Umer Raffat

“I wanted to touch up on two things here. First, the last slide has this interesting disclosure on a possible 57% to 58% gross margin in 2027. I believe that's a new disclosure, which is up quite nicely from the full year 26 of about 55% gross margin.”

“I just wanted to spend a second on the IL-15 ahead of the celiac readout and just drill down a couple of dimensions. One, I believe the last patient in was April 7th, which means they should have been done by early June with the week 8 endpoint.”

“I just thought I would spend a little bit of time on the MLX acquisition as well. Maybe first, unlike in a traditional pharma company where you sort of inherit a range of molecules which have their own expertise, I feel like the advantage you guys have is you get to decide how you want to stack on the LOEs.”

“If I look at the Delta versus consensus this quarter, it looks like it's driven by sales and marketing when I take out the one-timer impact of the milestone. And coincidentally, I feel like this is probably the highest sales and marketing spend quarter we've seen in the last three years or so.”