Hello, and welcome to the Genmab First Half 2025 Financial Results Conference Call. As a reminder, this conference call is being recorded. During this telephone conference, you may be presented with forward-looking statements that include words such as believes, anticipates, plans or expects. Actual results may differ materially, for example, as a result of delayed or unsuccessful development projects. Genmab is not under any obligation to update statements regarding the future nor to confirm such statements in relation to actual results, unless this is required by law. Please also note that Genmab may hold your personal data as indicated by you as part of our Investor Relations outreach activities in order to update you on Genmab going forward. Please refer to our website for more information on Genmab and our privacy policy. I would now like to hand the conference over to your first speaker today, Jan van de Winkel. Please go ahead.

Hello, and welcome to our financial results call for the first 9 months of 2025. With me today is our Chief Financial Officer, Anthony Pagano; our Chief Commercial Officer, Brad Bailey; and our Chief Medical Officer, Ta Ahmadi. And for the Q&A, we will be joined by our Chief Development Officer, Judith Klimovsky. As noted, we will be making forward-looking statements, so please keep that in mind. During today's presentation, we will reference products being developed under some of our strategic collaborations. And this slide acknowledges those relationships. As we near the end of 2025, I would like to remind you of the commitments that we made at the beginning of the year. We said that we would accelerate the development of our high-impact late-stage pipeline that we would maximize the potential of our commercialized medicines and that we would deliver on our capital allocation priorities. I'm pleased to say that we are following through on these commitments, supporting our continued growth and long-term value creation. Over the past 9 months, our total revenue grew by 21%, fueled by increased recurring revenue. And we have invested fully in line with our capital allocation priorities. Importantly, we have grown operating profit by 52% even while making these strategic investments. We ended the first half with around $3.4 billion in cash. Our strong financial foundation has given us the flexibility for continued growth and expansion through investment in our high-impact late-stage programs. EPKINLY and Rina-S have both progressed rapidly over the course of this year with extremely encouraging data sets. And for Rina-S, we have initiated additional Phase III clinical trials. As part of our disciplined investment into the highest potential programs together with BioNTech, we have agreed that the current data in frontline head and neck cancer for GEN1042 did not meet our high bar for continued development. As part of our capital allocation priorities was our promise to explore focused M&A opportunities. We have delivered on this commitment with a potentially transformative proposed acquisition of Merus. So let's briefly review the highlights. The proposed acquisition of Merus is an exceptional opportunity that advances our evolution into a global biotech leader. It accelerates our shift towards a 100% owned model. It expands and diversifies our revenue and it brings us closer to achieving our 2030 vision to improve the lives of patients. With this proposed acquisition, we will add petosemtamab, or peto, to our already compelling portfolio. High potential assets like peto, which has received 2 breakthrough therapy designations are truly rare. The totality of data we have seen for peto underscores the potential as a best-in-class EGFR bispecific across head and neck cancer indications as well as in other EGFR-expressing tumors. And with data anticipated in 2026 from one or both of the ongoing Phase III trials, we expect peto will also be first-in-class with an initial launch expected in 2027. We are confident that our expertise and leadership in antibody-based innovation as well as our swift and broad clinical development of both EPKINLY and Rina-S demonstrate our ability to fully realize peto's potential. We will also see real promise for it to join EPKINLY and Rina-S as a multibillion-dollar program. We expect to close the acquisition by early in the first quarter of 2026, subject to the satisfaction of customary closing conditions. And combined with our disciplined capital allocation, strong financial foundation, and proven commercial execution, this transaction sets us up for durable long-term growth into the next decade. Now let's turn to some of the recent advancements for our late-stage programs. Beginning with EPKINLY, we eagerly await its potential approval in second-line follicular lymphoma later this month. In addition to the unprecedented Phase III second-line follicular lymphoma data we discussed during our second quarter call, recently, we announced updated results for epcoritamab in the outpatient setting. These data evaluated the feasibility of treating and monitoring patients with relapsed or refractory diffuse large B-cell lymphoma in this setting. Data from both the Phase III second-line and outpatient studies are included in more than 20 EPCOR abstracts that have been accepted for presentation at this year's ASH meeting at the end of the year. Excitingly, the second-line follicular lymphoma data will be one of seven oral presentations for epco at ASH. These abstracts highlight advances that expand epcoritamab's clinical profile, supporting use in earlier lines of therapy and across additional B-cell malignancies. So now let's turn to Rina-S. Last month at ESMO, we presented an update of the data for single-agent Rina-S in patients with advanced endometrial cancer. Today, Tahi will provide a brief overview of this data, which further supports the encouraging results that we showed at ASCO. This progress reflects our vision to accelerate our innovative late-stage pipeline and shows additional momentum behind the possibilities of Rina-S. Our confidence in the potential of Rina-S in endometrial cancer is reinforced by the breakthrough therapy designation granted by the U.S. FDA. As a reminder, this indicates that the FDA considers Rina-S to have the potential to significantly improve patient outcomes compared with existing therapies. The data we have seen and the recognition from the FDA both support our development plans for Rina-S. And I'm pleased to tell you that we have initiated the Phase III trial in endometrial cancer. So our rapid development of Rina-S continues. And we are also preparing for potential commercialization. TIVDAK is now available for prescribing in Germany, our first European market. The foundation that we are building in the European gynecologic community with TIVDAK will set us up for future success with Rina-S. Now over to Tahi and the updated Rina-S data from ESMO. Tahi, go ahead.

Thank you, Jan. At ASCO, we presented the first results for single-agent Rina-S in patients with advanced endometrial cancer from the ongoing Phase I/II RAINFOL-01 study. And at ESMO, just a few weeks ago, we provided an update on that data with four additional months of follow-up. What we saw was that at a median follow-up of around a year, Rina-S dose at 100 milligrams per meter square showed deep and durable responses regardless of folate receptor alpha expression. With the disease control rate at that dose continuing to be at 100% and a confirmed overall response rate remaining at 50%, including two complete responders and with seven out of the eleven confirmed responses still ongoing at that data cutoff. This compares to standard of care chemotherapy, which delivers approximately a 15% overall response rate and limited durability, roughly around six months. In addition to the durable efficacy, Rina-S continues to have a manageable safety profile. There are still no signals of ocular toxicity, interstitial lung disease, or neuropathy across the entire program. So in summary, the data we have seen for Rina-S, both in endometrial cancer and the data we presented on PROC reinforce our conviction that Rina-S is a best-in-class ADC across efficacy, safety, and durability across the entire spectrum of folate receptor alpha expression. And we are maximizing its potential with an accelerated and extremely comprehensive development plan that includes now three ongoing Phase IIIs, following today's disclosure on clinicaltrials.gov and two Phase IIIs that are intended for potential registration under the accelerated approval pathway in the United States, one in PROC and one in second-line endometrial cancer. We expect a first launch in 2027, and we are also generating data beyond GynOc with signal-seeking Phase II trial in non-small cell lung cancer. And now over to Brad for a review of the recent commercial performance for EPKINLY and TIVDAK.

Yes. Thank you, Tahi. Q3 marked another strong quarter for our proprietary portfolio. Our commercialized medicines are contributing positively to our overall revenue growth, driven by the strong performance in our established markets as well as now the early success in new markets. This gives us further confidence in our growth potential as we advance our portfolio and prepare to bring our medicines to even more patients around the world. Take a closer look now at performance overall. EPKINLY and TIVDAK sales through the third quarter of 2025 were up 54% year-over-year. This accounted for 25% of our total revenue growth. And as we've said before, we expect our proprietary portfolio to increasingly contribute to our overall revenue growth over time. During the quarter, we continued to scale our operations across markets in a disciplined fashion, accelerate the adoption of our medicines, and meet patients' needs. And as you just heard from Jan, the proposed Merus transaction provides us with the unique potential to double down on our shift to a 100% owned model and maximize our long-term growth. With EPKINLY, Rina-S, Acasunlimab and potentially petosemtamab, we have the pieces in place to deliver several multibillion-dollar opportunities in the coming years. Let's turn now to our EPKINLY's performance. EPKINLY posted $333 million through Q3, which represents a 64% year-over-year increase. We're highly encouraged by EPKINLY's performance and steady growth globally as the clear leader in the third-line setting across diffuse large B-cell lymphoma and follicular lymphoma. In the U.S., performance continues to demonstrate the value of EPKINLY as the only dual indication option in DLBCL and FL. We're seeing increases in adoption across sites of care and new patient starts, reinforcing both the clinical and operational differentiation that EPKINLY brings to the market. Indications further growing utilization within ordering accounts and expanding more broadly into the community setting. As we prepare to enter earlier lines of therapy with the anticipated launch in second-line FL later this year, we'll build on this positive momentum to bring EPKINLY to even more patients. Now looking at Japan, we're seeing an encouraging start to EPKINLY's launch in third-line plus follicular lymphoma. Our teams are building on the traction we've seen in large B-cell lymphoma and continue to drive account activation while also preparing for future potential launches. To that end, today, we filed a supplemental JNDA for EPKINLY in second-line FL, marking another important milestone to potentially bring EPKINLY to earlier lines of therapy in this priority market. Across all other markets through our partner, AbbVie, we saw solid sales for EPKINLY in the quarter as an increasing number of countries gain access to reimbursement and saw rapid uptake. Globally, EPKINLY has received the most regulatory approvals for a bispecific in DLBCL and FL with approvals in more than 65 countries worldwide, including more than 50 countries now with the dual indication. As we look ahead to the remainder of the year and into 2026, we're focused on increasing utilization across sites of care and delivering EPKINLY to patients in earlier disease settings where we may have the opportunity to transform outcomes. With its strong performance to date and accelerating development program, we're confident in EPKINLY's growth potential to reach peak sales of more than $3 billion in the future. Now let's look at TIVDAK. TIVDAK is well recognized as the global standard of care in recurrent or metastatic cervical cancer. Our year-to-date sales for TIVDAK totaled $120 million with performance in both new and established markets, highlighting the clear need for women with advanced cervical cancer across geographies. In the U.S., we continue to see strong, stable performance across sites of care. And in Japan, we saw continued early launch success, further reinforcing the patient need, the strength of our launch strategy, and impactful execution by our field teams. Broadening our reach across markets, in September, TIVDAK officially launched in Germany. This marks the first medicine we've launched in Europe independently. We've seen encouraging early uptake in Germany, providing positive momentum as we look ahead to expand to additional countries. With our focus on TIVDAK, we've made important progress establishing our operations to support our current and future portfolio in Europe. This strong foundation will ensure we are equipped to broaden our impact with the gynecologic cancer community and deliver our medicines to more patients around the world. The work we've done to transform our business has positioned us well now for sustained growth and profitability. We remain focused on expanding the utilization of our medicines and bringing them to as many patients as possible. The proposed acquisition of Merus and the potential addition of petosemtamab could strengthen the opportunities ahead for our proprietary portfolio of antibody-based medicines. We look forward to closing out the fiscal year with continued strong performance. And with that, I'll hand the call over to Anthony to discuss our financials.

Thanks, Brad. We have achieved solid revenue growth over the first nine months of 2025, driven by ongoing recurring revenues and strong market performance of our products. Additionally, we've enhanced our long-term growth potential by generating promising clinical data for both epcoritamab and Rina-S. Our financial performance remains strong, with total revenues increasing by 21% and recurring revenues up by 26%, largely due to royalties from DARZALEX and Kesimpta. Furthermore, product sales from EPKINLY and TIVDAK contributed significantly to our total revenue growth. In particular, DARZALEX saw robust growth, with net sales rising nearly 22% to $10.4 billion in the first nine months, translating to over $1.7 billion in royalty revenue for us. This growth stems from continued market share gains and solid performance in initial treatment settings. Our revenue profile's quality is improving; recurring revenues now make up 96% of our total revenues, up from 92% during the same period last year, indicating increasing visibility and sustainability of our revenues. The investments in our commercialization teams and capabilities are paying dividends, setting us up well for potential expansions into earlier treatment lines for EPKINLY, including second-line FL, and the anticipated launch of Rina-S and Peto, contingent on the successful closure of the transaction. We are maintaining a disciplined approach to these investments, with total operating expenses in the first nine months of 2025 nearing $1.5 billion, a 7% increase compared to the same period last year, excluding the impact of the ProfoundBio acquisition. Our strategic investment management focuses on high-impact Phase III programs and enhancing commercialization capabilities. This operational discipline contributed to a remarkable operating profit growth of 52% in the first nine months. In terms of net financial items, we recorded a net gain of $142 million. Our tax expense stood at $217 million, leading to an effective tax rate of 18.9%, resulting in a net profit of $932 million. This reflects our continued robust financial performance. Looking ahead to our 2025 financial guidance, we are on track to meet our existing targets, projecting double-digit revenue and profit growth. We estimate revenue in the range of $3.5 billion to $3.7 billion, translating to a solid 15% growth at the midpoint, primarily driven by recurring revenues from royalty medications and from EPKINLY and TIVDAK. Total recurring revenues are expected to grow by 22% for the year. For operating expenses, with our ongoing focus on disciplined investments, we expect them to be around $2.1 billion to $2.2 billion. This positions us for an operating profit between $1.1 billion and $1.4 billion, with the midpoint exceeding $1.2 billion of operating profit and a strong year-over-year growth of 26%. Our guidance reflects our commitment to strategic discipline, targeted investments, and operational efficiency, all while advancing our pipeline and enhancing shareholder value. Regarding foreign exchange, each 10-point shift in the exchange rate relative to our guidance rate of the U.S. dollar to the Danish kroner of 7.20 impacts our operating profit or loss by approximately $1 million at the midpoint. Finally, while detailed guidance for 2026 will be provided in February next year, the current consensus expectations for Genmab's standalone investments seem reasonable, aligning with our investment priorities. We are confident that Genmab will achieve significant profitability in 2026 and meaningful EBITDA growth in 2027. Our performance in the first nine months of 2025 highlights our ability to generate solid high-quality revenue growth, advance key pipeline assets, fulfill our capital allocation commitments including the proposed acquisition of Merus, and sustain strong profitability through disciplined execution. In summary, our robust financial foundation, ongoing profitability, and disciplined capital allocation strategy position Genmab for future growth, creating value for both shareholders and patients. I will now turn the call back over to Jan.

Thank you, Anthony. Let's move on to our final slide. We have strengthened the foundations of our business in the first 9 months of 2025. We have expanded the reach of both EPKINLY and TIVDAK to more patients. For Rina-S, we have presented additional support of clinical data showing its potential beyond ovarian cancer, and we are prepared to accelerate and maximize the potential with additional Phase III clinical trials. And we continue to anticipate further Acasunlimab data this year, and they will be presented at ESMO I-O in December in London. Beyond our commitments to our existing pipeline priorities, we further delivered on our capital allocation strategy with the proposed acquisition of Merus, an extraordinary opportunity that will advance our evolution into a global biotech leader and position us for sustainable long-term growth and value creation. Before we move to the Q&A, I'm pleased to announce that we will hold our annual R&D update and ASH data review on December 11. To ensure that this event is accessible to as many people as possible, this year's presentation will once again be fully virtual. Details will be available on our website, and we look forward to a lively event. That ends our formal presentation. Thank you for listening. Operator, please open the call for questions.

We will now take the first question from Jonathan Chang from Leerink.

Now coming out of ESMO, there's been a lot of discussion around the competitive landscape of Peto and Rina-S. What are your latest thoughts on how these drugs are positioned in the competitive landscape? And what gives you confidence in the potential for these two programs to be key drivers of growth?

Thanks, Jonathan. Very good question. So let me ask Tahi to start off, giving you our thinking on the positioning of Peto as the best and first-in-class molecule and the same for Rina-S. And I'm sure that Judith will then also add to that. Tahi, why don't you get going?

Thank you, Jonathan, for the question. Let me start there was really nothing that in any shape or form was a surprise to us. Our conviction in Peto and Rina being the best and first-in-class asset in the respective indications of head and neck and GynOc has not changed. Peto, if you look at the totality of data, Jan said this in the prepared remarks, in our mind, has all the attributes of the best-in-class second-generation EGFR bispecific. There are two Phase IIIs already ongoing in head and neck in second-line immunotherapy for which it has a breakthrough therapy designation and in combination with pembro in frontline where it has a breakthrough therapy designation. So it's also on track to be the first-in-class. Nothing really changed on that. As it relates to Rina, there's, of course, a couple of folate receptor alpha ADCs in development by AZ and Eli Lilly. Again, this is not news. We are generally speaking, operating in a very competitive landscape. None of the data in any way, shape, or form are changing our assumption that based on the data in PROC and endometrial, both in response and long-term follow-up and durability and long-term safety has the profile to be best-in-class. I mentioned this in my comments. There are now two Phase IIs that are ongoing for some time. We expect a launch at least one of these indications in '27 and three Phase IIIs that are actively enrolling. So I think we have a good position here also to be the first-in-class Topo ADC in the GynOc space, and we're expanding already into other indications. So in totality, we feel very comfortable about the profile of the assets. We feel extremely comfortable over where we are positioned in the competitive landscape, and we feel very confident in our ability to accelerate the development of Peto and Rina-S. So there's more to come on both of these assets. That's probably all that is to say at this point.

Thanks, Tahi. Judith, do you want to add anything to that?

No, beautifully said, nothing to add.

We will now take the next question from the line of Michael Schmidt from Guggenheim Partners.

Congrats on all the progress. I had a question on EPKINLY. I was just wondering if you could comment on the commercial dynamics. I'm just curious in terms of sales, what are you seeing in terms of use in the approved indications between follicular and DLBCL? And then how should we think about the near-term growth opportunity in second-line follicular in the U.S. and Japan in your markets? What is the magnitude of that near-term growth opportunity?

Thanks, Michael, for the questions. And I think these are perfect questions for Brad to handle. Brad?

Thank you for the question. We actually are extremely encouraged and pleased with our progress to date and the performance. We don't actually split out by indication, and that's actually part of the benefit, and we're hearing from customers and planning around their feedback that the dual indication from an operationalization perspective is extremely beneficial, along with the seamless SubQ administration. And as we move into the earlier lines of therapy, see this as a tremendous opportunity to bring treatment close to where patients live and see this as an opportunity, again, moving forward with where we are. So extremely encouraged with our performance to date. And as we know the value is in earlier lines of therapy and look forward to seeing that success in the future as well.

Thanks, Brad. Do you want to say a bit about the size of the market in second-line follicular lymphoma?

Yes. The second-line follicular lymphoma, as previously stated, we really feel the value of these medicines is much broader and much greater in the earlier lines, approximately 9,000 patients in second-line FL, and it's really our first step into this larger opportunity. And so we would expect that this enabling treatment in earlier lines will open up additional opportunities for us in the not-too-distant future as well.

Thank you. We will now take the next question from the line of Xian Deng from UBS.

Sorry, if I may just focus on EPKINLY for a moment. I wonder if you could elaborate on the near-term performance since we did see a miss with EPKINLY this quarter. Is there anything specific you would highlight regarding this quarter's results? Additionally, concerning second-line follicular lymphoma, how should we view the launch trajectory? Do you anticipate it will be a more gradual process, considering follicular lymphoma is mostly treated in community settings, or do you believe the uptake will be relatively quick?

Thanks, Xian, for the questions. I'm going to hand them over to Brad. Brad, please comment.

Yes. We're actually seeing right now, the observed consistent and continued uptake across sites of care in the U.S. And we do see to your latter part of the question that second-line FL allows this acceleration in the community setting where FL patients are actually treated, as you stated. We do see that as consistent uptake over time as we continue to get operationalization, if you will, of bispecifics in the community setting. And as it relates to the performance, we're extremely encouraged by what we're seeing year-to-date with the performance, both in the U.S. as well as Japan and through our partner, AbbVie globally. And again, feel like, as we've said all along, the earlier lines of therapy are where the value of EPKINLY will be, and the second-line FL is really that first step taking us into this next phase. So hopefully, that answered your question.

Thanks, Brad. And definitely, we hope to move forward to frontline and second-line diffuse large B-cell lymphoma also very rapidly from here with readouts hopefully soon of the Phase III trial. So we're very encouraged by EPKINLY and really look forward to a very, very good future there. Let us move to the next question.

We will now take the next question from the line of Qize Ding from Rothschild & Co.

One, if I may. So can you elaborate a little bit more on your decision to terminate the clinical development of 1042 in first-line head and neck cancer? And also what is the implication for the future development of this drug in first-line lung cancer and first-line melanoma?

Thanks for the question. I think I can start there and then maybe Judith can step in. So what we determined together with our partner, BioNTech, was that basically the data of 1042 in combination with chemo and pembro in frontline head and neck cancer didn't meet the high bar we have internally for continued development. So we stopped the development there. And that's where I want to leave it at that. Judith, do you want to add anything there?

Yes. No, just to add that this was the most relevant data set and the initial proof of concept. And based on that, we decided to stop the development in combination with pembro and chemo.

Thank you. We will now take the next question from the line of Rajan Sharma from Goldman Sachs.

Just wanted to get your thoughts ahead of the EPKINLY PDUFA in November. There's obviously been a bit more of a focus seemingly on U.S. representation in clinical trials. So I just wanted to get your confidence going into that potential approval. And if you could just confirm that efficacy in the EPCORE FL-1 trial is consistent across both U.S. and non-U.S. patients.

Thanks, Rajan, for the questions. Tahi, can you give some color on the U.S., non-U.S.?

Yes. I mean basically, the way I'm going to respond to that without getting into the minuses of the data is that there's absolutely nothing at this point that would indicate that it will not be approved in the next few weeks or days in the United States.

Alright. So we are highly confident, Rajan. So let's wait and see the coming weeks.

Thank you. We will now take the next question from the line of Yaron Werber from TD Securities.

Great. Anthony, I have a few questions for you regarding 2026 and 2027. You mentioned that the projected stand-alone operating expenses for Merus and Genmab next year are reasonable. For Merus, they are estimated to be around $450 million, with some estimates as high as $500 million. We anticipate some synergies as you integrate that company. I understand you can't provide guidance, but can you give us a sense of whether we are interpreting this correctly? Additionally, when you mention significant profitability next year, I see a potential $430 million difference between net interest income and net noninterest expenses due to the debt liability. Are we accurately considering this, as it would affect profitability next year?

Thanks, Yaron, for the questions. I will leave the first one to Anthony, of course, to give you further clarity there. The second one I can take for Rina-S, filing strategy, the initial filing will likely be based on the Phase II potentially registrational trial for PROC. That trial is completely recruited and also in parallel, the Phase III is recruiting very rapidly. So we are fully on track there to have a readout next year, potentially a filing and an approval hopefully in '27. Anthony, can you give a bit more color on the inclusion of the locally advanced head and neck for the Genmab trials as projected for 2026?

Yes, the short answer is yes. So I think about, again, just reiterating, as I think looking about forward to 2026, it's important to condition the market, thinking about overall investment levels, again, to reiterate, expect as I look at consensus today for both Genmab stand-alone as well as Merus, look to be in a reasonable place, also reflective of our investment priorities. Of course, we're going to provide our guidance to the market in February of '26. But to put a finer point on it, an, yes, as I sit here today, it does include what we think about it from an overall portfolio development, including your specific question around inclusion of investment in the locally advanced.

Next question is from the line of Charlie Haywood from Bank of America.

Charlie Haywood from Bank of America asked about the first-line head and neck cancer landscape, focusing on the differences between a triplet and a doublet strategy, as well as how these segments compare to the KEYTRUDA mono or combo arms in the trials. He also inquired about the endometrial data in Rina-S, noting that the responses appeared better in patients with a folate receptor greater than 25% and that the efficacy seemed improved compared to PROC, expressing confidence in the results across a broad range of folate receptor alpha expressions.

Thanks, Charlie, for the question. Tahi, can you start and then maybe, Judith, you can step in there. Let's first start with the frontline head and neck cancer landscape.

Sure. I mean I would say the way I would answer your question is that broadly speaking, in the current landscape, as you were alluding to, there is a pembro mono strategy and then a pembro-chemo strategy and at times, physicians make that choice based on maybe a slightly higher response rate for the chemo, pembro combination and a faster time to response, and that's a lot to do with location of the tumor and size of the tumor. That all becomes essentially irrelevant if the data in the Phase II with peto and pembro is essentially double twice the reported response rate for chemo-pembro because at that point, you basically have a higher twice as high response rate without the significant toxicities of chemotherapy, and these patients don't necessarily tolerate chemotherapy too well. So this is what we like about the profile of peto in particular, also the data on pembro really in the combination provides an opportunity where you have a high response rate, a rapid time to response without any of the quite significant toxicities that go along with combination chemotherapy in this patient setting. That's the head and neck story. On the EC and the Rina-S and endometrial cancer, I mean, there are nuances here and there. It's not that we have ever said that folate receptor alpha expression is irrelevant to the response; that's not the case. What we said is that Rina-S has a profile that allows us to generate meaningful responses across the entire spectrum of folate receptor alpha expression and thus does not require a biomarker selection. That strategy has allowed us to go into these indications. Endometrial is generally considered to be a lower folate receptor alpha expressing tumor than PROC. And it's also what underlines the confidence in going to other indications such as, for example, EGFR non-small cell lung cancer. This is one of the differentiating aspects of Rina-S that it is able to generate meaningful and stable response rates across the entire spectrum. That doesn't mean that the higher do not have higher responses. That just means that even at the lower end, the responses are meaningful and durable.

There are no further questions at this time. I would now like to turn the conference back to Jan van de Winkel for closing remarks.

Thank you for calling in today. If you have additional questions, please reach out to our Investor Relations team. We very much look forward to speaking with you all again soon.

This concludes today's conference call. Thank you for participating. You may now disconnect.