Gentian Diagnostics ASA ($GENT)

Okay. Very good morning, and welcome to Gentian's Quarter 1 2026 Presentation. My name is Matti Heinonen. I'm the CEO of Gentian, and I will be presenting today with my colleagues our quarter 1 results. Here are the important notices. And I will start by the highlights of the quarter, after which I go back to the company, key data and information about us, and then we will dig deeper into the financial and product performance. [Technical Difficulty] But let's go now to the quarter highlights. Our quarter 1, we recorded stable sales compared to the quarter 1 '25, sales of NOK 43.9 million, which was actually 4% organic growth. Sales to the U.S. were NOK 8.7 million compared to NOK 3.8 million last year same quarter, but we come back later to the adjusted warehouse shift adjusted growth numbers. EBITDA was NOK 5 million in first quarter. Our CFO, Njaal Kind will talk about that and impacts that came from some decisions we made. And gross margin was at 53%, which is almost at the level of 55% to 60% target that we have set to ourselves. And I want to remind that last year's Q1 was a record high, both considering the EBITDA and gross margin. Some additional comments about the quarter. The overall sales performance, we were expecting actually a better quarter, but there was a large shift of NOK 5.3 million Cystatin C order from March to subsequent quarters starting from Q2. And also very important to say that this change is not expected to have any negative impact on full year sales. [Technical Difficulty] So then let's -- so that was the key point of the overall sales and the order shift from Q1 to subsequent quarters. If we look at the key products, fCAL Turbo increased by 10% in quarter 1 and we expect actually a very good year for fCAL turbo and fPELA, so the Buhlmann franchise. We have heard good news of them being able to win or add new important accounts in the U.S. and in several European countries. Then if we look at the underlying regional sales, sales to Europe grew by 16% in quarter 1, which is a really good performance and in line with our expectations and sales to the U.S. 10.5%. And this is when we adjust for the warehouse shift of a key customer from Europe to U.S. last year April. But soon, we will get rid of this quarter-to-quarter adjustment comparison, and we can start discussing about apples-to-apples sales with U.S. and Europe. Then in Q1, we also announced a long-term contract renewal with our long-time partner, Buhlmann, and that was for the fCAL, and we will come back more to that one. But it just underlines the strong and long-standing partnership that these 2 companies have together. Again, I will really come back and elaborate more on the next point. But in late Q1, very recently, we at Gentian have decided to discontinue the development of our heart failure NT-proBNP assay development after comprehensive technical and strategic evaluation. At the same time, when you close a chapter, that gives you an opportunity to look forward and start doing new things. And we have already started reallocating our resources towards accelerating the execution of our expanding pipeline, and I will end today's presentation, especially with these 2 points, discussing a little bit more about the NT-proBNP decision, but then looking forward and telling you why we feel confident about our future growth prospects. So with this one, just a short reminder about Gentian. So as you know, we are a medtech company, focusing on the diagnostic part and having a $1.4 billion serviceable market that is growing 5% to 10% year-over-year. On the left-hand side, you can see our annual growth rate, which has been over 20%. And then also, we work with a very appealing value proposition, lean business model and focused growth strategy. We have industry-leading capabilities here in-house from R&D operations to regulatory affairs and product support, and that is a unique differentiator of Gentian to our competitors. As you see already, of course, we are in a commercial phase and making profit since already some years, and we have a very strong focus on the quality aspects and ESG. Here, you see our key products, and we are focusing on inflammation, infection and kidney disease at the moment, and we'll be adding new key disease areas when the pipeline starts unfolding and realizing. Cystatin C was our first product launched in 2006 and became last year also our highest selling product, followed closely by fCAL, the fecal calprotectin and -- which is together with fPELA commercialized globally through Buhlmann Laboratories, our strategic partner. And fCAL had last year flat sales. But like I said, we expect a very good year for this Buhlmann franchise in 2026. Then we have for vet diagnostics, a CRP for dogs, cCRP, which is a gold standard in that area and is experiencing -- had a very good year last year and continues to grow strongly this year in Europe and in the U.S. We have added RBP, retinol-binding protein some years ago, and that product is in market development. And so is our own calprotectin GCAL, which is for serum and plasma. And as you may remember, we pivoted the focus from sepsis to relative diseases, and we are generating data on both to impact the guidelines and accelerate the pickup of the product. And our key drivers for long-term growth are here and unchanged, except the NT-proBNP, obviously. We have 5 established products with solid growth potential. And I have to say again and repeat, all of our products are really far away from their peak sales. So we can expect strong growth over the years from even existing portfolio. We are working hard to prove the clinical relevance of GCAL, and we are looking for new partnerships and use cases, and that starts to look promising. We will really work harder to bring a steady stream of new high-impact diagnostic tests to market. And like I said, I will end this presentation later focusing on this area. We want to secure new contracts, of course, smaller ones, but also big ones, at least 1 per year with global commercial partners. Our gross margin target is to take it from 50% to 60% level. And as you remember now, this quarter, we were at 53% and long-term EBITDA margin to take it up to 40%. With this one, I want to actually ask Njaal Kind to come on stage and talk about the key financials. Njaal?

Thank you, Matti. I apologize for the technical issues we have this morning. I understand that there might be some trouble for you to see the slides that we are speaking to. We are making now just another -- yet another attempt to fix it, and we will see if that works. At least I can see the slides. So in order to continue, I will just start. So this morning, we announced sales revenue of NOK 43.9 million for the first quarter. This is essentially flat compared to the first quarter last year. But when we adjust for currency movements, we have an organic growth of 4%. And in the U.S., the underlying or the adjusted sales, as we call it, is up about 10% or 11%. It looks more in the table, but that is due to a customer moving its stock from Europe to the U.S. last year. So we have the opposite effect in Europe, where it looks like sales are flat -- but adjusted there for the same stock movement, we are up 16%. Asia is the, let's say, disappointment of the quarter with NOK 4.3 million of sales compared to NOK 10 million in the same quarter last year. This is due to one customer in Asia moving it's -- moving a large shipment from quarter 1 to quarter 2. So we have no information that this will be a reduction in the full-year volume. When we look at the products, Cystatin C is down from last year, and that is explained by the sales -- postponed sales to Asia. Solid quarter for fCAL turbo at NOK 16.4 million. That's up from NOK 14.8 million in the same quarter last year. Third-party products, which is our distribution business in the Nordic region, is essentially flat or a little bit down compared to the same quarter last year. In the other category, we have the smaller products, but it's also affected by a milestone payment that we have received from a partner on a development project that we are currently running. So we are being paid to develop a product. Looking at the cost side of the business, the fixed costs, the underlying cost is quite stable. There is also an adjustment here, unfortunately. It relates to the fact that we are taking an impairment on the NT-proBNP project of about NOK 30 million. And we have not capitalized any cost on that project in quarter 1. So all expenses have been booked on the P&L, which means that we have an increase, an underlying increase. If that had not occurred, there would be a NOK 2.3 million lower R&D expense, but that would have been capitalized. But that is no longer the case. So there is an increase here. And for P&L purpose, the R&D expenses will then move up by NOK 8 million to NOK 10 million per year as there will be no longer any capitalization on this project. Looking at the gross margin, we report a gross margin of 53% in Q1. That is a few points lower than we would like it to be. We have an ambition of 55% to 60% gross margin. What we saw during the quarter was that the Norwegian kroner strengthened significantly towards our main currencies, euros and U.S. dollars. And in addition, we have also seen some moderate cost increases on raw materials in the quarter. Operations-wise, it ran smoothly in the first quarter. So the gross margin is not affected by operational issue. We still believe that it is realistic to assume a gross margin of 55% to 60% going forward. Then looking at the EBITDA, putting all of this together, we have -- we are reporting NOK 5 million in EBITDA in quarter 1. As I spoke to in the cost side, we have an effect of this impairment. And since we are no longer capitalizing R&D costs, the comparable figure here, the comparable EBITDA is, in fact, NOK 2.3 million higher if we go backwards. But going forward, we will not make this type of adjustment. So an EBITDA margin at 11.3% is lower than what we expect. But with the absolute level of EBITDA where we are, we must expect some fluctuations. On the cash position and the balance sheet, we still have a very strong balance sheet with NOK 91.9 million in cash. That is down from year-end, but up compared to the first quarter last year. As we said during the fourth quarter or in our fourth quarter presentation, we had very low working capital by the end -- at the end of last year. And now we are seeing that working capital movement being reversed. So a lot of our cash flow has gone into working capital again. So we are now at a more normal level. No CapEx in the quarter since we stopped capitalization of NT-proBNP. And the equity and equity ratio is significantly down due to the fact that we have booked an impairment of NOK 30.2 million related to the NT-proBNP project. I will stop here and be back again with the Q&A. So if you have any questions, please type them in, and we will hopefully be able to see them and discuss them once Markus and Matti has finished up their parts again. Thank you. Markus?

Thank you, Njaal. My name is Markus Jaquemar. I'm the CGO of Gentian, and I'm happy to report a bit on the products. As you know, we have 4 product categories and starting with Cystatin C, which is our flagship product. As indicated by Njaal, Q1 was rather on the soft side, but mainly impacted by this already mentioned order shift from Q1 to Q2 from Asia. But underlying business, especially in the U.S. and Europe, we see solid growth for Cystatin C. And we also expect that to continue if we take the U.S. growth for Cystatin C, which was already mentioned at 7.9%. In fact, if we take the currency headwinds that we have seen, this actually translates to more than 10% growth in the U.S. and this is driven by new customers, which we and our partners were able to add in the U.S. and as such, grow our business. As you may remember from previous calls, the KDIGO guideline, which is a global guideline recommending the use of Cystatin C is still strongly supporting the adoption of Cystatin C in laboratories, especially in the U.S., but also in Europe right now. So overall, if you see quarter-by-quarter, not the strongest quarter, but please remember the shift from Q1 to Q2. So solid business for Cystatin C, and we are expecting to see that continuing throughout the year. Second product, fCAL turbo, actually has seen 10% growth in Q1. So very solid growth also compared to last year, which was essentially flat. Certainly very important is that element that was mentioned before that we have reestablished a long-term agreement with our partner, Buhlmann Laboratories. And fCAL turbo is really driving an important element of growth at Gentian. Full year expectations are strong, expecting more than 10% growth throughout the year, and that is due to new accounts and large partners that our partner Buhlmann was able to bring on board. So very positive outlook and strong performance for the fCAL turbo product. Other products -- and remember, within the other products category, we list Canine CRP, our vet product, pancreatic elastase, which is also commercialized through Buhlmann, our own calprotectin, serum plasma calprotectin and the retinol-binding protein product. Essentially flat, modest start into the year, but also this category was impacted by an order shift from Q1 to Q2. But we especially would mention that fPELA has seen a strong quarter as such with double-digit growth, and we expect to see this continue throughout the year as Buhlmann has been able to add significant customers to their account list. So overall, other products, modest start, but we see it continuing along our expectations throughout the year, no negative impact throughout the year. The final category is the -- what we call third-party products, other products that are commercialized by our subsidiary in Sweden, Gentian AB. What you see in the chart is actually quite some quarterly variations. And this is also the case for Q1 2026 compared to Q4, which was a very, very strong quarter. So yes, we have seen a decrease by 6% compared to Q1 '25, but we have seen no customer losses, very solid and constant business from our existing customer base and adding new customers as we continue to implement our regional plan and expand our portfolio, both from a customer perspective, but also from a product perspective. So throughout the year, we expect continued growth and revenues according to our expectations. With that, I'd like to turn it back to Matti to talk about an update for R&D.

Thank you, Markus and Njaal. So let's move to the R&D update. So as you remember, in -- before Christmas and in early February, we made 2 announcements about the NT-proBNP development. First, we saw unexpected troubles meeting the last phase verification studies and when we announced a pause of those and started to investigate the root causes for these failures. Then in February, we informed that the trouble -- problems seem to be bigger than anticipated, and they -- we needed to take the product back to optimization, so open up the formulation of the product. And now in quarter 1, our team worked really hard to find several solutions to improve the sensitivity of the assay, which was the issue. So on the lowest concentrations of NT-proBNP target molecule, our assay was not precise enough. Now during the Q1, these optimization activities, they improved the assay in precision and overall analytical chemistry performance of the assay. However, the robust performance data that we have generated and we run many studies unfortunately indicate that the assay is not expected to reliably enough meet the clinical decision criteria needed to rule in and rule out, especially the non-acute heart failure patients, which are the ones on the lowest level of sensitivity of our assay. We have obviously, throughout the years, studied the market and followed carefully. The market has changed. There has been new tests added and less commercial opportunities for a new test. And then based on the data that our assay would not necessarily be able to reliably cover both acute and non-acute patients. The market assessment indicates that there would be a very limited commercial opportunity for acute heart failure only NT-proBNP assay as a stand-alone product because there are several assays covering these both patient groups. So after evaluating a range of strategic alternatives, but also carefully considering the overall future risk profile of this project, the development time needed going forward and of course, importantly, opportunity cost where I will come back next, we have decided to terminate the NT-proBNP heart failure assay development as such. Of course, this doesn't mean that we lose the learnings and data we have so far from this project. And also, we will be investigating and have investigated NT-proBNP already on our high sensitivity technology platform and that we will keep doing going forward. But on PETIA clinical chemistry platform, this project has now ended. This decision, of course, is always unwanted outcome. So every project any company would like to take successfully to the end. But at the same time, when things don't look good and the commercial potential is not there, and as now in our case, we have a growing pipeline of promising other assets, a disciplined decision is needed. And this is really needed to reallocate our resources for future growth of the company. So let's go to talk about that. So R&D update. First, updates about the ongoing projects. The first one is that undisclosed assay with yet undisclosed partner. Unfortunately, we are not still able to tell that data. But we have progressed with that development, and we remain on track to allow them to launch the product at with one of the global IVD companies by the end of 2027. We have been generating a bit more than a year now data for our high-sensitivity technology, exploring its sensitivity gains. And I have mentioned earlier that we can expect significant sensitivity improvements and potentially adding up to 100 analytes to clinical chemistry or PETIA technology that are at the moment outside of the sensitivity range. And now in Q1, we have progressed with concrete partnership discussions. And we will, again, of course, update you when available. But as you know, it's always at least 2, sometimes 3 partners in these discussions, and we need to follow and respect each company's communication policy. But we still stay really focused and optimistic with this new platform. Obviously, it is going to be rather a mid- than short-term development project for commercial sales. Also, we have already made first decision about the next development project. So our R&D will start now in May, working on that new project. But even more importantly, I want to come to the next point. During last year and -- for example, with Markus focusing on his Chief Growth Officer role, we have been able to bring in a lot more product and pipeline and collaboration ideas. And we are really working now R&D, business development and all functions seamlessly together to evaluate these assets, the market opportunities and commercial partners out there. And through this work, we have been able to build already a much stronger new product pipeline or funnel, and that is something that we will have a very strong focus also going forward. And obviously, a strong funnel is the key starting point for new successful launches. But it's important to say that funnel as such in different phases, we don't yet have real-life experience what is the success rate, but it is obvious that not all -- not probably even half of those projects will ever realize in commercial products. But once you have a rich pipeline, even 30% of that realizing would really change the traction of product launches compared to our past 5 to 10 years. And these new projects, once they mature to be ready for development, they require increased attention and immediate resources. And these resources can now be reallocated from the NT-proBNP development. So this is -- again, I want to emphasize that closing a chapter when time has come and it's needed is unwanted, but it also opens up opportunities for new things. And we at Gentian feel at the moment, fairly confident that we have really good opportunities ahead of us, and now we need to and have to start executing on them. Going forward, we will have a very strong focus and more focus on clear market needs, defined routes to commercialization and also existing partner interest to fully execute these projects. So we have implemented already new processes and decision-making points to our pipeline, to R&D, to full development process so that we can investigate certain ideas or collaborations, but we won't enter to full development before certain commercial boxes are ticked. And this is to ensure that we keep -- in the future, we develop products with more clear routes to sales and faster. And obviously, yes, we will continue providing updates on these quarterly calls and separately when needed. And of course, whenever possible and ready, we will announce new assays and partnerships. So stay tuned on that one. So summarizing the quarter 1, sales-wise, flat quarter with a clear reason for that and full confidence that the year will be as expected, and we should continue on that double-digit year-over-year growth as we have been. There are ups and downs, but we have many positive signals for Cystatin C and fCAL/fPELA and also the other products. Of course, the NT-proBNP decision was disappointing. But on the other hand, like I said, one day needed. And now we are summarizing that one, taking learnings and looking confidently to the future, and we will start executing the new asset ideas and collaborations. So we are confident for the full-year performance, and we are excited about the new opportunities that are ahead for Gentian. With this one, we are done for the presentation, and it's time for the Q&A session. So let's see. Njaal is the host of the Q&A typically. So welcome here [ and he will ] go through.

Yes. Let's start. Hopefully, I will get some of those questions up on the screen here, so I can take a look. Yes. So I think let's start a little bit the discussion around NT-proBNP, the effects of terminating that project and our plans going forward. And obviously, now that we have terminated that project, we free up resources. And the question -- I see there are plenty of questions -- is will we accelerate some of the other projects we have ongoing? Will we take cost measures on the -- let's say, on the R&D department and efforts? And sort of what can we expect? I think that's a broad question. What can we expect to see from R&D and what kind of resource spend are we looking at in R&D, at least now for the coming 12 months?

Good and 3 questions. I try to remember all of them. So first of all, well, that undisclosed project for the partner, that has been already fully resourced as needed last year and remains like that. And it is actually about to move now from our Gothenburg research unit here to Moss in development as it moves forward in the development process. So that is secured and fully resourced. When we think about like other consequences, so -- and investing in R&D, Gentian, we do work in an innovation-heavy industry and our future relies on innovating, developing and trustworthily producing new products for our partners. So we are not planning to cut down resources. We have, like I said, actually a very healthy pipeline of new ideas. We have already decided that one new project that will start this month. And we have actually quite long queue of other products waiting to get started. So we will reallocate these resources to those projects. And luckily, it's going to be a mixture of development projects. So not all of them are full development starting from scratch. So in that way, they will enter our development process in different phases. So they will burden different teams. And that's one way how we plan to be able to run in parallel several projects going forward.

Thank you. And I guess, Matti, that's sort of a little bit of a change in terms of our approach to R&D. Instead of, let's say, starting from scratch with a biomarker, we are also now looking at more partner-initiated projects. Would it be possible for you to elaborate a little bit around, let's say, both -- yes, provide a little bit of flavor around how these partner projects may work and how that also can help sort of speed up launch of products?

Very good question. And so already last year, when we revisited our strategy in that document, we talked about balanced pipeline. And what we mean there is that we don't want going forward to have only NT-proBNP type of high-risk long development time projects, but not either made-to-order projects. So we want to have a certain balance between these different kind of projects. And really, yes, there is a cultural change in the way of working. So like I said, we are really thinking R&D and business development as a whole. And we have -- in the current pipeline, we have actually categorized those ideas into 3. One is the full in-house development projects like Cystatin C or NT-proBNP, for example, have been but with larger or higher probability of success doing the market and partner and all that evaluations better before we execute the full development. Then we have these partnership developments, paid partnerships. So Njaal mentioned that we received the first milestone payment in Q1 from this global partner. So this is something we want to do more, and that has resonated really well actually with several of the global IVD companies when we have been discussing our willingness to do that for them. And then also, we have even more business development driven. So they can be collaborations, strategic partnerships or we are discussing also the technology licensing and partnerships of [ ONT ]. So it's going to be a mixture of different projects with different time to market and risk levels to secure 2 things that are really critical for Gentian. We want to launch more products going forward, and we want to broaden our revenue base.

All right. Thank you, Matti. I think there was a lot of questions around NT-proBNP and R&D going forward. I think we have sort of managed to answer many of them. A few questions relating to the ongoing business. I'll start with fCAL. As you know, we renewed our contract with Buhlmann early this year. And there is a question sort of how important is this relationship? That is number one. And number two is, are there any major changes to this contract under the renewal? That question is about if there are minimum volumes or revised pricing structure or something like that. We normally don't disclose, let's say, details around contract. But if you could provide some comments to, let's say, fCAL and Buhlmann, I think that would be appreciated.

Yes. So yes, we negotiated total new contract after several years, but it was clear throughout the process that these 2 companies, we know -- feel and know that we are strongest together and complementary in our capabilities and role in this partnership. Of course, every negotiation ends up with a compromise. But I have to say, I hope, at least for us, this compromise is something that we are happy about. And it also reflects -- it is a very future-looking contract again, and it's a growth-driven contract with certain performance parameters included in it. So we are very happy for that. And also we have understood that our counterparty is happy. And also importantly, we cannot disclose, like Njaal said, the details, but it is a long-term contract that gives both companies ability to focus on driving the growth together.

Thank you. There are a few questions regarding Cystatin C here as well. Let's start with the U.S. So we report 10%, 11% growth organically in the U.S. That compares to what we said about this time last year that we had 35 new customers. And the question is what kind of growth level could we expect in the U.S. going forward? Is 10% a reasonable level? Or do we have higher ambitions or -- yes?

So I think last year, adjusted sales growth was over 50%. And then we were really accelerating with the true partners and adding new customers. But that has continued. We added a number of new customers in Q1, and we have a clear target for our sales team and partners actually for this year. And as you may have noticed, we added one more headcount to the U.S. So it's a 50% increase when we go from 2 to 3. But it is significant, and that helps us both to support the partners, but also do direct to end user sales more. So yes, we do expect, I would say, clearly higher than our company average growth from the U.S. going forward and Cystatin C overall.

All right. Thank you. I think there was one other question on Cystatin C on the list here. Yes, that's more clinical that the recent large-scale studies on postoperative risk on acute kidney injury, heavily document Cystatin C's superiority over creatinine. And the question is there, how is your sales force monitoring -- monetizing, sorry, the specific clinical validation to accelerate hospital conversions in the U.S.

I'm so happy that Markus on my right-hand side was waving his hand. So I will step away and pass.

Well, I think there was another element in the question related to AKI, I believe, yes, cohort on AKI. So in the kidney disease area, we have really 2 cohorts here. We have the chronic kidney disease, which is where Cystatin C shows a strong benefit. On the other hand, AKI, which stands for acute kidney injury, so this is really a traumatic impact to the kidney, and that is measured by NGAL, which is a different assay. And Cystatin C, yes, it does show some benefits also for acute kidney injury, which is actually also described in the new guideline to be issued in 2026 by KDIGO. But overall, I would say that Cystatin C and kidney testing panels, right, are definitely growing and the demand for testing for kidney disease is growing. And so our team is definitely focusing on that aspect, not only in the U.S., but also in the other areas where we are active, and we are communicating that with our partners as well. So we see the development very positively. Again, primarily, Cystatin C is addressing chronic kidney disease, right, with secondary benefits around acute kidney injury, but there are definitely benefits also for those mentioned AKI patients with Cystatin C, but there is more focus on some other assets, to be honest. So our intended use for Cystatin C is really around chronic kidney disease. But overall, strong demand for kidney testing, which is positive for us at Gentian.

Okay. Thank you. I will keep you here, Markus. We have another question relating to GCAL. And of course, the literature has -- supports that GCAL can be used for a wide range of conditions. And the question is when we extend, as we have said, that we extend our area to rheumatoid arthritis, for instance, what can we expect in terms of the time line to get to, let's call it, meaningful revenues on this indication?

As with almost essentially every biomarker that is introduced, there is a certain life cycle until high level of adoption. And that also is the same for GCAL. Serum plasma calprotectin is a more generic biomarker, but its benefits, as you have mentioned, in RA has been shown to be very positive, strong and significant. As we move to growing our sales revenue, it's all about establishing GCAL in guidelines in getting reimbursement schemes for the product. And this is actually what we're focusing a lot specifically on the RA segment. And there are a number of patient organizations and clinical organizations discussing the implementation of GCAL testing, serum plasma calprotectin testing into their guidelines. So as this is happening, we are working with clinicians, with laboratories in our focus areas to really complement the adoption for these kind of products. So this is not an overnight effect. But it will show a positive effect on the demand for the product and as such, for sales, not overnight, but we expect to see good growth for the product in the coming years, yes.

Thank you. I think we have one last question. We are back to pipeline and NT-proBNP. And I think we have touched upon it, but I think we can continue to elaborate a little bit on this, Matti, and that is how should we think about sort of the development risk for these new projects that we are initiating or that we have ongoing and that especially then in light of what has happened to NT-proBNP.

Yes. That is an extremely important question and our obligation to really think through, take learnings and implement them going forward. There's -- immediately come to my mind 3 ways how we are addressing this one. First one is that we have already renewed our new product idea evaluation process. So that is now a very holistic process taking into account not only the science or technical feasibility, but we evaluate the freedom to operate regulatory environment and path to approvals, of course, competitive environment and then potential partners. So -- and then we have a scoring and that really helps us at least not to miss any key risks or opportunities when we prioritize our pipeline. So that per se is already helping us. Then in addition to that one, we have introduced and like I said, we will have the go/no-go decision points and especially with a longer-term, higher-risk project, we will start operating with kind of like a proof of concept or exploratory work. But we -- before entering the full development, we will have certain more commercial related decision points or requirements that need to be met before full development. So there has to be a clear need out there and at least some sort of green light, if not commitment from a commercial partner at least. And then it's also about this balancing. So like I said, we don't want to become a contract manufacturer only, but we cannot have a series of NT-proBNPs. So we will balance our pipeline between these different kind of assets and time to market and sales.

All right. Thank you. We will have to wrap up here. It's almost 10:00. If you have additional questions or if you would like to discuss, please reach out to Matti or myself. We will be back in early July with a quarter 2 update. So until then, please feel free to contact us if there is anything else you want to discuss.

Thank you for joining. Thank you for your continued support, and apologies for the technical issues we had in the beginning and have a nice May, June.

Thank you.