Philogen S.p.A. (PHIL.MI) Q3 FY2025 Earnings Call Transcript & Summary

Okay. Apologies. So I'll start one second from scratch very quickly to present our -- the topic of today. We will present an update on the Q3 2025 results from both a financial and scientific perspective. And as always, we give a presentation of about 30 to 40 minutes. Dario Neri, our CEO, will guide us through most of the slides, and I will present a few of the slides, and Laura will be available for follow-up questions. This presentation is being recorded and the Q&A session is not recorded. So apologies for the audio problem, and now we can start the real presentation.

Very good. Somewhat longer presentation again because we have many things to tell, and again, always Philogen as a Swiss-Italian company, Italian operations focusing on antibody therapeutics depicted in green, the Swiss operations in blue with a focus on small molecule therapeutics and a new headquarter in Milano, we are attracting talents, especially for clinical operations. It's also a nice meeting point in this direct line connecting Zurich with Siena. Now as always, the strategy of the company continues to be the same. We take payloads of proven therapeutic activity, meaning drugs, radionuclides or cytokines, and we make them better because we couple them to molecules that serve as vehicles for the delivery to the site of disease in-vivo, and these vehicle molecules are nothing but ligands. So molecules which are able to bind and recognize markers of disease, markers of pathology of the diseased area. And really the engine for the discovery of these ligands are discovery tools called Encoded Combinatorial Libraries. It's a very complicated name, but in a nutshell, we are able to create libraries comprising billions of antibodies or billions of small organic molecules, all encoded by DNA bar-codes, and basically, the discovery of ligands is equivalent to a fishing expedition in which you go to these libraries, fish the molecules with your target of interest and read the identity of the molecule, thanks to the DNA bar-code. What do we do different from other companies? Here, this is a busy slide. You look at 4 patients with cancer who received 4 different types of drugs. To the left, these are the more common pharmaceutical approaches. You see in the scheme, 4 patients with cancer, they all received drugs that were radiolabeled, which means wherever you see a black-green, this is where the drug went. For conventional chemotherapy, you see this is a patient with mesothelioma, so the tumor would be here in the chest. And you see that chemotherapy unfortunately, goes everywhere in the body, except where it's needed, actually to the mesothelioma lesion. So this is one of the main limitations of conventional chemotherapy, poisons that do not preferentially localize at the site of disease. Antibodies with this Y-shape are fashionable therapeutic agents in oncology, but their targeting performance is limited. Here, you see a patient with a FAP-positive colorectal cancer and some sort of shades around the tumors are visible 7 days after intravenous administration. Obviously, we need to do better, and this is why the right panel indicates targeted drugs that we have developed. I think the nuclear medicine doesn't lie. It shows preferential localization at the site of disease with an antibody fragment, we get better compared to conventional antibodies. You see liver metastasis of breast cancer at 1 day, very clearly visible with 1 of our antibody fragments. And with small organic ligands that bind with antibody like affinity, to accessible targets, then we get really the world record of tumor targeting performance already at 60 minutes. The many black spots are primary tumor metastatic lesions, the background is very clean. So the quest for selectivity is well explained in this slide. Now this time with Emanuele, we took the time to actually go back in time and compare the pipeline of the company at the time of IPO and the company where it stands now. And you see on the vertical axis, we look at the various products for the various indications. And on the horizontal axis, we look at the stage of development, and of course, the closer you are to a pivotal trial, the better. Now if you compare this slide at the time with only one partner program and the current slide with multiple partner programs, you see that the pipeline has grown both vertically and horizontally. And we will expand a little bit more than usual on what we are doing, while also presenting new data. And let's go really product by product. But before doing so, we would like to give you 2 additional slides that I think summarizes this journey from the IPO until today. Again, what you see over time is the evolution of our costs, the evolution of liquidity and the evolution of the share price. We listed at a share price of EUR 17. There was a drop that luckily was recovered. And it was, I would say, a modest drop at times when biotech didn't do very well. And we are pleased that actually the share price has increased over time. The costs have grown because also our activities have grown, but they are well under control. And again, to be quantitative, EUR 15 million in 2020, EUR 32 million 2024, so far, EUR 36.5 million in 2025. Those of you who operate in the field of biotech see that these costs have been kept very well under control. And of course, the evolution of liquidity. Without capital increase, just liquidity resulting from our industrial operations is very pleasing. I think it's a good testament to the state of health of our company in the biotech arena. And we have done well with money, but we have not sacrificed innovation, and we would like to give you a few nets about what we have done. Of course, this complicated slide at the left indicates what is needed with this encoded combinatorial libraries to make discovery. That's really the engine of the whole company. But I think we have been productive. If we look more than 100 publications in peer-reviewed journals, typically in very good journals like this Nature Biomedical Engineering Paper, more than 110 patent applications. And also, as mentioned, operations which have been expanded. We are further expanding the Philochem site in Otelfingen, and we are restructuring additional laboratories. We have opened the Milano operations. And also in Siena, we have bought additional premises at the Montarioso site. We have revamped the Montarioso site. We are applying for Med authorization also for small organic molecules in [indiscernible]. So you don't see this from the presentations, but activities have kept us very, very busy over the last 4.5 years. Now we go back to the pipeline. And as always, we go through the different chapters. I start with Nidlegy, a product which is partnered with Sun Pharma in Europe, Australia and New Zealand, and Emanuele will cover other topics, and then I will finish it off. But again, we will be quantitative and analytical. Nidlegy is a dermato-oncology drug, we believe, a broadly applicable dermato-oncology drug with 2 antibody cytokine fusions serving as active principles to stimulate the immune system at the site of disease. And in Europe, they are combined in a single product enjoying a so-called Combipack Authorization. They are given intralesionally because we treat skin tumors. And this is the only product that we give intralesionally, everything else that you will see in the presentation is systemic. Now we can draw some balance from the activities over the years with this neo-adjuvant trial design in locally advanced resectable melanoma, so typically Stage II BC melanoma with randomization between a control arm that receives surgery within 4 weeks or Nidlegy once a week, 4 times and then surgery with recurrence-free survival as primary endpoint, you can distinguish the items that have been completed and those which are still ongoing. The trial has read out successfully, 256 patients, RFS primary endpoint met and also RFS events collected. The overall survival data continue to be acquired, and we will update over time, over the evolution of the overall survival Kaplan-Meier curve, 22 clinical sites. While for the d'American trial, we have by now 136 patients. The trial is still ongoing, and we are expanding the centers because we want to finish fast. Expanding means expansion to U.S. sites, Canadian sites, Dutch sites, Italian, German, Austrian, U.K. and hopefully also Australian sites. So we have a commitment to finish also new dream soon, thanks to the new investments that we are making. Importantly, in collaboration with our partner, Sun Pharma, we have successfully opened an Expanded Access Program in Germany and France. And in about 1 year, we have already treated about 200 patients, and this number underlines the high unmet medical need, which is being addressed potentially by [ Nidlegy ]. These are the Kaplan-Meier curves that have been published in the annals of oncology. And you see for the whole population, you see yellow would be the control curve, blue is Nidlegy. You look at survival probability versus time, and you see actually that Nidlegy does better than the control curve, in the recurrent population, which accounts for 88% of the patients, actually, the difference is possibly even more marked. And for this reason, we are particularly interested in using the drug in the recurrent patient population. Now what are the next steps? In November, we met with the Paul-Ehrlich-Institut because the rapporter for the submission was the German Authority. We had an excellent discussion. I think we are fully aligned on CMC aspects that had been criticized in the past. We had a productive discussion on clinical strategy. And eventually PEI, is the German authority for European applications. It's the CHMP body of EMA that will have the ultimate decision power. Time lines are as planned, which means pre-submission meeting with rapporters in the first quarter 2026 with the FDA, that had long been planned and July 2026 submission of the marketing authorization application at EMA. And about mid-2027, we expect a decision. We also forecast that the U.S. trial should finish around 2027, 2028. We will be able to give more visibility once the new centers have been opened. The developments in non-melanoma skin cancer have been quite impressive and possibly the number of patients is much larger. We have treated so far 150 patients in the Phase II trial called DUNCAN, which is completed and which has been presented at ESMO by Lucas Flatts. The Intrinsic trial, we have 54 out of 70 patients, so we are close to completion as well. And as always, we show you some pictures from these recent publications in which we show how, for example, we could save the nose of this patient in St. Gallen from amputation. You see how we were able to transform an aggressive tumor into a cross and then into a perfectly healthy skin and spared really patients from mutilating surgery. Please consider that this is the most common tumor in the world and about 1% of patients develop high-risk disease like the one depicted in this slide. More images that were presented at ESMO, you see 3 patients with basal cell carcinoma in different parts of the head, nose, cheek and sculp and especially look at this patient with a very large lesion, showing a complete response in all cases at week 52. So at 1 year. So we like not only the quality of the response, but also the duration of response. And these are images that we have shown you before, how the drug we feel can be helpful for the young and for the elderly. This young lady would have received 2-centimeters amputation of the lip if it was not for our drug and look at the quality, of the functional quality at week 52. So at 1 year and similar outcome in an older patient, 94 years old, who was subject -- who should have received actually amputation of the cheek for the squamous cell carcinoma and look how nice the response is at week 52, at 1 year. So with this encouraging data at hand, we have launched already 3 trials with global intent with registration potential and the fourth one is at submission. One trial in squamous cell carcinoma, 3 trials in basal cell carcinoma. The green trials have already been approved by the FDA. The white trial is at filing, and you see that the number of patients are adequate for giving us a registration, and we provide an estimate on the expected completion of the enrollment based on what we have learned in previous studies. Now the more we look at dermato-oncology, the more we are convinced that Nidlegy has blockbuster potential, if approved, just because of simple mathematical consideration, the potential market or the market potential for sales is the product of three simple numbers, how many patients and the market penetration. And just here, these numbers are very well defined for the melanoma population that we are treating is about 23,000 new cases per year, Europe and United States. The numbers get much bigger when we look at high-risk BCC, high-risk squamous cell carcinoma, and these are really enormous numbers. And we present here pricing of currently approved indications in melanoma and non-melanoma skin cancer. So if one enjoys making the multiplication, one rapidly sees that the product has blockbuster potential and our commitment is, of course, to make it happen as soon as possible. So with this, I hand over to Emanuele, but I just would like to reiterate that Nidlegy is potentially a pan [ skin cancer drug ]. And I think we have showed with the trials that we have opened and that we are running our commitment to bringing the drug to the product as soon and as broadly as we can. And with this, Emanuele.

Thank you, Dario. So you remember, Fibromun is an immunocytokine, which is being investigated for the treatment of soft tissue sarcomas and glioblastoma. And at present, we have 6 pivotal studies. Glioblastoma, the primary brain tumor kills more than [ 10 ] patients every year only in the U.S. and soft tissue sarcoma is also an incurable disease killing more than 5,000 patients every year only in the U.S. So we're trying to do better than standard-of-care drugs by delivering tumor [indiscernible] factor. You see here the payload in red by means of the L19 antibody selectively at the tumor site. Fibromun is injected by intravenous infusion, so systemic application and on several -- in several publications that the immunocytokine goes selectively to the site of disease sparing healthy tissues. So you remember that we have 3 studies in soft tissue sarcomas. Our first one in first-line setting, so newly diagnosed patients. It's a Phase III European studies in combination with the standard-of-care drug, Doxorubicin. We have completed enrollment perfecting our internal time lines, [ and the dash ] lines are super imposable. We have reached all the progression-free survival events for the readout of the study, and we will present the top line data in the next slide. We also have another study, which is close to completion in third-line setting. It's a Phase II randomized study. Here, the combination partner is Procarbazine, the mostly used drug in this [ disease ]. You see that we have completed also here the enrollment in line with our expectations. We're only missing 2 PFS events for the readout of the trial. Now FIBROSARC. So FIBROSARC is a Phase III study where patients were randomized 1:1 to receive either Fibromun plus Doxorubicin in the treatment arm or Doxorubicin alone in the control arm with progression-free survival as primary endpoint. The statistical assumptions were based on progression-free survival of 4.4 months in the control arm versus 8 months in the treatment arm based on the so-called proportional hazard ratio. In this table, you see the data that we've published also in the press release, where you can see that the median PFS in the control arm is 4.6, whereas the median PFS of the treatment arm is 7.9. The objective responses were 14% and 19% and signal also in the OS going from 19.6% to 28.3%. So this data is still maturing in terms of overall survival, which was an important secondary endpoint, and despite the data did not show statistical significance for the primary endpoint, progression-free survival, there is a strong signal in favor of the treatment arm, and this is the reason we want and plan to present the data and discuss them with both EMA and FDA to align on next steps. Meanwhile, we also plan to launch a Phase III confirmatory trial with overall survival as primary endpoint which is expected to start in 2026. Besides, we also present the detailed data next year at scientific congresses and we'll publish the results in a peer-reviewed journal, exactly as we did also for Nidlegy. In glioblastoma, we also have 3 studies. The Gliostar in the newly diagnosed patients, has completed enrollment of the Phase I portion of the trial, and we're transitioning in collaboration with Sun Pharma to the Phase II portion of the trial. The GLIOSUN study in glioblastoma at first progression, we have completed enrollment actually much faster than initially expected. I say those dash line represented updated prediction. And we are now waiting for the overall survival events, which is here the primary endpoint to mature, and we expect that to happen in early 2026 for the readout of the trial. In parallel, we also have the GLIOSTELLA study in patients at first or later progression. Also here, you see from the green curve that the trial enrolled much faster than expected. We have completed enrollment of the 90 patients foreseen by the protocol, and we're expecting the readout also in 2026. In terms of market potential, [indiscernible] has huge potential for simple reasons. First, both glioblastoma and soft tissue sarcoma are deserts in which nothing is actually working, both diseases are still incurable. And if you look at the number, you see in advanced soft tissue sarcoma, when you're looking at Europe and the U.S., we're speaking about circa 19,000 patients every year or new cases every year and approximately 2,500 new cases every year in third-line setting. In glioblastoma, we speak about 30,000 new cases every year and 15,000 in the setting of first-progression, plus Fibromun has pan-tumoral potential, so we have the possibility to expand. When you look at the pricing, Olaratumab was a drug that received conditional approval for the treatment of soft tissue sarcoma, then was withdrew from the market -- because it failed to confirm the results in the confirmatory Phase III trial. But while it was approved, the price was more than EUR 100,000 per patient in Germany and circa USD 160,000 per patient in the U.S. So the pricing was very attractive. So today, we also wanted to present for the first time a new technology that we've invented and patented and we're applying to our immunocytokines to generate the second-generation products with activity on-demand properties. Immunocytokines are great drug at accumulating selectively at the site of disease. This was presented before by Dario by showing the nuclear medicine imaging data, plus also I showed the bio-distribution properties of alectinib that goes selectively at the tumor site while sparing healthy tissues. However, there is still room for improvement as these drugs when injected intravenously, they still may exert some toxicity driven by the cytokine payload. And as soon as the cytokine payload dropped, so the concentration of the cytokine payload drops below a certain threshold, also the toxicity, we see that they go away. What we have invented here is this new technology called Intra-Cork, which is based on the use of kinetically matched intracellular signaling inhibitors that are given shortly before the intravenous infusion of the product to mask the cytokine activity. So in simple words, the immunocytokine is inactive when injected, so systemically its inactive, but regains activity at the tumor site. So what we do is now we're applying this technology to drugs that are now being studied in Phase I clinical trials. And so stay tuned because we will have the data in the upcoming webinars. So we're the first ones actually to publish this technology applied to cytokine products. The first publication was by Giulia Rotta in 2024 in EMBO Molecular Medicine and also in 2025 in Journal Immunotherapy of Cancer and more are to come in the coming months. With this, I hand over the stage to Dario to finish off with...

Yes, with the small molecules and with an update because also in the blue part of the pipeline, I think we have made progress and you'll judge by yourself. So again, the promise is that conventional antibodies as practiced by other companies, both microscopically and microscopically, fail to target tumors very efficiently. These are 2 patients with FAP-positive malignancies, but it's clear that the small molecule targets tumors much more efficiently. And so what are we doing in this field? As mentioned before, we use the encoded combinatorial libraries to discover the binders, these vehicles. And then we have a number of opportunities to functionalize the targeting agents with radionuclides, with drugs or with other modalities. And I'll show you a few examples. We have a number of targets on which we are active, including targets which are not disclosed as of today, but will be disclosed in the coming seminars. Let's start with FAP, Fibroblast Activation Protein. For imaging applications, we have partnered with the Bracco Group for the development of OncoFAP, our molecule, which I think shows a nice performance in targeting metastatic lesions in a variety of different conditions, more than 300 patients treated so far, and you see esophageal, sarcoma, breast, pancreas, just to mention a few indications. The execution of the advanced clinical trials is a responsibility of our partner of the Bracco Group, Bracco Diagnostics. We have retained full rights for therapy. We have set up all the conditions which are required for Phase I clinical trial, which has started and therefore, this is another area where we will inform you in due time when we collect a sufficient number of patients about the performance of targeted delivery in this case of Lutetium-177, a therapeutic radionuclide to these patients. In parallel, we had already informed in previous seminars that, of course, this blue moiety OncoFAP can be equipped not only with radioactivity, but also with drugs, in this case, very potent payloads such as Monomethyl Auristatin E with a cleavable linker. And in a way, we enjoy a dual selectivity, the selectivity of targeting FAP, a tumor-associated antigen, the fact that FAP is a protease that activates the drug at the site of disease. We had told you about the objective responses in animal patients in a Veterinary Phase I clinical trial. You see how tumors shrink in just 4 weeks with once-a-week administration. So we are very excited by what we have seen. So what are we doing in practice? We have GMP manufacturing activities and safety-tox activities, which are ongoing, preparing for the clinical trial in humans, which is expected to be launched next year. But at the same time, we have observed that pharmacokinetic parameters are excellent in the sense that the drug clears very rapidly from circulation and there is very, very low levels of free drug available and therefore, causing negligible toxicity. And also, we are aiming to receive Med GMP authorization for our GMP sites so that we become fully self-sufficient for the management of drug product in our trials. The second target, carbonic anhydrase IX, there have been many developments. The condition is really a better diagnosis of kidney cancer because there are different types of kidney cancer, but clear cell renal cell carcinoma accounts for 80% of kidney cancers, and it's the most aggressive subtype. Conventional imaging, really, if there is a mass in the kidney, does not distinguish between a malignant and a benign lesion. And the result is that as of today, about 30% of kidney surgeries to remove masses, which are believed to be tumors in reality are benign lesions or other types of lesions. In other words, 30% of these surgeries are -- shouldn't have been performed. Now ONCOC9, our imaging agent, as you will see, distinguishes very nicely between malignant and benign lesions and should allow patients to spare unnecessary surgery. So that really a positivity would say tell the doctor that there is aggressive cancer, but a negative uptake of ONCOC9 would tell the doctor that no invasive procedure should be performed. We are almost at the end of our Phase I clinical trial championed by Arturo Kitty (sic) [Neri] at San Raffaele in Milano. 18 out of 20 patients have been treated, but the verdict is already very clear. You look at 2 patients. The first one with malignant renal mass, the second one with a benign renal mass, you see the very clear uptake indicated by the green arrow in the kidney. The green arrow is the tumor basically, the kidney becomes clean already at 10 minutes. And this is an example of a benign tumor where basically you do not see an uptake, and this will be even more clear if I show you additional examples. Look first at the right, 2 additional patients. The first one has this huge tumor in the kidney indicated by the green arrow. The other one has smaller lesions on the other kidney, but extremely clear verdicts at 1 hour. So early time points, excellent selectivity, low exposure to radioactivity. Our competitor in the field is an Australian company called Telix that has completed Phase III trials with a radiolabeled antibody, which can show these lesions, but you see that the antibody because of its slow clearance profile requires a long time before you can again give a verdict. And this encouraging data convinced us to launch a Phase III trial and all preparation activities are underway. And specifically, you can see how fast we have gone. 2024 discovery of the molecule, 2025 execution of the Phase I clinical trial, 2026 GMP production, cold kit development, interaction with regulatory authorities, and we have the ambition to close the Phase III clinical trial in 2 years. Again, the incidence of clear cell renal cell carcinoma is very high as reported here in the picture. This incident is expected to double by 2050. Imaging agents based on Gallium-68, which is our radionuclide have current pricing, which are indicated in this slide, they are attractive pricing. And if you make the multiplication, the initial market potential is substantial, both in Europe and in the United States and could potentially be expanded if we go for other malignancies or other forms of pathological hypoxia because C9 is a marker also of hypoxia. Finishing with ACP3, really a fantastic target in prostate cancer. We show the evolution of the market of radiopharmaceuticals in prostate cancer. You see 2 products for imaging, ILU-6 and PYLARIFY. You see that the Gallium product has continued to steadily grow in sales. The sales for the Fluorine product are also very good, but you see that the growth for the Gallium product is very impressive. And whenever you want to do therapy, then you have to use Lutetium-177. There has been also a steady progression of growth for this Novartis product. So if you sum up the imaging sales and the therapy sales, you can say that the target, which has so far dominated the field, which is PSMA, prostate-specific membrane antigen led to cumulative sales in 2025 that probably will exceed EUR 3.5 billion. Now this is a photograph taken at the European Association of Nuclear Medicine Congress in Barcelona in October where the organizers on their own will, they started the Congress with the highlights of the Congress. And the highlights of the Congress obviously pleased us very much because they depicted PSMA possibly as an older technology. You see a walk-talky based on cassettes and a smiling ACP3 with [indiscernible] technology. And it really indicates what will be in the future, really a competition of ACP3 versus PSMA for performance. We are, of course, delighted by the agreement with RayzeBio, a company of the Bristol-Myers Squibb Group. It's a fantastic partner. We announced the worldwide licensing of OncoACP3 for Imaging and for Therapy. The focus is obviously radiopharmaceuticals in oncology. Our small molecule has high affinity and specificity for ACP3 and ACP3 is really a very good target for prostate cancer. The diagnostic agent has been studied by Philogen in a company-sponsored Phase I trial, which has been presented in Barcelona and even earlier in -- with early clinical results presented at the SNMI Congress. And our partner, the Bristol-Myers Squibb Group has announced the intention to go ahead not only with imaging, but also for therapeutic applications with Actinium 225. The key economic terms featured an upfront payment of USD 350 million up to USD 1 billion in development, regulatory and commercial milestones and mid-single to low double-digit royalties on global net sales. So we are very excited about these developments. And let me finish really with 3 slides of summary outlook and news flow before we open the stage for discussion. There is a lot of meat on the table. Nidlegy in melanoma, we are at resubmission in 2026, and we are speeding up neo-DREAM, so the American trial with the geographies that I've mentioned before and that I'm indicating in the slides. U.S.A., Canada, Germany, Italy, Netherlands, Austria, U.K., Australia. Nidlegy, I think eventually will be even more important in non-melanoma skin cancer. We have already treated more than 150 patients and 4 new trials with pivotal potential will hopefully improve the outcome of patients with aggressive forms of basal cell carcinoma and squamous cell carcinoma. We are also considering trial in Kaposi because the results in Kaposi Sarcoma are also exciting, but we'll mention them. We'll show results in a future meeting. Emanuele showed that in soft tissue sarcoma, we had a near miss, a narrow miss because the data were good in terms of median progression-free survival, in terms of objective response in order of overall survival and the data are still maturing. So stay tuned. But certainly, the commitment is speak with the authorities, show the data. Our experts advise us to run anyway a confirmatory trial because hopefully, the combination of the confirmatory trial and the trial which has already read-out should be sufficient for approval. But whether faster opportunities are possible, this we will only know once we have presented the data to authorities. And Fibromun in other indications as recruited trials, we are awaiting readout. So positive developments, still some work to do for Nidlegy in non-melanoma skin cancer, which is a new indication and also confirmatory trial soft tissue sarcoma. For the immunocytokines, we have now post Phase I clinical evidence for L19IL2 with activity on demand potential, thanks to Intra-Cork technology. Special focus on pancreas cancer, which is a severely underserved indication, OncoFAP programs that really show the pan-tumoral potential for imaging and therapy and good results from the Veterinary trial with the drug conjugate, ONCOC9, where we really are committed to go and accelerate from Phase I to Phase III for the imaging of renal mass, sparing unnecessary surgery to the patients and the landmark agreement with Bristol-Myers Squibb on ACP3 for imaging and therapy. So what are the expected news flow in -- really for these products? Certainly, the regulatory interaction, we will update you at regular meetings about the outcome of these interactions for good and for bad. But personally, and this is a personal statement, I'm sure that Nidlegy at some stage will be a broadly applicable drug because it's helping patients already now. It has an excellent tolerability. The early access program adoption shows that the drug is good. But eventually, it's not me making the decisions, it's the regulatory authorities, and we have to improve and work in order to make the drug available to patients as soon as possible. Fibromun, I'm happy personally by the readout in soft tissue sarcoma, but more work is needed in the first line. We are awaiting readout in the other indications, and they will be communicated as soon as they become available. I think the small molecule pharmaceuticals are performing well. You judge by yourself. But as mentioned, we are working on other targets because, of course, Dell (sic) [DECL] technology, the encoded chemical libraries gives us the ability to discover ligands also against other targets. The liquidity at the end of September 2025 was about EUR 380 million. If you put it in relation to our expenditures, I think you can hopefully draw good conclusions about the health status of the company in spite of the many investments that we have made and that we continue to make. And with this, we thank you for your attention.