HUTCHMED (China) Limited (HCM) Earnings Call Transcript & Summary

Good morning or good afternoon, everybody. Welcome to the HUTCHMED R&D Commercial and ASCO Update follow-up call. As many of you know last night, Hong Kong time, we had a 2.5-hour event in which the team went through a 150-odd pages of updates on our pipeline, our commercial platform, our manufacturing efforts. It was tailored primarily to -- because it was so late Hong Kong time, it was tailored primarily to U.K. and U.S. investors and analysts. So today, we are having a follow-up Q&A session so that Asia-based analysts or investors are able to pose their questions to the company. If you could move on to Slide #3. This was the schedule of events or the agenda yesterday where we -- Dr. Wei-Guo Su and Dr. Marek Kania, took us through our development pipeline and our early discovery activities. Chen Hong and Tom Held took us through the commercial activities in China and the U.S. And then Dr. Zhenping Wu took us through our manufacturing strategy. So all of these materials are on our website. I assume that many of you listening in to this have already had a chance to review those slides. And -- but they're on -- if you haven't, they're on our website, so you can review them at your leisure. Page #4, please, next slide. So on this call, we have 6 people. Myself, Christian Hogg, Chief Executive Officer of HUTCHMED. We've got Dr. Wei-Guo Su, our Chief Scientific Officer, has been with the company for 16 years and led all aspects of our discovery and our research and development activities for the business, particularly in China on the development side. We have Chen Hong, our Chief Commercial Officer in China, who's responsible for launching both the fruquintinib and surufatinib businesses and products recently. W.e have Tom Held, who's our Head of Commercial in the U.S., who's responsible for building our commercial organization in the U.S. in readiness for potential launch of surufatinib. We've got Dr. Marek Kania, who's our Managing Director of our International business and Chief Medical Officer of our International Operations. And then we've got Dr. Zhenping Wu, who runs all of our Pharmaceutical Sciences' manufacturing operations to support the launch of our various products, clinical trials and launch of our products. If we can move on to Page #6, please. I'll just spend a couple of minutes summarizing the high-level message that was communicated yesterday and then allow us maybe after 5 minutes from now, we can go into Q&A. So this chart is the one we always start on. HUTCHMED is very focused on becoming a global biopharmaceutical entity and company from our base in China. Really the 2 core areas of our focus are the 2 blocks that you see there. Number 1 is realizing the global potential of our novel oncology assets. Wei-Guo and the team designed our innovations for the global market. We've never been a China-for-China company. All of our assets are designed for global, ultimately to realize global potential. So we spent the last 3 or 4 years now building out our U.S. platform and international clinical regulatory team under Marek to really maximize the potential of these assets. So we made a huge progress there and the presentation really details that progress. The fact that now today, we have 6 of our homegrown HUTCHMED novel oncology innovations that are in global development. Savolitinib, obviously, in partnership with AstraZeneca. But 5 of our other assets are now being developed outside of China by our own team. There are not many Chinese-based companies that are developing such a broad portfolio of innovative oncology drugs in the global market. And then the blue box underneath, building out our fully integrated oncology business in China. We -- with the take back of the commercial control of fruquintinib and the launch of surufatinib over the last 6 months, we've really been able to aggressively build out our commercial presence in China on top of what is a very strong foundation of discovery, development and sort of multifunctional, fully integrated company. So now we've taken it to commercial, and we're seeing great progress there. So that's our global strategy. Next slide, please, Page 7. So what we discussed yesterday in the call is a really broad update on the business. You can see these 6 boxes summarize it. In the top box, really focusing on integrating our development activities globally. So expanding the international clinical regulatory team to support global development and moving those 7 programs in 2021. I mentioned 6 earlier. We have our BTK, third-generation BTK inhibitor, which is the seventh, which should commence clinical development outside of China over the balance of the year. So really taking those homegrown assets and taking them out to the global market is what we're trying to do. Savolitinib is about to have a very big year. We've been working very diligently on savolitinib with AstraZeneca for the last 9 years now. But over the balance of 2021, we will see registration studies, Phase III studies and registration to Phase II studies initiated in 5 different areas: 3 in lung cancer; 1 in PRCC; and 1 in gastric cancer. So 5 registration studies kicking off over the balance of the year based on extensive proof of concept development that's been underway for several years. All the buses are arriving at the bus stop at the same time for savolitinib this year. And also, we're awaiting eagerly our first approval in China on savolitinib in MET Exon14 deletion non-small cell lung cancer. So that will be the first-in-class selective c-MET inhibitor in China and something we've been working on for many years. Wei-Guo and the team have just done a fantastic job getting savo to this point where it's about to be approved. On fruquintinib and surufatinib, some of the most exciting data that we'll be presenting at ASCO is around the PD-1 combinations for surufatinib and fruquintinib. One of the reasons for this event is that we have 10 abstracts being -- have just been published for ASCO. So there's a lot of clinical data. And we've seen some fantastic data emerging for surufatinib and fruquintinib in combination with the PD-1. So that's all included in the presentation details. One thing before I actually forget about it, savolitinib PRCC, we also, for ASCO, presented an abstract with the latest data for the IMFINZ-savolitinib combination. And that really is world-class data. So that's also included in this presentation. Moving on to block number 4, transitioning the pipeline in hematology. 689, our PI3K-delta inhibitors, just entered into registration studies in China for follicular lymphoma and marginal zone lymphoma. The U.S. team under Marek is preparing to engage with the U.S. FDA around regulatory pathway for 689. We hope that we can aggregate the China data we have, the U.S. and European data that we have in early development and go talk to the U.S. FDA about what the fastest pathway to approval would be for 689. So we're very excited about the progress on 689. 523, our Syk inhibitor; 306, our IDH1/2 dual inhibitor; and 295, our ERK inhibitor, are all moving along very well. So the hematology pipeline is really starting to expand. And as Wei-Guo presented yesterday, on the discovery side, we have multiple other assets on the hematological side that are going to continue to bolster that portfolio approach that we have to addressing the unmet needs in hematological malignancies. The fifth box, the early-stage pipeline and discovery research. Our FGFR inhibitor, our third-generation BTK inhibitor, are progressing. We have 3 more INDs scheduled for 2021. So our pipeline of assets is just continuing to increase all of which, as I said earlier, are designed for global market. And a very rich research pipeline, increasingly going into innovative areas that such as large molecules, biospecifics, antibody-drug conjugates, protech, et cetera, there are many areas that we are now entering into from our strong base in small molecules. And then finally, the last box, the oncology, commercial and supply chain. As I mentioned earlier, we're really leveraging our commercial expertise that was built up over many years in China. And now under the leadership of Tom Held in the U.S., building out our commercial capability in the U.S. All supported by a long-term supply chain strategy led by Dr. Zhenping Wu. I think I will just cover 2 more slides and then open it up for Q&A and the team. If we go to Page 91, the footprint of the company today is really designed to support this global ambition. We're focusing on 2 key markets in terms of trying to control our destiny in these 2 markets. And those 2 markets are China and the United States, which represent about 50% of the global pharmaceutical market. We feel strategically that if we can effectively bring our innovations to these 2 markets, which is the 80 for the 20. If we're successful in these 2 markets, that will create a very strong platform for the company. We intend to capitalize on our established discovery and manufacturing capabilities in China to support global expansion of our products. So obviously, our discovery engine is world-class, having produced the innovations that Wei-Guo and the team have produced. But also on the manufacturing side for both small molecules and large molecules, Zhenping is building world-class manufacturing facilities that are -- that will be able to support manufacturing of our products in China for the global market. Outside of China and the U.S., we'll partner. So we're engaged with a number of potential partners to collaborate with to launch our various products into those non-U.S., non-China markets. And I expect some of those collaborations probably initially around surufatinib will start to play out this year. So if you look at China, you've got global discovery base. You've got a global manufacturing base. You've got a China clinical development and regulatory operation. You've got a China commercial platform. Sort of fully integrated operation in China, but with elements of it supporting the global operation. In the U.S., you have an international team based in New Jersey that are covering clinical regulatory operations globally. Outside of China, that is, so U.S., Europe, Japan, et cetera. And you've got an emerging U.S. commercial platform behind the preparations for surufatinib. So it's a very straightforward clear strategy, building on the strengths of the company in China, but looking to really enter that U.S. market, which is not easy, but represents a great opportunity for our assets. And then outside of those 2 markets, partnering everywhere else, at least over the next 5 years. Next slide, please. This is the last slide I'll talk from before opening up to Q&A. In terms of the vision of where we're trying to get to as a company, these numbers are big numbers, not just physically on this chart, but in terms of the scale of the -- of what we're trying to achieve and the difficulty of doing it. But our targets for the period from now until 2025 are as follows. You can see there, on the first row in the red areas, these are global launches. So we expect to have 5 therapies launched by 2025. Surufatinib monotherapy, fruquintinib monotherapy, savo TAGRISSO combo, savo IMFINZI combo and 689 PI3K delta. Today, we have 0. Obviously, we hope surufatinib later this year will be the first one. But you can see over the next 3 or 4 or 5 years, you've got a large flow of global approvals expected. Below that, China, 9 therapies expected to be launched over -- by 2025. And obviously, today, we have 2, surufatinib monotherapy, fruquintinib monotherapy. Savolitinib is about to happen as well, so that will be 3. But a big step-up in the number of therapies launched. And then on the right-hand column, you can see the additional therapies that we expect to be in registration studies by 2025. And you can see it's again, a major step up. So you're going from a today's situation where we have 2/3 drugs at approval and now 523 in registration studies, so basically 4 assets, to a situation there where you've got a major transformation in the scale of our business. And that's one of the reasons we are having to build out our larger manufacturing facilities in Shanghai to support all of this. So I will leave it there for now and open it up for questions to the team. And hand it over to the moderator to take it from here. One thing before the moderator kicks in with the questions is, we had a very large attendance at the event last night. And so I'm not sure how many people would take advantage of this session for Q&A, but we'll go as long as we have questions and probably cut off at the top of the hour. And if there are no questions, then we'll cut off earlier. Thank you.

[Operator Instructions] I will now hand it over to Mark Lee.

Okay. Thank you, Jess. I'm just going to be reading off some questions that have come in through the online system. First question, how are you thinking about building out your leadership in hematological malignancies? What are your plans to differentiate yourself from other players? And secondly, what is driving the better efficacy and tolerability of 689? And what do you -- how do you feel that this data will hold up in larger trials?

Maybe I'll ask Wei-Guo to answer those 2 questions.

Okay. Maybe I'll answer 689 first. So 689 is a highly potent subminimal potency against PI3K-delta and now currently dosed in human at 30 milligrams QD. And the compound has a great pharmacokinetic property and is well absorbed -- quickly absorbed following oral administration. So I think the efficacy may be owing to its potency and its ability to cover the target fully between the doses. So a single 30-milligram dose would cover -- fully cover the target for 24 hours. So I think it's really important to ensure the full-time target coverage to ensure optimal efficacy. And obviously, only if -- you can only do that if your compound is tolerable, the compound is highly selective. And you can dose up to achieve the full target coverage. With regard to tox. So low dose, that matters. A lot of compounds are dosed at, for instance, idelalisib is around 150 milligrams BID, sometimes 200 milligrams BID. And the TGR-1202 is 400 milligrams BID. So when doses are high, you're going to see more tox, particularly liver, for instance, first of all, pressure and GI as well. However, with regard to the GI tox in particular, it's believed to be associated with the target inhibition, for instance, diarrhea and colitis. So we're seeing a very good safety profile in terms of diarrhea and colitis as the GI tox. It's hard to explain because we are -- we believe the compound at least in the plasma can achieve full target inhibitions. And in terms of the GI tox, we had the theory that the compound is well absorbed and probably distributed away from the GI tract. In contrast, when the doses are very high, you're going to have very high local concentrations all the way down through the gut and leading to probably excessive target inhibition in the gut, particularly in the epithelial layer, causing the severe GI tox, diarrhea and colitis. So we think the LiverTox profile is very favorable simply because it's relatively low dose on a daily basis. And also it's well absorbed and maybe just the tissue distribution property of this compound is just not very highly concentrated in the GI tissue. But again, we've -- 689 between China and international studies, we've dosed close to 200 patients now. Many patients are on treatment for extended period of time, up to more than 2 years. So we are quite confident with the favorable safety profile. Your first question about how we position in the hematologic malignancy space. So we believe our approach is more of a portfolio approach. We believe we need to have a sufficient number of compounds to cover the targets, to cover the space basically between lymphoma, leukemia and multiple myeloma. And hopefully -- obviously, we produce these candidates internally. So we have the luxury to really design, pick and choose the targets. Hopefully, we'll have a diverse portfolio of assets that cover most important MOAs so that the portfolio can offer ample opportunities for combinations going forward. So to answer your question, one, is that we need to cover this space. Currently, we have multiple compounds in lymphoma, a few in leukemia and very few in multiple myeloma. And the discovery team is really focused on -- to add more compounds into our portfolio to better cover the gaps. And we believe we have a very synergistic portfolio, a mix of small molecules and antibodies, including biospecifics as well. Ultimately, when we have all these compounds in the clinics, it will offer a lot of opportunities for combinations and to better address current unmet medical need.

Okay. Next question on -- again, more on the discovery side. First question is regarding the BTK. Is it designed to treat -- can you please explain the design strategy of the BTK? Is it designed to treat refractory or relapsed patients to solve drug resistance? And then secondly, can you talk more about your portfolio-based strategy for the MAPK pathway?

So Wei-Guo, go ahead, please.

Okay, then. 760, the third-generation BTK inhibitor, it's a reversible noncovalent BTK inhibitor. And it's highly potent against both the wild type and the C481S mutant enzymes. So it's really designed to address resistant -- a major resistant pathway for first-generation BTK inhibitors, roughly 50% of patients progress on ibrutinib or acalabrutinib and this first-generation covalent BTK inhibitors due to this particular single point mutation. So the third-generation compound, these compounds, including ARQ and LOXO, all compound, HMPL-760 is equally potent against the wild type and the C481S mutant, both in vitro at cell level and in animal models. All compounds in particular has shown profound efficacy in tumor models. So with regard to the development strategy, obviously, it's active against C481S mutant tumors, and you can go after first-generation BTK inhibitor refractory patients targeting this particular mutant. However, we think -- because it's also equally potent against wild type, you may be able to do head-to-head, for instance, with the first generation by shutting off this mutant or this mutation. Presumably, patients can experience even longer duration of response or longer PFS, for instance. So in that sense, I would be confident to go after head-to-head with the first generation BTK inhibitors. The other question about ERK. ERK is an area of major interest for us. Obviously, it's been undruggable for a long time until recent progress made in G12C KRAS mutant, although limited efficacy, but it's a big step forward. More and more people now start to realize this is a very different pathway than MAP kinase pathway comparing to the typical PI3K AKT path, which controls tumor cell survival. And oftentimes, those are clear driver alterations and the monotherapy will drive significant clinical efficacy. In contrast, over to the MAP kinase pathway, the targets, although -- from top to -- from upstream to downstream, they control cell proliferation. So they are oftentimes more dormant until they are activated by a receptor level ligand binding and so forth. And it is a lot more difficult to target. But successes that we already had with the RASP inhibitors now, G12C KRAS, the KRAS inhibitors, while we are seeing encouraging efficacy in clinics in terms of rate of response, however, the PFS is relatively so less than optimal, relatively short, around 6 months. So we believe that many others too, to target this particular pathway, combination is going to help. So we are investing in discovery on multiple targets. We have multiple programs ongoing, HMPL-295 targets ERK, which is the very last target along the MAP kinase before going into the nucleus basically. And so we have additional targets upstream of 295 that we expect to select candidates for clinical development later this year and the year after. So ultimately, we hope that the combination between upstream, downstream targets they provide more robust and consistent clinical efficacy.

Okay. Thanks, Wei-Guo. We've got several questions about gastric. So I'm going to give them to you all at once. First of all, regarding fruquintinib and savolitinib, what kind of timing are we expecting for submissions of an NDA? And in particular, for savo, if there's any implication for FDA as well as China? And then secondly, regarding the surufatinib combo, we've just presented data regarding the combination in GC, GEJ with toripalimab. Why are we exploring a different cancer type, other cancer versus NET? And is there a strategy to go first line?

Okay. I think the gastric is obviously a major issue in China and Asian countries. As a matter of fact, today, given all the progress we made, patients live through first line, second line and even third line now with patent approved. And it's an area with a major unmet medical need. It's obviously, in China and Asian countries, a very big patient population. So fruquintinib in combination with paclitaxel, second line Phase III is ongoing. We expect a full enrollment by end of this year and top line results second half of next year after a roughly 6- to 8-month follow-up after the last patient in. Now the savolitinib in gastric, which is obviously, a very different patient population. We are targeting specifically MET-amplified gastric cancer. So this is about -- only roughly about 5% to 8% of the gastric cancer. And these patients have very aggressive disease and very poor prognosis. So this is really based on the promising results from the VIKTORY study. The -- one of the arm was savolitinib arm targeting MET amplification, roughly 20% -- 50% of the overall and encouraging duration of response as well. So we -- Based on that, we expect -- we plan to kick off a Phase II registration intent study. Obviously, biomarker selected for enrollment. And this study could be converted into a registration study in China if the Stage I data supports. And of course, this is a very specific patient population, molecularly selected and the results should be, we believe, obviously, we need to communicate with the U.S. FDA and other territories as well and discuss the data. We believe it has the potential to support global submission as well for this particular patient population. So in terms of timing, we expect to have the first patient enrolled sometime next month. It's just a central lab screening that's set up now to screen the patients. And so we already cleared -- the ethics committee cleared the [ OHGI ] and just basically ready to go looking for patients. With regard to other studies that we are exploring, including the surufatinib and toripalimab combo, if you notice, we are doing fruquintinib, simtuzumab combo as well in gastric. It's really to explore additional therapies basically for these patients, but obviously, it will be slightly different in terms of targeted patient population. We've disclosed promising results at the ASCO in GC as well. However, we have not made a decision to move forward yet. We are still discussing how we position this particular combo in gastric whether we go first line or we go second line with a PD-L1 expression cutoff, for instance, or we can look at additional patient population as well, for instance, the gastric cancer with neuroendocrine differentiation, for instance, and to take advantage of the excellent efficacy of surufatinib. So all in all, we are still discussing how we move forward. I think we believe the data is very encouraging. As a matter of fact, after the submission of the abstract, the data continue to mature, and we are seeing even better data today, both in terms of overall and PFS. So we'll do something for sure, but we have not decided how we're going to -- what the exact registration path is going to be. Obviously, now we need to discuss with the KOLs, discuss with the PIs and ultimately, get aligned with CD as well before we can go.

Wei-Guo, I would just add here to the same topic that we, in partnership with BeiGene as well internationally conducting a number of investigations with their PD-1 in combination with fruquintinib and surufatinib across multiple cohorts listed here on this slide as well as fruquintinib, about 2 studies. One is sponsored by HUTCHMED, one is by BeiGene. So those 2 studies will generate very interesting proof of concept signals, which will inform our next steps for registrational path.

Thanks, Marek. Thanks, Wei-Guo. One related question -- a couple of related questions to the PD-1 combo and then one back on to the hematology. Regarding the PD-1s, I think this is probably relates to the same -- these 2 is probably the same question. What are the side effects increases when -- in the combinations with PD-1? And what is the -- in the related point, what is the competitive edge of surufatinib or fruquintinib in combination with PD-1 versus other VEGFRs?

I mean I can only speak of the 2 specific combos that we have experience with surufatinib in combination with toripalimab and fruquintinib in combination with sintilimab. I don't -- I can't speak for other combos. I know for instance, the [indiscernible] combo, they had to drop the VEGF or patent of the dose significantly from 850 all the way down to 250. And pembro in combination with lenvatinib, the lenvatinib dose is dropped significantly as well from the monotherapy. In our case, we obviously did a dose finding and surufatinib dose in combo with toripalimab was lowered from 300 to 250, just a bit lower. And the -- we've now already tested around, I would say, close to 200 patients now. And the safety profile is consistent with surufatinib and toripalimab single-agent safety profile. We are not seeing any overlapping tox with these 2 agents. Fruquintinib and sintilimab combo, it's actually quite strange because sintilimab has quite a bit of tox. And it's got warnings for serious tox as well. And surprisingly, at full dose sintilimab and fruquintinib at 5 milligrams 2 weeks [indiscernible], we are seeing an improved the safety profile. Some of the sintilimab single-agent toxicities now either low to mild to moderate or just disappear. It's very strange. Maybe the mechanism of action, maybe just took care of some of the toxicity issues that sintilimab had on its own. So the tox profile of sintilimab/fruquintinib combo is really, really good.

Thanks, Wei-Guo. Several immunology questions, I suppose it's quite similar. Regarding the BTK, do you have additional thoughts on additional immunology indications, particularly MS? And secondly, why license for immune products rather than doing it yourselves?

I think Wei-Guo will talk about BTK and maybe I'll talk about the Inmagene deal. (41.29).

Yes. So obviously, we're aware of the potential of BTK for immunology well evidenced for GvHD, particularly the chronic GvHD and now data emerging as well for ITP. And for multiple sclerosis, obviously, you need to have a compound that can penetrate into the brain. So we certainly are aware of the potential of BTK compounds for immunology indications. And the rationale for Inmagene collaboration, I'm sure Christian can give you more details. It's basically really about synergy.

Yes. I mean I think on the licensing or the Inmagene deal, actually, these are relatively early-stage assets. All 4 of those assets are all in preclinical. And so we are working with Inmagene to move those 4 assets through preclinical, subject to successfully navigating the preclinical process. Inmagene will then have the option to license each of those 4 assets for development. We will continue in China to have a commercial role once those assets are launched. So we're not just giving them away. One of the reasons that we did the deal with Inmagene is, Inmagene is a very focused immunology company at the moment, building out a portfolio and moving very aggressively. We, on the other hand, have built a strong immunology discovery organization but kind of have our hands full at the moment on the oncology portfolio, both in China and outside of China. So really, it's about synergy. It's about unlocking the resources of another entity to help move those programs ahead as rapidly as we can. I think through the collaboration with Inmagene, those 4 assets will move more rapidly than if we had done it -- managed them on our own. So it's a synergistic sort of win-win collaboration that I think will lead to those 4 assets in immunology having -- realizing the potential of those assets. But I would also say it's a similar sort of an analogy to what we're doing on the commercial side globally. We're focusing on China and the U.S., and we'll partner to commercialize our oncology assets in Europe maybe over the next -- the opportunities over the next 5 years. I see immunology similar. I imagine as we become a bigger, stronger company with more scale, we will start conducting more of those immunology activities ourselves in the future. But today, we're an organization with about 1,300 employees focused on oncology. And I think that the relationship with Inmagene is a sensible approach to maximizing the potential of these assets for now.

I also might add then one point that Inmagene has -- their lead asset is an IL17 blocker. It's now in Phase III studies globally. And we see actually great potential for combinations of our early assets with their lead asset.

Yes. Okay. Thanks, Christian. Thanks, Wei-Guo. There's a couple of finance questions, one for near term, one for longer term. Regarding near term, given our cash burn, do you foresee another round of equity raising in the next 12 months? And secondly, regarding HUTCHMED 2025, do we have finance targets related to HUTCHMED 2025?

Yes. I'm not going to comment on specific equity capital markets activities. As we've announced in our March results update, we're in a good cash position at the moment. We're sitting on about $600 million in cash. If you take into account the proceeds from the sale of the Baiyunshan deal or the Baiyunshan joint venture, HUTCHMED, Baiyunshan. So that is a good cash position. Obviously, we are very ambitious. And have plans to, as detailed over the next 3, 4 or 5 years, to really expand our portfolio globally in development. To help offset that, however, we have the commercial results that are emerging on our first launch product. So that's going to generate net income for the company. So I think we feel that we're in a good position from a financing standpoint to be able to do what we plan to do. I don't foresee any major issues with our ability to execute our plans. So that's the first one. The second part of the question, Mark, was what?

HUTCHMED 2025, any financial targets.

Yes. I think HUTCHMED 2025, if you look at the last chart that I shared with the intention by 2025 to have launched 5 products out -- 5 therapies outside of China and 9 therapies with inside China. You can build the revenues that are associated with that. I think it will be a very big business at that point. I would certainly imagine in terms of revenues, we'll be well above USD 1 billion in revenues by that point. And I think if we're able to do that, given our R&D burn of sort of $300 million, $400 million a year, we should be at a point where it all breaks even. I mean these are our targets, our high-level targets. Obviously, that's subject to change, based on our -- the success we have in getting those drugs approved and -- those therapies approved and launched. But on a high level, by 2025, I could expect -- I would fully expect the company to not be loss-making. And I would expect our revenues would be well above USD 1 billion on a very high level, subject to many things having to play out during that time.

Thanks, Christian. One brief question on FGFR, given the success -- following the success of [ obinutuzumab ], do we see an opportunity in gastric?

Maybe to Wei-Guo.

Okay. So I mean, obviously, there's -- we believe there's a great potential in gastric as well. Obviously, the difference there is going to be the amplification rather than mutation, and we just need to have a different diagnostics to get into gastric.

Okay. I think that's -- from what I can see, that's covering pretty much everything on the online system now.

Great. Okay. So well, that's -- those are all very good questions. And we didn't hear from -- very much from Marek, Chen Hong, Tom or Zhenping, but that's perhaps due to the audience being primarily Asian audience today. But anyway, thank you very much for your questions and your interest. And we look forward to continuing dialogue with you all. If there are separate questions, follow-up questions, please feel free to reach out to the company, to Mark Lee, our Head of Corporate Finance and Development, and we can follow up separately. But maybe we leave it there. And thank you all for attending.

Thank you.

Thank you.