Business Update

Jun 17, 2021

Good afternoon and welcome to this Lenexa webcast. Many thanks for joining us today. My name is Joran Lando and I'm the Chairman of the Board of Lenexa. We had our first webcast a few months back and received very positive feedback on the format, So we see this as a good way of communicating. It is also for us a way to get a little more feedback from our shareholders And we like that and we intend to have at least one more during the autumn of this year. With me today is our CEO, David Westberg and our CFO, Bjorn Svarmstrom. We will start with a short presentation to recap our strategy and progress as well as the capital raise that we've announced recently. And then we'll open up to questions. We've already received a number of questions I appreciate that. And please feel free to send in more. We will do our very best to answer as many as possible during this time. And if the questions we haven't had time for, we will be sure to email an answer back to you in due course. So hopefully we will have a lot of questions in this respect. And then without much further ado, I'll ask David to start the presentation. Thank you. Thank you, Joran. So hi, everybody. So I'm David, and I think you've seen me before, most of you. So I will do my best to present Nanexa, where we are today and Some information also, of course, about the rights issue that we just announced. So Nonexa, As you know, we have been working on the Pharmacell technology for some time and now feel very confident that Pharmacell actually has a very good position on the market going forward. So we have set up a mission for the company. It actually become a world leading company for long acting injectables to develop a new generation of innovative parenteral drug products. And that enabled by the Pharmacell technology, and That is based on, as you know, the atomic layer deposition technology as such. This picture, just to So our Board of Directors, which has grown with 2 persons this year after the Annual General Meeting this year, We now have Birgit Statin in the Board and as well, Ieva Nilsa, Gord. And we welcome them very much. And as You understood. Joran is the share of the Board, is sharing the Board. And as you see, the Board is filled with people with a lot of experience from the pharma business, And we believe that is crucial actually for taking Nenexa on this journey to become what I showed in the vision. So where are we then? I mean, we as you know, we're a company that was founded from the Uppsala University way back, And we have some strategic partnership with AstraZeneca since many years ago and also with Applied Materials since last year. And Applied Materials, I'll come back to When it comes to upscaling of the process and the possibilities that will give us, we're working or we're active, I should say, In a very expensive market that is about to reach about US900,000,000,000 dollar globally by 2025, and that's not too far away from now. We have this Pharmacell platform, and we are working on 2 different business legs, so to say. 1 is the product licensing with the products that we actually develop ourselves and fund ourselves up to proof of concept study in clinical studies. And then, of course, What we started off with is the technology licensing to out license the technology as such to pharma companies. And both of these business legs, so to say, we will work Okay, intensely with going forward. So So the Pharma Shell Technology, what is that? Well, we're building extremely thin shells on top of API particles, and that shell material It's dissolved very slowly, and that is actually what controls the release of the API in the body. And So, and that is the technology that we have developed ourselves, and we have patents Regarding that technology and products created by that technology. As I mentioned, we have started projects, And we have started 2 projects, and I will come to them later on in this presentation. Some of the features and key benefits Of the Pharmacell technology when it comes to long acting injectables are the ones that we have put on this slide, But I will just mention a few of them. And if we look at number 2, for instance, the control of initial drug release, That's extremely important when one develops long acting injectables and depo formulations. It's very important that not Like 30% or 40% of the dose is released the 1st day or 1st 2 days. So, we need to really Eliminate or actually or at least reduce the initial burst release or drug release. And that is something that we have proven that we can, and that I think is really unique for our technology compared to many other technologies that are out there. Also, next one, number 3, the high drug loads, Up to 80% or sometimes even higher is really, really a good number. We normally, I can see drug loads of maybe 30% to 40%, but we have 80%, and that gives opportunities and Benefits in products that is formulated by Pharmacel, one can minimize the injection volume, for instance, and that Leaves room for actually having longer depot formulations, and it's better when we have an injection to inject just a Small volume compared to large volume, and that goes without saying, I think. Also, looking at the next one, versatility, Yes, we have proven that we can work with small molecules, and we can also work with biologics. And the biologic side is, Of course, very important since a lot of the new drugs that enter the market are biologics. And then number 5, in situ stability is a bit special maybe, but what we're Talking about here is stability of the API after it has been injected into the body. And a lot of APIs are sensitive for body fluids. They degrade in time, but what we do with Pharmacell is that since we have encapsulated the API particle, Body fluids don't reach the API particle until it's released and should act. So that's extremely good and unique, I would say. The patent portfolio, I've talked about that. We have a strong patent portfolio with patents It's granted in the U. S, 3 of them in the U. S. We have patents granted in Japan and also now China. And we have patent applications ongoing, and we have the process of getting the products granted in all major markets. Looking at Applied Materials that I mentioned in an earlier slide, well, we have a collaboration with Applied Materials, And they are a huge company from the U. S. They're focusing on equipment for manufacturing using the atomic layer deposition technology. And they have entered the pharmaceutical Since they know that they've seen that it's a great possibility for business in that market, and of course, we know that for many years. So we have started this collaboration, and Applied Materials bring to the table a possibility of upscaling the process to both pilot scale and later on also large scale for manufacturing to the market. And we are together with them building a new facility in Uppsala, a pilot facility where we will be able to manufacture clinical trial material for both The Phase 1, Phase 2 and Phase 3 studies, so that brings down the risk of other for other companies to enter this Technology and bring it into their product development pipeline. So like I mentioned, we are in a business that is It's rapidly growing. It's growing in many different indication fields that you see in the middle. We have chosen to start 2 projects in the oncology field. That is one of the bigger fields that uses drug delivery, and We have started now 2 projects within the with hematological cancer Indications, myelodysplastic syndrome and multiple myeloma, and I'll come to that later, both of them quite big markets. Well, what then drives the development of long acting injectables? Well, if we look at patient groups, FDA, health care system and payers, maybe we should start with the payers. They We'd like to see cost effective drugs on the market, and for such drugs, they're willing to pay a premium price. The health care system would like to have products that minimizes the resources needed for treatment. And you'll come to see what I mean When I explained the Nx18 project, FDA has actually started A guideline and initiative called Patient Centric Product Development, where they actually promote As being the pharmaceutical industry to develop products that are more patient friendly, And the patients, of course, they would like to have as good quality of life as possible. And if you have A chronic disease or if you have a cancer treatment that is prolongs for many, many, many months, you really don't want to feel sick every day and take your pills So, having a long acting injectable with a shot every month or every 3 months, that is what the patients want to see. And how does the pharma industry then make money on this? Well, you know, well, one can, Of course, improve the products that are already on the market from once daily Injections or once daily tablets or 3 a day, 3 tablets a day or whatever to just one shot every month, That is a big improvement for these kind of products, and one can develop a diversity of the product pipeline and the products On the market, and by that, increase the revenue, of course. But one can also work With products or APIs that have not really entered the market yet due to formulation problems, And there, the PharmaChelle technology can come in as an enabler for such projects. Looking at our product Pipeline, we feel that we have a strong product pipeline with 2 projects currently ongoing in development that we found ourselves up to what we call proof of concept in Phase IbII. And we have the next 18 project that we, as you know, have started the Clinical studies with and we run them here in Stockholm and in Uppsala. In next 2020, the lenalidomid project, we have started ALD process development and formulation development. We will take that into preclinical this year to be able to enter Phase 1 next year. And we have also announced that we will start a third project later this year, and I will come to that during the fall, what that indication is. In addition to that, we have The partner projects and the partner evaluation projects that's ongoing, we have AstraZeneca, and we have a number of other Companies that we work together with and that evaluate the pharmacell technology, and we have the last one, Partner E there That we started this year actually, and that is actually have entered into in vitro proof of concept and is just about to Coming to animal studies as is. When we then look at NEX18, what we then do is that we With a product that today is taken 7 days in a week and then the patients rest for 3 weeks And then there is this treatment week again with injections every day. This is an acacytidine based product That is meant for treatment of myelodysplastic syndrome. And that is, of course, an Indication that mostly is elderly people that gets it. And It's, of course, very troublesome for these people to go into the hospital each and every day for a week to get this treatment. What we will do is to exchange those 7 injections with just one at day 1, so that we will need to come into the hospital just one day each month, And that will make a huge difference, of course. In that project, with the development timeline, we're into Phase 1a now, we are aiming for getting the study results by Q3 this year. We will start the next study by next year, which will be the Phase 1btwo proof of concept study. And after that, we anticipate that to end in the beginning of 2023 or the first half of twenty twenty three. And after that, I'll license it to a company that will take on a Phase 3 and approval phase and marketing. So that is the timeline for NEXT 2018. With NEXT 2020, we're about 1 year behind because we Started it a little bit later. This is a project for multiple myeloma, and it's a Reformulation of Revlimid, which is really a blockbuster product on the market today. Lenalidomide and also acetylcitine will be base treatments even for new coming products on the market. So one can see that sales figures for these compounds will increase throughout the years, Many, many years ahead. And what next 'twenty will do is that we will exchange once a day pill With just one injection day 1 each month, and one can say that once a day pill would not be a problem for patients to take, but actually Patients don't have so much symptoms actually from the illness as such, but they will get side effects from the treatment. And since that is the case, many patients and in studies that have studied that, we have seen numbers from about 30% to 40 Percent of the patients are poor adhearers. So that is the patients group that we are looking at actually To get them treated properly, so to increase the effectiveness of that treatment, of course. If we look ahead, some what we call value inflection points going forward Has a lot to do with our projects. But before going into that, I would also mention that, of course, We are marketing and discussing also partner projects throughout this timeline And hopefully, getting some of those projects also starting within the time frame of until 2023. And I would also mention in that sense that the results that we get from running the next 18, next 20 projects Going into clinic will actually benefit that process as well. So but we will have the like I mentioned, the Results from the Nx18 first study later on this year, and we're aiming for Q3, like I mentioned. We will start the next study for next 'eighteen early next year, And we'll anticipate to have top line results by early 2023. In parallel to that, we will also start the clinical program for NEXT 20, starting that first study next year. So, we have Phase 1 data by 2022, And we'll go on into Phase Ibtwo proof of concept for that indication as well later on. So we have a lot of very interesting and important value inflection points going forward. So before getting into the rights issue details, we will This is sort of a summary picture. What we can what legs we are working with, of course, the product portfolio, Our partner projects, the patent portfolio is, of course, very important and also the GMP and scale up. And all that together will really build Nonexa towards the vision that we are anticipating to reach. So now I will actually leave the floor for Bjorn, who will talk a bit about the offering. Please, Bjorn. Thank you, David. Yes, a few comments on the offering And the terms general terms surrounding it, we have a rights issue now, primarily on 126 €700,000 to be exact. And with the preferential rights for the current shareholders, it's 1 to 1, I. E, the right to buy one new share for one existing share. And the share price is set to SEK 5 SEC. I will come back with comments on the terms later on in the Q and A session. And we have Also an over allotment issue where we if we receive interest above What we have in the rights issue, we can allocate that in a directed issue to other shareholders as well. So in the rights issue, we have Subscription commitments of around 17%. It's primarily from Ruthke, Rahnhult and M2 Capital Management, Jan Peter Sheehan, who is a big owner as well and our new industrial partner, Applied Materials through their venture capital firm, Applied Venture. And we also have quite Essential commitments also from the Board of Directors and Management. And above that and In between that and the full rights issue, we have a fully guaranteed from Consortium of guarantors, the rest up to 100% then. So it's fully guaranteed. And by the way, I got a question on the guarantees, and they have no lockup, we can say right away. Well, we have this whole schedule for the process. Mentioned also to the right in the picture there, we have Already published the prospectus a week ago. And we have Started today, actually, the subscription period, and that will go on for another 2 weeks until the 1st July. And we expect to be able to announce the final outcome of the rights issue and the potential over allotment issue by July 7. So maybe, David, you can mention something about use of proceeds? Okay, absolutely. So, okay. So, What will we then use how will we use the money or the capital that we will get from this rights issue? Well, we'll put a lot of focus on the Nx18 project, of course, to really get that into Phase 1b2 results So that we can increase the value in that project substantially before out licensing it to Pharma Company. We will put a lot of money into the next 20 projects as well To have Phase 1 data from that project during this time period, we Feel that, that is also improving or increasing the value of the company substantially. And we will start the next 21 that we will start later this year and take that through the preclinical development. So After this time period until beginning of 2023, we will have 3 projects in our own project pipeline, and we believe that is a really, really strong step going forward into the vision or towards the vision that we have set for the company. Apart from that, we will also and or in addition to that, I'd say, we will have investments in our GMP facility that will actually be an enabler for doing What I just mentioned and the enabler for also putting trust in the technology for the big companies That this can actually be manufactured in big scale, which is, of course, essential for companies that want to invest in this technology. And then we will further develop the features of Pharmacell, the Pharmacell concept, expand the patent portfolio And expanded use of the Pharmacel technology as such. And then we will put a lot of money as Well, on general corporate purposes like, for instance, marketing activities, go out and present the technology and Talk to potential partners and the market are both technology and our projects. So, that is what the rights issue is about. If we then get Some money in from the over allotment, we will be able to accelerate what I just mentioned And possible to also open up for starting the next 'twenty two or next 'twenty three project in preclinical phase. So we have a number of other projects to take into clinical phase as fast as possible actually. So this is, I think the what we would like to mention regarding the Or in this presentation. And I think we open up for questions. Absolutely. Good. You have the questions, so you're in the middle. Yes. Yes, we have them coming here, quite a few actually. And maybe we should start a little bit back from the beginning here. And Well, actually, I think I can elaborate a little bit because quite a few of the questions concern the offering as such, The size and the terms. And we have it's We got the question, how did you arrive at SEK 5 per share? I mean that's both I think it's a function both of the general market expectations and the market conditions where we are now with doing a rights issue and also having it fully guaranteed. So that's one part. And the other part is that the capital need is quite substantial for us in relation to our Market cap, so that also makes the dilution pretty heavy and the relation to the current share price is therefore This is big actually. So I mean, it's a Function of both those terms. And then we arrive at the next question, why this Size of the rights issue, it is big and we fully understand that it's quite a big piece of Meat to swallow for a lot of shareholders. And first of all, I think we have to mention that We're now entering into a phase of clinical development, which is a capital intensive area where each clinical study costs quite a lot. And when going into clinical studies, you Cannot enter them without having them fully financed as well. And that makes us look Quite far, not very far, but maybe 1.5 year, 2 years into the future and we have to fund the company for that whole period. So that's one thing. And then I think the other thing is the alternative maybe then to make smaller issues along the way. And I've already Basically answered why we don't do that because we can't start a big study without having it fully financed. One could argue that we could do a very small one now and a little bit later on now the same year or early next year another one. But we think that We need to be able to focus on the business and we need to have this Financial risk, if you like, removed also because if we everyone knows that we would start a big study that need to be financed Early next year, we don't have it financed by a few months from now. We'll continue to put pressure on the shares Like we have seen actually already, that's our impression. So I think we have discussed this a lot with among ourselves with different investment Thanks before taking the decision where to go. And this is we feel quite strongly that this is a Good way of doing it. And I don't know if you want to comment. I can say from an Operational perspective that this gives definitely room to actually expand into the activities that are really Value creating and doing so, we hope to improve or increase the value of the company, Of course, to a position that is a lot more attractive than what we currently have actually. And we see great opportunities in doing that with the program that we have ahead of us. So I think that is maybe one of the reasons as well. Now in a way, we are changing the company from a preclinical company to a clinical company, Not only with Nx18, but also with Nx20 and hopefully with the next project as well. And thus we're going into Multiple programs, clinical programs that as Bjorn said, needs to be fully financed before you start it. It's not ethical otherwise and it wouldn't be atable. So that's why suddenly we come in terms of spending pattern, a totally different spending pattern, and we need a more long term plan in this to respect. Exactly. I think we commented in that respect also to the timing, why we're doing Now I can just mention that we need obviously, we still have money on the bank, but we of course, we need some margin. I mean, we don't want to do this Just before we see the money runs out, so we think this is a good timing actually. I've got a question on our own shareholding here or The Board of Directors, why do you own such a few shares? Don't you believe in the company? As you've seen here, I'm certainly personally adding to Mike. I've I've only been with the company for a year, and I will continue to slowly increase my position in this respect. My job is not primarily to be a shareholder, although I obviously will continue to do so And I'll continue to build the position is to chair the Board and make the company successful, which is obviously the focus. And I wouldn't be here if I didn't believe in the company, that's for sure. Yes. I think also we can mention that, I mean, apart from the shareholding that's visible In the lists, we invested quite a few of us and quite substantially also in an incentive program last year, which is continues for the management this year and the new shareholders that The new Board members, I should say, that are now joining, they're also investing in this rights issue right now. Okay. Actually, we had some questions also regarding the Vitrivax process, if we can Comment on that? How is the negotiation proceeding? Well, right now, we're in a position where It's sort of a waiting position after we have submitted the complaint to the court. And we anticipate to start negotiations or the talk with Vitrivax Any day or any week actually now, we're not in a big hurry doing that, but we also We'd like to keep the negotiations ongoing. But for the moment, I don't have any specific news on that. We're looking forward to the negotiations and see that this is a process that could benefit our Naneza in a good way. We're confident in our patent position. Part of our responsibility is to defend what we have. And that's what we're doing. There were some technical questions here that we got. Is that something that we More from a development perspective. Or is that easier to take on an e mail? Is it a long? Yes. That's a long one. Maybe we can Maybe it's better than that. I can reply on that. But it's about the technical issue or the technical how does the PharmaShell work? And I mean, it's The shell material as such is has a very low solubility, and that will be dissolved when you enter it into the body. The water Fluids in the body will slowly dissolve the material and then let the API Be released into the bloodstream actually. And there were some other questions about The proteins, if one can protect proteins from denaturation in humidity or in room temperature, And potentially one could since we actually the farmer shall access a barrier for moisture. So absolutely, one can do that. I can I think I can go into the other questions and answer in an email? As I said, we will pick up the questions and answer them all. Yes. And regarding the issue again, We had some questions about the value and that it's been mentioned that the value of the subscription right can compensate the owners For not who are not able to participate or don't want to participate, of course, that is function also Of the market interest and the value of those subscription rights. So it's not a given that they go down to 0. As some of you have commented, we hope that they can stay with some value so that we can realize Some value from it, but there's nothing that can ever be guaranteed, of course. So I mean if we can stress that again that we strongly believe in the long term business plan. And with this issue, we can embark on a road that on a Journey, you could say, with a company that really creates long term and big value. And I think even for those who don't participate Fully or at all in this rights issue, this will create substantial value If you're with us in the future, so that's important to stress really that We see great value in this size of a financing and the possibilities to do what we're now aiming to do. I fully agree. Good. Yes. So that's a lot on the same themes, but Are you currently working with APIs that are not Yet gone through Phase 1, 2, 3 and been approved, I mean new substances? New substances and new chemical entities. A few of the partner projects are using the PharmaSHEALTH as an enabling technology, as I mentioned in one of Slides. So yes, we are, and that's, of course, very exciting. Our own projects will be focused on products that are on the market to go through the short 505b2 regulatory route and where the clinical program are shortened to a minimum And where you can actually enter the market as soon as possible with those projects. So that is what we'll I don't think that we I don't anticipate that we will do any new chemical entities in our on our funded projects. But the partner projects, absolutely, that could be so. Another question regarding Is there a chance of a limit of reducing the burst in the ongoing Phase 1 Nx18, yes, absolutely. That is actually one of the Read the question a little clearer. Okay, so sorry. Yes. I can read it. Yes. Is there a chance of eliminating, reducing the burst in the ongoing Phase 1 with NEX18? Yes. Okay. So the NEX18 formulation with Pharmacell, one of the main objectives is to Flatten out the plasma profile, and in doing so, we will not get the high peaks that the VIDAZA product gives. So yes, we will definitely eliminate the burst using our Nx18 formulation, absolutely. Clearly, that's one of the core expectations that we have with it because it not only will it Gave you convenience in terms of much fewer injections, but also we hope it will give certainly less side effects because a lot of the side effects Sorry, actually related to this high peak that you get. Yes, yes. And one should maybe mention also, having such a flat curve or a flat Plasma profile during a long time could potentially actually increase the effectiveness Of the substance as such. But that's something that we will come into a bit later. We'll have to prove that obviously. We have to prove that obviously. But it can be from Two sources. One is because of side effects, a lot of patients actually have to drop the dose into a much lower dose and suboptimal dose if you like. So that's one way where you could actually get, at least in some patients, a better efficacy. And the other one is obviously that you will be able to continue to have an effective level plasma level for a longer period of time rather than this up and down, up and down like a yo yo. Yes, absolutely. And that I think is something that we will And in many of the projects going forward as well, that's one of the big advantages of Pharmacell, Where we actually have the possibility also to work with really, really potent drugs, since we have the possibility to really eliminate the burst effect, One can actually do depot products out of products that you really don't dare to do now because of the burst effect. So there are a number of really, really nice possibilities with new products. So That's really something we're looking forward to. And clearly, when we select new products, the next 22s, 23s, 20 whatever, You'll be looking for products that have what we call a narrow therapeutic window, I. E, The difference between effective dose that is needed to have effect and the level where you have toxicity side effects It's either non existent, which is quite common, especially in cancer drugs, or it's very, very narrow. So it's really, really difficult to stay within that little window. Yes. So yes, that's right. Okay. Yes, I have some more about well, one that has come quite From different angles, but when is the next capital injection plan for? I. E, how long will the money last? I mean, we have this plan now for primarily financing the business until we are done with the Phase 1btwo, I. E. Proof of concept in NEXA18, which is expected early 2023. And With some margin, obviously, we need also to have it financed a little bit after. But so a good way into 2023, say at least 2 years From now, we should be funded and then the next capital injection. I mean, We think we can realize quite substantial values from NEXA18 when we get that far. And Depending on the decision from the Board then what to do with that project, we can also opt to Go further on with Nexotin, although that's not the big the game plan as we see it right now. I mean, so then we have a Potential big capital injection from the Nxertin project that could fund the rest of the say, for instance, The next Phase 2 starting next 2020 etcetera. Yes, absolutely. So we can't say now, but within this 2 year period, we're financed. And I mean, that is an obvious target for us to actually Reached such a point that we can get funded through license agreements, absolutely. But It's Bjarse, you can never guarantee anything, but But clearly, as David said a little earlier in his presentation, we are also Very hopeful that we will have a couple of partner projects that will They may not give huge money, but there is non dilutive money and Such money is good money. Yes. So Yes. That's right. There's a long question. As a comment On the discount level, etcetera and the doubt that We have got the best terms that we can get. And I mean, yes, we cannot comment more on that than that we have done Absolutely what we can and we have talked to several banks and we have also looked at similar transactions in the market. And I mean, the discount levels are quite high actually in this kind of rights issues. So I don't know if you want to comment anymore. No, I think, like you mentioned, I mean, this has been discussed, and we have also talked to Sort of neutral advisors, and we believe strongly believe that This is something that will gain all of us, all shareholders going forward. But of course, Do we like the heavy discount? Of course, we don't. Of course, we don't. And we realize the pain that all existing shareholders, including us, Ourselves are facing in this respect. Yes, absolutely. If we can expand on the costs and current plans for the Phase IbII study. Yes. I mean, just explain a little bit more of So the costs, I mean, we have a cost For the Phase 1 study that's currently ongoing, then there are, of course, the Post for the Phase IbII study, that is substantially higher than the Phase I study, definitely. And but that will, of course, then increase the value of the project substantially as well. Apart from the specific costs for the study, there are also costs For manufacturing process, for we will do regulatory activities with FDA as well to what is called PIND meetings to get their input on our study plan and so on and so forth. So there are a number of costs also outside of the clinical study. But So I don't know what more to No, I mean, and I think in total, we Estimate that we need around half, maybe not quite, but around half of the proceeds from the rights issue To direct you to NxA18. Right. Yes. And we also got an interesting question about Applied Materials. Do you see where a future where Applied Materials take a more active part in sales and marketing? I suppose they have a substantial sales force Taking into account the size of the company? Well, regarding sales and marketing, actually, that's something that we are discussing with Applied Materials since We are acting as one unit on the market when it comes to ALD in the pharmaceutical business, where we have sort of the exclusivity when it comes to parenteral products and parenteral use. But we will have a common Marketing, we will have common marketing activities going forward also because we act on same conferences and so on and So and that is something that's ongoing already with preparing such material and so on. So definitely we Yes. But that's going to be more in terms of finding partners, in terms of Yes, yes, yes, absolutely. Not go out Two physicians and you need a classical sales force? No, no, no. No, that's right. And I mean, that is something that our partner companies and the ones that take the Products to the market will do. So in the so and that's right. Yes. And Applied Materials, the giant We have a very strong balance sheet, etcetera, but they're not a pharmaceutical company. And in a way, it's a good Sunergy, in that respect that they know a hell of a lot, quite frankly, of ALD. We think we know quite a lot in the pharmaceutical markets in terms of what products to look at and to cover and to develop. Right, yes. Absolutely. A technical question on NEXT 'twenty. How important is the burst in the NEXT 'twenty? Compliance Is compliance main focus, I guess, the question? Well, the burst effect is important there as well because We are looking for a 1 month depot, and that's quite a long time actually. So, In that respect, it's important to eliminate or at least reduce heavily the burst effect. So it's important in that project as well. I think we're through the most. Most of you have questions that have come. Yes. We will clearly go through all the questions again and make sure that If we haven't answered something, we feel that we are embarrassed. Sorry, there was one that I missed. The latest one. Is the production capacity Of the in house factory with applied big enough to accommodate all partner projects need for materials? I would like to answer, hopefully not, because we would like to have more. But yes, there is a good capacity We're building in the GMP facility, and now together with Applied. So, we will cover the needs for many, many years From or many years from now, I'd say. Yeah. Should that be the last one or are there anyone's Okay. There was a connection between the market size and That we aim to be a key player, and we expect the market size of the entire drug delivery market to reach US900 billion dollars In a few years and you aim to be a world leading player in that market. So that implies that we aim quite high. Well, the drug delivery market that we act on is quite broad, and not all of it is long acting injectables. But what is important when you look at those numbers is that a trend is going upwards. And why it does That is because the pharma industry is looking for new products. And new products are not just new chemical entities. Their Reformulation has become more and more important, and then you use drug then so that's part of the drug delivery. And drug delivery is increasing, and that I think is the most important key message with these numbers. That's an increasing market. It's huge numbers, of course. And but we definitely aim at being a world leader when it comes to long acting injectables. That's For developing long acting injectables, that's the aim. Good. I think we can close that yet. And we have I forget a lot of more questions. Yes. We will go through them and answer anything that we've missed, which could be because they just sort of come in here, so it's a little difficult to sort them quickly. So we really thank you for your attention And appreciate it and look forward to another webcast and communicate in various formats in the meantime. Thank you so much. Thank you.