Excellent. Good afternoon. It's great to be back at the JP Morgan Healthcare Conference. Thank you to our bankers at JP Morgan, and thank you all for being here. If you're new to Nxera Pharma, we are not a traditional or average Japanese pharma company. From our research labs in Cambridge, we pioneered structure-based drug discovery against GPCRs with the NxWave platform. And today, we leverage our proprietary data assets, coupled with advances in structural biology and AI. And the results? We've delivered 30 drug candidates over the past 12 years. Now, in Japan, where we are headquartered, we've built a lean development and commercial business modeled on the U.S. go-to-market model, where our bilingual teams guide approval and launch to deliver specialty and rare disease-focused medicines to patients with unmet needs in Japan. I'm pleased to say that both sides of the business are advancing to plan.
The NxWave drug discovery platform's productivity is unprecedented. We've now got 15 clinical programs that are being advanced by our partners across multiple therapeutic areas. On the commercial side in Japan, we've got two marketed medicines, PIVLAZ and QUVIVIQ. They continue to grow and make a real difference for patients, and just last week, we were actually very excited to announce the addition of a new medicine in our Japan portfolio, vamorolone, an FDA and EMA-approved medicine for patients living with Duchenne muscular dystrophy, which we will now look to move rapidly through the regulatory process in Japan, so the growth trajectory for 2026 and beyond is actually very promising, so now for the detail, and I'll start with the commercial business here in Japan, highlighted. So the business is performing very well, ahead of plan.
PIVLAZ is now three and a half years post-launch and has established itself as the standard of care in Japan for the treatment of aneurysmal subarachnoid hemorrhage, with over 70% market share in the category. QUVIVIQ, which is our dual orexin receptor antagonist, is 12 months post-launch and has been steadily increasing sales for the treatment of insomnia, with the great support of our commercialization partner, Shionogi. Now, the two-week prescription limit that applies to new medicines in Japan was recently lifted on this product, and we've already seen a material uptick in scripts, in monthly scripts of that product, through December. Now, as I mentioned at the top, we secured an exclusive license from Santhera Pharmaceuticals in Switzerland to develop and commercialize vamorolone in Japan. It's a next-generation corticosteroid treatment for Duchenne muscular dystrophy. So vamorolone is approved and marketed as AGAMREE in the U.S.
and selected E.U. countries, the U.K., and also China. Now, corticosteroid therapy is currently the only established treatment for DMD in Japan. However, existing medicines come with a lot of serious side effects that limit dosing, which is where we expect vamorolone to significantly improve the standard of care. So vamorolone addresses the need for a much more tolerable steroid. Recent top-line data from their long-term Guardian study demonstrated that the long-term efficacy of vamorolone, compared to existing corticosteroids, markedly improved safety alongside a reduction in key steroid-related adverse events related to growth, bone health, eye health, etc. So we expect that this may allow us to dose earlier-aged patients and at a higher dose and to maintain that treatment for much longer than with existing corticosteroids. And as you can see on the chart here, the consensus forecast for the product, as it is being marketed in the U.S.
and core EU markets indicates there's clearly a demand and high unmet medical need for this product. And the product plugs in very nicely to our Japanese commercial infrastructure. We have existing overlap presence of approximately 70% across university hospitals and specialty care centers. So this is going to enable us to launch rapidly and deliver this treatment to patients once the product is approved in Japan. And we see this really as just the beginning for us in Japan. We will add more rare neuromuscular and adjacent rare disease products to the franchise, which aligns with our mission to contribute to improving Japan's drug lag and drug loss problem and to bring innovative medicines to patients in Japan with a U.S.-style speed to market. So turning now to our innovation research labs in the U.K. and the productivity and progress of the NxWave drug discovery platform.
This is how it looks like here. Here's a snapshot. There's a lot of programs ongoing through Phase I, Phase II with partners, and we've also got a lot going on in discovery. So we recently refocused this portfolio to prioritize areas with the greatest potential, so oral delivery of therapies, acting on some of the most important GPCR drug targets today so that we can broaden our patient impact. So we announced last year that we're launching a new wave of oral small molecule programs targeting high-potential targets. We're looking at chronic weight management, obesity-related comorbidities, and other endocrine disorders. We expect our GPCR know-how and flexible chemistry will truly deliver best-in-class medicines to support the combination treatment approaches that are likely to be required. And that's exactly what the NxWave platform is primed to deliver on.
On this slide, you'll see some Phase II-ready clinical assets and also a current Phase II clinical asset. NxE149 and NxE744 in the middle of the page here, these are Phase II-ready novel clinical candidates in the neuropsychiatry and immunology and inflammation areas. These programs have now completed their early clinical packages, and they are available for partnering with a leading biotech or pharma company. No further investment is required from us for these programs. NxE732, which is a combination immunotherapy for advanced solid tumors, it's moving forward as planned. It's currently undergoing a Phase IIa expansion study, and execution and financial contributions are provided by our partner, CR UK. Now for the detail. As I mentioned, NxE149, it's a neuropsychiatry product. It's a first-in-class GPR52 agonist, offers a novel mechanism that addresses, hopefully, the positive, negative, and cognitive domains of schizophrenia.
NxE149 has successfully completed Phase I studies. We saw predictable PK, and CSF sampling confirmed high levels of central penetration. Pharmacodynamic measures showed evidence of engaged brain circuitry relevant to the treatment of schizophrenia and further demonstrated increased alertness, which was reflected in the better cognitive performance following 10 days of treatment with NxE149. As I mentioned, the product is Phase II-ready, and we are actually going to be launching a competitive partnering process for this program following the conference. We want to put this program in the hands of a leading biotech or pharma partner with a strong neuropsychiatry franchise. Turning now to NxE744. Now, this is a gut-restricted selective EP4 agonist designed to promote mucosal healing in patients with IBD. Currently approved IBD agents are immunomodulatory in nature, so we see a good synergy in combining an anti-inflammatory approach with a barrier repair approach.
SAD and MAD studies have completed. There were no concerning adverse events to date, and importantly, no systemic exposure was observed with the program. Previous attempts by other companies and others to agonize the EP4 receptor had resulted in early signals of clinical efficacy, but they were limited by systemic safety issues. With NxE744, we've got a gut-restricted profile, which was confirmed with high gut tissue concentrations measured following oral dosing. We've also completed an ulcerative colitis patient cohort, which has completed dosing, and the PK data readout is imminent. We've done an indomethacin challenge cohort that has also completed with final data due to be read out by March 2026. The interim analysis is currently ongoing.
This candidate is Phase II-ready, and similar to our candidate in schizophrenia, we're going to launch a competitive partnering process to place this candidate in the hands of a leading biotech or pharma company with a strong I&I franchise. NxE732, this is our potent selective EP4 antagonist aimed at reversing immune suppression in solid tumors. In the Phase I study, we were very encouraged to see two partial responses, one in microsatellite stable colorectal cancer and PD-L1 resistant renal cell carcinoma, and we saw meaningful tumor shrinkage of approximately 30%. It's an attractive mechanism. We recently saw a competitor, Ono Pharmaceutical, demonstrate mechanistic proof of concept in gastric cancer with the same mechanism. Our data with NxE732 also showed very strong safety and target engagement with no dose-limiting toxicities, which we think supports its potential best-in-class profile.
As I mentioned earlier, it's in a Phase IIa expansion study across four tumor types in combination with atezolizumab, and it's being led by Cancer Research U.K. as our operational partner. As I communicated at the top, the NxWave platform is actually now primed to deliver the kind of next generation of small molecules for obesity, metabolic, and endocrine disorders. We launched this broad pipeline primarily targeted to treat long-term weight maintenance and associated obesity-related comorbidities with convenient oral small molecules that can be manufactured and delivered at scale. We've got active discovery programs to several receptors, including GLP-1, GIP, amylin, plus multiple others, and we're very focused on delivering safe, tolerable molecules that will expand access for very diverse patient populations. We look forward to delivering more news on development candidates over the next 12 - 18 months.
Now moving on to the assets that are in our clinical portfolio that are with partners. We have a long-standing partner, Neurocrine Biosciences, and they're advancing the world's most comprehensive portfolio of muscarinic agonists to treat neuropsychiatric disorders. Now, all the molecules that you see here on the slide were licensed from Nxera, demonstrating the power of our research labs, the NxWave platform, and of course, our GPCR drug discovery capabilities. Now, Neurocrine’s muscarinic portfolio has five clinical stage programs spanning selective and preferring M1, dual M1/M4, and M4 orthosteric agonists. They're designed to broadly address the cognitive and psychotic symptoms across a wide range of neuropsychiatric disorders. Now, the most advanced candidate is called Direct Ladene. Compound code is NBI-111568. This is a selective muscarinic M4 agonist. It's in Phase III registrational studies for schizophrenia and in a Phase II study for bipolar mania.
The top-line data on Phase III, we believe, is on track for the end of 2027, so that will be a pivotal moment for our company. If there is success there, that will be one of the first, will be the first molecule to have come out of our labs and gone through approval and hopefully a launch. So we're looking very much forward to the end of 2027 there. That's a big focus for us as a company. NBI-111570 is a dual M1/M4 agonist, which has also recently initiated a Phase II trial in schizophrenia in the fourth quarter of last year. And there are additional Phase I studies of earlier stage programs ongoing, underscoring both Neurocrine's momentum and commitment to this important therapeutic area. Another partner that we have is Centessa.
Centessa are advancing a portfolio of potential best-in-class orexin 2 receptor agonists, and these were discovered using our NxWave platform. The most advanced asset, ORX750, is in development for the treatment of narcolepsy type 1, 2, and idiopathic hypersomnias. The initial Phase IIa interim data, which was released last year, marked the first robust demonstration of this oral orexin 2 agonist addressing wakefulness needs of patients across all three indications. We expect to see them initiate a registrational program shortly in Q1 2026. That's also something that we're very much looking forward to. Now to the big picture for our company. Our long-term goal really is to build a very high-growth, highly profitable Japanese biopharma company.
We are aiming for JPY 50 billion of annual revenues and operating profit margins above 30% by the end of 2030, and we think that that would help us very much stand out from the pack when we talk about mid-sized pharma companies that are listed in Japan. So to deliver this, the pipeline is focused in areas where the science is the strongest and the biology is most validated and where there is clear unmet medical need. Wave one should deliver launches before the end of 2030. The Japanese commercial business will deliver the bulk of the stable and growing revenues from its rare and specialty-focused portfolio of medicines, and U.K. research will deliver the balance via milestones, royalties, and those will come from existing or new partners. Wave two really represents upside.
These are products that can potentially launch in the 2030 - 2035 window, and if successful, would deliver a very significant step change in the direction and trajectory of the business. So looking ahead to 2026, we actually expect a number of potential candidates. They'll be both internal and partner-led, particularly watch for the clinical progress of Centessa and Neurocrine. You can see there's a large weighting of milestones in the first quarter and the first half there. We also have discovery collaborations, which I didn't touch upon, that are ongoing. They've been ongoing for a number of years, and we expect milestones from AbbVie and Lilly across those collaborations.
Of course, as I mentioned earlier, there are two Phase II-ready programs that we are very much expecting to have competitive partnering processes for, and those, while not baked into our catalysts for the year, are transactions that we are very much seeking to transact upon, ideally before the end of the first half, but hopefully by the end of the year. So for us as a company, internally, we'll be focused on execution as we build towards that 2030 vision. We really want to lead the next era of medicine in Japan, and the best way to do that is to build a very high-growth, high-profit enterprise, one that can consistently reinvest in the best innovations for patients. That was everything for me today, so thank you very much for your time. The management team and I are available for questions. Thank you. Seiji?
Thank you, Chris . I will start Q&A session. And from here, Nomura-san, CFO, and Patrick Fosher, Chief Science Officer, will also be joining us. Thank you. So I want to start with my question. Firstly, regarding the partnering, so for 2026 partnering, how confident are you in the partnering prospect for GPR52 in schizophrenia or the EP4 agonist in IBD?
Yep, thank you. As I mentioned, we're very confident, and the reason I can say that we're confident is our track record in this area is very strong. So actually, all of those molecules that you've seen in the presentation that are with Neurocrine were originally with Allergan. We've got a number of other molecules in our portfolio that are now moving through the clinic that were originally with other pharmaceutical companies.
We’ve got a strong track record in basically getting molecules back, adding to them if they need to be added to, and then repartnering them out. In this situation, we did get the molecule for 52 back from Boehringer Ingelheim, and that was announced just before Christmas last year. That one is one that is genuinely Phase II-ready, and we don’t believe that the reason that it came back to us was not for any adverse events or anything seen in the clinical data. It was purely a strategic decision. Pharmaceutical companies, large pharmaceutical companies do this all the time. The assets come back to us, and we package them up, and then we out-license them again. That’s what’s happening with 52. With the EP4 agonist, we just back ourselves in to absolutely license that product out.
I might just let Patrick talk a little bit perhaps about our strength and conviction in the data behind why we think we can confidently out-license these programs.
Certainly around EP4, we have a very strong data package from our Phase I data. Our hypothesis that we get a gut-restricted compound is absolutely confirmed. We have gut restriction. We know that this is not only the case in healthy volunteers. We also see a very similar pattern in a diseased population that confirms our hypothesis. Together with the modality that we're tackling, both the inflammation as well as gut repair, that resonates very well with the key players in the field. We had a chat with the BD team. We had already a few discussions with potential partners, and that resonates very well.
On the barrier function, we also are looking at a challenge model where we're at a state of interim analysis, which looks very, very promising, that we can really confirm that we have a clear target engagement and see a clear effect for our EP4 program, addressing the liabilities we have seen for a systemically exposed EP4 agonist program. So very confident around the EP4. Around GPR52, we all know this is a very novel modality. Two key regions in the brain which are addressed, and where we see great potential is that we're addressing both the positive as well as the negative symptoms in schizophrenia, really setting us into a very different path compared to how other people try to address the unmet need in schizophrenia.
Okay, thank you. So I'd like to know more on GPR52. So I'd like to know the reason why Boehringer Ingelheim did not decide this option. And could you elaborate on the Phase I data? Maybe data is favorable, but Boehringer has not decided. I'd like to know at this point.
Yeah, no worries. As I sort of alluded to in my first response, we don't know exactly why the decision was made, candidly, because they didn't provide one. However, we have seen the data, so we don't think that the decision is related to anything with the program. We think it is more a, let's call it a very senior-level strategic decision to not participate in this disease area. So I think it's what you would classically call a cessation of activities due to strategic reasons, not because of anything that they have seen in the clinical data. But I mean, Patrick, you can confirm, of course, what we can say.
We don't know the real reason, but certainly looking at the data from what we've seen together with the BI team, we are all very confident that the novel biology translates. It's safe. It's well tolerated. We have clear PK. We have clear engagement of the brain region circuitry that we would expect. We have multiple readouts that are confirming that. From our perspective, this is not really just the non-exercise option. I don't think it's driven by the data that we generated. It's probably, I don't know whether this is related to some of the previous schizophrenia experience. We can't tell. Certainly, from our perspective, it doesn't seem to be data-driven.
Okay. What is the uniqueness for these drugs? I think the mechanism is differentiated.
Absolutely. It's a novel mechanism. It got great potential to address multiple components of schizophrenia, and that's why we are so excited, and that's why we invested quite heavily into our Phase I studies to really prove the mechanism. That's why we are very confident that we can partner this with the right partner. Again, we are not equipped to run a Phase II study, but the whole program is absolutely Phase II-ready.
Yeah, I think I would just add something, Patrick. We know there's a number of neuropsychiatry players that have had a go at this target and not been successful in getting candidates into the clinic. We have been. With our platform and our insights, not only have we got one into the clinic, we've gone through Ia, Ib, and we've got a Phase II-ready asset that any neuropsych player that wants to have another go at this target can pick up and move straight into a Phase II study.
Okay. Yeah. Thank you. So if you have a question, please raise your hand. Wait for microphone. Okay. So I'd like to move on to the next question about vamorolone for DMD treatment. What is your development and submission plan for vamorolone? Are you considering another in-licensing opportunity, or do you plan to pause in-licensing for a while?
Thank you. That's a good question. Yeah, this is a really interesting one. So Japanese PMDA and all regulators in Japan in general are very focused on solving the very widely publicized drug lag, drug loss issue.
They've sought to do that by also offering incentives for things like pediatric drug development or orphan drug development. The reason I say that is this product ticks all of those boxes. It effectively starts as a pediatric medicine. We're very confident it will receive orphan drug designation. The drug is approved in all the key markets around the world, but it has never been developed for Japan. It's there to solve the drug lag, drug loss issue. With all of that information, we will be approaching the PMDA for a formal consultation as soon as possible now that we've executed the in-license. The goal is we're actually going to try and be quite candid with them and see if we can persuade them to skip the phase III clinical development locally, if possible. We've seen that done before in ultra-rare diseases in Japan.
We haven't seen it done in these sorts of diseases, but we think that there's a lot of long-term safety data associated with this product. We think we have a credible argument to make. Now, if we're unsuccessful, then the base case scenario is a small bridging study and a phase III will be required, and the launch timeline in the base case would be 2029. But anything that we can do to accelerate that is something that we'd be really focused on.
Okay. Base case 2029?
Base case is 2029 for launch if we have to do bridging and a phase III study. And just the associated timelines for talking to the MHLW, getting pricing on that.
If skip the?
If skip 2027.
Oh, great. Okay. Understood.
Which is obviously a win for everybody. It's a win for those problems that I mentioned that everyone's trying to solve, and it's a win for patients.
Okay. Yeah. Understood. The next question about restructuring. So could you tell me the background behind the restructuring around last year? Has it already been completed?
Yes, the restructuring has been completed. The restructuring is largely as a result of some of the things we've discussed today. We have completed early clinical work on the GPR52 program, on the EP4 agonist program, and those programs are now earmarked to be partnered. We do not have any other programs that are ready to move into phase I for the time being. So the restructure was really focused around we had some resource that was not really required in that area, given the fact that there's no active programs to work on. So that was largely part of the decision there.
It was around the streamlining of the portfolio, basically. And with that comes an associated cost reduction, of course, which is also helpful because we are working very hard to reset the cost base. For a number of years, we've seen a lot of inflation through not only the costs of conducting external research, but also just having a presence in the United Kingdom and other markets. Now, that is starting to calm down, but we have to be cognizant of how much money we spend. So an added sort of focus of the restructure was really around a bit of a reset of the cost base to put ourselves in a stronger position to achieve profitability as early as possible.
Okay. Relating to restructuring, how do you plan to balance in-license activities and internal drug discovery going forward?
Yeah, yeah. Sorry, I didn't actually answer your question earlier on whether we would do more in-licensing for Japan. Yeah, we will. We absolutely will. The one thing I would say is we made a fantastic strategic transaction a few years ago when we acquired Idorsia, their business in Japan, and from the moment we acquired that business, we've been seeking to add to the portfolio. It's taken us 2.5 years almost to find the right product, and we've participated in a lot of processes. So licensing on the buy side is very competitive, and the chances of securing deals is relatively low when they're competitive, so it does take time.
While we probably won't be immediately looking to license something in the next three months, I guess the point I'm trying to make is you have to be involved in all of these processes to be able to find the right assets to add to the portfolio. We will continue to very actively pursue business development. If there are products that fit with our disease area focus in Japan, which, as I mentioned earlier, is largely going to be rare disease and specialty care focused, yeah, we're going to look to continue to add there because we really want to build a strong, high-growth, high-profitable business. In terms of how we balance that versus research expenditure, obviously, the more we grow our top line in Japan, the more of that revenue and income we can kind of cycle into research.
But it is true, growth in research expenditure is still outpacing probably growth in revenues. So the way that we will manage that is we will be very aggressive around making go-no-go decisions on the research portfolio. So we have a lot of, as you've seen today, I mean, over the last 10 - 12 years, we've generated 30 - 35 preclinical candidates. It's a very productive group. It's capable of working on a lot of programs and projects concurrently. But the easiest way to kind of manage research expenditure is to prioritize which are the best assets that we want to work on and move forward. And those ones we double down on.
The ones that perhaps aren't generating the sorts of data on the timelines that we would expect, we just have to be brave to make a decision to not invest further in them a lot faster. So I think what you'll see is just a much more dynamic management and shifting of portfolio priorities. You have to be nimble in this day and age, right? The external environment changes very quickly. There's a lot of emerging competition out there, both in Western and Eastern markets. We have to go fast as well.
Okay, understood. Any question? Miss?
Thank you. Good afternoon. You alluded to this transformational transaction 2.5-3 years ago at Idorsia. For those of us less familiar with the Nxera story, what were the products? What has worked well? What could have worked better? Could you give us a?
Yeah, yeah. No, thanks. Good question. So actually, the acquisition came with people and two products. One product was a Japan-specific product called PIVLAZ, which I mentioned earlier. And I can honestly say to you that its performance is far outstripping what we expected at the time of the transaction. So we're really happy with its performance. It's doing a lot for patients in preventing cerebral vasospasm. Yeah, we couldn't be happier with it. The second product, QUVIVIQ, I mean, we made a very strategic decision on this one. This is a primary care call point. So we were not going to spend money hiring the hundreds of people that we would need to compete with the likes of Eisai and Daiichi Sankyo, who market Dayvigo and Belsomra in the marketplace.
We made a strategic decision to partner with Shionogi. We think that was a fantastic decision. They are a great company.
They think like we do. They move very quickly, and they're rapidly building a big presence in what we call sort of quality of life diseases in Japan. So sleep disorders, depression. Again, that product is performing far better than what we thought it would. We thought it would be a loss generator for us. Right now, it's basically purely profitable, right? We receive royalties from our partner. We generate product supply revenues supplying the product to the partner. So actually, we've really flipped the script compared to what we thought we would have to do when we did the acquisition two and a half years ago. So we all know it inside our company, right? We know what our market cap is, and we know what we paid for this business. We also know internally what the projections look like and what the profit margins look like.
We can categorically say the fundamental value of the business is much more than what we paid for it. We're very happy with it. The market doesn't reflect it. I can't control the share price, but the business is performing really well. The addition of vamorolone is just going to help that business grow and prosper. Thanks.
Okay. Any other questions? Okay. Regarding GPR, going back to GPR52, have you had any meetings for partnering discussion regarding 52 yesterday or today? If you have, could you share your initial feedback?
No, we can't share feedback. But thank you for trying to ask the question. We're very confident in the data package that we've generated. I think everybody knows who the big players are out there in neuropsychiatry, who have the franchises.
We know which companies have had goes at this target previously and never been successful in getting into the clinic. So we know we're going to be able to have meaningful discussions. A lot of those discussions happen this week. A lot of them will happen as a follow-up because actually, everybody has so many meetings at the conference. We can't get around to see everyone. And it's the exact same story for the EP4 agonist. So we're going to do what we always do. We know how to do these processes. And yeah, we're very confident. Our track record speaks for itself. If you look at our pipeline, we have executed collaborations on both the discovery side or the licensing of clinical assets with pretty much all of the biggest companies in the industry. So we know what we're doing, and we'll see.
The only thing I would caveat is that these are not best-in-class targets. These are novel first-in-class mechanisms. And so we're going to need partners that are willing to take a little bit more biology risk when it comes to in-licensing these for their portfolio. But there's no question they're incredibly interesting from a target product profile perspective, and they do both serve real areas of unmet patient need.
Okay. Understood. Now, could you remind that you are 2030 plan, and do you think you are on track to achieve it?
Sorry, for this year?
No. Toward 2030 plan.
Oh, 2030, yeah. I do think we're on track. Yeah, I do. I mean, like all companies in the biotech, biopharma space, we're going to need a little bit of luck. We've had all sorts of things happen to us over the journey of the last 35 years as a company.
I mean, it's clear we will be really helped if that 2027 data on the muscarinic M4 agonist is positive. If that becomes a commercial product, it will be transformative for the company. And if not, we are going to have to be very aggressive when it comes to in-licensing and adding products to our portfolio. But we're very capable of achieving both things. So yeah, I'm very comfortable that this is the right plan to have. But yes, it's true we need a bit of a fair tailwind and a bit of luck, but all companies in this space need that from time to time.
Okay. Any questions from floor? Okay. A couple of minutes left. So lastly, please remark the main significant catalyst for 2026, which is important for company future.
Sure. I think what we always like to see is just continued progress from our partners that have assets in the clinic. And I think 2026, you're going to see good steady progress from Neurocrine across a number of programs, and you'll see good steady progress from Centessa. And when there's progress, there's milestone income. So that is something that we expect, and we have no reason to not believe that there will be progress and milestones that come from those partners. I think the biggest thing that we can't control that has the biggest potential to be a catalyst is the timing of these out-licensing deals on GPR52 and the EP4 agonist. If we're successful, that's going to be unexpected by the market, and I think it has the potential to bring in significant revenues that are not baked into our forecast. So that will be really helpful.
But yeah, look, I don't want to. These processes are difficult, so we have to work very hard to make sure that that happens. Outside of that, you will continue to see very stable growth from our Japanese pharmaceutical business. It's not going to be astronomical, but you will start to see QUVIVIQ accelerate now that the two-week script limit has finished. But certainly, yeah, biggest potential catalyst for us will probably be the licensing of one or two assets. And outside of that, it is just the continued progress of Neurocrine and Centessa for the most part. You will also see, I'm very much expecting that there'll be progress from our discovery collaborations with AbbVie and Lilly, albeit because those are earlier stage collaborations, the milestones and things that come with those are a little bit smaller.
Okay. Thank you. I'd like to wrap up this session. Thank you for your presentation. Thank you so much.
Excellent. Thank you, Seiji.