I'll start, and then Santosh Shanbhag will continue. Our CFO will continue after a little bit. This is the disclaimer. Shield Therapeutics, we have a product called ACCRUFeR in the , or FeRACCRU in Europe, and it's indicated and approved for treating oral iron deficiency with or without anemia. It's a very broad indication, so it doesn't matter what the person or patient's underlying condition is leading to the iron deficiency. The U.S. market is a very big market, as we will show you in a little bit, and that's why we also chose to commercialize on our own together with a partner, Viatris. We estimate the U.S. to have a revenue potential for ACCRUFeR; it could be up to $450 million annually, and we have very, very strong IP through 2035. This is our management team. We divide it up in two offices.
David and Jackie are in Newcastle in the United Kingdom, and the rest of us are just outside Boston, Massachusetts, here in the U.S.. In general, across the management team, we have a very, very experienced management team who's very, very experienced, especially when it comes to commercialization across many different countries around the world. Iron deficiency, as we also will show you in a little bit, is a very common and can be a very serious condition. Typical symptoms can include that you're very tired, you have headache, you're dizzy, and it can even lead to that the person or patient becomes cognitively impaired. All of these symptoms kind of will, of course, impact the person's or patient's quality of life.
The prevalence is highest in women of childbearing age and in patients with different inflammatory conditions, as you can see on the right side of this slide. Other causes could be malnutrition or malabsorption that could also, of course, lead to iron deficiency. There is a problem with most of the oral iron salts because most of the oral iron salts are dissociated; they break apart in the stomach. The free iron can cause irritation or damage to the intestinal lining of the stomach, and that leads to different gastrointestinal adverse events. Up to 70% of patients can experience these adverse events, but they include they could feel swollen, there could be pain, they can feel sick, and that leads to that about 50%-60% of these patients will discontinue their treatment.
Of course, if you discontinue the treatment, there will be no effect to treat the condition that should be treated for. ACCRUFeR is different. It's different in the sense that we don't use a salt that is bound to the iron. We use maltol, maltol is a sugar alcohol. What that does to the product is that it does not break apart, it doesn't dissociate in the stomach. It breaks apart in the upper intestine. Thereby, we avoid most of those gastrointestinal side effects I just mentioned on the previous slide. The other thing it does is we can actually also have a lower dose of iron because we have a better absorption as it is absorbed in the upper intestine. This is what we could look at. This is the treatment algorithm for oral irons.
Typically, most patients start on an oral iron salt, but as I said, quite a few of them, over half, 50%-60%, actually stop. That is where we come in. As our product is much better tolerated and leads to very good, can normalize the level and maintain the level of hemoglobin, the patient can, this is the treatment the patient can take and stay on, thereby avoiding that the person or patient would have to go and get an IV iron. We are continually expanding our global footprint. In the U.S., we have a co-commercialization collaboration with Viatris, and that has been in place. We have had a full sales team in place now about 18 months. In Europe, where the product is called FeRACCRU, it is Norgine who is in charge of the commercialization, and that, of course, also for the U.K..
In Canada, it's Kai. Kai just got approval, and we expect to launch in Canada the first half of this year. In South Korea, we work with KP Pharma, and that file is currently being reviewed. We anticipate an approval during this year. In China, we work with a company called ASK. There we have fully recruited a bridging study needed to bridge between our phase III data in the Caucasian population and then they've done a similar study in the Chinese population. If that study is successful, we anticipate to file this year and then the potential approval second half of 2026. All these collaborations either come with this royalty or a milestone, or royalties and milestones based on sales or different regulatory events like a submission or an approval. This is a picture describing the U.S. iron deficiency market.
It's a very big market, and I walk you through this. What we call the addressable market is the total market. So it's about 12 million prescriptions every year prescribed by over half a million healthcare professionals. We target what is here called the target market, which is about half of the total market with 6 million prescriptions. This part of the market we address with digital marketing efforts. We do it to the healthcare professionals. We did that last year. We continue to do this this year as well. What's new this year, we will also do digital marketing efforts through different channels and initiatives also to patients this year. We will address about 1.2 million patients that we know have tried an oral iron and have gastrointestinal side effects. That is how precise you can be these days.
We also know that about 72% of all prescriptions are written by primary care physicians and about 12% are by women's health specialists. These are also the two groups our current field force focuses on. With the current field force, which is the smallest of the blue circles, which has about 1.7 million prescriptions, we target about 10,000 healthcare professionals. 60% of our primary care and 40% of our women's health. That is also roughly how ACCRUFeR's prescriptions are divided, about 60, 40. This group is about 220,000 patients in total. What we have done in the U.S., we have realigned our sales force starting this year. We are focusing on the states and the territories where we have the highest potential, we have the best coverage from insurance, and we have had historically the strongest ACCRUFeR performance.
What happens with that is that the top five states for us is about 60% of our total volume. That is also where we will have about 50% of our sales force. That is Texas, New York, California, Florida, and Georgia. That goes into effect as we speak right now to really optimize our sales force and have them placed where the business opportunity is the biggest. There are three key initiatives that are new for this year that will help us to drive continued growth and lead us to profitability. The first one we actually initiated already in the fourth quarter of last year and had actually with very good results, as we will hear very soon from Santosh. We have decreased the impact of what we call the consignment business. Consignment business is, what happened to the slides? Thank you.
The consignment business is the business where we either give away drugs for free or have had historically loss-making prescriptions. We modify the pricing to decrease the number of loss-making prescriptions, and thereby the price per prescription, the average price per prescription is going up, as you also will see in the numbers in a little bit. The second thing is what I just spoke about is the realignment of the sales force to territories where we have the highest potential, the best coverage, and historically the strongest ACCRUFeR performance. The third piece is that is the digital marketing initiatives. We've done it towards the physicians last year. We're going to do it to patients this year and the whole idea to drive awareness for ACCRUFeR. I will now leave over to Santosh. Please, Santosh.
Thank you, Anders. Hello everyone, and good morning and good afternoon, depending on where you are. I'm going to spend a few minutes really talking about our Q4 and full year performance. I'm excited to report we had a strong quarter in Q4. Let me just orient you to the slide. You've seen this before. We had three key big priorities for full year 2024: growing ACCRUFeR revenues, prescriptions, and gross net. Number two was making sure that we had a balance sheet that was strong and had allowed us to have operational flexibility. Of course, expanding global patient access of FeRACCRU. I'm happy to report that we made significant progress across all three. Let me take each one of them one after the other. From a total revenue perspective, we reported unaudited financials, $32.2 million for the year. Of that, ACCRUFeR represented $29.3 million.
That's 153% growth over full year 2023. The remaining portion, $2.1 million, was from ex-U.S. revenues. That includes royalties and milestones, predominantly driven by Norgine. In Q4, specifically, ACCRUFeR did $11.2 million in revenues. That's a 56% growth over Q3 of 2024, primarily driven by our price, which we reported $237 of a net price in Q4. That was a growth versus $167 in Q3. You can see that in Q4, while we had 41,000 total prescriptions, only 22% of them were consignment, while 37% was consignment in Q3. Now, what do I mean by consignment? Consignment business is the part of the business where we actually give prescriptions for free or at a significantly subsidized price to patients who either cannot afford them or are waiting for their insurance companies to make a decision on coverage.
Now, as a net revenue, that actually has a negative impact on revenue because net of fees and any other costs that are included with a prescription, we actually lose revenue on every consignment script. By changing that consignment program in Q4, we still allow patients to have access to our prescriptions. It's still at a subsidized price, so we still make it available to them. However, we reduce the impact that it has on the net revenue from a negative perspective. We actually are able to increase the price per prescription and hence increase the revenue on the lower prescription count. That is what we have done, and that is what Anders alluded to in his prior slide. We took a significant step forward in that direction, reduced our consignment business, and hence increased our overall price and hence revenue.
From a balance sheet perspective, as we've reported through the course of the year, we have raised nearly $31 million in new financing, new monies in 2024. We ended the year with $6.5 million cash on hand. This excludes the $10 million that we received from AOP on the subscription that was received on January 3. We feel pretty strong about our financial strength entering 2025. As you have heard from us previously in early Q4, we also reset our operating base in Q4 and into 2025. We announced a 10% reduction in our base operating cash, in our base operating costs to help us get to cash flow positive by the end of 2025. That is a constant theme you'll hear from Shield through the course of the year. We aim to be cash flow positive by the end of 2025.
Finally, and importantly, expanding our global patient access of FeRACCRU. We've had significant progress across multiple programs across the globe in 2024. As we had indicated earlier, China, our partner, fully recruited their phase III program and now are moving into finishing up the trial and will hence transition into a regulatory phase later this year. Health Canada has provided an approval, and we expect to launch in Canada in the early part of this year. We also announced and are excited about the pediatric pivotal trial being very successful. We are making progress on the regulatory front, both in Europe as well as in the U.S. associated with that. South Korea, our partner, is ready for the final approval and submission and is waiting and is chatting with the Korean authorities to be able to get an approval for our product in South Korea as well.
Across the globe, significant progress in both regulatory processes as well as getting the clinical trials across the line. On the next slide, let me walk you through some of the details of our ACCRUFeR progression in the U.S. throughout the course of 2024 as well as in Q4. You can see on the left-hand side, the ACCRUFeR net revenues has grown quarter over quarter. We started the year at $4.1 million in Q1 2024, ended the year with $11.2 million in Q4 2024. We're excited about that progress, and we expect that to continue to progress in 2025 as well. Net price per script, I alluded to this in my prior slide. We started the year at $139 price per script, net price per script in Q1 2024. We ended the year at $237 price per script in Q4 2024.
That is a significant progress and increase that we have seen through the course of the year, predominantly in Q4 driven by the changes in the consignment business that I just talked about. On the extreme right, you can see our total prescriptions. The gray bars on the prescription represent consignment, and the blue bar represents the non-consignment or retail. The retail prescriptions are the ones where the revenues, those are revenue-generating prescriptions, while the gray bars are consignment where we actually give it for free or is at a significantly subsidized rate and net of fees. We actually end up losing money on those prescriptions. With the changes that we've addressed in Q4 2024, you can see the blue bar continues to grow, which is the revenue-generating prescriptions, while we are shrinking the gray bar from Q3 into Q4. We expect this trend to continue.
We expect that the consignment business will be a part of our business going forward. However, it will be a much smaller portion of the business in 2025 as well. Finally, 2025, again, this should look familiar. We are again focused on three key areas. We want to make sure that we grow ACCRUFeR net revenues. We are seeing all the right ingredients in place to make sure that that happens. We want to make sure that we turn cash flow positive by the end of 2025 and become a self-sustaining business. We see that we have incorporated all the right initiatives in place to make sure that that happens. Then ex-U.S., we expect a launch in Canada with our partner, Kai Pharmaceuticals. We are looking forward to that. You should hear from us pretty soon on how that went and where.
On the regulatory side, both in South Korea and China, we see significant progress through our partners in South Korea and China. Last but not least, the pediatric population. We expect to announce the progress on the regulatory front, both in the U.S. as well as in Europe on our pediatric population. With that, I'll hand it back to Anders to close the prepared remarks, and then we can open it up for questions.
Thank you, Santosh. What we wanted to share with you this morning or this afternoon is that we wanted to share with you what the big market opportunity we have in the U.S.. Just to remind you, we had about 150,000 total prescriptions last year. Our sales force is focusing in the market segment where the total number of prescriptions is 1.2 million. I mean, there is a lot of growth opportunities still. As you have seen in our partnership with Viatris, we have been driving growth, very healthy growth over last year. We have a very good jump-off point with a strong fourth quarter as we have saw. Our global footprint is continuing to progress at a steady pace. With that progression, we also anticipate milestones and double digit royalties to continue to come in.
Our finances are in a good place right now, especially since we got the extra $10 million from the AOP investment and also some additional cash from some of our retail investors as well. Our goal is to be cash flow positive by the end of this year. That ends the prepared remarks, and we are ready to go to questions.
Anders, Santosh, thank you very much for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab situated on the top right-hand corner of your screen. While the company takes a few moments to review those questions submitted today, I'd like to remind you that the recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via our investor dashboard. Alice, could I please hand back to you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end?
Fantastic. Thank you. Thanks, Anders and Santosh. I am going to start with the pre-submitted questions, and then we will run through those that were submitted throughout the presentation. Number one, can you please tell me how U.S. sales reached $11.2 million in Q4 from U.S. sales when the calculation of 41,000 prescriptions by $237 equals $9.72 million? Where does the other $1.5 million in U.S. sales come from?
That's a great question, and I appreciate the math behind these numbers. Well done. The 41,000 prescriptions represents demand. That's the prescriptions that were picked up by patients after a physician wrote them. We do not use the 41,000 prescriptions in terms of revenue recognition. We recognize revenue when a title is transferred from Shield to the wholesaler. When you think about the revenue that is associated with the title transfer, we take the title transfer number as the basis for calculating what our price is. The $237 that we shared with you as the net price, that is the price based on the sale of the units from Shield as a title transfer to our wholesalers. You take the revenue associated with that to get to $237. Hopefully, that's helpful.
Thank you, Santosh. Second question, how are ex-U.S. sales going? Are you seeing a marked uplift in cash inflows from this part of the business?
Anders, I can take that and you can.
Yeah, you do that. Yeah, please. Yeah.
Yeah. We have our partnership with multiple ex-U.S. organizations. The one that is commercial today is Norgine in Europe, and we expect the launch in Canada, as I mentioned in my prepared remarks, very soon. Most of our revenues come through royalties from Norgine, and there are a few milestones that we achieved in 2025 as well. Overall, like I said in my prepared remarks, the royalty revenue and milestone revenue in 2025 was $2.1 million in 2025 compared to $1.5 million in 2023. Sorry, $2.1 million in 2024 versus $1.5 million in 2023. We do see growth, and we should anticipate to see additional growth, especially through the launches in additional countries beyond Europe.
Great. Can you please give us some insight into what the current cost base is and what sort of quarterly sales revenue is required to achieve cash flow break-even?
Yeah, maybe I can take that, Anders, and feel free to chime in as well. We have not yet released our total financials, including operating expenses for the year 2024. You should expect to hear from us pretty soon on the full-year audited financials. However, what we have said, though, in early Q4 is that we have reduced our operating cost base, and we did that by about 10%. Looking at all the initiatives that were put in place to help us get there, I feel pretty confident that we will achieve that, and we have mostly achieved those cost savings. Those cost savings have come across the board, across every function in the organization, including headcount and expenses that we incur throlugh external suppliers. All those initiatives are in place, and we should expect to see that 10% reduction through the course of 2025.
That leads us to the key objective that we have set for ourselves, which is we want to be cash flow positive by the end of 2025 by implementing not just the cost-based change, but also growth in revenues. Anders, anything to add on that?
No, I think it's worth mentioning also that with the initiatives, the three key initiatives we mentioned, they are of course fully funded with the budgets we have. We also stopped some initiatives where we didn't see the return on investment as we wanted to see. That is why we focused the resources where we see the biggest opportunity to continue to grow as we have done in the past. I think that's important to note as well. We are investing more behind those three things that I mentioned, especially then on the digital channels and the new things that we also go towards patients this year. We haven't done that at all in the past. As I also mentioned, this has shown us that when we've done it with physicians, the ROI on that is very, very good.
We believe if we can now address patients as well to drive up awareness, it will help our sales force and it will help the company to grow even further.
Thank you. You've already answered the first half of this next question. When do you expect to break even and will there be any further dilution to shares?
Yeah, I think we are hyper-focused on making sure that we get to cash flow break even by end of 2025. We have not commented on any dilution of shares at this point.
Thanks, Santosh. How do you feel about meeting your covenants on the SWK financing going forwards?
Yeah, based on our 2024 financials, clearly we have no concerns or issues with the covenants. As we look forward into the future, again, we have not commented on that, but we do not see, based on our internal projections, any reason to be concerned. We work very closely with SWK on this front anyway. We feel pretty comfortable with our current position on that topic.
Thank you, Santosh. What level of insurance coverage do you have and should it expand?
Yes, it is actually expanding. I mean, the market access team, which is, by the way, run by Viatris, constantly work with the different PBMs and plans to expand our coverage. Yes, we added another 7 million lives just in the beginning of this year by getting another plan, Prime Therapeutics, to approve to reimburse ACCRUFeR. That happens constantly. That never stops, actually. I think we've tried to explain this before, the reason why you continue to actually support even prescriptions where we lose revenue is that if you do not have any demand, if you cannot show there is demand, they will never reimburse you. You have to do that.
Now we limited it because we are at the point where we have shown there is good demand, but there's still a continuum of trying to get more and more lives covered. As we said before, commercially, we have strong coverage. I think it's just about 60%. For Medicaid, we have very good coverage in general, but for Medicare, not at all, actually. That is sort of the market environment we work in. As I said, I mean, we just expanded. We added another 7 million lives with the plan that was just approved after.
Thank you, Anders. Can you explain the net selling price in more detail? Does the majority of revenue come from reimbursement from insurance companies? If so, is it a fixed price, or does it vary per insurer? Does Medicaid pay the similar? In previous R&Ss, you mentioned things like wholesalers, bulk buying, etc. Why does this impact the price Shield receives?
Maybe I can take a stab at it, Anders.
You start. Yeah, you start. Yeah, you can do that.
Yeah. Yeah, I think we may have to set aside a few hours to walk through the insurance process in the U.S.. Let me try and take a stab at it at a very high level. Think about our business as consisting of two pieces. We mentioned the consignment business a few times on this call. 22% of our business in Q4 was consignment. The price there, like I said, was either it was given away for free or at a significant discount. The net price was negative on that part of the business. Now you look at the non-consignment side of the business. You can broadly classify them as commercially covered or government covered, such as Medicaid. There are two real pieces there.
Within commercially covered, there are multiple insurance plans and insurance programs that an individual may have that we try and work with to help them get coverage for those prescriptions. The pricing can vary across each one of them, depending on the size of the patient population and how open they are to covering our product. As you can imagine, there are certain authorizations that need to be put in place. They are called prior authorizations that a physician needs to fill out. Those things like that have an impact on what the price is. That price can be varied across those commercial plans. On the Medicaid side, they have a standard formula. The formula is actually a pretty complex standard formula. We apply that standard formula, and there is a discount that is applied based on that formula to all Medicaid patients.
That price is constant across all Medicaid patients. The combination of these three pieces of business, the consignment, the commercial plans, and Medicaid, eventually lead to what we would call the average net selling price per prescription for a specific period. Hopefully, that's helpful. Our objective is to maximize the commercial part of the business that then relates to what the Medicaid price gets set at while converting the consignment patients over into the commercial side of the business so that they can get access to ACCRUFeR and get covered by insurance companies. Anders, feel free to add.
No, I mean, maybe we can try to construct a slide to show what it is. It's both complex and complicated, actually, because with each commercial, well, with different pharmacy benefit managers, you also have different contracts. You have to give different discounts and different fees. It becomes a lot of different prices that come together to the net selling price. It's predictable for us at this point, but there are a lot of moving parts to that. We, as Santosh mentioned earlier, get paid when our wholesaler buys from us. There is a discrepancy between that and the number of prescriptions that are filled. That difference will increase the bigger we get because they always keep a stock that is constant, about two to three weeks of stock.
That difference that somebody asked about, why doesn't the 41,000 prescription times the average price per prescription add up to $11.2 million, that if we, as we continue to grow, that difference in pure money will actually continue to grow as well. Yeah, I mean, hopefully, it's helpful. Otherwise, maybe write us an email and we'll try to put something graphic together as well.
Thank you both. Next question. There are large milestone payments due in the future from Viatris, $30 million, and Norgine, EUR 50 million. What triggers these payments and when do you expect them?
The Viatris milestones are sales-based milestones. I must say, Santosh, I do not even know if we publicly disclosed what the numbers are, but I honestly do not know that. I am sorry if I am not going to say it. If it is publicly disclosed, I mean, I know the number, but yeah.
Yeah, I think the Viatris one is disclosed. We haven't provided any timing on when we expect to achieve them. We do expect to achieve them. That's the reason we put the deal together and structured the deal. Same thing with Norgine. We haven't provided any timing or quantified exactly when we will get them.
Great. Thank you both. There's a lot of focus on marketing. The projected possible revenue increase represents 12-15 times current levels. Is the organization capable of meeting this demand?
I don't know if we're ever given a prediction of what revenues we are supposed to reach this year, first of all. I don't know. I don't know what the 12-15 times comes from, what the starting point is, and what sort of the sum of that is. I mean, I can't answer the question. I mean, I don't actually, I don't know where the numbers are coming from.
Maybe, Anders, if you want to hit on the excitement that we have around the marketing side of the business, the marketing part of the business in addition to sales, because I think that's exciting for us right now.
No, no, it is, of course. I mean, and that goes back to the slides with the three circles where we, with our digital marketing, I mean, via different channels and initiatives, can actually address up to half the market, which represents the 1.2 million patients, which then has about 6 million prescriptions. Yes, you can be very, very focused with that. I also mentioned we have five key states. We can geotarget, which means we can focus our digital effort on those five key states, for instance. We would have unproportionately more initiatives towards those five states. We can do that. As I also mentioned, we haven't done anything towards patients as of yet. That is the new thing for this year. You can find them.
The reason we know it's 1.2 million is that you can identify the number of patients who've been on an oral iron salt and have had adverse events. You can be very precise with these types of efforts. We think that will be a very interesting initiative we have this year. We know from on the healthcare professional side, it actually gives us a positive ROI. Again, we can target very clearly. We can even see we can link digital activities to individual physicians. We can see if these activities actually lead to prescriptions. Those are the types of initiatives we're very excited about this year.
Thank you, Anders. We've had a couple of questions about the prescriptions in Q4 being lower than in Q3 and whether there's a reason for this and do you expect stronger growth to resume in 2025?
I think, as Santosh mentioned earlier, this is by design. I mean, the portion that is decreasing is the portion where we lost revenue per prescription. That is why we are actually happy with that result. As you see, as the net selling price per prescription goes up rather significantly, that was the intention with that. We also, again, coming back to these three initiatives, and especially then on the Salesforce sites and the five key states, that's why we're investing the most where we foresee to have the biggest return, where the biggest opportunity is. As I also said, if you just look at the numbers and compare how many total prescriptions we had last year versus how many total prescriptions there are in the segment of the market which we target with our Salesforce.
I mean, if every prescription came from that part of the market, we have about 8.8% or 9% market share, right? There is a lot to grow from still. I think the third piece there is time, right? We have been out with full Salesforce for 18 months. We are not that old in the market. We have not done any patient awareness, which we are also initiating now. That is why we are very optimistic to continue to see good growth in the retail part, which is the blue bar that we show that is growing constantly over the last year. As I said, again, the consignment piece, we actually probably would see that flattening out on a constant level. That is also what we want to see.
Thank you, Anders. I think we're coming to the end of the questions. There was a lot along kind of similar themes, so I've tried to kind of condense them all. If a clinician is given ACCRUFeR at a discount, is this for a limited period only? Afterwards, do they pay the maximum price? There still seems to be a number of cheap and free prescriptions. That number seems quite high.
The short answer to that is no. It does not work like that, first of all. The way it works is for about half the market, we work with a company called Blink. They help us to help the patient get through insurance. While that is happening, we give them ACCRUFeR for free. All of these administrative things can sort of, which takes time. It can take a week sometimes or even longer. Sometimes it is fast. It all depends on the plan. It all depends on if that plan then actually would just approve ACCRUFeR or if the physician needs to write a prior authorization proving that the patient has had an oral iron salt before, had side effects, and now needs this to be able to actually tolerate and actually take the therapy. It all depends. That is how it works.
All consignment is not bad in a way. We are happy to give away drugs for free when it is, for instance, when they are handling that prescription. We are also happy to give away drugs for free if there are patients who have no insurance at all. We are trying to limit that part, right? This is a fine balance. The price for a patient does not change after they fill the first prescription that we get paid for. That is constant. That plan has a price. Then, of course, 10 patients that come up from the same healthcare professional can be on 10 different plans and 10 different prices. That is just the nature of the market.
Fantastic. Thank you. There are a number of questions. We've tried to answer kind of everything that we can. We will review the questions after the presentation as well and provide written answers to any that we can. I think that kind of concludes the questions for now. Thank you, Anders and Santosh.
Anders, Santosh, thank you for answering all those questions you came from investors. Of course, the company can review all questions submitted today and will publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to yourself and the company, Anders, could I please just ask you for a few closing comments?
Yeah, thank you for all who took the time to listen live to us today. Thank you for all. It's very good questions. I hope our answers bring a little bit more light to the complex system we are living here within the U.S., especially. We will take a look at the questions we haven't been able to answer and see if there are any of those that we can provide a written answer to as well. Again, thank you. Thank you to those who listened to this on the recording as well. Thank you for attending.
Thank you for updating investors today. Can I please ask investors not to close this session as you will now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? This will only take a few moments to complete, and I am sure will be greatly valued by the company. On behalf of the management team of Shield Therapeutics, we would like to thank you for attending today's presentation. Good afternoon.