Ascelia Pharma AB (publ)

Thank you and welcome everyone to the webcast for Acelia Pharma's Q1 report for 2025. On this call, we will be making forward-looking statements. On today's call, we'll start with the recent key events and then head into our portfolio update before moving to financials and priorities ahead. After the presentation, we will open up for questions. As mentioned, I am Magnus Krofertson, CEO of Acelia Pharma, and with me today I have Julie Veras Broeckren, Deputy CEO, and Andreas Norlin, Chief Scientific Officer. At Acelia Pharma, we identify, develop, and commercialize novel drugs that address unmet medical needs within rare cancer conditions. We have two drugs in our pipeline. Orviglands is in registration phase as we have successfully completed the pivotal phase three clinical study SPARQL and we are preparing the MDA submission. Orviglands has orphan drug designation from the FDA and is targeting an addressable market opportunity of $800 million globally. Oncrawl is ready to start phase two in the treatment of gastric cancer based on encouraging results in phase one and a high level of unmet medical need. We're based in Malmö, Sweden, and are listed on NASDAQ Stockholm. The first quarter of 2025 was eventful as we continued our preparation for the submission of the OverGlands NDA. I'd like to briefly mention some of the key highlights. The interest in the scientific and medical community continues to be strong, and in Q1, we announced the acceptance of three abstracts here of two oral presentations at ESCAR, which is the European Society of Gastrointestinal Radiology, which took place this week in Amsterdam. After the end of the quarter, we announced acceptance of a poster presentation at the ISPO conference in Canada, which is also this week about the burden of disease for the over-glands target patient population. In February, an extraordinary general meeting was held to approve an option program to replace a program that expired late 2024 without being exercised. In Q1, we also announced the outcome of our meeting with the FDA. Andreas will talk more about it. And we are, as mentioned, very pleased with the results from the meeting where FDA provided clear and constructive feedback so we can finalize the NDA according to their interest. The TO1 warrants were issued in connection with our rights issue in the fall of 2024 and the exercise period was in the first half of April, so after the quarter. There was very strong interest and 96% of the warrants were utilized and the gross proceeds were approximately 43 million Swedish kronor. Last week we held the annual general meeting and the bulletin has also been communicated. We're very excited about OrbitGlance and here's why. OrbitGlance is addressing a well-defined unmet medical need for subgroup of people living with cancer. This is an $800 million global market opportunity and OrbitGlance is a first-in-class product to target this and has orphan drug designation from the FDA. We have strong data from nine clinical studies and manufacturing has been upscaled to commercial scale. With the strong phase three data, OverGlance has now been advanced to regulatory phase and we're preparing for an NDA submission. We're pursuing some important value creation opportunities with OverGlance. The first objective is a timely submission and approval of OverGlance with the optimal label. The key steps on the way are that we completed the SPARTA clinical study report in early Q4. We've also announced the outcome from the meeting with the FDA here in Q1 as planned. And the FDA feedback is being incorporated into the NDA and the submission is on track for the middle of this year. We expect the most likely timing for the submission to be in the first half of August. The second objective is to progress OverGlance for commercialization, and the key activities are to continue to advance the launch readiness by ensuring the manufacturing and supply chain is ready for launch, as well as working with medical experts, including key opinion leaders, payers, patient advocacy groups, and other key stakeholders. The other key objective is entering into a commercialization partnership for OverGlance. I'm very happy with the progress we're making in Asilia and the efforts made by our team to ensure we will meet our objectives and create value for shareholders. We will start the portfolio section of our presentation with OrbeGlance and I'd like to hand the word to Andreas. Thank you, Magnus.

OrbeGlance is a first-class liver MRI contrast agent, which addresses a very specific unmet medical need for which there are no good alternatives available today. Adequate visualization of liver tumors and metastasis is critical for making the right treatment decisions. And contrast-enhanced MRI is the gold standard procedure for examination of patients with suspected or known tumors or metastasis. The most used contrast agents are all based on the heavy metal gadolinium. In patients with severe kidney impairment, use of gadolinium-based contrast agents has been associated with an increased risk of a very severe side effect called NSF, nephrogenic systemic fibrosis, which may even have lethal outcome. Both the European and the US regulatory authorities have, for that reason, issued warnings for the use of gadolinium-based contrast agents in this group of patients. The consequence is that patients with impaired kidney function typically will get an MRI without contrast, which will result in liver images of suboptimal quality with a risk for that their cancer is not managed in the best possible way. We envision that Orvigans, which is based on manganese, will address this unmet medical need and in the future become an efficacious non-gadolinium contrast agent for liver cancer patients with impaired kidney function. Our clinical phase three study SPARQL, completed last year, has clearly demonstrated that over glass enhanced liver MRI is superior to unenhanced MRIs. The primary efficacy evaluation in the study was done by three independent radiologists or readers. And they all show that visualization of focal liver lesions when having access to both unenhanced and unenhanced MR images was significantly improved compared to visualization of lesions in unenhanced images. And the statistical analysis demonstrated p-values below 0.001 for all the relevant tests of improved imaging. Furthermore, the results from secondary endpoints consistently demonstrated the superiority of Orviglance over unenhanced MRI, with no analysis favoring unenhanced MRI. No serious adverse drug reactions were observed, and more than 80% of reported adverse reactions were mild and short-lived, primarily related to the gastrointestinal tract, including nausea, diarrhea, and vomiting. And the safety results from this vulnerable patient population were consistent with previous studies. All in all, the study met its primary objective by demonstrating that overglans significantly improved visualization of focal lever lesions while being well tolerated by the patients. With SPARQL, we have completed the clinical development and the comprehensive clinical program includes a total of 286 patients and healthy volunteers in nine clinical studies. Taken together, these studies have consistently demonstrated positive efficacy and safety of overglans. And with the phase 3 SPARQL study confirming the superior visualization of focal liver lesions in the target population of patients with severe kidney impairment and an adverse event profile consistent with what we observed in the other studies, we are moving ahead with the submission of the marketing approval application, the NDA, for Orbit Lens. In March, we announced that we received the final minutes from a meeting with the US FDA at which the authority provided clear and constructive feedback on the preparation of the NDA file. The meeting was an important step towards the NDA submission and it was held to present our plan for the NDA and agree on details pertaining to, among other things, the analysis and presentation of the clinical data, manufacturing documentation and generally how to organize the data and documents in the file. We are implementing the feedback by the FDA to the NDA file and continue to aim for the submission mid 2025, most likely in the first half of August. In summary, we are now taking the last step towards the NDA submission. Having completed the reporting of the SPARQL study that shows that OrbeGlance provides superior imaging compared to unenhanced MRI and successfully completed the meeting with the FDA, we focus our efforts on making the NDA file ready. We continue this work according to our plans and anticipate submission mid-2025. First half of August, most likely. After submission, we expect a standard 10-month review period from the FDA. With that, I will hand over to Julie.

Thank you, Andreas. The addressable market for over glands has a global value of 800 million US dollars annually. The US represents almost half of this. This market opportunity for over glands addresses the unmet need for a well-defined patient population. Cancer patients who need liver imaging and who also have severely impaired kidney function where gadolinium may not be recommended. Our strategy for commercialization is to launch through partners. This strategy supports our ambition to secure the optimal balance between future revenues and investment required. Our focused, ambitious launch strategy and plans built on advanced market insights are in place to support this partnering strategy and the launch. As mentioned, the US is our largest commercial opportunity. In the US alone, our real-world data, i.e. data from realized procedures in our target patient population, show that every year 100,000 abdominal imaging procedures are performed in around 50,000 patients that fall under the black box warning for gadolinium contrast agents. This is about 4% of people with cancer undergoing abdominal imaging. The well-defined patient population with a clear unmet need also drives an attractive value and pricing opportunity. And we have extensive input from market access and pricing experts with whom we've tested different pricing levels and collected insights on the evidence needed to support access and reimbursement. and we have investigated pricing and access benchmarks of other innovative diagnostic drugs in the US. In clinical practice, 90% of healthcare professionals are concerned with issues related to gadolinium contrast agents, including the severe side effect associated with our target patient population, NSF. In fact, 16% of providers have experienced cases of NSF in patients exposed to gadolinium. These insights come from market research with 270 US healthcare professionals and answers from radiologists, nephrologists, and oncologists. The insights confirm the concerns with gadolinium in clinical practice and the unmet need for OBGYNs. When speaking to experts, whether in radiology or nephrology, they confirm that an alternative to gadolinium for our target patient population would address concerns of today. Beyond the risk of NSF in kidney impaired patients, gadolinium is well known to be retained in the brain and other tissue in all patients. And scrutiny over the possible safety effects is a key concern of regulatory and medical bodies. It is also well known that gadolinium is excreted via the kidneys in urine. And because it's difficult to remove in our syringe system, it's discharged into the environment and into our drinking water. There's an urgency from regulators and medical bodies to find a viable alternative to the growing use of toxic gadolinium, an alternative that is not associated with these potential safety and environmental concerns for patients and for the environment with gadolinium. And the industry is responding. Recent developments from the large gadolinium manufacturers are focused on smaller doses of gadolinium. And there's even an early stage injectable manganese contrast agent, which is not liver specific like Overglanz is. A more recent point of concern for gadolinium contrast agent manufacturers is that almost all gadolinium is today exported from China. Beyond having seen significant price increases over the past years, there's a more urgent concern about supply continuity and impact of trade barriers and import taxes for these manufacturers. In short, the momentum for an alternative to gadolinium is getting better and better. And we're excited that we have a head start and that OverGlance is expected to be a first in class to lead a future with less gadolinium and improved outcomes for our target patients. The go-to-market strategy for OverGlance is to launch with commercialization partners. And our dialogue with potential partners is progressing. This supports our objectives to secure the optimal balance between future revenues and investment required. This strategy also allows us to leverage commercial capabilities already established by a partner. We're also working in parallel to ensure that Overglance and a partner is ready to launch upon approval. For example, that manufacturing is ready for the first product launch. We are excited to see the successful acceptances of SPARQL data for presentation at major scientific conferences. Data around ovig glands has been presented in total in four oral presentations and four abstract presentations at major conferences this far, underscoring the interest of ovig glands in the medical and scientific community. This week, data from SPARQL was presented at the European Society of Gastrointestinal and Abdominal Radiology, ESCA, in two presentations by leading radiologists. Another key stakeholder group for Orviglands is payers and policymakers. A poster with real-world data on the vulnerability and unmet needs for the target patient population of Orviglands was presented And this week at the Professional Society for Health Economics and Outcomes Research, ISPO. I will now hand it over to Andreas to talk about Oncoral.

Thank you, Julie. Let's talk about Oncoral, the other asset in our development portfolio. Oncoral is a daily tablet formulation of arenotecan, a well-established intravenous chemotherapeutic agent. The daily tablet formulation enables a frequent low-dose dosing regimen that could offer potential advantages on both efficacy and safety compared to the infrequent high-dose intravenous administration used today. We have completed a phase one study, which demonstrated a promising safety profile and an uptake of the drug after oral dosing consistent with a daily dosing concept. And we are now planning for taking Oncoral into clinical phase two. The objective is to generate clinical proof of efficacy data in metastatic gastric cancer in combination with LomServ, another oral cancer treatment approved for gastric cancer. Animal data has demonstrated a synergistic effect of arena-tecan when combined with Lonesurf, which makes this combination very interesting. The planned phase 2 study is designed to study Oncoral plus Lonesurf against Lonesurf alone. The study will randomize approximately 100 patients and involves a clinical collaboration with Taiho Oncology, the developer and marketeer of Lonesurf, who will provide clinical advice and Lonesurf for the study. ARENOTECAN is a well-established chemotherapy with recognized anti-tumor effect in solid tumors. Our strategy is to start oncoral development in gastric cancer, which is today a $3 billion market. For these patients, there is a high unmet medical need for improving outcomes, and there is an opportunity for an orphan indication. We also see opportunities for developing OncOral in other solid tumor indications, where a daily dose in tablet formulation can demonstrate an attractive efficacy in safety profile. Irinotecan as an IV formulation is already approved in colorectal and pancreatic cancer. And in addition, Irinotecan is clinically demonstrated and recognized in guidelines for other cancer types. We are assessing these opportunities as part of our ongoing strategic planning for Ankara. Back to Julie again.

Thank you Andreas. I will now move to the update on our financials and our priorities ahead. We were very pleased to see the successful outcome of our TO1 Warrant Series exercise during the first half of April. With a subscription rate of almost 96%, the proceeds reached 43 million Swedish kronor before cost. The successful warrants exercise strengthens our financial flexibility. We now have a cash runway to at least the end of 2025, well beyond the NDA submission and repayment of the 20 million loan to Fenya with a reserve cash for potential repayment of the seven and a half million convertibles at the end of 2025. This runway excludes financing from partnering. In Q1, our operating result was a loss, i.e. cost of 20.1 million kroner. Costs are at a similar level compared to Q4 2024 with a continued focus on the NDA submission preparations. At the end of March 25, we had 57 million kroner in the bank. This excludes the 43 million gross proceeds from our T01 warrants exercise in April 2025. As mentioned, our cash runway now reaches at least the end of 2025. And it includes a reserve for the potential repayment of the remaining 7.5 million Fenja convertibles at the end of the year. And as mentioned, it also excludes financing from partnering. To wrap up, we have substantial value creation opportunities ahead for Overglans and for Celia Farmer. With OrbiGlands, we're bringing to market a first-in-class diagnostic drug addressing an $800 million market for patients with a high unmet need. We have two key objectives. First, a timely submission and approval of overglans with the optimal label. The key steps on the way are the completion of the SPARQL clinical study report, a milestone we achieved early November last year, and which reinforced the successful study outcomes of the phase three studies, primary and secondary endpoints, and supports the NDA process. In March this year, we communicated positive outcomes from our meeting with the FDA in advance of our NDA submission. And we plan to submit the NDA in the middle of the year, as previously guided, and it will most likely be during the first half of August. Our other objective is to progress OverGlance for commercialization for patients in need by entering into a partnering agreement for the launch and by securing that a partner and OverGlance is ready for launch by approval. All in all, we have progressed well in Q1 with the continued preparations for the NGA submission of OverGlance and a successful meeting with the FDA. We continue to progress our partnering discussions for the commercialization of OverGlance. And in terms of financing, we reached a successful 96% subscription rate for our TO1 warrants, providing 43 million gross in additional financing. We look very much forward to executing on the opportunities ahead for Overgans and for Celia Pharma in 2025 and beyond.

That completes our quarterly presentation and we would now like to open up for questions.

If you wish to ask a question, please dial pound key 5 on your telephone keypad. To enter the queue, if you wish to withdraw your question, please dial pound key 6 on your telephone keypad.

Yeah, we have received some questions here that you have added, so we will respond to those. One question is on the timing of when we can expect the partnership. Julie, do you want to take that one?

Yes. We want to enter into the partnership agreement when we get the right terms and when we have found the right partners. So, of course, we cannot comment on this in detail. We want a partner who can also be ready for launch. So, of course, many of you, I think, are hoping that it is in this year, of course. Really excited about the progress on the partnering discussions.

So another question on this topic is whether we are looking for US only partner or a global partner. Can you have any share any thoughts on that?

Again, it depends on the specific terms and the type of partner. The US is by far the largest single opportunity, so that is really a key to start with. Then, is it a partner with the global capabilities? It makes a lot of sense that it's a global partner. if the best terms for the us is with someone who is focused on the us then we can find partners for other markets but um there are synergies in a global launch for sure but also other opportunities if it's not that direction so we have a we have a question here on uh in terms of um Yeah, maybe I need to scroll up.

We have a question here on the time plan for the rest of Overglans and whether any geographies would be first. I can comment on that. I think, as we have communicated, US is first, and we want to do all the geographies with a partner. So the timing and priority of the other markets depend on the partnering discussions and the dialogue with the partner. So we don't have any sort of specific guidance at this point on those timelines. Then we have another question, which is the, if we provided a ballpark cost of on-crawl phase two and on-crawl phase three, and whether Taiho will cover some of the cost. I think maybe that could be sort of a broader question responding to sort of what is the plan for on-crawl. Andreas, do you want to share some thoughts?

Yeah, as we have said, we are preparing for this phase two study, and that will start with a dose finding part of the study. And that is, of course, the stepping stone for the rest. And as always, you have to review the outcome of each step before you decide. But we are very happy to have Taiho taking part of the initial steps here, and then we need to see how it goes.

So, and then there's another question on decent developments in gastric cancer. And that's obviously something we are looking at as well. And we'll incorporate into, you could say, the planning of the clinical study that we will hopefully do with Oncro. Julie, here's a question for you. Whether we have had recent talks with payers or insurance companies on pricing. And also we're mentioning other innovative products If you can share any comments on that.

Yeah. We've done payer research, both policy makers, payers, decision makers also at hospitals, private and public payers continuously. So over the years, we have several pieces of research. And that includes pricing, and of course, how they will cover over glands. And we do also have research into other innovative diagnostics, as mentioned in this question. We don't think it's right to specifically comment on other products, but a good place to start is to look at diagnostics who also address a small patient population. So for example, diagnostics that have an orphan drug designation. and those that have been sort of launched within the last five, six, seven years. And without mentioning product names, there are some within PET imaging and similar areas. So it's mainly to look at diagnostic drugs that address a small patient population that sort of the you can say the benchmark also from a payer perspective because it's similar in the way that the budget impact overall is fairly low because it's a small patient population with a high end with need.

Thanks Julie. We have a question here related to initiation of coverage recently by AVG and they issued a research report in April. And the question is that they have significantly smaller market size. I think we're not really able to comment on that. I mean, we provide the guidance that we have shared with you also on this presentation. So I think that is what we really communicate in terms of market size.

But I think it's fair to add when we look at the way we have worked with our market estimate is that we have combined both literature reviews, epidemiology available online and broadly available data. And then we've combined that with market insights, real world data and market research for all the clients. So we are confident that we have worked thoroughly to define our market estimate and then of course other parties have their models.

Which is perfectly normal and so I think that's our perspective is that all the analysts that cover us are doing a good job. I don't know if we have any additional questions.

we have a couple questions from teleconference so the next question comes from dennis alf from private investor please go ahead

Hi, thanks for the presentation. I have a question about the timeline communication, the first half of August there. So it strikes me as quite specific. So I'm wondering, I know that it's in line with previous communication, but should we interpret this as maybe being challenging to submit on time? Is that why you choose to communicate most likely first half of August?

no i think it's uh i mean the team has been working extremely hard throughout the process and we got some some feedback from the fda and and that uh that is doing some additional work that is to be expected and then we have you would say more more visibility on you say finalization of all the analysis and and things that the fda asked for and we can see that that is most likely in the first half of august And as you say, that's within the guidance we've given. But the guidance we have provided is also that you would say, in principle, it could start next week a submission. And that is not going to happen. So it's more to provide transparency, to everyone that you know this is the timeline that we expect and we believe is the most likely scenario so bearing any unforeseen negative surprises then we are comfortable with that guidance. Did that answer your question?

Okay thank you and I guess a follow-up on that Just a short follow-up on that. One could envision that you hold out submitting the application to extend your exclusivity timeline. Is this something you would consider as well as a strategic choice?

Yeah, it's a good point. Our key objective is to maximize the value of OverGlance. And as you're alluding to, the exclusivity window from the orphan designation starts on the day of approval. And we want to make sure that we have a partner that is ready for launch. So that is certainly an important element. We're focused on making sure that the NDA submission has the highest possible quality, including incorporating everything that we discussed with the FDA. So we have a more smooth review process as possible, highest likelihood of approval and having a partner that is ready for launching.

All right. That's all. Thanks.

Yeah. Thanks, Dennis.

The next question comes from Johan Oneros from RedEye. Please go ahead.

Great, thank you for taking our questions. Some of them have been addressed already. Can you hear me all right? Yeah, we hear you well. Hello? Yeah, we hear you well. Just additional clarification on where you are in the FDA process. This final step of pre-submission, does it involve sort of questions regarding analysis, compiling a Is the technical manufacturing side completed?

Should I start? The first part regarding the documentation, that is what you always need to do. And that's what we discussed with FDA, how to present the data. And there are quite a lot of documents that needs to first be compiled and also summarized. So that is part of the normal process. And we are also ready for supply. We're making ourselves ready for the supply to fit the timelines for the approval.

Supply and documentation is on track both for the submission and review and for launch. Yes.

And also congratulations to securing the attention of FDA. It's of course volatile times and level of uncertainty regarding the US administration in general. So that's good news in our view. And what about the partner discussion dynamics? Has they become more intense now in the final stage of the resubmission process or you're active in conferences as well?

Yeah, I mean, you know that we want to succeed with both of these things and It's a good time because we have both the phase three data, we have the clarity from the FDA meeting. So we've de-risked a lot of this asset and that of course makes the partnering discussions very constructive in terms of the risks and these things take time. So I think the best way to answer your question is we're not bored.

Yes, and I suspect that there could be an element of data potential or an advanced discussion. The conversation partner would want to see sort of that the submission is ticked off before engaging in the final sort of contract and signing stage.

yeah we we can't say in detail but you could say the mechanics are the further we bring the asset the more of the value we keep of course depend on how far we we bring it um yeah the more value we add the more the partner would of course pay in the deal for that

But we're not, as we're saying, we're pursuing the best possible deal. And it's really, we're not having any guidance on timing.

Yeah, no. And also these times in this period, there's a lot of considerations on tariffs and potential changes in price dynamics on the US market. I understand you have sourcing relating to the US and also presumably in this space there is no real international reference price to be considering so the risks on those issues should be moderate.

Yeah, I think it's an important point. As you mentioned, we are in a good place. Our manufacturing is in the US and you would say our cost of goods is not a major component of our product. I think it's not. We're probably in the low end of the risk exposure for that compared to other companies. But I think there is a bit of uncertainty. I think we have many times had new US presidents and who say focus on health care costs in the US as well as in other countries. So I think we need to see what is really what materializes. But I think we're in a good place. U.S. is the first market we're launching in. So we'll see.

Yes, and finally, putting on goal to decide and focusing on our plans for this year, obviously, submission and signing a partner is the key priority. But you will still be engaged in different ways in in what are the sort of support and to-do consideration in the later stage of the review process? Will you consider a priority review and perhaps the protocol for these diagnostics will be reviewed and updated as well, for example?

Yeah, I can start on the priority review and then Julie can share some thoughts on our role. So we have not decided yet whether to go for priority review. I think that would most likely also be discussed with a potential partner. What we are focusing on is that we want to have the partner ready for the launch and make a successful launch. And the question, Julie, on our role, any thoughts on

Yeah, I think, as mentioned, the value of working with the partners, of course, that they have the commercial infrastructure and capabilities and for most partners that includes manufacturing and regulatory. So at some point, the synergies are that the insights and relationships are with the partner. But now we are the ones sitting with most of that. So there will be some transition phase where we will be involved. That's what we expect. But of course, the final roles all depend on what type of partner and agreement we may have with them on our role.

excellent and congratulations to the progress and we look forward to well especially August I suppose yeah thanks Johan there are no more phone questions at this time so I hand the conference back to the speakers for any new written questions or closing comments yeah there are

A few questions here before we wind up here. There's a question on the cash runway to at least the end of 25 and whether that impacts our, you could say, our priorities and negotiations with partners. Julie, do you have any thoughts?

Yeah, I think we are very we were really pleased with the outcomes of the warrants exercise that has given us good flexibility in our cash runway and you could say It's not uncommon when we look around us that companies are in similar situations. So I think when we look at it from an overall perspective, we should look at the value of Overglance, we should look at the value of Aselia, and that's what we're going into. in a discussion with a partner, not so much the cash runway, because that is what it is in this industry at the moment. So when we're negotiating with our partner, the focus is on the potential of overglides and the value of the asset.

And I think just in general, I mean, when you have partnering discussions, the best leverage you can have is to have many potential partners in dialogue at the same time, rather than having a financial runway that is, you know, sort of whether it's six or 12 or 18 months, that's not the main leverage driver. But obviously, as Julie said, we're happy with the outcome of the warrant exercise because that means that that gives us a much better financial position compared to if the outcome had been zero. So I think that's really a big positive for the company and shareholders. So with that, thank you for joining us. We appreciate all the questions and a long... Yeah, we can see there's another question. Sorry, that has just come in. There is a question on the burn rate after NDA submission.

The activities after an NDA submission is to prepare for questions from the FDA and then of course we have the ongoing manufacturing preparations. so there are some costs that continue there and you could calculate it in in a way that we we've talked about the cash we have now and plus the ones and then we set a runway to at least the end of this year so that's the way you can look at it that there are still some costs but we don't know exactly what that is yet and that's why we don't want to be more specific we need to see and be fully prepared for the FDA questions. That's our focus.

Yeah. And then I think the final question here, that's regarding the type of partnering. This question mentioned that, you know, whether it would be a fit to large radiopharmaceutical companies or you could say Lantheos or Braco as examples. What are your thoughts on what types of partners are relevant?

It could be different types of partners. The key is that there's a fit to their strategy and also synergies in their typically commercial infrastructure. And that could of course be someone else who is talking to radiologists already or someone with a high value diagnostic drug. So in that sense, radiopharmaceuticals have some synergies. So that's not excluded. There could also be some that are more sort of specialists that have more also treatment drugs or otherwise focused on small vulnerable patient populations. So there are different types of potential partners and these are of course included.

Yeah.

And there's a question here, if it's a competing product, if it takes a market share from them. I think it's important to focus on where OverGlands adds value and what the strategy for OverGlands is. It's a small, well-defined patient population who need liver imaging. and also have severely impaired kidney function. And right now, there's not really a consensus or an alternative out there if gadolinium is not medically advisable. So, in that sense, I'm not too worried about competing products from a potential partner.

No, it's more like growing the whole market because it provides benefit that is not appropriately addressed by current products. So with that, thank you everybody for your interest and all the questions. We'd like to end the conference and thank you.