Hi, everyone. Welcome. It's great to see everyone in person. This is the fourth day of the JPMorgan Healthcare Conference. My name is Luka Kachukhashvili. I'm an associate here in the healthcare investment banking team. It's my absolute pleasure to introduce Travere Therapeutics. Joining us today will be Eric Dube, the CEO of Travere. With that, hand it over to you. Excellent. Luka, thank you. Thank you and JPMorgan for hosting us. I couldn't be more excited and grateful to be able to share the opportunity to talk about Travere. It is perhaps the most important year for us in our eight-year history, but also for the space within rare kidney disease that really we're at the forefront of what I believe is a renaissance in being able to bring hope and new therapies for patients living with rare kidney disease. In my presentation, I will be sharing some forward-looking statements, so I'd encourage you to go to look at our SEC filings for additional language there. I wanna start with a real focus that we have at Travere. We are based in San Diego, and we are exclusively focused on rare disease. Our mission really is to be able to change the lives of families that are affected by rare disease, and through the development and delivery of medicines. That's because it's personal for us. I am a rare cancer survivor, and many of my colleagues joined this company because of the mission that we have and the very unique culture that we have in being able to deliver not just medicines, but overall focus on improving the lives of rare families. We have lived experience across the organization, including at the executive level, where we have not just myself as a rare survivor, we have a rare kidney patient. We have a rare caregiver, and we have a provider who has been focusing on providing medical care for rare kidney patients. This is very real for us in being able to address a sense of urgency and a holistic view to be able to deliver and commercialize medicines that will be transformative in this space. This is a snapshot of who we are at Travere. First and foremost, we are a company that is very much focused on being a patient and community-centric leader within rare disease. We have a commercial infrastructure that we've had in place for about eight years and has successfully been able to identify and maintain therapy for patients with rare and ultra-rare kidney and hepatic diseases. We have a very strong financial position to be able to move our pipeline forward, and ultimately, come five weeks from now, the first major launch for us with the launch of sparsentan. This is our management team. We come with a depth of experience within rare disease and within the bio and pharma arena. I will call out I've worked about 20 years at a large pharma, launching a number of medicines that really have been important in oncology rare disease as well as in chronic disease. I'll call out 2 of our leaders in particular who joined very specifically for the promise of sparsentan and Travere. That's Peter Heerma, our chief commercial officer, who has spent the majority of his career in nephrology, launching some very important medicines and also working on the development of medicines that you may know well in the pipeline of other companies. Then Dr. Jula Inrig, who is a nephrologist who worked over the last 10 years, both at IQVIA as the lead nephrologist, working on a number of and most of the medicines in development in this arena, but also on the Kidney Health Initiative, which has been instrumental at creating a regulatory pathway for the use of proteinuria and other biomarkers to really accelerate the development within this space. This is our pipeline. We will focus quite a bit of our time today on sparsentan. We have 2 phase III programs that we'll be reading out later this year. We have CDCA, which is a commercially available medicine, but is not promoted, but we are developing and is in phase III for an ultra-rare condition, CTX, and we will have those data and the ability to submit for that indication later this year. Then we have pegtibatinase, which is a pegylated human enzyme replacement therapy for the treatment of classical homocystinuria. We've reported out proof of concept data about a year ago. We'll provide further data from our phase II program in the middle of this year, then we'll look to move that asset into phase III in the second half of this year. I've touched on a number of the milestones that we have in front of us. To characterize this as an important and exciting year is probably an understatement. It'll start in about five weeks with our expected approval of sparsentan. Our PDUFA date for the treatment of IgAN is on February 17th. We are ready for a phenomenal launch there. Moving into quarter 2, we have the top line readout of our phase III DUPLEX trial in FSGS. That will serve as the basis for us to submit a supplemental NDA to the FDA for approval of that indication. In many ways, we believe that the DUPLEX trial is a landmark trial, really one of the first ever within this very difficult to study and treat disease. In the middle of the year, we expect to have approval from EMA for sparsentan in the treatment of IgA nephropathy. Then moving on into the second half of the year, we expect to submit an sNDA for FDA, a variation for the for sparsentan in FSGS, and then also we will have the top-line data readout and the completion of our PROTECT trial, which is the phase III confirmatory trial in IgA nephropathy. A very busy year, but one that I couldn't be more confident in our ability to execute and deliver on all of those for sparsentan. Turning our attention to pegtibatinase, there really are two major events this year. The first is that we will provide additional data from the COMPOSE study. That's our phase II, looking at a higher dose cohort of that, to be able to see whether we can get even further efficacy than we've already demonstrated. By the end of this year, we will look to start our phase III program in HCU. Finally, we're providing a bit more visibility in our CTX program. Again, we've been behind the scenes working on that trial. That trial will complete by the end of this year, and we'll look very quickly next year to be able to submit for that indication. Turning our attention to sparsentan, this is a dual endothelin and angiotensin receptor blocker. It's been in development for these rare glomerular diseases. I wanna start with the patients. Now, these are two indications, IgA nephropathy and FSGS, or focal segmental glomerulosclerosis, that are oftentimes the most rapidly progressing and difficult to treat glomerular diseases. IgA nephropathy is perhaps the most common of the primary glomerular diseases. For these patients, they oftentimes are diagnosed in early adulthood, and otherwise are young, healthy, and of working age. The diagnosis of IgA nephropathy comes oftentimes as a surprise to these patients because they are often told that this is a progressive disease that really is very little other than the treatment with ACE inhibitors or ARBs. For the patients that we are focusing on, those patients with proteinuria above 1 gram per gram, they oftentimes will have a median progression to end-stage kidney disease, transplantation, or dialysis within about 10 years. This is, you know, within the prime of their life, they're then told to be prepared for dialysis. As I'm sure many of you know, oftentimes the mortality rate for patients that are on dialysis are sometimes higher than some of the common cancers. Turning our attention to FSGS, this is an even more rapidly progressing disease. It is characterized oftentimes by nephrotic-range proteinuria. These are patients that have difficulty in having any type of response to other therapies. They will typically be placed on ACEs or ARBs, sometimes steroids. But it's very difficult to be able to slow the progression of this disease. Oftentimes between 30%-60% of these patients will progress to dialysis and end-stage renal disease within a matter of years. When we talk to nephrologists, very consistently, they rate FSGS and IgA nephropathy as two of the most challenging diseases to treat, and the two areas of high unmet need. One of the other things that we hear very consistently from nephrologists is the common component of these diseases is not just the progressive nature, but the way that they're treated. The nephrologists will be looking at proteinuria. These conditions, while different in etiology of their renal dysfunction, but are very common in the high proteinuria and the progressive proteinuria that they have. I'd like to spend a little bit of time about how that occurs within IgA nephropathy and why sparsentan is so well-positioned to be able to address this injury that occurs and the disease process that occurs within the kidney. We know very well the etiology of renal damage for patients with IgA nephropathy or IgAN. Patients will typically have an infection, a respiratory infection, upper respiratory infection, that will then activate and glycosylate IgA. Those glycosylated IgA complexes then become deposited into the kidneys as their blood is being filtered. That deposition within the kidneys is not just injurious alone, but actually starts a cascade of overactivation of both angiotensin and endothelin. This is perhaps why about 90% of patients that are diagnosed with IgA nephropathy in the U.S. are placed on an ACE inhibitor or an ARB. Unfortunately, it's not enough. We know that most patients with that are treated even with an ACE or an ARB continue to progress in their proteinuria. That's because there is crosstalk between angiotensin and endothelin. If you focus on only one of those, you still have the overactivation of endothelin that for... If you don't have, you know, full occupancy of the RAS system, you still will have some kind of upping ramping of angiotensin as well. This is where we believe sparsentan as a dual endothelin angiotensin blocker is uniquely positioned to be able to address this. What you can see, once the patients do have this overactivation, they do have these immune complexes that are in the kidney, you see that it actually creates a further issue where there is a compromise in the integrity of the glomeruli. The podocyte, which is the main filtering cell, becomes compromised, and there's often apoptosis. That is what leads to proteinuria and the ability for the glomeruli to filter the blood and maintain the protein in the blood. that leads to the scarring or glomerulosclerosis that is seen oftentimes in biopsy, as well as inflammation and fibrosis that occurs through the mesangial cells and the glycocalyx for these patients, which is often what renal biopsies are really being assessed for. If you're able to block both angiotensin and endothelin like sparsentan does, you're able to then slow and improve the proteinuria, but also allow the kidney structurally to be able to heal. That is essentially what we're aiming to do, not just short term with proteinuria, but longer term in being able to slow the progression of this disease and ultimately prevent these patients from going into renal failure. We are studying sparsentan in three clinical trials. We've completed the bottom trial here, the phase II DUET study in FSGS. These patients, many of them are still continuing out to 7 years in an open label extension. We have 2 phase III programs, the DUPLEX study in FSGS, as I mentioned, will be completed next quarter. The phase III PROTECT study in IgA nephropathy, the double blind, will complete in the 4th quarter of this year. For both of those phase IIIs, we do have open label extension to be able to assess longer term benefit and risk for these populations, and I'll get more into that in the next slide. This is the trial design for the PROTECT trial. We are perhaps unique amongst really anything else in development where we have chosen to go to compare sparsentan to active control. All patients are randomized to either sparsentan or irbesartan. The other unique aspect about this trial design and the rigor that we have with our phase III is that all patients before randomization are screened, in a run-in for 12 weeks to ensure that their RAS blockade is optimized before randomization. We know all too well that in the real world, even under the care of nephrologists, many patients are not optimally dosed on their ACE or their ARB. We have 2 major time points in this trial. The first is to support accelerated approval, and that is at 36 weeks in the assessment of proteinuria change or UPC from baseline to week 36. All patients are followed out to 2 years to be able to assess a longer term measure of kidney function in the 2-year eGFR slope. Again, we'll achieve that endpoint in the fourth quarter of this year. The other thing I'll point out on this slide is that we did announce before the JPMorgan conference that we are initiating two studies in IgA nephropathy in the combination of sparsentan and SGLT2s. These are smaller studies, but very important in answering one of the main questions that physicians have, is how can you combine sparsentan and SGLT2s? We do have a drug-drug interaction study that we completed showing that they can be safely combined. What we want to do in the open label extension is to show what the incremental benefit and safety profile is of adding SGLT2 to sparsentan. We have a separate study looking at what the benefit of adding sparsentan is to patients that are on stable SGLT2. Those data we should expect to have next year. From the IgA nephropathy study at our 36-week endpoint, these are the results from the assessment of UPC change. They're one of the most robust and greatest magnitude of proteinuria reduction of nearly 50% compared to 15% on active control irbesartan. That 15%, I think, really reflects, again, that many patients in the real world are underdosed on their ACE or ARB. This, again, we design the trials to be able to show that if you can have a reduction of at least 30% at 36 weeks, that should translate into a robust treatment effect at two years on eGFR. Turning our attention to the phase III DUPLEX study, you'll see a very similar trial design, although there are some important differences here. Patients with FSGS are treated perhaps a bit differently. ACEs and ARBs are still the predominant method to treat these patients, but they are treated with a whole host of other therapies. We did have a washout period before randomization. Also the target dose is higher in FSGS compared to our DUPLEX, our PROTECT study. The measure of proteinuria is a slightly different and perhaps a more rigorous measure that reflects some of the work that was done in assessing the relationship between proteinuria and eGFR. We looked at a measure of partial remission and then a similar measure of eGFR slope at 2 years. These are the results at the 36-week time point where we see a robust and significant improvement in 42% of patients on sparsentan were able to achieve partial remission. As if we expect what we did see in our longer term follow-up in phase II, we would expect these rates to continue to improve. These are the results from the phase II. This is at eight weeks, also comparing sparsentan to irbesartan, where you see a similarly robust improvement in proteinuria. For those patients in our phase II open label extension who were followed longer, and this is out to four years, we looked at eGFR. This is open label, so, you know, take that, the context there. Against the backdrop of natural history of one of the most rapidly progressing glomerular diseases, typically, you will see in an FSGS patient that they will lose between 6 and 10 milliliters per minute per year of renal function. We see that patients that are on sparsentan were able to perhaps slow the progression of their kidney function loss, and it's about 4 milliliters per minute per year. I think it gives us further confidence that relationship between proteinuria reduction early and being able to have a longer-term benefit seems to be here in this. Of course, we'll be able to answer that question next quarter. This is just a summary looking at the consistent and robust reduction across those 3 trials when you compare sparsentan to active control. Again, a summary here of the very busy regulatory timeline that we have, starting with the potential approval in 5 weeks time, you know, Europe approval, then we will look to complete those trials and quickly submit for full approval for FSGS. Looking at the addressable population, these again, as I mentioned, are some of you know, larger prevalence of rare kidney diseases and rare diseases overall. FSGS, there are about 30,000-60,000 patients in the U.S. We've done a lot of work looking at what is the addressable population at the time of launch. Looking at things like who have the, who has a biopsy-proven disease, who's under the care regularly of a nephrologist, who is not so far along that they're close to or in end-stage renal disease. That really is what gets us to 15,000-30,000 patients with FSGS, and it's about double that for IgA nephropathy. These are sizable numbers of patients for us to be able to improve their lives, and that's where we wanna make sure that we can quickly reach them with sparsentan. We believe that sparsentan and Travere are uniquely positioned to become the new foundational therapy to be able to replace the role that ACEs and ARBs play within this disease. We don't believe that anything in development that we've seen thus far has the ability to replace the role of ACEs and ARBs in that foundational therapy as a once-daily oral pill, dual mechanism, very simple to use, with a predictable safety and efficacy profile. We know that this space is evolving and could evolve quite quickly within the future, but we have a two-year lead time before anything else is gonna be approved within this space. We believe, you know, having launched a number of medicines within my career, a two-year lead time from a competitive standpoint, with such a powerful clinical profile as sparsentan, really gives us a strong position upon which to build to build this medicine. We have, as I mentioned previously, a commercial infrastructure already. Part of that has been within rare nephrology and cystinuria, where we've had relationships with several thousand nephrologists within the U.S. Late last year, we expanded our commercial infrastructure to prepare for the sparsentan launch, and I'm very pleased that we now have a full complement of 80 account managers that will cover 6,000 nephrologists within the U.S. In our estimates, in our targeting, that covers about 85% of IgAN patients within the U.S. What's important to point out here, and perhaps unique from some other rare diseases, is that the majority of patients are actually under the care of community physicians, under the care of community nephrologists. It's important for us to have the capabilities and the infrastructure to not only be efficient, but to be able also to be able to reach where these patients are. We know that within nephrology, there typically are not the type of referral patterns into, you know, secondary or tertiary care centers. We wanna make sure that we can go where the patients are. We will be prepared from day one of approval to be able to reach out to these clinicians with sparsentan. Finally, and perhaps most importantly when you think about launch is, are the patients going to be able to access it? Can they afford it? We've been working for a number of years to establish a robust evidence base for the value proposition and the health outcomes and burden of illness of IgAN, the value of sparsentan. We have a team that's already in place and in the field to be able to engage with payers, will be ready to be able to do this, and I've been very pleased with the feedback we've received thus far. Payers really in the U.S. understand the burden of this disease, the cost of this disease, the inevitability for many of these patients to be on renal replacement therapy, and ultimately the promise that sparsentan can bring. We are very focused on getting access because with access allows us to have the uptake and allows us to establish sparsentan as the new foundational therapy, so that in two, three, four years from now when other classes of medicines come, for patients that may need additional help, they can add those complementary mechanisms on top of sparsentan if needed. On that note, I'd like to talk about two maybe specific things on the potential launch as it is so near. The first is we've done a lot of market research with nephrologists. The most anticipated pipeline medicine in development, you know, as this is, really is a renaissance within rare kidney disease, sparsentan consistently is seen as the most promising and anticipated medicine there. The number one measure that I look at oftentimes when I've launched medicines in the past is intent to prescribe. Do the clinicians that intend to use this, do they actually want to? We've been very pleased to see that consistently over the last year that 90% of nephrologists in the U.S. expect to use sparsentan in the first year. I have never seen an intent to prescribe as high as that. We believe that there is a recognition of the unmet need in this population, that the understanding and the role of sparsentan in the clinical profile certainly is there. The second thing I'd like to mention is that we have announced that FDA would like for us to add a component to the planned REMS. Any endothelin receptor antagonist will need to have a REMS for pregnancy due to the fetal toxicity risk. FDA did ask us to include also liver monitoring because there have been some endothelin antagonists that have been associated with liver damage. We have not seen any cases of liver damage in the history of clinical development with sparsentan. The FDA has indicated that because this is being approved through accelerated approval and the safety data package is evolving and the full benefit within this population has not yet been proven, that they would like for us to educate physicians on this risk and be able to monitor liver. We'll be able to provide further details on the design of that REMS upon approval in five weeks time. We are well prepared to be able to address the needs of physicians, make it efficient, and ensure that we are educating clinicians about this potential risk. With all of that, it does not deter us from the vision, and I don't believe that there is gonna be a substantial impact on the short-term or the long-term impact of sparsentan's uptake. In Europe, we have a very established renal partner, CSL Vifor, who will have commercialization rights there. They are well poised with their experience to be able to launch this upon approval later this year. Turning our attention quickly to pegtibatinase. This is again, a pegylated human enzyme replacement therapy for classical homocystinuria. This is a recessive genetic disease, where patients have a defect in their CBS gene. The CBS gene metabolizes total homocystine and methionine and is associated with an accumulation, a toxic accumulation of homocystine in the blood and tissues over time that leads to a dislocation of lens, oftentimes in childhood, leading to seeing disorders as well as perhaps most concerning, thrombosis. About 25% of these patients have a thrombotic event by the time they're 16. 50% before they reach the age of 30. A very serious under-recognized disease. Unfortunately, even though this is on the panel for most newborn screening, about 50% of newborns go undetected with this disease. Not only do we have the opportunity to innovate with regard to therapies, but really invest in better education, better screening for these children so that they can have as near a normal life as possible. Pegtibatinase, we believe, will be disease modifying and be able to be first in class. It is designed to be able to replace what would be the native CBS enzyme. We have Breakthrough Therapy designation that was we received last year. We have rare disease designation, we have orphan designation, and we have Fast Track. And this is the design of our Phase 1/2 COMPOSE study. We announced results from cohort 5 about a year ago, and we have completed enrollment in cohort 6. We'll be able to provide those data updates in the middle of this year. Turning our attention to what we provided with regard to cohort 5, you can see the dose response in the upper graphs. I'll draw your attention to the lower left-hand graph, which shows the change from baseline in total homocysteine levels. There's very little known about this disease. We have a natural history study to help better characterize and understand this disease, but there is a literature and there are treatment guidelines. Those treatment guidelines recommend that patients get their serum homocysteine levels below 100 micromolar. At the dose studied in cohort 5, we were able to get all patients on pegtibatinase below 100 micromolar within 2 weeks and keep them there for the 12 weeks of study duration. We're continuing to follow these patients, so we'll be able to have more information on the longer-term safety and tolerability, and we again are studying a higher dose to see whether we can get these patients even further below as close to normal as possible. When we talk to these patients, it's not necessarily that they are only afraid about a thrombosis or cognitive or psychiatric disorders or losing their sight. They wanna eat a normal diet. These patients right now are treated most often with a very, very strict diet of no to little protein. I and many of my colleagues who are working on this program tried that diet. I couldn't last three days. You know, when we say we can just manage this with diet, it is a life that many of these patients are really eager to improve. That's why we're looking at higher dose to be able to see how we might be able to help them not only stave off some of the clinical outcomes, but actually allow them to spend time with their family and friends. If you think about what are some of the most meaningful interactions you have with others, it's social with family, with friends over food. That's what we wanna be able to provide for these kids. Closing out with our finances, we continue to have a strong set of revenues that come from our established commercial portfolio. We announced that last year we had $201 million in net revenues from the US in our commercial business. We ended last year with $450 million in cash. That cash position allows us a runway well into 2024. When you think about the year that I just walked through this year with 2 phase III programs that 3 phase III programs that are continuing and will finish this year, the initiation of a phase III, the start of 2 additional studies of sparsentan and SGLT2s, Most importantly, to ensure that we have a strong launch to establish sparsentan in the next 2 years as the new foundational therapy, we have the cash that we need to be able to execute it, We have the organization that year in and year out has executed exquisitely well. We're in good position to be able to do that. I'll just end with, again, the highlights from what is an incredibly exciting year, but most importantly, this is a year that we believe is gonna open up greater hope for a rare kidney disease community that has been waiting for decades for something that's gonna transform their lives. I'm proud to be helping to transform, but most importantly, to be able to create the pathway for many others to come and bring other therapies for these patients. I thank you, and I'm happy to take your questions. Thank you, Eric, for the fascinating presentation. If anyone has a question, please raise your hand and we'll run a mic to you. I can get us started. You've spoken about sparsentan as the new treatment standard. How do you perceive a physician preference for sparsentan as a foundational care therapy? Yeah. Well, I'll reference back to the intent to prescribe, because I think it gives a real view of what are physicians gonna do next month when they have a new treatment choice. I think it's important for us to ground ourselves in what are they gonna be thinking about now. Typically, you know, if I were a nephrologist and I had an IgA nephropathy patient, there are limited choices that I have if they are progressive. You can continue them on ACE and ARB as a failure, and essentially it's gonna reflect the story that we hear from many patients that we speak to, which is, "Prepare your life for dialysis." That's really not an ideal option that physicians or patients want. You can give them a round of steroids, We know that the treatment guidelines say to minimize steroid use, and patients and nephrologists really want to avoid that. In fact, the number two attribute that nephrologists are looking for in an IgAN treatment is steroid-sparing and not immunosuppressive. Really, that leads us to sparsentan and SGLT2s. We don't see SGLT2s as a competitor. In fact, we believe that they will be well co-positioned, sparsentan for a robust reduction in proteinuria, SGLT2s as we've now seen from DAPA-CKD and EMPA-KIDNEY as renal protective in the long term. We will be looking to be able to, you know, provide evidence on that combination. It's no surprise when we do market research with nephrologists, that sparsentan and SGLT2s is the combination that they expect to be most common in the future. We will look to be able to provide further information. As we look further afield in 2+ years, there may be other treatment options, other classes, but essentially, as we believe and what we hear from nephrologists is, you wanna have a very solid foundation of a simple therapy that is effective and safe, such as sparsentan, and then perhaps a personalized approach to be able to add on if patients need it or if they progress. That's really how we see, but perhaps more importantly, how nephrologists see the treatment paradigm evolving over time. Thank you. Kind of to follow up on that, I was wondering if there's any light or details you can shed on the review process with FDA. Where does the company stand with sparsentan there, and any additional details? Sure. We are in very active discussions with the FDA, both on the label as well as details on the REMS for liver monitoring. We're exactly where we would hope to be 5 weeks out from approval. You know, while I can't get into any of the details of those discussions, we're very much confident that we will have a successful approval in 5 weeks' time. Thank you. Yeah, we can switch gears a little bit. I was wondering if you could speak a little bit more about the business sides of things. I was wondering, how do you view your legacy commercial products versus your ongoing R&D efforts? Is there a specific prioritization of the business you'd like to convey here? Well, I think our top priority for the next few years is establishing sparsentan as the new foundational therapy for IgA nephropathy and ultimately then FSGS, if approved. I think we have an incredible opportunity and a 2-year lead time to be able to do that. That said, you know, we do wanna make sure that we pay attention to our commercial medicines. These are considered the standard of care for each of those ultra-rare conditions, and we do not want and have not ignored the needs of those patients. We will continue to invest in that. It's been a very important part of our business. It helps, you know, not only for us to be able to be leaders within the rare disease community, but also, you know, in continuing to invest in our pipeline as they are a profitable part of our business. We will continue to invest in that. Something like our cystinuria business that has faced generic competition, we've been able to retain quite a bit of those, of those revenues because we know the needs of the patients. We're there to be able to support them and, you know, their physicians or the patients have opted to continue with the therapies here. We will continue to focus on that, knowing that our number one, number two, number three priority is the successful launch of sparsentan. Thank you. Yeah, if there's any outstanding questions, we'd like to hear them. Any thoughts on competitive landscaping at amyloidosis and whether you see incredible competitors versus not? Yeah. I think I would actually say in rare disease, I very rarely use the word competitor because having been diagnosed myself and heard the words from an oncologist, "There is nothing for your condition," I know that many patients today with rare kidney disease hear the same things from their physicians. We really are excited about all of the options that are coming behind us. Most of them, other than perhaps atrasentan, which is an endothelin receptor antagonist, all of them are seemingly complementary in mechanism to sparsentan. What we hear from nephrologists is, we believe that they will be able to add any of those therapies to sparsentan. For atrasentan, you know, if they are ultimately approved, there certainly is a role for them. You know, they have a different profile than us, and they will be, you know, at least 2 years behind us. I think we still expect to be the leader within this space, not just within that class, but within the entire IgAN market. Ultimately, that's for us to be able to execute upon in the next couple of years. Thanks, Eric. There's no outstanding questions. This session is concluded. Thank you. Thank you.