September looms as a risk month for stocks, Yardeni says
Cantargia AB’s recent earnings call for the second quarter of 2025 provided insights into the company’s strategic moves and financial health. With a market capitalization of $68.7 million, the company’s stock declined 4.33% following the earnings call, reflecting the characteristically volatile nature of biotech stocks. The company announced significant developments, including a $630 million deal with Otsuka and a reduction in operating expenses. Investors are looking forward to revenue recognition in the upcoming quarter.
According to InvestingPro analysis, Cantargia exhibits high price volatility, with the stock showing an 85% gain over the past six months despite recent fluctuations. InvestingPro offers 8 additional key insights about Cantargia’s market position and growth potential.
Key Takeaways
- Cantargia AB’s stock price fell 4.33% following the earnings call.
- The company signed a $630 million deal with Otsuka, including a $33 million upfront payment.
- Operating expenses were reduced by 10% in Q2 2025.
- FDA Fast Track Designation was granted for nadinolumab in pancreatic cancer.
- Revenue from the Otsuka deal is expected in Q3 2025.
Company Performance
Cantargia AB’s performance in Q2 2025 was marked by strategic partnerships and operational efficiency. The company reduced its operating expenses by 10%, showcasing improved cost management. The partnership with Otsuka highlights Cantargia’s potential in the immunology and inflammatory disorders market, providing a strong competitive edge.
Financial Highlights
- Cash position: SEK 82 million at the end of Q2.
- Operating expenses: Reduced by 10% compared to previous quarters.
- Otsuka deal: Valued at $630 million with a $33 million upfront payment.
Market Reaction
Following the earnings call, Cantargia AB’s stock price decreased by 4.33%, closing at 2.65 from a previous close of 2.77. With a beta of 1.55, the stock shows higher volatility than the broader market. This decline reflects investor caution and possibly profit-taking, despite the positive news regarding the Otsuka deal and cost reductions.
Outlook & Guidance
Cantargia AB anticipates recognizing its first revenue from the Otsuka deal in Q3 2025. The company will continue developing nadinolumab, with ongoing clinical studies in multiple indications. An extensive news flow is expected throughout 2025, potentially impacting future performance.
Executive Commentary
Interim CEO Damian Marin highlighted the strategic value of the Otsuka deal, stating, "Canton provides a unique opportunity to block IL-one superfamily signaling across multiple diseases." He also expressed confidence in the company’s future, noting, "We will have an extensive news flow right through 2025."
Risks and Challenges
- Timing of milestone payments from the Otsuka deal remains uncertain.
- Market volatility could impact stock performance.
- Execution risks in ongoing clinical studies for nadinolumab.
- Dependence on successful revenue recognition in Q3 2025.
Q&A
During the earnings call, analysts inquired about the timing of milestone payments and the company’s focus on pancreatic cancer as the primary indication for nadinolumab. The company confirmed that Otsuka would take over Canton program costs from the closing of the deal, and full TRIFUL study results are awaited before making further decisions.
Full transcript - Cantargia AB (CANTA) Q2 2025:
Conference Operator: Welcome to the Kantargia Q2 Report twenty ’25 Presentation. During the questions and answer session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to the speakers. CEO, Damian Marin CFO, Patrik Rendladd and CBO, Tan Berkjian, please go ahead.
Damian Marin, Interim CEO, CanTarget: Hello, everybody, and welcome to this presentation today of our, 2Q and first half, interim report 2025. Moving straight on, we have our safe harbor statement. We are, of course, a listed company on Nasdaq Stockholm Exchange. And as has just been mentioned, you have three speakers here today, myself, interim CEO, Tom McKean, our chief business officer, and Patrick Remblad, our chief financial officer. So moving to the events of the second quarter and the events since the end of that period as well.
In the second quarter, we appointed Morton Lynd Jensen as our chief medical officer. We then move on to select treatment resistant atopic dermatitis as the second indication for our Canton phase two program, Canton being our, anti IL-one wrap antibody for immune inflammatory disorders. We also announced that the pharmacokinetic modeling, of the of CAN 10 confirmed the choice of every four week dosing in phase two, coming from our first in human study that has been running for some time and is now nearing its end. Also importantly, during the quarter, the US FDA awarded to nadinolumab, our most advanced product, in oncology, a fast track designation for the treatment of patients expressing high levels of IL-one wrap, in combination with chemotherapy to treat, patients with PDAC pancreatic ductal adenocarcinoma. Finally, we signed a loan facility of 50,000,000, Swedish crown.
That too provides us with extra flexibility as we, held deal discussions, which I’m sure everybody now knows about. And in fact, the first significant event after the reporting period was indeed that we announced that Totsuka Pharmaceutical had acquired Canten for an upfront of 33,000,000 US dollars, plus an additional $580,000,000 in potential milestone payments and an ounce on future sales. That deal is expected to close in q three twenty twenty five, and Tom will give you further details as we go through the presentation. We also announced preliminary results from the TRIFOR phase two study in TNBC. They showed that, we did not demonstrate in the second part of this study a difference in the overall response rate between nadinolumab in combination with chemotherapy and the reference group, on chemotherapy alone.
That study, continues on, and we will have overall survival data around the end of this year. And I will say a few more words about that as well as we get further into the presentation. And finally, we announced on Monday evening this week, that we had appointed doctor Hildega Steininger as our new CEO effective from the from 09/01/2025. So indeed, this will be my last results call with you. And you in future, you will be hearing from Hilda and the team, and we’re absolutely delighted to have Hilda on board, it has to be said.
And I will, give you a bit more on Hilda’s background later in the presentation. Moving now to just a few words on Canten and why Canten is such an interesting product, became the subject of our transaction, with Otsuka. So Canten provides a really a unique opportunity to block, IL-one superfamily signaling across multiple diseases and multiple therapy areas. The IL-one family of ligands and receptors is, associated with acute and chronic inflammation, And there’s very strong evidence of IL-one family cytokines, that’s IL-one, alpha and beta, IL-thirty three, and IL-thirty six, alpha, beta, and gamma, driving multiple different inflammatory diseases. What’s been seen in the clinic to date is that individual blockade of these IL-one family members has resulted in a degree of efficacy, but probably not the sort of efficacy that you really want to see across diverse, immune inflammatory diseases.
And we really believe that Canton’s broader mechanism can be highly relevant, in the treatment of such diseases, be they dermatological, fibrotic, cardiovascular, or even others in various barrier tissues in the respiratory tract, for instance, or in joints and in the intestine. So there really is a huge potential, for this mechanism and for Kanten. As I mentioned a few moments ago, we’ve been, conducting a first in human study for time, single ascending dose and then multiple ascending dose. We completed the single ascending dose a while ago, 10 different cohorts, and moved on into the multiple ascending dose where we have performed two dose cohorts in healthy volunteers controlled by placebo, where we, gave subcutaneous doses on day one and seven, then every fourteen days. This study is the study that will allow us to move, into phase two They or if I say us to move into phase two, as it now is, it will be, of course, Otsuka, who will be handling that following, the transaction with them.
What we have shown, is that we can achieve full, IL-one wrap, occupancy on different immune cells and that we have complete, blockade of IL-one family cytokines. We also, of course, very importantly, have seen no safety concerns. And as I mentioned, our pharmacokinetic results, support for weekly dosing. We have a linear PK profile with high bioavailability. And the simulations performed on all patients we have treated show that we can stay above the minimum level that we need to occupy all the receptors and block those cytokines over a period of four weeks.
So that leaves us to, the transaction with Otsuka, and I’ll hand you over here to, our CVO, Tom Bakeen, to tell you more about that. Over to you, Tom. You may not be unmuted, Tom.
Tom Berkjian, Chief Business Officer, CanTarget: Thank you, Damian. Obviously, very happy to to, tell you a little bit about the Otsuva deal. Obviously, and as mentioned, we are very pleased of having this, agreement signed, with Otsuka on our content program. And I think it’s fair to say that the the team, of Contagio has done a great job to get this over the finish line in an environment which is actually quite challenging with respect to deal making. For some context, for the ones who are not very familiar of Otsuka is Otsuka is a Japanese well established pharmaceutical company, mainly active in CNS and oncology, but where the company has, in particular, immunology, strongly earmarked as a growth area.
And as you will see, Otsuka has been on a strong growth trajectory over the last couple of years to focus on the growth in immunology. So as for the transaction, as we communicated mid July, the transaction is structured as an asset transaction, which includes the rights to Canton, which is our phase one program, and a preclinical backup. Otzuka will have the rights, obviously, but also the obligations to develop, to register, and commercialize the programs. And as, Damian already alluded to the financials, include in 33,000,000 upfront, complemented with 580,000,000, dollars in milestone payments, making the total deal value of 630,000,000. The earn out payments are, of course, on top of that, and they will end up as tiered up to double digit payments.
As mentioned, also, of course, touching upon the deal rationale, beyond the established franchises as oncology and CNS, Otsuka has strongly, commercialization and BD focus on immunology and connective tissue disorders for which they have products on the market or very close to commercialization. So indications you can think of of interest can include, of course, large indications such as rheumatoid arthritis or atopic dermatitis, but also smaller specialty indications such as systemic sclerosis or or lupus, for instance. And besides the short term revenue generators that Otsuka has, Otsuka has also been building an early and mid stage clinical pipeline of growth programs. And as you can see, of course, on the slide as well, the latter is mainly driven by a various number of BD activities over the last couple of years where the company has acquired a number of companies to build up antibody platform competences from 2018 on, as well as know how, of course, and have acquired a number of antibody programs including Canton, of course, to fill the pipeline, the early stage pipeline to move that towards commercialization. And we believe that Otsuka has interest in looking maybe further into follow-up programs.
That’s why we have an potential option in the agreement where Otsuka can follow Contagia’s efforts and potentially have the rights to to maybe additional programs, which, of course, for Contagia brings perspective also for the near term future. So for Contagia, it was of essence to have a partner with the ambitions to develop content as broad as possible as the indications that you could see on the previous slide, which we believe, of course, supports our mechanism of action. So with that brief growth strategy overview and explaining high level the deal rationale, I will hand over, and then back to Damian for further updates.
Damian Marin, Interim CEO, CanTarget: Many thanks, Tom. And let me second your your thanks to our team, and yourself, for really, bringing this deal through, and against a very challenging background, as you said. You know, that really is a fantastic achievement, and, you know, we’re really all looking forward to working with, Osaka, to take content forward. But, of course, we do have, the rest of our portfolio, And I’m gonna say a few words now about, news on mangerolumab, in the last quarter. Talking first about the, trifle, preliminary results.
First and very important thing to say in this first control dataset that we’ve generated, with nadinolumab is that we see no signal of added toxicity, when adding nadinolumab to chemotherapy. So that’s a very important, and positive finding for us. We saw a very similar, ORR, overall response rate, that is, in both the arm at naduolumab and, in the reference chemotherapy only arms. Both arms report slightly higher than historical benchmark, for these types of, patients, but, you know, this is, data that we have to live with. We have subgroup analyses ongoing.
And, obviously, we made the overall survival data, and it’s important to say that in triple negative breast cancer, which obviously is what the TRIFUL study, was in. The overall response rates, are not necessarily indicative of what you will see in overall survival. This is the case in many, cancer indications, and it’s definitely the case here. So we do await these overall survival, data with, you know, great interest. And in the meantime, we’re cautious not to over interpret, these top line data.
And finally, I should say that the safety data I mentioned is supportive of our development across indications, such as, of course, PDAC, which is our lead indication for nadinolumab, but male you know, also in, other indications, particularly other indications like PDAC are very sensitive to IL one wrap. What we also, achieved, in q two was a fast track designation, in PDAC. So this was granted, by the FDA on the basis of the data that we have generated to date and granted for the treatment of patients with, metastatic PDAC who have high l one rep expression levels and for the treatment of those patients with nadunolumab in combination with chemotherapy. This reflects a very high unmet medical need in metastatic PVAC where there have not been any new product approvals for a long time. And it also reflects, we believe, the strength and interest of the data that we’ve generated to date.
Importantly, it also facilitates further development of nadinolumab with more frequent interactions with the FDA and eligibility, for accelerated approval and priority review as we go forward. We also have, of course, our platform And, during the quarter, we also released some very interesting data from, the platform. So CAMXx as a as a platform overall offers multiple development opportunities to create products such as antibody drug conjugates, ADCs, and bispecific, compound, antibodies as well. And that is both, for immunology and for, oncology. We have a library, of over 200 anti IL-one one rep antibodies within this platform that can serve as a source of, new drug candidates, and we’re very excited about the potential to do so.
In terms of, looking at oncology, both chemotherapy and existing ADCs induce IL one in tumors, which can lead to chemo resistance and blocking IL one pathways as we know that our IL our anti IL one rep antibodies can do. Therefore, means we could get better efficacy of these of of chemotherapy agents and ADCs. And we have published, this data showing, an IL one RAP targeting antibody drug conjugate. It targets both the tumor cells and the microenvironment around the tumor. And what we were able to see was that conjugating, the drug the the chemotherapeutic toxin to our IL one wrap antibody did not reduce our binding, to IL one wraps, so that’s very important.
And, we saw very good efficacy, in different in vivo models here. So this is clearly something which can be of great interest as we go forward. We also have, in the platform antibodies that, have full blocking activity like Canton, that we have just transacted around with Otsuka, as you’ve heard, but also antibodies that can block only certain parts of the IL one rep mediated pathways if we want, which means we can generate antibodies that deepen or widen the IL one family blocking and inflammation. So we have lots of exciting opportunities here, to continue to build our inflammatory and oncology platform as we move forward. Now to the appointment of our new, CEO.
So we’re, absolutely delighted that we have, been able to appoint, doctor Hilde Steiniger as our new CEO. That’s going to be effective from September 1. Hilda has, great experience as biotech executive, but also a proven track record across financial analysis in the life sciences, involved in the founding and running of a life science venture capital firm and also in business development. Hilde is a two time CEO. She joins CanTarget from North Sea Therapeutics, where she has been, the cofounder and chief operating officer since 2017, as well at the same time being the CEO of Staffing Biotechnology, during that same period.
And there, Hilda led a $480,000,000 deal with Novo Nordisk. So Hilda will be our CEO to, lead us on from the Otsuka transaction and to continue to build value with Najinoinmap and with our platform. I have had the most wonderful time, in the last seven months as the CEO, of Kent Archer as the interim CEO. But it was always intended that I would step down and move back to the board, and that is what is now gonna happen. And I’m, really looking forward to supporting Hilda and our, dedicated and talented team as they take on target forward.
So now, let’s take a quick look, at our milestones. So in q three, well, already in this year, we’ve had, you know, a lot of milestones already achieved. The initial phase one MAD results, we have phase two MAD results as well around content and the closing of the Otsuka transaction will be in q three. We achieved the, PDAC fast track designation. We’ve obviously spoken about Trifor.
We also started a study with, the MD Anderson Cancer Center in Texas US, around AML. And we will have other, new clinic preclinical and translational results coming through during the rest of this year. So we will continue to have an extensive news flow right through 2025. Now I’ll hand you over to Patrick Remblad, our CFO, to take you through the financial results. Patrick?
Patrick Remblad, Chief Financial Officer, CanTarget: Thank you, Damian. So, in in the second quarter, we, of course, had a lot of focus on the Otsuka transaction and preparing, getting ready for that. But in parallel or in while doing that, our teams were focused on continuing the development of Canten and adnanomab and the preclinical portfolio. And you can see that as the there is not really a change in activity between the second quarter this year and the previous comparison period, just a 10% reduction in our overall operating expenses, slightly below also for R and D. The quarter’s increase in admin expenses is a result of the activities around the Yotsuka transaction.
The same applies when we look at the first six months. Basically, no change, no surprises happening there with a slightly increase in our administrative expenses, as I alluded to, for the Otuka transaction and the organizations that we have had on the staff of the company. We have we had SEK 82,000,000 of cash by the end of the second quarter after a cash outflow of €44 We, of course, are looking forward to actually the first time in the company’s history to recognize revenue and receive non dilutive funding here in the third quarter. And when we do that, we intend to repay the short term loan that we obtained, as Damian alluded to, to secure the short term operations and our negotiation with Otsuka. So we intend to repay that and be on a very much more stable financial position than we were before.
With that, I hand back over to you, Damian.
Damian Marin, Interim CEO, CanTarget: Thank you, Patrick. So as you’ve seen, we’ve had a very biz very busy q two and immediate period just after q two, a momentous time for the company with the Otsuka transaction, and with the appointment of, Hilda Steininger as our new permanent CEO to lead the company forward. So with that, I will say thank you to everybody, and we are now open for questions.
Conference Operator: The next question comes from Richard Romanius from Redeye. Please go ahead.
Richard Romanius, Analyst, Redeye: Good afternoon. I have a few questions. Starting where you left off in your presentation, could you comment on the possibility of generating income from the the TENDU through clinical milestones? And and could you say approximately when, such a milestone the first of such milestones could be received?
Damian Marin, Interim CEO, CanTarget: Thanks, Richard, for your for your question. Unfortunately, no. We cannot divulge our information. You know, we have agreed, with Otsuka when we, released the details when the transaction was signed, that we would release the level of detail that we did at that time, and we would give no further details, on that. So, unfortunately, I can’t give you any timing on when we’re likely to receive a development milestone.
Richard Romanius, Analyst, Redeye: Sure. Sure. I get it. What about the, remaining costs for the phase one study? Who would pay for that, and when exactly does, OSUK is ticked over, content?
Damian Marin, Interim CEO, CanTarget: I’ll ask perhaps Tom and, Patrick to comment on that one.
Tom Berkjian, Chief Business Officer, CanTarget: Yeah. Sure. I can do that. Well, obviously, we are in an in a period that we work towards the finalization of the transaction. Obviously, we signed it on the on the July 16.
So from that point, also, we will take over all the cost of progressing the program. With respect to the timing of how they pursue the studies further, that’s obviously in Altsuka’s hands. We cannot state anything on that irrespective whether we knew it or not. Again, we are finalizing this project and and, of course, maintain to be in contact with with Otsuka on practicalities around the deal, of course, and support them where we’re needed. And that is what we also have agreed in the agreement.
Yeah.
Patrick Remblad, Chief Financial Officer, CanTarget: And and it’s Patrick here. I think, Richard, that we we, the the deal overall is that Otsuka takes over the responsibility and the cost from closing. So from Q4, basically, we shouldn’t have any cost for Canton.
Richard Romanius, Analyst, Redeye: Okay. I understand. My last question, how will the TRIFR results affect the plans due to plan plans for, nadrenolumab? And, maybe I should add, do you have to wait for the full re readout before you really decide, the next step with nadunolumab.
Damian Marin, Interim CEO, CanTarget: Thanks, Richard. Yeah. Yes. Indeed. We will wait for the full results, but not before deciding the next steps in nadunolumab, but certainly before deciding the next steps of what we might do in TNBC.
As I mentioned, the safety data is is very strong, and that actually, you know, encourages us to move forward in those other indications, PDAC, particularly where we see this very strong association, between high r one wrap, nidinolumab treatment, and benefit to patients, and indeed patients whose prognosis is normally worse when they have when they express higher one rep. So to that extent, the data, from Trifor has no instance on our thinking other than we’re very happy that the safety data makes us believe that, Maginolumab will be a very well tolerated, product, and we expect to be active in PDAC.
Richard Romanius, Analyst, Redeye: Great. Thanks for answering my questions.
Damian Marin, Interim CEO, CanTarget: You’re welcome, Richard. Thank you.
Conference Operator: Next question comes from Luisa Morgado from Van Lanchet Kempen. Please go ahead.
Luisa Morgado, Analyst, Van Lanchet Kempen: Hi team, thank you for taking my questions. Maybe to start off, for the triple negative breast cancer program, what should we take as a benchmark here for the survival data? Are you looking to top, the chemo combination alone of, the rate of eleven months, or shall we compare those to the drugs in development? Also here for the TRY four study, did you pre specify this subgroup analysis? And if so, can you tell us on, which parameters?
Thank you.
Damian Marin, Interim CEO, CanTarget: Thanks a lot, Louisa, and thank you for your question. So in terms of what we would, look to see, obviously, we would want to see for overall survival, an improvement over the reference chemotherapy arm alone. That’s for sure. In terms of, you know, the strategic thinking, if you do see that, first of all, then, yes, of course, you’re then gonna benchmark that against what is happening in what is quite a fast changing field to see whether you think that what hap what the result that we get is competitive. And they you know, that that, you know, that comparison can only be made once we see the result, once we see whether the result is different from what we’ve seen already.
And other words, that in overall survival, we, are looking better, than the reference group. And then we will look, as I say, to see where our competitive position is, in that overall landscape. And in terms of subgroup analyses, which particular subgroup analysis, might you be referring to there, Luisa?
Luisa Morgado, Analyst, Van Lanchet Kempen: Not sure, but I I thought that you had mentioned earlier that there would be some, subgroup subgroup data to be shared also before year end.
Damian Marin, Interim CEO, CanTarget: That that is absolutely true. We did indeed. Yes. Okay. Thanks.
I thought you might have had a specific, analysis.
Luisa Morgado, Analyst, Van Lanchet Kempen: No. No. No.
Damian Marin, Interim CEO, CanTarget: No. Okay. No. No. Yes.
We have a, a number of subgroup analyses going on, that were prespecified. They’re being, you know, worked through. And, yes, we will expect to provide data on those. You know, that may be at a scientific conference, or it may be that we will make an announcement about that, but that work is still ongoing.
Luisa Morgado, Analyst, Van Lanchet Kempen: Okay. Perfect. And then maybe one last question. On the appointment of doctor Hilde as CEO, just wondering which of her strengths here are you looking to add to sort of guide Contagio’s strategy for, well, the coming time?
Damian Marin, Interim CEO, CanTarget: Yeah. I think, you know, what we’re looking at is that Hulda has a very broad, you know, and deep experience. You know, when you think that she’s a very experienced biotech executive and leader, a very strong and inspiring leader, you add to that strong business development skills Actually, she’s been a financial analyst, that she has also worked in venture capital Right. And has a wide range of contacts throughout the the investment industry and the industry in general. That overall profile is exactly the sort of profile that we want, as a board of the company, to take the company forward.
So, you know, we’re absolutely delighted that Holder is excited and enthusiastic to join us and take the company forward.
Luisa Morgado, Analyst, Van Lanchet Kempen: Okay. Perfect. Thank you so much.
Damian Marin, Interim CEO, CanTarget: You’re welcome.
Conference Operator: There are no more questions at this time. So I hand the conference back to the speakers for any written questions and any closing comments.
Jonas, Unspecified: Yeah. There is one a couple of written questions. And the first one relates to suspected systematic market manipulation of the share where, observers have seen that the that someone is trying to push down the share price at the end of each trading day. Do you have any insights to this?
Damian Marin, Interim CEO, CanTarget: Patrick, can I speak to that one?
Patrick Remblad, Chief Financial Officer, CanTarget: We we we can’t really comment on that. So that’s the simple answer.
Jonas, Unspecified: Thanks. And the second one is regarding the otsuka deal. Is anything else apart from Ken ten and three g five included? And what about other antibodies that you study and might turn out to have more advantageous properties than Kenton?
Damian Marin, Interim CEO, CanTarget: Thanks. Tom, would you like to answer that?
Tom Berkjian, Chief Business Officer, CanTarget: Yeah. Of course. Well, thank you for the question. A very relevant one. No.
The the deal with Osaka is Kenton and three g five. The agreement also provides us flexibility in developing, of course, in the areas that we would like to develop. That, of course, includes immunology and oncology. Oncology more related to, of of course, our can four program. As mentioned, we also would like to give Otsuka some insights in in what we want to to establish.
That’s why we, of course, also included an an option for a period of two years. So Otsuka, if they see something that they like, we definitely will continue the discussion and potentially, of course, act upon it. But that is subject, of course, to what we are going to develop from our Kinexx platform. But, obviously, as I mentioned, Otsuka is very interested in building up an immunology franchise. And I think that is very much in line also what we would like to to establish in or through our Kinexx platform besides, of course, potential other opportunities that may may arise.
Jonas, Unspecified: Thank you. That was all the written questions. I hand back to Damian.
Patrick Remblad, Chief Financial Officer, CanTarget: Damian, if you could, unmute yourself.
Damian Marin, Interim CEO, CanTarget: Thank you, Jonas. Yes. Thank you indeed, Jonas. Yeah. So, as I was saying, thank you to everybody.
Thank you for your time and your attention today, to listen to this presentation. Thank you for the questions. And, we are always open to receiving questions from our shareholders and, of course, our analysts as well. And as a final word, I would just like to say it really has been, an enormous privilege and pleasure to have led CanTarget these past seven months. I thank, everybody within the team, the board, and all the shareholders who support, CanTarget.
Thank you very much, and I’m, looking forward to remaining, of course, in touch with the company on the board and to watching Hilda and the team take the company to new heights. Thank you very much. Goodbye.
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