Hello, and thank you for joining us to discuss Veneva's financial results for the full year 2025 and corporate update. It's my pleasure to welcome you today. In addition to our press release and analyst presentation, you can find our consolidated financial results for the year-ended December 31st, 2025, which were published earlier today, available within the financial reports section on our investor website. I'm joined today by Veneva's CEO, Thomas Ligelbach, and our CFO, Peter Buehler, who will provide an overview and update on our business as well as our financial results. There will be an endless Q&A session at the conclusion of the prepared remarks. Before we begin, I'd like to remind listeners that during this presentation we will be making forward-looking statements which are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking You can find additional information about these risks and uncertainties in our periodic filings with the Securities and Exchange Commission and with the French Market Authority, which are listed on our company website. Please note that today's presentation includes information provided as of today, March 18, 2026, and Valneva undertakes no obligation to revise or update forward-looking statements, except as required by applicable securities laws. With that, it's my pleasure to introduce Thomas to begin today's presentation.

Thank you, hello, and thank you for joining us today. As we reflect on 2025, I'm proud to say that Valneva once again demonstrated resilience, discipline and an unwavering sense of purpose. In a year marked by geopolitical uncertainty, rising vaccine hesitancy and further consolidation in the biotech sector, we stayed focused, remained agile and continued strengthening our position as an innovative and recognized vaccine company. Our financial performance was solid. Total revenues exceeded €170 million, slightly above 2024 levels, including almost €160 million in product sales. This result reflected not only foreign exchange headwinds and the planned reduction in third-party product sales, but also growth in our proprietary travel backseat portfolio. We closed the year with a cash position of nearly 110 billion euros and further enhanced our financial flexibility to a successful debt-free financing. We also achieved more than a 20% reduction in operating cash burn, driven by our continuous discipline cash management. Most importantly so, together with our partner Pfizer, we further advanced our Lyme disease vaccine candidates. This program represents an important opportunity for Valneva and for the millions of people at risk of Lyme disease, and we are looking forward and crossing fingers for the pivotal phase 3 results. Turning to how we see Valneva's strategic evolution, our strategy is geared towards becoming the leading vaccine biotech companies based on three important pillars. On the one hand side, we expect to further grow our commercial business and to optimize the cash generation through the commercial business. We will certainly continue maximizing R&D upside for our investors, leveraging our proven track record in R&D progression, in our ability to bring products from bench to global licensure, And we will do so by leveraging our integrated business model on the one hand side, you know, commercial, manufacturing and development, which can be beneficial to advance and augment programs in our R&D pipeline. Let's look a little bit at the different programs in our portfolio, and I am now starting, of course, with the leading Lyme disease vaccine candidate in the world, VLA15. So, if you look at page 8 of the presentation, this is a summary that shows you the growing and emerging problem that Lyme disease represents. There is currently no vaccine available to prevent Lyme disease, and also treatments are somewhat suboptimal. We are seeing a growing annual burden of the disease, where it's reported almost 500,000 cases in the United States annually, and in Europe, it's probably going to be the same In mode of magnitude, also, the reported and the officially reported cases are a bit more than 130,000 annually. The important thing about Lyme disease is its severe clinical manifestations. 10 to 30% of cases develop, you know, many different clinical manifestations, which can be categorized in three buckets, caditis, neuroborreosis, and atriosis. And most importantly, 5-10% of the cases continue to have persistent symptoms following treatment with antibiotics. We are evaluating VLA-15 right now in a placebo-controlled field efficacy study called Valor. This study includes approximately 10,000 individuals. It's a study that is randomized one-to-one placebo against vaccine, two-to-one U.S. versus European size, or three-per-size North American versus European size. And the primary endpoint is disease prevention after three-plus-one doses, namely in Season 2, which we have also tested as part of this study. We completed last year all vaccinations and we are now in the process of testing and evaluating the data. As I said earlier, we hope that we are going to get, of course, good data and we have guided for data in the first half of this year. So, in summary, VLA-15 is a compelling opportunity in a really underserved market. It will be definitely the first vaccine, if approved, to address this disease. It is a highly differentiated vaccine, state of the art, when it comes to the vaccine composition, addressing the main and predominant serotypes of Lyme boroniosis in the northern hemisphere. It is really representing a compelling target population and a use case with a broad addressable population. We have tested in the study people above five years of age, and we see really an opportunity here to address a very, very large target population. Of course, there is also a strategic fit within Pfizer's vaccine franchise, and we are very pleased to have a strong partner with Pfizer for the future. Commercial opportunities ahead for this vaccine. And of course, you know, there is a clearly attractive commercial dynamic. Prophylactics are always cheaper than therapy and a potential inclusion in some of the routine immunization schedules for high-risk areas would really be a perfect opportunity. So with that, we see a unique and compelling opportunity that of course could be transformational for Valiva. So again, we are looking forward to the data being across. So, if we turn to XCHIC, you know that we are still investing in the further development of what we call VLA 1553, or the marketer's trade name XCHIC. Currently we have three major R&D activities on XCHIC, we are very glad that we have been able to initiate a pilot vaccination campaign, which is ongoing in Brazil. We launched it in February with our partner, Instituto Putantá, in Brazil. We covered the age range currently licensed by Anvisa in Brazil, namely 18 to 59 years of age. And the objective is really to achieve a 20 to 40% coverage within the target population. And right now, the vaccination uptake is quite compelling. We are further investing in post-marketing effectiveness studies to confirm the effectiveness and to optimize the description of the safety profile. And this is a pragmatic, randomized controlled effectiveness and safety study in adults and adolescents in endemic countries. And, of course, we continue to work on ensuring greater access to address the unmet medical needs in endemic countries, and we are in the process of expanding our network manufacturing and distribution process in low- and middle-income countries. So, overall, I would say Xchic did not have a great start in the travel segment, but we have been able to refine our labels and percussion, and we are now focusing mainly on post-marketing effectiveness and global market access. Turning to Shigelosis, so our program called S4V2 is a vaccine that targets Shigelosis. It's a tetravalent Shigella vaccine candidate that we in-licensed from Limatec and is currently the clinically most advanced Shigella vaccine candidate. And therefore, we see here an opportunity to develop a first-in-class vaccine in a really life-threatening disease. When you look at the market opportunity and, more importantly, the clinical and medical need, you need to recognize that it is currently representing the second leading cause of fatal diarrhea especially in children and therefore it has been identified as a priority vaccine by WHO. Vanneva has worldwide commercial rights upon potential approval and we see here really two major markets on the one hand side travel. This is certainly a vaccine that could complement our travel portfolio in the adult sector, and probably more importantly, children in low-medium income crisis. We launched two parallel studies, two phase two studies, one in infants, the other one is a combined immunogenicity and challenge study, a so-called controlled human infection model. Both are right now ongoing and we expect for both data mid of the year. So again, a very important milestone for the company and subject to data, we're going to decide on the program development pathway forward.

With that brief update on our portfolio and our key activities, I would like to turn over to peter to provide us with the financial report thank you thomas and good morning or good afternoon to all of you now moving on to the financial review starting with details on our top line on slide 16. total product sales reached 157.9 million euros in line with our guidance and decreasing by minus 3.3 percent over 2024 or minus 1.3 percent at constant currency The decrease in sales is primarily a result of the planned reduction in third-party sales and to a lesser extent of adverse currency impact. As mentioned by Thomas at the beginning of the call, proprietary product sales excluding currency effects grew by a plus 9% euro per year. XIARO sales reached 98.4 million euros compared to 94.1 million euros in 2024, before, representing a growth of 4.6%, or 7.2% as constant currency. The growth in XIRA sales was driven by the travel segment. Duccarot sales were essentially flat at 31.9 million euros compared to 32.3 million euros in the previous year, a decline of minus 1.2%. At constant currency, Duccarot sales grew by plus 1.8% real the year. Growth in sales was impacted by distributor change in Germany, a key indirect market. X-JIT sales reached 8.4 million euros compared to 3.7 million euros in the prior year. This includes the supply of 40,000 doses to the French island La Réunion in 2025. Finally, we reduced our third-party sales substantially year-over-year from 33.2 million euros to 19.2 million euros. As discussed previously, this decrease was the result of planned termination of our existing distribution contracts for third-party products in order to focus on our proprietary products. Moving on to slide 17, looking at the P&L. Other revenues increased from 6.3 million euros to 16.8 million euros. The increase is driven by a 10 million euro revenue recognition related to the line agreement with Pfizer. These $10 million were previously included in refund liability on our balance sheet and represent the amount Valneval no longer expects to owe through future payable supplier. Looking at our expense, cost of goods and services increased by 8.6 million euros. Cost of goods in the fourth quarter were adversely impacted by an 8.5 million euro inventory write-off mainly related to extreme following the termination of the contract with the Serum Institute of India. We are talking here about an accounting write-down. The product is still available and could potentially be used for supply under future contracts in the pandemic market. Cost of goods also include approximately 10.8 million euros of idle cost. XCRO cost of goods remained stable versus prior year, while Ducoral gross margin deteriorated due to the failure of manufacturing budgets in the fourth quarter. Research and development expenses increased from 74.1 million euros in 2024 to 85.3 million euros in 2025. This increase is in line with our guidance and is driven by higher spend on our Phase 2 Shigella vaccine candidates, and additionally, we increased our RD investment in our Chikungunya vaccine as we are executing on our post-marketing obligations marketing and distribution expense amounted to 37.4 million euros compared to 52.4 million euros in 2024 this significant decrease is the result of the reduced extra expense compared to significant investment in prior launch years g and a expense has decreased from 42.8 million euros to 37.3 million euros as a result of our continued initiatives to decrease administrative spend across the company. In 2024, Van Niva sold a priority review voucher obtained with the approval of ex-checking in the United States, which, massive expenses, resulted in proceeds of 90.8 million euros. Other income and expense decreased year-over-year by roughly 50 percent as a result of lower R&D tax credits and to a lesser expense due to lower grant income in Scotland. In 2025, Valneva reports an operating loss of 82.1 million euros compared with an operating profit of 13.3 million euros. The operating profit in 2024 was substantially driven by the non-recurring income statement of the sale of the priority review voucher. Finance expense includes the cost to refinance our debt with Geofield and Obimed with a new five-year product loan with PharmaCon. Alniva's loss for the period reached €115.2 million, while the adjusted EBITDA is reported at minus 51.4 million. Now moving on to the financial outlook. In 2026, we expect total product sales of €145 to €160 million and total revenues of €155 to €170 million. The overall decrease versus 2025 is related to further plant reduction in third-party product sales, offsetting continued growth from our proprietary products. We expect to progress in enhancing our RD pipeline of differentiated vaccine candidates, and cash will continue to be a focus with an emphasis on reducing our operating cash Subject to a successful Lyme disease vaccine approval and commercialization, we expect to become financially self-sustainable and potentially profitable with that i had to call back to thomas to look at our future value drivers thank you so much peter um yeah well uh let me turn to page 21 um and talk a little bit um about the future of course um you know it will heavily depends on life and what is the significance of the phase three results for Valneva?

Well, positive results could be transformational, delivering substantial commercial milestone and royalty revenue to fund further pipeline development and value creation. It would also further validate Valneva's position as a leading vaccine biotech company to potentially becoming the fourth vaccine we have developed from bench to market. When we look at our key initiatives and what we really would like to do going forward, on the one hand side, we would like to build scale in our R&D pipeline. This includes potential strategic in-licensing to augment our in-house pipeline, while creating a risk-based portfolio of innovative specialty life cycle and high-value vaccine We created Valneva 13 years ago with an investment theme and focus on vector-borne diseases. We would like to expand now beyond vector-borne diseases, targeting assets based on defined criteria. We have a couple of quite interesting programs in pre-clinical. They are all, you know, kind of, or some of them associated with AMR, but we have also a very interesting EBV program. All of that we expect to accelerate and bring into clinical development subject to positive Lyme data. And of course, there is room to optimize our integrated operation, to control our value chain by investing in enhancing our end-to-end capabilities and to structure our commercial model to optimize and maximize cash.

With that outlook, hopefully an outlook based on positive data, I would like to turn back to the operator to take your question thank you as a reminder to ask a question please press star 1 1 on your telephone and wait for your name to be announced to withdraw your question please press star 1 1 again once again please press star 1 1 to ask a question and wait for your name to be announced to withdraw your question please press star 1 1 again thank you we are now going to proceed with our first question the questions come from the land of Maury Raycroft from Jefferies Please, please ask your question.

Hi. Thanks for taking my questions. I'm looking forward to seeing the LIME data soon. I know guidance is for first half 26, but you recently said you expect the data soon. Do you still see potential for a readout by end of first quarter, or is it likely? Could it get pushed to the second quarter? And also, can you talk about your involvement in the data analysis? I'm wondering if you have access to the data room and can see real-time updates on the number of adjudicated Lyme cases. And do you see the split between the vaccine and placebo?

So, Maurice, the sponsor for a Phase III study is Pfizer. Pfizer are in self-control with regard to the execution of the study. that we are at this point fully blinded. There is an official guidance from Pfizer with regard to the data readout in H1 and of course we can't say anything different. We are hoping so that the data will come around mid of H1 whenever this But I would like to remind everyone that there is only one official guidance, and that's the one from Pfizer.

Got it. Understood. And can you comment on when the last time was that you spoke with Pfizer on the program, and what's the latest they're communicating to you based on status and timing?

So we have a joint development structure. We have the governance as per contract, which includes, you know, a couple of formalized bodies. And I would say we have weekly interaction, frequent interaction, and so far, so good.

Got it. And maybe just last question, just if you can remind us what gives you confidence that VLA-15 will be equally efficacious in serotypes 2 through 6 versus serotype 1. Wondering if you tested serotypes 2 through 6 in preclinical challenge models similar to the 2024 publication that you had?

So, first of all, this is an excellent question. So, in preclinical models, different preclinical models, some of which have been published, others not yet. We have done passive and active immunization and tested against all stereotypes. What we don't know is whether the immunological protection levels in humans will be identical across different stereotypes. We have a lot of grounds to believe that, but of course, as you know, Morrie, outside of serotype 1, which was shown through Lymerix and Immolime, there is no data in humans today that bridges immunological response with efficacy, and even for Lymerix, there was never a formal correlative protection established, but there has been a publication that summarized a correlation factor of 0.8, so 80% correlation in between immunological titers and protection. Of course, we hope to see the same. What gives us confidence is that in different animal models, we have compared VLA-15 against I would call it a limerick biosimilar, and this has been shown and published in different And we have seen across the border noninferiority or superiority after, you know, three doses. And I think that is mainly what gives us confidence in addition, of course, to the immunological profile that we have observed across many different clinical studies. By the end of the day, data will tell, and data will hopefully come soon, and then we Got it.

All helpful. Thanks for taking my questions.

We are now going to proceed with our next question, and the questions come from the line of Brandon Falks from H.C. Please ask your question.

Thanks for taking my questions, and congratulations on all the progress. You know, maybe just staying on LIME, how do you think about capital allocation going forward if LIME is successful, that obviously changes your capital profile potentially quite significantly? So how should we think about that aspect of the business?

Yeah, Brandon, hey, this is Peter. Well, look, I think it's important maybe to remind everyone that, you know, upon positive phase three data, we will not get any milestones under the program. The next milestones will be due upon first commercial sales, essentially it's first commercial sales in Europe and in the U.S. and it's a combined milestone of $143 million. But that's about, I would say, probably a year and a half away from now at least. So I mean in terms of capital profiles or the short term, it's not really going to change. And then I think, you know, we would certainly want to, again, accelerate the potential of mental pipeline. And this will, of course, take time to do that, and we will consider carefully how we Great.

Thanks very much.

And then maybe just on Shigella, S4v2, when we see the Phase 2 data later this year, how should we think about the threshold there for Voneva moving forward with full development responsibility or sort of perhaps other development parts on that program thank you very good question Brandon so I I would say the thing that we like about this program is that it includes controlled human infection models in a So this means we will have adults challenged at least with one strain, namely toni, and we will see what we call pilot efficacy. So we will see whether people are protected, and to which level they are protected, and And more importantly, if there is an indication around what level of immunogenicity is required for them to be protected. This gives us, based on prior data, also a first hint to the children population, because Because there, of course, we don't challenge, but we will have also a good understanding about the immunological threshold, provided that we're going to see tidal efficacy, provided that we're going to see a decent level of, let's say, correlation, also it's not a statistical correlation, in between immunological titer, immunological response and protection uh we will progress this program further if not we have failed and we have failed rather cheap which is which is the advantage of you know um a program where you can really use a challenge model and see pilot efficacy um ahead of expensive phase three studies of course we are We are planning for success, we are working on, you know, the development pathway going forward and as I mentioned earlier, we expect data from both studies mid this year and then, you know, we will of course inform the market about the next development.

Great, thank you very much.

We are now going to proceed with our next question and the questions come from the line of Damien Chaplin from Stifel, please ask your question.

Yes, hello. Congrats on the good results and thank you for taking my question. The first one is on an SEIP recommendation. So, when do you expect to receive an SEIP recommendation for VLF 15 if approved? And do you believe a broad recommendation is actually the best for this vaccine? And if so, what would be the key criteria to get such recommendation? Thank you.

So, first of all, I think it's fair to say that currently to predict ACIP meetings, to predict ACIP outcomes, to predict ACIP dynamics is probably a mission impossible, given the geopolitical environment in the United States. Having said that, we believe that Pfizer will progress fast post approvals into the ACIP process and ACIP, at least in the past, have reviewed a couple of major criteria. criteria one risk benefits this considers of course the safety profile that we're going to see as part of the phase three study and on the other hand the benefit of vaccination which will be heavily driven also by the final efficacy we're going to see in the different target groups And probably, also importantly, against zero type 1, which is the most prevalent zero type in the United States. The other criteria is the health economic benefit. Well, we know that the costs of treating Lyme are very, very high, and therefore we believe that the health economic benefit will be very favorable for that estimate. Now favorable? for people living in high-risk areas so we are we know that there is a huge difference in line incidents based on different geographies and we hope that we will get a broad recommendation for people living in high-risk areas and representing a high-risk population in those areas. You know, what this means in detail, hard to predict at this point in time, but we are very positive about a broad recommendation provided data support.

Okay, thank you very much.

We are now going to proceed with our next question. And the questions come from the land of Amil Thieven from Guggenheim. Please ask your question.

Great, thanks so much for taking our questions. So two, I could, one back on Lyme and then one other topic. So on the Lyme, I appreciate having you said it on your Pfizer running, you know, trial here. Just curious if you know what actually would be in the top-line press release, What should we expect in terms of what, you know, endpoints or information is planning to be disclosed? So, anything you could share would be helpful just ahead of us during that release. And then the second one is ICSIARO, and this was a specific question here just around the DOD contract because that has been an important source of revenues for that vaccine in the past. Do you have any information on sort of, you know, where that might stand in terms of contract for this year or looking forward?

Well, of course, let me start with LIME. So we have previously communicated that we expect Pfizer to release top-line data. Well, top-line data, as you know, is something that is not clearly defined what it really What it means, definitely, is the primary endpoint, it is safety. Whether Pfizer will decide to announce more than that, this is at their discretion. And Valneva is currently not in any possession of information regarding what else may or may not be included in the top-line release. When it comes to DOD, yes, we are expecting a new contract. It is a vaccine broadly used in the Army, in that we are under a sole supplier contract with the DOD. It's the only licensed J vaccine in the United States. And yes, we can expect a new contract.

Okay, is there any timing around that, like when that might happen or not?

I don't want to predict the timing because, again, we are talking government and we have intentionally not guided on any time I'm associated with it.

Okay.

We are now going to proceed with our next question. And the questions come from Lala Novrej and Sharma from Goldman Sachs, please ask your question.

Hi. Thanks for taking my question. Actually, first one for Peter, could you maybe just help us understand the gross margin progression in 2026? It feels like there are a few moving parts in 2025. What are the pushes and pulls in 2026 and how much of that 10 million or so in idle capacity costs are likely to reoccur in 2026? And also on the in-licensing and M&A that you've mentioned is part of this strategy to rebuild the R&D pipeline. Could you just discuss what that could look like in terms of size, structure, and if there are any specific areas or segments of the market that you're likely to focus on, whether that's travel or otherwise? And then just one very quick follow-up on the DOD contract from the prior question. Is that assumed within your revenue guidance for 2026?

So where shall we start? Maybe we start off, I start off with the pipeline evolution and then let Peter talk about all the financial questions that he has. As I mentioned previously, we have also last year already initiated a process to look at external opportunities in the same way we are looking at internal opportunities. This resulted, for example, in the in-licensing of our Shigella vaccine candidate and we will continue doing that. As I mentioned, we will definitely now go above and beyond vector transmitted diseases, and we will certainly go above and beyond travel. Because we believe, and again, planning for success, of course, that there are many, many potential vaccine-preventable diseases that are currently not covered by the big vaccine players. We have already given a focus area around enteric diseases in the context of AMR, but we have also started with our EBD program to build around a potential herpes franchise. These are the key areas that we are currently contemplating. And again, we have a dedicated team, screening, scouting, evaluating, and we will decide, you know, on progressing internal or bringing in external opportunities in the coming months and years.

Yeah, so on gross margin, Rajan, yes, there were a couple of things going on in 2025. I mean, I think the best way to look at it is by product. So when we look at XCRO, it is relatively stable versus 2024. What happened in 2025 is it was a bit adversely impacted by the change from the Manson facility over to the Almeida facility, so a new manufacturing site in Scotland. And also related to that, because of the transfer, a bit of lower volume in manufacturing, which of course leads them to a bit less effective overhead absorption. I think on Ducoral, we had a very good gross margin up until the end of Q3, and then what we saw in Q4 is we had a couple of batch write-offs, which quickly had quite a significant impact, and this adversely impacted our gross margin of Ducoral. And I think on X-Chic, it's primarily, of course, a big hit on the cost of goods overall, is the light-off we took on drug substance following the termination of the SII contract, and as I said, those doses are still available, I mean, the product is good, it has quite a long shelf-wise, and if we manage to build a business in a market in Asia, those could still be written back basically and then sold. To your question on idle capacity, yeah, I would say the 10 million is probably a number that will, unless there is a major change in how we make usage of our manufacturing facilities, which we right now don't see, it's probably going to stay for a while because we have overcapacities in both Sweden and Scotland. Oh, yes. So, military, what was your question on the DOD against them, Rasha, I'm sorry? It's in your guidance in 2026. Absolutely. So, it's included in the guidance in 2026, you know, with the volume that we assume right now. So, they order, you know, they have a right to order additional doses within the 12-month period, which they did, and it extends to SHIC after the 12 months, which is also why, you know it's not because there's no new contract that there is no shipment so shipments are continuing under the old one and then as Thomas said we expect the new contract and that's all included in time thank you we are now going to proceed with our next question and the questions come from the line of Simon Scholes from 1st Berlin please ask your question

yes good afternoon I've just got two questions the first is on the chikungunya on the chikungunya your vaccine and the status of 1555, which I think is the candidate for local manufacture in Brazil. And then secondly, following the suspension of the SII licensing deal, I was wondering if you could outline your next steps in Asia with regard to Ixchic.

So, both excellent questions, I would say. So, let me start with 1555. I mean, of course, the whole regulatory processes have slowed down the approval of 1555 by Alvita. Now that we have concluded all the updates with the different regulatory authorities including ANVISA, meaning sharpening the pencil on age ranges, sharpening the pencil on warnings and precautions, contraindications and all of that, there's no reason anymore for Anvisa to further slow down or wait for 1555 approvals hence we are expecting it quite soon. When it comes to our NMIC strategy in Asia we decided to take control over the commercialization but also manufacturing of the products in Asia, given the growing medical needs outside of the Indian territory. And we are currently in the process of, you know, evaluating potential change of of customers, evaluating potential partners, evaluating potential commercialization structures, and evaluating potential manufacturing strategies. And we hope that we will be able to progress and announce that in the later part of the Okay.

Thanks very much. That's very helpful.

We are now going to proceed with our next question, and the questions come from the line of Susan Hi, it's Pauline on for Suzanne.

I have two questions regarding LIME. For LIME, could you clarify if the first cohort of participants in the Phase 3 received a booster prior to the last click season? And also, what about the second cohort of participants? And we are also wondering at what point in time there will be booster data, and will the data be be part of the filing. Thank you.

So, we have currently not included a so-called second booster or dose 5, because I'm assuming that you are referring to that, but we will, in a success case, augment and provide additional And our current hypothesis is, as we presented, I think already a while ago at our R&D Day in New York, that we will not be part of the initial licensure process, but for example a supplement will be eligible.

Thank you so much. We have no further questions at this time, so I'll hand back to you for closing remarks.

Thank you very much for having joined us today. It's been a pleasure. And as I said, we are looking forward to our line data. So, again, fingers crossed. I think Vaneva has great prospects, great opportunities. And with that, stay tuned. Thank you so much.

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