Good afternoon, everyone. My name is Alex Morrison. I am an associate with JP Morgan's Healthcare Investment Banking team. Today, it's my pleasure to introduce Exelixis, led by CEO Michael Morrissey. Michael, let you take it away from here.
Okay, thank you. Thanks, Alex. Hey, everybody. Good afternoon. Good evening, almost. It's been a long, long day, so thanks for hanging in there. I think this is the last presentation, so excited to be here. We've had a great day at the meeting, so thanks to Mike and Josh and Alex and the full JP Morgan team for the opportunity to spend a day with investors and now talk to people here about Exelixis. So I'll jump right in. Before I begin, I want to just remind you that I'll be making forward-looking statements today, so please see our SEC filings for a description of the risks that we face in our business. Number one. Number two is we will be presenting and talking about preliminary financial results. These could change. They're unaudited and will be updated on our Q4 call in February.
So take a look at them, but obviously realize that these are preliminary. Okay. All right. So let's talk about Exelixis. We had a big year in 2024, starting 2025 with a lot of momentum and a lot of a real sense of purpose and direction and focus on taking Exelixis to the next level as an organization. We are seriously on a mission to improve standard of care for patients with cancer. We've done that with one drug already, cabozantinib, a leading drug in kidney cancer. Other indications, hopefully more to come. And our vision is to build a multi-product, multi-franchise company that is exclusively focused in oncology that can help many more patients and really drive value for those patients and for our shareholders.
So we've done the first hard task of having a franchise molecule in cabo— cabozantinib, and we think we can do this again and again with a pipeline that we built over the last few years and some, I think, some really, really great science and great clinical development and a really strong commercial team. So components here are relatively straightforward. Cabozantinib continues to be a real driver of near-term value. Obviously, 2024 was a strong year of financial performance, commercial performance. We saw good growth across all the key commercial and financial metrics. Certainly, we have some important milestones coming up early this year, especially with the neuroendocrine tumor PDUFA date in early April. And we think that additional potential revenue, if that approval comes, can drive some pretty important growth and outlook into 2030 for cabo. Right. And that's obviously the key short-term driver for us.
A pipeline that's led by zanzalintinib, or zanza for short, we think is a very, very interesting, important new molecule. We have three ongoing and pivotal trials. We'll start three more this year. We expect this molecule has the potential to surpass cabo in terms of its scope and depth of impact for patients and potential revenue growth as well. So obviously, we're investing a lot here. This is what we think is the important component of midterm and long-term growth as we go forward and one that obviously we're putting a lot of muscle behind. We talk a lot about today. Certainly was a big topic for all of our one-on-ones today as well. And we're very excited to be kind of where we're at entering 2025, where we expect to see some pivotal trials readouts in the second half of this year.
So with that, leading the way in terms of the pipeline, we have a variety of other early-stage molecules, small molecules, biologics, ADCs, bispecifics that are filling in late preclinical to early clinical stage development that we think that we can derive a lot of value from. Obviously, it's a high-risk, high-attrition business, but it's one that we think we've got some really, really important, exciting shots on goal here. And obviously, we will continue to invest and prioritize the winners to move into full development as that data is generated. And then on the capital allocation BD side, we're in a very fortunate position to generate a lot of free cash. We generated approximately $700 million-$750 million of free cash last year. We ended the year with $1.75 billion in cash.
So the cabo opportunity is one that we're certainly driving very hard and think we have a lot of potential there. And we use that to look at BD opportunities, look at giving money back to shareholders in terms of buybacks. That's been a very important way to continue to drive value in the company and really focus on both tracks simultaneously. We have the opportunity to return cash to shareholders to build our pipeline in a very effective fashion, always focused on improving standard of care and always focused on clinical and commercial differentiation. That's where the action's at. And that's something that I think we've learned how to excel at over the years. Obviously, we want to be a leader in both GU and GI oncology.
Cabo certainly has put a stake in the ground in the GU space, cabo being the number one drug for kidney cancer right now in terms of small molecules as well as single-agent and combination approaches. And certainly, it's one that we're continuing to hope to be able to harvest with new indications like NET or neuroendocrine tumor. And then in the GI space, to be able to move forward with zanza and other tumor types, other molecules and other tumor types as well. So a lot of moving pieces here. Really excited to be able to move forward. Again, entering 2025, a big successful year. Last year, we talked about this a little bit in the intro, right? The commercial performance with cabo was really record in terms of its growth in terms of 2024. And we expect additional growth this year. I'll talk about guidance in a minute.
Again, cabo, the key near-term milestone is the NET sNDA that's under review with a PDUFA in early April. Right. Zanza, we talked about. Again, this is the next, what we think is the next big growth driver for the company. We put out some pretty big aspirational vision for that molecule on the Q3 call a few months ago. We're very excited about being able to advance that across a range of pivotal trials. The first wave is either going or about to start. The second wave will certainly come sometime soon thereafter. So lots of opportunity here. It's a really exciting molecule. Lots of excitement among the KOL community. Early-stage pipeline, same thing in terms of where we're at with molecules either that we've internally derived or been able to access through BD. And then we talked about overall the BD approach.
So let me get into some of the details about our results for fiscal year 2024. Again, total revenues, you can see we're in the $2.165 billion range. Net product revenues, again, preliminary, are at $1.805 billion. So great jump over what we saw in 2023 for the full year. Expenses are in the $1.4 billion-$1.45 billion range, which are flat year -over -year as we go forward into 2025. You can see that here. And we're expecting net product revenue guidance to go, midpoint being about $2 billion. And again, importantly, that number, that guidance does not include any anticipated revenue we would see with zanza after approval. So we'll update that at the appropriate time.
I think that's the way to go here, being conservative upfront, but certainly a very strong showing from last year and a lot of excitement in terms of being able to grow the business overall in 2025. So again, we'll update that. It's pretty solid numbers, but we'll again take the preliminary off in February and give you that on the Q4 call then. Okay. So a big part of the story last year was, again, using free cash to invest in the business, right? And that big part of that story is certainly having a billion-dollar R&D budget. We make the most of that in a very disciplined fashion. Very fortunate to be able to buy back a lot of shares at the same time. So of the $750 million of free cash we generated last year, we used the vast majority of that to buy back stock.
You can see here another 26 million shares in 2024 to date. And I'm really happy about this, right? We spent about $1.2 billion in that share repurchase program. The average price is almost $23, and we're certainly well above that now. So good investment in terms of looking forward, asking the value question, and I think making a smart investment in our own company, right, which we think is really, really important. So let's talk about cabo, right? And this is a slide that we update every quarter on earnings, and it continues to, I would say, grow in size and magnitude. The theme is the same, right? With everything we do, we strive to move the needle for patients, right? Improve standard of care for patients, because that's the only way you're going to have a successful business and successful compounds is by making a difference for patients.
And we've used really the last decade of experience to understand that, to put that lens into, I think, real context, to be able to then translate that to what we're doing with cabo and zanza, but then for the entire pipeline. So as we stand here today, Cabometyx is the number one prescribed. It's the leading TKI for RCC. It's the number one prescribed TKI for the TKI-IO combination, the frontline setting. The 9ER data for Cabometyx and nivolumab remains very, very strong. It's the number one prescribed frontline regimen for the last nine consecutive quarters, which is, I think, pretty compelling. And Cabometyx monotherapy remains the market leader in 2L RCC with a 45%+ market share. So really, really strong data supporting, being supported by a fantastic team within our commercial organization to be able to move that forward.
Both in the fourth quarter and in the full year of 2024, we continued to see progress, see growth. Our U.S. net product revenue in the fourth quarter for Cabometyx was $509 million. So that's what, 7% growth quarter -over -quarter compared to Q3 and about 19% year -over -year, Q4 2024 versus Q4 2023. And this is just for Cabometyx. We have an extra $1 million or so with Cometriq. So the Cabometyx franchise was, again, $510 million with the same percentages. Full year, again, $1.8 billion, 11% growth year -over -year. We saw that as well going from 2023 to 2024. So I find it remarkable four or five years into the launch after CheckMate 9ER. We're still growing. And with the IRA kind of overhang, price increase isn't driving that. That's a demand growth.
That is prescribers choosing to use Cabometyx either combined with nivo as a single agent to be able to help their patients. So it's just great to watch and great to be part of that and continue to kind of spread the word, educate physicians and prescribers about the value of the data that we've got. Volume growth in the fourth quarter was, again, compelling 4% Q4 over Q3, which by itself is, again, very, very strong. And we had a strong quarter of growth in Q3 as well and 13% year -over -year comparing the Q4 2024 to Q4 2023. So great performance. We're happy but never satisfied, obviously, with NET on the horizon. We're very, very excited about the data from CABINET. The Alliance Cooperative Group ran a great study and generated some really, really exciting data.
We have, I think, a very well-refined and disciplined launch strategy in terms of both how we're going to hopefully do this post-approval, but being kind of right-sizing it in terms of an incremental investment based upon the infrastructure we have already. And then very solid prescriber experience generally with Cabometyx. That's one of the real differentiators is that this isn't the first approval. This isn't going to be the first launch. There's a decade of experience with Cabometyx across a variety of different tumor types. And that certainly, that knowledge, that experience, that success, I think, is really important to kind of frame the opportunity going forward. So obviously, the goal is to establish Cabometyx as a leading small molecule in NET.
And once we get over the goal line in terms of approval, then we'll look forward to engaging there with the entire, I would say, expertise and depth of the Exelixis organization. So let's just show some, I think, some interesting longitudinal data. And I think this gets down to the next few slides really reinforces the idea that if you generate clinically differentiating data and you move the needle for patients, you change standard of care, you can have even a small company like us, right? California biotech can, in a very competitive sense, move the needle for patients. That's what it's all about. And I think doing this once, having learned those rules the hard way by doing it, allows us to have both the confidence and the conviction and the roadmap to do it again with different molecules in the oncology space. Small molecules, biologics, whatever.
The modality doesn't really matter. It's about the biology and about the data you can generate to be able to then make a difference for patients. So I think this is a pretty interesting slide, kind of framing, again, from a franchise revenue point of view, looking at the baseline of 2020, which was the year before CheckMate 9ER, the Cabometyx- nivo doublet was approved, and that was approved in early January 2021, to 2024, which is where we're at last year. I think the cursor's going, showing, yeah, and then 2025 next year. So if you look at the projected midpoint for 2025 revenue of about $2 billion, that's essentially a 170% growth over that timeframe on a trial, single trial, right? That really we did in collaboration with Bristol, and we paid basically $0.25 on the dollar. That was a cost-sharing arrangement. They paid half, we paid half.
They ran the study superbly. Our partners, Ipsen and Takeda, picked up half of our half. So in the kind of ROI analysis of investment versus reward, this is a great example of having the right framework for partnerships, collaborations in terms of being able to move the needle in terms of generating really important data and then being able to help educate physicians post-approval and then get the word out and get that going. So just phenomenal story about what a small company like us with no real experience in the space can do with the right data, the right team, the right mindset. And again, the growth between 2023 and 2024 and 2024 and projected 2025 is in the 10%-11% range.
A 22% CAGR over the last four or five years is nothing to shake a stick at and one that I think sets the bar for all of our future compounds in terms of what success could look like if we have the right clinical data and the right team to be able to get out there and educate the prescribers in terms of the data. I think this slide frames it a little bit in a similar fashion, but looking at demand, not looking at revenue. I have to say, when we were constructing this slide, and we've got a great team of commercial people who focus on market analytics and data.
It was really, it's a really great way to look at, again, from a demand point of view, what really changing standard of care does in terms of the opportunities ahead of you in terms of growing the markets, right? Looking at demand, right, from 2016 when we first entered the market based upon the METEOR data, which was 2L Cabometyx monotherapy against e verolimus, where we were successful in terms of the endpoints of response rate, progression-free survival, and for the first time, overall survival in a second- line setting. That approval came in April-ish of 2016. To 2024, the size of the market from a pure demand point of view has more than doubled, all right? You can see that in increments. 2016 was when we launched. Second- line, 2020 was the last year before that frontline Cabometyx -nivo trial launched.
You can see that little squiggly down there. This should be around here in terms of 2021 and then where we were last year. The basket, if you will, market opportunity doubled. If you look at it from the Pac-Man perspective, we actually captured about 67% of that growth with Cabo, right? Again, changing standard of care has a huge impact for patients, and that's how you build value. It's kind of a no-brainer, statement of the obvious, right? You change the dynamic for patients, you're going to be able to be successful in your business, but it just shows what you can do when you actually think really, really carefully.
You run the right study, you get a little bit lucky sometimes, and then you go forward and you go all in in terms of being able to make the most of that for patients and for their doctors. So it's a great way to look at it. 800%+ or so growth since 2016 just reinforces, again, game-changing data changes the narrative for everybody. And that's what we're all about. And again, the plan is doing this once is great, but we want to do this again and again and again. All right. So it's a really good segue to NET, right? So we looked at revenue for Cabo, we looked at demand. If you look at the overall market basket, global market basket for renal since 2016, again, same message, right?
It's gone from a little bit less than $4 billion to about a $10 billion global opportunity, small molecules, biologics, checkpoints, etc., in 2023. Again, we played a big part of that. NETs, we think that that's also an opportunity. That's one of these indications where it's been a little bit on the sidelines over the years. Certainly, it's a very important large population, indolent tumor type, lots of opportunities certainly for small molecules, for biologics, for new radiotherapies, etc. Again, improving outcomes increases the treatment duration. So patients live longer because they're taking these drugs longer. Everybody wins. So it's an important opportunity, and again, to a large degree, our mindset is really based on the experience of Cabo and renal, so we're looking for these opportunities like NET where we think we can do this again, so that's the opportunity, that's the plan.
Certainly, the CABINET data that has now been well presented, a couple of big ESMO presentations, a paper in The New England Journal of Medicine highlights the important benefits that are seen across different components of this population. What's interesting to me is it was a cooperative group study. Those often enroll at a relatively slow pace compared to what we do with an industry. This was a U.S.-only study. So the majority of enrollment for a lot of pivotal trials is ex-U.S. That was all done here. So this trial enrolled over about six years. The population they studied was actually much broader than I think anyone would really expect.
If you compare CABINET top line here to some of the other trials that were done earlier, say with everolimus or sunitinib, you can see that because the inclusion criteria were a little bit broader and because of the way it enrolled as standard of care was changing, say, like with Lutathera, we covered a broader swath of patient phenotypes, if you will, than you might see and certainly have seen previously with other studies with other small molecules, so we're excited about that. We think the opportunity is there. It was conducted in a truly contemporary setting in terms of looking at patients across the whole spectrum of different parameters, and our view is that it's really the only phase III study that really captures the heterogeneity of this population, which we think is a real bonus for patients because you really see that in the real world.
It's not one narrow window. It's a very wide kind of view of patients with different experiences, different challenges, different prior treatments, etc. So we're really thrilled with that. And again, looking forward to navigating and collaborating with the agency to get this done over the next few months and hopefully get approved and get on the market ASAP. I would say one of the really important parts of the story is that the NET prescriber universe is very familiar with Cabo and really overlaps well with our current customer base. And this is a slide from the Q3 call as well that really talks about our deep analytics and the ability to understand kind of where that in that Venn diagram world of NET prescribers, Cabo prescribers, how that plays. And bottom line is that there's about 80% of these 3,500 or so physicians in the U.S.
Have prior experience with Cabo. They have written Cabo prescriptions for other tumor types. So it's a great place to start. They've used it. They know how to manage adverse events. They know how to navigate some of the challenges with Cabo specifically, but certainly that's what happens as you get exposure with those drugs. Of the 20% or so of the non-overlapping, non-familiar physicians, they actually co-localize with somebody in a practice who has also written for Cabo. So there's that kind of neighborhood effect to be able to tap into. So we've added a few reps here. We've done a lot of work from the market research point of view. We feel like we understand the market as well as anyone else right now.
And again, we have the opportunity to be able to, I think, feel pretty confident about once we get approved, be able to move forward with, I think, a lot of focus and a lot of urgency to be able to help patients with NET who need new options. The NET market is really interesting from the standpoint of, again, how it's segmented. And I won't go into all the details here, but obviously, frontline is dominated by SSAs, a variety of other small molecules. We think there's an opportunity here to be able to move the needle in the frontline setting, in the second- line setting, in the third- line setting. When you do all this kind of analysis with, I would say, contemporary pricing and duration of treatment that we've seen in the CABINET space, we think this is a billion-dollar opportunity in the U.S.
That's the challenge for us. It's how do we make the most of that? How do we educate our physicians and kind of really get them in the mode of understanding all the data to be able to then have them use this as they think can help their patients the most, right? So it's a large opportunity. I think the so in some ways, the under-investment in NET, but the fact that it's not one of the real hot tumor types, I think works to our advantage here and can help us generate a lot of value with the molecule. And then behind that, we have zanzalintinib, where we think we've got some really exciting opportunities here across the pivotal trial network and one that we think is certainly very, very attractive in the NET space, right?
And the idea here is where our CABINET was against placebo, we really think it's the right move next is to run a trial with zanzalintinib against an active comparator like everolimus. And we've been very effective at that in the past. That was the, I think, part of the special sauce with the renal program was to not be shy about going head-to-head with the leading agents at the time to be able to then really prove to everybody that you can improve standard of care, right? And that's the goal that I think we all share. Everybody here at this meeting this week is trying to improve standard of care. And this is our way of doing that. So that's a good segue into zanza. Again, this is a molecule that was designed to really address our view of some of the potential liabilities with Cabo.
Our first molecule, really a second generation TKI. Again, the Cabo story goes back to us asking some very simple questions around what drives primary resistance to VEGF inhibitors in indications like RCC and as a way to possibly, right? You have to prove it, right? Improve the profile of Cabo with zanza. We asked some very, very simple questions, and we had years of data with zanza in terms of could a long half-life Cabo has a four- or five-day half-life in patients. Could we shorten that half-life in such a way that would make the molecule like zanza more user-friendly, easier to dose- adjust, dose- reduce, hold, etc.? That virtually is addressing a class effect in terms of side effects for most VEGFR-targeting TKIs. Every one of these has to be titrated for the individual patient based upon their metabolism, based upon their composition, the whole bit.
So it's an art form as much as kind of a science. And I think having it be easier for patients and easier for their prescribers, their physicians would be a, that was the goal, right? Now, we learned a lot since then, obviously. Certainly, the Cabo story has driven a lot of excitement about what zanza could do. Again, we have three ongoing pivotal trials today. Two of those we hope will read out in 2025 in the second half of this year. We hope to start three more this year, two with Merck. And that was a big accomplishment last year was getting that clinical collaboration with no commercial rights exchanged, no economic rights, just purely combine and hopefully conquer that approach as we've done previously with Cabo across a variety of different trials like the 9ER trial with Bristol. That was so important.
I think the goal we have is really quite simple, starting in 2026, to have one potential launch per year going forward to drive the value proposition for zanza to a level that we think can surpass what we see with Cabo. You can see that at the bottom here, right? Our projections for Cabo, we think we can get to a $3 billion a year revenue level in the U.S. with Cabo by 2030.
We think based upon kind of our view of those six indications, which is really just the first wave, we can begin the $5 billion range in the 2023 timeframe, which obviously addresses a lot of issues with Cabo's LOE and the 2030, 2031 timeframe and the ability to keep generating cash that we can then invest in our pipeline as we go forward and really build this multi-product, multi-franchise portfolio that we think will drive potentially a lot of value for patients and shareholders. Here's just a quick snapshot. I know I'm getting a little bit close on time here. Of the different pivotal trials that we have going or envision over the next year to years, right? The total addressable population is 120 or so thousand patients on an annual basis.
Many of those are, again, renal for GU and both colon cancer and NET for GI, and then we have head and neck, which we're very excited about with the STELLAR-305 trial. You can see this vision of being a market leader in GU and GI oncology in terms of the actual revenue kind of perspective is one that is pretty strong from the standpoint of taking a Cabometyx kind of GU-centric view in terms of the commercial opportunity and then spreading that value and that risk across GU and GI, and we're not myopically focused on that, but we're focused on that, right? And certainly other indications as they come up outside of those two major therapeutic areas will be ones that we consider very closely.
But to put a stake in the ground and say, "We want to lead here," has, I think, a lot of opportunity value for us as we go forward. So that's the goal, and certainly that's how we're executing right now. So again, we have six ongoing and plan to start pivotal trials in 2025 in these different tumor types. I'll highlight them quickly and then move on, but it's one that is, I think, indicative of how we operate as an organization. We've, by ourselves, with our partners, with cooperative groups, we've run 17 pivotal trials with Cabo. That's a very expensive, time-consuming, all kind of company-involved process, but that's how you generate value for patients and for shareholders. As you have a hypothesis, you convince by generating early data, you've got the ability to move the needle for patients, and then you make those investments, right?
That's expensive. They don't always work. When they work, they don't always lead to an approval or a launch, but that's the kind of investment that we're prepared to make to be able to build value, right? So certainly that's the case here. We've got these first six lined up and ready to go, and we'll do more certainly as we go on in the out years with zanza. So just at a high level, STELLAR- 303 is looking at non-liver met patients with third-line metastatic colorectal cancer. This trial is fully enrolled. Primary endpoint is overall survival in the non-liver met population. The non-liver met population is about 30% of the overall population in the third-line setting, so about 11,000 addressable patients.
Lots of different inputs here that I won't go into from large real-world databases, from both positive and negative pivotal trials from our competition, but it really is an opportunity for us to put a stake in the ground in colon cancer and be potentially the first IO-TKI in this segment of colon cancer that is very underserved and needs better therapies as we go forward. STELLAR-304 is looking at non-clear cell kidney cancer. This is about 20% of the overall kidney cancer population. Clear cell is the main population. Surprising to me, and it's been in the space for a long time, that there's never been a pivotal trial focused in the non-clear cell population, so this is the first one, and we're very proud to be kind of leading the edge there, kind of on the leading edge of that.
So this is looking at zanza-ni vo versus sunitinib. This trial has had a great year in 2024 in terms of enrollment. We expect enrollment to complete this year and based upon current event rates, could see top-line data in the second half of this year as well. Again, we use phase II data of Cabo and nivo to show some pretty strong proof of concept data there, but that's just a starting point. Running a pivotal trial then gets you into the realm of being able to show in a randomized setting how well you do against an active control. So super excited about that. And again, with the Merck renal studies as well, really continue to reinforce our leadership position in the kidney cancer space. And then STELLAR- 305, ongoing in PD-L1 + head and neck cancer. Really exciting here to potentially have a chemo-free option if successful.
Again, we use clinical proof of concept data with cabozantinib and pembro from an IST to kind of frame the opportunity and then work forward with zanza. Very interesting overall population, very frail, so tolerability concerns, gentle, if you will, potentially gentle options are critical in that regard. And again, this is one that has really went extremely well in terms of enrollment and country activations and site activations in 2024. We have an important phase II to phase III gate that we should hit this year. And if successful, then move into full enrollment to get to the number of patients that we need to then fulfill that phase III obligation. So exciting step here. 15,000 patients in the U.S. currently underserved. The median OS is about a year or so. So lots of opportunity here for the PD-L1 + population.
And again, thrilled to have this be part of the Merck collaboration where we're getting free pembro now to be able to help run the study with. Okay, and then we talked a little bit about zanza with STELLAR-311 in NET. It's a next-gen opportunity with zanza. Again, head-to-head against e verolimus. Again, these are the right moves to make. Again, the Cabo data that we updated at ESMO a few months ago, really strong. Again, completely blinded independent review, PFS two- to three-fold better than placebo in both EP-NET, extrapancreatic NET, and pancreatic NET, as well as benefits really across a variety of subgroups that we'll see at ASCO GI next week. So exciting here. This is one that we're going to hit hard and make that a priority coming up in 2025 and then certainly as we go on throughout the next few years, right?
And then there's a whole lot more that we can do. And I think this kind of sets the framework for how we view building new products and new franchises by continuing to invest across a variety of different tumor types, mostly in GU and GI, but there's certainly other areas that we can pursue as well in other indications. So again, looking to just improve standard of care. That's the goal time and time again. So all right, I'm down to the last few minutes. So I'll just do a quick shout-out on the pipeline. We talked predominantly about Cabo and zanza. Those are the near-term value drivers. We've invested a lot of time and energy in building a pipeline. That gets back to our roots as a drug discovery organization. That's one that we enjoy. XL 1.0 was all about small molecules.
XL 3.0 was really about making sure we have the right tool compound. We're modality agnostic in terms of small molecules, biologics, ADCs, bispecifics to be able to match the right modality with the right pharmacology for what the tumor is looking for in terms of its weakest points of attack. So we're thrilled about that across the board. Some of these molecules come from outside. Most of them are inside-derived. We've used a lot of collaborations to put pieces together with these molecules. So again, we're technology aggregators in a way that allows us to focus on what we do really great, which is understand biology, match the right chemistry with the right biology, and then get in the clinic and ask the right questions. And you can see that here from the standpoint of how we view the world in terms of this pipeline. It's early, right?
Things fail, things move forward. Our job is to get to critical go-no-goes quickly in a very time-efficient fashion and to be able to then prioritize the winners and move those forward as quickly as possible. So it's great to see the team do that time and time again. And with the Cabo, I would say kind of foundation and with the promise of zanza, we're very, very excited about 2025 and beyond. So with that, I will stop. And again, thank you all for hanging in here late in the day. And I'm sure we all want to go grab a cocktail ASAP. So I'll close with just a slide with our corporate objectives and wish you all a happy 2025. Thank you.