Valneva SE (VLA) Earnings Call Transcript & Summary

Good afternoon, everybody. It's 2:00, so we're going to be able to start that general assembly, so I'd like to welcome you all and welcome all the shareholders that are here with us physically today or remotely. As it's being broadcast live, I'd like to welcome our General Director, our CEO, Mr. Thomas Lingelbach; our Financial Director, Peter Buhler; and Mrs. Ging, who is going to guide us all throughout this general assembly. Thanks to our statutory auditors that are also with us today. So I'm not going to repeat or just rephrase everything that will be -- that is presented or that will be presented in the document that we are going to present to you today. So we are here steering and checking and controlling our cash flow and our treasury. So without further ado, I'd like to tell you that I will be the President of this general assembly that our main shareholders are Mr. Jim Sulat and Mr. Lingelbach. Let me also welcome you and welcome Jim. And so you'll be the scrutineer for that general assembly. And I'd like to ask Kendra to be the Secretary or the rapporteur for this session. So we've got the entire Board with us today, and I'll leave the floor to Kendra for the instructions. So good afternoon, everybody. Let me remind you that the signing sheet has been signed by all the participants personally and also administratively. So we've reached quorum. So that's 30%. And for the ordinary part of the assembly, we've got 57 57,350,886 shares, and that's the same for the extraordinary assembly. So that's more than 1/4 of the shares that are represented or that will be voted for remotely and electronically. Let me remind you also that all the reports for the Board and the statutory auditors are available for the shareholders on our website in due time and deadlines and I'm going to give back the floor to Ms. Graffin. So just a few seconds to tell you how this assembly is going to unfold, where you're going to give the floor to Thomas and Peter who are going to present the results of the group in 2025 and some of our perspectives for 2026 and some financial elements by Peter, then there will be a Q&A session for the written questions, but apparently, there are no questions -- written questions. So we'll move on and then we'll talk about 2025 and move on to voting for the new resolution, so that's a very classic way of running General Assembly. Now the floor is yours, Thomas.

Thanks. So good day, everyone. It's a pleasure to present the overview of Valneva and its business today here at the General Assembly. Yes. So the year 2025 has been a year marked by many progresses across the entire spectrum of the business. We delivered strong sales with our existing proprietary products. Of course, we're going to talk more about that. We winded down our third-party product sales, but if you compare it like-for-like, we saw growth in an environment that has not been easy for vaccines in general and in the United States, in particular. We have been able to successfully refinance our debt, which has also been a strategic and very important component. And we have been able to advance our key R&D programs and again, we're going to talk more about that. So what is our Valneva strategy and where do we really see the business progressing? You have seen those 3 pillars before. On the 1 hand side, we are trying to maximize value from our commercial assets, be it top line, be it bottom line, which will continue to be a major focus for us. Of course, our R&D pipeline, we would like to progress our R&D activities, leveraging our core capabilities. We want to make sure that we continue to deliver R&D candidates in areas of high unmet medical need, where we could make a difference, where we could be the only ones or best-in-class, and this remains our key mission from an R&D perspective. And of course, we believe in the integrated business model that we have established, meaning from R&D all the way to commercial, we believe there's an added value in having core capabilities across the entire value chain. Coming back to product sales. What you see here is exactly what I described. So we have seen an overall topline drop from EUR 163 million to EUR 158 million. But when you really look into the third-party product contributions and you compare like-for-like, you see growth. We have this year now for 2026, updated our guidance. And this year does not include any third-party product sales anymore. And our proprietary vaccines, especially IXIARO and DUKORAL will continue doing well this year despite of some setbacks that we had on IXCHIQ. This means that the total commercial business remains cash generative as a whole. When we look at the pipeline, what is it really that Valneva is currently focusing on, of course, Lyme, the partnered program with Pfizer. Certainly, the single largest catalyst for Valneva, the single largest value driver in Valneva, -- also right now, -- as we speak today, the market, unfortunately, has completely written off its value. And I'm going to explain more where we are on the Lyme activities. We still work on chikungunya trying to make sure that we can provide this vaccine to people who are in need of it most, namely these are people living in endemic areas into mainly into low medium-income countries. And of course, be ready for outbreak preparedness given that the outbreak of chikungunya will come. The only question is when -- and then shigellosis, we are working on the most advanced tetravalent program against Shigella right now. and we will have major readouts in the coming months. When we look at the pipeline and how we want to rebuild our pipeline over time, we have given ourselves to focus areas moving away from the vector transmitted disease seem that we had originally when we created the company to go into 2 major fields. One is the world of herpes viruses and the second one is enteric diseases. And here, we have a lead program in preclinical with EBV, and we have another lead activity right now on working on ETEC, where we just -- where we recently in-licensed a very interesting ST antigen. -- so the company could be the first ones to really work on a broad covering ETEC vaccine covering both LT and ST. Yes. So let us go to Lyme because I'm sure that everyone is most keen and eager to understand the situation. So first of all, I think to set the scene on Lyme 1 more time, lyme disease is the most severe vector transmitted and transmitted disease currently worldwide. It is growing mainly because of global warming. And the clinical manifestations are also more and more severe. And I think the important thing that many people do always underestimate is the antibiotic treatment against Lyme disease is only to a certain extent effective. And there are many, many clinical symptoms that are long-lasting and represent long-term health impairment for individuals infected with Lyme disease. As such, a prophylactic solution against Lyme disease is certainly something that would be of huge benefit for public health, especially in the Northern Hemisphere where the ticks and Lyme is most prevalent. So when we talk about people and what does it really mean in terms of market opportunity, in terms of medical need, we have around close to 100 million people living in the United States and so quite high-risk areas of Lyme disease areas where -- you have a certain number of Lyme cases every year that was defined by CDC and WHO and we have about 200 million people living in Europe, in Lyme-endemic areas. So now when you translate this into a potential market opportunity, you reach easily the -- what Pfizer have officially been guiding, mainly a market opportunity north of EUR 1 billion annual sales. We, of course, believe it's even better than that given the growing and really significantly developing epidemiology around Lyme disease. Yes. I think we have an excellent partner with Pfizer when it comes to the future potential commercialization of the vaccine because they have certainly the strongest commercial engine in vaccines globally. We have a good deal. So we have received already some milestone payments but we have substantial milestone payments coming up, provided that the vaccine gets approved and launched. And those additional milestone payments, which we anticipate provided that we see a licensure process coming will be north of EUR 140 million. And later on, we expect significant royalties on sales at no cost to Valneva, and this is why this vaccine represents in this vaccine candidate and the deal with Pfizer represents such a huge and important asset for the company. Now, unfortunately, we had not the clean-cut outcome of the Phase III that we had all anticipated and hoped for. We run a Phase III pivotal efficacy study, placebo-controlled, one-to-one randomized, 50% of the people got placebo, 50% got vaccine. 2:1 U.S. versus Europe. And we tried to show that we are able to prevent disease. So we counted Lyme cases in the placebo group, we counted the Lyme cases in the vaccine group and the delta gives you the efficacy. Now unfortunately, we had not in use cases in the study. for reasons that are hard to understand at this point in time. But we showed a very strong efficacy. So which means the number of cases that we had was not enough to have a statistically powered end result. But it was enough to show a good efficacy of more than 70%, which is exactly what we were hoping for. We also saw that the vaccine was well tolerated. And now it's a question of how do regulators look at this data, given the statistical miss. The statistical miss doesn't mean that the vaccine does not work. It works. Vaccine works, the vaccine is efficacious, but you need to have in every single study a certain confidence interval, which means, in other words, if you repeated the same study over and over and over again, what is the probability that you get always the same result? This is what the confidence interval says. And that's unfortunately the piece that we missed now. The discussions are ongoing in between Pfizer who are in charge of the regulatory process and the different regulatory authorities. Everyone has probably been able to read in the price that Pfizer go out quite bullish. They signal confidence around the ability to bring this vaccine to licensure. This confidence is not the same confidence that we see in the capital market when it comes to Valneva and the Valneva shares. So the -- but we, as a team here at Valneva, we are really convinced that there is a positive pathway. We have -- we have shared the confidence that Pfizer are signaling to the Street. And we hope that we will get clarity or more certainty, let's put it this way, in the coming months. For now, we have still sticked to our guidance that we previously provided, namely that we anticipate licensure of this product potentially during mid-2027 and a potential launch towards the end of 2027. So check on chikungunya, we have, of course, a life-attenuated vaccine. As you all remember, it's a vaccine that is highly efficacious, close to 100% seroprotection. It's a live vaccine. Therefore, it is reactogenic. We have been dealing with quite a number of safety signals on the vaccine, which makes it a bit difficult in order to turn into a commercial success for travelers because we had originally thought that, that would be the key area. But the risk benefit in travelers, especially if reactogenecity of the vaccine is too high, is not ideal. Therefore, we are currently trying to expand into low and medium income countries, where there is a clear medical need for such a vaccine and a very positive risk benefit given the permanent outbreak situation and the morbidity and mortality associated with those outbreaks. We have a couple of ongoing flanking studies. And one of the things that from a public health point of view is very interesting and compelling is the pilot vaccination program in Brazil. where there are many, many people who are getting the vaccine from the Ministry of Health. We are close to 50,000 already, and we are targeting more than 150,000 people to be run through this pilot vaccination program. This will give not only real-world evidence, but it will also help fighting against a real big problem in Latin America. So Shigella, a few additional words to what I said earlier. Shigella is a very difficult enteric disease, especially for children. And here, unfortunately, the poorers, namely children who are living in endemic meaning, in this case, also low medium-income countries. It has also a travel component. So it's a little bit like chikungunya from a disease perspective, but the mortality in children is very high. This is why the vaccine approach against shigellosis has been prioritized by WHO and other institutions globally. Yes. So right now, we are running 2 studies in parallel. One is an immunogenicity study in children in Africa. The other 1 is a study that we run in adults where we do a so-called controlled human infection model. So it's a challenge study. This is very interesting because it gives us early on an indication whether this vaccine is going to work or not. And we will have readouts now over the summer.

[Foreign Language] [Interpreted] Our guidance on product sales for this year. I also mentioned that we had a few headwinds here that caused us to reduce the guidance by EUR 10 million, primarily, as I said earlier, the IXCHIQ situation in travel, but also some supply and demand challenges this year. Overall, the top Lyme guidance, including other revenues, is in between EUR 145 million to EUR 160 million. We have recently reconfirmed all of that Yes. And then going forward, I think a little bit about the outlook in general. The most important thing is when the Lyme results came out in the way they came out and the market reacted in the way the market reacted. The company, of course, took substantial measures to contain its cash. We restructured the organization. We let close to 15% of our employees go, unfortunately, globally. We cut R&D investments, delayed projects, adjusted projects and ensured a small financing that we successfully concluded. With all of that, the company is in a good stage when it comes to cash. So there is no risk at this point in time, that company runs out before we have better clarity on lime and until lime uncertainty will be gone. This is the important message. And we will continue, of course, to support as much as we can, Pfizer and its efforts to bring Lyme to licensure. And by the end of the day, we hope that we all will benefit from an happy and online at the end. With that, let me conclude the business update and provide -- give back to Peter, who will provide you with the financial report.

[Interpreted] Thank you, Thomas. So we are going to move on to financial results for 2025. As you can see the evolution of our sales has improved between 2024 and 2025, starting with IXCHIQ vaccine against Japanese encephalitis. You see a 4.6 increase compared to the previous year 7.2, if you look at the exchange rates there. This increase was actually generated by the vaccine and travelers, and the results remained rather stable in the U.S. compared to the previous year. And as a reminder, also, we had signed a contract for -- in January 2025. We also have a vaccine against cholera which is -- we've seen a slight reduction for this, mainly due to a change in supplier on distributor in Germany. Although for the future, we expect an increase to come back to happen again. When it comes to the vaccine IXCHIQ, you've seen almost EUR 4 million in 2025, which should include soon -- visible, that actually shows the methods that were taken to fight off the disease last year. So when it comes to the proprietary products, we've seen an increase in 6.6% compared to 2024 or 9% if you take into account the exchange rates. And when it comes to third-party products, those have reduced. The sales have reduced by 4% 2.3%. We've always said we expected a reduction in the sales of these products because we had come to the end or I'd rather not renewed some of those contracts. It's a kind of a business that was started mainly during the COVID period, which would add more products to our sales representatives, mostly when there was a significant decrease in the number of travelers at that time. So in total, the product sales are down by 3.3% between '24 and '25. So now the financial results for 2025, you see an increase which is mainly due to our partnership with Pfizer for the Lyme vaccine. There is here a recognition of income that had been taken into account previously, which had no impact later on liquidities. So you see that we've had almost EUR 58 million in revenues and an increased EUR 174.7 million for products which is also due to the launching of our production unit in Scotland. When it comes to the research and development expenses, those have increased by EUR 10 million, mostly due to IXCHIQ and Shigella, whereas the marketing and distribution expenses have actually reduced compared to the year prior, which is related to the decrease in investment and to the program we've put in place end of 2024 to gain in effectiveness. You've also seen the vouchers we had received for the IXCHIQ, which actually led to an increase in income, which was not reproduced in 2025 and leads us to an operating profit or loss of EUR 82.1 million. You've seen an increase also in finance and income taxes, which is reduced related to the restructuring of our debt as well. So this way, we managed to reallocate some of the costs. This is why the amount in finance and income taxes is higher even though the debt level is lower than the year prior. So this is why we now have a profit of EUR 115.2 million for this period. This is also due to the reprioritization of our different projects in 2024. I believe we are now reaching the time to answer some written questions. Yes, and I can actually confirm that no question was submitted to this company prior to this assembly. So I will give the floor to Mario.

Thank you, Kendra. So we should pursue with the reading of the auditor's report. I would like to ask my colleagues, members of the Board of Directors to -- if they are -- if they agree with not reading it through completely in detail since they are all available and have been made available for a while on the website that if it's okay with everyone. Okay. So we will now move on. I will now leave the floor to Kendra who will be presenting the different resolutions before we proceed to the vote. I'm sorry, I still have to give the floor to our statutory auditors for the report of the 2025 results.

[Interpreted] Mrs. Chairwoman, Mr. and Mrs. shareholders and all members of the Board of Directors, we are here for the audit. I would like to present to you the summary of the auditor's reports for 2025 financial statements in order to and like and then educate your decisions when we come to the vote. So first, we will look at the audit that was performed in accordance with professional standards, applicable accounting principles, key audit matters as well and any element that might impact the activities of your company. So as I said, the audit was performing in accordance with professional standards applicable in France, and in compliance with independence requirements. Concerning the reports on those, we have performed them with Valseva SE as well as the consolidated financial statements and the parent entity financial statements. We have reported to the Audit Committee of the company and have identified the consolidated financial statements without any reserves. So we can affirm that we are compliant with expectations and the financial position of the company and of the group are favorable. Our results have led us to highlight key elements by nature, key by the nature and the reports in order to be able to assess the different possibilities and assessment, in order -- when it comes to the recognition of the liabilities for the annual financial statement. We explained in our reports, our own vision of the various points and the way we actually studied them within -- during the audit. These key points have been detailed within the report and on Pages 245 -- 345 to 383, sorry. You will then find on Page 407, our special report on the regulated conventions in which we were given the opinion that was first validated by the Board of Directors. This is regarding the indemnity agreement entered into on November 3, 2025 between Mr. Gerd Jamsil and Valneva SE. This also includes the contract for the provision of support services entered into in April 29, the management agreement and the directors and officers indemnity agreements. In terms of operations, performance will continue -- we have been able to cover all the share capital decrease through cancellation of treasury shares Resolution 21, the issuance of ordinary shares and securities with and without preferential subscription rights from resolutions sorry, 22 to 24, 627 and 629, 231 issuance of shares and all securities giving immediate and/or future access to company's share capital with cancellation of preferential subscription rights, authorization to grant stock options, authorization to grant existing and future free shares and share capital increase reserved for employees. Furthermore, we submitted with our new observations, the additional reports issued without following the use of your -- by your Board of Directors of the delegations granted by June 26, 2024, and finally, in its third part, the report includes the limited insurance report on sustainability information. We have received a limited insurance reports as presented on Page 289. We have not noted any mistakes or incoherences in particular. So the compliance with the ESRS of the process was implemented to determine the information disclosed, the compliance of the sustainability information included in the sustainability statement and that with the disclosure requirements that are in the taxonomic regulation. Thank you for your attention. So we can now move on to the resolutions. I will start by summarizing them. the ones that we will vote on. So for this year, they have not changed much compared to last year. At very top, we have those the regular resolutions for the approval of the financial statements. We have a few more regarding the ratification of transfer of the registered office days regarding the renewal of Board members, retainership, say-on-pay as well and financial authorizations and delegations as well as others covering stock options and free shares, as well as a capital increase reserved for employees and amendments to -- for the prior formalities and the amendments to the Articles of Association.

[Interpreted] Thank you, Kendra. Before moving on to the vote, I would like to open discussions if anyone in this room here has any questions. would like to ask any questions to the Board of Directors and management team of the company. Again, this meeting is broadcasted online, so you may or may not get your name when you ask questions. Do you have any questions? Here in the room. I do not see any hand raise. I believe the presentations were clear enough. Thank you to everyone. So I would like to give the floor to Kendra for the vote now on the resolutions.

[Interpreted] Okay -- as usual, we will display the resolutions on the screen. And I have to first inform you that the final account for which the shareholders represented, all those who voted remotely have 57,383,141 action shares, meaning 30% like to vote. As a quick reminder, in the documentation, you had access to in compliance with the law are the different projects that are here, President, I have been taken into account for next year and you have an integral summary of available. So I suggest we now move on to the vote. Again, we will show on the screen the summary of all the resolutions and for time keeping reasons, I will not read them out all out loud. Just now you can see how to vote. Do you have any questions to all ready to vote, so in favor #1, against number two, if you don't want to vote #3. First resolution is the approval of the parent entity financial statements for the fiscal year ended December 31, 2025 has been adopted. The second resolution regarding the approval of the consolidated financial statements for the fiscal year is open.

The vote is now closed. So the resolution is approved. Resolution #3, that's the appropriation of earnings for the fiscal year ended on December 31, 2025. Let's open the vote. [Voting]

Resolution #3 is also adopted. Resolution #4, that's the ratification of the transfer of the registered office from -- not to Lyon. So votes now open. [Voting]

Resolution #4 is adopted. Resolution #5, that's the approval of the indemnification agreement entered into in favor of Mr. Gerdes in the year ended on the 31st of December pursuant Articles 225-38 of the French commercial code. The vote is open. [Voting]

The vote is now closed and the resolution is approved. Resolution #6 has to do with the reappointment of Mrs. Anne-Marie Graffin as Director. The vote is now open. [Voting]

The vote is closed and the resolution is adopted. Resolution #7. That's the reappointment of Mr. James Sulat, as director for a year. The vote is open. [Voting]

Vote is closed. Resolution is adopted. Resolution #8. The reappointment of Mr. James Edward Connolly as director. The vote is open. [Voting]

The Vote is closed and resolution is adopted. Resolution #9, the reappointment of Mrs. Kathrin Jansen's Mandate for year. The vote is open. [Voting]

Vote is closed. Resolution 9 is adopted. Resolution #10 the reappointment of Mr. Thomas Lingelbach, for 3 years. Vote is open. [Voting]

Voting is now closed. Resolution #10 is adopted. Now resolution #11, the approval of the compensation policy applicable to Mr. Lingelbach as a CEO for the fiscal year 2026. The vote is open. [Voting]

Vote is closed and resolution is adopted. Resolution #12. The approval of the compensation policy applicable to the members of the Board of Directors for the fiscal year 2026. The vote is open. [Voting]

The vote is now closed. The resolution is adopted. Resolution #13, that's the approval of the information referred to an article L22-10-91 of the French commercial code pursuant to Article L22-10-34(1) of the French Commercial Code. The vote is open. [Voting]

Vote is now closed and the resolution is approved. Resolution #14, that's the approvement of the fixed variable and exceptional components making up the total compensation and benefits of any kind paid during or granted in respect of the fiscal year ended on December 31, 2025, to Mrs. Graffin Chair of the Board of Directors. The vote is open. [Voting]

Vote is closed, and the resolution is approved. Resolution #15, that's the approval of the fixed fill and exceptional components making up the total compensation and benefits Mr. Lingelbach as a CEO in respect of the fiscal year ended on 31st of December 2025, the vote is open. [Voting]

Vote is now closed and resolution is approved. Resolution 16. That's the approval of the fixed variable and exceptional components making up for the compensation and benefits of Mr. Juan-Carlos Jaramillo as the associate Managing Officer for the fiscal year and in on the 31st of December 2025, the vote is open. [Voting]

Vote is closed. Resolution #16 is approved. Resolution #17, that's the approval of the fixed variable and exceptional components making up for the total compensation and benefits for Mr. Peter Buhler, as the Associate Managing Officer for the fiscal year 2025. The vote is open. [Voting]

Vote is closed. Resolution #17 is approved. Resolution #18, that's the approval of the total compensation of Mr. Dipal Patel, in her capacity as Associate Managing Officer for fiscal year 2025. The vote is open. [Voting]

The vote is now closed, and the resolution is approved. Resolution 19, that's the approval of the total compensation. Mr. Frank Grimaud more in its capacity as associated Managing Officer for the fiscal year 2025. The vote is open. [Voting]

Vote is closed. The resolution is approved. Resolution #20 is the authorization and power is to be given to the Board of Directors for the purpose of allowing the company to make transactions on its own chairs. And you've got all the details mentioned on screen and they're all detailed in the very resolution. The vote is open. [Voting]

The vote is closed, and the resolution is approved. Resolution 21 as the authorization granted to the Board of Directors to cancel treasury shares for the company. Vote is open. [Voting]

Vote is closed and Resolution 21 is adopted. Resolution 22, that's the grant of authority to the Board of Directors to increase the share capital by issuing ordinary shares or any securities giving access to the capital while maintaining preferential subscription right of the shareholders. Vote is open. [Voting]

Vote is closed. Resolution 22 is approved. Resolution #23. That's the grant of authority to the Board of Directors to increase the capital by issuing ordinary shares or any securities giving access to the capital through a public offering, canceling preferential subscription rights of the shareholders, though including an option for priority period. The vote is open. [Voting]

The vote is closed and Resolution 23 is approved. Resolution 24. That's the grant of authority to the Board of Directors to increase the share capital by issuing shares and/or securities, giving immediate and/or future access to the company's share capital with cancellation of the preferential subscription rights of the shareholders, there were public offering referred to in Article L411-2 of the French Monetary and Financial Code. Vote is open. [Voting]

The vote is closed and resolution is adopted. Resolution 25 now, that's the grant of authority to the Board of Directors to increase the share capital by issuing shares and/or securities, giving immediate and/or future access to the company's share capital with cancellation of the preferential subscription rights of the shareholders for the benefit of certain categories of persons meeting specified characteristics. The vote is open. [Voting]

The vote is closed. Resolution 25 is approved. Resolution 26, grant of authority to the Board of Directors to increase the share capital by issuing ordinary shares and/or any securities giving access immediately or in the future to the company's share capital with cancellation of preferential subscription rights of the shareholders for the benefit of 1 or several persons specifically designated by the Board of Directors, delegation of authority to the Board to designate such persons. and the vote is open. [Voting]

Vote is closed. Resolution 26 is adopted. Resolution 27. The grant of authority to the Board of Directors to increase the number of shares to be issued in the case of a capital increase with or without preferential subscription rights for existing shareholders within the limit of 15% of the initial issue amount. The vote is open. [Voting]

Vote is now closed and the Resolution 27 is approved, adopted. Resolution #28. The grant of authority to the Board of Directors in order to increase the share capital through the capitalization of reserves, earnings or premium. The vote is open. [Voting]

The vote is closed and resolution #28 is approved. Resolution 29. That's the grant of authority to the Board of Directors to increase the share capital by issuing shares and/or securities, giving immediate and/or future access to the company's share capital in consideration for contributions in kind for equity securities or other securities giving access to the capital. The vote is open. [Voting]

The vote is closed and Resolution is adopted. Resolution #30. The grant of authority to the Board of Directors to increase the share capital by issuing shares and/or securities, giving immediate and/or future access to the company's share capital in a public offering involving an exchange component initiated by the company. The vote is open. [Voting]

The vote is closed and Resolution 30 is adopted. Resolution #31, that's the maximum aggregate amount of capital increases. That's EUR 8,539,700. The vote is open. [Voting]

The vote is now closed and resolution #31 is adopted. Resolution #32, that's the authorization of the grant of authority to the Board of Directors for the purpose of granting stock options through one or more issues for the benefit of employees and/or corporate officers of the company and its affiliates entailing waved shareholders of their preferential subscription rights to shares to be issued after exercising stock options. The vote is open. [Voting]

The vote is now closed. The resolution #32 is adopted. Resolution #33. The issue of free shares, delegation of authority to the Board of Directors for this purpose. The vote is open. [Voting]

The vote is now closed. Resolution 33 is adopted. Resolution 34 regarding the aggregate limitation on the amount of issues made pursuant to this 32nd and 33rd resolutions, meaning 4% of the company's share capital. The vote is open. [Voting]

Vote is now closed and Resolution 34 is adopted. Resolution 35 regarding the grant of authority to the Board of Directors for the purpose of deciding to carry out a capital increase reserved for employees. And I may say here that the Board of Directors has recommended for the shareholders to reject this resolution. The vote is open. [Voting]

Vote is now closed. Resolution 35 is rejected. Resolution 36 on the amendment to Article 27 of the Articles of Association to align it with the provisions of the French Commercial Code. The vote is now open. [Voting]

Vote is closed. Resolution 36 is adopted. And the last resolution, Resolution 37 regarding postpoll formalities. The vote is open. [Voting]

Vote is closed. Resolution 37 is adopted. Right. Before I give the floor back to Mario. I would just like to take 1 minute to warmly thank my colleague, Alizandra who is about to leave us after spending her whole career here at Valseva. I would like to thank her sincerely and very much for the work she's done for us for in organizing all of these general assemblies. Thank you very much, Lee, and good luck for the rest for everything else.

Thank you, Kendra. Thank you, Elyse. I would also like to thank the whole of Kendra's team who is working very hard every year around organizing this general assembly. It's for Valneva but also for Peter's teams. This makes us able today to present to you today all of these reports, including the statutory auditor's reports and so I would like to thank you all and wish you a nice end of afternoon. You have some refreshments in the next room. Thank you again.