Earnings call transcript: Pila Pharma AB explores obesity treatment in Q4 2024

Pila Pharma AB (PILA) concluded its fourth-quarter earnings call for 2024, highlighting its ongoing research and development efforts, particularly in obesity and diabetes treatment. The company’s stock saw a 5.18% increase, with shares climbing by 0.19 SEK to a closing price of 3.67 SEK. According to InvestingPro data, PILA has delivered an impressive 172.86% return over the past year, despite currently trading at high revenue multiples. Despite a lack of specific earnings forecasts, the company remains focused on its innovative TRPV1 antagonist molecule, XEND0501, and its potential impact on the obesity market.

Key Takeaways

• Pila Pharma is advancing its lead molecule, XEND0501, for obesity and diabetes treatment.
• The company ended 2024 with approximately SEK 6.4 million in cash, aligning with its cash burn forecasts.
• Pila Pharma is preparing for a Phase IIa trial, targeting 30-40 patients.
• The obesity market is rapidly evolving, with increasing interest in oral treatments and small molecules.
• The company is actively pursuing partnerships, with potential deal values up to €700 million.

Company Performance

Pila Pharma’s performance in 2024 was marked by increased expenses due to expanded research activities. The company deployed approximately 4 million SEK for preparatory work, maintaining a consistent cash burn rate. This aligns with its strategic focus on obesity and diabetes treatment, leveraging its unique approach targeting the TRPV1 receptor.

Financial Highlights

• Cash on hand: SEK 6.4 million
• R&D expenses: Increased compared to 2023
• Cash burn: Consistent with forecasts

Outlook & Guidance

Pila Pharma is prioritizing research in obesity and diabetes, with plans to conduct a Phase IIa trial involving 30-40 patients. The company is also exploring additional trial sites and partnership opportunities, aiming for potential deals valued at up to €700 million.

Executive Commentary

• "To our knowledge, we are the only ones working with TRPV1 for obesity and diabetes." - Gustav Hamheutkamp, CEO
• "If we get this right, we expect interest to be increased." - Gustav Hamheutkamp, CEO
• "We’re just trying to stay focused on getting results." - Gustav Hamheutkamp, CEO

Risks and Challenges

• Regulatory hurdles in trial approvals could delay progress.
• Competition in the obesity treatment market is intensifying.
• Financial sustainability relies on successful partnerships and funding.

Q&A

During the earnings call, analysts inquired about ongoing discussions with UK authorities regarding trial approvals and preliminary data on cardiovascular benefits. The company emphasized its focus on Phase II trials before considering Phase III, and noted an expanding international investor base.

Full transcript - Pila Pharma AB (PILA) Q4 2024:

Andes, Moderator/Host: Good afternoon and welcome to this H2 twenty twenty four presentation and Q and A with Pila Pharma. With us today, we have the CEO, Gustav Hamheutkamp. First, there will be a presentation and afterwards a Q and A where the CEO will answer questions submitted by you. There have already been pre submitted questions on Stock.io and the Q and A is still open so that you can submit questions live as well. I will now hand over the mic to Gustav from Pela Pharma to start the presentation.

So Gustav, your line is now open.

Gustav Hamheutkamp, CEO, Pela Pharma: Thank you so much Andes. It’s a pleasure to be back here with STOCK to present our half year report and our year end report for 2024, a very eventful year for us here in Pila Pharma where we have taken great strides in our quest to develop our novel TRPV1 antagonist for treatment of obesity and related disorders such as diabetes, cardiovascular disease, etcetera. So I will briefly go through a few highlights from the reports and afterwards give a quick introduction to Pela Pharma to those who do not know us yet and hopefully we can leave quite a lot of time for all of your questions in the aftermath. So we report this morning for the second half of twenty twenty four. I think that most investors will be happy to see that there are no negative surprises of course which is always great.

We had a total operating result for last year which was in line with what we had expected. We ended the year with roughly SEK 6,400,000.0 in cash across both the main mother company that is here in Sweden as well as our Danish subsidiary. And we have had relatively consistent cash burn with what we had forecasted. So all in all it has been a year of a little higher expenses for us as a company compared to 2023. However, this is of course mainly related to the increased activities that we have initiated in anticipation of starting a Phase 2a trial in obesity where we will look to understand what those levels can be handled.

We have also conducted a small preclinical trial in a cardiovascular disease called auto aneurysm where we were interested to know whether our lead candidate which is called XEND0501 would have a positive effect on let’s say reducing the progression of aorta dilatation. So aorta dilatation meaning that our aortas expand to the point where they burst. So ideally you are looking to see if you can prevent this condition from happening. And the initial preliminary results that we have received are very promising. So this is of course very confirming or confirming for us that we have a molecule and a compound that is very potent and could potentially also have great cardiovascular effects.

But this is something that we are looking to drive a little bit more in-depth once we have confirmed the data a bit more in-depth. A little bit on the key figures in the cash position here of course. We’re looking into a Q1 here where we have we still have some activities ongoing. I think what is important for investors to understand is the process of the obesity trial where we last communicated in the autumn that we are in dialogue or looking to be in dialogue with The UK authorities for a scientific advice. This also means that our cash burn for the obesity trial has actually not been as heavy as we had anticipated given that there is a slight delay to this.

That’s what I can tell you for now. However, I think it’s worth mentioning that these discussions are still ongoing and we look forward to updating you all very soon on the actual process and progress to this project. So a little introduction to what we do in Pela Pharma. We are working with what is called AT or PV1 antagonist. And I think one of the main ideas, main constraints that we have when dealing with metabolic diseases is this element of inflammation that is found throughout the body.

It’s particularly prevalent in obesity and in other cardiometabolic diseases such as diabetes. So constantly we hear both doctors and also other companies wishing to explore how can we cope and how can we deal with inflammation as it is basically or to some extent tied to many of these conditions. Well, we work with the TRPV1 antagonist and TRPV1 is located on sensory afferent nerves throughout the whole body. So this is a target that’s very untraditional for metabolic diseases such as obesity and type two diabetes. However, the theory is that if you can block the receptor you can also block or at least to some degree limit this inflammatory condition that many patients and people living with obesity are experiencing.

And thus you can actually improve body and organ function and hopefully we also have the opportunity in the near term future to show that it may actually also have a concrete effect on on regulating body weight. That would of course be in the interest of many investors at this webinar. So TRPV1 is basically what is called capsaicin receptor or chili receptor as I found that Dorit Graham likes to call it. And it is a receptor that is commonly known to regulate inflammation and pain. So in theory, any disease that contains inflammation as a component could be very interesting to explore.

Now as a small company, we of course have to be very diligent with the amount of money that we throw at different projects. So for now, our main project is still to explore obesity as a potential therapeutic area that we can use this receptor for. We were founded in 2014 by Ms. Dorte Gramm. She is an ex scientist from Novo Nordisk (NYSE:NVO) in Denmark where she has been in their obesity unit and has been involved in many of their projects relating to GLP-one as well as to the long acting insulins.

So she has vast experience and knowledge of how to get molecules to the stage where they can become actual products. We have a lead molecule internally here in Piedler Pharma called XENP0501. I mentioned it before. It’s a second generation TRPV1 antagonist with a very stable formulation that allows it to be stored and produced very effectively. This is a molecule that we have taken over from a different company some years back which means that it has already been in eight clinical trials in the past.

So it has already been exposed to 300 humans. And this particular molecule has a particularly promising safety profile for the drug class which gives us a lot of courage in the sense of seeing if we can progress it further given that many drugs fail in Phase II and Phase III because of side effects like, yeah. Our pipeline is centered around diabetes and obesity. You will see that we also have a program for pain. I don’t want to speak so much about this today as I don’t have any news.

And then of course the abdominal aortonereas in which we have moved one further to the right which is great. And hopefully we can continue with the development plan for this track as well. And TRBB1 in obesity I mean of course from diabetes in the form of obesity you have a whole range of extra side effects or at least you have a different how can I say it? You develop a lot of extra syndromes as a result of your diabetes or as a result of your obesity. So by treating the underlying effect which obesity is you can realistically expect to get a lot of beneficial effects on many other parameters.

This is what we see in ongoing longer term trials with other products that are currently in development as well as on the market. And I think what’s interesting for us is that there’s starting to become a common recognition that obesity derived inflammation is really the driver behind many of these diseases that are so much up in the air and what is being spoken about. So this is of course hugely interesting for us as we have a molecule that is at least in principle anti inflammatory. So it will treat inflammation directly. We have some data to suggest that a TRPV1 antagonist can reduce body weight.

This is a little graph that is based on the histogram where she had used a molecule that is extremely similar in chemical properties as ours where she induced it in rats and she saw almost 40% reduction in body weight gain. Now this may sound a little weird but body weight gain in this rat model actually translate to body weight loss in a human model. So it gives us some encouragement as to the potential properties of using a TRPV1 once you can get the dose levels up. And this is of course as I mentioned before, this is the next step for us. We want to explore higher doses.

So we believe that TRPV1 could have an effect in many different how can we say components for weight loss. One thing is that we have some data that suggests that TRPV1 could inhibit nervous vagus activity. Now nervous vagus activity is very important for signaling from the gut to the brain if you’re hungry or not. So in theory it could lead to you feeling less hungry. We also expect that you know if you decrease inflammation throughout the body all of your organs will also start to function better and thus you know your immune system would start to become better and it would overall lead to body normalization which again would benefit your immune system.

It would benefit your metabolic system and so on. Furthermore, we also expect that our molecule XEN D0501 could affect energy expenditure. And of course this is very important and very interesting right now because in the industry you really crack the codes of heavy weight loss based on let’s say reducing appetite. Now the issue is that many patients also experience losing a lot of muscle mass. So the industry is heavily focused on finding new pathways that can allow for leaner weight loss And this is of course something that we hope to explore whether we could also have a good part to play.

The obesity landscape is of course extremely evolving all the time. There’s quite a few of these players that are listed in this graph from 2023 that have already been acquired. And so we’re looking into a future where there’s going to be a huge amount of competition. However, what is essentially a very evolving market is also starting to fragment quite a lot now. There’s a lot of focus on developing the next oral treatments for obesity as well.

These are heavily censored around GLP-1s and to some extent GLP-1s combined with other different types of targets. And we see that there’s a rise in small molecule development as well compared to peptides. This makes quite good sense since peptides in oral formulations tend to be quite inefficient and expensive. What you would maybe recognize here is that a TOPV1 is not listed on the mechanism of action circle and this is because as we have not yet filed a trial for obesity it is not getting picked up by these research websites. So hopefully in the future we will be included in this.

And to our knowledge, we are the only ones working with TRPV1 for obesity and diabetes. So hopefully that gives us some sort of first mover advantage that we can leverage. And of course, this is a highly selective slide that I’ve chosen to include today but it’s just to give you as investors a little bit of an idea of how our molecule or how our drug could potentially look when we come to delivery method as well as side effects. And we have seen that there’s a dramatic rise in discussions on discontinuation rates and side effects of the current market of products. And this is of course something that we are looking to see if we could potentially offer something to a pharma partner that is substantially different while still delivering weight loss.

Obesity is still on the rise globally and of course as obesity is on the rise so are all the other diseases. So cardiovascular disease, diabetes, cancer everything is on the rise. And this is presumably not getting any better anytime soon. This is at least not the expectation from the WHO, International Diabetes Federation etcetera. So this is a megatrend that is coming to stay.

So what are we intending to do? The next trial for us is going to be a Phase IIa in obesitydiabetes. The plan is to include 30 to 40 patients and dose escalation to assess what the maximum tolerable dose is. And we are hoping that we can include quite a lot of extra measurements like DEXA scans, heart scans etcetera in order to understand the mechanistic trends that occur in the body when you are exposed to a drug like ours. Of course, if you are able to attain data that suggests that you have a very lean weight loss profile that also gives you quite an advantage when you talk to pharmaceutical partners which is something that we are very focused on as well because the further you get the more expensive it becomes as well.

So it is the outspoken strategy for us in Piedmont Pharma that we want to explore the opportunity of achieving a partnership in the not so distant future in order to progress the molecule as far as possible of course but also to pay back to the very patient shareholders we have. I took an old slide that we have and this is just to give you an example. This is an old term sheet example that we received from 2023 regarding only diabetes. Obesity is not even included in this one. But here we’re looking at a deal value of potentially up to €700,000,000 So if we get this right of course we expect interest to be increased.

There’s still a bit of work to do in the sense of educating other pharmaceutical companies as well on our thinking and our strategic and scientific rationale. But we’re very confident that if we can produce results then they will be interested. We have a world class scientific advisory report if I have to put it in my own words. We have Jens Stroud who is the inventor of GLP-one and one of the most famous obesity, diabetes researchers in the world and as well we have a range of very very competent people throughout team with myself, Handwos and of course our founder, Thore who’s also the chairman and working with me as the chief science officer and really running the show when it comes. With that, I think we’ve gone through all the slides and we’re ready for some questions on us.

Andes, Moderator/Host: Perfect. Thank you for that, Gustav. And let’s, move directly into the questions then. We have the first question from the audience here. The first question is, I would like to know where you are with assessing the efficacy of XENTO five thousand and fourteen.

Gustav Hamheutkamp, CEO, Pela Pharma: That’s erythromy laltia. Don’t worry, it’s taken me some years to figure out how to spell that too. So the current plan is that we receive quite a lot of interest from people who live with the disease and we have also experienced that some doctors and professors have reached out in order to gain more knowledge of where we are. However, our priority within the company has always been obesity and the diabetes project and it still is. So for now I mean it is not something that we have allocated funding for, so for now we can consider it to be paused.

However, we have this orphan drug designation in The US and that’s not going anywhere. So for us establishing contact and establishing partnerships with let’s say universities who may be able to or want to do it together with us. So a joint venture program in that sense. So for now it’s not active and it’s not and I don’t really have much more to comment on it right now, but we do see that there down the line would be a huge potential in developing this drug for pain treatments as well. It could be massive and just a few weeks ago the first non opioid treatment in twenty years was approved in The US.

So the market and investor segments are certainly getting more appetite for pain.

Andes, Moderator/Host: Yeah. And the next question from the audience is around the finances. How do you judge your increased burn rate compared to 2023 and how much of the cash from your directed issue has been deployed yet?

Gustav Hamheutkamp, CEO, Pela Pharma: I think that’s a good question. I think, it’s important to note that we have increased our activities quite substantially in ’24 compared to ’23. ’20 ’3 was a pretty slim year for us in terms of wrapping up some extent some existing projects and of course the financing climate was not ideal at that time in Stockholm either. So I think for us, for me at least, it signals that you know we have increased our activities again, which is great and I think we’ve gotten some pretty good results so far. When it comes to the funding that we received in the summer, again it has drawn a little bit out but we have so far only allocated about 4,000,000 Swedish kronas to this uh-uh preparation of work which it is and of course that’s a little bit but it’s also better than let’s say if we had if we have put in all 10,000,000 already, then I think you know there would be some Yeah.

Andes, Moderator/Host: What are your partnership plans? Are you already talking to companies?

Gustav Hamheutkamp, CEO, Pela Pharma: Yes. We I mean, we for the last many years, we’ve been in some dialogue with a range of different pharmaceutical companies. I think what’s interesting is that the market has just evolved dramatically in the last three years since, you know, since these GLP ones became really mainstream when they came to The US. So maybe three to five different companies that were doing that were doing diabetes drugs and nowadays, I mean, I don’t even have the number of amounts of companies that are trying to develop or are developing obesity drugs. It seems as if you know that many of the bigger pharma companies that don’t have a track or have a history in the metabolic disease space are looking to enter it now because they can see that there’s a huge amount of opportunities.

But everyone’s trying to find a different angle and trying to find, you know, a new way in coming in with something different. It could be all, it could be a different mechanism than QP1. So I think for us, it gives us a good chance if we are successful in the next couple of trials and we’re actively looking out and talking to investors. We are going to Milan for a big conference in a couple of weeks, where we will be in touch with many of these big pharmaceutical companies and update them on our thoughts and our study design for the next trial as well as the results that we achieved in the preclinical trial here before new year. So this is how it is and of course it’s always a limbo and you know their strategies can change from one quarter to the other.

So it’s about keeping them updated all the time and making sure you keep a good dialogue and that’s what we do.

Andes, Moderator/Host: Yeah. Maybe that brings us to the next question. You previously been focused and have results on diabetes. What is the plan for obesity? How does your proposed product differ from the obesity products on the market?

Gustav Hamheutkamp, CEO, Pela Pharma: Okay. That’s okay. It’s two very different types of questions. I think I think at least when it comes to our product, I think the main things that come to mind for me is of course the delivery is oral, which is something that is attractive if you want to address large volumes in the market. We hear that there are substantial production issues around obesity medication, some substantial availability issues as well like patients can get on a drug but in a couple of months they might not be able to get it at their local pharmacy.

And so of course if you really want to address the volume of patients in the market you need to develop oral solutions. So that’s one. And I think for us as well, I think we have quite an attractive safety profile on the molecule. We don’t have any gastrointestinal side effects like nausea or diarrhea or vomiting. And I think that’s that’s also something that that can that can be a contributing factor to to having companies think of us as an interesting company, or at least with a name.

Sorry what was the other question?

Andes, Moderator/Host: The other question was you’ve previously been focused on half results in diabetes. What is the plan for BCT?

Gustav Hamheutkamp, CEO, Pela Pharma: Yeah. The plan is to expand our you know our thinking on our horizons and I think what I said before when it was about you know the amount of companies coming into obesity that’s also kind of it’s symbolizing as well the diabetes drugs in the future will likely need to have some sort of a weight loss component to them. So if we didn’t do it now we would have you know we could potentially develop a drug that works good for diabetes but wouldn’t have a place in the market because it doesn’t have weight loss capabilities. So from our point of view that it’s a logical step to also assess and it also fits the original theory that that Doctor. Graham has developed back in the day when she filed the patent which is for treatment of obesity and obesity related diseases and disorders.

So for us it’s full circle and we’re just excited to see where we can push it and and excited to see that the market has really come around and it’s very very interesting exciting.

Andes, Moderator/Host: What about the plans for your ultra aneurysm project?

Gustav Hamheutkamp, CEO, Pela Pharma: So we’ve only received preliminary data for now so that’s currently being validated and we are looking to discuss with the researcher at Uppsala University who we conducted this project together with to see if we could develop. Of course it gives us quite a good indication of no current treatments. So that’s that’s that’s a very good thing to have in your in your data set. But that being said, we’re still a bit away in in in the sense of being able to communicate what the next step is and what the value is, etcetera. So for now for us it’s just it’s just it just gives us a very good idea of the fact that the molecule seems to have very good cardiovascular protective benefits as well.

In a previous type two diabetes trial, we’ve also seen a very big reduction in the biomarker for the risk of heart failure. So it seems like there may be a link between some of these but it’s not been it’s not been described yet in the scientific publish publication.

Andes, Moderator/Host: Then Nils has a question here.

Gustav Hamheutkamp, CEO, Pela Pharma: He says

Andes, Moderator/Host: please elaborate on how the ongoing test is progressing.

Gustav Hamheutkamp, CEO, Pela Pharma: Yeah, I think I commented a bit on that in the introduction. So the unfortunate thing I can report is that you know that things are drawing a little bit out with the authorities in The UK and that’s where we are at right now. We’re very you know hopeful that once the you know comes up and we can start a trial then we could we can execute it pretty fast. Of course patients have to be treated for more for three months. It may take a while and depending on where it starts, you know, if you start right before the summer, do you know if they can recruit over you know the summer holidays?

There’s a lot of different variables. And of course myself and and daughter are looking at can we include more sites in order to speed up the trial itself. And we met some very interesting people at this obesity week conference that we attended in The U. S. In November and we will have a meeting with them next week to see if if they could potentially you know and at least guide us as to how obesity.

Andes, Moderator/Host: Then we have a question from Rafgar. He is addressing, my main worry is the body temperature raising properties of the drug candidate. Is there any new insights into this issue?

Gustav Hamheutkamp, CEO, Pela Pharma: No new insights since I think I know who the who Rucker is. For now there’s no new insights as to your hypothermia data and of course this is this is the main this is the main thing that we’re looking to explore in in the next trial where we assess you know you want to find the best balance between hyperthermia or side effects in general as well as hopefully finding some level of efficacy on body weight. So for us, that’s of course a key thing that we will be looking into. No additional data that I don’t think he has already seen.

Andes, Moderator/Host: And then he has another question. On another note, what would be the mode of action for the abdominal aneurysm protecting property?

Gustav Hamheutkamp, CEO, Pela Pharma: That’s a very good question. I don’t actually have an answer to that as we sit here today. Again this abdominal aorta aneurysm data is very preliminary and it’s on a very small amount of mice. So it’s it’s something that we’re looking to explore and understand much better in the coming year whilst we have our main focus on the obesity trial.

Andes, Moderator/Host: Then we have some questions from Henning. Is there an estimated completion date for Phase three?

Gustav Hamheutkamp, CEO, Pela Pharma: In time, we need to get past Phase two first. And I think I’ve said in the past as well I believe that you know if we are successful in Phase two then it’s very likely that we will we will or find sufficient interest so that we don’t do Phase III ourselves. I think that’s the goal and ambition of us. It’s I mean if you’re looking at phase three trials and how much they cost it’s simply not it’s not something we would be able to lift ourselves as a small company.

Andes, Moderator/Host: And then I think you have already answered his second question around partners but the third question, when will new funding be needed again?

Gustav Hamheutkamp, CEO, Pela Pharma: That’s a classic question you get around your half year reports, right? Of course this is not something I can comment directly on, but I think most investors know, they know us, they know that we are very diligent with the way that we spend money and of course our board of directors and myself are very focused on finding viable financing now as well as in the future and we had a good board meeting yesterday but really you know some discussions and there’s a lot of opportunities for fundraising nowadays especially if you are in in your BC segment. So it’s not something I can comment on directly here and now but if you follow PELA you will get some sort of a notification once and if we do intend to take in more money.

Andes, Moderator/Host: How about the macro situation with The U. S. And EU affecting you and your share price at the moment?

Gustav Hamheutkamp, CEO, Pela Pharma: I’m not sure I can comment that much on the share price, but I mean, of course, we sense that there is a level of uncertainty and nervousness among both private and institutional investors that at the end of last year there was some outflow from European stocks to The U. S. Market perhaps and maybe there’s been some inflow coming back now in Q1. It’s a bit difficult for me to say, but I think you know we’re just trying to stay focused on getting results and I think you know if we do get results in obesity then I think there will be investor interest from both from Europe and from The US. Again, it was a good year for the you know for the share performance compared to where it started And of course we’re looking to build upon that and the best way to build upon it is to get data in different.

So that’s one we tend to do.

Andes, Moderator/Host: Yeah. Is your investor base becoming more international?

Gustav Hamheutkamp, CEO, Pela Pharma: To some degree, yes, I would say. I do believe we are getting across a bit more to an international audience. That’s something we’ve worked very hard for and I work with some people that assist me with getting into more international media and sometimes they send me articles in Polish or in German and of course that’s interesting to see. I’m not sure how much it actually generates when it comes to actual investor commitment but of course our investor base is heavily centered around Scandinavia like around Denmark and Sweden in particular, and then we have a handful of American and British investors. So but of course we’re looking to internationalize our investor base and meet with good results and solidifying the company.

I’m sure we will be you know an interesting opportunity for many given that we are in this space. What I personally would consider is an attractive price.

Andes, Moderator/Host: And then we, at the final question here and I think you have already addressed some of it but maybe you have something to add, but the question is does any other companies use TRPV1 for these diseases?

Gustav Hamheutkamp, CEO, Pela Pharma: Not to our knowledge. Working with TRPV1 for metabolic conditions such as obesity and diabetes. So that of course gives us you know that it gives us a hint maybe no one else believes in this and we could be we could be wrong. But maybe we’re the ones who found the needle in the haystack and they will all come running once we produce results to showcase a good effect on body weight reduction. Let’s see.

Time will tell but to our knowledge no one else is working with this and I think that’s a nice position to be in even if it sometimes gives you a bit of of a challenge into to educate and explain to others.

Andes, Moderator/Host: And that was all the questions for now. So before we end the webcast, I will just hand over the word for you if you have any final remarks to end with here today.

Gustav Hamheutkamp, CEO, Pela Pharma: No, I think you know that’s about it’s largely you know it’s going to be now I mean of course our next report is in August. It will be a while before we can communicate anything publicly again. But I think that the takeaways from us is that you know we continue to progress, we keep a straight focus on obesity here in Q1 and Q2 and we’re looking to, you know, to start partnership discussions already now. I think it’s a good thing to get on the radar for other companies already early on so they can track your progress. And I mean we are still working on finalizing our I wouldn’t call it roadshow but our plans for Q1 and Q2.

There will be a couple of events in Denmark and in Sweden and of course all of this will be listed on our website so if you feel like it would be great to come and meet us in person then we will continuously put up events where we come around and we can talk then. And of course everyone who’s got interest or questions regarding Pela Pharma or regarding the investment case or regarding the technology, you’re more than welcome to send us an email. All the information is on our website and we’re happy to answer on a going basis. And now we have a lot more time since we don’t have to write the Hathi reports.

Andes, Moderator/Host: Perfect. Thank you for the presentation and for the answers today and thank you everyone for listening in.

Gustav Hamheutkamp, CEO, Pela Pharma: Thank you so much.

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