Good morning, and welcome to the Vivesto Q2 2022 earnings conference call. All participants will be in the listen only mode. Should you need assistance, please signal a conference specialist by pressing star-
Can I see our slides maybe?
Zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw yourself from the question, please press star then two. Please note this event is being recorded. I'd now like to turn the conference over to Mr. Christer Nordström, CEO. Please go ahead.
Okay. Well, thank you so much. Sorry about this delay here. We've had some technical challenges, but hopefully everything will work here soon. Anyway, this morning we announced our Q2 2022 results, which we will be taking you through in this presentation. As usual, we'll run through the highlights and financials, and then take any questions at the end of the presentation. Next slide, please. Here are some important legal and forward-looking statements that you should be aware of. Next slide, please. Today, I'll be presenting to you together with our acting CFO, Maiorana.
I would like to start by introducing myself, and Robert will also give a brief presentation of himself. As you may know, I joined as acting CEO in late July, and I have some fairly long background in the pharma industry. I have spent more than 20 years in various executive positions in R&D at companies like F. Hoffmann-La Roche AG, Eli Lilly and Company, AstraZeneca PLC, Orion Corporation in Finland, and most recently. With that, I would like to hand over to Robert and let him present himself as well.
Yes. My name is Robert Maiorana, and I joined Vivesto almost two years ago as the acting CEO at the time, and then been working as a finance manager until just recently when I took on the position as acting CFO again. I have a long history within the banking and financing in the same type of position. It's a pleasure working with Vivesto.
Okay. Well, thank you so much. Next slide please. First, let me start by covering some operational updates during the second quarter of this year. As you may be aware of, in April, we appointed Daniel Tesfa as Chief Medical Officer. Daniel, he has an extensive experience in clinical development and precision oncology over the last 20 years. Most recently at Sobi, but also from Bayer, Roche, and the Karolinska Institutet. I'm happy to tell you that Daniel is settling in really well and is already making a very positive impact.
In the same month, we also signed an agreement with a leading U.S.-based contract research organization, Visikol Incorporated, to help us evaluate anti-cancer drug formulation using, among other things, our proprietary drug delivery platforms. We look forward to updating you on the progress of that later this year. At our annual general meeting in May, Hege Hellstrøm and Peter Zonabend were reelected to the board, and Pål Ryfors and Roger Tell were elected as new board members. Anders Häfstrand, Andrea Buscaglia, and Birgit Stattin Norinder declined reelection.
P eter Zonabend was elected as chairman of the board. In June of this year, Vivesto's board of directors agreed with the company's CEO, François Martelet, to mutually terminate his employment. At the end of June, Robert, as you heard, was appointed acting CFO. We've also had quite a bit of news post period, post period end. In late July, as I told you, I was appointed acting CEO. We also announced that, following the Russian invasion of Ukraine, we have wound down our activities in Russia.
This means that the distribution activities for Paclical in Russia and the Commonwealth of Independent States have been paused until further notice. Most recently, we noted the great news of the launch of Apealea in Germany by Inceptua, but more on this, a little later in the presentation. Next slide, please.
Use the drain.
Yeah. There's a delay here. Next slide. Slide number four. Can we have slide number four, please? There we go. Okay, perfect. Before I provide an in-depth update on the business, let's take a step back. As you know, Vivesto is on a journey of transformation. Over the last two years, we've been focusing on building a solid platform to support future growth. We've built our internal capabilities to enable us to specialize in oncology development, and we've also accelerated business development. As you know, we in-licensed Cantrixil last year.
We have secured our financial position with our rights issue and have no debt. We've reduced business risk and operating expenditures by settling legacy issues inherited from our predecessors, and we've also right-sized the company, and thereby reducing our operating expenditure. We have a new chairman in place, and we are recruiting a permanent CEO and CFO to guide Vivesto on the next stage of its development. We, together with our partner Elevar in the U.S. and its commercial partners, support the development and commercial launch of Apealea and are driving the development of our clinical development program. Next slide, please. Slide five, please. Yeah. Slide five.
Slide five. There we go. Okay. Thank you. Yeah. There are two strands to our business model. First, oncology research and development, which is built around a wholly owned development stage assets like Cantrixil and Docetaxel micellar. These will start to drive value as they progress through clinical development. Second, maximizing our existing assets, particularly Apealea, where our commercial partners anticipate that revenues will begin to flow in our direction in 2023, generating cash for reinvestment.
We're also focusing on the underlying science of our proprietary drug development technologies to optimize their potential in cancer and in other areas through partnerships. We continue to explore options, such as partnering to commercialize our animal health oncology assets. Next slide, please. Slide number six, please. Slide number six. One more slide. Can we go to the next slide, please? Slide number six. Thank you. We are initiating our String of Pearls strategy from a strong base, a promising oncology platform ready for further expansion.
Apealea is already approved in Europe for adults with first relapse of platinum-sensitive epithelial ovarian cancer, primary peritoneal cancer, and fallopian tube cancer. Our commercial partner, Inceptua, launched Apealea in Germany in August, and commercialization in the U.K. is progressing. Inceptua have secured a maximum list price for Apealea with the Department of Health and Social Care. A reminder that Apealea can currently be prescribed in private market setting in the U.K. Inceptua are currently engaged with NHS, National Health Service, to secure reimbursement for Apealea.
Elevar is also progressing the development of Apealea in the US. We are also getting ready for a new Cantrixil trial. A phase I-B study of Docetaxel micellar for advanced prostate cancer is underway with our Swiss partner, SAKK, and they are recruiting well, and we hope to get results later this year. We're planning to initiate preclinical studies with a new formulation of Cantrixil. Next slide, please. Cantrixil is the first of our string of pearls assets in-licensed from Kazia in Australia last year.
As you may know, it's a tubulin binding small molecule with a potent cytotoxicity against ovarian cancer stem cells and ovarian somatic cancer cells, which are both resistant to standard chemotherapies, which is why it has an orphan drug designation in the U.S. Encouraging Phase I study or data were presented at the AACR conference in early 2021 and subsequently published in the journal, Cancers. A phase II study is being planned for the U.S. and Europe. The incidence of ovarian cancer is, as you may know, continuing to grow.
In 2021, it was estimated that there were 314,000 new cases of ovarian cancer worldwide and 214,000 deaths. The global ovarian cancer market is expected to grow at a compound annual growth rate of 19.3% from 2021 until 2025. Next slide, please. Can we have slide number eight, please? Okay. Now, we have ambitious plans for Cantrixil over the next year as we prepare to go into the next clinical trial for advanced ovarian cancer.
These include continuing interactions with our expert scientific advisory board, made up of key opinion leaders from Europe, Australia, and the U.S. for guidance on the trial design. We also plan to hold talks with regulators to discuss endpoints and appropriate data for filing. These early interactions with the regulators are vital and should help de-risk the program. As you also may know, Cantrixil is a complex drug to produce. Yeah, Cantrixil excite us as we believe, it may represent a pipeline and product, and a product potential in other cancers as well. Slide number 9, please.
Next slide, please. Can we have slide number nine, please? Thank you. Another interesting in-house project is Docetaxel micellar, which targets advanced prostate cancer. This is an intravenous formulation of the widely used drug, cancer drug, Docetaxel, which is also known under the brand name Taxotere. By using our formulation platform, we eliminate the need for solubility enhancers, which potentially improves the side effect profile and eliminates the need for additional drugs for many patients.
Our Swiss partner, SAKK, is running a Phase I-B study at three major hospitals in Switzerland with the aim of recruiting 18 chemotherapy naive patients. We're also working on expanding the intellectual property around Docetaxel micellar, and we're evaluating a formulation using our improved drug delivery platform, XR-18. I'm happy to say that the trial is progressing steadily, and we look forward to updating you as the trial progresses. Next slide, please. Number 10. Next slide. Can we have slide number 10, please? Thank you.
As I mentioned, we're also excited about the potential of our drug solubilization platforms. Now, with regard to XR-18, our scientists have identified and synthesized a promising and novel candidate for use in the platform. This is already being tested in combination with a number of oncology compounds. We can't disclose any more information about it as it at this stage for commercial reasons.
During the quarter, we announced the signing of a research agreement with Visikol Incorporated to evaluate the cellular effects of new and existing anti-cancer drug formulations developed using Vivesto's XR17 and XR18 technologies. As a result of this research, we will be able to assess anti-cancer compounds formulated with our XR seventeen and eighteen drug delivery platforms. Next slide, please. Slide number 11 . Can we have next slide? Thank you.
As you may know, on August 15 post period, we were informed that Inceptua had launched Apealea in Germany, which is excellent news as we will receive royalties or revenues on sales from this. U.K. commercialization plans are also progressing. Inceptua has secured a maximum list price for Apealea with the Department of Health and Social Care. Allowing private market access. Inceptua is engaged with NHS in the U.K. to secure reimbursement. Other European markets are also being considered. Other European launches will be implemented on a country by country basis over the next couple of years. We expect first royalties for Vivesto in 2023. I will now hand over to Robert to cover the Q2 financials.
Thank you, Christer. Can we please have the next slide number 12. Slide number 12, please. Thank you. Turning to our finances, here are a few key numbers to give you a snapshot of our performance in the second quarter. Operating cost totaled SEK 29 million, which is a significant reduction compared to one year ago, which amounted to -SEK 48 million. We reported a second quarter operating loss of -SEK 36 million. Again, a significant reduction from -SEK 56 million in the second quarter 2021. Short-term investments and cash and cash equivalent amounted to SEK 189 million at the end of July.
The rights issue was fully completed in the second quarter, which raised SEK 151 million before issue expenses of SEK 16 million, thereby strengthening the equity by SEK 135 million, resulting in a very solid financial position with an equity asset ratio of 95% and with no debt. I'll hand back to you, Christer.
Okay. Thank you so much. Slide number 13, please. Slide 13. Okay. Thank you. Well, as I mentioned earlier, over the last two years, Vivesto has been focused on building its capabilities to make it a more attractive partner for innovative assets. Now, our core capabilities include product and clinical development, business development, and regulatory affairs. Ultimately, we're aiming to build our pipeline with new late-stage oncology assets, which use different modes of actions to spread risk.
Once they've completed the development process, we have the option to commercialize products through global collaboration, or in some cases, to undertake direct commercialization ourselves for certain niche products in Europe. Next slide, please. Slide fourteen. Okay. Well, in summary, we have the opportunity to create a Nordic oncology powerhouse focused on cancers that are poorly served by existing treatments. We have the capabilities in place to build a diversified pipeline of programs by executing our String of Pearls strategy through in-licensing and mergers and acquisitions.
Now, our ultimate aim is to develop an oncology pipeline with numerous mechanisms of action, creating multiple shots on goal. We've built a strong platform to attract innovative partners and also aim to attract new specialist institutional investors to help us grow the business. Many thanks for listening, and I would like to apologize for the somewhat chaotic display of the slides. Hopefully we'll be able to avoid that in the future. I'll now be happy to, together with Robert here, to answer your questions. Please go ahead.
Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your questions have been answered, you would like to withdraw your questions, please press star then two. At this time, we will pause momentarily to assemble our roster.
Mm-hmm.
The first question comes from the line of Fredrik Järrsten, private investor. Please go ahead.
Yes. Hello. Good morning and thank you for the presentation. I would like to ask regarding the depreciation, the write down, so to speak, amortization of 7-
I'm sorry. The sound from you is breaking up. It's very difficult to hear you. Could you please repeat the question?
The line of Mr. Järrsten has been disconnected. To ask a question, please press star then one. Again, a reminder to all the participants that you may press star then one to ask a question. The next question comes from the line of Tommy, a private investor. Please go ahead.
Hello, guys. Thank you for the presentation and welcome to the company. It's been a lot of changes recently with a lot of changes in the board and the management as well. My first question would be regarding the U.K. launch, what are the timelines before you expect to have it subsidized and reimbursed? And how confident are you that it will go all the way? Or is there any concern that you may not get the reimbursement?
Okay. Well, thank you very much for that question. As you know, this is being handled by Elevar and their partner Inceptua. We're not in a position really where we can answer that question. I'm afraid I have to, well, inform that this is a question for Inceptua primarily. I can also add that we're cautiously optimistic.
Okay, thank you. If you were not to get any reimbursement for any reason, I mean, how would that affect the sales in the market? 'Cause it will have a huge impact on the potential sales, right?
Oh, yeah, absolutely. I mean, we're speculating here, of course. As I pointed out, we're cautiously optimistic about the possibility. Reimbursement is, of course, vital for the revenues. I mean, otherwise people have to essentially pay out of pocket or if they have private insurances. Of course, that will reduce the opportunities quite dramatically. As I pointed out, these questions need to be addressed to Inceptua.
Okay, thank you for the clarification. Just to clarify, when you and Inceptua say that it's full launch in Germany, that means including full reimbursement and subsidized, right?
Yes. That is correct.
Okay. Thank you.
Mm-hmm.
There was from Peter Zonabend there on the report, he had some comment about it was a positive thing with the current situation and a strong financial position, and it could occur some great opportunities. Looking from an investor's perspective, it seems to me that even though the valuations have gone down, which could potentially be beneficial for acquisitions, the cash situation for Vivesto isn't really that great to make any major large acquisitions at the moment. How is your concern regarding that, and how would you financially solve any acquisition opportunities?
Yeah. Well, that's a very, very good question actually. As we pointed out here, we have a significant pile of cash on hand. On the other hand, I mean, we're all aware of what assets of the type we're looking for actually cost nowadays. Now, with the current challenges on the financial market, it is reasonable to expect that the situation has somewhat improved in terms of cost. We're still talking about, I mean, for example, a new mechanism with a, let's say, positive proof of concept in oncology these prices are still very, very high.
There are several ways where this actually can be done, different partnering activities, partnering earlier assets and so on. This is, of course, something that me and well, the rest of the company, we're going to take a very close look at it at the moment. Of course, I see lots of challenges, but I also see lots of potential opportunities here. Let's see.
Thank you.
I think we
It will be interesting to follow.
Yep.
Uh-
I agree.
... and talking about the-
Very exciting.
Talking about the financial situation, you had roughly SEK 190 million, I think, at the end of last quarter, probably around 170 at the moment. Last year, the company stated in the mid-summer, et cetera, that they had a very stable financial position, and they were set for almost 18 months to go. Then in mid-January, they came with the news about the rights issue. At the end of December, they had almost SEK 100 million in cash. They must have been planning the rights issue for almost at least a month, a month and a half when the announcement came.
They probably started planning the rights issue north of SEK 100 million in cash. Basically it seems to me that Vivesto will reach SEK 100 million in cash in the next six months or so, even with minor royalties coming in from next year. How long do you think you will sustain from the current cash situation?
Robert?
It's hard to say depending on how things develop. I would say for 1.5-2 years with the present run rate.
Yeah. That's basically what the company said last year, in the middle of last year. Yet still the rights issue came, you know, at the beginning of this year. That's why I was a little surprised, and I felt like I needed to raise the question whether you see the need for another rights issue in the next 12 months.
No, we don't. If you compare to last year, we had a much higher negative cash flow. I mean, last year the cash flow was.
This was the beginning of this year. You had the SEK 100 million set in cash, but you still made the rights issue.
Yes. I mean, I think it was very well planned to make the right issue, considering what happened in the market during the spring here. Now we are very well, we're in a strong financial position. What else can we say?
Okay. Great to hear. In last year, on the annual report, there was some concerns about the need for write-downs on PubInvest specifically, and they said it was a high risk for partial or full write-down on the PubInvest value on the balance sheet, and it's valued at almost SEK 110 million. It's been repeatedly stated from the company over and over that they're looking into different opportunities. Since the company itself brought up the risk of partial or complete write-downs, what is your thoughts or opinion on that at the moment?
Well, the situation is basically the same, but we are looking into it more closely as we speak. That's basically what I can say today.
We could expect an update within the next 6 or 12 months on the matter at least?
That could very well be the case, yes.
Okay. I know you said, Christer, that you couldn't go into any details about the new APIs you're looking into with XR-18. Could you give us any sort of timeframe when you think you will be able to inform the market?
Yeah. Well, I don't want to promise too much here. We will try to progress it as fast as possible and provide an update at the right time, you know, when we have that information. So far it's too early for that, unfortunately.
Okay. Regarding the Cantrixil sale, I think at least it's been postponed and delayed three times from what has initially been communicated. I think the last update I saw was it was estimated for a phase II start at the end of next year. Is that still what you think is realistic?
Yeah. Honestly, I mean, this is something I'm digging into together with my colleagues here right now. I mean, I see challenges of course, but I also see lots of great opportunities, and I would like to wait with answering that question.
Okay. I know the company itself has stated that they're looking into the IV formulation because it's not ideal with the IP formulation or administration I mean. What are the thoughts on that?
Yeah. Well, that's also a very good question. As you know, IP administration of cancer drugs is not something that is routinely done in our cancer clinics here, and of course that represents a challenge. Whereas IV administration, that is routine, that's being done everywhere. From that perspective, it's a clear advantage if it can be done IV.
Okay.
This is of course one of the questions that we're looking into right now, and we will come back to that at a later stage. You're absolutely right here. IP is challenging from many aspects.
Okay. Thank you for that. It's been quite some time now since the company informed the market about the collaboration with the Karolinska Institutet. How is that process progressing?
Oh, yeah. Well, there I'm happy to tell you that it's progressing well, and the results from this collaboration is sort of the basis for the work that now is being done together with Visikol. That has progressed well.
Is Visikol and Karolinska Institutet sort of working together or, you know, giving one another information, or is it two separate collaborations?
Well, the way it usually works with collaborations of this type, when you start with an academic partner is that you get the basic information and ideas about the biology and whatever is going on there. When we start looking into, let's say, more compounds, for example, you need access to different types of technologies that academics usually aren't working with. You transfer it to a company, a commercial company that has that capability and capacity. I mean.
Okay
Academic groups are not really designed for what I would call more high throughput type of studies, but more this exploratory work, so to say. That's the whole idea essentially behind academic research.
Thank you for the clarification on that matter as well. In the last year's annual report, in a small note, it stated that the royalties to Vivesto will be based on the sales from Elevar. In the case of revenues coming from sub-licensing from Elevar, so in this case to Inceptua, the royalty to Vivesto will in fact not be based on the gross sales, but rather on Elevar's revenue. I think this, if this is me understanding it correctly, will, you know, have a significant impact on the revenue. I think this is something that some of the analysts et cetera have missed. I've not seen them accounting for this in any of the reports I've read. Am I understanding this correctly?
Don't fully understand what the question was specifically, but you're right, so to speak, that there is a chain from Vivesto's sales going to Elevar, and then finally some royalties and income is arriving at our profit and loss.
Yes. The question was basically let's say, for instance, if Vivesto to have 15% royalty and, Apealea would sell for SEK 100,000, and they would sell it to Inceptua. If I understood it correctly, they would not in fact get 15% of the SEK 100,000 sales. They would get 15% of whatever revenue Elevar has after Inceptua sales cost and profit, giving the rest to Elevar.
I don't think I'm in a position to comment on the details on how much is going between the different companies.
No, this is what was stated. I was just not sure if I understood it correctly or not. The last year annual report stated that in the case of revenues coming from sub-licensing to Elevar, that Inceptua, Vivesto would instead be having the royalty based on the Elevar revenue, if I understood it correctly. Okay, we'll see what happens then.
Yeah. I mean, Tommy, maybe you can send me that, then we can have a look at that separately. I need to have a look at that note to fully understand the.
I understood. I understand totally. Not a problem. So my last question will basically be about the Elevar, the Elevar deal and the Elevar impact, on Vivesto and how important it is to Vivesto, in the next 5 to 7 years before, you know, you will have a phase II result from a study or, you know, any other substantial revenues from out-licensing or partnering after a phase II potentially. It just seems to me and a lot of other investors that Elevar really hasn't delivered on any of the promises made. They were also in a joint call early on, in December 2020, where they made a lot of statements.
Since that, Vivesto has been trying sort of to inform the market whenever they can, and it has been nothing but delays and broken promises regarding partners in new geographic areas. The study start of the phase II/ phase III, et cetera, that they were supposed to do for the U.S. market. The Zhida deal was signed two years ago. We haven't heard a word about that. You didn't bring it up in today's report, basically. Doesn't look very good. What is, you know, the company's thoughts on the current situation with Elevar?
Well, I'm really sorry if you perceive it that way. What I can tell is that we will or our ambition is to be able to deliver more on our promises in the future. This is of course something that we're looking into very carefully right now. I'm afraid that this is the best answer I can give to you at the moment. As was pointed out in the report here that was published earlier today, there have been some challenges of this type, and we will do our best to avoid that in the future.
Yeah. 'Cause I think in May this year, Vivesto made a presentation stating that the China partner were to be signed at the Q4 of this year or Q1 of next year. That is communicated from Vivesto in May, just a couple of months ago. Is that something you can confirm or comment about?
No, we cannot really confirm that. Remember, we have a new board, we have a new management team. We will look into that.
Yes.
We can't really comment on historical promises.
No.
Okay. 'Cause it was also stated that, at the end of last year it was stated that Elevar would potentially join in for some joint conference call or presentation early this year, and then early this year they said, probably after the summer we can do something together to inform the market with, about all the questions you may have, what the current situation is like.
Yep. As I pointed out, we will do our utmost to be more clear and well in the future in our communication.
Yeah. Okay. Thank you, Christer. I look forward to it, and thank you so much.
Yeah. Thank you. Lots of very good questions here. Appreciate it.
Thank you, Tommy.
Thanks.
Thank you. Next question comes from the line of Per Andersson, a private investor. Please go ahead.
Okay.
Mm-hmm.
Yes. Thank you. I have sort of a follow-up question on what you spoke about at the end. There's a lot of speculation going on that eventually Elevar will say that the FDA study will never happen. Can you confirm, is Elevar contractually obligated to perform an FDA study eventually or could they notify the market it will not happen?
No, Robert?
I can't really comment on the contract with Elevar.
Mm-hmm.
We'll have to wait and see.
As far as the market is concerned, Elevar can postpone an FDA study indefinitely?
I don't think actually I can comment on these details in the agreement with them.
Okay. When can we expect results from the SAKK study to be reported? As I understood it, the recruitment will be finished this year. When can we expect results to be announced?
Well, I can't promise you anything here, but with a tiny bit of luck, we will be able to provide more information at the end of this year. It's not something that I can promise, but at least that is our ambition.
Okay.
Remember, this is a phase I-A only, so.
When the recruitment is finished, it's not a long time after that you can communicate some sort of result that.
The recruitment is going really well. What I told you here is our ambition, but it's certainly not a promise. Seeing the recruitment and how fast it's progressing, that has been, well, it looks really good actually.
Mm-hmm. Okay. Just if you could give a clarification on the question you got, will there be any form of joint press conference or phone conference that you can call in and ask questions to Elevar in the foreseeable future?
Nothing that's being planned, to the best of my knowledge, no.
No. You can not give any hint whatsoever what will happen with communication from Elevar and the FDA study?
Unfortunately not, no. At least not at the current stage.
Okay. Thank you.
Thanks, Per.
Thank you. Next question comes from the line of Fredrik Järrsten, a private investor. Please go ahead.
Okay.
Hello. Can you hear me?
Loud and clear. Much better line.
Perfect. Best news today. All right. I was wondering about the depreciation and amortization of SEK 7 million. What is that referring to?
That is referring to Apealea.
Your stock of Apealea?
Yes. To the, what's the word in English? To the
You can take it in Swedish. All right. That is IP property then?
Yes. Sort of, yes.
All right. It's
It's both. It's IP and capitalized development expenses.
All right. This write-down is connected to the geopolitical news in Europe, or why exactly are you taking this write-down now?
Oh, do you mean I mean, we have depreciations that are ongoing every month.
Oh, right. Oh, right.
Yeah.
Of course.
And then we have the-
All right.
The write-down of the assets relating to Russia. That will be in July, and it's not part of the financials in the first half of 2022.
All right.
The... So-
All right.
You have to separate those two.
It's not connected to any specific event, this write-down?
No, it's not.
It's something ongoing.
No.
No. All right.
I mean, the depreciations are ongoing, and the write-down relating to Russia will be. You'll see that in the third quarter, but we already communicated the amount, SEK 44 million.
Yep, that's another different thing.
Yes.
All right. Thank you.
Thank you.
Thank you. This concludes our question and answer session. I would like to turn the conference back over to Mr. Christer Nordström for closing comments.
Okay, well, thank you very much. I really appreciate lots of well-informed questions here. Of course, our ambition and our hope is that we will have more information coming in the future here regarding some of the things that we were not able to answer today or at the current stage. I really appreciate this opportunity to interact with our investors, and I look forward to further interactions of the same type. Thank you very much, and have a nice day.
Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
Thank you.