Good morning, everyone, and welcome to the Q3 presentation from Nordic Nanovector. My name is Lars Nieba. I'm the interim CEO of Nordic Nanovector. I have with me today our Chairman, Jan Egberts; our CFO, Malene Brondberg; and our COO, Marco Renoldi. Let me directly start with our Q3 highlights. As a lot of you might have read already, we have a positive outcome from our PARADIGME interim analysis. The Independent Review Committee who looked on the data recommended to focus on a single arm and investigating our 40/15 dosing regimen. The approval of the protocol amendments to PARADIGME proceeding as planned and completed in best recruiting countries. To remind everybody, it was designed to enlarge our eligible patient population and to increase the rate of enrollment. Our pivotal phase II-B PARADIGME trial with Betalutin is progressing in third-line follicular lymphoma.
We do have 59 patients enrolled as of the 18th of November 2020. I would like to add here that our activities which we have pursued and where we will come later to has increased awareness and the sites. We do have also three patients now in screening. Nevertheless, COVID-19 continues to have a negative impact on our recruitment, as we are seeing currently the second wave in a lot of countries being even more severe than the first wave. We are very pleased about our private placement that we successfully completed in September, raising around NOK 231 million. We have done a lot of activities to extend our cash runway into Q3 2021. We have appointed a very experienced Chief Medical Officer, Dr. Christine Wilkinson Blanc. She has more than 25 years' experience in clinical development, with a focus on oncology and hematology.
As you might have read this morning already, we also have successfully enrolled into Archer-1, our phase I safety trial of Betalutin in second-line follicular lymphoma. The final two patients are enrolled. We expect preliminary data readout in the first half of 2021. As promised in April, we will pause the trial, pending the analysis of the data and the evaluation of the plan for further development. Another highlight, which happened also after Q3, is our publication in The Journal of Nuclear Medicine. The results of the preclinical study demonstrate that Betalutin reverses tumor resistance to rituximab in non-Hodgkin lymphoma disease models. That is a very important message, and it really adds evidence supporting the potential of Betalutin and rituximab in combination in non-Hodgkin lymphoma. We are doing everything for PARADIGME; we have focused all of our activities on PARADIGME.
That is what we have mentioned before as well. Our core focus is the third-line relapsed refractory in follicular lymphoma. We of course have other opportunities for PARADIGME like marginal zone, which we are still evaluating. Together with the results we have now in Archer-1, we are evaluating the optimal strategy to advance into earlier lines. We are also very confident that we can finalize the enrollment of our DLBCL study still this year. We have paused all other preclinical and research activities, as mentioned before. Now in more detail to the interim analysis. The recommendation of the Independent Review Committee is to focus on our 40/15 dosing arm. That followed a comprehensive review of the interim data, and the outcome is that both arms are well-tolerated. That demonstrated our manageable safety profile and our activity with respect to complete responses, partial responses, and stable diseases.
The 40/15 arm has demonstrated a more consistent and favorable clinical response across all subgroups which we have looked into. The 100/20 arm is already discontinued. However, those patients will be further monitored and be a remainder of the trial. We are evaluating options to reduce the patient number required for completing PARADIGME based on a single-arm design, meaning the 40/15 dosing arm. Now coming to COVID. The impact of the COVID-19 pandemic has negatively affected recruitment into all non-COVID clinical trials, particularly those involving vulnerable patients. Our patient population is approximately 70 years old and is counted at a high risk for COVID-19. The restrictions of movement during lockdowns prevented follow-up visits, data collection on existing patients, and dosing of newly enrolled patients. The recent emergence of the second wave had led to restrictions that may outweigh the actions we have taken.
It's getting more difficult to screen and enroll patients. I can only speak to Switzerland currently. There, we have seen that there is a lot of reprioritization in hospitals. Our ICUs are fully blocked. I think that's the same in U.K. and in other countries in the world. Healthcare staff or patients being affected by the virus, or supply due to restrictions of movement. This uncertainty around lockdowns and continued restrictions in Q4 and into 2021 may lead to further delays to complete enrollment. I still would like to highlight that we are fully focused on improving the trial execution. As mentioned before, the approval of the protocol amendments to PARADIGME is proceeding as planned and is completed in best recruiting countries.
This will significantly enlarge our eligible patient population, allowing inclusion of follicular lymphoma patients who have had autologous stem cell transplantation, which is frequently used for treating second-line follicular lymphoma in a variety of countries. We also have included patients with a lower platelet count at baseline. The enrollment continues under the existing protocol until amendments are approved. As mentioned, we have patients in screening. That is a very good signal. We have enhanced our relationship with our CRO and our interactions with our study investigators. We have implemented improved patient referral networks. Not only that, we are really speaking with the investigators more or less every day. We have made an evaluation of the sites. We are doing targeted solutions for the individual sites to support our investigators to be able to still have our patients.
All of these actions are expected to improve the rate of patient enrollment. We're still targeting the three-month data readout in the second half of 2021 with all actions we have taken. Let me move on to other opportunities which we have in non-Hodgkin lymphoma, and that is our Archer-1. We are very pleased to see that the patient enrollment in the base safety cohorts is now completed. To remind everybody, our patients in follicular lymphoma had more than one prior regimen. Our primary objective of that study is to evaluate the safety and tolerability of Betalutin in combination with rituximab. Our secondary objective is to evaluate the primary antitumor activity of combination treatments. What you can see here is the trial design, and we are now really at the very right side.
We will review the data from the first two cohorts and pause the trial to evaluate how to progress further. The final two patients have been enrolled, and the preliminary data readout is expected in the first half of 2021. Coming to Betalutin in general and why non-Hodgkin lymphoma, and in particular follicular lymphoma, is a very good indication for Betalutin. Non-Hodgkin lymphoma. There is a lot out there, but there is still a need for new treatment options. You need to know that around half of the indolent non-Hodgkin lymphoma patients that are treated with a rituximab-containing regimen, either refractory or develop resistance within five years. These relapsed refractory patients may not tolerate chemotherapy because of their age and their comorbidities. In addition, most of the regimens are CD20 regimens, so there is a need for an alternative target to CD20.
Of course, a chemo-free regimen with gentle side effect profile. What you can see here is the five-year progression-free survival of these patients. If you're a first-line, you have a chance of around 60% to have a progression-free survival. Now, if you unfortunately progressed into second-line, the chance of the five-year progression-free survival decreases to only 36%. Then if you're progressing further into third-line, your chance of surviving five years is only 26%. That is true for follicular lymphoma, marginal zone, and DLBCL. From that, what you can see is there is a high unmet need in follicular lymphoma. Betalutin. We have compelling and a unique differentiated value proposition for non-Hodgkin lymphoma patients. Our antibody is an anti-CD37 antibody, and it is a targeted radioimmunotherapy. We do have Lutetium-177, which is a low beta emitter with a half-life of around seven days.
The mechanism of action is not only the internalization and the cell death, we also have a cross-fire effect, which targets cells around the antibody, that gives a very, very powerful tool. Our key benefits. We have a single-dose treatment. We have shown in our phase II-A durable responses in elderly and heavily pre-treated non-Hodgkin lymphoma patients. We have shown a predictable and manageable side effect burden. Anti-CD37 is an alternative target to CD20, which is suitable for rituximab-refractory patients. That positions us very uniquely. The Betalutin profile is positioned as a treatment of choice for around 70% of the third-line follicular lymphoma patients who are elderly and frail.
What you can see here is that if you're young and fit, meaning if you unfortunately have progressed into third- line follicular lymphoma at a very young age, then you do have a wide variety of possibilities with CAR T, with stem cell transplantation, or with bispecific antibodies. All of them do have pretty significant side effects. If you're progressing, you can go on to immunotherapy, like the Gazyva or the rituximab lenalidomide. Also there, it is an anti-CD20 treatment and it is chemotherapy, so it is not without any side effects. Now, coming to the patients we are targeting. What is there? There is not a lot. You do have Zevalin, 20 years old, rarely used.
You do have the PI3K inhibitors, started with a great hope, and what we have seen is that the side effects of the PI3K inhibitors are very severe, and they are rarely used. The recently approved compound is tazemetostat. Great results in about 15% of the patients, because you do need to have a certain mutation, then it works great. The other 85% of the population who are wild type, who do not have said mutation, can be treated with tazemetostat, but the overall response is pretty poor. Of course, you can give rituximab. However, rituximab in rituximab-refractory patients is not working very well. Recently, meaning last week, we have seen the first result of the second generation PI3K inhibitors, in particular umbralisib. The result of umbralisib are in the same range as the first generation PI3K inhibitors.
A little above the 40% ORR and single-digit CR rates, you still have significant side effects. There might be a slight improvement, but not a huge. With the profile we have, Betalutin is ideally positioned to treat these huge amount of patients, the more than 70% or around 70% of follicular lymphoma patients who are elderly and frail. These patients do have comorbidities that prevent chemotherapy or targeted therapies with a high side effect burden. We have shown that we can deliver durable responses with a gentle safety profile in a single administration. Nordic Nanovector is well positioned to expand awareness to the benefits of radiopharmaceuticals. I would like to highlight here the growing interest in radiopharmaceuticals, where we are well- positioned. Novartis confirms the commitment to build on its late-stage radioligand portfolio. They are going further with Lutathera in phase III.
They do have also metastatic castration-resistant prostate cancer, also with 177 Lutetium. We have seen the IPO of Fusion Pharmaceuticals in Canada, which was a huge success. In addition, they announced a collaboration with AstraZeneca to commercialize next- generation radiopharmaceuticals. POINT Biopharma, also in Canada, have a Series A financing, and RayzeBio from San Francisco has also raised a Series A in financing. We are very pleased to see all of that because that really helps us also to create the awareness of radiopharmaceuticals with healthcare providers, with payers, and so on and so forth, and policymakers of course. All of that I think is a very, very good signal that there is a growing interest in radiopharmaceuticals. With that, Malene, I hand over to you. Shall I drive the slides further?
Yes, please. If we can go to the next slide. Good morning from London, from the U.K., where we also got a national lockdown, where everything is basically closed and of course, the hospitals are struggling. Unfortunately here, the rate is still going up, as Lars also alluded to. If we look at the quarter here, we can see that we had NOK 88 million in spending. We did say that we will see some of the restructuring to come through in the second half. We have seen some of that. As you can see, approximately NOK 6 million of that was in the quarter. We are, as we've said previously, continuing to focus on PARADIGME and to put as many costs towards PARADIGME and spending them the right way. Next slide, Lars, please.
Here you could just see, as you know, we had the financing round, which gave us NOK 230 million in the gross. Here you can see we had in the end of the quarter NOK 381 million in the bank. As we have said before, we expect that we have the cash into the Q3 in 2021. Again, as I said, we will of course focus on spending the money on PARADIGME. With that, Lars, I will hand it back to you.
Thank you, Malene. We are focusing on PARADIGME. Our goal is to complete PARADIGME as quickly as possible. I would like to highlight again the recommendation from the IRC, the Independent Review Committee on the interim analysis has provided clarity on advancing PARADIGME and has confirmed our manageable safety profile. We have approval of the amendments and it's proceeding as planned to complete in best recruiting countries. We have enhanced our partnership with our CRO to implement other initiatives to speed up enrollment. We're targeting readout of the [three-month] top line data in the second half of 2021. I would like to reiterate, we are absolutely confident, and we have high confidence in the potential of Betalutin to fulfill important unmet needs in non-Hodgkin lymphoma. With that, I would like to close and only give you a short overview about our financial calendar.
Our Q4 and our full-year results will be in February next year, Q1 in May, and Q2 in August. A two-week quiet period takes place ahead of the full year and the quarterly results. Of course, if you have any questions, please send to ir@nordicnanovector.com. It will go directly to our CFO, Malene. Malene, with that, I hand over to you again to see if there's any questions. First of all, thanks everybody for listening to us. With that, we open the Q&A.
Yes. Thank you very much. The first question we got, we got a lot here, but we will try to go through all of them. If there's some of them that we don't have time for, please come back on the IR email. The first one here is, when do you foresee a speed-up in the recruitment of PARADIGME to happen, as you've only had three patients since the last update?
It's a very good question. As mentioned, we are doing a lot. We are seeing the patients are coming back. We do have patients in screening, which is a very good signal. We are going further there. We are doing a lot of PR and we are bringing Betalutin back to the top of the investigators in all of our sites. With that, we expect that there is a pickup as soon as we do have now the protocol amendment approved in a variety of countries. With all of that, we expect that beginning of the year we do see a pickup in recruitment.
This is Jan Egberts, I'm the Chairman. I'd like to add to that. There are two factors at play here. On the one hand, where Lars was already alluding to, we have modified the protocol as more patients are eligible today, significantly more patients than were in the past. That's really helping us. Secondly, the collaboration with our CRO is significantly improved. On the other hand, we cannot deny there is the COVID. A lot of hospitals are closed down or locked down, they're not focusing very much on these kind of patients. There are two opposing forces. We do expect and hope for every reason, not just for the company, but for everybody also on the call that COVID will get better as we get a vaccine introduced. COVID continues to be a problem, we cannot deny that. Two things, the opposite.
On the positive side, better inclusion criteria, better collaboration with all the clinical sites. On the other hand, still being affected by COVID.
Thank you for that. In the Q3 report, CEO quote, you mentioned the possibility to reduce the patient sample. Is this related to only selecting one dose for the remainder of the trial?
Yes, as mentioned in the presentation which we just had, we are evaluating options to reduce the patient number required for completing PARADIGME based on the single arm design. What that means is we have changed the trial to a single arm design. Beforehand, we had a comparison between the two arms. What we are doing is we, of course, need to work on statistical analysis and everything to understand what does it now mean for us. As soon as we have that, we need to discuss that with the health authorities. That is where we are saying there is a possibility that we might be able to reduce the number of patients, but I will not promise anything.
Yeah. Okay. We do have a lot of questions about the 130, whether that's still the aim to enroll 130 patients. Okay. Do you have more comments?
No, I only wanted to say currently, yes, there is the current protocol for 130 patients. That remains unchanged.
Yeah. The current protocol is two arms, and if we go to one arm, we would have more patients in that single arm. That's the key issue. When you do a clinical study, you need to focus on two things. One is efficacy, does the product work? The other hand is the safety. We're really talking about the efficacy side of the compound here. There's a feeling that we cannot guarantee it, we might be able to reduce the number of patients in the sample.
Thank you. Very clear. In how many and which countries have the protocol amendments been implemented?
We are implementing the protocol in all 24 countries.
No, he means where has it been accepted, I think.
Yes.
I will need to come up with that later. I think it's changing on a daily basis since the health authorities are approving currently more or less on a daily basis. We do have a two-step approach. One is the health authorities, one is the ethic approvals. The ethic committees are even more than the health authorities, so I really need to follow up with ICON to have It's not only countries, it's also sites. I can answer that question perhaps on the webinar following.
Also, the number of countries is not a terribly relevant number because some countries generate a lot of patients and some countries very relatively few. We're pursuing very aggressively in all countries, and obviously we are dependent on the health authorities. We're making good progress there.
Yeah. Leading on to the next question, why have not all countries accepted the protocol amendments for PARADIGME at this late stage?
That depends also on the speed of the health authorities. We have submitted all of our protocols, now we are waiting on the feedback from the health authorities. The health authorities, I only can speculate. They are probably also overwhelmed by COVID-19. From that point, it's very difficult for me to judge on the speed of the health authorities. We have done everything we can at the highest speed we can to submit everything, now we are waiting for the feedback of the health authorities. Of course, we are following up with them also on a very regular basis.
Yeah. Thank you. You state very generally that you have improved your patient referral network. In which countries does this improvement apply, and what does this improvement consist of?
What we are working on, let me start with the second part of that question, is we have chosen many academic sites for the clinical trial as usual. What we have done is, follicular lymphoma patients, follicular lymphoma is a very slow-growing cancer, and they are very often also at sites which are not academic centers. What we have done is now that we have worked together with the academic centers and with the referral sites to really also have patients which are not identified at the academic site, that they are referred to the academic site. That we really have a good network of clinics and investigators who do refer eligible patients to our principal investigators. We have done that in a variety of countries. Mainly our best recruiting countries, which is also France, which is the U.K. We have started also in the U.S. with that.
Marco, do you want to add anything since you are very close to that with the MSLs?
No, I think you covered it very well. I would add new countries where we are increasing our efforts to generate these networks. Also, thanks to the increased collaboration with our CRO. Those are Italy, Israel, Turkey and Spain. The number of countries where we are maximizing the referral pathway is growing, and that will have an impact.
Thank you very much. How robust do you consider the guided data readout on PARADIGME today compared to when you made it in the Q2 presentation?
We are still very much behind that we get the three-months top-line data in the second half of 2021. We're equally convinced as in Q2. We are doing a lot of effort to increase the speed of enrollment, and we are very confident that that will work. Thus, we are very confident. However, as Jan and I mentioned, we unfortunately have no crystal ball for COVID. Still, we are very confident that that is possible.
Okay. Thank you. Then we jump to other topics of funding, which I think the first question here is actually to me. Thank you for that. Why isn't the company focused more to get a better shareholder base with strong investors, U.S.-based, for instance? I can say the way that we actually work with the shareholders and target shareholders is that we actually have lists where we identify, so we know exactly, for instance, in the U.S., which are the top investors in healthcare and in biotech. We also scan who, for instance, was in on the Endocyte and AAA . We know the big investors, and that's the way we work. We do actually work very targeted, not just the U.S., but the U.K., and we got a whole set of data and list, and we follow them up all the time.
We know exactly who we met the last years and who we would like to meet going forward, of course. We are trying to do everything that we can to expand the shareholder base. The second part of the question also, have you thought about Nasdaq? Here I would say, yeah, that is, of course, an option. I'll leave it up to Jan to elaborate maybe a little bit more on that because that's a Board thing.
Thank you. Yeah, I lived for about 30 years in the U.S., just came back only a couple of years ago to the Netherlands, my home country. U.S. as a foreign company, getting traction in the U.S. takes a long time, in particular, it takes a lot of personal meetings with investors. Unfortunately, because of COVID-19, significant travel reduction, that has not been possible. Those tend to be very long, ongoing dialogues. In our most recent financing, we had a significantly larger representation of non-Nordic investors than we had previously. With respect to the question about Nasdaq listing or any other listing, yeah, we're continuously reviewing it, there are no imminent plans at this moment to change from the main Board, that could very well change in the future. At this moment, there are no imminent plans.
Perfect. Thank you very much for that. You mentioned raising funds through a partner deal in both the press release related to the private placement in September and in the podcast with [Radium folks] in August. Lars addressed it's not just the deal, but the right deal. Could you elaborate on what the right deal is? Not just in terms of, saying, creating shareholder value. Maybe, Jan, you would start with this.
No, obviously, shareholder value is probably one of the key drivers, so actually, yeah, I'm not sure I'm answering the question. We have not finalized our go-to-market strategy. We're really focusing on the clinical study at this moment, but it doesn't mean we haven't thought about it. I think the emergent thinking is that we probably need different types of partnership in different parts of the world. Let me just talk about the two extremes, like Nordic countries, that's probably an area we could easily do ourself. If you talk about places like China and the Far East, we almost certainly cannot do that on our own. There in between, there are a lot of other countries where different strategies might be pursued. That hasn't been finalized yet, that's where we are.
There are ongoing discussions, but that's probably the best I can say at this moment.
Thank you. You know, Lars, I don't know if you have anything further to add, or Marco.
Yeah, I would leave it up to Marco since Marco is also heading up our business development, and it's our daily job to really look for our partners. Marco, please join in.
Yeah, no, thank you. I think Jan covered it very well. We cannot deny that we are in dialogue with all players who are present in the hematology space, players who appreciate the value that radiopharmaceuticals can bring to the treatment of cancer. All of these dialogues had one goal in mind, which is to put Betalutin and Nordic Nanovector on their radar screen and explore the appropriate point in time the best option, as highlighted. I don't think I would add more than that.
Thank you for that. We jump to the next question, and I think, Jan, this is for you. Many shareholders would agree that it's now critical that the Board appoints a permanent CEO. When will a permanent CEO be appointed?
Yeah, I cannot say anything about that.
Okay. Yeah. We're going back to some of the clinical. What is the status of LYMRIT 37-05, and when will the company communicate the current result and plans forward?
LYMRIT 37-05, it's the LBCL, yes. It's the LBCL. As soon as we have finalized our enrollment, we will communicate that we have finalized the enrollment. As mentioned before, we are confident that we can finalize the enrollment still this year.
Thank you. Has the Alpha37 IND been submitted? If not, why not?
No, it has not yet been submitted. We are working very closely with our partner Orano Med, as you know, and due to COVID, we couldn't easily travel between the sites and so we had a little bit of a delay. We are working together on the current planning with Orano Med and when exactly to submit the IND, but we are in final stages of the preclinical work.
Okay. We just have a few follow-up questions here. Please clarify in which countries have the protocol amendments been approved at this point. Surely you must know this.
I mentioned that before. Yes, I will answer that question afterwards because it's, as mentioned, the health authority and the ethics approval of the different sites, and I don't have it on my hand yet.
Yeah. We jump to two on the Archer-1. Bayer's copanlisib is already approved for FL in the U.S. under the accelerated approval program. According to Bayer in October 2020, good results from their combination study with rituximab CHRONOS-3 is soon due to be presented at a scientific congress, and subsequently they will discuss the data from CHRONOS-3 with health authorities worldwide. Given these developments in the market, what are the merits and justification of pausing Archer?
Okay. We have finalized now the cohorts. We will look into the data and we'll then decide upon how to move ahead into second-line follicular lymphoma. We had very good results, as you know, in our first cohort, which had 100% ORR and then three out of three CRs, which is a fantastic result. However, if you're looking into the space of follicular lymphoma second line, you also need to think about is combination the right strategy to go, or is single agent the right strategy to go? That is why we would like to compare the data and we want to have a look in that how is the best positioning of Betalutin. You also need to take into account here that the recruitment for Archer-1 was not the fastest one.
We are not only looking into the results, we also would like to understand why the recruitment was slower than expected. Marco, you are our expert from the market positioning point of view. Would you like to add anything?
No. Once again, I think you covered it very well. We are not undermining the excellent results we have achieved in the first cohort of Archer-1, and we hope to be able to soon deliver the results of the second. We believe that combination could be an excellent treatment opportunity for patients. I think we need to consider what is the fastest way to come to a second label, to an expanded label in second line. That's the key decision we have to take. It's not about dismissing the combination with rituximab. It's about deciding the best clinical and regulatory strategy. This is a discussion that we need to finalize. I hope that clarifies.
Thank you. Yes. Just a last question on Archer-1. Have the first three patients from the first cohort treated with the 10/40 dose in Archer-1 trial now all relapsed?
I must admit, I'm not sure when the follow-up scans are due. Marco, I think they are not due yet, isn't it?
We will communicate the results, the updated, mature data from both cohorts when we are ready to communicate the data from the second cohort. We normally do the data cleaning at one point in time. Please expect that response in first half of 2021.
Thank you for that. Just a last two questions here. Can you disclose the medium duration of response data from LYMRIT 37-01 with the 20/100 patient excluded from the patient population? You promised to look into that at the Q2 presentation.
That was the Part A data question. We have looked into more detail into the LYMRIT 37-01 Part A data. When I recall it correctly, that was a question in the Q2. Yes, we are looking into all of the scans. We have follow-up scans. We are following up there in dividing, say, 40/15 and the 100/20. We are still working on it.
Yeah. Thank you. The last question, I guess that's for me. What was the net proceed from the late private placement? I know the prospectus is not a popular document, you can actually see all the details in that. It was roughly always NOK 15.7 that you can deduct. We are in roughly NOK 215. You can find much more on that in the prospectus for those who are interested in that. Let me just see. I actually just got a follow-up here. Given that other drugs have been approved based on the phase II trial in the third-line FL indications have included around 100 patients, can you really lower the size of the patient trial of the PARADIGME trial, given that you said earlier, before the protocol amendment was approved, that there was a 50/50 split between the two doses?
Will not the number of patients in the 40/15 dose be too few in order to actually to get the drug approval if you reduce the number of patients in the trial from 130 patients? Sorry, it was very long, this question.
Yes. It's a very good question. That is why I said we are working on the statistical analysis of the new protocol synopsis to say what is the right powering of the trial to have significance in our efficacy and have a large enough safety database. That is exactly where we are looking in. However, as you have rightly mentioned, others have done around 100 patients to submit for accelerated approval. We are at 130. There is some room, as pointed out also by Jan and myself, that we can reduce the number of patients. We are confident that there is a possibility. As said, we can't promise it.
Thank you very much. The absolutely last question. Are the PARADIGME interim data available to Nordic Nanovector?
The PARADIGME interim analysis data from the IRC, these data are available to Nordic Nanovector. There's a few people in the company who have direct access, and there is, of course, our Chief Medical Officer.
Thank you. I said it was the last question, but there is one more, but this one is actually for me. We're saying that the NOK 88 million cash burn this quarter, what is the prediction for the next quarter? The next quarter, if you look at the historic Q4, that is where we have a lot of costs, so we should expect it to go back up, just because there is some seasonality in the cost there. It's hard to say exactly where we are going to land, but you should look at what we had last year and then maybe a little bit lower. That's my best comment right now on that. Otherwise, that concludes the Q&A session. Lars, I will hand it back to you.
Thank you, Malene, and thank you to all of our shareholders for the really good questions. I hope we could answer most of them to your satisfaction. With that, I would like to thank you and looking forward meeting you next time. Jan, anything to add?
No, thank also. I'd like to agree and hoping we can see each other in person soon again, because this is obviously not the optimal way. I hope everybody stays healthy, and a very early best wishes for the holidays and the new year. I hope everybody stays healthy and prosperous.
Thank you very much.
Thank you.