Hua Medicine (Shanghai) Ltd. (2552) Earnings Call Transcript & Summary

[Audio Gap] Okay. So good morning, good evening. Thank you for coming to Hua Medicine 2025 interim results presentation. George and I will share our status and then major progress at Hua Medicine in the first half of '25 and then give you our view for a really strong growth in the next year and then coming years. For dorzagliatin, we are intended to treat diabetes. And as you may know, there has been 9 classes of antidiabetic drug, including the first one, insulin and then most recent ones, the GLP-1s, DPP-4, SGLT-2s. Although those classes of drug has been on the market for at least 15 years, our diabetes still is a global issue, right? By the most recent report by the International Diabetes Federation, the diabetes patient number increased from 500-ish to 589 million with [ 10 ] very bad disease complications. And in this case, the global diabetes-related expenditure increased over $1 trillion. And obviously, United States, although plays #3 in the prevalence rate or 30 million diabetics, they have spent over $400 billion in the diabetes-related cares. China obviously plays in the second and then it's also close to RMB 1 trillion used in the diabetes-related treatment. Brazil, you can see coming 3 and then followed by the European countries and also Argentina, Mexico, those are areas that we have a great unmet medical needs. And you would wonder why in U.S. and European regions, we have very good drugs that lower blood glucose, reduce body weight and then still have such amount of diabetes prevalence and also the very high medical expenditure. I think one of the most important area that people from Western community has overlooked is the impairment of glucose homeostasis. That is the management of glucose fluctuation post meals and then the hypoglycemia in the exercise and in the morning time, nighttime, right? And this glucose fluctuations has generated 10 different complications and it lead to the brain injury, the heart disease, microvascular disease in the kidney, eyes and then foot ulcer as well as the neuro pathways leading to the complication of diabetes, dementia and then peripheral neurological diseases. So you can see we're still in the world of how to learn managing the diabetes, managing the glucose fluctuation. Thanks for the global diabetes organization. Now we introduced a new measure about the glucose homeostasis. That's the timing range. And then for the diabetics, we would like to get their TIR over 80% from the disease condition [indiscernible] is in the 50% range. Now with the new technology in place and also the new therapy in place, we expect that global diabetes drug market continue to grow to $130 billion, almost double from where we are now on 2025, right? This is not just be able to use the existing therapy, but requires the new concept and approaches to address the blood glucose fluctuation to restore the glucose homeostasis. In this slide, my intent is to show that in the developed nations in U.S., North America and Europe, including Spain, Portuguese, France, Germany, Italy and as well as the North Africa countries, they have a very high rate of diabetes-related deaths. And we basically reason that although the technology and lower the blood glucose are very well used in those regions, one very important fact is that the glucose lowering technology does not really support the human energetic balance. Glucose itself is a major source of our human energy. Glucose can react with oxygen ADP converting to ATP, the critical energy source for human beings. And that's why we believe instead of finding all the ways to reduce blood glucose to reduce the body weight, the content of glucose, we need to balance the blood glucose through managing the glucose homeostasis. So that's why dorzagliatin is a very important new drug to managing the human energy storage by restore the glucose homeostasis. This is a global first-in-class glucokinase activator more accurately is a glucokinase modulator. It modulates glucokinase activity depending on the glucose level in our body. So in this way, dorzagliatin will be able to regulate the beta cell for the insulin secretion. It also works on the L cells to regulate the GLP-1 secretion as well as in the alpha cells regulates the glucagon secretion. So the 3 major hormones, insulin, GLP-1 and then glucagon regulates our glucose homeostasis by their hormonal effects. Liver serve as a reservoir for the glucose and then the insulin resistance eerily caused the deficiency of glycogen synthesis, which lead to the insulin resistance. Dorzagliatin as one region repair the glucose sensor GK activity in the 3 organs at the same time, be able to restore the impaired insulin glucose and then GLP-1 secretion. So that it will restore the glucose homeostasis and we have achieved this goal in these 3 long-term clinical studies and additional research work has been published to show through restoring the blood glucose homeostasis, we can reach the diabetes remission. And at the recent work, we have shown that using dorzagliatin has led to the reduction of the insulin or GLP-1s when those patients cannot control their blood glucose using those hormone alone, which means that the regulation of dorzagliatin on glucokinase shows the master control in the blood glucose homeostasis. Now with this, I think we would like to share with you our outstanding commercialization results in the first half of 2025. As many of you remember that starting from January 1 this year, Hua Medicine take over the commercialization of dorzagliatin in China. This efforts come from Hua Medicine current employee and staff over 100 of our staff become the frontline soldiers and interacting in the hospitals and maintain our market share of dorzagliatin in the hospital at the beginning of the year. And then we will quickly be able to establish a 100 staff sales representative based sales team who worked with Hua Medicine's internal team have achieved our net sale to RMB 217 million over RMB 100-ish last year. It's 112% increase in the revenue. And if you look the number of packs we sold in the first half of this year, is representing over 100% increase from 646,000 packs to 1.76 million packs, right? So you can see this dramatic change over 100% in the revenue or in the volume of dorzagliatin, right? I think we have set our goal to achieve over $1 billion -- RMB 1 billion sales by 2027 and might come earlier. And on top of this very exciting sales numbers, we have also increased the gross profit from RMB 47 million to RMB 117 million and with an increase from 46% to 54%, right? That's basically created by our continued optimization in our manufacturing process and reduce the cost of goods in this process. At the same time, because of changing the sales team from our previous partner buyer to our own sales team with significant -- almost double the revenue, but without increase the sales expense. And then the percentage of the sales expense actually significantly reduced, demonstrating Hua Medicine has been able to transition from an R&D-based organization to a commercialization organization. Now Biomedicine has a broad interest in the global market. That's why during the last 10 years, we have built up our patent portfolio and families, which covers the first generation and its formulation to 2037. So dorzagliatin itself has a very good patent coverage from now till 2037, right? And then we have developed the dorzagliatin plus the other oral antidiabetics. So our first fixed dose combination of dorzagliatin with metformin will be entering into pivotal clinical study next year and then file NDA. So we expect that the FDC dorzagliatin metformin will be launched in '28-'29 time frame so that they have still be able to enjoy 10-year patent coverage. Of course, after this success in the first generation in China, we are also looking over the activities and opportunities in the rest of world. I'll talk more about that in the later presentation. Now as we're moving along to demonstrate dorzagliatin have a unique effect to restore the glucose homeostasis, reduce the risk of diabetes complications, and we have developed the second generation of glucokinase. And its compound coverage as well as the new formulation goes beyond 2040. And then obviously, we have a new indication in the CNS area. It's also filed and with a coverage over 2040. So that with 330-plus granted patents covers 60 to 70 regions around the world, Hua Medicine is positioned to move our product from China to the rest of the world. Before I discuss the details for our overseas expansion plan, I want to just remind you that restore the glucose homeostasis is really regain the bioenergy balance, which will extend human health lifespan. This is not only going through dorzagliatin be able to lead diabetes remission in roughly over 100 million drug-naive patients. It will also reduce the vesicle or body organ injury in the diabetes complications through the combination of dorzagliatin with metformin, GLP-1, SGLT-2, DPP-4 and insulin. With this approach, we can significantly slow down and reduce the diabetes indications. Additionally, we are recently working with Dr. Juliana Chan in Hong Kong, kick off our efforts for the diabetes prevention. Now prediabetics which have moderate glucose increase, but have a high risk advance into diabetes. Globally, we have 630 million IGT patients. Those are the prediabetics. And in Hong Kong, we have initiated our clinical study in those patients. We would like to demonstrate that dorzagliatin can restore the glucose homeostasis in the IGT patients and convert them into the normal glucose-tolerant subject. So in this way, we restore the energy balance, be able to continue contributing the management of immune homeosis and neurological homeostasis, okay? And all this homeostatic management is governed by our biotic energy ATP. And then glucose is a major source of ADP and then homeostasis is the way to maintain the health and restore health. So with most recent study conducted with the external partners and academic leaders, they have used the human genetic data and Mendelian Randomization methodology demonstrated that genetic activation of dorzagliatin is related to reduction of priority index, increase the working pace, increase the lean muscle and increase the [indiscernible] their benefit in reduction of heart diseases and also protection of memory loss. I think this offers a very significant rationale for Hua Medicine to enter into the area where we can address the neurodegeneration diseases as well as the diseases related to frailty and then be able in the way after treatment to strengthen the health and then to prolong the lifespan, achieve longevity. Now as we launch dorzagliatin in China, many physicians has used this drug for the real-world study. One of the real-world study is organized by Hua Medicine, we call the BLOOM study which in this study, we have 2,000 type 2 diabetes in 80 clinical centers in China, and then we have finished almost 1 year follow-up. At this time, over 1,000 patients has done their study. Now from this study, we have find that dorzagliatin was widely used in the drug-naive and metformin users. However, to our surprise, many patients in the metformin users, they were close to 60% of those patients using metformin together with SGLT-2, DPP-4, GLP-1 and insulin when add dorzagliatin to their current therapy, which obviously cannot control the blood glucose satisfactorily, dorzagliatin add up to the existing oral and injectable therapy brings the benefit to the patients to reduce the post-meal glucose excursion and then reduce the blood glucose fluctuation and lower the A1c. This is really exciting if you think about it in the history of diabetes management, usually, we have one drug to start and then over the years, keep adding drugs, right? We end up with 2 or 3 oral and then 2 injectables, and that's what we think in the real world, right? But there is no example that you can reduce the number of drugs you use to control the blood glucose and then still achieve an excellent homeostatic control, right? Looks like dorzagliatin has just did that. That gave us 2 very important signal. One is in the real-world study under the guidance of physicians, there will be an expanded indications to come. And then how to use those real-world data and working with the regulatories to bring new indication in our drug label. This is something we are doing now. In addition to this, we have reports from other Chinese investigators, and they organize the investigator-initiated trials and then publishing their results in the DKD patients, which is diabetes kidney disease patients, okay? And then through the add-on dorzagliatin, we actually be able to reduce the amount of insulin used in those DKD patients, really help them to control the blood glucose fluctuation and also improve the quality of their life, of course, there are a lot of more reports coming up in the recent ADA. Most important part of those interesting reports as related how dorzagliatin is regulating the GLP-1 and then the GLP-1 regulation and plus the insulin regulation making dorzagliatin one of the unique agent to repair the diseases in human in type 2 diabetes. One of the leading cause or the root cause of type 2 diabetes is the reduction of glycogen storage in the liver. And using insulin through clamp study, people have not been able to restore it. Now study at [indiscernible] using Triple T has established that dorzagliatin treatment can restore the impaired glycogen storage in type 2 diabetes patients. This, again, showing dorzagliatin is not just reduce the blood glucose or stabilize the blood glucose. It's actually treating the leading cause of the disease. It is a disease-modifying therapy, which is very rare to see or has been used in the clinic. Now with the success launch medical studies, real-world efforts with our physicians, we are now also pushing this product to Hong Kong, Macau and then let Hong Kong Macau patients to use China innovation fast. We have filed the dorzagliatin Hong Kong registration recently. And also, we have established a new brand for the overseas market. It's called MYHOMSIS means my homeostasis, the drug managing through managing the glucose homeostasis will bring the healthier life and a long life for the diabetic patients and also be able to help much broader patients with prediabetes, diabetes kidney diseases. So through entering into Hong Kong, we like to expand from Hong Kong to the 11 countries in the Southeast Asia, in which it have 700 million diabetes patients, 700 million people with 70 million diabetes patients, 40% with [indiscernible] now through Macau, there are 9 Portuguese speaking countries with 250 million people and 30 million diabetes patients. 90% of them is in Brazil. As I have shown before, Brazil is the third largest diabetes-related medical expansion country in the world. So adding to our patients in Mainland, this gave us around 250 million diabetes patients they need help. And then I think dorzagliatin will bring the benefit to them. Now we are also bring in the second generation of glucokinase for our U.S., European friends and patients. In the U.S. and European patients because our -- their genetics and food structure are very different from the Asians and Chinese, we particularly engineered the second generation with boosted GLP-1 secretion capability as well as with increased dose, we'll be able to further reduce their blood glucose under the heavy influence of their insulin resistance because of the obesity and fatty liver. Now this trial, as we reported before, have finished the first single dose Phase I study last year. The data is excellent. And then we are now talking with our potential partners, establish the MAD study plan. In this plan, you can see we're not just doing a multiple ascending dose getting the PK data. We are actually using CGM in the whole process to monitoring how dorzagliatin at 4 dose groups ranging up to 300 milligram per day QD to reach this glucose homeostasis and control and better control, right? And I think we are working pretty hard over the certain influence of this geopolitical issues. But the KOL in U.S. are very much looking forward to get this clinical study started. So we will keep you updated as we're moving along. Now people are asking why we're doing second generation, right? I think as you can see, in the history of diabetes management, 2 very important hormone has become a drug, right? The first hormone is insulin. Over 100 years, 4x, technical upgrade and then fourth new generation of insulins now on the market. Over the last 20 years, GLP-1 has come up with fourth generation and step up from first generation GLP-1 injectable to now once a week dual-acting GLP-1. I think with the technology expansion, increase the duration of dorzagliatin from twice a day become once a day, it will offer us to explore the opportunities not only in the blood glucose control, but also in the neurodegeneration diseases, neurology and then body muscle management. So here is a summary of our existing pipeline, the new indications for the drug naive and the metformin add-on will expand from China to Hong Kong in the coming months. And then we are engaging in the real-world study in the diabetes remission area and also coupled with the BLOOM study, the 2000 post-marketing study. We are adding adventure study to really looking into the drug reduction and then the diabetes remission. And that's going well in China. And also, we have been advised from the KOLs in China, Hong Kong and the United States to come up a dosage and indication for MODY 2 patients. Traditionally, the MODY 2 patients only suffers a mild hypoglycemia. So people say, well, that's not so bad. But in the recent years, with the CGM coming to play, those patients find that they have a very bad glucose fluctuation and they need the treatment. 3 out of 3 from China, U.S. and Hong Kong, the physicians find that dorzagliatin can bring their homeostasis back home. So patients really want to using dorzagliatin to helping them to have a healthy life, preventing the diabetes complications. As I mentioned, we are also working on another rare disease area, which is called CFRD. This is a partnership with Michael Rickels at the University of Pennsylvania. Michael is experts in the diabetes, especially in the islet transplantation and blood glucose management. And he has been working on the CFRD over the last 5 years have tested all the other antidiabetics in those patients. Because of their weakness in their digestion system, the CFRD patients have an issue in the tolerability in many drug who has the intestinal side effect, GI side effect. Also, those patients suffer from the deterioration of their beta cell function. Well, TK looks -- dorzagliatin looks like a good candidate, right? It does not have any GI side effect, improve the glucose homeostasis and beta cell function. So we are partnering with them in this rare disease in the United States, right? So by developing the first generation, we have a very good coverage in Asian and Asian Pacific, West Pacific regions. We're sharing the similar disease etiology genetic and food structure. And then we are advancing our work into United States with the first generation on the rare disease and the second generation with the brand -- broader population. Obviously, I've talked about the expansion of the fixed-dose combination, loose dose combination with oral drug or injectables for the diabetes complication preventions. And those activities now become a common practice with our clinical physicians engaged in the investigator-initiated trials. As I said, that can be organized in the future to become an indication approval activity. So I think that's a brief update about where we are in our business and R&D and then let George give you an update on the financial section. George?

Thanks, Dr. Chen. I'll keep this quite short. As Dr. Chen has already mentioned, it's been a true blessing and incredible effort by the Hua Medicine commercial team in China to actually seamlessly increase our sales by over 100%. Keep in mind that there was no change in the price between 2024 when it was sold under our previous partner and then 2025. I think what we're really focused on from a company and for shareholder perspective is the sustained growth and also demonstration of glucokinase as truly a cornerstone platform for diabetes treatment. And then really now, we're going to start seeing operational leverage. As you can see from Dr. Chen's previous slide, right, we had RMB 217 million, about 100% increase from the same period last year. But the one thing that was beautiful is the selling expenses dropped tremendously and is now completely under our control. We invest more in sales when it actually generates returns. And if it doesn't, then we're going to try something different. And now we have visibility. And that's why Dr. Chen was indicating his confidence as of right now that we'll be achieving at least RMB 1 billion in sales by 2027. I think one of the beautiful things about this slide here is you can see this leverage really working on the fixed expenses. If you look at our administrative expenses and also our R&D expenses, you can see that for half year, it's going to be pretty much the same year if you just double them as previous year. And in fact, R&D has dropped more. We will see more in the second half of 2025, but it certainly won't increase over 2024. And although Dr. Chen has a lot of interesting ways to actually expand and expand our indications and actually expand use, those trials are not going to be as expensive as our Phase III SEED and DAWN trials, right, with thousands of patients. The real-world evidence trial is nothing compared to that, and it's 2,000 patients. And again, the drug is already being dosed in over 200,000 patients in China. Lots of doctors, KOLs are exploring different uses with it that, frankly, we're just collecting the data and those expenses will be a lot less. I'll give you 2 examples. Before this year, before we filed the Hong Kong registration, actually, if we wanted to apply in other countries in English, that will be very difficult because the official application and registration was on Chinese. Now it's all in bilingual, right? It's got a trademark English name. It can do all these different things. So for those partners that want to explore the use of dorzagliatin, that's wonderful, right? They can do it. Same thing with Portuguese-speaking languages. We will eventually file in Macau, and that will also be in Portuguese. These are not substantial costs. I think each one of these is less than $3 million to get application approved and submitted. And once we get it submitted in all 3 territories, there will be multiple countries that satisfies a lot of these other countries for approval, especially in emerging countries. Next slide, Dr. Chen. This next slide is really interesting because if you look at just our dorzagliatin, our glutamine business in China, right, you can see actually we've really turned into a profit. If you just look at sales minus the gross profit, the cost of manufacturing and our selling expenses. And frankly, there is not that much actually other administrative costs or R&D associated with that. And this is just going to increase, right, with increased sales. The beauty of this drug is very similar to what is happening to the EV business globally, right? At first, everybody was really excited about EVs and how expensive EVs are. But China had to like really like work hard to drive cost down. And now you can see everybody is just wanting an EV to get from point A to point B, but at a much lower cost. You can see in these free markets like in Europe, people are switching to Chinese EVs because of the lower cost. We are demonstrating this operational profit, right, for U.S. dollar equivalent of only $1.60 per day with our drug. That is something that countries can embrace for public policy to adopt for the entire country. That's what China has done. You cannot do that with GLP-1. And frankly, GLP-1 does not provide, right, remission, but not everybody needs to lose weight. Not everybody needs to lose 25% of their body weight, especially if they're on the older side. So great drug, but not exactly the same, right, as ours. And our cost is so low that we can actually generate a profit even with these reimbursed price. Now when we go into emerging markets, we won't necessarily start with our reimbursed price. Why should we do that? That's a negotiation point with these various governments. If they want to open up accessibility to their patients, then we can definitely talk about affordability. But from our perspective, this operational profit is wonderful. Net profit perspective, you can see, right, you add in all the other costs, we're still having a loss of $59.3 million for the first half 2025 pro forma. If we take out the onetime exceptional other income release that we had as a result of the termination, right? That's more of an accounting. I think from our perspective, the pro forma shows a wonderful trend, right? And it's going to continue moving as we continue with sales. Last slide is another really good slide is actually our cash position. So we remain in a very, very strong cash position as of the end of June 30, 2025. Our cash balance is still pretty much the same as what it was when we IPO-ed in 2018. So the company is focused on disciplined spending outside of just all the variable costs associated with driving our growth. So I'll stop there. There's not much more time for Q&A, but we'll pause here and see if there are any in the next 9 minutes or so before we jump to our Chinese investor call.

Yes. Thanks, George and Dr. Chen for the very excellent presentation [Operator Instructions] And while we wait for some questions, I've got a question here on behalf of the investors. Can you reiterate your sales guidance because this first year, you regain your commercial rights partner and the sales growth momentum, also the whole P&L margin is really very impressive. So can we look at what we are -- can we talk about what we are expecting in '26 and also '27 regarding the whole top line and also the -- what kind of level of margin we are looking at in the next 2 years?

Yes. Dr. Chen, do you want me to this Yes. I mean, we've discussed this a lot. I guess, Dr. Chen, you can go back to the front to our sales and our operating expense slide. But Matthew, what we -- this is our first reporting period where we've actually assumed a commercial control, right? And so from a sales perspective, we've gotten very comfortable with our Mr. Lu Yu that we actually hired from Novo and he had previous experience with Eli Lilly or it might be reversed. I think he came from Lilly and he had previous experience with Novo in China. He knows the grassroots. So we're very comfortable. We're just making sure that our controls are in place, but we're just adding new salespeople I think as of now, Dr. Chen, please correct me but we've got over 100 salespeople. I think by the end of this year, we'll be at 150. The guidance that we've given is that -- and actually, Dr. Chen's KPI is very focused on this number is actually 2027, right? We're going to achieve or exceed RMB 1 billion in sales. So Dr. Chen, the previous slide, please. You'll see actually our expenses in order to achieve that, if we continue on our trajectory for the year, and again, this is a reimbursed drug. So we're just increasing our exposure in sales force and recognition and teaching all the doctors in the various communities. There's a lot of them because there is no sort of primary care, but there's a lot of diabetes doctors, if you will. And so Mr. Lu Yu needs to continue focusing. But if we continue on this trajectory, you can see if the full year is double what our first half is, we're over at $400 million. If we continue 30%, 40% growth year-over-year, we're going to achieve $1 billion. And then -- and the one thing is our price is already fairly low that we're talking with the national reimbursement list, but it's hard to see like how much more can you cut? I mean that will affect all the innovative companies as well. There's other places to cut. One thing Dr. Chen did not talk about is actually during this period, especially 2026, a lot of the oral antidiabetics that are actually the most popular in sales is going to go generic in China, and they'll be subject to VBP, which then open up actually a lot more purse and funding in the national reimbursement to focus on companies that have exclusivity in China. So fingers crossed, but the stars are aligning pretty well for us that we shouldn't be affected too much, Dr. Chen on the next slide. We shouldn't be affected too much on the operating expenses, right? Sorry, the specific variable expenses, except for the fact that as we increase volume, right, we're talking about millions and millions of pills, tons of API. This is a primary care drug. There's only one factory in the world that makes this API, and it's actually quite difficult right now, and it's our collaborators and the people who have found us that WuXi. But imagine as we get from kilograms, hundreds of kilograms to tons, right? We're already achieving tons, and that's just increased per pill, the cost will go down. So the gross profit is definitely going to go down. I'm not sure how much more the selling expense would actually go down. I've looked at our budget. But I would say we can push that down a couple more points, but we are being very diligent on this. And it's almost instantaneous, right? As soon as we see sales are not working great, then we can shift maybe those people to other provinces because right now, it's still low-hanging fruit. So I could say, if you look at this slide, you can see the gross profit margin increasing as our cost of goods goes down, continues to go down. That will be part of the plan every year. You're not going to see another drop like this for the next half, but you're going to see increased volume. And then selling expense, maybe we'll get a few more points down. But in terms of China for this specific purpose, we're looking in that 27% maybe that we can reach in a year or so. Right now, we're still working through a lot of things and investing in our selling systems because this is our first time. But everything is working well. And as Dr. Chen likes to say, it's really nice to actually start from ground zero because you can build it the way you like, and then it's much faster to scale up later and grow and cover the entire country. So we're very excited about this. We will be very welcoming of these other products that we can combine with, for example, all the different combinations, especially as they go to VBP, those costs will go down. Sorry for the long answer, but I think that is a fair question. And I know I didn't answer and give you a specific number, and I've been forbidden to actually do that. But I've kind of given you how are we going to reach to $1 billion. I think it's a lot easier. I think at the beginning of this year, it was harder to see that just with 2 months of the growth. But now with 6 months locked in July, locked in, we can kind of look forward. We've got direct visibility through our sales force. We're very confident that we can achieve this key milestone that Dr. Chen is waving the flag at the company about for 2027. And then operationally, you can see glutamine could become actually very profitable. And that's not excluding any sort of even minor pickup of revenue from Hong Kong or Macau. The larger scale trials for second generation, we're definitely going to need a partner, and that's why those trials are actually designed specifically to consider some of the things they want to see, higher HbA1c, as Dr. Chen said, higher GLP-1 secretion, right, the first GLP-1 generation 18 years ago, it didn't have any reduction of weight, right? So what we're doing is actually accelerating this evolution of GKA to optimize those different things while keeping an exceptionally benign and tolerable profile, right? I mean all these new drugs, 20% tolerability, I mean, dropout rates for us, we're getting less than 1% in terms of side effect calls in terms of hypoglycemia, usually very transient, nothing else other than that.

Okay. This is very comprehensive and also congratulate again on the results. That's very truly impressive and hope that we will grow our sales as we expected. And because it's an hour, and I think we will conclude our call. And thank you, George and Dr. Chen again for giving the presentation, and we will see you next time. And thank you very much. Bye.

This presentation will be on our website. So anybody that wants it, it will be up within the next hour. Thanks, everyone.