Affimed N.V.

Good day, everyone, and welcome to the AFMED second quarter 2022 financial results and corporate update conference call. My name is Vanessa, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. During the question and answer session, if you have a question, you can enter the queue by pressing zero, then one on your touch-tone phone. As a reminder, this conference is being recorded. I would now like to introduce your host for today's call, Mr. Alex Fudikidis, Head of Investor Relations at AFAMED. Sir, you may begin.

Thank you, Vanessa, and thank you all for joining us today for our call. Before we begin, I'd like to remind everyone that we issued the relevant press release earlier today, which can be found on the Investor Relations section of our website. On the call today, we have members of our management team, including Adi Hurst, our chief executive officer, Andreas Harstrick, our chief medical officer, Arne Chatelius, our chief scientific officer, Denise Mueller, our chief business officer, and Angus Smith, our chief financial officer. The team will be available for the Q&A session after the prepared remarks. Before we start, I'd like to remind you that today's presentation contains projections and forward-looking statements regarding future events. These statements represent our beliefs and assumptions only as of the date of this call. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements. even if new information becomes available in the future. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in these statements due to various factors including, but not limited to, those identified under the section entitled risk factors and our filings with the SEC, and those identified under the section entitled forward-looking statements in the press release that we issued today and files with the SEC. With that, I'll turn the call over to Adi. Adi?

Thank you, Alex. Good day, everyone, and thanks for joining our second quarter 2022 financial results and operational progress update call. We have a clear vision and goal to be the leading innate cell in the Asian company and to stop cancer from derailing patients' lives. At AUCR this year, we presented groundbreaking data from the combination of AFM13 with NK cells in relapsed refractory Hodgkin lymphoma patients. Having achieved 100% objective response rate is particularly impressive given the fact that these patients had undergone a medium number of seven prior lines of therapy. and in most cases had exhausted all approved and experimental therapy. Since the data were presented, the study has continued to enroll well, underscoring the high need for novel options for these patients. Now, we believe our inertal engager technology, through its bispecific and tetravalent structure, with a very high affinity binding to CG16A on natural chelophiles and macrophages, without the competition from circulating immunoglobulins, is at the core of these impressive results. The unique attributes of our technology have enabled us to demonstrate meaningful anti-tumor activity for our inner cell engagement molecules as monotherapy, and in combinations, including a strong synergy with PD-L1 checkpoint inhibitors, and most recently in combination with natrikylacil presence. We're indeed very excited about the many upcoming data readouts across the three-pronged strategy approach. And today, I will summarize our expectation for the remainder of this year. Moving to slide four. For AFM13, we show that we have two ongoing studies. For the registration-directed study for AFM13 as monotherapy in relapsed and refractory peripheral T-cell lymphoma, also known as redirected. we remain on track to deliver top-line data in the fourth quarter of this year. The study enrolled more than 100 relapsing refractory TTCL patients, and the focus of the initial data release will be on the overall response rate as assessed by a blinded independent review committee and a preliminary assessment of the duration of response. Just as a reminder, PTCL is a disease with a significant unmet need. There are nearly 1,500 patients just in the US each year representing with relapsed or refractory PTCL. Treatment options are very limited, and the prognosis for these patients remains very poor. The second ATOM13 study is the Phase I-II study in collaboration with the MD Anderson and Cancer Institute, evaluating co-blood-derived natural killer cells pre-complex with AFM13, followed by single-agent AFM13 treatment, again, in patients with relapsed refractory CD30-positive lymphoma. Data presented at this year's ASER conference by Dr. Iago Nieto, the lead investigator of the trial at MD Anderson, demonstrated that after a second cycle of treatment, the complete response rate at the recommended phase two dose increased from 38%, as reported in December 2021, to 62%. This was achieved in 13 patients. The overall response rate remained at 100%. And the treatment was determined safe and very well tolerated by patients which is now allowing MD Anderson to continue to treat patients with up to four cycles. Durability of response data presented for patients treated at the recommended phase two dose was also promising. Of the eight patients who achieved a complete response, seven remained in complete response at a median follow-up of six and a half months, including two patients who had remained in response after 10 months, and two who received a consolidation autologous stem cell transplant. Indeed, enrollment in the study is progressing very well. As of July 31st, 30 patients have now been treated, including 24 at the recommended phase two dose of one times 10 to the eighth cold blood derived NK cells per kilogram, which represents an additional 11 patients treated at that dose since our latest data update at ACR. Important to note here is that based on the amended protocol, some patients have now received up to four cycles of treatment and new patients are being enrolled at the recommended phase two dose. We're expecting that Dr. Nieto will report updated data from the study at a major scientific conference in the fourth quarter of this year. We're also progressing very well with our encased cell strategy to ensure access to an off-the-shelf cryopreserved encased cell for further development with our inert and engaging molecules. And we expect to announce the development path for AFM13 with a specific encased cell again in the second half of 2022. Now let me jump to AFM24. As shown on slide five, We continue to enroll patients in all three ongoing studies, including the expansion cohort for our monotherapy study and the dose escalation for the combination studies, one with atezolizumab and the other one with the SNK01 autologous NK cell product from NK-CHEM. As we discussed on our last call, we completed the dose escalation part of the monotherapy study and determined and confirmed the 480 milligram weekly dose as our recommended phase two dose. We're continuing to enroll patients in the expansion phase of the monotherapy at the recommended phase two dose. The expansion cohort include patients with renal cell carcinoma, non-small cell lung cancer, and colorectal cancer. Updates from the monotherapy study including clinical data from the dose escalation phase will be presented at ASMO and a further update with correlative science data is expected to be presented at the scientific conference later this year. We are also continuing to enroll patients in the dose escalation phase of the two combination studies. The primary purpose of the dose escalation phase of these studies is to establish the safety of the two combinations and identify the recommended phase two dose for the dose expansion phase. In AFM24-102, this is the combination of AFM24 with atezolizumab, we are treating patients with non-small cell lung cancer, gastric cancer, and a basket comprising pancreatic hepatocellular biliary tract cancer. In this study, we have completed the first dose cohort and are enrolling into the second cohort at 480 mg, which is the recommended phase 2 dose of AFM24. A presentation of such data from this study is expected at the scientific conference in the fourth quarter of this year. Now, a second combination study called AFM24-103 is investigating the combination of AFM24 with SNK01, which is an autologous, in case I say that, company called NKGEN Biotech. This is investigated in patients with non-small cell lung cancer, squamous cell carcinoma of the head and neck, and colorectal cancer. In this study, we are nearing completion of cohort one, which is treating patients at 160 milligram of AFEM24 and a fixed dose of SNK01, and an update is planned based in progress. Moving to AFM28, our third wholly owned inert and engager targeting CD123 in patients with AML. As planned, we submitted an IND to the FDA in June. Following discussion with the FDA regarding the IND and specifically the design of the dose escalation, we have taken a strategic decision to focus early clinical development of AFM28 outside the US. We believe this decision will enable us to conduct the dose escalation and identify the recommended phase two dose faster. And we now expect to initiate the clinical study in the first half of 2023. We intend to re-engage with FDA after data from the dose escalation has been generated. As we've mentioned, AML is one of the worst blood cancers with poor patient prognosis. especially in the relapsed or refractory setting, with no standard of care salvage regime currently available. Given the aggressive nature of the disease and desperate need for viable treatment options, it is a high priority for AFIMET to be able to offer this treatment option for such AML patients as quickly as possible. We believe this strategy will help to achieve this goal. Finally, we're also advancing our work with existing partners In the case of Genentech, we've made good progress in various preclinical programs and handed over several programs to them for further preclinical development. In our partnership with Roivent, AFM32, or called by Roivent AFVT 2101-33, is currently being investigated in R&D enabling studies. We are eligible for additional proceeds from these key collaborations in the near term, including curriculum and the milestones, as well as milestones based on early regulatory achievement. We're continuing to build on our core strengths and competencies to deliver on the goals that we have set for ourselves for the next few months, and we are building the foundation to drive value for shareholders and patients alike for 2022 and beyond. With that, I'm turning over the call to Angus. to give you an update on the financial status. Angus?

Thank you, Adi. Balance sheet and income statement highlights are shown on slide six and seven of the presentation. AFIMED's consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standard Board, or IASB. The consolidated financial statements are prepared in euros, which is the company's functional and presentation currency. Therefore, All financial numbers that I'll present in this call, unless otherwise noted, will be in euros. As of June 30th, 2022, cash and cash equivalents totaled 237.2 million euros compared to 197.6 million euros on December 31st, 2021. Based on our current operating plan and assumptions, we anticipate that our cash and cash equivalents will support operations into mid-2024. Net cash used in operating activities for the quarter ended June 30th, 2022 was 26.5 million euros compared with 17.3 million euros for the quarter ended June 30th, 2021. Total revenue for the quarter ended June 30th, 2022 was 7.3 million euros compared with 9.7 million euros for the quarter ended June 30th, 2021. Revenue predominantly relates to the Genentech and Roivant collaborations. R&D expense decreased by 4% from $21.8 million in the quarter ended June 30, 2021 to $20.8 million for the quarter ended June 30, 2022. The decrease was primarily due to lower expenses associated with the development of the AFM-13 and AFM-24 programs, largely a result of the decrease in the procurement of clinical trial materials. General and administrative expenses increased 54% from 5.4 million euros in the quarter ended June 30th, 2021 to 8.4 million euros in the quarter ended June 30th, 2022. The increase predominantly relates to higher personnel and share-based payment expenses and an increase in insurance premiums. Net finance income or cost increased from costs of 1.6 million euros for the quarter ended June 30th, 2021 to income of 2.3 million for the quarter ended June 30th, 2022. Net finance income or cost is largely due to foreign exchange gains and losses related to assets denominated in U.S. dollars as a result of currency fluctuations between the U.S. dollar and the euro during the year. Net loss for the quarter ended June 30th, 2022 was 19.4 million euros or 13 cents per common share compared with a net loss of 18.8 million euros or 16 cents per common share for the quarter ended June 30th, 2021. The weighted number of common shares outstanding for the quarter ended June 30, 2022, with 147.3 million. Additional information regarding these results is included in the notes of the Consolidated Financial Statements as of June 30, 2022, which will be included in AFIMED's filings with the U.S. Securities and Exchange Commission. I will now turn the call back to Adi for closing remarks. Adi?

Yeah, thanks a lot, Angus. As we show on slide eight, we are continuing to advance our key programs forward. with a focus on delivering many meaningful updates for our key programs in the second half of this year. Indeed, I'd like to thank you for all your continued support, in particular patients and their families, and for our employees in the US and Europe who are continuing to do the best they can in supporting our efforts to move things forward. We're now open to take questions. Thank you. Operator?

Thank you. We will now begin our question and answer session. If you have a question, please press 0 then 1 on your touchtone phone. If you wish to be removed from the queue, please press 0 then 2. If you're using a speakerphone, please pick up the handset first before pressing the numbers. Once again, if you have a question, please press 0 then 1 on your touchtone phone. Please stand by while we assemble our queue. Once again, that's 0, then 1 to queue up with your question, please. We have our first question from Diana Gracebotch with SBB Security.

Hi. Thanks for the question. Maybe two regulatory questions. One on AFM24. Can you talk more about the feedback from FDA, whether it's AML-specific or CD123 or molecule-specific, you know, their reservations that would lead to the dose escalation being more slow? And then sort of second regulatory question, wondering if you've had a chance to prepare further for a meeting, or you can talk about a future meeting with FDA on ASM 13. Back forward, thank you.

Yeah, Dana, thanks for the questions. I will hand over to Andreas. Andreas?

Yeah, hi, Dana. Just to be sure, I think your first question was relating to ASM 28 and not to 24, right?

Oh, I'm sorry, 28. I misspoke.

Okay, yes. No, so as we said, we made the strategic decision after discussions with FDA. We cannot share a lot of details about these discussions. As you know, they are confidential with regulators. What we can say, though, is that there was no specific concerns about CD123 as a target. And to the second question, as we have stated previously, our intention is to have a regulatory interaction. It has a meeting with FDA concerning the next steps forward for a development of AFN13 in combination with NK cells this year, and we are sticking to this guidance. This is our intention.

Okay. To clarify, that meeting hasn't happened and you're not guiding to a specific time frame for that meeting yet, other than probably this year?

Yeah. So our intention is to have those meetings this year, but we have not guided to a specific time frame and it obviously has not happened yet.

Great. Thank you very much.

Thank you. We have our next question from Kripa Devandakara with Truist Securities.

Hi, thanks for taking the question. This is Alex for CRIPA. I had a question about third-party NK manufacturing, which is a question we get a lot from investors. Can you talk a little bit about the challenges or considerations that go into finalizing a third-party NK manufacturer, what metrics you're looking at, and also how that might affect different partnerships that you have going on with other NK cell companies? Thanks.

Yeah, thanks for this question on the in case of the product. So as we've stated recently, what AFIMET has been addressing in a broad manner is to understand the partner's manufacturing and the, let me call it, in case of quality itself. We have a number of internal assays established that where we feel we have a, that allows us to identify the best partners in terms of in case of products. We have, in general, seen that there is a good number of in case of products out there that synergize well with an inertial engager, almost independent of source, so co-plug-derived peripheral, but even IPSC-derived in case of synergized with our inertial engagers. And what we have been focusing on recently in terms of now moving forward is to be able to entertain a registration directed study so that requires a partner to have a substantial, substantially made progress in terms of in case of manufacturing so that not only the quality can be provided but also the quantity. We have identified such parties and are in the process of finalizing the business agreements.

Okay. And one follow-up on the ASIN 13 monotherapy trial. Can you remind us, what's the bar for the monotherapy duration, efficacy, how you're thinking about it? And then also remind us about the development strategy after you get the top-line data we have later this year. Thanks.

Yeah, I'll hand this over to Andrea. Andrea? Yeah, so for the efficacy bars, again, we looked at drugs that have received accelerated approval. In the PTCL setting, there are three drugs which have this. The response rate was remarkably similar for all three drugs, 27% to 28%. So this gives us a certain guidance about the response rate. Duration of responses in these trials were in the range around eight months plus minus a month, which again is a guidance for us or what we are looking for in terms of duration of responses. And of course, FDA will never give you a concrete number. So they will always state that the review will be a review issue. But I think the consistency of the data with all three drugs that have reached accelerated approval provides us with a pretty good guide rail, I would say. And what was your second question?

It was about the next steps following a top line data readout right at this tier.

All the next steps, of course, as we said, we will provide top line data. From the study, and then, of course, the next step is to enter into interactions with regulatory agencies, primarily with the FDA, to discuss the next steps. As we said, our intention is that this study should be registrationally directed, and so we will have discussions with the regulators about that.

All right. Thanks for taking the question, and congrats on the progress.

We have our next question from Maury Raycroft with Jefferies.

Hi, thanks for taking my questions. I was going to ask one on a manufacturing partner for AFM13 combo as well. Is this something that you need to have in hand or figured out when you meet with FDA later this year to discuss the combo? And what sort of evidence would you need to bring to the FDA with regard to this potential NK cell combo partner in order to move directly into a registrational study?

Yeah. So we have, thanks Maury for this question and obviously we can appreciate that there are a lot of questions out there that need to be evaluated and then discussed. We have taken the position here is that we have gained a substantial amount of know-how through our own work and also through what partners do and The know-how we have is what we're consolidating now to move forward and discuss as a composite with FDA. So we're then expecting their feedback and the details. At the moment, what we can say is that we have in our minds identified a partner that can fulfill all this requirement. Unfortunately, I cannot go into any further detail along this as obviously the meeting with FDA which were already preparing and advanced in preparation, that that will then give us the resolution that we can share with you later on.

Got it. That's helpful. And so it sounds like you have identified a partner then. Is that fair, just to clarify?

Again, without going into detail, there is... as we said, we are, we're in the execution of a business agreement. So that principle is concerning that, uh, we have, uh, we have identified if it's one partner, multiple partners, whoever it is, that remains to be discussed at the time when we are, when we're finished with it. But, uh, yes, we have, uh, seen in the field that there are companies out there that can fulfill the requirements that I just mentioned.

Got it. Okay. Makes sense. And, um, I also wanted to ask a question on AFM24. So we see that you're going to have a poster at ESMO. Just wanted to clarify on that one whether you could potentially include some expansion monotherapy data in that poster or if you can talk more about what that update is going to be.

Andrew, can you take this question?

Yeah, as we said, I think, during the presentation, the asthma poster will mainly focus on the additional data from the dose escalation part, so the 720 milligram cohort, which is now in a sufficient degree of follow-up. And then data from the expansion cohorts will be released as they become available. But asthma will mainly focus on the dose escalation part.

Got it. Okay. And then for the IO combo update in fourth quarter, can you talk about how much data we can see for that update?

Again, it's an ongoing study. As Adi said, it is a much study. We have completed the dose escalation part one. With our DLTs, we are actively recruiting at 480 milligrams per And we'll be able, if we confirm that this is also in combination with the recommended phase two dose, we will be able then to open the expansion cohorts. So this is the data set that we will have most likely towards the end of the year, mainly from the dose escalation part.

Got it. Okay, thanks for taking my question.

Thank you. Our next question just comes from Lee Watzick with Cantor.

Hey, guys, thanks for taking my question. I guess first, just on AFM 13 with intake combo, I guess for the data that you're going to present later this year, I guess what are you looking to learn from that data set? And since, like, you have 24 patients, the RP2D dose and patients can receive up to four psychos. So maybe just talk about what will be the focus for investors there.

I can take this question again. So as we said, we will have much more patients. And of course, we will also report on the patients that were part of the AACR disclosure earlier this year. Now, all these patients will have a significantly longer follow-up. So I think for the first, let's say, 12 patients or so, we will have a really long follow-up, which I think will allow a significantly better estimate of duration of responses, in addition to, of course, response data from the newly recruited patients. The other thing, and I know there's always a lot of discussion about doing multiple lymphodepletions. As I said, we have patients who have now received three and four cycles. So there will also be a safety update on multiple lymphodepletions and the feasibility of this approach, which we think is a quite feasible approach.

Okay, got it. And then just one question on AFM24, the combination with the TESO. And since you completed, I guess, the first cohort at 160 mix, so I wonder if you can just comment a little bit on the safety side and have you observed anything unexpected there? And also, can you remind us what... was the therapeutic range in a combination setting?

So as we said, we have completed the 160 milligram cohort with a standard dose of Atiso. We did not see a dose-limiting toxicity, which allowed us to escalate up to the 480 milligrams. And as we said, we will provide a much more granular data update towards the end of the year, which will include all of the safety profile.

Okay. I guess this is just last one on AFM 28. So in terms of the phase one study, can you just sort of discuss the design of the escalation? And then can you just walk us through the timeline here? and when we might see the data from the dose escalation portion, and what would be the plan, I guess, after the phase one?

So we made the strategic decision to focus initially on areas outside of the U.S. As we have guided in our document, we expect that patient enrollment will start first half of next year, first half of 2023. And as you know, for dose escalation studies, it's always difficult to predict It is a dose escalation study that aims to identify as recommended a phase two dose and see a pharmacodynamically active dose as soon as possible. And beyond that, our intention is to look at AFM28 as a monotherapy for patients with refractory AML, but also to combine with allogeneic and K cells as soon as possible. So this will be a two-pronged approach. for the AMR treatment.

Okay, got it. Thank you.

And thank you. We have our next question from Bradley Canino with Stiefel.

Hey, this is Bajano for Brad Canino. Thanks for taking our question. For the upcoming FDA meeting on the AFM13 and case cell combo, what are some of the key points you intend to communicate with the agency? Now, are there other steps that need to be finalized prior to a pivotal trial start?

Andreas, do you want to take that?

Yeah, I can start, and then you can also chime in if needed. So, as we have seen this unprecedented activity of NK cells in combination with AFM13, especially in Hodgkin and Fulmer patients, our intention is to bring this treatment to patients and make it broadly available as soon as possible. So, Our focus in discussions with the FDA will really be to align or agree on a development path that ideally would enable the most expedited or the fastest approval of an NK cell-AF insertion combination. So which kind of trial would us lead there and what the FDA expectations would be? We believe, given the very high activity and the unmet medical need of these refractory patients, there should be a development path using the accelerated approval process. But this will be some of the questions that we will address with FDA.

Okay, perfect. And are there other steps that need to be finalized prior to a pivotal trial start, like manufacturing, et cetera?

Well, in terms of manufacturing, I think we have outlined this through the earlier questions that we have been able to accumulate a lot of know-how with an aftermath and understanding what we believe the requirements are. for manufacturing and we have identified companies that can provide satisfying answers and as soon as we are ready to disclose likely when we are either behind the meeting we can then provide the granularity. So it remains at the moment a Let me put it this way, a question to be addressed. Nevertheless, we have basically been learning in the past months and quarters that there is substantial quality in terms of NKCL manufacturing available, and we've been testing ourselves, our internal engagers, and generating confidence. We've released all this preclinical data already at past conferences or presentations that show that There is substantial activity with crown-preserved cells. We can freeze the cells when loaded with AFM13. And then after thawing, they are active. So there is a good part of work that we have to invest in order to make sure that the encasals display the respective activity. In addition, we have learned from clinical data presented by others that there are different encasals that seem to produce very similar clinical efficacy in particular in non-Hodgkin lymphoma, either as CAR-CD19 or as cells combined with rituximab. So there is a lot of additional information in the meantime available that hasn't been available a year ago and just accumulated in the past months. So that's how we have been basically learning and creating confidence on our part so that it is now the right time to bring the partner and the ultimate together and move forward with a discussion and a meeting with FDA. That's currently prepared as we've said.

Got it. Thanks for taking the question.

We have our next question from Yale Jen with Laidlaw and Company.

Good morning and thanks for taking the questions. First from the SSA-FM13 and NK-COMBOS. For the 24 patients so far treated, could you give us a breakdown in terms of the tumor types at this moment? Andrea?

Yeah, so the majority is still Hodgkin's lymphoma. We cannot give detailed numbers as this will be part of the disclosure, but as you have seen, the initial 11 patients were already Hodgkin's. but we are actively also recruiting non-Hodgkin lymphoma patients now.

Okay, great. That's very helpful. And one more question here is to follow the previous one, that in terms of the monotherapy, 13 in monotherapy, and you say what the bar of efficacy and the DOR will be, and what could be the minimum performance, in your opinion, that will provide a greater commercial viability.

Andreas, you want to speculate on this?

No, I only can reiterate what I said. In terms of regulatory, we have a couple of precedences with response rates in the high 20%, 27%, 28% duration of responses around the eight months. So this is our our I would say internal benchmark and then we will have discussions with FDA. I definitely cannot comment on any commercial aspects. What we know though is that this is a patient population of very high unmet medical needs. Treatment options are very, very limited. So I think it would offer a treatment option for patients who basically are threatened by death immediately.

Okay, great. That's helpful and thanks and good luck.

We have our next question from Xichong Xu with Varenberg.

Great. Thank you. I wanted to ask about the of the 11 additional patients that have been treated in the FN13NK cell combo post-AACR. I wonder if you're willing to provide a bit of detail in terms of efficacy and safety there. Also, including this one particular patient, I guess first patient receiving four cycles. I wonder if you are willing to provide a bit more. granularity around these progression and responses here. Thank you.

I will hand over to Andreas in a minute, but obviously we remain very excited and are obviously very positively not surprised, but very positive about this good number of recruitment that we were seeing here. So you can also go into social media where people are reporting about their experiences with this therapy. So there is, since ACR, there has been clearly a good amount of information that was spread so that patients have been brought onto such therapy. As we've said, we have now 11 additional patients that were recruited and treated as of end of July. So this, in our minds, indicates how high of a demand we really are seeing for this patient population. Obviously, regarding reporting data, we've been very focused on basically following the rules by the respective organizers in order to secure a prominent presentation slot. Andrea?

I cannot add significantly more. As we all said, we are expecting to have an update of the data in collaboration with our investigators from MD Anderson at a major scientific meeting towards the end of the year. So before that meeting, we cannot give any more detailed data on the new patients or on the ongoing patients beyond what we have already disclosed in our remarks.

Okay, thank you. Maybe just a follow-up on your business development strategy. Can you talk about, you know, some of the thoughts there, given you have, you know, quite a differentiated platform, are you still looking to extend some of the partnerships in the near future, and what are, you know, potential dimensions there? Thank you.

Yeah, at this moment, I do not want to comment specifically on business development. We've been So foremost, we've been focusing obviously on the execution of our three programs. That's where we've really invested our most emphasis. We have and we've said we've been and are receiving continuous inbound requests, are valuing this against what we want to achieve on ourselves before we enter partnerships. So these are ongoing dialogues and we pay attention to this At the same time, in particular with 13 and 24, we've been progressing in the clinic to now be able to present updates in the second half, but also continuously. So we're generating value by progressing the programs. We're well-funded, indeed, so can proceed with the strategy until we may decide to have identified an appropriate partner. But it remains at the moment, I want to remain here very vague, although I should mention that there is a good number of interest in partnering up with AFIMET on some of the specific programs and our earlier pipeline. Great, thank you.

Thank you. That concludes our first round of questions. If you have follow-up questions, please press zero, then one on your touchtone phone. Standing by for questions. And I see we have no further questions. At this time, I would like to thank everyone for your participation in the call today. This concludes our conference, and you may now disconnect.