Good afternoon. Before I turn the call over to management, I would like to remind you that management may make forward-looking statements relating to matters such as continued growth prospects for the company, uncertainties regarding market acceptance of products, the impact of competitive products and pricing, industry trends, and product initiatives, including products in the development stage which may not achieve scientific objectives or meet stringent regulatory requirements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. These statements are based on currently available information and management's current assumptions, expectations, and projections about future events. While management believes its assumptions, expectations, and projections are reasonable in view of currently available information, you are cautioned not to place undue reliance on these forward-looking statements.
The company's actual results may differ materially from those discussed during this webcast for a variety of reasons, including those described in the Forward-looking Statements and Risk Factors section of the company's Form 10-K for the year 2025, which was filed with the SEC on April 7, 2026, and its other filings with the SEC, which are available on the Investor Relations section of Jaguar's website. Except as required by law, Jaguar undertakes no obligation to update or revise any forward-looking statements contained in this presentation to reflect new information, future events, or otherwise. Additionally, please note that the company supplements its condensed consolidated financial statements presented on a GAAP basis by providing non-GAAP EBITDA and non-GAAP recurring EBITDA. Jaguar believes that the disclosure items of these non-GAAP measures provide investors with additional information that reflects the basis upon which the company management assesses and operates the business.
These non-GAAP financial measures should not be viewed in isolation or as substitutes for GAAP net sales and GAAP net loss, and are not substitutes for, or superior to, measures of financial performance in conformity with GAAP. Today's conference is being recorded. At this time, it is now my pleasure to turn the call over to Lisa Conte, Jaguar Health's founder, President, and Chief Executive Officer. Lisa, the floor is yours.
Oh, thank you very much, Paul. Hello, and thank you all for joining our investor webcast today. My name is Lisa Conte, as you heard. I am the founder, President, and CEO of Jaguar Health and our wholly owned subsidiary, Napo Pharmaceuticals. I am also the Chairman of our Italian subsidiary, Napo Therapeutics. As usual, I may use the words Jaguar and Napo interchangeably when I am referring to our company. After I speak, our CFO, Carol Lizak, will provide a recap of the financial highlights for the second quarter of 2026. The theme of today's webcast is transformation, near-term catalysts, and sharp strategic focus.
As many of you who have followed this company may recall, this past January 2026, we completed a transformative transaction, the signing of a U.S. commercial out-license agreement with Future Pak for Mytesi, the brand name of our FDA-approved tablet formulation of crofelemer for adults living with HIV, AIDS, and diarrhea. For the brand name Canalevia-CA1, our conditionally approved formulation of crofelemer for dogs with chemotherapy-induced diarrhea. We made the strategic decision to out-license Mytesi to Future Pak, first, because they had recently acquired Theratechnologies, an HIV-focused commercial company with more than four times the commercial effort of Jaguar in the U.S., including two other HIV-related and relevant products. Secondly, to fulfill our strategic plan to bring in meaningful non-dilutive dollars to help fund our sharp development focus on our pivotal stage program for our novel proprietary powder for oral solution formulation of crofelemer.
A different product of crofelemer. Same active ingredient, a different product, different formulation for rare intestinal failure indications. Rare meaning we have orphan drug designation for the intestinal failure indications in the United States and Europe. We are now fully a rare disease GI company with 100% of our human development efforts sharply and strategically focused on our rare disease program. Our ultimate strategy continues to involve identifying a development and commercialization partner for this program. Just to put this in perspective, the out-license to Future Pak was $18 million upfront, primarily for the U.S. HIV market, a market with peak annual market opportunity of maybe $50 million - $70 million annually. Intestinal failure has an annual peak market opportunity assessed by third parties of approximately $8 billion. To comment for a moment on two recent third-party transactions of interest.
In June of 2026, Eli Lilly licensed Hanmi Pharm's phase II GLP-2 antagonist. Not GLP-1, not the weight loss thing. GLP-2, which is for an intestinal failure, short bowel syndrome. In fact, for the rare disease of short bowel syndrome in a deal worth up to $1.26 billion, including $75 million upfront and up to $1.185 billion in milestones plus royalties. In August of 2026, just a week ago Jazz Pharmaceuticals agreed to acquire Actio Biosciences for $820 million upfront, plus up to $500 million in milestones. A potential $1.32 billion deal centered on a proof of concept clinical stage, it is called a KCNT1 inhibitor for an ultra-rare genetic epilepsy. Remarkably analogous to the program we have going on in intestinal failure.
We are now focused on identifying a potential partner for rare disease indications that have a global market estimated to be in the multi-billions with analogous deals that have proof of concept that is earlier stage than what we have in hand. The near-term value driver in our intestinal failure development program is our lead target indication, pediatric microvillous inclusion disease. I am going to refer to that as MVID, an ultra-rare disorder. Ultra-rare, with no approved therapies and a lethal natural history. We have embarked on an ongoing clinical path toward a potential clinical package to be finalized by the end of 2026, so we are talking just a couple of months away, and an NDA submission in mid next year, 2027.
Short bowel syndrome, which you will hear me refer to as SBS with intestinal failure, SBS-IF, represents a larger follow-on indication using the same dosage form and physiological mechanism as intestinal failure with MVID patients. Still, a rare orphaned indication. Our intestinal failure program represents a blockbuster global market opportunity in terms of addressing this catastrophic unmet medical need in patients, and blockbuster in terms of beneficial impact to morbidity, mortality, and the cost to the healthcare system. In the financial return opportunity for all stakeholders, including, of course, shareholders. This return opportunity is especially important to a potential corporate partner. The global market for short bowel syndrome with intestinal failure, as I mentioned, is estimated to reach approximately $8 billion in 2033, and this is according to a third-party market research.
A different third party, but a third party, estimates the value of the global MVID marketplace, which is an ultra-rare indication, at over $1 billion in 2033, for which there are no treatments and nothing in clinical development other than crofelemer. I want to take a moment to describe the catastrophic impact of intestinal failure on patients and what this means for their caregiving community, which includes the healthcare professionals, the family members, and others. Intestinal failure, it is a debilitating condition that often requires patients to receive life-sustaining fluids, electrolytes, nutritions through IV administration. IV administration for the nutrients in life, which is all encompassed in something called TPN, total parenteral nutrition, with supplemental intravenous fluids, and overall TPN with fluids is called PN, parenteral support. IV support for your nutrients of life.
Many intestinal failure patients require parenteral support, IV nutrition, up to seven days a week and sometimes for 20 hours a day or more. Obviously, this is a catastrophic situation for the patient, healthcare, quality of life. While it is supportive, it is palliative, and it is necessary for life sustenance, it is also associated with serious complications, including liver and kidney toxicities, compromised cognitive function, can have negative impact on growth and survival. The cost is meaningful. It is estimated about $500,000 a year in the United States per patient, but the cost to the healthcare system with the inevitable complications, if you can imagine being on IV nutrition every single day. The complications of infections and keeping that balance of the nutrients of life correct can top over $1 million per year per patient. In addition, the mortality risk. MVID is a congenital disease.
The patient is born and has massive diarrhea and unable to absorb nutrients of life. Often, these patients just die right away. If the patient is not diagnosed immediately, that is what happens. If the patient is diagnosed, they will be on parenteral support for the rest of their life, again, seven days a week, 20 hours a day. The key of what we are looking for in providing adjunctive therapy to these patients is a reduction in the amount of time that they are on parenteral support. Reducing that parenteral support can have a significant impact on the massive toxicities and comorbidities that are life-shortening for these patients. Life-sustaining parenteral support that is life-shortening because of the toxicities associated with them. The endpoint in the clinical development is the possibility to reduce parental support by even 10%-15%.
That, from a quality of life perspective, would allow the patient to receive most of their parenteral support at night while sleeping, preserving some quality of life, the ability to go to school during waking hours, and the patient would not need to be attached to an IV to go through some of the normal daily living activities. Remember that number, 10%-15%. This past June, we presented groundbreaking results at the 58th Annual, it is called the European Society for Paediatric Gastroenterology, Hepatology, and Nutrition meeting, ESPGHAN, and it was in Lille, France. We presented at ESPGHAN the results of the liquid oral crofelemer, the formulation specifically for intestinal failure.
It demonstrates substantial reductions in PS, and PS in particular because these are children who are growing, normalized to body weight in pediatric intestinal failure patients that were dosed orally for more than one year with no significant clinical or laboratory abnormalities. Basically clean safety. In one MVID patient, the weekly parenteral support requirements normalized to body weight were reduced by up to 48%. Remember the 10%-15% I mentioned. We are talking about up to 48% following more than 12 months of crofelemer therapy. In the two SBS-IF patients, the PS requirements normalized to body weight were reduced by up to 40%, again, for over a year of treatment. This is a stunning result. It is hard to express how clinically relevant this is. As I mentioned, even a 10% reduction would have been considered clinically relevant.
What was also really powerful is that after these patients were treated for about three months, they were per protocol taken off crofelemer, and they immediately relapsed and needed to be put back on crofelemer. So, one of the strongest trial design parameters to demonstrate the true efficacy of a product. These patients have now continued to be treated for over a year, and we expect they will be on crofelemer for the rest of their lives, and we take great pride in providing the product for that.
There have been no crofelemer-related safety issues in our intestinal failure patients or any patient treated with crofelemer, and very consistent with the crofelemer that is in thousands of patients that have been in clinical trials for other disorders. As a reminder, drugs are approved by the FDA on their benefit-risk ratio. When the risk is zero, the benefit exists into perpetuity.
Now, we have an additional MVID patient in compassionate use being treated with oral crofelemer under an FDA-authorized expanded access program, and safety and efficacy data regarding this infant was also presented at the same ESPGHAN meeting this June in Lille. This is a fascinating situation where the patient was diagnosed with MVID right after birth but was too young to enroll in the enrollment criteria imposed by the FDA on Napo's clinical trial. With the expanded access to crofelemer, the child was able to, at three months of age or a little less, was able to get on to crofelemer. The child is now one year old, thriving, has a very active Instagram site, and is almost at the 30% level in the growth curve. So in what was otherwise a catastrophic diagnosis with a lethal natural history, this child is thriving.
The patient has started to eat a little bit orally and is down to only 22 hours of parenteral support. Or down from 22 hours on parenteral support, just the first year of life, down to 18 hours. We are committed to providing our novel crofelemer formulation as an investigational drug as deemed medically necessary by the physician or caregiver for patients in these expanded access programs intended for mitigating the sequelae from MVID disease progression. The participation in expanded access programs allows us to develop relationships with this very small community of physicians, institutions, patients who are addressing intestinal failure, intestinal failure in particular associated with the ultra-rare disease of MVID, before the product is approved and commercially launched. Simultaneously, we are conducting a blinded clinical trial to evaluate the safety and efficacy of this formulation of crofelemer in pediatric patients with intestinal failure due to MVID.
A blinded trial simultaneously different than the results that I just spoke to, which are treatment only and unblinded, and we can see the results. This pivotal randomized, double-blind, placebo-controlled trial is fully enrolled and taking place at clinical trial sites in the United State., Italy, and the U.A.E. In support of our planned new drug application filing based on patients in this trial, we submitted an amendment and received FDA authorization for a treatment-only extension phase of the trial. After the blinded part is over, patients can continue in treatment-only extension if deemed relevant for the patients by a safety committee, of which we are not a member of, that remains blinded, as well as the treating physician, the family. Every single patient was deemed relevant to go into the treatment-only extension phase. The first MVID patients have entered the treatment-only extension.
With the patients from this treatment-only extension, the early patient access result patients that were presented, for example, at ESPGHAN and the investigator-initiated trial in U.A.E., we are talking about the opportunity to file for a new drug application for crofelemer for MVID, an ultra-rare disease for which we have orphan designation in the United State. and Europe, with essentially a single-digit number of patients. Including the patients in our blinded trial and the MVID patients in the expanded access and investigator-initiated trials, we estimate that we are treating approximately 4% of the patient population. While it may sound bold that we are filing with a single-digit number of patients, it is relevant to other diseases given the percentage of the affected patients that we are treating. We are confident, and we are passionate to bring the benefit of crofelemer to approval for all MVID patients as expeditiously as possible.
Regarding timeframe, we are looking to complete enough patients in the treatment-only blinded trial. As I mentioned, all the patients from the placebo-controlled part of the trial qualify to go into the treatment-only. Enough patients by the fourth quarter this year to file for breakthrough therapy designation in the United State. With breakthrough therapy designation, if it is granted, this would give us the opportunity for a review upon filing the new drug application of perhaps just four months after we file the NDA. The clinical package to file the NDA is expected to be ready by the end of 2026, with the actual submission of the NDA in the second quarter, late in the second quarter of 2027. With breakthrough designation, we could be approved in the U.S. by the end of 2027 for MVID. Europe would be a bit later.
That would be in 2028, based on European Medicines Agency and some of the requirements there on reimbursement as well as risk-benefit analysis. Intestinal failure in MVID is the same situation as intestinal failure in short bowel syndrome. Short bowel syndrome, patients with intestinal failure, they are unable to absorb the nutrients of life because they literally have a short bowel. There is not enough surface area. A normal intestine is about 20 ft - 25 ft. An SBS-IF intestine may be 5 ft or less. So, there is literally just not enough surface area. They, too, may end up on parenteral support up to 20 hours a day, seven days a week. They have the same comorbidities, the same horrendous toxicities that you see with parenteral support in MVID patients.
We have ongoing right now a phase II randomized, double-blind, placebo-controlled trial with the same formulation, the liquid formulation of crofelemer, in adult SBS-IF patients, and it is going on at various sites in Germany and Italy. This is still an orphan indication, and we do have orphan designation in the U.S. and Europe for short bowel syndrome, just as we do for MVID in the U.S. and Europe, though it is a larger patient population than MVID. MVID arises from congenital abnormalities. SBS could be congenital abnormalities, surgical resection due to conditions like Crohn's disease, ischemia, surgical resection due to cancer, which is about a third of the patients, trauma, accidents. Adult and pediatric SBS-IF patients face chronic dependence on parenteral support due, again, to their insufficient absorptive surface area in the intestines. In the United States, the population is about 12,500.
We are targeting the NDA filing of crofelemer for MVID in mid-2027, and we expect this NDA filing to be coincident with the timing of the availability of results from the phase II blinded study for SBS. Because our development program for MVID involves the same formulation, this plan provides CMC, chemistry manufacturing controls, basically the manufacturing steppingstone to our planned pathway for ultimate approval of crofelemer for SBS after MVID, and it will be years after MVID. But the safety would be the same. The manufacturing would be the same. In the competition world, there is nothing for MVID. There is nothing out there in development. There is nothing for these patients. In SBS there is a product approved, and it is a GLP-2 approach, not GLP-1, that is the weight loss thing. GLP-2 is essentially a growth hormone.
What GLP-2 does is attempts to grow the intestine a bit so that parenteral support can be reduced by 10%-15%. If you remember, those numbers are what is considered clinically irrelevant. Again, we blew those away with the 40%-45% in MVID. GLP-2 growth hormone for SBS is not standard of care. There are many side effects, and it is a growth hormone. You cannot use a growth hormone. For example, you do not want to encourage growth in cancer patients or anybody with a hyperproliferative abnormal situation. That is about a third of the SBS patients. Nevertheless, what GLP-2 has done is established a business model and a regulatory approval benchmark. GLP-2s are reimbursed at about $500,000 a year per patient in the United States.
We are seeking to have crofelemer become the standard of care for intestinal failure in both MVID and SBS. GLP-2s are only used in about 5%- 7% of patients. They cannot be used on a lifelong, chronic basis, whereas crofelemer could. Crofelemer could even be used in conjunction with GLP-2s. Crofelemer is really a paradigm-shifting opportunity to increase quality of life, potentially extend patients' life, and have important physiological benefits and reduction of potential toxicities. What I have been talking about in our rare disease program, intestinal failure program, is crofelemer. Crofelemer is the active ingredient in Mytesi, but our intestinal failure program is not Mytesi. It is a different formulation, a different product. Mytesi is a pill. With intestinal failure, a pill would just go right through the patient. High throughput, high transit times, it would land in the toilet bowl.
The oral liquid formulation, a highly concentrated lyophilized formulation of crofelemer, is non-growth hormone, and it is a drug candidate that would be used as adjunctive therapy to parenteral support through a first-in-class physiological mechanism of action, reducing liquid stool output and therefore reducing parenteral support needs and the associated toxicity associated with that. It is also important to note that crofelemer is defined as an anti-secretory, first-in-class anti-secretory drug. It is not an anti-diarrheal. It is locally acting on intestinal chloride ion channel and normalization, reduces intestinal chloride-driven fluid accumulation. We are getting a bit technical here, but it results in reduction of the electrolyte and the fluid losses and the concordant parenteral support reductions, which is the clinically relevant endpoint in both MVID and short bowel syndrome intestinal failure.
We established our ability to perform and close an important non-dilutive business development deal in January with the Future Pak deal, as I mentioned. We were provided $16 million non-dilutive capital in January upon closing of the agreement. We satisfied some specific post-closing conditions and received an additional non-dilutive $2 million, which was part of the upfront fee from Future Pak.
We continue to be the manufacturer of crofelemer for Mytesi and the Canalevia formulations for Future Pak and per the terms of the opportunity, and that is at a profit. It is a profit center for us. We are a centralized manufacturer. Per the terms of the agreement, we have an opportunity to receive up to another $17 million in additional milestone payments, future payments, again, non-dilutive. The intestinal failure market that we are now sharply focused on is considered to be approximately 100 times larger than the HIV diarrhea market.
With those numbers that I told you, basically $18 million upfront, $17 million additional milestones, we are talking about a market opportunity 100 times larger. With the clinical proof of concept data we have in hand and the very near-term clinical and regulatory milestones ongoing, we are confident in our ability to execute our business development goals in our intestinal failure program to further the opportunity to bring in serious, meaningful, valuable, non-dilutive dollars commensurate with the market size, the serious medical need, and driven first and foremost by the benefit and the benefit risk, with risk being nearly zero, that we are providing to the patients with no alternative treatment. Just briefly, I should mention, the major focus of our business is human health, of course, and our rare disease program is 100% of our human focus.
We do have a small business in animal health, and we're pleased to announce recently that we're planning for the anticipated commercial launch very, very shortly of a product called Neonorm Dog. It's a new extension of Jaguar's non-prescription Neonorm franchise for companion animals. Neonorm Dog is designed to provide dog owners with access to a plant-based non-prescription product intended to support normal stool consistency, GI fluid balance in dogs. It's also an anti-secretory mechanism of action. What we're doing is leveraging the relationships that we built when we were conducting the promotion and the education around Canalevia-CA1 before it was licensed to Future Pak. Canalevia-CA1, again, was our FDA conditionally approved prescription drug for the treatment of chemotherapy-induced diarrhea in dogs.
The Neonorm franchise currently includes other Neonorms, non-prescription products for foals and for calves, plant-based products to support proper hydration and bowel health in pre-weaned foals and calves. Many of the vets that we spoke with when we were educating and promoting around chemotherapy-induced diarrhea indicated a strong unmet need for addressing general watery diarrhea in dogs of any cause. Now with Neonorm Dog, we will have something to offer them and to the dog parents with easy availability of Neonorm Dog through online and animal health retail channels, not just from their vet, including Amazon and Chewy, which is an absolutely fantastic place for animal health products. With that description, you can hear that we're very excited, very enthused about what we're doing.
I'm going to hand the discussion over to Carol Lizak, now our CFO, for her recap of the financial highlights of the second quarter of 2026. Just before I turn it over to remind everybody that for many years we were selling Mytesi ultimately into the distributors and had a sales force promoting directly to the physicians who are prescribing to patients. At this point, we are supplying to Future Pak, and so there's a much different impact on the sales and the revenue numbers that we are reporting. Carol, let me turn it over to you.
Good afternoon, Lisa, and thank you to all of you who have joined our webcast today. I'll begin my review of our financials for the second quarter of 2026. License and grant revenue as Lisa mentioned, Jaguar entered a U.S. commercial licensing agreement with Future Pak in January 2026. Future Pak is now the exclusive U.S. marketer for the company's Mytesi and Canalevia-CA1 products. License revenues for the initial $16 million upfront payment, in addition to the $3 million payment for early termination of the buyback option under this agreement, were recognized by the company in the first quarter of 2026. As announced in August 2026, Jaguar has satisfied the closing conditions required to receive payment of the non-dilutive $2 million holdback amount of the upfront fee from Future Pak. Jaguar remains the manufacturer of crofelemer and Mytesi, and supplies the product to Future Pak at cost plus terms.
Additionally, the company recognized license fees of $43,000 in the second quarter of 2026 from a securities purchase agreement with a European partner, which was supported by a binding term sheet. Approximately $43,000 of license fees were consistently recognized in each of the quarters of 2025 under this agreement. As of June 30, 2026, the total deferred revenue associated with this contract amounts to $468,000. Federal grant revenue recognized in the second quarter of 2026 for the clinical trial study related to the treatment of chemotherapy-induced diarrhea, or CID, in dogs, was $25,520 and none last year. For prescription product revenue net, the total net revenue for the company's prescription products, that is Mytesi, Gelclair, and Canalevia-CA1, was approximately $1.2 million in the second quarter of 2026, which was comprised primarily of sales of Mytesi at cost plus to Future Pak.
In January 2026, Jaguar entered into a royalty-free license agreement with Future Pak. Under this agreement, all revenues generated in the United States from Mytesi and Canalevia-CA1 effective from January 12, 2026, are directed to Future Pak. Future Pak is privately held and does not report Mytesi sales. Compared to the second quarter of 2025, the number of Mytesi bottles the company sold in the second quarter of 2026 increased significantly and commercial costs were substantially decreased. The decision to enter a commercial license agreement with Future Pak aligns with Jaguar's strategic focus on advancing the development of its powder for oral solution formulation of crofelemer for rare disease indications related to intestinal failure in humans.
The total net revenue for the company's prescription products in the second quarter of 2026 represents a decrease of approximately 2% compared to the first quarter of 2026, when total net revenue for prescription products was approximately $1.2 million. Additionally, prescription products net revenue decreased by 60% compared to the second quarter of 2025, when total revenues amounted to about $2.9 million. The loss from operations decreased, however, by about $400,000, going from a loss of $8 million in the quarter ended June 30, 2025, to a loss of $7.6 million in the quarter ended June 30, 2026. This change was primarily due to a $1.7 million decrease in product net revenue, but was offset by a reduction in operating expenses of approximately $2.1 million, largely attributed to the Future Pak licensing agreement.
Non-GAAP recurring EBITDA for the second quarters of 2026 and 2025 were a net loss of about $8.4 million and $7.9 million, respectively. Net loss attributable to common shareholders increased by approximately $2.3 million from a loss of $10.4 million in the quarter ended June 30, 2025, to a loss of $12.7 million in the quarter ended June 30, 2026. In addition to the loss from operations, interest expense increased by $176,000 from a $15,000 interest income for the quarter ended June 30, 2025, to about $161,000 in the quarter ended June 30, 2026, due to interest expenses accrued on notes. The fair value of financial and hybrid instruments designated as FVO or fair value option increased by about $900,000 from a loss of $1.1 million in the quarter ended June 30, 2025, to a loss of $1.9 million in the quarter ended June 30, 2026.
Primarily due to fair value adjustments in liability classified warrants and notes payable designated as FVO. Loss and extinguishment of debt increased by $1.7 million from a loss of $1.8 million in the quarter ended June 30, 2025, to a loss of $3.5 million during the three months ended June 30, 2026, due to significant modifications to qualified for extinguishment accounting with non-recurring in the same period in 2025. That concludes my recap of high-level financials for the second quarter of 2026. I will now hand the discussion back to Lisa. Thank you.
Thanks, Carol. We will wrap this up quickly. As a recap, our intestinal failure program will continue to provide clinical proof of concept milestones and is the subject of ongoing business development discussions with the potential to bring in meaningful non-dilutive dollars from potential licensee partners. Importantly, crofelemer's status as the first and only oral prescription drug approved by the FDA under botanical guidance functions as a de facto and perpetual IP intestinal protection shield, exclusivity shield, as there is no practical pathway to bring a generic to market. Even though we have a very robust and extensive IP patent strategy, just like any other pharmaceutical company, it is sort of the price of being in the business. We do have approximately 185 issued patents. We essentially have exclusivity perpetually to infinity and beyond, which is very powerful when doing terminal value calculations with, for example, potential commercial partners.
You do not have that patent cliff that you often hear about and read about with other companies. As you can probably tell, all members of the Jaguar, Napo Therapeutics family are fully engaged, fully energized, and excited about the multiple near-term expected catalysts on the regulatory and clinical side for crofelemer and on the business side. All of which we view as significant, extremely value-enhancing, and potentially transformative for patients and for diseases with completely unmet medical needs. Everything we do at Jaguar, Napo, and Napo Therapeutics is rewarding, and our efforts to address such truly devastating rare intestinal failure diseases has really provided satisfaction on another level. This concludes our webcast for today. Thank you very much for joining, and we will see you the next quarter.