BioArctic AB (publ)

presentation for the first quarter of 2026. It has been a strong start of the year for Biotic following a transformative year of 2025 with record financial results. It shows that the growth era continues in a great way for Biotic. It's reassuring to see that more and more patients are getting access to Lekembe and we had more than 500 million euros of sales during our partner ASI's fiscal year. And that resulted in a commercial milestone to Biotic. Our projects and our brain transporter technology are also progressing really well. And we have increased focus on business development, which is based on great interest in brain transporter and in our projects. I'll talk more about that in today's presentation. Next slide, please. Biotic is listed at Nasdaq Stockholm large cap. This is our disclaimer. Next slide, please. So I'm Gunilla Oswald, and I'm the CEO of Biotic, and I will share today's presentation with our CFO, Anders Martin Lööf, and our Chief R&D Officer, Johanna Felting, and our Chief Commercial Officer, Anna-Kaja Grönblad. Next slide, please. I will start our presentation by giving some key highlights. Next slide, please. Biotic is focusing on two different platforms in precision neurology, and we are among the world-leading innovators in both areas. The first area is about creating highly selective antibodies, which is targeting aggregated, misfolded forms of toxic proteins. The most advanced program here is Lekanamab, LekanV, and we also have projects targeting alphasnuclein, TDP43, and Huntingtin. The second area is when we are utilizing our brain transporter platform in unique ways to deliver antibodies more efficiently into the brain. But we have now also broadened our scope and we are also working on other modalities like enzymes and also genetic medicine and small molecules to enable more efficient transportation of them also into the brain with innovative approaches. The innovations at Biotic continue to impress me deeply. They are unique and very competitive. Next slide, please. We are already delivering on our 2030 ambitions that we presented for our Capital Markets Day last year. And we have then stated that we have four areas of focus. The first one is to establish Lekembe as a disease-modifying treatment for Alzheimer's disease. And here we see a steady growth across geographies with sales that was more than 500 million euros the last 12 months. And we expect the subcutaneous autoinjector called iClick together with increasing use of blood-based biomarkers, that that together will contribute to continued strong growth. The second aspect here is that ASIC has also indicated in their guidance for 2026 that we are expecting sales of more than 900 million US dollars. So I think that Lekembe is well on its way to become a blockbuster with yearly sales more than 1 billion US dollars in not too long. The second area is to have a broader pipeline and more advanced with projects in all stages of development. And I'm happy to see that our pipeline has expanded last year and our projects are progressing really well. I want to highlight our Alphas Nuclein project, Exedavnema, where the Phase 2A study is fully recruited with the results expected later this year. And also the follow-up compound, BAM2238, with our brain transporter coupled to alpha-synuclein in an antibody. And there the ING activities are ongoing in order to take the compound into clinic next year. The third area is more partnerships. And last year we initiated partnerships with Bristol Myers Squibb and Novalis. And we're very pleased with both of those partnerships and really impressed with how the collaborations are progressing and delivering. We also see continued strong interest that we have in both our projects and in our Brain Transporter platform. Partnership discussions are complex and takes time. We are in a very strong position with our high quality projects and innovative technologies. The fourth aspect is strong financials. And our quarterly royalty revenues from the Cambys sales grew 68% compared to first quarter last year. And we have now more than 2 billion Swedish crowns in cash, which means that we can continue to invest in our projects and our innovations. And we have also the possibility to start to pay some dividends. Next slide, please. Our business model is built around partnerships. That is a key component behind our success. A-Sign has been a long-term successful collaboration all the way back since 2005. And now we are getting 9% royalties from global LeCambie sales. And we have just then passed our second commercial milestone and got another 20 million euros from ASI. And we have 34 million euros still remaining in milestones. For Bristol Myers Squibb, we have received 100 million US dollars so far and there is a substantial amount left. And Novartis, we have so far received 30 million US dollars. And also here is a substantial amount still to receive if it also continues well. We are grateful for AbbVie who has made us receive 30 million US dollars, which helped us build the company and also progressing the project further. And it's a project I strongly believe in and looking forward to more results. And we expect more partnerships to come. That is our business model, and we're working on that. And we cannot say exactly when time is, but we will let you know when we can discuss. Next slide, please. So by that, I hand over to our Chief R&D Officer, Johanna Helting. Thank you, Gunilla. Next slide, please.

So as Gunilla talked to, our R&D portfolio is built on two platforms, antibodies and brain transporter, providing both depth and scalability in neurodegenerative diseases. We combine fully funded partnerships with leading pharma such as ACI, BMS and Novartis with proprietary programs that offer further out licensing potential. Progress in the portfolio remains strong. All brain-transporter collaborations are on track, and key milestones have been reached for our internal programs, including the start of ING-enabling activities for BAN 2238 and BAN 3014. Overall, we are advancing a diverse partner-validated pipeline and growing scientific, strategic, and commercial options. Next slide, please. So our alpha-synuclein portfolio continues to advance and expand, offering multiple opportunities across alpha-synucleinopathies. Our lead program, Exidavnimav, is progressing well. The phase two EXIST study in Parkinson's disease and multiple systemic atrophy is now fully recruited, and we have held key regulatory and key opinion leader interactions to prepare for the next stage of development. Next generation assets in the portfolio are progressing as well, with BAN 2238 in ING enabling phase and PDBD 2278 in discovery. And together, this builds a strong expanding office of nuclear pipeline from clinical stage to future innovation. Next slide, please. So our brain transporter platform addresses one of the most fundamental challenges in neuroscience, efficient delivery across the blood brain barrier of therapeutics. And this is enabled by active transport of biopharmaceuticals into the brain via the transparent brain receptor. And this enhanced delivery can translate into higher, faster, and deeper brain exposure with improved clinical outcomes, improved patient convenience, safety, and lower cost for manufacturing. So the brain transporter, therefore, plays a critical role in unlocking the full potential of CMNS therapies. Next slide, please. So our next generation alpha-synuclein antibody, the BAM2238, demonstrates strong preclinical performance, both with enhanced brain exposure and favorable safety profile. So by combining the alpha-synuclein targeting with our brain transporter technology, BAM2238 achieves significant increase in brain exposure in preclinical models. And that is what you see in the middle picture here. And importantly, This enhanced delivery is achieved without compromising safety so we observe no signs of anemia or reduction of reticulocytes while maintaining a full effective function of the protein and that's the data shown to you right. So otherwise reduction in reticulocytes is a commonly reported side effect targeting the transferrin receptor for brain delivery. Overall, the band 2238 highlights how the brain transporter has the potential to both improve target engagement and reduce development risk, strengthening the value of our next generation pipeline. Next slide, please. So as Camilla also mentioned, we are also now broadening our brain transporter platform beyond antibodies and enzymes and also include additional modalities such as genetic medicines and small molecules, significantly increasing the scope of the platform. So the data in the picture here clearly shows how the brain-transporter-coupled modalities deliver superior brain resolution compared to a standard therapy. So in the top picture, you see a standard therapy, and in the lower pictures, in green, you see an antibody, in yellow, you see an enzyme, and in red, you see a small modality. And all of them have very, very much higher brain exposure when coupled to the brain-transporter platform. So across the platform, delivery of antibodies are preclinically validated and advancing. Enzymes are progressing with our first internal program, the G-Case program for Gaucher's disease. And small modalities represent a new important growth area for us. So overall, the Brain Transporter is evolving into a versatile platform with particular future value drivers across CNS discovery disorders. Next slide, please. So then I will hand over to our chief commercial officer, Anna-Kaja Björnblad.

Thank you, Johanna. So I will continue with an update on Lecambi and I will start with the stating that the global sales of Lecambi amounted to around 580 million US dollars in a size fiscal year 2025 so that is almost a doubling versus the previous fiscal year and we can see a good growth across the line and the can be continues to be the global market leader of the anti-amyloid antibodies A couple of the driving factors are that the market for blood biomarker continues to grow, and there has been approximately a 12-fold increase over the last two years, with the number actually doubling every six months since January 2024. last year cms also formally included the blood-based biomarkers as a beta confirmatory diagnosis and today it is estimated that approximately 15 of the diagnoses were done by these blood-based biomarkers and these will continue to increase as more tests are expected to be approved this year Another factor is that more and more patients received continued treatment after the Lecambi maintenance dosing was approved, first for the IV and then for the subcutaneous formulation, the autoinjector iClick, which was approved in August last year. According to ASI, iClick also seems to have led to an increase in new patients initiating treatment with Lecambi IV. So going forward, we see even more expansion possibilities with the potential approval of the subcutaneous initiation treatment, both in the US with the set PDUFA in August, 24th of August, and with an expected approval also in Japan in quarter three this year and in China in quarter one next year. So this is a huge advantage for patients, the caregivers and less of a bottleneck for hospitals and obviously also a competitive edge for Lecambi. So in Europe, the IV maintenance dosing is under regulatory review at EMA since February. And in parallel, the negotiations for pricing and reimbursements are ongoing in the EU. And so today it's available in Germany and Austria, as well as out of pocket in UK, Finland and Portugal. So next slide, please. So as the Nordic countries are a bioptics home market, I thought I would also comment on the recent negative recommendation for Leukemia by the new therapies council in Sweden. As we have seen in other European countries, it is a challenge to get immediate access. And we knew that the dialogue would be challenging also in Sweden based on the assessment report issued in December last year by the TLV, the Dental and Pharmaceutical Benefits Agency. So in which some of the assumptions in the health economic modeling were extremely conservative in our opinion. Although ASA was very solution oriented in the negotiations, the expectations from the anti-cancer were impossible to meet at this point. But both ASI and Bioarctic, we are very committed to securing patient access in Sweden and across Nordics. And the ENTI Council has stated that there is a possibility to reopen the dialogue, for example, if and when we have the IV maintenance dosing approved by EMA. And we could also try to find another innovative ways of securing the structured introduction. We are also evaluating a resubmission in Denmark, and in the coming months, we're expecting to see assessment reports coming out of Norway and Finland. But in the meantime, though, we see that there is a private market in Finland. Four clinics have now started Leukemia treatment, and we are approached by other private clinics across the Nordics who are looking into this possibility as well. So in parallel, our neuroscience account managers, as well as our medical affairs team are working every day with the education on the site readiness activities in the preparations for a broader reimbursement across the Nordics. So next slide, please. Finally, I would like to conclude by showing a few highlights from the ADPD Congress in March in Copenhagen, where four-year follow-up data were presented for the EU-approved population, meaning the ApoE4 non-carriers or heterocycloids. This data show that long-term continuation of treatment is essential, and that four years treatment with Leukemia saves between 10 to 14 months of time in the mildest stage of the disease, if you compare to matched controls in two large data betas, the pre-specified ADNI cohort and the matched cohort of the Swedish BioFinder. At the conference, it was also highlighted that starting treatment as early as possible as it seems to result in even better results. Also, as usage increases across the world, more and more hospitals present real-world data from clinical practice in these congresses at ADPD, specifically from countries such as the US, Japan, China, and South Korea. And to the right, you can see, for example, the graph showing that there is also a high treatment persistence in initially 371 patients at a US clinic starting in 2023. It was 78% at 18 months, and after two years, it was 67% persistence of the treatment. So more and more data, further strengthen the cannabis efficacy and safety profile, and we are already looking forward to attending next Congress coming up, the AAIC in London in July. So next slide, and I will thereby hand over to our chief CFO, Anders Martin Lapp.

Thank you, Anna-Kaja. I'll start by commenting a little bit on the Lycambi sales. And as Gunilla already mentioned, we were really happy to see that the full-year Lycambi sales exceeded 500 million euros as that triggered the sales milestones to 20 million euros. If we look at the quarter, the global Q1 sales were 26.2 billion yen, roughly $168 million. That's a 27% increase from the last quarter of 2025. And that meant that our royalties grew by 27% to 160.8 million Swedish. That was quite a steep increase, as you can see in the graph, up from 127 million in the fourth quarter. And this really big boost is due to the fact that the China sales are now back on normal levels after very low sales in Q3 and Q4 due to big stockpiling during the second quarter of 2025. So China sales were now 4.1 billion yen or 27 million dollars, and that's almost a tenfold increase from the fourth quarter. Our largest market is the U.S. market, and there the growth is largely driven by the simplified diagnosis with blood-based biomarkers and the introduction, I think, that I talked about. And there was a very healthy growth going up to 13.4 billion yen, i.e. $86 million, and that's a 13% increase from the fourth quarter. And as Anna-Kaja also alluded to, the ASA is expecting this growth to continue as the blood-based biomarkers are really starting to make an impact on the market. And of course, when ICDIC comes out later this year for induction therapy, that should mean a further boost. Japan is the second largest market, and there they have really built a strong network between the primary and specialty care sectors. There we saw solid growth, but it's still affected by a price reduction that was introduced in November of last year, but it's still chugging along really well, and we're also expecting the subcutaneous version to be approved there later this year in the third quarter. We also touched on the EU launch already. It's good to see that it's starting to happen, but that's still a very low share of our royalties. If we then turn to the full-year figures, I think the highlight here is that it was good to see that ASI beat their forecast. They had a forecast of 76.5 billion yen for 2025. They beat that by 15%, reaching 88 billion yen, or roughly 580 million dollars. So, they roughly doubled from 2024 to 2025. Last week, they also issued a new forecast for 2026 of 143.5 billion yen. That's roughly 910 million dollars. So as Gunilla said, they are now approaching blockbuster status with Lecambi, which is really reassuring for us. Most of that growth, or I would say a big part of that growth is expected to come from the US market. As you can see here, the Americas sector is expected to grow from 44.6 billion yen to 77.5. So that's roughly a 74% increase, which is significantly higher than they are expecting for the global market. So a lot of growth is expected to come from the US with the iClick and the blood-based biomarkers really making a splash from the second half of this year. If this forecast holds true, we will receive roughly 880 million royalties during the same period, i.e. from April 26 to March 2027, which is of course a significant amount for us. Turning to the next slide, we see on the left-hand side our net revenues. Our Q1 revenues were 438 million Swedish. That's quite a big decline from the first quarter last year, but you should remember that we recorded a $100 million upfront from Bissell Myers Squibb in the first quarter last year and that is can't repeat that every first quarter but so we're still really happy about the revenues that we generated and that includes them that the 290 million Swedish that was a milestone payment from a site we're also really happy to see that the recurring revenue continues to increase you see so the royalty was 161 million and the co-promotion revenues 7 million We also recorded 51 million Swedish from the Novartis collaboration where we received a $30 million upfront payment last year that is recognized over the entire collaboration. Turning them to our expenses, it seems like they're fairly flat. Our operating expenses in the quarter were 207 million compared to 203 million in the first quarter last year. However, last year we had quite a big currency effect that was recorded as a cost. So if you look at the underlying operating costs, they are actually increasing quite a lot to 203 this year versus 131 last year. And we do expect to see a continued increase in the cost for this year compared to 2025. I have previously guided that we expect the cost for 2026 to be roughly 50 to 70% higher than 2025. We don't expect that high growth in the costs currently, so we would like to revise that to be roughly 40 to 60 percent higher in 2026 compared to 2025. On the right hand side, you see our operating profit. We're really happy to make a profit of 211 million Swedish, still lower than last year, but that's still very, very solid. And we expect to be profitable for the full year in 2026. Finally, on the last slide, you see our net result. This was very much in line with our operating profit by the financial net that was positive and then a tax of over 12 million that counteracted that. So all in all, very much in line with the operating profit. Cash flow then of course significantly lower than our operating profit. That's due to the fact that the sales milestone from ASI was not paid in the quarter. It will be received during the second quarter. But our cash balance was over 2 billion Swedish. So again, very, very solid position and we can continue to invest for the long term in our portfolios. So we look forward to continued investments and continued growth of the company. With that, I hand back to Gunilla.

Thank you so much, Anders. So we're coming towards the end of today's presentation with some upcoming news flow and some closing remarks. So if we look at the second quarter coming forward, we see that more and more patients are getting access to Lecambi around the globe, which is really reassuring. And we also see that in the Nordics so far through several private clinics in Finland. And we expect to see further progress in the Nordics initially on the private market. ASI is driving continued regulatory processes on Lecambi in a great way. And iClick, the subcutaneous autoinjector, is approved for maintenance dose in the US, and we're now awaiting the response at the latest by 24th of August for induction treatment as well. And later this year, the third quarter, we expect response from the authorities in Japan for both initiation and maintenance dosing of the subcutaneous autoinjector, and in China early next year. We are, as Anna-Kaja said, also looking forward to more presentations on Lecambi at the next big Alzheimer's Congress in July in London at AAIC. And we're also looking forward to Excedernima, Phase IIa readout that Johanna talked about in both Parkinson's disease and NFA patients later this year. And we're also looking forward to when we can disclose additional partnerships. Next slide, please. So some key takeaways from today's presentation. I think Biotic continues in the growth area in an excellent way, and we see great progress both on Lecambi as well as the rest of our portfolio and the brain transporter technology. We are already delivering on our 2030 ambitions. So I think Lecambi is well on track to become an established treatment for Alzheimer's disease, and sales continue to show increasing demand globally. And it's a well-honest way to become a blockbuster. Our second part is project portfolio, which is progressing really well together with our brain transporter technology with new innovations. The third area, strong interest from potential partners. And the fourth one with that we have a strong financial position. And that next week is our AGM where there will be a decision around a dividend of two Swedish crowns per share. And we have a strong financial solid position with more than two billion Swedish crowns in cash. So all in all, I think we are exceptionally well positioned for our continued growth journey. I think the future looks very bright for biotic and we are bringing hope for many patients. Next slide, please. So by that we say thank you so much for your attention and we're happy to take some questions.

If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Joseph Hedden from RX Securities. Please go ahead.

Your Q1 R&D spend was substantially above any quarter that we saw last year, and you've highlighted the progression of the portfolio. Just wondering if you can give any colour as to which individual projects are seeing the greatest increase in costs, and then if you could give us any idea of the phasing of R&D costs that you expect going through this year. And second question, exudabnumab phase two EXIST study. Can you confirm what the final number of Parkinson's disease and MSA patients were after the study was fully recruited? Thank you.

Right, so if we start with R&D costs, basically what happens is when we start R&D enabling activities in the program, we invest a lot more in CMC. So there are a couple of programs where we're really happy to do that right now. In the Parkinson's program, we are spending more on both Exedabnimab and the follow-up compound that is coupled with our brain transporter. So I would say the alpha-synuclein area is where we have increased the most without going into specifics regarding what program. Then for the year, we expect the cost to be a little bit lumpy going up and down. So it's a really good estimate for the facing of the costs during the year. So maybe it was a little bit higher than it would be in the next quarter, but it's really, really hard to tell. I would just stick to the full year guidance of a 40-60% increase over last year in our total cost. That's sort of the only guidance I can give you that is more accurate. And then for the other question, I think it's up to Johanna to answer to the existing trial.

Yeah, thank you, Josef, for those questions. And in terms of the portfolio and the cost for R&D, of course, programs that are closer to an R&D is most more costly because then we initiate CMC activities and manufacturing and also toxicology studies to enable the clinical trials. So the two programs that I talked about where we have initiated IND enabling activities, the BAM 2238 and 3014 are, of course, more costly in our IND portfolio in the early pipeline. And then, of course, Exidabnema, which is our clinical asset, is also a more costly program. And in terms of the number of patients in the study, Exist study for Exedabnamab. I mean, for Parkinson's, we had two cohorts with two different doses, a low dose and a high dose, with 12 patients per arm. And actually, it was 13 patients per arm. So we have dosed 26 patients for PD. And for MSA, we have only dosed the higher dose. So that is 12 patients that have been dosed in the MSA cohort.

That's great. Thank you very much.

The next question comes from Suzanne van Forthuizen from Kempen. Please go ahead. Hi there.

Thanks for taking my questions. Maybe first on the brain transport, can you elaborate how your strategic discussions have been progressing over the recent few months and where the interest is geared more towards you at this moment? Is it in one of your existing programs, or more on the use of the technology on a pharma program, or is more tech-based, like the use for different modalities, some color will be nice. And then I have a follow-up on the CAMBI after that.

Yes, I think what we can say is that we have a broad interest. We have interest both for our drug programs, we have also interest from our brain transporter with things that we have done before. And we also have interest in the new stuff that we're working on. So I would say broad interest.

Got it. And then only can be As for the ASIC guidance, how comfortable are you with the number that they put out? And can you elaborate a bit more on the status and next steps in a launch in the Nordic countries where you have co-commercialization rights? Thank you.

As for the full year forecast, we can't really comment on that. This is ASIC's forecast, and we believe that they are good at forecasting, and we can't really comment any more than that. As for the Nordics, I hand the word to Annika.

Yes, I already alluded to in the presentation that we were obviously disappointed with the Swedish negative recommendation as our ambition is really to help patient access to these innovative treatments, but our Nordic loan strategy is really long-term and evidence-driven. And as we know, the reimbursement decisions differs across countries and systems all across Europe, actually, and we know that It takes time in Europe generally, if you compare to US and Asia when it comes to speedy access and new innovations. So we continue our dialogue with the different stakeholders and authorities. And as I mentioned, I mean, there might be some other pathways going forward with discussing a broader reimbursement in the different countries. So we continue to engage and prepare for a broader broader reimbursement and as we know i mean neither europe nor sweden is kind of a bigger chunk of our financial expectations of revenue so so we have time and we continue as a reminder if you wish to ask a question please dial pound key 5 on your telephone keypad

The next question comes from Rajan Sharma from Goldman Sachs. Please go ahead.

Hey, morning. Thanks for taking my questions. So firstly on Exivanimab, could you just help us understand what your internal bar is for a positive readout? I guess that's another way, what would you need to see to justify further development given that we've seen a reasonable amount of attrition with the mechanism previously? And then one on the commercial, realize it's small, but could you just help us understand the size of the commercial opportunity for Likambi in the private markets in the Nordic regions. Are there any sort of comps that you could point to where there have been some successful rollouts in that segment of the market? Thank you.

Okay, so with regard to Exedalimab, what we're looking for here, and we should remind ourselves what kind of study this is, it is a study where the primary endpoint is safety and tolerability, and where we also will be looking at pharmacokinetics to see which doses should we use in Phase 2b. and we also have included some biomarkers but they are more there in order to learn for and prepare for the next phase 2b studies so i think a positive readout would be that it's well tolerated and looks safe and that we can see what those two use in the next study and that we have learned how to use the biomarkers so that is what i would expect and i think we will have an like an interim analysis for safety at another stage. And then at the end of the year, we will have the full results from the study.

And if I may add to that, in terms of recent appreciations, there has also been recent progress with two alpha-synuclein antibodies now in phase three studies, the Fasinusumab in PD from Roshen and the Alminitub from Lundbeck in MSA. So I think that every antibody needs to stand on their own merits. And we have a very, very selective and the most selective antibody for what we believe are the toxic species, the aggregated alpha-synuclein. So we have a differentiated profile. We also have an excellent human PK profile within half-life in human of 30 days. So the combination of this high selectivity and the very, attractive pharmacokinetic profile I think makes us really being able to test the concept of alpha-synuclein lowering in an excellent way with ExaDapNamab. So I think it's very important to not mix the antibodies with each other and the study design are also very very different I would say.

Yes, so in the question on the size of the private market in the Nordics, I would say it's not a huge private market for the Nordics, so you shouldn't have any major expectations on the sales. But I think it differs from one country to another, and you have to remember also that, of course, the different authorities have set up some requirements when it comes to the risk minimization measures uh required by ema and and all the four major nordic countries have different ways of of adjusting that so it takes a little bit of time to to set the clinics up and and see if they kind of meet the criteria to to offer treatment or it can be to private patients but we think it's a good experience uh and of course it's very reassuring to know that some patients do have the opportunity at least to get treatment and it's also much appreciated by the healthcare professionals in the other Nordic countries to hear the experience that the Finnish clinics are having now when they are treating more and more patients in Finland. So I think it's reassuring to see that there is an interest to provide this treatment to patients. But of course,

Thank you.

The next question comes from Joseph Hedden from RX Securities. Please go ahead.

Sorry, sorry about that. Just a couple of follow-ups. So BAN2238, is that the same antibody as Exidabnimab just conjugated to the brain transports technology, or is it a distinct antibody? And then secondly, you talk about expanding use of the brain transporter platform. So when thinking about incorporating different modalities, how much do you need to modify the technology itself? Is it all still based on Are we talking about subtle tweaks or is it something larger? Thank you.

Yeah, if I start with the first question on the Advan 2238, it's not the same antibody as Exidabnumab. It's a slightly modified antibody and That's all I can say. And it's, of course, coupled to our brain transporter technology as well. But it's not exit animal. And for the second question, in terms of modifying the brain transporter platform, I mean, this is a very versatile platform and we have different transferring receptor binders with different affinity. So depending on what you want to achieve, if it's a large C-max or an AUC in the brain, if you need a rapid uptake or what kind of pharmacokinetic profile you need, you might need different affinities for the transferrin receptor. So this is a family of different options that we have. And it's a very versatile platform that we can tailor-made based on the target and the indication and the pharmacokinetic profile that you want to achieve with your specific modality and target of interest, I would say. So it is very versatile and we have modified it in several ways in order to play with different targets.

Okay, thank you.

There are no more phone questions at this time, so I hand the conference back to the speakers for any written questions and closing comments.

Thank you so much. So we have one written question from Fredrik at Red Eye. And it reads, any near-term effect on investments or costs in Sweden to be compensated for in the Lakembi Co. promotion in the coming quarter due to the recent recommendation by the NT Council? Anything we can comment there? No. That's the short answer.

We continue to prepare, and we really hope that we will be able also to help Swedish patients. Even though it's not a financial impact, which is large, we still want to help also Swedish patients.

Operator, I see that there's somebody waiting in the speaker queue.

The next question comes from Natalia Webster from RBC. Please go ahead.

We can't hear you, Natalia.

Apologies for that. Can you hear me okay now?

Yes, perfectly.

Thank you. So firstly, just a follow-up on Lekembe regarding the sub-Q induction producer delay. Appreciate we have ASI's guidance for the full year, but how does a three-month delay affect your assumptions around the ramp through the year? And are there any read-throughs for the Japanese sub-Q initiation timeline as well? Then second question is just on the brain transporter band 2803. You previously had plans to go into phase one in 2026. I appreciate it's up to BMS, but are you able to share any details around timelines there? Thank you.

So if we start with the Lecambia subcutaneous autoinjector, where the FDA has a new PDUFA date of 24th of August, and they have asked for some more data on switching between IV and subcutaneous administration. And our partners are very confident that this will run through in a good way. And we have a priority review. And even if it is a three-month delay, it's still shorter review time than if we had had a standard review time. And I would not be surprised if it comes before 24th of May. I don't think that we should see any read-through in this delay to Japan on the other side. We see that ASI mentioned that Q3 is when they expect that response. So I think it all looks very good. subkyoto injector, which in the US is called iClick, is a really important next step, which I think that will help patients a lot in making it more convenient. Your other question, I think, was, I didn't hear really, but I thought you asked about BAN 2803, which is partnered with Bristol-Myers Squibb. And it's really in their hands and we're not commenting upon exactly when that will go into man. But it's progressing well, according to all news we have.

Thank you.

Okay, we see there's another question, written question here from Eric Hultgaard at Carnegie, and that's regarding the recent data that came out from Biogen on their TAO, in their TAO project, and what the implications are, if any, for the field with that.

So I think what we have seen in the Alzheimer's field so far is that we have two treatments that has shown positive clinical data and also got through full registration process, Lekembe and one more. And then it is of course important to see if there can be other treatments coming through as well. And we saw that there is some interesting data coming out from the phase two study. uh from from biogen and i really look forward to seeing the results that aic and i think it's good that we can have combination treatments in the future we should remember that they can be even though the target is amyloid we also affect tau and phospho tau and so forth i mean we but i think maybe in the future that will be good with combination treatments as well so i really look forward to seeing more data

There doesn't seem to be any more questions lined up for us. So with that, I think we thank everybody for listening in today and looking forward to seeing you soon again.