Camurus AB (publ)

Welcome to Camuro's Q1 Report 2026. During the questions and answer session, telco participants are able to ask questions by dialing pound key five on the telephone keypad. Now I will hand the conference over to CEO Fredrik Thibard. Please go ahead.

Thank you so much, Einar. Good day, everyone, and welcome to our first earnings call in 2026. Please note first our forward-looking statements. Here is the agenda for today. I'll start with the highlights. Anders will cover the financials, Richard the commercial update, and I'll return with a pipeline update and key takeaways before moving to Q&A. Starting with a few words on the quarter. As we stated in the report released earlier today, Q1 was on track with our full year guidance. Revenues recovered following the UK distribution model change, and we made continued progress across our commercial programmes and development pipeline. Financially, total revenues were 533 million SEK, a 15% increase versus previous quarter, but a 5% decline year on year, driven by FX and channel facing in 2025. We maintained strong profitability with a 32% operating margin and ended the quarter with 3.9 billion SEC in cash. Importantly, we look forward to a robust growth trajectory for the rest of 2026. Commercially, reported price sales were down 12% year on year or 6% at constant exchange rate. However, underlying in-market growth was significant. Buvedal grew 17%. And Oxyisa delivered its first full commercial quarter with 4 million SEK in net sales in Germany alone. Brixari royalties increased 44% or 59% at the constant exchange rate. And on the pipeline side, and this is what is going to be particularly eventful in the coming quarters, the FDA accepted the Oclays NDA in the US with an anticipated decision date of 10th of June this year. And Sorrento continued to progress towards the primary readout in GapNet. I'll come back to both of these programs later on in the call. With that said, Anders, over to you and financials.

Thank you, Frederick. Overall, the first financial quarter results met our expectations. Moving to the next slide, we can see the main components of the profit and loss. Cameroon's reported quarterly revenue of $533 million, down from $558 million, a year-on-year 5% decrease. However, a constant exchange rate, the revenues grew by 3%. The overall decline is primarily due to the unfavorable currency effect and channel phasing. And the sequential basis revenue increased by 15% from Q4, driven by a one-time impact of 93 million SEC, resulting from the change in the UK distribution model in the previous quarter. Total open for the quarter amounted to 328 million SEC. A 13% increase year-on-year, primarily driven by the continued investment in commercialization and R&D. Marketing and distribution costs increased to $130 million, fueled by the expansion of Buberdale and Axis, as well as the company's entry to the U.S. market. Administrative expenses reached $47 million. R&D spending was $138 million. Year-over-year, an increase of $7 million. For clarity, the anticipated significant increase in R&D and U.S. loan spend will primarily occur in the second half of this year. The operating result for the quarter was 168 million SEC, down 30% or 15% at constant exchange rate compared to the same period last year. The operating margin was 32% and earnings per share before dilution were 2.42 SEC per share. Moving to the next slide showing the cash flow. The quarter cash flow shows 150 million SEC increase in the cash position compared to the end of 25, primarily driven by a solid operating cash flow of 162 million. The change in working capital had a modest negative impact of 9 million, primarily due to the reduced accounts payable and increased trade receivables. cash flow from investing activities was negative 39 million sec primarily due to the establishment of a second manufacturer for place in the u.s financing activities added 21 million sec mainly from the exercise of the employee stock options this resulted in a very strong cash position of 3.876 billion sec at the end of q1 a 35 increase on the same time compared to the same time last year This solid financial position gives us the flexibility to continue investing in our pipeline, expand our global commercial operation and see strategic opportunities as they arise, all while creating sustainable value for our shareholders. With that, I'll hand over to Richard.

Thank you, Anders. So starting with Bovedal, the quarter was in line with our guidance assumptions. Reported sales of 42, 422 million sec were down 13 percent year on year or 7 percent on a constant exchange rate basis, which reflects the UK channel phasing we've discussed. The more meaningful metric is in market sales, which grew 17 percent year on year. So underlying demand is strong. Nordics, Germany, France and Spain saw robust growth and Portugal saw rapid initial uptake following the release of funding to the treating clinics. Overall, health care professional and patient response in Portugal has been very positive, as we've seen in other markets. In Australia, we saw the usual seasonal softness from the summer period. Sales are typically building Q4 ahead of the vacations before normalising in Q1. The UK remains a focus area. Funding restraints from the prior year carried into Q1, but importantly, a new three-year budget was announced for the NHS financial year starting the 1st of April. We expect this to lead to meaningfully improved patient access going forward. And during the quarter, some notable policy support for Buvidal was published in both England and Wales, with calls for more access and funding for long-acting buprenorphine. In Germany, the Federal Audit Office, who carries significant weight politically, has recommended shifting physician remuneration for opioid dependence treatment away from dispensing payments towards consultation and coordination of services, and has called on the Ministry of Health to update the reimbursement framework accordingly. If and when implemented, this structural change is expected to remove a key barrier to patient access to innovative treatments for opioid dependence. And at the end of the quarter, approximately 73,000 patients were estimated to be in treatment with Buvidal. And we continued working towards our 2027 ambition of 100,000 patients. Now, turning to the U.S., BRICS audit royalties in Q1 were 106 million SEC, up 44% year-on-year and 59% at constant exchange rates. The quarter did see some seasonal softness from annual prior authorization renewals and payer mix dynamics, both of which we expect to normalize as the year progresses. And the underlying trajectory remains very strong. Rixardi's equivalent unit share reached approximately 32% of the US long-acting injectable buprenorphine segment, according to external audit data, which is up from 26% a year ago. And that segment itself is growing more than 30% year-on-year, so we're gaining share in an expanding market. Rayburn continues to invest materially in the franchise, including expanded patient facing commercial activities, and we remain confident in a strong trajectory through 2026. Now moving across to the launch of Oxasia in Germany, where we had a good first full quarter. Sales reached 4.2 million sec, with approximately 50 patients in treatment, representing about 2.5% share after just one quarter. The product profile is resonating with both patients and physicians. And whilst we anticipate the rate of uptake to normalize going forward, due to the cadence of patients visiting clinics, we continue to expect penetration towards a double digit share in Germany by year end. Beyond Germany, launch preparations are advancing. In the UK, we've secured listing on the NHS National Framework Agreement and have submitted 30 informally applications. And pricing approvals are in place in Norway and Sweden. And sales and medical teams are in place across our Wave 1 markets. The opportunity in initial launch market is an estimated 3,000 to 5,000 patients on current standard of care somatostatin analogs. And market research indicates a 30% to 60% willingness to switch. And turning to Oclays in the US, with the FDA PDUFA action dates less than a month from today, our US commercial team organization is launch ready. The core team has spent the last year executing a comprehensive pre-launch plan across every work stream. With these foundations in place, we are well positioned for an anticipated US launch of Oclays in Q3, 2026. So with this, I'll hand back to Frederick for the R&D update.

Thank you. Moving over to a brief pipeline update. So starting with CAMP 2029, where we have three programs in parallel. In acromegaly, as Richard said, the PDUFA date is set and we are ready to launch once and if, of course, we receive approval. We have a strong presence at the ongoing European Congress of Endocrinology in Prague. We had a rapid-fire oral presentation, several posters, and a symposium on new acromegaly treatments that attracted around 500 participants. The meeting is finishing this week, so it's been a very good showcase for our Acronova data that continues to build. We look forward to an equally productive meeting at ENDO in Chicago later in this month. In GEPnet, Sorento is progressing according to plan. Event accrual is tracking towards the target of 194 progression-free survival events expected in the second half. And this will be then followed by the readout of primary phase 3 data. And as you know, with 332 patients across 12 countries, this is the largest randomized sustained release somatostatin analog study in this indication to date. And a positive superiority outcome would be a major milestone for cameras and, of course, also for patients. In polycystic liver disease, we completed an end-of-phase-2 meeting with the FDA. And the first patients have now finished the two and a half year Positano extension study. Here, the next steps will be informed by the FDA guidance and the extension data that is coming successfully here. And we will also in this area present new Positano results at the EASL in Barcelona later this month with an oral presentation at the opening day. Moving over to the next program of interest, of course, CAM 2056. Here we have continued to work on the preparations for the Phase 2b study, which is advancing and is going to initiate in the second half of this year, following a Type B interaction with the FDA that we had earlier in the quarter. In parallel, we are developing the final product format, including the auto-injector pen for phase three and commercialization. Our partnership programs have also advanced during the quarter with Eli Lilly, R&D activities on the long-acting incretins using our fluid crystal technology are progressing to plan. And with Gubra, we are jointly developing a long-acting PTH analog for hypoparathyroidism. with candidate selection planned for mid this year. And in addition, we have other new exciting programs advancing through early developments. So let me now turn to our priorities going forward. As you heard, the quarter is on track with full year guidance reaffirmed. Underlying commercial momentum is strong. We have an all-in market growth of 17%. Brickside is up at a constant rate of 59% over the year. And a good first quarter for OxyESA in Germany. From here, we expect performance to build through the year, supported by improved market access, the UK funding framework, now in effect, continued Brickside momentum, and the continued European rollout of OXY-ISA. Looking ahead, several potentially significant milestones are, of course, in front of us, including the OCLEIS FDA action date and the Sorrento completion and primary results, and together also with the start of the CHEM 2056 Phase 2b study and, of course, also our partnerships. So we are all in all confident in delivering on our 2026 objectives. And with that, I'll just let the floor open for questions. Please take over, Einar.

Thanks, Fredrik. The first question is from Gonzalo Arteac from Danske Bank. Please go ahead, Gonzalo. The line is open, Gonzalo.

Hello everyone and thank you for the questions. The first one, I think that it would be great if you could provide some color on the UK situation and in your report you're mentioning that funding now it has been announced but when is this funding uh in detail i mean if you could give us some color here expected to arrive to clinics um is it already in place since since april first and have you started seeing some kind of momentum or positive signals uh in the uk here and i was wondering if you could also give us some color on your guidance range and i don't know if you could provide some granularity on the top line range that you provide? I mean, how much is the UK funding healing clinics in the right time based into this range? Thank you so much.

Thank you. Richard, do you want to start? Yeah, sure. So on the UK, obviously the multi-year funding framework that's been announced is a meaningful step forward. And it provides, I think, the commissioners who are commissioning treatment a certainty over three years and removes one of those key barriers that was preventing prescribing because some of the clinics didn't know whether they have continued funding. They now have that. We expect the effect to build gradually. It takes time for these budget allocations coming through, but we expect to see it during Q2 and then obviously in the second half of the year. But the meaningful impact will be in the second half of the year. I mean, the grant itself is quite substantial. It's a total public health grant of something like 13.4, I think it is, billion pounds. Obviously, that's not just for substance misuse and other public health grants, but the substance use is part of that programme. And that's a meaningful increase than they've had before. So really, the summary is it's three years, which is important, and it's an increase that happened before. So we're positive that's going to make an impact.

And maybe we should add that we are also working on other complementary activities. So this is a very important foundation, but we're also looking at other options going forward. When it comes to the guidance range, Anders, do you want to take that question?

Maybe it's being too specific going into the UK numbers, but I can confirm that the Q1 result is aligned with our internal projections, also on the country level overall. So, yeah, but I can't go into specifics for the UK.

Okay, that's clear. Thank you very much. One question, if I have the chance, is on Bovidal. In your report, you say that you're expecting completion of events needed in the Sorrento study to close in H2. From what you know now, are you guys expecting more of a Q4 push, potentially, readout to Q1 next year, or you're expecting readout also this year?

We have changed. I assume you didn't mean BOOV at all, but you mean CAM 2029. Yeah, sorry, sorry, yes. Yeah, so I mean, we maintain our expectations to have the readout in the second half or actually to have the events occurring in the second half, I should say. And the readout. Yeah.

Yeah.

And the events come in. I mean, there are two pathways for that. So we are expecting a large update in June. The end of May, so I will give you further clarity into more detailed planning of times once we have that. But as you know, it is event crew is progressing aligned with our expectation. But, you know, you need to have the last event to be able to close the trial. So there is always going to be some uncertainty in these numbers coming in. Great.

Thank you very much.

The next question is from Romy O'Connor from Kempin. Please go ahead, Romy.

Hi, team. Thank you for the presentation today. I have two quick questions. The first one, how do you expect growth to look like for patients on buvidal treatment, considering your target of 100,000 patients by your end? So if I'm looking at an additional 3,000 patients on average quarter over quarter, how do you expect to reach your targets? And the second question, you also mentioned that collaborations with Lilly and Gubra progress with development candidate selection for Gubra plans mid this year. Are you able to provide some additional color on this, or is there any insights on clinical development timelines? Thank you.

Yeah.

Do you want to start out, Richard? Yes, I can start with the path to 100,000. I mean, we set our ambition there for the end of 2027, and as you say, it needs a 3,000 net patient gain. Obviously, going forward, this requires continued progress in the market access programs that we've ongoing. Obviously, the UK was a good step in the right direction and we see that hopefully solving that problem. We've also got expanding geographies as well. Some new markets are picking up well and we're going to be launching a couple of new markets relatively soon as well. So I think overall, we can still achieve that with the tracking that we're doing at the moment.

Yeah. And, Romy, could you please repeat the second question that I have?

Yeah, it was just any additional insights on clinical development timelines with Lilly and Gubra.

Yeah, I mean, unfortunately, we don't provide any guidelines updates on the Lilly collaboration at this point. However, with Gubra, we are making good advances also in the preclinical side. And it's difficult to give direct estimates about when we can start clinical phase studies. But we are working effectively together with them. And I think, you know, potentially next year.

Great, thank you.

That's how far I can go, I think. Thank you, Rumi.

The next question is from Christopher Ude from SCB. Please go ahead, Christopher.

Hi there. Christopher Ude, SCB. Thank you very much for taking my questions. I guess I'd start off on perhaps the U.S. side of things. Indivior made some interesting comments on its call noting sort of success with their rapid initiation where they're saying they're the only ones who have that, and also the accelerated first dose. They talked a lot about their DTC and then, quote, unquote, enhanced service agreements with key specialty pharmacies and expecting to double volume growth basically year over year. What are your reflections on the relative importance of these various initiatives in sort of, let's say, limiting BRICSATI uptake after what was initially an extremely fast launch that's since kind of moderated a little bit? Obviously, you're still getting, you know, taking share, as you've pointed out. But to what extent is Braeburn pursuing any of these kinds of efforts itself as well? That's my first question, please.

Yeah, first of all, I think it's important to say that we are looking at our primary expansion potential or Braeburn's primary expansion potential is, of course, in the 90% of patients that are currently treated with sublingual therapy. But nonetheless, that's still a very important question that you have here. And in terms of the rapid initiation, We have, of course, had that from the beginning in terms of our weekly to monthly switch and the possibility of starting Bricsadi directly, along with many other features that are still making Bricsadi into a very differentiated treatment. I think for what I've seen from the individual regimen, Of course, they are giving two monthly doses within the first week, which is, of course, going to be positive, at least from a number of units perspective used in the treatment at the start of treatment. So definitely that will grow at least the initial part of the treatment cycle. And I think it's useful for patients to have access to a new initiation regimen. I don't think, I mean, we're seeing continued good uptake. And so we are not, at least on our side, we feel quite comfortable with the situation we have and the differentiation that Brixadi has. Thank you. Do you have anything else?

Yeah, well, if you wouldn't mind, I was wondering about, so there was an article in the San Francisco Chronicle recently discussing brixadi and sublocate and the importance of initiating at the correct dose and talking about patients who refused a second dose after experiencing withdrawal, I guess, triggered by a too high dose of brixadi. Would you please talk a little bit about the level of adherence you see how it compares to the competition from, you know, to the best of what you're able to see, and can you help us quantify how your broad range of doses contributes to this, and particularly in view of the fact that your competitors' low dose is at the high end of what you offer?

I think this is a very intricate discussion, and I'm happy to take it, but I think it's a little bit too complex for this setting. I mean, it is true that very high initiation concentrations do have an impact in terms of the side effects that can be seen with buprenorphine, if that's what you're referring to. We are having had this discussion in the European market. We see, for instance, now when patients are switched over to Bixadi or Buvidol in Europe, we see no changes whatsoever. We see very high efficacy and very high retention. So I cannot speak to a specific report from Bixadi. one physician in San Francisco. It's difficult for me, but please share the information. I can follow up on that separately.

All right. I appreciate that. Thanks. If I could throw in one last question just on Bovedal then. So obviously the UK has apparently resolved, but how will the new framework really work? I mean, structurally, does it, does it potentially cap your growth then in the UK over time? Or is the, let's say, and if there is a cap, is it so high that it doesn't matter in practical terms? I mean, and do, obviously the, you know, it was a bit of a slow start then in the year from the UK, but do you expect a sort of full or partial recovery then in revenue? You know, let's say perhaps from the perspective of consensus expectations.

Yes. I mean, you know, right now we're in the market, we're growing 17 percent. And, you know, the reported sales are impacted by the change in distribution models that we've had in the UK. So underlying that, I mean, the new funding, we do anticipate improving access to patients. I mean, typically. Numbers talked about in the UK are somewhere between 20-25% of patients should have access to long-acting Groupon or at least in the first wave, and that's what they'll be heading to. The new money helps that. The certainty around the three-year funding arrangement that goes up over three years also supports that as well, and I think it's given confidence both to commissioners to commission now, because they know it can be a longer-term opportunity, process and also for providers of treatment to start initiating patients without the fear that the money might not be available next year. So it's given that certainty to the market.

Okay.

I guess just a clarification on the, you know, what I meant is, should we see it as phasing of what we were already thinking of? I mean, growing over 20% in Europe, or should we see it as perhaps moderating that slightly?

No, I mean, it's obvious. I mean, it takes time for those funding to come through to the clinics, of course, just because the bureaucracy around it. But we expect to see some signals in Q2 and then particularly in the second half.

Thanks very much. Yeah, thank you. Next.

Next question from Sean Harmer from Jeffries. Please go ahead, Sean. Hi, Sean.

Hi. Thank you so much for taking my questions. I've got three, please, if I may, and I'll take them one at a time. So firstly, if you were to sort of order the varying headwinds in terms of the level of impact from greatest to least for Buberdile, how would you order Australia seasonality, UK distribution model change, FX? Yeah, how would you order those three in terms of level of impact?

Yeah, I think we should limit that question to the headwinds in the quarter because I think we have quite a good outlook. But Richard, maybe you take that.

Yeah, I'm not 100% sure what the question is really. I mean, Australia will pick up, the underlying growth is still there. So that's just seasonality that we know. So we see that be improved in Q2. I think the UK, the underlying growth in the UK will be reflected in Q2 rather than being impacted by the change in distribution model that we saw in Q1. And then effects of you saw, I think, from what I said that of the revenue change, I think that approximately half of it was down to effects and half of it was down to the distribution model change.

Okay, that's clear. Thank you. And then my second question, please. And I know sort of you mentioned Braeburn is doing some work on the commercial and the sales front in terms of sort of promoting Bricsadi. We know that Indivio has a DTC program for sublocate. Is there anything similar for Brixardi or can you be a bit more perhaps specific on the specific things that Rayburn is doing to promote Brixardi?

Well, as we are saying in this report, you know, Rayburn does have an investing increasingly into direct to patient activities. I can't specify them. I mean, they are going various different routes, of course, via everything from social media to direct interactions. And that is an initiative that has been ongoing for some time and accelerated during the first part of this year. So as I understand it, it's an investment that is having some good traction.

it that's clear and then just one last one from me please um when can we expect the full data for cam 2056 and and in which format so would it be a publication a conference or perhaps both both yes i would say second half got it thanks so much next question from richard romanius from red eye please go ahead richard

Good afternoon. I just have one question. Do you assume significant revenue contribution from Oclays and Noxiesa in your 2026 revenue guidance? Or if I phrase it like this, do you need revenue from Oclays and Noxiesa to reach your 2026 revenue guidance?

I think we have been pretty modest on that note. Maybe Anders, if you want to.

No, yeah, so that can definitely be covered within the spread we have in the outlook. So it's not like it's so heavy as you're signaling in our assumptions.

Is that clear enough? Okay, thanks. Yeah, thanks. Thank you.

Next one's from George Tegalono-Bjergte from ABG Sandal Collier. Please go ahead, George.

Hi, this is George from ABG. I have a two-part question on CAM 2029 in GEPnet, if I may please. So first, according to current tracking of a number of events, is the readout more likely to be announced towards the beginning or end of H2? And secondly, given a successful readout, I wonder if you can remind us of the timeline from this to market launch in the US and Europe respectively. Thank you.

Yeah, thank you. So in terms of the readout, as I said, we have a big data pool coming in later on this month. And I think it's difficult to give you more precise detail about when the events will occur. I would say very early in the second half is perhaps less likely. So if that's giving you some direction, that's probably as far as we can comment right now. And on the other topic, can you repeat that? Yes, the continued programme. Obviously, a positive superiority outcome would position us extremely well in terms of demonstrating the performance of CAM 2029 and GapNet. And the regulatory path from there on would be an NDA application to the FDA, and that would be submitted as quickly as possible post data. And I think we have a very tight process there in place. And we believe that it's possible to have the approval based on our assumption within the fourth quarter of 2027. So that's the expectation based on our current understanding and regulatory review. In Europe, it would probably take a slightly longer time because of the assessment timelines. So it would be an initial and approval plan for the US.

Great. That was clear. Thank you very much.

Thank you. Next one is Mathias Heggblom from Handelsbanken. Please go ahead, Mathias.

Thank you so much. A couple of questions, please. First on the option for Lilly to include amylin as part of the June 2025 agreement. If Lilly decides not to pick up the option when it expires this summer, would you anticipate other interest for using fluid crystal applied to amylin from external parties?

Yeah, I think this is, at this moment, quite speculative. So I wouldn't really... But obviously, we will try to exploit our technology to its broadest application in indications which we consider are suitable. So when it comes to the specific case of Amelin, let's wait and see how things evolve. we will be announcing any developments. I'm not sure where the timeline has been provided, so that's a question I cannot confirm. But otherwise, I would say that we'll update on that if it would become relevant.

Could I rephrase maybe? So when you signed the deal in June 2005, was there a competitive interest, except Lille, to include increases as part of Fluid Crystal?

I mean, we do have significant interest in different applications and mode of actions, of course, for the Fluid Crystal technology. And we did so also before signing the agreement, yes.

Thank you. That's helpful. And then secondly, recent court documents tied to the ongoing legal dispute between investors back in the U.S. partner, Bayburn, show that there has been an offer made for Bayburn by an undisclosed party that was viewed unacceptable. So could you maybe use this opportunity to remind me where Camry stands on its updated M&A agenda and key priorities?

Yes. I mean, we, you know, remain focused on, strategic potential, potential strategic assets, of course, and we are having ongoing activities on various different targets, of course. However, we have said that it needs to be have a clear fit for our further development in the company. And so far, we haven't announced anything. So so that's that's an important point. Also, we see some new opportunities in our pipeline, so we have and we will see the opportunity to invest further into both the mid and the late stage development potentially in our pipeline. So there are there will be some prioritizations to consider going forward. But definitely it's part of our agenda. And as you know, we have also now Jan Buslausen on board and she will of course be and part of her activities is related to that area as well as our strong BD group.

That's very helpful, thanks a lot.

Thank you.

Next one from Dan Akshuti from Pareto Securities, please go ahead Dan.

Hi, everyone, and thank you for taking my questions. Just a follow-up, it was briefly discussed already on Australia and also on the UK funding situation to Australia. If we look at the numbers from back to 23, it was performing better than Q1 this year. If you could just share a bit more more what has been happening over the past years, 24, 25, and now this year. And then on the UK funding situation, it sounds promising, but as you noted yourself earlier, it has been quite tricky that the money actually is used in the clinics. If you have some more detailed knowledge on how it has been going since April. Then one more general question, if there is time and that is kind of the stickiness of the current solutions that compete with BRICS-RD non-long acting solutions and what Braeburn is doing against that. Sorry, one more question. How many salespeople will actually be activated directly upon US approval for Auxieta in the US? Thank you.

Yeah, please, Richard. Shall I start? OK, so on Australia, yes, I mean, the penetration is good in Australia. I think we have some of the region of 30% of total market share now on Buvedal, and we maintain our leadership in the long-acting Buprenorphine segment with above 80% share of that segment. So things are going on. That penetration is strong, and inevitably you see growth rates slowing down a bit as you penetrate a market. I think there's still an opportunity in Australia. I still think we're seeing growth, and we will continue to see growth. Q1 is a bit of an anomaly because of the seasonal distribution holdings in Q4 that normalise in Q1. But then we expect that to come back on Q2. So that will go. um in the uk uh yes the funding is it's a good question i mean last year we we did they did announce the funding and income and one of the problems was that it was only a year's funding this time it's committed for three years and i think it's very clear the government intends that to to make its way to invest in treatments of opioid dependence so we have much more confidence i think that that money will come to the clinics and it will take away some of the resistance i think of commissioners and and clinics to start long-acting when they didn't have certainty about long-term funding. They now have that, so that should take away that issue.

And if it was the US sales force, you said, I think we have talked about 20 people approximately in the sales force for Oakley's post-approval.

And they are already trained, so they will be directly active or Will they be trained after approval?

They will be active, you know, at the point of launch. So then the launch will occur within a relatively short timeframe from the approval. The training will be active. Active training will be implemented post-approval. Okay.

Okay, thank you.

There are no more questions from the telco, so I hand the word back to you, Fredrik, for closing comments.

Thank you so much for listening to this call and looking forward to our update next time in July. It's been a pleasure today and thank you for the questions. With that said, we can close the call. Thank you.