Ladies and gentlemen, good day and welcome to the Cohance Lifesciences Limited Q4 FY25 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star, then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Cyndrella Carvalho from Cohance Lifesciences Limited. Thank you, and over to you, ma'am.
Thanks, Dawin. Good evening, everyone. Welcome to Cohance Lifesciences Quarter Four and FY25 Earnings Call. This is our first call with our new identity as Cohance. I'm joined by today with our Executive Chairman, Mr. Vivek Sharma, our Managing Director, Dr. Prasada Raju, our CFO, Mr. Himanshu Agarwal. I will now hand it over to Vivek.
Thank you. Good evening, everyone, and thank you for joining. Today marks an important milestone in our journey as we complete the formal merger process and unveil our new identity as Cohance Lifesciences. It marks a bold step forward in the company's evolution into a niche technology-led global CDMO platform. The name Cohance unites collaboration and enhancement, the values that define our DNA. It captures our commitment to collaborate with global innovators to enhance their molecules and products to deliver transformative solutions to patients and consumers worldwide. FY25 marks a period of strategic transformation, and over the last year, we have made significant progress to put the building blocks in place for our vision to be a $1 billion integrated technology-driven CDMO with a global footprint by 2030.
We have created a $335 million integrated technology-led platform revenue company at FY 2025, performing with EBITDA margin of 34%, reflecting a very disciplined execution. On the organization and talent front, we have built a high-quality leadership team and engaged strategic advisors from leading global contract manufacturing organizations. We have institutionalized three focus business units, which are our engines of growth, which are pharma CDMO, API PLUS, and specialty chemicals, which are supported with dedicated commercial and enabling teams. We have also formed BD teams internationally in the U.S., EU, and in Asia, primarily Japan. We have leveraged M&A strategically to increase our tech-led business mix and partner with well-renowned scientists who have now joined hands with Cohance. Our investment in NJ Bio and Sapala has strengthened our capabilities in antibody drug conjugates and oligonucleotides and expanded our presence in the United States, bringing us closer to key customers.
Contribution from high-tech fast-growing modalities is expected to double over the next five years. We have improved significantly on the key business metrics since September 2023, which is we have expanded the commercial molecules to 16 from 10. We have expanded the late-phase three molecules pipeline to nine from two. We have built pipelines with higher RFPs from a wider customer base, including large global innovative pharma companies. We have kept a very high focus on quality, regulatory, and ESG front. As part of that, we have augmented R&D to expand to a team of 500-plus scientists and added the facility in Genome Valley in Hyderabad and in Princeton, New Jersey. Our USFDA inspections at our Nacharam site concluded successfully, and we received an EIR with VAI classification. Our Jadcherla API unit won clear EU inspection recently. In commercial supply, we have consistently been maintaining 100% OTIF.
Our Pashamylaram site received distinction rating from British Safety Council. We have been named among the world's best companies for sustainable growth 2025 by Times and Statista Magazine. For SBTi, we received SBTi validation, which is a Science Based Targets initiative validation for our GHG, which is greenhouse gas emission reduction target. FY25 was marked a year of transformation through integration, aligning our go-to-market and operations under a unified framework. Our FY26 will be a year of acceleration and execution. As we enter FY26, we are excited to operate as one integrated organization, deeply aligned and focused on delivering value through science, speed, and reliability.
We remain focused on our vision of $1 billion global revenue by 2030, which is primarily driven by a diversified growth strategy built on three key pillars: pharma CDMO, specialty chemicals, and API PLUS, a higher mix of differentiated modalities like ADC and oligonucleotides, and other emerging technologies. A programmatic M&A approach to scale niche capabilities, a professionally managed execution-focused leadership team. Our participation in industry events like DCAT, DICE in London and California recently, CPHI Japan under the new combined brand identity events was well received. Reinforcing our position as a global CDMO. This has strengthened our focus on brand visibility post-merger and ensures continuity with global customers. Now, I'll hand over to Dr. Prasada to walk you through the business updates. Dr. Prasada.
Thank you, Vivek. A warm welcome to all of you, and thanks for joining us today. Let me build on what Vivek shared and reflect on our performance and momentum across the business unit. FY25 was a foundational year in many ways. We successfully integrated our acquisitions of NJ Bio and Sapala Organics and advanced our strategic roadmap to become a differentiated technology-led CDMO. We are also working on strategic initiatives to accelerate the growth. Platform integration has been one of the important key drivers for us, and we have begun aligning our systems, processes, and business segments, cross-pollination of capabilities and customer relationships across the combined platform. On pharma destocking in some of the key molecules, we also have investment in high-growth modalities, and the current pipeline will help diversify the business further and deliver consistent growth in the future.
At Cohance Lifesciences, we also have utilized this time to establish a dedicated business unit with sectoral leadership and R&D expertise. We have started seeing increased customer interactions and new opportunities as the cycle has actually come back to us. As we have been saying during our last few quarters and our guidance for FY 2025, we have delivered 9% full-year revenue growth and maintained a robust pipeline across modalities. To give you a brief outlook and performance review, our pharma CDMO segment continued to be the key growth drivers, growing 18% year-on-year, supported by expansion in late-stage projects. Notably, our P3 pipeline has been maintained at nine active molecules. Four of our intermediate projects pertaining to one of the important molecules are expected to enter into commercial production.
The lateral strategy has been rewarded in the right direction as our P3 share has actually gone up versus what it was in FY 2023-2024. We continue to add more projects from recently added large innovator customers in the early to mid phase. Our RFQ pipeline continues to expand, featuring a more balanced mix of existing and new customers as well as late-stage RFQs, which add visibility to our new integrated global pharma CDMO platform identity. We continue to be audited and inspected by leading global innovators and biotech companies, a meaningful indicator of validation from large pharmaceuticals and biotech customers. Regarding ADC business, our dual-value proposition in both camptothecin-based and auristatin-based creates a very rare payload depth among global CDMOs. The integration of linker synthesis, payload supplies, and conjugation via NJ Bio further underscores Cohance's pivotal role in upcoming late-phase and commercial ADC programs.
We continue to see healthy expansion in RFQs across all modalities, particularly in late-phase and integrated ADC opportunities, including payload linker and bioconjugation. Seeing evidence of cross-selling opportunities, a large innovator with whom we have been partnered over three decades has recently shared one RFQ in the ADC segment. In addition to this, we are also witnessing growing interest from other large innovator companies in our ADC and oligonucleotide platforms, further validating our positioning in complex modalities and creating new cross-selling opportunities across the platform. We have initiated capital expenditures in the U.S. to expand NJBio's bioconjugation infrastructure in line with our growth aspirations as we work to meet some of our customer requirements. During our last calls, also, we did mention the oligo facility of CGMP is on track for validation by the end of Q3 FY 2025-2026.
Regarding specialty chemicals, while the first half of the year experienced and expected challenging macro-environmental impacts, a sequential recovery occurred in the second half, and improvement in Q4 performance was also as expected. We see clear recovery trends heading into FY 2026, although on a weak base. FY 2026 is poised to deliver further growth as we move up in the value chain with existing customers and expand into new areas, including graduation in the life cycle to active ingredients. The RFQs are progressing well for the new projects from existing customers. FY 2027 also should reflect the continuous momentum of growth given the current traction that we have. In the API PLUS segment, we have delivered year-on-year growth of 9%. We successfully validated nine products, and we have also done eight filings.
This is in line with our commitment to deepen our portfolio across the platform, specifically in the business segment of API PLUS. During the year, we also had two of our DMF reviews completed. Our visibility of FY 2026 remains healthy, driven by new product launches, continued traction in our portfolio as well. We expect mid to single-digit product validation in FY 2026 as well. Overall, we believe FY 2026 will be a pivotal year of acceleration and execution. As a unified organization under the Cohance Lifesciences platform, we are better positioned than ever in serving our global customers with agility, flexibility, science, and sustainability. Coming to FY 2026 guidance and margin outlook, our key focus areas are going to be to continue to strengthen our relationship and strategic partnership with our existing and new customers, drive large project wins, and invest in the scale of the tech-led part of the business.
Continue to add right assets with the strategic value-accurative M&A for the platform. As mentioned earlier, we expect growth acceleration in FY 2026 with the delivery of double-digit growth and have a building block in place to deliver our strategic intent of $1 billion. As per our previous communication, our business is non-linear, and annual performance will be the most representative measure of business progress, which is closer to the reality. We expect Q1 FY 2026 to be muted, with the growth being way towards the second half due to the shipment timings and customer inventory adjustments. As we continue to invest in building the business ahead of scale, as well as with the full-year impact of acquisitions in the growth stage, coupled with our advanced investments in people for long-term sustainable growth, we expect our EBITDA margins to be in the low 30% in FY 2026.
The mid-term target remains in the mid 30s with scale. With that, now I hand over the session to Himanshu, our CFO, for the financial overview. Thank you. Over to you, Himanshu.
Thank you, Dr. Prasada. Good evening to all. Let me take you through the financial highlights for the quarter as well as for the full year. As we have reiterated many times, we operate in the lumpy nature of the industry. The annual performance trends are a better assessment of the growth trajectory. As indicated earlier, we have delivered growth in FY 2025 on a full-year basis, and we expect our growth to accelerate starting FY 2026. We are excited about our business integration and the opportunity that this platform would present to us. For the full year FY 2025, we ended the year with 9% year-on-year revenue growth and with an EBITDA margin of 34%, in line with what we had communicated earlier. For the quarter four FY 2025, our revenue grew at 20% year-on-year, supported by our strength in pharma CDMO and specialty chemical segments.
The adjusted EBITDA margins were at 31.3%, reflecting the business mix impact as well as integration of recently acquired assets. The CapEx investment totaled to INR 3.1 billion, primarily directed towards capacity expansion and modernization in most of our major platforms across the entire platform. We had earlier communicated the GMP manufacturing capability on oligo that continues to move ahead, and the NJ growth capital continues to get deployed. We do anticipate a higher CapEx spend in FY26, with NJ Bio's expanded conjugation commercial facility being set up. We generated INR 3.6 billion in free cash flow, maintaining a net cash balance sheet with INR 2.9 billion in cash and bank balance. This is despite the strategic investment of INR 8.1 billion for the acquisition of Sapala and NJ Bio. Looking ahead, our capital allocation will remain focused on scaling differentiated modalities, both organically as well as inorganically.
We will continue our focus on delivering integration synergies and operating leverage. With that, I hand it back to Sharma.
Thank you, Himanshu. With that, I now request the operator to open the Q&A floor.
Certainly, ma'am. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mehul Panjwani from 40 Cent. Please go ahead.
Thank you so much, sir, for the opportunity. I have two questions. First question is, can you please elaborate on the rationale behind the acquisition of Sapala and NJ Bio? That was my first question. Second question, with the current emphasis by the U.S. president on manufacturing in the U.S., do we foresee that we will add more manufacturing sites in the U.S. apart from the NJ Bio thing? Thank you.
This is Vivek Sharma. Let me just try to answer that. The rationale for the acquisition of Sapala and NJ Bio, as we have been consistently saying, is a tech. That CEO wanted to expand our capabilities on technology. Both ADCs and oligo are fast-growing capabilities, fast-growing modalities that a lot of pharma companies and biotechs are investing. Investment in these capabilities has allowed us to enter and expand our camp that we are now playing in a bigger space. This has allowed us to get access to customers, biotech, as well as large pharma that we would not have otherwise been able to at fast pace. We can now go ahead as well as grow these capabilities and then sell them our existing offerings. Both these sites are going through capital expansion.
Sapala, since we acquired, we are adding GMP capabilities to cater to customers that are looking for GMP capabilities. At NJ Bio, we are investing capital to expand their conjugation capabilities so that we can offer more services to the existing customers and then grow that. Right? As you know, we had ADCs before through our site in Hyderabad. Now, with the acquisition of NJ Bio, we can now offer more integrated east and west combination as well as linker, payload, and conjugation capabilities. That is the rationale for getting into the technology to really our vision towards a $1 billion business by 2030. This is a key piece in that space. In terms of the U.S., I think we as a company had made that investment before the government in the U.S. changed it, before the new president actually came.
We continue to believe our vision of having an east-west combination and having the capabilities where the talent is. With the acquisition of NJ Bio, not only did we get a business, we got capability, but we also added about 100-plus sizes. As a science-driven company, we're really excited with what NJ Bio brings, and we will continue to invest and expand there. In addition to that, as a company that has grown through M&A and organic growth, we are constantly looking for assets, which makes sense. There may be more investment, more assets, if we find the right one in the geography. Right now, we're very excited and continue to invest capital in NJ Bio as well as Sapala to grow the technology as well as invest in it.
Sir, just one follow-up question. Sapala is also in the United States?
Sapala is not in the United States. Sapala is an India-based company. We are expanding the capabilities. They have customers in the United States. They have a significant presence from customers in the United States. The capabilities and the offerings are all in India. We have commercial resources based in the United States that help and support some scientific advisors based in the United States. Capability-wise, the delivery is also India right now.
Thank you so much, sir. Thank you.
Thank you. Thank you. Our next question is from the line of Abdulkader Puranwala from ICICI Securities. Please go ahead.
Hi, sir. Thank you for the opportunity. My first question is with regards to the four intermediates you talked about for the supply starting. Could you provide us some color as to when the supply starts and some bit of a color on the therapeutic category with the molecule proteins too?
Thank you for asking this question. Abdul Ji, at the current stage, we can only share with you that the phase three pipeline has actually grown healthy. Today, we are sitting with nine products as opposed to one and a half years back. If you can recall it, it was only at two. Specifically, we were told by our innovative partner that one product has four intermediates which are getting commercial. At this stage, we would be only able to share the details up to this extent. As you understand, we are governed by the CDAs, and we would not be able to mention beyond these details. I hope you understand our situation.
Sure, sir. Fair enough. Sir, into your guidance for next year of double-digit growth, just wanted to understand what would be the key growth drivers, including your pharma CDMO versus specialty chemical. I mean, how should we look at 526 from a growth perspective between both these segments?
Abdul Ji, this is Himanshu. I think we have guided that spec chem, it is a business which is turning around, and we see that in quarter four, it has quite healthy growth. With spec chem coming around, we expect all the three engines. As we would recollect, we have created three engines of growth: the pharma CDMO, spec chem, as well as API. We expect all the three engines to fire, some stronger, some weaker, but all the three engines would be on a double-digit growth.
Sure. Understood. One final one if I may. In terms of enhancing your technical capabilities, what are the kind of capabilities which you'd like to add, say, from a two- to three-year perspective, which are currently missing in the Q1 portfolio or quarter portfolio?
This is an ongoing effort, Abdul Ji, as maybe our past, if you can recollect, as Chairman was mentioning. When we started, we were only in one part of the antibody drug conjugates, which is more of a payload. NJ Bio has actually brought in bioconjugation and even linker capability. Same is the case. We also feel advanced modalities within oligo can be a potential possibility. We keep monitoring very closely whatever is relevant, which will accelerate the growth of the existing business while it becomes an additional advantage to us. We have been constantly scouting. Once we have a better answer, we'll definitely come back to you.
Got it, sir. Thank you and wish you all the best.
Thank you.
Thank you. Ladies and gentlemen, if you wish to ask a question, you may please press star and one. Our next question comes from the line of Mehul Panjwani from 40 Cent. Please go ahead.
Sir, can you please elaborate on the timeline for commercialization of the nine molecules which we are actively working on?
I think in commercialization, we are expecting that it will start soon. I mean, as you know, it depends on a lot of factors. These are customers' molecules. They have phase three, they have to wait, they have to file. There is a lot of effort. We have said that one molecule with four projects is getting commercial this year. We hope that others will start on that progression path. There are a lot of external factors actually that are dependent on, but the fact that we have provided phase two, phase three material for the customer, there are discussions around a lot of these things as they get a good readout and then they file for commercial. Right now, the guidance we are giving is one product, four projects getting into commercial, and we are hoping that others will also follow suit.
Nice. Sir, is it possible to let us know which areas are these molecules in?
In universe, we are slightly agnostic for any therapy. We are predominantly science and technology-based products. Having said that, some of the products are in fast-track and breakthrough therapy, starting from CKD to even oncology also. To that extent, we can give a general response as of today.
Right. Are these all nine molecules with different innovators or is there a concentration as well?
Multiple innovators.
Okay. Thank you so much, sir. Thank you.
Thank you.
Thank you. Our next question is from the line of Arjun Sindwani from Goldman Sachs. Please go ahead.
Arjun, your line has been unmuted. You may proceed with your question. As we are not receiving an audio from the line of Arjun, we will proceed to the next question, which will be from the line of Shyam Srinivasan from Goldman Sachs. Please go ahead.
Hi. Good evening. Am I audible?
You are audible, sir. You may proceed.
Yeah. Thank you. Good evening. Just the first question on just the guidance for FIscal 2026, right? We have been talking about, we talked about a double-digit growth. If you were to kind of qualitatively talk about the three business segments, CDMO, the agrochem, as well as the API PLUS, is there any qualitative sense of how we should look at each of these businesses? I know, say, an agrochem is probably, when you look at four quarters, it seems to be recovering from a low base. Could you help us understand how one should be?
I have a question for you.
Shyam, your voice is cracking. We are unable to hear you well. Darwin, if you are able to hear him, maybe you can.
Yeah. I was saying hello? Can you hear me now?
It's better. Please go ahead.
Yeah. So I was saying just the guidance or revenue guidance of double-digit growth for fiscal 2026, how should we liquidate qualitatively between the segments, pharma CDMO versus AgroChem versus API PLUS?
Great. I think this is Himanshu. I think, as I said, I just wanted to know your question from Abdul that we are looking at a double-digit growth for the platform. With spec camp turning around, which we have mentioned, we are looking at a double-digit growth across all the three business verticals that we have very carefully crafted in the FY25. That is the guidance I would like to give you.
All right. Much helpful. In terms of since we have also looking at the EBITDA margin guidance, right? I know we ended quarter four at 31%, and it looks like the guidance for Fiscal 2026 seems to be the low end of that. What explains that? From an integration perspective, I noticed a INR 30 crore one-time expenses in the form of consolidated financials. Does that continue to remain for some more time, and which is why the EBITDA margin drags down? If you could help us, please.
I think EBITDA margin is a temporary decline that we have called out that FY26 would be a low-perceived EBITDA, right? There are multiple factors. I think predominantly, I would say that there is a business mix that is there which will play. There is also operating leverage which will take time for it to play in. As you know, we have invested ahead of the curve, and that would kind of play. There is also an NJ Bio which we are integrating, and that is a fast-growth acquisition for us. It does come with a lower EBITDA than the average EBITDA for the business. I mean, there are actually multiple aspects.
I think we've also called out that there is an inventory restocking that is there in the business as customers have come back and said that for a few commercial molecules, they do hold the inventory, and they're looking at pausing for FY 2026. As I said, there are multiple levers which are playing for this temporary dip in EBITDA of low 30% for FY 2026.
Helpful. Just a last question for me.
For midterm, as we have said, just 30 seconds, please. As I said, that for midterm, we will start going on a midterm guidance of mid-30 hold as it is. I'll recall, and I'll call it back again. It is a temporary dip for multiple factors, and we will start planning the EBITDA thereafter.
Okay. Thank you, Himanshu. Last question on.
Question?
Yeah, yeah, it does. Thank you. Just on CapEx lastly, sorry, I'm not sure whether I got the full year number on a pro forma basis for fiscal 2025, and what is the outlook for 2026, please? Thank you.
As you called out, there is INR 3.14 billion of CapEx that is there on the pro forma PMF for FY25, right? As you know, we had put in a growth CapEx for NJ Bio, which we have started spending. As I called out in the communication, we are looking at NJ Bio's expanded conjugation commercial facility being set up along with the regular CapEx at the platform level. Hence, it will be slightly higher than the INR 150 million that we have spent in the year FY25.
You're not calling out a number here, right, Himanshu?
I mean, it will be difficult to call out a number at this stage.
Helpful. Thank you and all the best.
Thank you. Participants, you may press star and one to ask a question. We have the next question from the line of Foram Parekh from Bank of Baroda Capital Markets. Please go ahead.
Yeah. Thank you for the opportunity. My first question is on the ADC segment. We read a lot of news of ADC drugs like Enhertu and all being qualified in their late-stage clinical trial for the first line of treatment. We know that right now, these are in the second line of treatment. Once they are qualified for the first line of treatment, how do we see our ADC segment panning out? Currently, what would be the ADC proportion in the pharma CDMO? On the basis of this positive outcome, where do we expect the ADC pie to grow in two, three years down the line?
Thank you, Foram, for asking this question. We'll give some industry-related comments before we come back to specific products. As you understand, 13 plus 2, 15 products which are approved as of today. There are two major products as of January of 2025 which have antibody drug conjugates with chem-position-based payloads as an approved product, out of which one product is becoming a gold-standard product because of a variety of reasons. More selectivity, as you have rightly alluded to, across HER2-positive, negative, to even additional Non-Small Lung Cancer also. Therapy expansion is happening specifically for this molecule. There is also an anticipation that it becomes a second line to first-line therapy. When such kind of development happens, anybody who supplies the payload to such kind of a molecule, obviously, along with the therapy expansion, volume uptake also happens going forward. That's a broad view that we have it.
In terms of overall ADC, as what we learned in the last seven to eight years, while there is enough focus on various payloads which include PBD dimers, auristatin-based, and chem-position-based, chem-position-based payloads are found to be the gold-standard products with a drop rate projected to be less than 1%, whereas others are in the range of around 55-60% plus. Good news is we are there very deeply in commercial scale. We have unique competencies of producing the product on scale from a regulatory-approved site using our expandable OEB capabilities. Hence, we feel we will continue to be staying relevant in the expanded market going forward.
Okay. My second question is, right now, we know that in phase three, we have nine molecules. So on the basis of the reading of phase one, phase two, is it possible for us to give a guidance in the next one to two years' line how much increase in the phase three molecules can be from current nine molecules?
Foram, if you may request, as you have heard from us, we have been heavily investing time and effort in terms of expanding our outreach to our customers. PAH should set the precedent for the future. Our starting point was two products. Now, we have reached to nine products in the less than two-year time frame. Our endeavor is to expand the basket further. We are quite hopeful that this basket will be further expanded.
Sure. Lastly, I heard that you have not called out for the FY26 CapEx number, but can you just give us what can NJ Bio CapEx be, I mean, in FY26?
Before I request our CFO to come in, I just wanted to also say this. We have taken to monitor what is more difficult to achieve, which is phase three, but we also have an active pipeline of phase one to phase two, a meaningful higher double-digit number. That sets the tone that we will continue to expand our phase three molecules. With this, I would request Himanshu to answer this question on the CapEx side.
Yeah. Foram, so I think given the interest of everyone on the CapEx, I think our sense is that, I mean, it will still be in the range of around INR 3.5 billion as a total CapEx for FY26.
Sure. That's good. Thank you.
Thank you.
Thank you, Foram.
Participants, to ask a question, you may please press star and one on your touch-tone telephones. Our next question is from the line of Hemant Soni, an individual investor. Please go ahead.
Sir, congratulations on the merger, and thank you for providing me the opportunity. Sir, I have one question. I read in your presentation that we are guiding for a double-digit kind of revenue growth in FY26. Will you be able to quantify it, sir?
Hemant, this is Himanshu. I think I will reiterate what I have been saying in the call that in FY 2025, we had very categorically said that spec chem was on the wrong side of the business cycle, and it will recover, which it has as we see quarter four. Having that recovery in, we had also established three engines of growth for us, which are pharma CDMO, spec chem CDMO, and API. Our understanding is that all these three engines of growth will fire and deliver double-digit growth for the revenue. Obviously, one would be higher and one would be lower relatively, but they will all fire and deliver double-digit growth.
Sir, I got your point that we are looking for a double-digit kind of revenue growth, but I just wanted a number or maybe a range.
Unfortunately, Hemant, we do not give guidance beyond what we are communicating. You will have to allow us time.
I mean, I need a research to find, sir. I'm not looking for an exact number. Maybe are we looking for a number in early teens or maybe mid teens or late teens?
I think it would be, I mean, it would be certainly in the teens, okay? We will define as to what it is. I do not want to kind of get into early teens or mid-teens at this stage.
Okay. Okay, sir. Thank you.
Thank you. Ladies and gentlemen, to ask a question, you may please press star and one at this time. We have no further questions. I would now like to hand the conference over to the management for closing comments.
Thank you, Darwin, and thank you, everyone, for joining, and thanks for your time. We'll wait for the next quarter to join us. Thanks a lot, everyone.
Thank you, all of you.
Thank you.
Thank you.
On behalf of Cohance Lifesciences Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your line.