Earnings Call Transcript - PHAR Q3 2023

Sijmen de Vries, CEO

Good morning or good afternoon, ladies and gentlemen. I’m here with my three colleagues, Stephen Toor, our Chief Commercial Officer; Anurag Relan, our Chief Medical Officer; and Jeroen Wakkerman, our Chief Financial Officer, and we are delighted to take you through the third quarter results of this year. Before I do that, however, I would like to point you to the forward-looking statement slide, because this presentation may contain forward-looking statements, which are statements of future expectations based on our current expectations and assumptions. These statements involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied. I encourage you to read the rest at your convenience. Let's move on to the next slide about building a sustainable business in rare diseases, which is our primary focus. This is a pivotal moment as we present our quarter results of 2023. As you can see on the left, we have opportunities to build a sustainable business in rare diseases. We are pleased to report significant positive cash flows of over $200 million from the moving annual total sales of RUCONEST. This will fund the Joenja launches and pipeline development. The strong revenue growth of RUCONEST shows an 18% increase in the second quarter and an 11% increase over last year’s third quarter. Over the past nine months, we’ve achieved 2% growth year-to-date compared to last year. This puts us on track to deliver low single-digit revenue growth for RUCONEST for 2023. Moving to the middle pillar, we are pleased with the global approvals and commercialization of Joenja, which can be funded by cash flows from RUCONEST. We're proud to report that we received rapid FDA approval back in March, bringing the product to market with nearly immediate reimbursement for patients. We achieved record revenues in the second quarter, the first quarter Joenja was available. In this quarter, we booked $6.5 million in Joenja revenues, totaling $10.3 million year-to-date. The regulatory reviews for Joenja are ongoing in Europe, Canada, Australia, and Israel, and we have commenced a pediatric clinical trial program, as our label currently applies to patients aged 12 years and older. On the right-hand side, you can see our growth accelerators beyond Joenja and APDS. Importantly, we are in dialogue with the FDA regarding the second leniolisib indication. We will provide updates on that towards the end of the year. Finally, we are actively seeking new in-licensing opportunities or acquisitions for additional rare disease products that we can develop and commercialize successfully. We are looking for products with a clinical proof-of-concept. The next slide shows our ongoing efforts to enlarge our footprint, primarily targeting markets such as Japan, Canada, Australia, and Israel, as well as other indications. With that, I will now hand over to my colleague, Stephen Toor, who will provide insights into the commercialization operations of RUCONEST and Joenja. Stephen, over to you.

Stephen Toor, Chief Commercial Officer

Thank you, Sijmen. Good morning, everybody. As Sijmen mentioned, I will present a brief overview of RUCONEST's performance and share insights regarding the Joenja launch and our progress to date. Next slide, please. As communicated at the end of Q1, the HAE market underwent a significant event that affected all products. This event was short-lived, and as previously stated, we rebounded strongly in Q2 and Q3. As illustrated, we posted robust growth in Q3, and even with the softness seen in Q1, we have grown compared to the prior year. We are pleased with our performance, driven by strong metrics across the board, particularly in new patient enrollments, which have exceeded 70 each of the past three quarters. This performance supports our expectation of low single-digit growth for RUCONEST this year. Next slide, please. RUCONEST was launched in 2015, and we’ve been active in the HAE community since around 2000. Over these 23 years, we've collaborated with key stakeholders, including clinical experts and patient advocacy groups such as the HAEA. This ongoing cooperation has been crucial for the consistent success of RUCONEST over the nine years post-launch, contributing to the growth of our prescriber base to 700 in the U.S. We have treated over 2,000 patients, and this number continues to grow. That clearly indicates the importance and ongoing need for a recombinant IV C1 esterase inhibitor, even with over 70% of patients currently on prophylactic treatment. Next slide, please. As Sijmen indicated, we have a very strong start in the U.S. with Joenja. Access for patients post-diagnosis is critical for our ongoing success. We partnered with PANTHERx, an organization specializing in ultra-rare and rare diseases, to establish a program to provide patients with rapid access to Joenja once they qualify for chronic use. I’m pleased to report that in just six months after launch, Pharming’s access and medical teams, with key opinion leaders, have secured APDS coverage policies in over 90% of our target plans across both commercial and government payers, resulting in a 93% approval rate with zero denials. I want to reiterate these figures: a 93% approval rate with zero denials, despite the rarity of this condition and the extensive educational efforts required. Moreover, the gold standard in rare disease is 30 days from enrollment to product delivery. I’m proud to say we’re averaging just 26 days, with some patients receiving treatment in under 20 days. This reflects our exceptional customer focus and effective execution, instilling confidence in our stakeholders, particularly patients and treating physicians. Next slide, please. I’ve highlighted Pharming’s strong customer and patient orientation. Combined with exceptional execution, our U.S. team delivered great results in the first six months post-launch, with 76 eligible patients, 63 shipping, amounting to well over half of the eligible patients on therapy. This has resulted in revenues of $10.3 million as previously mentioned. Payer discussions have been positive, creating an excellent environment for transitioning patients post-diagnosis and enrollment. Moving forward, we will allocate additional resources towards family testing now that we have transitioned through the initial launch phase. A significant number of our patients are essentially ‘patient zero’, and we see great opportunity to assist those families through increased education and testing efforts to identify others needing therapy. Now, I’d like to turn it over to our Chief Medical Officer, Dr. Anurag Relan.

Anurag Relan, Chief Medical Officer

Thanks, Steve. I’ll begin with a brief background on APDS. APDS was first described in 2013. Based on our estimates and literature review, we believe there are over 1,500 patients diagnosed worldwide, and we have successfully identified more than 640 of these patients. Until recently, treatment options for these patients have been limited to addressing only the symptoms of the disease. The disease typically manifests in childhood and worsens over time without specific treatments available; physicians and patients have faced significant limitations. As is common in rare diseases, the signs and symptoms can vary significantly across patients, complicating diagnosis. However, we are fortunate to have a genetic test that provides a definitive diagnosis for APDS, which I will discuss in further detail in upcoming slides regarding our initiatives to locate more patients with APDS. On the next slide, we present the potential treatment options Joenja provides for patients with APDS in the U.S. The FDA has approved Joenja for treating APDS in adult and pediatric patients starting from the age of 12. We have randomized clinical trial data confirming that Joenja met both primary endpoints and several other clinically significant endpoints. Additionally, we have observed a well-tolerated and generally safe adverse event profile, with no drug-related serious adverse events in our studies. Importantly, we have long-term data, which I will share that has recently been published and presented at conferences showing the long-term benefits of Joenja that many patients experience over several years. These benefits include the possibility of discontinuing immunoglobulin replacement therapy, a reduction in infection rates, and the sustained benefits identified in our randomized clinical trial findings. We see evidence of continued benefits in key indicators like lymphoproliferation, where patients' lymph nodes remain non-enlarged, and we also see improved immune cell function. As Steve mentioned, this strong start for Joenja is a reflection of the unmet need in the APDS patient population and underscoring the condition's seriousness. In terms of our efforts beyond the U.S., we received the Day 180 list of outstanding issues from the European Medicines Agency back in August and, I am happy to confirm, we submitted our responses this October. We remain on track to expect an opinion from the CHMP in this quarter, with potential approval two months later. If we receive a positive opinion from the CHMP this quarter, we will proceed to file with the UK MHRA agency soon thereafter, which could also lead to approval two months later. As previously announced, we have initiated a program in Japan for eventual registration. Furthermore, we have made submissions in Australia, Canada, and Israel, and these applications are advancing according to their review timelines. We have also launched a named patient program to assist patients across the globe in gaining access to these therapies, and our pediatric study is enrolling well, with most enrollment already completed in the 4 to 11 year-olds. We have also commenced recruiting for the 1 to 6-year-old study and expect to treat the first patient in that cohort soon. As Sijmen mentioned, we have engaged with the FDA regarding the second indication, and we expect to provide further details on that later this quarter. With that, let’s review some of the patient finding efforts we have launched and are currently undertaking. First and foremost, APDS is a rare disease, and raising awareness around APDS is critical. We also have a significant amount of data on leniolisib to share which highlights the urgency of addressing APDS, facilitated by our extensive experience treating many patients. Additionally, we have launched the Navigate APDS program, offering no-cost testing for patients in the U.S. and Canada. This testing often raises questions, so we also provide genetic counselors to assist with understanding their results. A major effort we are pushing is recognizing that many diagnosed patients have not tested their family members, even as APDS is an inherited condition. There exists a gap in this regard, and we have initiated efforts with physicians and family members themselves to reduce barriers for further testing, which will be vital for uncovering more patients. Next slide, I want to address the concept of Variants of Uncertain Significance. These are genetic test results that are unclear or unclassified at this point, and the rise in genetic testing has led to an increase in these inconclusive results. This situation is frustrating for both patients and doctors since they may exhibit clinical symptoms of APDS but receive inconclusive genetic test results. We have several initiatives underway to improve the classification of variants, including a new partnership with Genomenon for developing a genomic landscape that will be accessible to clinicians for variant information. We also seek to increase the availability of functional testing and are exploring the feasibility of a single experiment capable of quickly testing all variants to determine pathogenicity. This challenge is new for APDS, yet we are leveraging established approaches used in other genetic diseases. We will follow this playbook to assist APDS patients who still face uncertain diagnoses. The following slide outlines our presentations at conferences, showcasing abstracts that vary in their focus on the condition's seriousness and the healthcare costs associated with untreated APDS. We continue to collect more data from our clinical trials, with a second interim analysis set to be presented at the IPIC Conference next month. We also have several case series and abstracts on individual cases stemming from our Expanded Access or Compassionate Use program, illustrating the benefits experienced by patients, even in challenging cases. On the next slide, you can see some of our publications. The first publication reports the first interim analysis and is now available in a full paper. The next publication describes leniolisib's mechanism of action in APDS, clarifying how APDS results in primary immune deficiency and how leniolisib can provide benefits. With that, I’ll hand it over to my colleague, Jeroen Wakkerman, our Chief Financial Officer.

Jeroen Wakkerman, Chief Financial Officer

Thank you very much, Anurag. I will begin with the financial highlights of the third quarter of 2023. Total revenues increased to $66.7 million, reflecting an increase of $12.5 million or 23%. Gross profit rose to $58.4 million, which represents an increase of $6.5 million. Operating costs also saw an increase from $44.7 million to $56.8 million. This increase of $12.1 million primarily results from an additional $8 million in R&D investment and $5 million in marketing and sales, largely directed toward the Joenja launch and market development. The operating loss for this quarter was reported at $1.9 million, while we recorded a net profit of $3.5 million in the quarter, aided by positive financing income and a tax credit, which is essentially a timing effect. As Sijmen mentioned earlier, cash and cash equivalents increased to $199 million by the end of the quarter. Now let’s look at the year-to-date figures for the nine months. Revenue has increased 9% to $164.1 million, while gross profit has risen to $146 million. As previously guided for this year, we have seen further increases in our OpEx, totaling $175.3 million, illustrating an increase of $48.4 million compared to the same period last year. Consequently, we had an operating loss of $6.5 million for the nine-month period, with a net loss of $7.4 million, showing an improvement from Q2 of this year. On the next slide, we can observe the revenue growth over the quarters. Q3 revenue was $66.7 million, a 23% increase from last year, driven by both RUCONEST and Joenja. We also observed accelerated growth for RUCONEST. Although there was a temporary reimbursement issue affecting our sales performance in Q1 that caused a dip, we have successfully recovered and are now on a positive trajectory aligned with our earlier guidance. Regarding cost development, as mentioned, our investments in the Joenja launch and further development of leniolisib continue, resulting in a quarterly OpEx of nearly $57 million. The cost increase is mainly attributed to R&D and marketing/sales, while general and administrative costs have remained relatively stable. The increases in R&D were focused on clinical, operational, and medical affairs. Trends over the quarters align with our earlier forecast, particularly when excluding the one-off milestone payment in Q2. Moving on to our outlook for the rest of the year, we remain on track for single-digit growth in RUCONEST revenues. This conclusion is confirmed by our Q3 numbers. Joenja was launched in the first quarter, and we have been commercializing it in the U.S. since early April, as noted by my colleague, Steve. We expect the CHMP opinion in the fourth quarter of this year, with marketing authorization, dependent on a positive review outcome, anticipated in Europe two months later. We plan to file leniolisib with the UK MHRA following the ECDRP route, and we will continue investing in accelerated growth for the future regarding operating costs. In the coming months, we will elaborate further on our plans for developing leniolisib for additional indications. As Sijmen highlighted, we are still exploring in-licensing investments and acquisitions in rare disease assets to drive future growth. I will now begin the Q&A session, and I welcome any questions.

Operator, Operator

Thank you. We will now take our first question from Christian Glennie at Stifel. Please proceed.

Christian Glennie, Analyst

Yes. Good morning, good afternoon, guys, and thanks for taking the questions. I have three, and I’ll take them in order. First, let’s start with RUCONEST and a strong quarterly sales report. Can you clarify if there’s anything to be aware of in the Q3 numbers, such as stocking effects or market changes, that might imply this should be considered a clean quarter? Additionally, what implications do you see for Q4, typically your strongest quarter, regarding RUCONEST? Any suggestions on potential challenges?

Sijmen de Vries, CEO

Thanks, Christian. That’s an interesting question. Would you like to comment on that, Steve?

Stephen Toor, Chief Commercial Officer

Yes, sure. Thanks, Christian. So you’re right. Q3 is strong, and we occasionally see instances of stocking, but it's irregular. There's no well-defined pattern. At this stage, I still expect Q4 to be our strongest quarter and anticipate a strong finish to the year.

Christian Glennie, Analyst

Thanks for that clarity. A quick follow-up: regarding the new patient starts, I’m curious about why we’re seeing such strong enrollment from both physicians and patients. Can you provide any additional insight on what is contributing to this steady increase?

Stephen Toor, Chief Commercial Officer

Certainly. It is interesting. We actually restructured our team a month before the COVID pandemic hit, which temporarily paused our efforts. However, that restructuring is now showing positive results, and thus we’re experiencing an increase in enrollment, with consistent growth across the last three quarters. The long-standing relationships our experienced team has cultivated in physicians’ offices contribute significantly to this growth, helping to identify new patients. We now have a broader mix of patients than when we first launched; instead of mostly refractory patients, we are treating a more even distribution across mild, moderate, and severe cases. This combination of time, market trust, and execution has been crucial in driving our growth.

Christian Glennie, Analyst

Thank you. Turning to Joenja, regarding the European approval process, can you provide details on the timing of the upcoming Advisory Group Meeting and any outcomes expected?

Anurag Relan, Chief Medical Officer

Hi, Christian, it’s Anurag. The Advisory Group Meeting is scheduled as a closed session, so we will not provide further guidance on ongoing regulatory interactions. However, we still anticipate receiving the CHMP opinion during this quarter.

Christian Glennie, Analyst

In terms of patient therapy numbers, are there any notable expectations for Q4 compared to current enrollment rates and ongoing therapy levels?

Stephen Toor, Chief Commercial Officer

Certainly. As Anurag mentioned, we will persistently and aggressively pursue patient finding efforts, and we are ramping up these initiatives now that we’re past the initial launch and conversion phase. In terms of starter doses, while most of our patients are initially on starter therapy, we find there is little necessity for bridging, and when it does occur, it is typically for a shorter duration compared to our experiences with RUCONEST in the past. This results from our swift approval process and our capacity to promptly deliver our commercial product to patients.

Operator, Operator

Thank you. We will now go to the next question, which comes from Alistair Campbell from Royal Bank of Canada. Please go ahead.

Alistair Campbell, Analyst

Thanks very much. I have a couple of questions. Firstly, regarding RUCONEST, following on from Christian’s question, you indicated that new prescribing physicians are growing at around 10% annually, whereas the product is seeing low-single-digit growth. What factors contribute to this apparent disconnect? Is it due to pricing effects, lower per-patient utilization, or are the newly added prescribers simply less active than existing ones?

Stephen Toor, Chief Commercial Officer

You’re correct to highlight this perceived disconnect. The bulk of it can be attributed to the shift in patient demographics. We’ve seen a considerable increase in the percentage of patients on prophylactic therapy, which has risen from 30% three or four years ago to over 70% now. This improvement signifies better disease management, leading to fewer acute therapy needs. Although we haven't lost many patients, we’ve noted changes in the severity of cases, where more patients are transitioning from severe to moderate and mild conditions. This translates into a growth in prescribing physicians, but a more stable patient demographic resulting in a more gradual increase in utilization.

Alistair Campbell, Analyst

Can I quickly follow-up? If this mix change has played out, could the addition of more physicians lead to a decrease in that disconnect over time?

Stephen Toor, Chief Commercial Officer

Logically, yes, it could.

Sijmen de Vries, CEO

Regarding the question about our next indication, I believe you are on the same page as we are. We are aware that in APDS, especially, there are cases where mTOR inhibitors are currently being utilized, and these often come with tolerability challenges and may not be well-tailored for the condition. We’re focusing on investigating other areas where mTOR inhibitors are deployed and exploring where leniolisib may offer a more suitable alternative. Although I can't get into specifics, we are not currently pursuing opportunities in oncology. However, we are actively engaging with the FDA in determining our clinical trial plans, and I hope to be able to update you on that later this quarter.

Alistair Campbell, Analyst

Thank you so much.

Operator, Operator

Thank you. We will now go to the next question, which comes from Sushila Hernandez from Van Lanschot Kempen. Please go ahead.

Sushila Hernandez, Analyst

Thank you for taking my question. Please walk us through your operating expenses, particularly focusing on the increasing marketing and sales costs due to the launch. Should we expect these costs to further escalate or is this level likely to remain consistent in the upcoming quarters? Additionally, regarding R&D costs and the second indication for leniolisib, is aiming for profitability next year realistic?

Sijmen de Vries, CEO

Thank you for the question, Sushila. Regarding the operating expenditures associated with Joenja, we will continue to support the European launch moving forward, which may require us to reallocate some funds from the U.S. to Europe. It is too early to predict the overall impact of that shift on our finances. As for next year’s R&D costs related to new indications, while we plan to continue investing in R&D, it's too premature to forecast the exact expense levels. However, I do not anticipate a reduction in OpEx next year.

Operator, Operator

Thank you. We will now go to the next question, which comes from Joe Pantginis from H.C. Wainwright. Please go ahead.

Joe Pantginis, Analyst

Hello, and thanks for taking the question. I have a couple, if you don’t mind. Firstly, I wanted to focus on Stephen’s comments regarding the HAE market. Given the ongoing or impending disruptive changes within this sector, can you provide feedback from both new and existing prescribers about perceived threats, even as they focus more on prophylactic therapy?

Sijmen de Vries, CEO

Would you like to comment on that, Stephen?

Stephen Toor, Chief Commercial Officer

Sure. Good morning again, Joe. We regularly hold board meetings and remain actively engaged with customers, including Anurag. While some physicians express excitement about the potential future products, it’s noteworthy that patients will continue to require an occasional bolus of therapy from an IV product like RUCONEST. Hence, while we observe market disruption, demand for our product persists. My takeaway is that although we recognize potential shifts in the market, our long-standing relationship with physicians reinforces our belief in the continuing clinical need for an IV C1 esterase inhibitor.

Joe Pantginis, Analyst

I appreciate that explanation. On Joenja, can you provide additional clarity regarding your country-by-country strategy, assuming a positive CHMP opinion later this quarter? You previously mentioned targeting Germany first; how do you view markets beyond that?

Stephen Toor, Chief Commercial Officer

Yes, you’re spot on. Germany will be our primary target following approval. We will then focus on the other major markets, such as the UK, Spain, Italy, and France, while ensuring we don’t overlook the remainder of Europe. Our operations in Europe are structured to efficiently cater to the remaining 22 member states around the major markets. Through 2024 and 2025, we will methodically enter all those regions. Additionally, we are actively identifying patients in each of these markets. Our submissions in Australia will also establish a strong presence in APAC beyond Japan, bolstered by ongoing clinical trials there.

Joe Pantginis, Analyst

Understood. Lastly, just a quick logistical question: regarding VUS and unclassified variants, is there anything involving regulatory changes or labels that needs addressing as you gather more data about these variants?

Anurag Relan, Chief Medical Officer

Hi, Joe. Good morning. To clarify, currently, nothing has to be done on this front. The label pertains to patients with APDS regardless of their variant classification. Therefore, if the genetic testing company classifies a variant as VUS, they may not initially know what to do with the result. However, once reclassified based on functional testing data, that patient would once again qualify as having APDS and thus qualify for treatment per the label.

Joe Pantginis, Analyst

Thank you for that clarity, and thank you for addressing all my questions.

Operator, Operator

Thank you. We will now go to the next question from Hartaj Singh from Oppenheimer. Please go ahead.

Hartaj Singh, Analyst

Thanks, everyone. I have a couple of questions. Following up on the cadence of the launches outside the U.S., understanding that Australia, Canada, and Israel will be part of the rollout in 2024 and 2025, along with Europe later this year, can you provide insight into the relative total addressable market for these regions? Additionally, will you see boluses in Europe, the UK, Australia, and Canada, given your efforts in identifying patients? How could that potentially affect pricing when compared to the U.S. market?

Stephen Toor, Chief Commercial Officer

Yes, absolutely. Our medical affairs group has been proactively identifying patients with key opinion leaders in key centers across each country. Thus, we anticipate a bolus of patients awaiting therapy, many of whom are already in Early Access programs. However, we do expect a slight delay because once we gain approval in many of these countries, we then need to negotiate reimbursement, which means the launch might happen slightly later than clinical approval. Regarding pricing, the expectation is that prices outside the U.S. will generally be lower. It's uncommon to match U.S. pricing, and variations will occur on a country-by-country basis. However, we can still aim to establish a healthy business in each of these nations despite potential pricing challenges.

Hartaj Singh, Analyst

That’s very helpful, Stephen. Additionally, regarding family testing from previous studies on leniolisib, could you provide insight into the number of extended family members likely to be diagnosed as having APDS? Do you anticipate many results in the future from family testing?

Anurag Relan, Chief Medical Officer

That's a critical question, Hartaj. Remember that APDS is inherited in an autosomal dominant manner, suggesting other family members are likely affected. However, we’ve been somewhat surprised since many diagnosed patients have not proceeded to have their family members tested. Factors contributing to this include awareness gaps related to genetics, as well as the healthcare system complexities that limit access to genetic testing. We are reshaping our approach by allowing patients and their families to begin the testing process independently of their specialists. This will empower families to pursue testing and identification of APDS, significantly increasing the likelihood of discovering additional patients.

Hartaj Singh, Analyst

Thank you for your responses.

Operator, Operator

Thank you. We will now go to the next question from Simon Scholes from First Berlin. Please go ahead.

Simon Scholes, Analyst

Hello, thanks for taking my question. You have identified about 150 APDS patients aged 12 and above in the U.S. How many of these patients do you ultimately expect to enroll?

Sijmen de Vries, CEO

I would say the vast majority of those patients are likely to enroll, if not all.

Simon Scholes, Analyst

So almost all, that’s reassuring. Do you foresee any issues with the last 10% or 20% of patients due to lack of insurance coverage?

Sijmen de Vries, CEO

While those are challenging questions to answer definitively, generally speaking, our experience with RUCONEST shows limited issues regarding coverage for patients. Just like RUCONEST, we will have some patients with restricted or no insurance coverage, but there are usually paths to provide them with access to treatment. Maybe you want to comment on that, Stephen?

Stephen Toor, Chief Commercial Officer

Indeed, multiple forms of patient assistance and public programs exist to ensure patients obtain access to therapeutics. Our experience shows we have very few RUCONEST patients enrolled in our patient assistance program, where we provide continued supply while also assisting them and their physicians to secure insurance coverage. Although I cannot provide a definitive answer, based on our RUCONEST experiences and those in rare diseases outside of Pharming, I remain optimistic that the majority of patients will eventually attain paid therapy.

Simon Scholes, Analyst

Thank you very much. That is quite helpful.

Operator, Operator

Thank you. We will now go to your next question, which comes from Christian Glennie from Stifel. Please go ahead.

Christian Glennie, Analyst

Hi, guys. I have a quick follow-up regarding Joenja and the pediatric study targeting 4 to 11-year-olds. Can you remind me of the study's endpoints, the timing for data availability, and how the mix of under-12 patients compares to those aged 4 to 11?

Anurag Relan, Chief Medical Officer

To address the patient age distribution first, currently, we'd estimate that approximately a quarter of our identified patients fall below the age of 12, and around three-fourths of these younger patients fit into the 4 to 11 category. The disease typically begins to manifest early in life, but symptomatic diagnosis may delay until later years. In terms of the pediatric study and its endpoints, once fully enrolled, we will provide further clarity on anticipated timelines for data release as well as corresponding regulatory actions if results are favorable.

Christian Glennie, Analyst

Thank you for your help. That provides clarity.

Operator, Operator

There are currently no further questions. I will hand the call back to Sijmen de Vries for some closing remarks.

Sijmen de Vries, CEO

Thank you very much for joining us. To summarize, the company is now beginning a long growth trajectory, supported by the foundation that RUCONEST provides and driven by the expanding presence of Joenja both inside and outside the United States. We remain committed to broadening our patient base, and as always, genetic diseases are continuously evolving, which expands our potential future market. We look forward to the future with optimism, positioning ourselves as an appealing partner for rare disease assets for commercialization and further development. Thank you once again for attending, and we will provide updates during our full year results call in March. Goodbye.

Operator, Operator

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