GYN or that psychiatrist for that titration. So it's not a one-and-done kind of thing. I think with respect to what we're hearing from clinicians about Zurzuvae and why they're particularly excited about it is: here's an opportunity to really intervene and to help a woman with PPD to deliver efficacy relative to other therapies rather rapidly and to help her with the efficacy that she's really looking for. So in effect, after two weeks, you know, she's in a place where, you know, she doesn't, she doesn't need to be thinking about this. Yeah. Yep. Anything to add, Laura? Yeah, I think I would just echo what Chris said around SSRI use. I think because they've been in use so long, people think they're easy to use, and they work really well, and unfortunately, neither of those things is true. As Chris points out, physicians and other clinicians are often, you know, titrating the dose up and down, you know, recognizing that patients have side effects often before they see efficacy, and so it becomes difficult to manage these patients, you know, in a healthcare setting. They're consuming a lot of healthcare resources in the process of getting from presentation and diagnosis to being well. No, it makes sense. Can I ask you a question, you know, since you've practiced in this space, and then maybe, Chris, you can opine, too? So, you know, how much of a, not headwind, but, like, an educational headwind is it gonna be in terms of just general caution in this population, like, for things like breastfeeding, right? 'Cause I know with SSRIs, right, it's a, it's obviously a risk-benefit conversation, and, you know, there are, there are babies who drank breast milk with low levels of Zoloft that are now in their twenties, and there's case studies published on it, right? So that's a lot of data. How do you think people are gonna handle that with Zurzuvae and weigh that in the treatment decision? Yeah, so I remember back in the days when people were really apprehensive around giving any woman who's breastfeeding a drug of any kind, and we've learned a lot since then. And clinicians generally understand that what they're dealing with here is a risk of a very serious disorder and a potential small risk to the infant. And so they have those discussions with moms, weighing the risk, coming to a decision with the moms in their office that makes sense for that mom. You know, one of the things that's really compelling about Zurzuvae is that it's only a 14-day course. So if you have a woman sitting in front of you who's really concerned about the small amount of drug that's in the breast milk, that mom could elect to reduce the frequency of breastfeeding for those 14 days. She could elect to pump and dump for those 14 days. She has a lot more options than if she's given a drug that she has to take chronically. So from my perspective as a clinician, this is a real advantage that Zurzuvae is bringing to the table. Yeah, yeah, I think what I would add is that from the moment we had our final label, we've done a significant amount of market research on the safety and efficacy profile of Zurzuvae. Clinicians are really excited about having access to the medication. I think the safety profile is rather well understood, and elements like you talk about are not major impediments to the utilization of this product. These are medications, and this is a medication with a safety profile that clinicians are very used to prescribing in their daily behavior. Now, obviously, as a commercial organization, we'll do everything that we can to effectively educate on the safety and efficacy profile of the medication. But again, to reiterate something that I said earlier, clinicians are very excited to have this in their armamentarium for the very first time to have an approved medication for the treatment of PPD for women that are suffering. Makes sense. Do you.. I I know I've asked you this before, but the reason why I'm so interested in this question is because I think psychiatrists are historically rapid adopters of new drugs, and OB-GYNs across different indications have often been slower adopters in new drugs. And then when you think about it in terms of a psych drug, right, you can even see that dynamic being exacerbated. So to that point, like, do you have a sense of how many patients or how common it is for patients with PPD to end up under care of a psychiatrist today? Under a psychiatrist? Yeah. Yeah, so, so right now it roughly works... It's about a third, with respect to where PPD is diagnosed. A third psychiatry- Okay. ... a third OB-GYN, and a third the balance. So, you think that there's over 100,000 PPD cases diagnosed by psychiatrists every year? Well, when you think about the number, the one in eight women, 500,000 or so, half, and, you know, if that's the math that works, you know, go with the- Okay. Yeah, yeah. It's a third, right? No, it just seems like a, it seems like a lot. Yeah. Yeah. Okay. People that are diagnosed, right? Right. Treated can mean a lot of different things. Right. But with respect to the balance that we see, it is about a third that are coming out of psychiatry- Okay ... and a third coming out of OB-GYN. I think, you know, as we go forward, and, and again, at this most recent conference, the NEI conference, the large majority of attendees are either psychiatrists or NPs and PAs that are practicing in psychiatry practices. A lot of enthusiasm for this medication because of the fact that it delivers something quite different than what they've had before, and it's the ability to really help women that are living with PPD quite effectively. Yeah. Okay, great. So do you wanna just talk briefly kind of about where you and Biogen are in the planning of what the initial sales force is gonna look like? You know, who you can target with that group and how that may or may not evolve over time? Yeah, so what I can say is that the two organizations are working well together collaboratively to effectively deliver this medication in the fourth quarter of this year, to make it commercially available with the full weight of the commercial launch happening early in the first quarter of next year. So teams are very well in flight to making sure that we're gonna be ready to go. And as I said, there's a lot of enthusiasm for being able to do that. While we haven't communicated the exact number of sales representatives that are gonna be out there, you know, we're thinking that... You know, we're not talking hundreds of representatives, but we're gonna really take a precision approach to this launch. Mm-hmm. We know, through the data that we have, who the clinicians are that are prescribing medications- Yeah ... who are most likely to take branded medications and use them- Right ... early in psychiatry, OB-GYN, and other places. We're really focused on them, while also augmenting with omnichannel efforts and digital to broaden our reach and to deepen our frequency. Okay. So that's, like, less than a couple 100 reps, is that kinda what you're saying? What we- You said not hundreds. Not hundreds, but- Okay. ... but yeah, we haven't commented on the exact number. Okay. I mean, that's definitely like, that's more, that's more narrow than other psych drugs, wouldn't you say? What I would say is, I think we can be highly effective with the sales force that we've identified, and we're gonna scale rapidly with success. Again, we live in an environment, in an era where we have access to very good real-time data- Right. ... and our ability to scale quickly is really strong at this point. Okay. Okay, makes sense. Maybe the last question on the launch: so how, how are you thinking about what metrics you might disclose? Yeah, so I think, I think that's gonna evolve a little bit over time. I think, you know, out of the gate, I think what's gonna be really important is having a really strong understanding of how the medication is performing. So things like patient number- Yeah. ... and, you know, access and reimbursement are gonna be really key. And then over time, obviously, as we proceed from quarter-over-quarter, obviously there's gonna be interest in how we're performing from a revenue perspective. Yeah. Okay, but patient numbers is something you think is probably reasonable to be disclosing? I think patient numbers is gonna be the best way that, out of the gate, we're gonna have an understanding for how the medication is used. I think, as I mentioned upfront, out of the gate, if there are patients who cannot access this medication, we're gonna lean in as an organization, and we're gonna make sure that they're able to get that. That patient number looks a little bit different than maybe what you would see from a revenue perspective out of the gate. Yeah. Okay, okay, makes sense. Anything else you wanna add on the launch? What are people missing? I think you covered a number of the key points. I think from a physician perspective, as I would say, there's a lot of enthusiasm for the medication, and they want it in their hands. Again, that was reiterated last week to both Laura and I and to the teams. And when you have clinicians asking for reps as soon as possible, I think that's a great bellwether for how the physician community is responding. Mm-hmm. I think the payer conversations continue to go well, and we'll continue to advance those. You know, obviously, the quicker we can get access to the medication over the next couple of quarters, the more effective we're gonna be at pulling it through, so we're working really closely with payers. Patient advocacy and policy, you know, making sure that from those perspectives, that any mother, regardless of her coverage, she's able to get the medication and to do so in a rapid sense, or in a rapid timeframe. So I think we're doing all of the right things to be successful in the launch of the product, and we're... You know, again, as I said, from an internal perspective, we're gonna be ready to go as soon as possible. Yep. Okay, great. You wanna briefly talk about the tremor program? Sure. ... maybe just give a snapshot of the ongoing setting, and I'll have a few follow-ups. Yeah, sure. So I mentioned in the introduction that we are currently conducting a study in essential tremor with SAGE-324, the GABA-A receptor positive allosteric modulator. And I mentioned that we have prior phase II study data at a 60 mg dose that demonstrated efficacy, but also a higher risk of sedation. And so moving forward into this phase II-B study, we're testing a variety of doses of SAGE-324, 15 mg, 30 mg, and a titration to 60 mg dose. And we are looking at the dose response relationship across those doses, with the aim of understanding which dose has the best risk-benefit profile to move forward. So that study is currently ongoing. We expect to complete enrollment by end of this year and to have results by mid-next year. What we're looking at here is really to identify a dose where we see efficacy on tremor that's similar to or better than existing agents, and where there's a safety and tolerability profile that supports chronic dosing. Great. How confident are you that you can manage the trade-off between sedation, somnolence, and dizziness? You know, I think in the last study, the rate of dizziness was not that dissimilar than the responder rate on TETRAS. So curious what your work you're trying to do to get that number down, and where do you think it needs to be? Yeah. So, you know, in that original phase II study, the 60 mg dose was given in the morning, and so clearly that contributes to the higher rate of sedation we saw. In phase II-B study, we're administering the dose in the evening with the evening meal, and so, you know, patients are gonna kind of sleep through that initial sedation, and we expect to see much less sedation the following day. So that's, you know, one way to manage. The second way, of course, is to look at the dose response relationship, which, you know, in a POC study, you really rarely have the luxury to do. Okay. Do you expect that doses lower than 60 mg are still gonna be efficacious or efficacious enough? Well, I think that's why we're doing this study. Yeah. The data will tell us that. Okay. Okay. And how do you think about, you know, some of the stuff that has emerged with zuranolone related to GABA and, you know, there was the healthy volunteer study that talked about abuse liability, the driving study, right? Like, what's the read-through from that onto tremor, given the mechanistic overlap here? Yeah. So, you know, each molecule is unique, even when it's in the same class. And so, you know, we will be collecting all of the same data that we collected for zuranolone, and we'll be discussing that with regulators, you know, at the appropriate time. Okay. I mean, have you seen these things with, with this molecule? Seen which things? Seen signals like this that were talked about, that are talked about in the zuranolone label. You know, so I think you have to keep in mind embryo-fetal toxicity, which is in the zuranolone label, is typically an off-target effect of a drug- Sure ... rarely an on-target effect. Yeah. And so whether we see that or not with SAGE-324 is just gonna be based on the data that we collect. Okay. You know, as far as sedation and somnolence, we've already seen some of that with SAGE-324. Right. As you point out, you know, what we're trying to do here is find a dose that really optimizes efficacy relative to those side effects. What about things like... I mean, again, like, there was that healthy study of zuranolone, right? Where at least the FDA's interpretation of the data was that there was withdrawal syndrome, which can be intertwined with things like tachyphylaxis. Given that this is a chronic drug, I guess how comfortable are you, right, that there's not gonna be tolerance and risk of drug withdrawal? Yeah. So, you know, I would appreciate that that data is in the label. Yeah. That data is based on preclinical studies and on- The human healthy volunteer study. The results from a- Yeah. ... a human healthy volunteer study. Actually, in our phase II and phase III studies for zuranolone, we didn't see evidence of dependence or withdrawal symptoms using the Physician Withdrawal Checklist. So I think that's important context to have in mind. With regard to SAGE-324, we're of course gonna be doing the same battery of preclinical and clinical assessments, and we'll see the data when we have it. You know, one thing to keep in mind here, though, is that the odds of having dependence and withdrawal are dependent somewhat on the PK properties of an individual molecule, and the PK properties between zuranolone and SAGE-324 are not identical. Yeah. Okay. Yeah, one thing on that point you mentioned to me was that the half-life of SAGE-324 is really, really long, and maybe that could be a reason why there's, there's less read-through on this. Can you talk about that? And I guess... I think you said the half-life, right, is, is it over 20 days? Yeah, it's about five to seven days. Five to seven days. Whereas zuranolone is roughly a day. Okay. Sorry. Yeah. So, how do you think about managing a longer half-life like that if a patient does have a side effect? Yeah. So this is, you know, commonly done for many medications in clinical practice that have half-life, long half-lives. You know, seizure disorders have a number of medications approved with similar profiles, and typically, what a clinician will do if side effect emerges is hold the drug for a couple of days and then restart at a lower dose. Okay. Okay. So, if this study is positive, what does the regulatory path look like in tremor? You know, how clear-cut is it, as it relates to what the registrational endpoints are gonna be? Yeah. So there is a precedent product for essential tremor, propranolol. Unfortunately, it was approved more than 50 years ago. So it's a precedent, but potentially a weak precedent. There has been alignment across experts in the field, however, however, that the TETRAS performance scale and the TETRAS ADL are good measures of the, you know, the amplitude and severity of the tremor, as well as its impact on day-to-day activities. We are including both of those measures in our study, as are, you know, competitors working in this space. And so we are, of course, learning from competitor data. We're learning from their interactions with the FDA. Based on everything we've seen, these two endpoints are good endpoints to be using, and we will be able to have a discussion at the end of phase II with the agency about exactly how to approach our phase III program design. Okay. Okay. Do you want to briefly talk about the SAGE-718 studies that are going to read out next year, two RCTs in Alzheimer's and Huntington's? And a third in Parkinson's. That one's coming next year, too? Yes. Okay, great. So, I mentioned in the intro that SAGE-718 is a wholly owned asset by Sage. It's an NMDA receptor positive allosteric modulator in development for disorders of cognition. We have a very nice data set on this molecule, from preclinical into translational and into early clinical development, that consistently shows that this molecule improves learning and memory and improves executive function. These are two really critical domains of cognition that really impact day-to-day function of patients. So with that data set in mind, we are now moving forward into phase II testing SAGE-718 in Alzheimer's, Parkinson's, and Huntington's disease. All of those studies are well underway. We expect that results will read out next year, and we'll be able to provide more clarity on the relative timing of those readouts early next year. Can you talk about the biological hypothesis here? There's historically been this really interesting tie between NMDA and cognition. I think what's confusing to me is that Namenda is a weak antagonist at this pathway, and SAGE-718 is a PAM, right? And Namenda does have some small pro-cognitive effects, and so I think from that it's been, like, harder to kind of reconcile what's the right thesis. Can you talk about how you're thinking about that? Yeah. So I think the role of NMDA receptor dysfunction in each of these diseases could be slightly different. Okay. You know, we know in Huntington's disease, for example, you know, the onset of cognitive impairment is at a much younger age than what you see in these other two populations. And it also may be associated with a decrease in 24S-hydroxycholesterol, which is actually an endogenous modulator of the NMDA receptor. And so for each of these diseases, while the NMDA receptor dysfunction is involved in the underlying etiology, the way in which it's driving that etiology may be somewhat different. And so there is reason to believe that the intersection between targeting NMDA receptors and in each of these disease states, you may end up with results that are not the same across these different indications. With regard to Alzheimer's disease, you know, Namenda is approved for treating moderate to severe Alzheimer's disease and hasn't been demonstrated to be effective in milder, forms of disorder, sort of earlier in the disease progression. With SAGE-718, we are actually looking earlier in the disease progression, where we believe that NMDA receptors are active and really playing a role in driving the pathophysiology. Yeah. You did some interesting phase I work, to examine, you know, different cognitive tests and things like that, and working memory, I think, in healthy volunteers. Can you sort of speak to that, and how strong are-- is that work in terms of predictive validity onto a clinical effect? Yeah. So as I mentioned earlier, we have a number of different data sets that are very consistent in terms of showing effects on learning and memory and executive function and are reasonably likely to predict success in these phase II studies. Specifically, you ask about the phase I healthy volunteer data, and in that study, what we did is a challenge study, very commonly done in cognition. What you do is you give healthy volunteers a drug that reduces their cognition, and then you give your agent after that to see if you can restore normal cognition. And that's exactly what we did with SAGE-718. We gave ketamine to reduce their cognitive abilities and then gave SAGE-718 after. What we saw in that study is not only did we restore normal functioning for the healthy volunteers that got SAGE-718, but they actually were a little bit better than their baseline. So I think that's really very encouraging data. However, you have to keep in mind, that's healthy volunteer data, and what we're doing now is testing in a disease process where, you know, there may be alterations in the NMDA receptor. And so this is why, of course, it's important to do phase II studies and understand your safety efficacy profile. How would you rank order the probability of success of these indications? I don't think it's really possible to rank order. I think that what we've done in designing this program is really thought very carefully about that consistent profile that we're seeing, effects on learning and memory, effects on executive function, and make sure that in each of these populations, we're optimizing the stage of disease and we're optimizing the endpoints that we use to be able to detect an effect. Great. I think we're out of time. Any last comments either you'd like to make? Yeah, I mean, I think just to round out the conversation, I just want to underscore how excited and how prepared we are to effectively launch the medication, you know, in effect, being commercially available in the fourth quarter and full-scale launch in the first quarter of next year. I think we talked about, you know, in effect, the catalysts that we have next year with SAGE-324 and SAGE-718. And I'd be remiss if I didn't channel my inner CFO, Kimi Iguchi, to say that we have a strong financial foundation with cash runway into 2026. We're going to do everything that we can as an organization to be smart with our investments and to be efficient and to really maintain a strong balance sheet as we go forward. A lot to look forward to from Sage as we continue to advance as a leader in brain health. Great. Awesome. Thank you both for coming. Appreciate it. Thank you.