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Oncopeptides (ONCO) reported significant growth in its Q2 2025 earnings call, with a 45% increase in net sales from the previous quarter, amounting to SEK 19.2 million. Despite this, Oncopeptides’ stock price dropped 21.43% in pre-market trading, closing at $5.04, as investors reacted to the company’s future guidance and financial strategies. According to InvestingPro data, the company maintains impressive gross profit margins of 66.45% but is quickly burning through cash. The company is planning a SEK 150 million rights issue to bolster its operations. InvestingPro’s Fair Value analysis suggests the stock is currently undervalued.
Key Takeaways
- Net sales grew by 45% quarter-over-quarter and 135% year-over-year.
- Stock price fell 21.43% in pre-market trading.
- Oncopeptides plans a SEK 150 million rights issue.
- The company aims for cash flow positivity by 2026.
- Pepaxti included in EMN guidelines and approved in key European markets.
Company Performance
Oncopeptides showcased a robust performance in Q2 2025, with net sales reaching SEK 19.2 million, marking a 45% increase from Q1 and a 135% rise compared to the same period last year. With a market capitalization of just $4.53 million and a beta of 3.37, the stock shows significant volatility compared to the broader market. The company has maintained over 30% growth for three consecutive quarters, driven by the inclusion of its primary product, Pepaxti, in EMN guidelines and its approval in key European markets like Germany, Spain, and Italy. InvestingPro subscribers have access to 12 additional key insights about Oncopeptides’ growth trajectory and financial health.
Financial Highlights
- Revenue: SEK 19.2 million, up 45% from Q1 and 135% year-over-year.
- Cash balance: SEK 70 million at the end of Q2.
- Planned rights issue: SEK 150 million to support operations.
Outlook & Guidance
With current EBITDA at -$5.08 million and a concerning current ratio of 0.07, Oncopeptides is targeting cash flow positivity by 2026, which will require maintaining 30-40% quarterly sales growth. The company is also in ongoing partnership negotiations for the Japanese market and is developing preclinical assets in its PDC and SPIKE platforms. For detailed analysis of Oncopeptides’ path to profitability, including comprehensive financial metrics and expert insights, explore the full company research report available on InvestingPro.
Executive Commentary
CEO Sofia Hagis emphasized the company’s growth trajectory, stating, "We have three consecutive quarters of strong growth." She also highlighted the strategic importance of partnership negotiations, particularly in Japan, saying, "Our aim is to conclude this as fast as possible, but we will allow the time it takes to conclude the best deal possible."
Risks and Challenges
- Market Competition: Oncopeptides faces stiff competition in the multiple myeloma treatment market.
- Financial Strategy: The planned rights issue indicates a need for additional funding.
- Market Expansion: Successfully entering the Japanese market remains uncertain.
- Regulatory Environment: Ongoing approval processes in various markets could impact timelines.
Q&A
During the Q&A session, analysts questioned the purpose of the rights issue and sought clarity on the potential of the Japanese market. Discussions also covered pricing strategies and the timeline for concluding partnership negotiations, highlighting the market’s interest in Oncopeptides’ strategic direction.
Full transcript - Oncopeptides AB (ONCO) Q2 2025:
Conference Moderator: Now I will hand the conference over to CEO, Sofia Hagis and CFO, Henrik Bergenthoft. Please go ahead.
Sofia Hagis, CEO, Oncopeptides: Hi, everyone, and welcome to the presentation of Oncopeptides report for the 2025. This is our standard disclaimer. I’m Sofia Hagis, CEO of OncoPeptides, and I’m joined by our CFO, Hendrik Baryenthoff, who will give a financial update in just a few minutes. Let’s start with the highlights from the quarter. Q2 was an eventful quarter, and we took strong steps forward in Europe.
We reached net sales of SEK 19,200,000.0. That’s up 45% compared to Q1 and one hundred 35% versus last year. It’s worth to point out that this is our third quarter in a row with more than 30% growth. Germany continues to perform well. Spain and Italy has been moving faster than expected on regional access, and the positive clinical experience generated has already now been translated into real world publications that is supporting our launches.
Momentum has carried into the summer too. Sales in July were three times higher than July year. As August is a vacation period in most of Europe, we believe a strong July to be especially important. Another big milestone from outside of the quarter, Pepaxi is now included in the EMN guidelines. This is an external validation of Pepaxi’s position in the treatment landscape and the recognition from leading experts that support us to build awareness and adoption.
The amount of real world data following the increased use of Pepaxin in Europe is increasing, and we are pleased to have announced that studies from Spain and Italy will be presented at the IMS Congress in September, showing Pepaxd’s effectiveness and tolerability in the everyday practice. Outside of Europe, we continue to progress in Japan, and we have received nonbinding offers from two partners and are in advanced discussion with one. I will come back to Japan in more detail soon. To make sure we can keep building on this momentum, we’ve announced the rights issue of up to 150,000,000. That will give us financial flexibility we need as we continue towards cash flow positivity in 2026.
I will now hand over to Hendrik to speak more about this and give a general financial update.
Henrik Bergenthoft, CFO, Oncopeptides: Thank you so much, Sofia. As the company has communicated since the release of our year end report in February, we have exploring various alternatives to financially support our plan to cash flow positivity towards the 2026. After a thorough analysis of our options, the company today announced the rights issue of SEK150 million authorized by the AGM in 2025 and decided to be guaranteed up to SEK130 million. The funds raised will be strategically used to ensure the ongoing commercial operations for Pepaxi in Europe, executing the core company target aimed at achieving positive cash flow by the 2026, requiring an average quarter over quarter sales growth of approximately 30% to 40%. Additionally, the proceeds will help advance the company’s preclinical project portfolio and enhance business development opportunities.
The commitment from the main owner HealthCamp, along with certain members of the management and the Board of Directors, underscores confidence in the company’s fundamentals. Notably, the company has demonstrated robust growth with three consecutive quarters exceeding 30% sales growth. And we are also actively negotiating a license agreement in Japan, all of which reinforce the long term positive outlook. This financial summary highlights the key performance metrics over the recent periods, showing a strong upward trend in net sales with a 45% growth compared to Q1 twenty twenty five and a 135% increase from Q2 twenty twenty four. This marks the third consecutive quarter with a quarter over quarter sales growth of plus 30%.
Despite this growth, operating expenses have remained stable compared to the previous quarter and are significantly lower than last year, reflecting the improved cost efficiency. Overall, the quarterly results demonstrate that the company is successfully scaling revenue while managing expenses carefully, positioning itself for profitability towards the 2026. In examining our operating expenses, we see the results of focused cost management. Sales and marketing costs have only slightly increased, reflecting our focus on efficiency as we now see complete commercial organizations in Spain, Germany and Italy. General and administrative costs have seen a temporary increase in the quarter, mainly related to efforts in evaluating the most optimal financing for the company, as we saw the result of today.
Research and development expenses has deliberately been decreased. Still we continue to advance our preclinical portfolio. The measurable drop in costs from last year indicates our commitment to maintaining a lean operation while still investing in future growth. This slide focuses on the company’s liquidity status, highlighting a cash balance of SEK70 million at the end of the second quarter. The cash position aligns with the company’s expectations and communication that reaching cash flow positive requires additional financing, in line with what we have communicated today with the announcement of rights issue of SEK150 million.
To strengthen the liquidity, a short term credit line of SEK20 million has been utilized during the quarter, providing flexibility and time to secure the optimal financial solution for the company. Importantly, after today’s launch rights issue, the company anticipates maintaining a sufficient liquidity position until it reaches positive cash flow by the 2026. This outlook is based on the company maintaining an average quarter over quarter growth rate of approximately 30% to 40%. And this marks the end of the financial presentation. And now I hand over
Sofia Hagis, CEO, Oncopeptides: Thank you, Hendrik. Let’s now take a look at the commercial side. We have a strong momentum in all our key markets, Germany, Spain and Italy. Drivers are clear. Positive clinical experience and peer to peer recommendations, increased awareness among prescribers, and now guideline inclusion that further supports positioning.
Following the inclusion in the EMN guidelines, we have added the strongest possible validation of how Pepaxi should be used from top multiple myeloma experts across Europe, which is an important direction for prescribers in all of our key markets. We do expect such a strong and clear guideline for Pepaxi to continuously support our growth momentum. We continue to build Oncopeptides from Pepaxi sales in Europe, with a market potential of SEK1.5 billion annually. On top of that, we are working to add revenue from other geographies, where our partner in South Korea continues with the regulatory pre review process, our VODA partners continue to work for named patient sales, and our main focus is to conclude a deal for Japan. Finally, we have a promising pipeline consisting of two different platforms with global opportunities and potential for multiple disease areas and indications.
Japan is a very attractive opportunity, as approximately the size of Germany, swift pricing, confirmed path to regulatory approval, and support from top multiple myeloma experts. In February, we announced that the company is involved in partnership negotiations for Japan. These negotiations, with well established sizable Japanese pharma companies for the licensing of Pepaxi for the Japanese market, continues, and we are still advancing discussions with one highly reputable partner and have in total two nonbinding offers currently. We are in due diligence process at late stage, and the nonbinding offer is in line with market practice, which includes upfront and milestone payments and double digit royalties. With the partner assuming all costs related to regulatory activities and commercialization in Japan.
I wish to point out that the partnership negotiations are nonbinding at this time, and there is no assurance that a binding agreement will be entered into or the timing thereof. As for the timing, I repeat what I’ve said before. Deals of this type commonly takes time to conclude, in general up to around nine months. We are aiming to close the deals as soon as possible. We will, however, take the necessary time to conclude a win win deal, which in turn will secure a solid partnership that will be able to realize the value Pepexti can bring to all important stakeholders, obviously, including patients and shareholders.
We will, of course, keep the market posted as to close the Japanese deal would be a landmark event for Oncopeptides. Our major efforts in Europe is currently put on our key markets, which stands for 50% of the potential and includes Germany, Austria, Spain and Italy. These markets together can take us to profitability at the 2026 with a growth of 30% to 40% per quarter. As for the rest of Europe, we continue to work with market access and are in dialogue with several partners to be able to realize the full potential of Europe over time. In Europe, we have treated more than 400 patients since EMA approval in 2022.
We have in general generated a positive experience that is triggering real world data publications from physicians and in turn support peer to peer recommendations, which is one way for us to drive our launches. As already mentioned, the updated EHA and EMA guidelines is in our wanted position with 1B recommendation, which further strengthens endorsement and awareness, which is needed to keep our growth momentum. If we look at the overall map for Europe, the greatest visible change in Q2 versus Q1 is how fast we have moved in Italy. We do see a good momentum across, and I will now give you more details into the different key markets. Germany remains our largest market and continues to grow steadily.
Market research performed in July 2025, including 70 of our target prescribers, demonstrate that unprompted awareness and willingness to prescribe are both increasing significantly compared to the last research we did in September 2024. Furthermore, the research confirms that HCPs with PaxD experience gained confidence and perceived the drug even more positively than HCPs without experience. This may sound given, but certainly isn’t, as many drugs within multiple myeloma comes with a great promise on efficacy, more difficult to treat side effects than HCPs than patients have anticipated. And this means that in general, Herpaxi is standing out as a drug that commonly is a positive surprise, and it is great to see how that is now being confirmed by both real world evidence and market research. In addition to a positive perception among regular prescribers, German investigators and KOLs have started to submit study proposals to us, as they wish to generate evidence with Pepaxi.
This demonstrates curiosity and belief in PepaxD, and is promising not only for the launch of PepaxD, but for the future of the full PDC platform. What do we then need to do to keep a growth momentum in Germany? Well, we need to continuously build on the positive experience with real world publications and peer to peer exchange. We need to continue to broaden our prescriber base, and we need to ensure that our positioning in fourth and fifth line are solidified. Let me explain what I mean with that.
Drugs that are being launched in a late stage commonly enter into last resort positions if the physician have no experience from before. This means that they try the new therapy when they have no other options left. And this happens with every launch in this setting to a different extent, and has partly been the case in Germany for Pepaxi, which is one of the reasons, together with the scatteredness of the market behind the slowness that we have seen in the past. Our fieldwork has been and is still focused on ensuring the right position for perplexity, as the patients in fourth to fifth line are less rare and respond even better than in later lines. Getting out of last resort and into the fourth line segment will support growth.
This is data from our latest market research showing willingness to prescribe in fourth and fifth line. Fourth line is our ultimate position, and the research concludes that overall, we do see significant progress from forty seven to eighty two percent of the 70 HCPs taking part, who say that they may or will prescribe Pepaxd in the coming six months. In the segment of office based physicians, we have moved from 42 to 79% for willingness to prescribe in the fourth line, and in the group of hospital based physicians from 52 to 87%. These results are truly encouraging for our sales growth in Germany in the 2025. Looking at our prescriber base, we continue to grow with 10% in Q2 versus Q1.
Having said that, majority of sales previous quarter comes from repeat customers, and we still do have a great potential to capture by broadening our customer base. If we look at sales for Germany quarter over quarter, we are starting to see a really good geographical spread, but there are still a lot of potential across. Berlin, for example, is an area that has been really difficult to unlock. And usually, that’s the case in many launches due to this region being quite conservative in treatment options. But we do now see progress, and step by step, we are adding more accounts this quarter.
As mentioned, we do see a very encouraging progress in Italy, with faster regional access than anticipated due to broad positive clinical experience ahead of launch. We now have 80% of regional access unlocked at hospital level, with only two high potential regions left. Experience already ahead of launch has resulted in an RVD publication from Italy already now, with a poster presentation accepted by the IMS Congress. IMS stands for the International Myeloma Society, which is a professional organization dedicated to advancing research, education and clinical care in the field of multiple myeloma worldwide. And their annual meeting that is exclusively focused on multiple myeloma attracts all the top experts and many dedicated multiple myeloma physician, meaning it is, at least in my view, the best and most focused multiple myeloma meeting during the year, and the acceptance of the real world data to IMS is both important and impactful.
Moving to Spain, we have managed to gain higher level of access than anticipated, now having 97% regional access secured. It’s a clear success for our team to reach this coverage within this time frame And to ensure we can capitalize on that reach, we have signed a strategic partnership with ST Pharma to complement our efforts and broaden physician reach to be able to capitalize on this fortunate access situation. The positive clinical experience in Spain is confirmed by that we also there do have a real world data publication submitted and accepted by the IMS Congress. Our pipeline efforts are still focused in pre clinic for both the PDC platform and the SPIKE platform. We have three assets that we are moving step by step towards investigational new drug status.
OPD five, which is a sister molecule to Perpaxi, for which we do see a global opportunity, not just within multiple myeloma, but also in other indication addressing high unmet needs, such as, for example, glioblastoma. For our immunotherapy platform focused on NK cell engagement despite platform, we are currently focused on exploring the potential in autoimmune disease. Oncopeptides is demonstrating a strong growth momentum, with three consecutive quarters of double digit sales growth and a clear path to profitability by the 2026. Pepaxiti is fully approved and reimbursed in key European markets, representing a market potential of about 1,500,000,000.0 annually, with a projection to reach peak year sales in all of our key markets by 2028 and with patent protection until 02/1937. Beyond Europe, we are progressing with the partnership discussions in Japan and have already secured global agreements in other regions.
Finally, our pipeline, including next generation peptide dry conjugates and our Spike NK cell engager platform, offers significant long term value in oncology and beyond. And with that, I would like to conclude the presentation and open up for questions.
Rikard, Analyst: Hello. Good good morning. I have some questions. Let’s start with the rights issue. Previously, said the the a Japan deal would take it to cash flow positivity.
Is that taking longer than you expected, or do you think the upfront will be smaller for the combination?
Sofia Hagis, CEO, Oncopeptides: Thank you. Good morning, Rikad, and thank you for the question. So as I as we have been communicated, we are negotiating a Japanese deal, and it was one of the options for us to finance the company to conclude that deal. As I said today, we are continuing the discussions. We are still optimistic about this deal.
And for us, it’s important to allow the time it takes to conclude the most beneficial deal for all different parties. And that is why we now have decided to finance the company through a rights issue to ensure we have the flexibility and also stability to be able to conclude an optimal deal.
Rikard, Analyst: Yeah. Yeah. Sure. Okay. Makes sense.
Concerning the amount you’re going to raise, how much of that do you think is actually going to be invested into operations of epoxy? And how much will be over for other preclinical programs or other activities?
Henrik Bergenthoft, CFO, Oncopeptides: Thank you, Richard, for that question. And as we clearly state in the press release that this is the amount that we are raising to take our commercial operations for Phaxxi in Europe to cash flow positive in 2026, not factoring in a Japan licensed deal. So I mean, the answer to your question is if we are successful in concluding the Japan license agreement, we will have more funds to invest in our preclinical portfolio.
Rikard, Analyst: All right. And you had relatively stable cost level quarter to quarter. Do you think it will continue relatively stable up until you become cash flow positive?
Henrik Bergenthoft, CFO, Oncopeptides: Thank you, Richard, for that question also. Yes, what we have been communicating is that the cost base that we are currently running at includes our commercial organization for our key markets, Japan sorry, Spain, Italy and Germany being in place. So we will do we do not require additional increase of OpEx other than you could normally expect with inflation rates and such going up. So the run rate for 2025 will more or less continue into 2026 until we are cash flow positive, yes.
Rikard, Analyst: Okay, good. Another I don’t know a question about your presentation. So Sofia mentioned increased willingness to prescribe the fourth and fifth line in Germany, But what what is the most common line of prescription today? I guess it would be the last line or something like that. What what does that mean?
Sofia Hagis, CEO, Oncopeptides: Yeah. So the most common line is so let me be be clear on the facts before I give you my our insights. So factually, we don’t know the lines of all the patients all the time. But the insights we have, which is on majority of our patients, is that they are today commonly prescribed in a fifth line with physicians that has some experience, and in fourth line with physicians that has more experience than maybe one patient. First time prescribers are commonly prescribed in fifth line plus, meaning that can be from fifth line to whatever line.
And that is due to how the dynamic works in a specialty launch in late stage. So that’s something that we have have foreseen, and that’s why we have been working hard on this. And we are really happy to see positive progress now that that more and more prescribers are really also as first time prescribers actually starting in earlier lines. So this is this is a promise for the future.
Rikard, Analyst: Okay. And and just one last question. Do you think a growth of above 30% quarter on quarter is realistic in the near time or, I suppose, you can see ahead?
Sofia Hagis, CEO, Oncopeptides: So while I don’t want to comment on any kind of sales trajectory going forward, I mean, if you look at our past sales, you can see that the quarterly sales can vary between the different quarters, and every quarters comes with some specifics, right? Having said that, we have three consecutive quarters now with strong growth, and this is the trajectory that we are looking at to continue up until the 2026 to become profitable.
Rikard, Analyst: Okay. Great. Thanks for taking my questions.
Sofia Hagis, CEO, Oncopeptides: Thank you so much.
Conference Moderator: There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions or closing comments.
Martin, Analyst/Moderator: Thank you. And there’s a few written questions. We’ll start from the top. First question, you mentioned a heavy increase in sales in July, 200%. Can we assume that July stand alone is close to the full q two?
How much did you sell for in July 2025?
Sofia Hagis, CEO, Oncopeptides: So thank you, Martin, for posing your question. So let let’s stay with what we the information that we have released, and that is sales on quarterly basis. The reason for not, in general, releasing specific sales figures for a month is because that doesn’t make sense with the treatment like Pepaxi. As you may know, Pepaxi is administered every fourth week. It can be delayed a bit based on the status of the patient, and this means that the monthly sales is not really representable.
You have to look at the quarter to be able to see a trend. So that’s why we only kind of release quarterly sales in general. The reason why when I commented on July is because we are announcing rights issue today, and we wanted to be as transparent as possible and share as much information as possible that we have as of today. And if we then focus on your question, so what was sales for July 2025, We have not reported sales for July, but sales for the full quarter, if we look at Europe, was 7,500,000.0 SEK.
Martin, Analyst/Moderator: Next question. What is the average cost for a patient using Propaxity in the current markets?
Sofia Hagis, CEO, Oncopeptides: So thank you, Claus, for that question. So the when you price a drug, you have a list price in all the different markets, and then you have confidential discounts in some of the markets. And you don’t comment on these confidential discounts as that’s that is a competitive disadvantage. So what I can comment on is that Germany is a market where we do have a list price and where there are no kind of hidden discounts. And in Germany, we have the list price of just about 7,000.
So for Germany, the monthly price of two vials is around €7,000.
Martin, Analyst/Moderator: Next question. How much of this of the 150,000,000 plan to be raised through the rice issue will be taken by management and board?
Sofia Hagis, CEO, Oncopeptides: So we have in the press release, we have announced that there is an intention from certain members by management and the board, and I don’t want to comment on anyone but myself, but I’m happy to share my view. So I will definitely take my at least my pro rata, which is what I currently can subscribe to, and I have a great confidence in oncopeptides and that this is a good investment for me. And then I, of course, have Henrik, our CFO in the room, so I would like to hand over to you.
Henrik Bergenthoft, CFO, Oncopeptides: Yes. Thank you, Sofia. And and I can only echo the statement from Sofia that I will at least take my paratha share. And and and I can also remind you of the fact that there’s an a next nine so called short perspective prospectus released on August 28. Will this will be very transparent, I.
E, who from management and board of directors signed up for their Purata shares.
Martin, Analyst/Moderator: Next question. We have a lot of questions today. How big is the market potential in Japan?
Sofia Hagis, CEO, Oncopeptides: So market potential is informed by population, and it’s informed by pricing and obviously market shares. And when it comes to Japan, we see that the potential I mean, the population is slightly bigger than the German population, but the incidence, that is how many people that are getting sick in multiple myeloma, is slightly lower. So when you look at the potential of Japan, it is fairly similar to Germany despite the bigger population. When it comes to pricing, it’s too early for us to comment on that, but we, of course, made some assumption that is feeding into this conclusion that it’s similar to Germany. And when it comes to market share, we do see and believe, and it’s confirmed by the KOLs and also in the discussion with our partners, that we do look forward to a ’25 to 30% market share in the fourth line and beyond.
Martin, Analyst/Moderator: I think the next question is more of a clarification on where we are in Japan. The question is if you are able to close a deal in Japan sorry. What would be the right deal, and why don’t you think the current offers are deemed good enough to sign them at this stage, assuming this is about Japan?
Sofia Hagis, CEO, Oncopeptides: Yes. So here, I would like to clarify what I said. So I never said that the current offers are not good enough. But when you do complete conclude a deal, it’s like all negotiations. You dance to find the right terms.
And those terms are both economical. It’s legal terms to ensure that at the end of the day, you have a solid partnership that you can execute on.
Martin, Analyst/Moderator: Thank you. Next question. What is your estimate of SAK 1,500,000,000.0 sales in Europe as peak sales predicated on? Which countries with treatment lines?
Sofia Hagis, CEO, Oncopeptides: So this is the addressable market opportunity for Europe if if we would reach majority of countries, and then we are originating this addressable market from the current price level that are already negotiated. And then you look at the different markets, you set the price, and you also look at the opportunity for penetration into the market as well as market shares. So it’s basically all of Europe.
Rikard, Analyst: Thank
Martin, Analyst/Moderator: you. Next questions. Going back to the what is the terms to use the next tranche of loan from the EIB?
Rikard, Analyst: It’s a
Martin, Analyst/Moderator: question for Henrik.
Henrik Bergenthoft, CFO, Oncopeptides: Yes. So as we have communicated earlier that the tranche b and c, €10,000,000 plus €10,000,000, comes with us fulfilling certain conditions, and we have been clear that one of those is an, an, equity condition, we can only now confirm that we do not meet that criteria still. And we have already decided not to go into all of the specifics of that agreement in entirely.
Martin, Analyst/Moderator: Back to Japan. What is your ideal timeline in regards to the Japan deal? When do you see that happening at the latest?
Sofia Hagis, CEO, Oncopeptides: So we don’t wish to to comment on an exact timeline, and that is due to that we would like to secure that the negotiations can run to conclude a win win deal. Having said that and what we have said before when it comes to the time it commonly takes. So we first informed the market that we started kind of moving into more advanced discussions late February. And these deals, as I said, I mean, the average timeline is somewhere around nine months. It can take six months.
It can take twelve months. It can take longer. And our aim is to conclude this as fast as possible, but we will allow the time it takes to conclude the best deal possible. And that is in the long term in the interest of the company. It’s also in the interest of patients to ensure that we have a solid partnership that can be executed on, and it’s also in the interest of the shareholders.
Martin, Analyst/Moderator: Q. Can the drug Copaxity, meaning, be prescribed in earlier lines than fourth and fifth if prescribers so wish?
Sofia Hagis, CEO, Oncopeptides: So the the rules and how physicians can prescribe a drug varies between the countries our label is going from. So the approval that EMA has given is going from the fourth line. And whether a prescriber can prescribe off label is really due to the it’s country specific, and sometimes it’s even regional specific. Because commonly and in general, physicians at hospitals and at academic sites, they are more confident and have a better understanding and expertise to be able to prescribe off label, meaning that they have more trust then from management, etcetera, to do so. It’s nothing that we can promote or talk about, but it is the decision of that physician.
So the answer is that, in general, yes, if the physician feel comfortable, if they have the right expertise and understanding, they can prescribe an any drug however they want to. But if they need to stick to the label, which is sometimes the case in, for example, the office based setting in Germany, you need them to adhere to patients that are within our labor from fourth line.
Martin, Analyst/Moderator: Thank you, Sofia, and thank you, Henrik, for answering those questions. That was the last. So back to you, Sofia, for any closing remarks.
Sofia Hagis, CEO, Oncopeptides: So thank you so much for all the questions. I really appreciate your curiosity and your interest into oncopeptides. And thank you for joining us today, for everyone also listening in. With three straight quarters of strong growth, with new guideline inclusion and a strengthened financial foundation, we are moving even stronger and energized into the 2025, and we will keep executing with discipline, advancing our partnerships and reinforcing Pepaxi’s role as an important option for patients with multiple myeloma. With other words, we have a laser sharp focus on generating value for our shareholders, and I wish to thank you all for the trust, for the confidence you demonstrate by investing in oncopeptides.
So with that, I would like to wish you all a good day.
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