Great. Thank you for joining this session with Zai Lab. This is China Healthcare Analyst, Yi Chen. Today's session is with Zai Lab CFO, Billy Cho. Thank you for joining. Billy, let's get started with the Shanghai lockdown. How that has been impacting our operations? Is everyone back to the office yet? Yeah. Thanks, Yi, and good morning, everyone. Yeah, pretty much since June first, so a little over two weeks now, everyone's back in the office and functioning normally. As some of you may be seeing in media, what they did was Shanghai, to be specific, really increased the testing capacity, so that if there's any super spreader events, they can quickly mobilize. You may see an increase in the cadence of testing, but that's gonna result in, hopefully no more systematic you know, lockdown. I think they're taking some cues from what Beijing has learned over the past 2+ years, where it may not have been sort of, you know, widely spread in the U.S., but we have been working in a kind of obviously a COVID world over the past 2.5 years. There has been flare-ups, you know, throughout the period. Each city has different strategies. Companies like us, we've also adapted and created a lot of procedures and protocols to navigate and mitigate if there's any kind of flare-up issues. Anyways, to kind of wrap up here, the Yes, kind of basically, you know, kind of at least in for our employees in our offices, it's been open for over two weeks and it's back to normal. Great. In terms of commercialization, we do have the ZEJULA in the market and Optune, Repotrectinib. Talk about ZEJULA's commercialization for this year. Any specific target we should be targeting? Also towards the end of this year, there's gonna be another round of NRDL negotiation. Yeah. There's increasing discussion about whether we should consider NRDL as one of the ultimate channel or ultimate payer. Yeah. for any of the new drug launches to the market. What do you think about that? 'Cause, you know, Zai Lab will definitely have a large pipeline, and over the next few years, we're gonna see more drugs come to the market. Yeah. Lots to unpack there. You asked three questions in one. Yeah. Let's peel back one by one. Mm-hmm. I'll try to be punchy. In terms of commercialization, yes, we are commercial stage. We have four launch programs, and ZEJULA was one of the first ones out of the gate. It is reimbursed nationally. That one, you know, last year was our first full year in China sales for ZEJULA, and we did about $94 million. Not too bad for, you know, the first 12 months. This year we expect, of course, a pretty significant increase as well. We have not yet gotten to the cadence of giving product-specific revenue guidance. Ziyi, I know what you have, you know, for your target. I'm comfortable with where you're at. I'm comfortable with where the street is. You know, I'll just kinda stay there until we're ready to give more specific guidance in the future. Now your question about the, you know, NRDL, the National Reimbursement Drug List in China. In our view, for the past few years, for those of you who know us, you know, we've been saying as far back as, like, three years ago that the payer mix dynamics is gonna change in China. You know, historically there's always been a good chunk of just out-of-pocket private pay, just out of legacy and behavior. Innovative therapeutics was just not available. If it is, payment is there. Of course, NRDL, the National Reimbursement Drug List, was very rarely updated. You know, last time it was updated, you know, up until a couple years ago was, like, eight years prior to that. But then you saw that it's getting updated every year, the list. The past strategy has been that, you know, you wanna get on the list ASAP. We said that, well, there could be a future, and we think there is a future, where there's gonna be the emergence of commercial insurance, like in the U.S. and supplemental insurance scheme. That's exactly what's unfolding right now. Based on our estimates, number of people who are covered under commercial and supplemental now, about roughly doubled year-over-year to about 100 million covered lives. We think that, and you can also see some research reports from McKinsey, etc., it's probably headed to about 200-300 million people, within about 2.5 years. It could be even the size of the United States, roughly within that ballpark. Now that's interesting because it gives us a lot of flexibility, on the market access strategy, be a little more sophisticated. If you truly have differentiated assets, you can really, sort of, you know, come up with different ways to, you know, sort of from a financial point of view, drive adoption with, you know, a very good price point. You can elect to get on NRDL. As a matter of fact, the Chinese government, the National Health Commission, came out and said that NRDL will be important, but do not solely rely on NRDL to drive adoption for innovative drugs. Mm-hmm. That's their way of saying that this, there's gonna be some support for supplemental insurance and commercial insurance, which is exactly what we're seeing. For us, we're an early adopter, as you know, Ziyi. We're one of the first companies to really kinda use this as one of our market access strategies because we can. No one really has some of the drugs that we are working on. And we've made very good progress, you know, with whether it's Optune for Tumor Treating Fields, which is a very fascinating new technology, you know, kind of only-in-class positioning. Whether it's Qinlock, and you'll see some more of this. We've been really able to leverage this channel to drive adoption at a pretty strong price point. You know, our pricing for Optune, I think global prices in the U.S., Europe, et cetera, is around, you know, $10,000 per month. You know, we're probably at about 25% discount to that, roughly. You know, Qinlock is also, well, Qinlock pricing U.S. is spectacular, but we still have it in China, you know, around sort of, you know, $8,000, right? Per month. Mm-hmm. It's great that you can have this, you know, kind of strategy, and then you can make a decision on NRDL like we would. I think we publicly announced that we will have some NRDL negotiations happening this year. One in particular, we have a drug that we launched called NUZYRA. It's the only drug in our entire portfolio where you have to go out to the community. It's kind of primary care. For us, you know, out of our 28 programs, you know, basically all of them are very concentrated. NUZYRA, we decided to obviously, you know, find a partner who has a built-in team of nearly 1,000, you know, salespeople in that class, you know, tetracycline class, and this is a new next generation. That's great because that's just gonna be cash flow coming in, right? Mm-hmm. I'll take a quick pause there, so we can address other questions. Yeah, sure. I think you mentioned about, for example, Optune, Qinlock, and, of course for ZEJULA, you actually build your own team. For, you know, another disease category, infectious disease, you're actually looking for a partner. What about in the future? Yeah. Cause particularly at a time like this, everyone's talking about how they're gonna prioritize their resources. Yeah. To do some of the core assets or core therapeutic areas they're gonna be focusing on. In terms of commercialization, what's gonna be your strategy in the future? Yeah. It's a great question, especially, you know, in today's day and age. We've always kind of prided ourselves on being rather efficient, and productive. BD has been a very powerful tool- Mm-hmm. to very quickly scale with much better economics in terms of whether speed or whether the required R&D funding to even get to that stage. I think it's gonna continue to be a very powerful strategy for us. We have established ourselves as sort of a brand name, as a go-to partner of choice with, you know, that you can trust, and work together for long haul. Now, if you look at the portfolio that we've assembled, it's very focused. Even when we enter into a new area, we make sure that anchor asset, you know, we can actually have some operating leverage built in. For example, I think many people already know about the progress we made in oncology. Mm-hmm. And you know, there's a portfolio within each of the areas that we focus on, you know, gastric, lung, et cetera. Clearly, that's gonna drive operating leverage, right? 'Cause you have the same development team working on multiple programs. and our development team is broken up by therapeutic areas. You have the same, you know, call point from the commercial team selling more than one product. Clearly you can see operating leverage and you can already see it like this year. Like ZEJULA as an example, you know, we expect that to be profitable this year, right? Mm-hmm. It's a very focused, concentrated. We know where the patients are. They're assembled. Majority of the scripts are gonna be concentrated towards sort of the larger hospitals and tier one cities, et cetera, and then we cascade out as we get on NRDL, for example. We even have set up structures where we do have individual teams by disease area, but for the most important cities, that's where scripts are concentrated. For the tier two, lower tier cities, we can have the same team sell across the disease area. That's something creative that we're working on. It's working quite well. We expect to drive a lot of operating leverage. We got into neuroscience recently. Let me just give you an example there. Mm-hmm. You may say, "Well, wow, okay, that's a whole new therapeutic area." We agree with you that KarXT is very fascinating, and we have a very important event coming up in third quarter for EMERGENT-2 readout. Like many of you, we're, you know, very fascinated and waiting. We think that KarXT is a very important drug globally and in China as a result. You know, when we did our work around it, we were very comfortable and excited because apart from all the things I mentioned before, we also have, we can leverage what we've built already. In terms of neuroscience, you may know that Efgartigimod, our partnership with argenx, when you talk about GMG, CIDP, you're talking about neurology, actually. Optune, that's in glioblastoma neurosurgery. We're gonna be able to leverage that, even for KarXT launch, and a good element of that. You know, we're always looking for ways to, you know, really leverage the platform that we've already built. We spent a lot of effort and energy building what we have right now at scale, and now we're getting into the productivity mode. Hopefully that kinda helps kind of our philosophy and we've kind of always thought this way actually, but, you know, we're happy to see it in action and then be a little bit more vocal about it now. Got it. Well, I capture one piece of information that you said probably for the first time is ZEJULA is gonna be profitable, right? Let's discuss a bit more about that 'cause given the pricing environment in China, there has been some investor concerns about whether you can really make money in China for selling innovative drugs. Yeah. Particularly, what kind of economics we should be looking at for those new product launches? Yeah. When you mention about profitable, it's a single product or it's gonna be, you know, from the broader oncology franchise perspective? Both actually. I'm just giving a case study on ZEJULA because it just launched. Yeah. We have real sort of data, right, to showcase. Mm-hmm. That's what we expect also for the entire therapeutic area as well and for the company, right, for all the products we launch. Hopefully that gives you know, good read-through in the possibility. It's not surprising to us. We've always kind of obviously. We're a for-profit company obviously, right? It was a very important part of our strategy. You know, I'll give you other examples where, and you know this, like there are some domestic pharma companies in China, now they're not focused on 100% innovation. Mostly it's kind of incremental innovation, branded generics. There are some companies that are, you know, generating profit margins, sort of. There's a pretty wide range, but on the higher end of that range, you know, there's some companies that gets pretty close to even some companies in the US. Mm-hmm. Biotech companies here. If you look at multinational companies, I won't name names, but some of the multinational companies, big pharma, has been quite successful in China, huge businesses. You know, some companies, two multinational companies generating about 20%, right, of global revenue in China. Those are clearly profitable businesses. They don't publish it, I know what the profit margins are. It's pretty healthy, actually. I guess the point that I'm trying to make is, you know, for those I've heard those comments also, see, that you know, can you have a profitable business in China? You know, profitable biotech business in China, and our view is a resounding yes. As a matter of fact, we're relying on the revenue and cash flow generated from China to fund our global ambitions, which is the step two of the company, you know, more long term. Yeah, sure. Well, I think you mentioned about VYVGART several times, and this is definitely next major product for Zai Lab. What is progress now? I think you guided, you know, we're gonna file the BLA in China pretty soon. Yeah. Given you know the drug got approved in the U.S. Yeah. Does that really help in terms of getting approved in China? Yeah, certainly, you know, U.S. FDA approval and actions are, you know, it resonates quite favorably with the China FDA's, you know, as some of you may know. I think, FcRn therapy is going to be a very important, it's a new MOA. We're spending a lot of time really building awareness for EFGART in China. It was great to see in U.S. and outside of China that, you know, there was good receptivity right out of the gate. That's a good read-through also in China as well. Mm-hmm. There's some similar dynamics in China, so that's great. We're gonna also work very closely with them to take their learnings and also apply it to China as well. Our stated goals for our participant, you're right, that's kind of keyed up in near term. It's a very important program for us. We're expected to file the BLA this summer. Mm-hmm. We feel pretty good about that, which means that, you know, we're gonna be launching next year. China doesn't give you a PDUFA date, so I can't give you a specific sort of, you know, like month or quarter or anything like that. I will say that, you know, we expect to launch it next year. Subject to, of course, the press release that you hopefully will release on the successful submission and acceptance of the BLA, you know, this summer. That's for GMG. Mm-hmm. And we're part of the global trials across many other registrational programs. CIDP, ITP, Pemphigus, all important indications in China as well. We're part of the global trial for that one. We were not part of the global trial for GMG. We're too late, right? We did the deal last year, and that was already making a very good progress. That's a quick turnaround. You know, we were not part of the global trial, but yet we were able to, you know, knock on wood, we expect to submit the BLA in what, you know, like kind of 2, 3 quarters, less than 3 quarters from the approval of, you know, last December to, you know, submission this summer. Getting ready to launch. That's a pretty fast turnaround. I suppose Zai Lab is known for, you know, very robustness and fast development and regulatory and now, you know, we're gonna add commercial execution on top of that. Yeah, sure. Well, another asset a lot of investors being curious about is Adagrasib 'cause- Yeah. This year, ASCO, [crosstalk]. Yeah, it was a hot topic at ASCO. Right. Indeed. GI toxicity becoming a new concern now. Yeah. Also, there has been some domestic players in China that also put out their KRAS G12C inhibitors, which potentially much better safety profile. Yeah. How should we look at the potential future competitive landscape in China for KRAS G12C inhibitors? Particularly, you are now the front runners in the space. Yeah. What kind of medical message you're gonna deliver to the doctors and of course, about the regulatory pathway in China? Yeah. For us, whether it's Adagrasib or across all of our partners and quite honestly, also internal work. Mm-hmm. You know, we're really trying to be first in class, best in class. I know that's a very high bar. Yeah. It really truly is. It's a, you know, really mean it. We don't kinda throw that out there as a fodder. That is literally kinda like one of the key criteria, which we focus on. Adagrasib, I know that Lumakras already got approved in the U.S., but in China, we expect to be first in class, and that's obviously important. We are, you know, pretty excited about the recent, updates for Adagrasib. You know, you pointed out, you know, maybe some, you know, kind of tox questions, et cetera. We think that our interpretation is that, you know. I mean, it's consistent with, sort of our expectations, even previous data readouts. The, you know, the drop-off rate from the treatment, you know, TRAEs at around 7%. It's pretty. It's exactly the same actually as Lumakras. There was some very interesting CNS data. There was interesting combo data. We'll see what Amgen combo data says in a few weeks. So far, you know, we remain encouraged, and you should expect us to make some announcements this year on, you know, helping our partner speed up some of these global trials, whether the trials are in lung in a mono combo, whether in colorectal, even beyond. You know, clearly we see clear strategic and clinical logic to support Adagrasib so far. We're right now focusing on making it first in class. Mm-hmm. I think that's gonna be key. Yeah. That's one of our stated goals. Got it. Also, Zai Lab is known for picking the best assets, right? What about the BD test this year? Yeah. Particularly now, I think if you look at the pipeline of Zai Lab, you guys already have a pretty in-depth pipeline. Yeah. The BD side is gonna be more selective, more creative. What kind of therapeutic areas you'll be focused on, and what kind of new strategy you will be deploying, particularly in years like this? Yeah. Mm. Our BD platform is, and I'll just say it again, it's a very powerful platform that allows us to really drive efficiency, and you know, speed to scale. If we do it right, it's at the heart of driving operating leverage. Mm-hmm. Right? 'Cause we're creating portfolios around specific areas only, and not just like spreading, you know, going after everything. Yeah. That's at the heart of it. You'll see that, you know, if we execute well, it'll be quite self-evident. Mm-hmm. You know, over the coming years. Now, I will say that yes, the market conditions right now is quite dislocated, for everybody, including us. Theoretically, you know, cost of capital just has gone up, right? Mm-hmm. Can we use this opportunity to, you know, perhaps even be more selective? Could we use this opportunity to be a little more creative? Mm-hmm. All I'll say is that, you know, we will, you know, continue to, I don't wanna use the word take advantage, but if there is an opportunity, you know, we will. I think we'll do the deal. You can expect us to do deals. Mm-hmm. You know, we've if we do a deal in this environment, we just have that much more confidence that, you know, it's very clearly gonna, you know, add a lot of strategic value. It's you know, very clear and quite visible. Mm-hmm. Now I will also say that it's not every day that you have an opportunity like last year where we have argenx, Mirati, Karuna and even Blueprint, the 945. We think they're- Yeah. Pretty fascinating potential. It's not every year you have like, you know, that lineup, that backlog. Mm-hmm. They kinda have kind of a natural tempo sometimes. There's definitely opportunities. There's good opportunities across the world, you know, U.S., Europe, and even parts of Asia, I would say. We'll keep on evaluating. We have a pretty interesting backlog. At the same time, we're obviously also at the same time focusing on productivity. We wanna be agile, strike that perfect balance. Mm-hmm. I think, fortunately, all the investments that we've made, especially when the times were a little bit, you know, kind of go and a little bit robust, kind of led up to a point in our organizational lifestyle where we're no longer like only a biotech mindset of go, go, but sort of like pharma style in many respects. Like value pharma, like, okay, you know, we have profitable drug and drugs pretty soon. You know, we have productivity drives coming in. You know, we can still grow. Yeah. We're gonna be just a little more thoughtful. Mm-hmm. in these elements. Also in terms of, well, I know you probably didn't talk that much about, revisit our existing pipeline, right? Yeah. Now, a lot of biotech companies are talking about restructuring their- Yeah. Pipeline reprioritization. What about you guys? Yeah. Absolutely, we're not afraid to do that. We have a history of doing that actually. Yeah. If you look at sort of, our past few quarters even, you'll see that we have deprioritized certain programs. Just that's good stewardship, right? Just for example, you know, the LAG-3/PD-1. Mm. Bispecific, right? Deprioritized. Bemarituzumab in gastric cancer. Given the change in landscape, we can focus on other. We have a great portfolio in gastric cancer, right? Refocus and prioritize on what can really move the needle, especially now, 'cause we can revisit other things later. Mm-hmm. PD-1, admittedly, you know, we're late to the party on monotherapy, right? We're not afraid to definitely reprioritize our resources, whether it's capital or time. You know, we're quite busy given the size of our portfolio already. We'll continue to do that. Yeah. We'll continue to, you know, kind of, you know, be very lean, you know, kind of be more selective and more productive. Yeah, sure. Because we can. Yeah. Yeah. Of course. On the other hand, you are attributing the in-house capability. Yeah. for discovery, research, you know, early development. What about, you know, you start to disclose some of the data. Sure. You know, IL-17. Yeah. CDK7 and CD47. What kind of target you are actually looking at? In terms of that kind of capability, do you consider yourself also late to the game, or it's still early to tell? Yeah. We take an incremental approach. As you know, we focus on oncology and autoimmune. Mm-hmm. We apply the same lens actually to our internal programs, global pipeline as well as our licensed and late-stage programs. Yeah. We're really looking for first-in-class, best-in-class opportunities. You know, things that haven't been done before or it's really differentiated. You're right, we do have well-known focus areas like, you know, certain IO side, right? But our most advanced program is quite unique. You know, the topical IL-17 has never been done. We just had POC data, positive POC data last year. We're gonna be presenting it at a medical conference this year. We're gonna meet with the U.S. FDA pretty soon, and launch a global phase 2. You know, that's quite interesting. The market opportunity is also quite interesting. That's something that we wanna still commit resources on. Mm-hmm. Make progress. In terms of oncology, we have a portfolio now, you know, some are in the clinic, some are not. We'll need to make, you know, kind of those decisions pretty soon. Right. You know, like our, you know, like we just had, you know, at AACR some posters. Now we're going through the same discipline sort of analysis now. Are these truly, you know, sort of differentiated? If so, then they have to, you know, we're gonna continue to support incrementally. If not, then we're not afraid to also deprioritize. Mm-hmm. Our portfolio has already gotten to a decent size where we can do that. We're also, you know, kind of going back to the other question on BD. You know, we have sort of an open mindset, open innovation philosophy. You know, innovation is so hard, you know, you shouldn't have borders, you shouldn't be emotionally attached. If there's somebody else, if there's an area that's really interesting to us, and there's somebody else, you know, who is doing some fascinating work, we should partner, right? Right. You know, maybe we even get global rights. You know, we don't like to take a whole lot of risks, right? As you know, for BD. We like to look at a lot of data, you know, even POC and beyond. Sometimes we partner up commercial stage programs, right? Yeah. In Tumor Treating Fields. If we really have conviction on something, you know, that's also, especially this time, this day and age. Mm-hmm. You know, it might be sensible to consider. Yeah. Yeah, there's a lot of the partnership strategy and our kind of, you know, capabilities around there gives us a lot of flexibility to be efficient and grow at the same time. Right. Well, I think this is also kind of related to your go-global strategy 'cause Zai Lab start with a licensing, pretty much China market focused. Yeah. Last year, I think a lot of biotech companies talking about go global in, you know, from China to global market. Early this year, given there have been several complete response letters from the FDA. Yeah. The sentiment kind of, you know, cooling down. Yeah. In China. What about you guys? Yeah. We can drill down on each one of those and, you know, have some interesting takeaways, right? Yeah. I guess without going into the rabbit hole, what I'll say is we completely support, and we have the concept of a global multicenter trial. As a matter of fact, it's at the heart of the value proposition that we provide to all of our partners. You partner with Zai Lab, and you can quickly run your global development program. We save you a lot of time and money, and that's a very powerful. You can actually calculate this and quantify it, and it's highly accretive, as you can imagine. For us, we're totally, you know, like, we support. We've always supported global multicenter trials. You do still have an option to, you know, unless it's registrational, you can run trials outside of the U.S., right? It's just we're talking about the registrational trial. Mm. For us, you know, we do it even before. Like, for our 17 program that we have, phase 1B was done in, you know, globally, right? So we totally support that. Also it's important to just constantly communicate. Whether you're at the China FDA or the U.S. FDA, you know, you clearly wanna have, you know, a lot of direct communication, before you set forth on a registrational path. We, you know, we'll clearly do that. Yeah. Sure. Well, another question actually, particularly from the global investors is really about the ADR delisting. Yes. You guys changed the auditors. Does that really remove all the risks, you know, in terms of meeting the requirement, or is there gonna be any overhead there? Yeah, it's incredible how much accounting has captivated people's attention this year. This is something that we've been actually working on for some time. It was sort of an open secret that this could be coming. Yeah. For a company like Zai Lab, where it's really important for our future to have a liquid stock, well-traded stock in New York as well as Hong Kong for that matter. Yeah. You know, we were paying attention. We're getting ready to address this issue and mitigate it. Obviously there's you know, we already have a Hong Kong listing, and we're gonna convert from secondary to a dual primary on June twenty-seventh of this month. It's pretty easy actually to take a few days to transfer you know, ADRs to Hong Kong. That's the insurance option and something that we won't need, in my opinion. That's more of a Hong Kong liquidity. We want to attract more investors in the region into Hong Kong trading. We're overweight in New York. Let me come back to the actual question. Two things. One is we just announced that we've appointed a U.S. auditor to oversee and conduct and plan our global audit. They're gonna be subject obviously to PCAOB inspection. We believe that we have very strong evidence and confidence that we're gonna meet and satisfy all the requirements of HFCAA. There's a three-year grace period right now, but even if it gets accelerated to two-year, you know, that's fine 'cause the next cycle of this list, we expect to be off of it. Mm-hmm. Now, the second part is the two governments are trying to resolve it wholesale 'cause there's over like 250 ADRs, right? It'd be lovely if the regulators can figure this out. From what I know, you know, they're having very active discussions. On this, the China side, they have prioritized this to resolve it, as you know. It's been elevated to basically the highest level, right? It's something like this to figure out how to resolve. You know, the SEC on the U.S. side, I think as a matter of fact, the ball is in their court to respond. I still remain hopeful that they'll resolve this, you know, as early as this year. Obviously for us, we're not gonna wait. You know, this is the government that we're talking about. That's right. For us, everything that we can do in this current world of macro uncertainties, everything we can do to basically mitigate or lower everything that's within our control, we're basically doing. Got it. We've got probably three more minutes, so I'll pause here to see if any questions coming from the audience. Okay. I'll probably continue with my last two questions. Number one, as CFO, how do you think about the cash runway? Yeah. Particularly, you know, how you're gonna looking at the potential financing plan for Zai Lab in the probable upcoming 18-24 months. Yeah, we have no current need of capital, fortunately. Our latest balance sheet shows $1.3 billion in cash. Mm-hmm. That's as of end of March. The prior quarter, we had 1.4. Yeah. Our cash burn for first quarter was, you know, sub-$100 or $95 million in change, plus or minus. Mm-hmm. You know, I think it's great to be in a position where you know, despite this you know, stock dislocation, we're commercial stage, and that's ramping this year. We have a strong balance sheet. That goes back to the point of you know, kind of balancing sort of the offense versus defense type of Yeah. You know, philosophy, right? Point. We have a runway, even with doing deals à la the historical style. Mm-hmm. Although the scope and nature could even change, right, in this environment. Assuming that we even do deals, I mean, we have runway, you know, kind of end of 2024 and even into 2025. Let's see how long this winter lasts. Mm-hmm. You know, but it will end, you know, soon, you know, eventually. We're confident that we can grind out of this. We have no kinda need to raise in the near term, that's for sure. Got it. Okay. Last one is just to wrap it up. What's gonna be the next six months major catalyst for Zai Lab? Yeah, we have quite a bit, actually. I spoke about our, you know, Efgartigimod, a very important drug that we're gonna submit the BLA this summer, and that tees us up for launching next year. Mm-hmm. That's great. We have the readout from EMERGENT-2 data for KarXT. I think many people are expecting it late July, early August. That's something that a lot of people are waiting on, including us. Yeah. We have EMERGENT-3 in first quarter of next year. There's actually two shots on goal here, but we're all waiting on EMERGENT-2, aren't we? For Tumor Treating Fields, we have the final phase 3 readout for LUNAR. There's been a lot of debate on this for a while, and that debate ends effectively later this year. Personally, whether it's positive or negative, when the debate ends, I think it's a positive. You know, we're gonna all wait for that data. Just commercial execution, you know. Just to see that we're one of the first, I think, biotech companies in China to show commercial success. Right. Profitability, right? Although we're seeing product profitability. Mm-hmm. To showcase that, I think it's gonna be sort of. It's a pretty competitive space too. You know, we're up against AstraZeneca. Yeah. They launched it 18 months before us and, you know, they are very successful in China. To come from behind as a smaller company, and we have a stated target internally to overtake them and establish market share leadership, no later than next year, and let's say hopefully even sooner, right? Mm-hmm. To show that, this year, you know, that just month-over-month market share increase and execution, I think will give some investors some confidence. Okay, you know, this, you know, kind of new company can do this with this program against, you know, these huge, you know, this competition. Let's actually take a look at the rest of the portfolio. I think, you know, I think we look forward to having that type of discussion. What is market share look like now? Yeah. You can pull up IQVIA in China and follow it month by month. It's not, as you know, IQVIA in China is not as, you know, accurate as the US because they do a sampling of sort of the top hospitals. You have to kinda gross up and what do you do, what factor to gross up. You can clearly directly see, you know, market share and et cetera like that. It's, you know, right now it's, you know, above 30%. Okay. Month-over-month, you see that increase, and we expect that just to continue, you know, for this year, next year. I think we can, you know, in the near term, come back to the audience and say, "Okay, this is what we've done. As we've stated as our goal, we have achieved market share leadership." I think that's gonna resonate well. Yeah. Looking forward to that. Yeah. Thank you, Billy. Thank you for joining the session. Thank you, Yi. Thank you, everyone.