Idorsia Pharmaceuticals Ltd

Good afternoon, good morning to you all. This is Andrew Weiss, and I want to welcome everyone to our webcast conference call to finally discuss the full year 2023 and first quarter 24 results with you. As you may have noticed today, we've also filled your email box with other important releases regarding governance structure at IDORSEO. I will shortly hand over to our CEO, Jean-Paul Closel, and our CFO, André Muller, to give you additional color on everything we've announced today. Then, joining us for the Q&A session, we have our general manager and president of the U.S. organization, Tosh Butt, and our soon-to-be president of Eidosia UCAN region, Benjamin Limahl, who will be taking over from Jean-Yves Chatelain. Next slide, please. Before handing over the microphone, I need to remind everyone that we will be making forward-looking statements today. You have therefore been appropriately warned about the risks and opportunities of investing in IDORSA shares. With that, Jean-Paul, the floor is yours. Next slide.

Thank you, Andrew. And after 24 years, this is going to be my last webcast as a CEO. And I think it's a good time to really think of what we have achieved since the creation seven years ago of iDorcia. We did quite a lot since we brought three drugs to the market, PIVLAS, QVVIC, and TRIVIO. And also, we, during this time, we built a global marketing organization in the U.S., in the main country, in Europe, and also in Japan. And, of course, we launched QBVIC in the U.S. and in the main European countries. We created, in addition to these three products which went on the market, a late-stage pipeline, and we continued to discover new drugs and built a very strong pipeline. We also reacquired the rights of aposetantin from Johnson & Johnson. And of course, all that required funding, and we have been able up to now to pay for all these achievements. Next slide. So we are not stopping to work, and there is still a lot to do, and I would like to focus on what we need to achieve until the end of this year. First, we have to continue to increase the sales of QBVIC, and you will see that in Europe, the launch in the different countries is going on very well, and we will see strong growth for QBVIC. We need to prepare for the launch of TriView in the U.S., and we need also to continue to innovate because new products, is going to be key for also for the future of Eidosia. And clearly, and Andre will speak about that, we need to extend the cash runway since we have been able to find a solution for delaying by six months the convertible reimbursement.

Next slide.

So I think that Eidosia, with all these achievements, with this clear objective, is entering into a new phase. And the goal, the final goal, has never changed. We want to reach financial sustainability as soon as possible. And this is why it's so important for us to increase our revenues from partnership and also clearly from our marketed products sales. Next slide. For this next phase, we are strengthening and increasing the executive committee. Julien Gander, the general counsel, is going to join as well as Arnaud Granwood, We replace Andre as the chief financial officer. Martin and Alberto are staying as respectively chief scientific officer and head of clinical development. So, we have also, as mentioned in our press release, a big candidate to be elected as chairman of the board, as the next AGM, with Mathieu continuing to be serving the board of Eidosia as the vice chairman, and he will be candidate to become vice chairman and lead independent director. And we have Bart Filius, who is going to be a candidate. for joining the board with also where Sophie Konoski and Srishti Gupta will remain. And Sandi Matne at the end of the FAQ committee, Finance and Audit Committee. So with these changes, I think we are going to be very well equipped for a bright future. And Andre is going to describe a little bit not only the year 23, but also what we intend to do in 24.

Thank you, Jean-Paul. Let's go to the next slide, slide seven. As you can see, and Jean-Paul alluded to it, CLR supporters have been quite busy across the organization for Eidosia. I take it in a sequential order, mid-July 2023, we closed the 400 million Swiss franc deal with Societaris. Now a new brand name is Nexera Pharma. In September, we reapplied the worldwide rights of aposithetans from Janssen for conditional consideration up to 306 million Swiss francs. In Q3 2018, We also launched a cost-saving initiative, mainly with the R&D and support function, but also with a new priority for the commercial organization. And, of course, the early-stage pipeline was also prioritized. Moving to 2024, we closed the transaction with Viatris of 350 million US dollars regarding two of our phase three assets, the Latogel and Panerimod. And lastly, in May, so early in May 2024, We also restructured the year 2024 bonds. It remains subject to the final approval of the Swiss Cantonal authorities. But now, as Jean-Paul said, the 200 million bond will mature at the latest mid January 2025. So that's, as you can see, a lot of work achieved in the last few quarters. And a lot of work behind the scene, I would say, on the business development front with an objective, a clear objective to extend the cash runway and also, of course, maximize the value of the assets liable to be potentially a partner. Next slide, please. On this slide, number eight, You can you can see the full year 23 numbers not entirely new to you as we publish in April in April 20th for the financial status in connection with your CV convertible bond restructuring. Which also included the Q4, so it was easy for you make the math. We see a nine months plus the last to figure out what will see a performance for the full year 2020 S3. We see a new format actually will allow to understand the performance between CI dossier business, which is operated by us, and the partner business. So with assets partnered or and or operated by your third parties, for which we will of course keep outside with potential milestones and royalties. If you look at 2023, on the left side, you have the reported numbers. On the right side, you have what we call the pro forma numbers, which exclude the impact of the sale of the Asian business Ex-China to Nexera Pharma as you can see here, sets an impact for this specific deal in CLPML of $368 million. The rest of the contract revenue 19 would actually equal $387 that you can see on CL partnered business. Regarding the Eidosia business for 2023, You see little difference between reported and pro forma. You'll see contribution of our operation in Japan and South Korea for the six and a half months that we operated the business before the annex era deal was minimal. You see that we ended with a non-gap EBIT loss of $592, so roughly $329 million for commercial and $262 million for R&D. Next slide, please. So slide number nine, I will not spend too much time on the quarterly development of the Eidosia business, so also excluding, as we discussed, the Nexera deal and the six and a half months operation in Japan and South Korea. But what you can see over time, we use loss following a new commercial strategy. We'll discuss it in the next few slides. And the initial benefits of restructuring and portfolio prioritization. R&D. As you can see, of 262 million in 23, of course, included the study cost for and . Without this, we would have been slightly below 200 million. Next slide, please. Liquidity or cash development. Cash went down to 145 million by year end. despite the much needed cash from the deal with Nexera Pharma of 400 million. Next slide, please. Now switching to Q1 2024. Again, numbers already disclosed with the financial status. published in April in connection with the restructuring of the convertible bonds. Let's start with the apartment business. You see the impact of the Viatrice deal. As you know, we receive an upfront of 350 million US dollars, only 150 billion US dollars ending with a small adjustment to 125 million Swiss francs, were accounted and recognized in the PNL. The reason for it is that the remaining $200 million represents the commitment of Eidosia to fund the Phase III costs for Selatogrel and Senerimod. Above 200 million, it will be Viatris who will fully cover these development costs. And it means also that these 200 million US dollars will be recognized over time, not as a contract revenue, but as a deduction of the R&D cost. And this started already in Q1 2024 with 14 million recognized in the P&L as a deduction of the R&D costs. Now, looking at the Eidosia business, you can see here a very good impact of the cost-saving initiative in Q3, 2023, with much lower SG&A, despite an increase in UCAN. We'll cover it in the next few slides. And much lower R&D OPEX. The $29 million OPEX in R&D compares actually not to $80 million, but to $65 million when you exclude the CELATOREL and CENERIMOD costs incurred in Q1 2020-2023. Next slide, please. On this slide 12, again, you see the same cash development for the first quarter of 2024. You see that we see a cash and the cash equivalent by the end of March is 335 million Swiss francs. Of course, help with the $350 million i.e., 308 million Swiss francs via .

Next slide, please.

Slide 13, here you see the announcement regarding a in the U.S. and in Europe. Speaking of the U.S., 12.5 milligram was approved on the 19th of March by CFDA under the brand name TriVio. And as already mentioned in the previous webcast regarding this approval, TriVio is the first oral antihypertensive tablet which works the therapeutic pathway and to be approved almost in the last 40 years. An indication in the US is for the treatment of hypertension in combination with other hypertensive medications to lower blood pressure in patients who are not adequately controlled on other drugs. So it's for us, and I hope for the community, a significant medical breakthrough in the field of hypertension and blood pressure control. In the month of April 2024, the EMA, European Medicines Agency Committee for Medicinal Products for Human Use, CHMP, has issued a positive opinion on apocytetan under the brand name Gerigo and recommending a marketing authorization for the treatment of resistant hypertension in adults in combination with at least three anti-hypertensive medicines. Here, it should be 12.5 and 25 milligrams that should be should be approved. Moving to the next slide, to slide 14, you see how we now prepare the launch of Tri-View in the US. And as you know, and as we mentioned, a little time since we reacquired the rights from Janssen back in September 2023. In short, we can say that we want to make Tri-View commercially available in the fourth quarter of 2024 and have a commercial launch in the first quarter of 2025. We announced by the end of April our monthly WAC, Wholesaler Acquisition Cost, of $775. The launch readiness is underway, and this includes building our REBS program, establishing the distribution network, initiating the process of holding post-approval clinical reviews with the appellees, and this will continue throughout the remainder of the year, and, of course, moving forward in 2025. We've also made progress in the hiring and training of our medical science liaison, because HEP needs to understand the unique benefits of aproxytentin. And the U.S. team could interact with many cardiologists at the American Congress of Cardiology in April. U.S. team will continue the efforts with three upcoming important congress, AHA, HCN in Boston in September, ASN Kidney Week in San Diego in October, and AHA in Chicago in November. And again, the full commercial launch is targeted with an initial Salesforce deployment for early 2025. Next slide, please. Speaking of the US performance, on the left-hand side, you see a quarterly evolution of the prescription of QEVIC since the launch. On the right-hand side of this slide, you see the Salesforce number, which has decreased since the launch, as you As you can see. And this is part, we mentioned it, the refocused strategy in the U.S. And while we are working, we'll discuss it on the citizen petition to get the drug schedule. And currently, we were able to deliver robust volume growth in prescription in the first four quarters after launch. And this was despite sales rep numbers decreasing as we sought to better manage our OPEX in the US affiliate. If you take the total prescription volume, around 60,000 prescriptions per quarter for the last two quarters, and again, despite the reduction in sales rep numbers. Now, speaking of sales force, we right-size the sales force to 100 reps, and we feel this is now the right number as at this time, based on the access we have and our schedule for stages. Speaking of access, no change in party coverage, which sits more or less at 26% with UHC Optum, and our commercial coverage is now around 65% with ESI, CVS, and some of the blue plants. In addition, I would say we are encouraged to see that the 50-milligram dose represents more or less three-quarters of the volumes, and sustaining this ratio is very important because we see a greater efficacy and improve adherence with 50 milligrams compared to 25 milligrams. Next slide, please. So on slide 16, you see a proportion of payer mix pay the prescription, which is now 73% by the end of March 2024, so improving quarter over quarter. And at the same time, we continue to reduce our reliance on the confinement slash free goods, which you can see in the blue and red color bar.

Next slide, please.

So here you see sales development in the U.S., in Swiss francs, so with 6.5 million in Q1. So if you take the main numbers beyond the cells since the launch, more than 140,000 patients have been treated with CureVivix. More than or close to 400,000 prescriptions have been dispensed, and the product has been prescribed by more than 42,000 HCPs. Next slide, please. I already mentioned it sets for us a key milestone to unlock value for QA in the U.S. We filed in April 2003 a citizen petition urging the DEA to de-schedule the dual erection receptor antagonist class of chronic insomnia medication. And this, of course, is based on the review of evidence from available data, including post-marketing surveillance data. Starting in 2015, the independent FDA approval of other dollars included the recommendations that these drugs be scheduled based on the preclinical data. The citizen petition to de-schedule the DORA class outlines current scientific and medical evidence demonstrating that the DORA class has a negligible abuse profile and potential for abuse, lacks non-medical use in the community, lacks physical and psychological dependence, and there should not be a scheduled class under the Control Substance Act. DA and FDA acknowledge that this CP, which is the first step, the process to analyze and examine the request is moving forward. Notably, a report combining the FDA appropriation bills was finalized in March 2024 and informed that the process for de-scheduling the Adora class is a priority for Congress. So, progressing, and we do not know if we will achieve it. reasonably confident, and regarding timelines, we are depending on this process, but again, key for the U.S. organization to unlock value for QVH. Next slide, please. So switching to Europe and Canada. where we made also a great stride. On this slide 19, you see the developments of the volumes. Here we show a number of pills growing to more than 1.5 million in Q1 2024. And this, of course, with a staggered launch across the UCAN region, expanding the availability to more markets, and also advancing well on the reimbursement fronts. Starting with the key countries. In Germany, the GDA lifted the four-week prescription limitation in November 2023. which makes Curevic the only sleep medication that can be prescribed for long-term treatment of chronic insomnia, and this decision has a direct impact on renewal of prescriptions. In parallel, in December 2023, the price was negotiated for Curevic under the Amnog process, and became effective by the end of 2023. And this has also a positive impact on the level of prescriptions, especially with GPs. But we see in the next slide, we had also a negative impact on the net sales. Out of the 970,000, 78,000 pills 564 can be ascribed to Germany. Out of the 1,540,912 could be ascribed to cubic in Germany. So you see a clear uptake in volumes for cubic in Germany. Going to the UK, NICE in October 2023, and SMC, so the Scottish medicine agency in April 2024, recommend now to evict a first-line pharmaceutical treatment for patients with chronic insomnia after or as an alternative for CBT-I. I am of Q1. I also have access in roughly two-thirds of regional ICBs, integrated care, both in England and Wales. And this number will continue to grow. At our knowledge, this is unprecedented for primary care drugs. Going to France. You see, Cuviric was launched at the end of March. And as the first and only pharmacotherapy recommended for the treatment of chronic insomnia disorders, following in January 24, the announcement in the French official Gazette of the inclusion of Curevic in the formula list of reimbursed pharmaceutical specialty, together with the French public price, which was published of 164 euros per tablet. Keep in mind that the French insomnia market is the second in Europe in terms of potential, and here we have now unlimited reimbursements for QV. We also launched in other countries, but in the self-pay market. This was the case in Canada, where we launched it in November 2003. We achieved so far around 57% coverage of private Canadian lives by the end of Q1. and which sees the private market represents roughly 50 to 55% of the total Canadian insomnia market. Space Force was deployed by the end of January and we are also working on the submission of to the public Canadian payers and possible decision could could come by the end of this year. In Italy, it was also launched in the self-paid market in November 22 with specialists, psychiatrists, and neurologists, which represent around 20% of the total insomnia market. We also submitted a reimbursement dossier mid-2023 And we also requested the expansion of the prescriber base from specialists to GPs with, again, a possible decision in the course of the second half of this year. Spain, we are launching the, again, self-paid market in September 23. We are assessing the opportunity to submit a reimbursement dossier to the local authorities. And Switzerland is the home country. Curivik was launched in June 23, and we hope to get Curivik added to the specialty list in the next few months. Last but not least, The new European insomnia guidelines published in the Journal of Sleeper Research in November 2003 included the QVH. The authors noted that, I quote, the introduction of DORAS has probably been the most significant recent development in the pharmacological treatment of insomnia. And needless to recall you, that the is the only DORA approved in Europe. Next slide. Here you see the sales numbers since launch, which is a staggered launch across the UCAN region. Please note that 2023 was impacted by price negotiation in Germany, which amounted to 3.5 million Swiss francs, with an impact of 2.4 million in the fourth quarter of 2023. So only 1.3 million but including this one-off of 2.4 million. Next slide, please. Now coming to the financial guidance for 2024. Here you see again we split between the Eidosia business and the partner business. A part of what has already been achieved with which is 125 million that you see in the line before the US GAAP EBITDA line. We do not plan for other contract revenue beyond what has already been achieved and what is already planned with notably in the contract revenue, we see a supply of Daridorexan to our partner in Japan, so Nexera and Moshida. Coming to the Eidosia business, you see a non-GAAP operating income loss, operating a loss of 420 million. with 55 million net sales, SG&A of 300 million, and R&D OPEX around 165 million. With DNA and stock-based compensation, this would lead us to a US GAAP EBIT of minus 470 million. Next slide, please. Sorry for being a little long, but I pass the baton to our CEO, Jean-Paul Closel.

So thank you, André. And clearly, as I mentioned before, we want to continue to innovate. And just I would like to give you an update of the pipeline. separating what we are in control and what has been partnered for the products. So on this slide, you see that first, of course, we have QVVIC, which has been approved in the U.S., in Europe. And, of course, QVVIC, there is, in addition, TRAVIO, which has been approved in the U.S., and which should be approved soon in Europe. under the name of Jerego. So these are the two products which we, where we are not spending in phase three money now. For Lucerastat, we have not been very explicit, but clearly we have very interesting results. We have discussed with the FDA. We know what we should do to get the drug approved. And just, and before starting, we want to really be sure on the long-term efficacy of the drug. And since we have many patients who have been under the drug for more than two years, we are planning a small study to check that the drug is indeed really having an impact on the kidneys of these patients. So the results will be available at the end of this year. But and then we will decide what we do next. In for Deredorexant, we are the only company which has initiated the program in children for pediatrics. Insomnia in children is a very big problem. We are doing a phase two. This is moving on. And we hope to complete the enrollment in the study at the end of this year. So we have other products in the pipeline, CXCR7 for remineralization, and we are preparing a proof-of-concept study. Symbaglustat, we are, I have to say, we are just evaluating what could be the potential use, especially taking into account Lucerastat also efforts. And we have a CXCR3 antagonist, which has finished and which is ready for phase two. And a compound for undisclosed with an undisclosed but very innovative mechanism of action in immunology. And finally, we are at a few days before, a few weeks maybe, sorry, a few weeks before starting the entry to man of our new vaccine for Clostridium difficile. So that's the portfolio we are in control. And next to that, the portfolio, which has been partnered, is moving on very well. Next slide, sorry. First is Dairy Durexant, which has finished with NextEra, the phase three in Japan. And we are awaiting the feedback of Kiko soon. Daridorexan has also completed the phase three with CIMCIR. CIMCIR has completed phase three in China. And clearly, as mentioned, Sedatogrel is in phase three with Viatris. Things are moving well, as well as Senerimod in Lupus, where the recruitment is accelerating. In addition to this collaboration with companies, we have also a collaboration with the U.S. Department of Defense for Dari-Dorexan in PTSD. We have also two collaborations, one with Neurocrime for our calcium T-channel blocker in a very rare and severe form of epilepsy in children. and one with Okin, which is going to start phase one studies with an EP2, EP4 antagonist in oncology indications. So as you see, a lot of potential upside and a very, I would say, very focused and very, I would say, pragmatic pipeline. So, next slide. I think, I hope that you have seen that with the taking off in Europe, with the reorganization in the U.S., with the preparation of the trivial launch, with this very interesting and innovative pipeline, we are ready for a new phase for Eidosia, and under the leadership of André, I really think that we are going to see a bright future. Thank you.

Thank you, Jean-Paul. That will be all for my prepared remarks and I have now time to address your questions. As mentioned at the beginning, we are going to be joined by our president of the Eidosia-Yukon region, Benjamin Lemaal. I'm General Manager and President of IDORSA US TORSPAT. With that, operator, please open the line for questions.

Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star 11 on your telephone keypad and wait for your name to be announced. To withdraw a question, please press star 11 again. Please stand by. We'll compile the Q&A. This will take a few moments. Once again, if you wish to ask a question, please press star 11 on your telephone keypad. And now we'll take our first question. And it comes from the line of Sushila Hernandez from Van Lanshot Kampen. Your line is open. Please ask your question.

Yes, thank you for taking my questions. I have two on cue, Vivek. So for Q-HIVIC, you've changed your commercial approach. So we see in March 24 that payer pay is now at 73%, while there is a drop in U.S. net sales versus December 23. Is there a delay, or why does it not translate in sales? And then secondly, could you elaborate on the next steps for Q-HIVIC de-scheduling and what kind of timelines we're looking at? Thank you.

Thank you, Dr. Sheila. Tosh, I guess those questions are for you on the details of how the past two quarters have performed. and on the process of the citizens petition.

Sure, I can go ahead, Andrew. So yeah, even though our percentage of payer-paid prescriptions reached 73% in the month of March, which we're really happy with in terms of this continuing evolution since launch, the reason why there's been a dip in the net sales when the volume only went down slightly is because in Q1, you typically have the beginning of the year patient plan reset, where patients have to work through their deductible before they're able to benefit from a lower out-of-pocket co-pay. Put another way, the co-pay buy-downs that patients were utilizing in January and February in particular are higher than what we would expect to see in the rest of the year, given we've now reached a point after Q1 where the vast majority of patients have burned through their deductible and then can benefit from the traditional co-pays that they pay. Hopefully that clarifies why there's been a dip in revenue in Q1 vis-a-vis volume. that could be potentially confounding with our overall increase in pay-and-pay prescriptions. The second question relating to the citizen's petition, look, I mean, All we can say here is, to build on Andre's comments, is we continue to make progress on the process. This is a process where the timelines are unclear, and the process isn't always very clear, but we are encouraged with the progress that's taking place. And as a reminder, we hope that the DEA and the FDA will continue to work together to analyze the data that we've submitted in our citizen petition and we hope that they will accelerate the analysis that they're conducting, which is the eight-factor analysis, their independent analysis of the data, and then make a decision whether the actual rulemaking process can start. So timing of proposed and final rulemaking, in an informal or formal process varies on the subject matter, and I don't want to speculate at this stage as to how long it could take from today. But we continue to make progress, and we're pushing hard to make sure they have all the available data to make that decision.

I'll stop you. That's great. Thank you. Thank you, Shashayla.

Thank you.

Operator, next question, please.

Dear participants, as a reminder, if you wish to ask a question, please press star 11 on your telephone keypad.

The speaker for the questions on the phones.

Okay. Well, there seems to be another event being competing hours.

My apologies, we have another question come through from Sushila Hernandez. Are you happy to take it?

Yes, please.

Of course, not a problem. Just give me a moment. Sushila Hernandez, your line is open.

Please ask your question. Excuse me, Sushila, your line is open.

Apologies, I was on mute. Could you share where you stand on partnership discussions regarding and your base case scenario? Is it that you'll bring it to the market on your own? And a second question, could you also share some color from your payer discussions that support the WAC price of $775 for . Thank you.

Thanks, Sheila. So, I'll hand over the APRO question and partnership to Andre. And then, Tosh, can you then follow up on the WAC price setting? of Tri-Bio in the U.S.?

Sure, no problem. Andre? Yeah, regarding Apocytantin, as you've seen, we are preparing for the launch to make the drug available to U.S. patients in the fourth quarter of this year, and potentially a commercial launch by our own early 2025. That's for U.S., and by the way, In 300 million SGNA, in our guidance, 35 million are earmarked for Aproxytenta. We see how things will develop, how much we would have to do, and this will, of course, depend on some ongoing discussion for potential collaboration regarding a Procedentum. We will not be able to make more comments with respect to this process. It's, of course, much easier to go for potential collaboration, and I use collaboration because I don't want to mention out-licensing a deal. There are various possibilities for such a collaboration, including potentially a joint venture, but it's much easier to do it with APOCITENTAN now being approved in the US and on the cusp of being approved in Europe in both territories with a very strong label.

Thank you, Andre. Tosh, do you want to elaborate on Trivio and pricing setting?

Thank you, Andre. So, first of all, thank you for the question. So, yes, you're right. At the end of April, we announced our monthly WAC or list price of $775. And we view this as an appropriate and very much justifiable price based on the value of the innovation that Trivio brings. It's addressing significant unmet patient need. As many as 50 to 60% of these treated hypertensive patients remain uncontrolled, and the more medicines they're on, they have a greater exposure to negative and very expensive and very dramatic cardiovascular events. It's the first novel innovation, novel pathway, and the first new mode of action for systemic hypertension in almost 40 years. And then I guess the most important thing we looked at is we looked at the clinical profile of aprofitantin, Trovio, which I do want to reflect on here. We talked about the significant unmet need, the limitations of existing treatments available to physicians and patients today, particularly the extremely limited number of medicines with significant I would say drawbacks once you get past the base three medicines of an ACE or an ARB, a diuretic and a calcium channel blocker. Physicians don't have much choice. Patients don't have much choice. And many of that fourth drug, many of them have an inconvenient dosing. They have drug-drug interactions. They have adverse events. In some cases, limited efficacy that limits their use. And so in our conversations with payers, what I can tell you is they've been intrigued by our novel and unique mode of action because this endothelin pathway remains unopposed with today's treatments. And we believe in the impressive blood pressure efficacy that we see with Trivio across all patient subgroups. The fact that it can be used in renally impaired patients with EGFRs as low as 15, which is a pretty unique selling point, with no documented risk of hyperkalemia, another unique selling point. Remember that over 90% of these resistant uncontrolled hypertensive patients, they have comorbidities, typically diabetes, obesity, dyslipidemia, and CKD and other cardiovascular overlapping comorbidities. And what that means is they're often taking three, four, five, six, seven, eight other medicines. And so the fact that Trivio, you can add it and have no concern about drug-drug interactions is a significant advantage. There's no need to adjust the dose of Trivio. There's no need to adjust the dose of any concomitant medicines these patients are inevitably taking. So safety for patients, convenience for patients, and the same for physicians. And you get all of this from a once-daily tablet. So we've coupled this, our thinking, with extensive interviews with payers, extensive market research, and including one-on-ones with former senior execs at these large organizations. And we've taken into account the monthly WAC prices of the currently available drugs for these patients. And so we feel $7.75 is a very fair and very justifiable price that will allow us to get the necessary access that we need to get this drug to patients at the right time. Thank you, Andrew.

Great, Tosh. I can hear very clearly excited about bringing Tosh to the market. Operator? Operator, are there any questions left?

There are no further questions, and I would like now to hand the conference over to the management team for any closing remarks.

Thank you very much. I think for today that closes our call. Thank you for your ongoing interest in Eidosia. We look forward to speaking to you again later. Our next scheduled event will be for the first half year 24 results on the 25th of July. Be prepared for more. Operator, please close down the line.