Earnings call transcript: Egetis Therapeutics Q2 2025 sees stock rise amid growth

Egetis Therapeutics AB (publ) reported its Q2 2025 earnings, revealing a modest increase in revenues and a significant stock price surge of 6.36% following the announcement. The company’s financial performance was marked by a revenue total of SEK 14.5 million, up from SEK 13.9 million the previous year. Despite missing the revenue forecast of 23.2 million, the market reacted positively, likely due to strategic product launches and regulatory advancements. According to InvestingPro data, analysts expect substantial revenue growth of 175% for FY2025, suggesting strong confidence in the company’s growth trajectory. InvestingPro analysis indicates the stock is currently undervalued based on its Fair Value assessment.

Key Takeaways

• Egetis Therapeutics received FDA breakthrough therapy designation for its MCT8 treatment.
• The stock price rose by 6.36% post-earnings call.
• The company’s Q2 revenue increased year-over-year but fell short of forecasts.
• Expansion efforts are underway in Europe and the U.S. for MCT8 treatment.

Company Performance

Egetis Therapeutics showed promising signs of growth with a slight increase in Q2 revenues to SEK 14.5 million, compared to SEK 13.9 million in the same period last year. This growth is attributed to the company’s strategic focus on rare disease markets, particularly with the launch of MCT8 (tiratrochol) in Germany. The company identified over 100 patients in the U.S., indicating potential market expansion.

Financial Highlights

• Revenue: SEK 14.5 million, up from SEK 13.9 million YoY.
• Cash position: SEK 202.6 million as of June 2025.
• Operating results: Loss of SEK 143.1 million, a slight improvement from the previous period.

Market Reaction

Following the earnings announcement, Egetis Therapeutics’ stock rose by 6.36%, closing at 5.69. This positive movement reflects investor confidence in the company’s recent achievements, including the breakthrough therapy designation and market expansion efforts. The stock’s performance is notable given its 52-week range of 3.03 to 7.67. InvestingPro analysis reveals the stock has shown strong momentum with a 9.63% return over the past six months. Analyst consensus suggests significant upside potential, with price targets ranging from $1.04 to $1.56. Get access to more detailed valuation metrics and 7 additional ProTips with an InvestingPro subscription.

Outlook & Guidance

Egetis is preparing for a U.S. New Drug Application (NDA) submission and continues to focus on expanding its European market presence. While no specific revenue guidance was provided, the company is prioritizing patient identification and access strategies to drive future growth. The company maintains a healthy financial position with more cash than debt on its balance sheet and a current ratio of 1.53, as reported by InvestingPro. Discover comprehensive insights and access the detailed Pro Research Report, available for over 1,400 US equities, to make more informed investment decisions.

Executive Commentary

"We are very pleased with the milestones delivered so far," CEO Niklas Westerholm stated, reflecting on the company’s strategic progress. Henrik Krug, VP of Commercial Operations, emphasized the coordinated efforts in patient identification and market readiness. CFO Jil Masmashid noted the early stages of their launch, indicating a focus on long-term growth.

Risks and Challenges

• Revenue shortfall compared to forecasts may impact investor confidence.
• High operating losses and R&D depreciation could strain financial resources.
• Uncertainty in reimbursement processes might delay revenue realization.
• Competitive pressures in the rare disease market could challenge market share.

Egetis Therapeutics’ Q2 2025 earnings call highlighted both the potential and challenges facing the company. While financial results were mixed, strategic advancements and market expansion efforts have positioned the company for future growth.

Full transcript - Egetis Therapeutics AB (publ) (EGTX) Q2 2025:

Conference Operator: Welcome to Agedis Therapeutics Q2 Report 2025. During the questions and answer session, participants are able to ask questions by dialing 5 on their telephone keypad. If you are listening to the presentation via webcast, you can ask written questions using the form below. Now I will hand the conference over to CEO, Niklas Westerholm. Please go ahead.

Niklas Westerholm, CEO, Aegis Therapeutics: Good morning, everyone, and a warm welcome to our Q2 results call planned for the coming thirty minutes. For those I haven’t had the privilege to meet before, my name is Niklas Westerholm, and I’m the CEO of Aegis Therapeutics. With me today, we also have Jil Masmashid, Chief Financial Officer Henrik Krug, Vice President Commercial Operations as well as Karl Hord, Vice President and Head of Investor Relations. Let me now turn our attention to the topics to be covered today. But first, let me begin by saying that I am incredibly proud of the breakthrough therapy designation granted by the FDA in July, as well as the initiation of the launch of MCT8 as the first and only approved treatment for MCT8 deficiency in the first country, Germany, on the May 1.

This truly marks a start of a transition for Aegis from a late stage development company to a commercial stage company. What we’ll cover today is an update focusing on the breakthrough designation granted by the FDA and the submission of a pre NDA meeting request. Commercialization in Europe and launch preparations in The U. S. By Hendrik.

And our CFO, Jilmaz, will provide a financial update and will summarize it at the end with the key value enhancing milestones during 2025 and 2026 as part of our exciting journey ahead of us. I will also take a short opportunity to provide an update on the development of MC8 in Japan. As many of you are aware, we have a exclusive license agreement with Fujimoto Pharmaceutical Corporation to develop and commercialize MCT8 in Japan. This will be an important market going forward. And in the MCT8 deficiency space, we are aware of sixty seven patients identified and diagnosed with MCT8 deficiency.

So far this year, we have had two positive interactions with the Japanese pharmaceutical regulatory authority agency, PMDA, regarding the regulatory development pathway required to obtain approval of MCT8 in Japan. This is in light of the new guidelines issued by MHLW in October 2024, where for orphan drugs that meet certain criteria, it may be possible to submit a marketing authorization application without clinical trial results in Japanese patients. Let’s focus on the breakthrough designation on what that means. In the 2025, we received the entire dataset from the Erasmus Medical Center in Rotterdam. With the survival data from more than six hundred MCT deficiency patients who had been treated with tiratrochol compared to the ones not treated with tiratrochol.

The initial survival analysis, as many of you recall, was published by the Erasmus Medical Center as an abstract ahead of the European Thyroid Association in September 2024. We submitted a breakthrough therapy designation application largely based on our own analysis, detailed analysis of this survival data, which confirmed a significant and substantial improvement in survival in teratrial treated patients. Based on that, FDA granted us a breakthrough designation in July. The breakthrough designation very much underscores both the urgent need for an effective treatment for patients with MCT deficiency and the clinically meaningful evidence demonstrated to date with tiratrochol. And receiving a breakthrough designation this late in a clinical development program is for us very encouraging for the forthcoming new drug application process as these designations are typically awarded at an early stage in development.

At the moment, there are 15 evaluable patients in the ReTRAC study, up from 12 when we reported our quarter one results. In light of this and the granted breakthrough designation based on our own detailed analysis of the entire survival dataset, we have submitted a pre NDA meeting request, a so called Type B meeting, in August to the FDA to discuss the contents and timing of The U. S. NDA submission for tiratrikol, including the role and position of the ReTrack study together with the already robust data set generated in this ultra orphan disease. To remind you, the data generated so far includes TRIC trial one, where the effects of twelve months of tiratrochol treatment on T3 concentrations and clinically clinical endpoints related to peripheral thyrotoxicosis were established in forty six patients.

The Erasmus Medical Center cohort study confirmed these treatment effects in a real life setting in sixty seven patients with treatment up to six years. The TRIAC trial two in twenty two patients, which although missed its primary endpoint, provided important safety data in young patients below 30 of age, which enabled a label in Europe with no age restrictions. We also have an extensive natural history study of one hundred and fifty one untreated patients, which enables an indirect comparison to assess the clinical relevance of the treatment effects seen with tiratrochol. For those who are not familiar with the regulatory framework in The United States, let me just give you a brief explanation. A pre NDA meeting, type b meeting, is a formal and very valuable discussion between a pharmaceutical company and the FDA before submitting a new drug application.

It serves as a critical checkpoint to ensure the sponsor or the pharmaceutical company is on track with their data, the regulatory requirements, and submission strategy before formally filing the NDA. This meeting helps also to identify and address potential issues earlier on, potentially also streamlining the approval process. For a Type B meeting such as this with FDA, the agency will aim to schedule the meeting within sixty days of receiving the meeting request. So if granted, this would be in October for us. Without further ado, I will now hand over to Henrik for an update on commercialization in Europe and the launch preparations in The United States.

Henrik, over to you.

Henrik Krug, Vice President Commercial Operations, Aegis Therapeutics: Thanks, Niklas, and good morning, everyone. I would like to start by giving a reminder and the status on our commercialization strategy. We plan to commercialize emcetate or Thiratrokol through the Egetis team in Europe and The U. S. For other regions, we intend to collaborate with partner companies to ensure broad access to amsutate for patients.

We have started the execution on this strategy by initiating the launch of amsutate in Germany in May. We have also initiated market preparations in other European countries and in The US. For the rest of the world, we have the license deal with Fujimoto for development and commercialization in Japan. And in June, we announced our first distribution deal, an agreement with Erkim for Turkey. The Erkim team has started the work with MCT8 and have ordered their dialogues related to initiation of MCT8 with physicians having MCT8 deficient patients.

We have also advanced our work for a planned deal for the Middle East and North Africa region. We are executing our EU pricing and reimbursement strategy in two ways, starting with the four largest EU countries. The French and German reimbursement dossiers were submitted in April. For Spain and Italy, we are preparing for the initiation of national pricing and reimbursement processes. Our choice to submit at different time points in the different countries is based on our ambition to optimize the total outcome in line with our global commercialization strategy.

In parallel with the national pricing and reimbursement processes in the EU four countries, we have started the work in some other European countries with the ambition to make it possible to sell amcetate through alternative funded routes. This is to accelerate revenue generation, and it is possible in some countries on a patient by patient basis and funded through insurance systems or hospital budgets. I’m excited to share some updates on our initial German launch execution, which has been delivering early wins while we navigate the pricing and reimbursement process. As of May 1, mState was launched and is now available in Germany. This marks a major milestone for us as we continue to expand our reach and provide a much needed treatment option for patients with MCT deficiency.

We initiated the pricing and reimbursement process on April 30 and it will be finalized by May 2026. Parallel with the ongoing pricing and reimbursement process, we have in line with what the German system allows already started sales of commercial M SAT packs. This dual approach allows us to provide immediate access to the treatment and generate sales in parallel with the reimbursement process. I’m pleased to report that almost all of our Managed Access patients have been successfully converted to commercial packs. We expect all Managed Access patients to have been converted during Q3.

On top of the converted patients from the managed access program, Our engagements with physicians at center meetings, at congresses, have been productive, driving awareness of MCT deficiency, finding more patients, and leading to initiation of treatment with MCT. We have exhibited at seven congresses in the DACH region year to date, and DACH stands for Germany, Austria, and Switzerland. To complement our in person meetings, we have also launched promotional and educational initiatives through various channel channels, including virtual meetings, web, mailings, and publication related work. These efforts are part of our comprehensive strategy to ensure that mCetate is widely recognized and accessible to all who need it.

We are thrilled with the progress we’ve made so far and remain dedicated to serve more patients in Germany going forward. I believe all of you are aware that U. S. Is expected to be the largest market for tiratrochol and I’m pleased to share that our U. S.

Team is doing an excellent job in the market preparations. On the patient front, we continue to deepen our understanding of the journey for people living with MCT deficiency. Like most rare diseases, the care pathway is complex, and we are using real world data analytics to gain a more granular view of the diagnostic journey and patterns of disease management. This work has already helped us identify actionable signals that can support early recognition and referral of patients. We are actively incorporating these insights our field and medical strategies.

So far, we have identified well over 100 patients in U. S. Whereof several new patients this year. We are able to provide tilatrochol to many of these patients through our expanded access program, which now is active at 14 clinical sites nationwide. We are progressing well on our market access and pricing preparations.

We know that speed and breadth of payer coverage would be critical at launch. Our team is working with payers and stakeholders to ensure a robust evidence package and a clear path to access, aiming for that patients can benefit from treatment without unnecessary barriers. We continue to build the right infrastructure to support the community once we launch. A central element of this is expanding our field medical presence, which will enable high quality scientific exchange with health care providers and strengthen relationships across the rare disease ecosystem. So in short, we are making disciplined, coordinated progress across patient identification, access, and field readiness.

With these pillars in place, we are confident in our ability to deliver a strong launch and most importantly, to finally bring a much needed therapy to patients living with MCT deficiency also in The U. S.

Niklas Westerholm, CEO, Aegis Therapeutics: With that, I would like to

Henrik Krug, Vice President Commercial Operations, Aegis Therapeutics: hand over to Jelmas for the financial update.

Jil Masmashid, Chief Financial Officer, Aegis Therapeutics: Thank you, Henrik. Now for a brief financial update. Revenues for the first half year were SEK 27,100,000.0 versus SEK 25,900,000.0 in the same period last year. Revenues for the second quarter of the year were SEK 14,500,000.0 versus SEK 13,900,000.0 in the same period last year and is attributable to the Managed Access Program and commercial sales of MC State. The gross profit margin is visibly lower than historical figures, both for the half year and the second quarter, but comes back to the regulatory success we had with MCT8 in Europe.

As a consequence, the COGS line item in the half year numbers not only includes the recurring royalty payments to the founders of 3% and Erasmus Medical Center of 10%, but also nonrecurring milestone payments of approximately 3,500,000.0 SEK to Erasmus Medical Center as well as 13,500,000.0 SEK of intangible r and d depreciation. A reminder for the first time listeners is that the depreciation is a noncash item. It was initiated as a consequence of the approval in Europe. In apples to apples year over year comparison, adjusting for the onetime payment and the depreciation, adjusted gross profit would be 21,700,000.0 for the half year, an improvement not only nominally, but also on the gross margin level versus the corresponding period last year. While operating results were nearly the same for the half year at minus SEK 143,100,000.0 versus minus SEK 143,800,000.0 in the corresponding period, results after tax for the half year of the year were minus 140,500,000.0 versus minus SEK 146,900,000.0.

The improvement versus prior corresponding period is mainly driven by the finance line items and specifically the revaluation of the convertible right, which fluctuates with the share price. Half year twenty twenty five figures were SEK 8,800,000.0 versus SEK 4,700,000.0. Remember that this is also a noncash item and will continue to fluctuate. Although cash flow before working capital saw a year over year improvement in the first half for the quarter due to our cost conscious execution of operations. Changes in working capital had a negative impact.

Also, as you may have noticed, we are repaying our debt and report SEK 14,200,000.0 in repayment for the half year, an item which did not exist in the corresponding period last year. All in all, the cash flow for the half year were minus SEK143.4 million versus minus SEK113 million. And the cash position in June 2025 was a healthy SEK202.6 million versus million last year. With that, I hand it back to Nick.

Niklas Westerholm, CEO, Aegis Therapeutics: Thank you, Jilmaz. And let me take the opportunity to summarize this very shortly before we move into Q and A. We are very pleased with the milestones delivered so far, noting the MC8 launch in Germany, which truly marks a major milestone for us. As we continue to expand our reach and provide the first and only approved treatment options for patients with MCT deficiency in Europe. I’m also very proud of the breakthrough designation granted by the US FDA in July and want to thank the team in making this happen.

We have an exciting period ahead of us with many upcoming value enhancing milestones such as the filing of a new drug application in The United States. With that, I would like to hand over the call to the operator and start the Q and A session on this call. Operator, please go ahead.

Conference Operator: The next question comes from Susannah Quackburner from Handelsbanken. Please go ahead.

Susannah Quackburner, Analyst, Handelsbanken: Hello, Susannah Quackburner here, Handelsbanken. I’d like to ask a question about the Managed Access program. In the past, you’ve reported a number of patients that are in the program. Perhaps we could get an update and maybe a breakdown of what share is based in The U. S.

And what share is in the Europe’s top five roughly?

Niklas Westerholm, CEO, Aegis Therapeutics: Yes. No, thank you very much, Susana. You’re absolutely correct that up until the approval and launch of MCT8 in Europe, we have reported on a quarterly basis the number of patients in our managed access program, and we reported over two thirty patients earlier in the year. Going forward, this will be difficult in the sense that we are in Europe transitioning, as you heard from Henrik, patients from the managed access program to patients receiving commercial packs that generates Yemeni. So we will be somewhat of a bumpy road going forward with number of patients in the managed access program versus number of patients actually entering MCT treatment or transitioning into MCT treatment from a commercial product perspective.

So what one will see in Germany, for example, if I take Germany as an example, is that we had a number of patients moving into 2025 on on managed access program, which, of course, now is close to zero. So that will be giving a somewhat of a wrong illustration of the number of patients identified. What we want to do instead is focusing more on conversion of those patients as you heard from Hendrik today, but also give some more granularity on one of the most important markets for us in The U. S. As you heard from Henrik, we have identified well more than 100 patients in The U.

S. So far. So I think that’s the background, Susanna, of why not continuing to provide an update on that. I don’t know, Henrik, if you have something to add?

Henrik Krug, Vice President Commercial Operations, Aegis Therapeutics: I think you summarized it well, Niklas. And perhaps just to add, I mean, will not stop providing drug to any patients and patients will be converted from the managed access to traditional prescriptions once national reimbursement is secured in that specific country. And in Germany, as Niklas said, they started immediately at the time of launching.

Niklas Westerholm, CEO, Aegis Therapeutics: Thank you.

Susannah Quackburner, Analyst, Handelsbanken: Very good. Maybe then just a follow-up. Do you think you can provide an estimate of how many patients we should think about when thinking about Germany and the prioritized countries in Europe?

Niklas Westerholm, CEO, Aegis Therapeutics: Well, we haven’t disclosed and didn’t before either on a country by country basis. I will try to somewhat narrow it down for you. We reported two thirty patients before the approval in Europe in the global managed access program or under the umbrella of the managed access program. And the majority has been in Europe out of those two thirty. But we won’t give any further disclosure on number of patients per country at this point in time.

Conference Operator: The next question comes from Chiara Monteroni from Van Lanchet Kempen.

Chiara Monteroni, Analyst, Van Lanchet Kempen: Hello, team. Congratulation on the update. And thanks for taking my question. I’m just trying here to put, events on a timeline. Could you help us understand the timing of the type b meeting with the FDA in respect to top line data release for retriact?

Do you expect to meet the FDA before or having completed the recruitment or before or after having the full dataset?

Niklas Westerholm, CEO, Aegis Therapeutics: Yeah. So if you start with with timelines for the meeting, this is this is a type b type of meeting, which which really stipulates that that the agency or FDA in this case will aim to schedule the meeting within sixty days of receiving the meeting request. So if granted, of course, this will mean October for us. When it comes to future predictions and giving guidance on when we have top line results as well as an ongoing regulatory interaction, unfortunately, Chiara, I know you’re very much looking forward to it, but that’s nothing we can disclose. All discussed with FDA as mentioned is, of course, in light of the breakthrough designation together with where we are in the retriarch study discussing the position and role.

And this is taken together with the robust dataset generated from TRICAR Trial one, the Erasmus Medical Center court study, 67 patients up to six years, as well as the TRICAR Trial two. And I can’t give more guidance than that at this point in time.

Chiara Monteroni, Analyst, Van Lanchet Kempen: Yeah. Yes. Got it. Thank you very much.

Niklas Westerholm, CEO, Aegis Therapeutics: Thank you, Kiara.

Conference Operator: The next question comes from Arvind Nikhunder from DNB Carnegie. Please go ahead.

Arvind Nikhunder, Analyst, DNB Carnegie: Good morning, and thanks for taking my questions. So so first off, it’s early days, of course, but could you speak to how you you are tracking compared to what you had expected as the launch was initiated? Can you give us any insight into launch metrics and how these are tracking prescribing physicians, centers, etcetera? That would be very helpful. Thanks.

Henrik Krug, Vice President Commercial Operations, Aegis Therapeutics: Yes. Thank you, Arvind. Henrik here. So first of all, are on track with the KPIs that we have. And our KPIs are, of course, related to number of patients identified and number of patients converted initially from the managed access program to commercial drug and then new patients initiated on emcetate.

And we’re happy with the dialogues that we have at the different centers. As we have talked about before, we are focusing on the pediatric disease centers in Germany, the SP cells, and also the specific rare disease centers. And then we have had good conversations where we have had meetings so far, and some of them are leading to that we become aware of new patients. And then we can have good conversations also about how to initiate treatment of those. So I’m pleased overall with what we are doing in Germany, and I look forward to continue the work developing that market.

Niklas Westerholm, CEO, Aegis Therapeutics: And I think maybe to build on that, Arvind, as Henrik mentioned before during the presentation that almost all patients have been converted during the quarter and we expect all patients to be converted now during quarter three. That is a key KPI for us, as I’m sure you appreciate, together with identifying new patients that will be initiated or has been initiated on treatment.

Arvind Nikhunder, Analyst, DNB Carnegie: Thanks, guys. That’s very helpful. And just a second one, if I may. Sales in Q2 seems to have been roughly in line with consensus. How comfortable are you guys with the SEK 88,000,000 estimate for the full year?

Niklas Westerholm, CEO, Aegis Therapeutics: Sorry, Arvind, you were breaking up at the end, comfortable with and then I lost you.

Arvind Nikhunder, Analyst, DNB Carnegie: Okay. Sorry, I’ll repeat. So at present, I think consensus is at 88,000,000 for the full year 2025. How comfortable are you guys with that estimate?

Niklas Westerholm, CEO, Aegis Therapeutics: Well, we as you know, we haven’t and I’ll ask Gilmaz to comment in a bit, but we haven’t provided any revenue guidance this year. And the reason is very simple, right? We’re navigating through the pricing and reimbursement processes in France and in Germany. Now we’re in the verge of submitting also the pricing reimbursement discussions in Spain and Italy. So it’s complicated to give revenue guidance at this point in time, and hence why I can’t comment on are we comfortable or not comfortable on the consensus that you’re alluding to.

Jelmas, I don’t know if you have anything to add.

Jil Masmashid, Chief Financial Officer, Aegis Therapeutics: No, it’s just so early days. We just launched in May. I mean, sure, we have good conversions in Germany, but still early days with other reimbursement processes and countries It’s hard to give guidance. And we’re only launching one country, as you know, from the commercial side at the moment.

Niklas Westerholm, CEO, Aegis Therapeutics: Thank you, Arvind. I think we have time for one last question. Operator, please?

Conference Operator: The next question comes from Oscar Hayfin Lam from Stifel. Please go ahead.

Oscar Hayfin Lam, Analyst, Stifel: Hi team, congrats on the progress this quarter. I’d just like to understand how the conversion from the Managed Access Program to commercial package happens. I mean, in terms of what type of delays can happen, does the patient journey change or any other things that might happen?

Niklas Westerholm, CEO, Aegis Therapeutics: No. Thank you. And maybe I can start and Henrik, you can build. Obviously, we had the ability to provide commercial packs from the May 1. Right?

What usually is rate limiting, it’s it’s a really simple aspect such as how much in stock within a specific patient do they have. So do do do a patient have stock of emcetate from the managed access program at the May 1 for the coming two months, for the coming three months? We don’t, as I’m sure you appreciate, have any visibility on that. What we know is that, of course, when they are running out of stock, the only opportunity they have is, of course, to switch over to commercial product. So it’s very difficult for us.

We don’t have any insights at stock levels for individual patients, as I’m sure you can appreciate. So that is really what is driving that transition period rather than anything else. Henrik, I don’t know if you want to add on that.

Henrik Krug, Vice President Commercial Operations, Aegis Therapeutics: Yeah. Then more I mean, on the technical things, I mean, to be able to do this shift, there needs to be a drug price listed, which we did in time. And then the physicians the difference is that the physicians prescribe with a regular prescription. And then the caregiver to these patients can pick up the prescription. And this has happened really seamlessly, which we are happy with.

Oscar Hayfin Lam, Analyst, Stifel: Okay. Thank you. Makes sense. And just maybe a second question. Maybe it’s too early to tell, but have you noticed any change in patient diagnosed dynamics in Europe since it was approved and launched, I mean, least in Germany?

Henrik Krug, Vice President Commercial Operations, Aegis Therapeutics: Related to patient diagnosis, it’s short time to to say. I mean, that it was two two months in q two since we launched, and we have over the time been active with field medical in Germany. So we have said that seen a continuous inflow of new patients and no dramatic shift in May. It’s early to say.

Niklas Westerholm, CEO, Aegis Therapeutics: I think it’s this is an interesting question, Oscar. I think it comes back to to what Hendrik said that that, of course, we’ve been active, especially in Europe, right, over the last two years participating in conferences, drive disease awareness, etcetera, etcetera. But since it’s such a short time since the initial launch in Germany, I. E. May 1, it’s difficult to see any major step change.

However, we have a couple of good examples. And Henrik, I don’t know if you wanna share that. Yeah.

Henrik Krug, Vice President Commercial Operations, Aegis Therapeutics: I I think I personally attend that the European Society of Pediatric Endocrinology where we were able to for the first time exhibit with MCET8. And that was actually a big shift because it was much more interest and traffic to the booth, more dialogues with healthcare professionals. So that is something that I really believe that we now have the opportunity to accelerate the awareness of both emcetate deficiency and that emcetate is available for these patients.

Oscar Hayfin Lam, Analyst, Stifel: Okay. Thank you very much.

Niklas Westerholm, CEO, Aegis Therapeutics: Thank you so much. Apologize that we have been running over for four minutes. And due to that, we don’t have time to any further questions. So without further ado, I would really like to thank the participants on the call and wish everybody a good rest of the day. Thank you.

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