Thank you. Welcome everyone to the Medivir quarterly results webcast.

We look back at a very eventful quarter marked by great progress and very optimistic outlook to the future. Today we very much look forward to sharing more details about the great progress, but also in our pipeline, but also how we see the future shaping up for the company.

If we look back at the quarter, thanks to the recently announced directed share issue to Carl Bennet AB, we're able to add another program to our in-house pipeline as it enables us to initiate the clinical development with MIV-711 in osteogenesis imperfecta, which is a new and strategically important indication for us, and it has comparable market opportunity as we're already seeing with fostrox in liver cancer. The news also comes on the back of MIV-711 being granted orphan drug designation by the FDA.

Our second in-house program, the collaboration with Dr. Chon and the Korean Cancer Study Group continues to progress very well.

Among other things, the eight hospitals that will participate in the study have been selected and are eagerly looking forward to get going with the study. Then finally, when it comes to our partnered programs, we've seen very exciting news from our partner Vetbiox with the published landmark proof-of-concept study for MIV-701 in periodontal disease in dogs.

Perhaps even more importantly, they've already recruited, as recently announced, 20% of the subjects in their next study, which will be the key study to confirm that MIV-701 is the first disease-modifying treatment, which is also then the critical step to unlock its blockbuster potential. If we take a look at the pipeline, we do have a broad pipeline of first-in-class programs, all of them targeting populations with significant unmet medical need and programs that have the ability to potentially transform care for patients.

Today we'll focus on three of the programs. Those have been highlighted here in green, two in-house programs and one of the out-licensed.

Please note I made a slight, slight change to the MIV-711 line, as I have had some questions today, just wanted to clarify that the next development step in osteogenesis imperfecta is in osteogenesis imperfecta patients. We don't see a need to do any sort of further healthy volunteer work as a phase 1 asset because we've already done that as part of our OA program.

The next clinical step, is in phase 2 and a phase 2 proof-of-concept study. Important information, and you'll see that sort of when you access the presentation on our website.

Today's presenters here in the room are, apart from myself, our Chief Medical Officer Pia Baumann and our Chief Financial Officer Magnus Christensen, and joining us for the Q&A is our Chief Scientific Officer Fredrik Öberg as well. With that, let's move into the meatier part of the session, and we'll start with MIV-711 and on the back of the recent sort of directed share issue and what that will enable us to do.

Pia will provide a bit more background on the disease and why we think there's exciting opportunity for MIV-711 and how we see things progressing going forward.

Thank you, Jens. Just to start with what is osteogenesis imperfecta.

It's a mainly inherited rare disorder where 85% have a mutation in the genes that actually is for collagen 1. This results in varying degree and severity of the disease, and it could also impact life length.

There's a significant unmet need in this population because there are no systemic treatment approved. For the disease itself, it's characterized by you have defective bone and cartilage causing that the bones becomes fragile and stiff.

Maybe you recognize this as brittle bone disease. This leads to that you will have frequent fractures, and depending on the type of OI you have—I will come back to that—it leads to deformities, pain, and impacted mobility.

Bisphosphonates are used off-label, and it's often used in growing children to reduce the risk of deformities, and particularly in the vertebral spine, and also to reduce pain and improve final adult length. That is sort of the background.

We can go to next slide. The next slide is showing the different types of OI, and these subtypes are divided into 1, 2, and 4 primarily for those who can actually be suitable for treatment, and it's divided due to clinical severity.

I've already said that it's a heterogeneous disease, which means that there's multiple different types. Some of them They are lethal, like the type 2, and the others that are in the sort of below part of this slide.

We're only going to talk about type 1, type 3, and type 4, which are the main types. Type 1 is mild.

It's considered mild, but it could also be very different depending on how it actually is displayed in the different patients. This is making up around 50% of all OI, and they have usually normal height or can have a short stature depending on how sort of the severity is in that type, and actually have up to 30 fractures during a lifespan without any treatment.

When we say it's mild, it's still considerable impact on your quality of life. Type 3, which is the next one, is severe, with the patients having considerable reduced length or stature with deformities and severe scoliosis, and can have up to 100 fractures during their lifespan.

Type 4 is somewhere in between. It's called moderate, and they are usually short and have variable form of deformities and scoliosis, and can have up to around 50 fractures during their lifespan.

This is sort of what we have to work with, and this type 1, type 3, and type 4 would be the types that are considered also for treatment with MIV-711. We can go to the next slide.

Just to put the effect of this OI mutation in context. As I said, it's causing mutation in the collagen 1 gene.

To put it in the context of what normally is going on when it comes to building and maintaining strength and functionality of our bone and also to briefly explain what molecular players, as you see here, that are involved in normal bone remodeling, which is a continuous process that essentially removes the old bone and replaces it with new, fresh bone and minerals. This is a simplified picture as you see here.

There are essentially two players. It's the osteoclasts and the osteoblasts, and then you also have an enzyme, cathepsin K, which is what we are inhibiting.

The osteoclasts are the ones that are responsible for resorbing the bone, and normally it's the old bone, right? It secretes an enzyme.

That's the cathepsin K. That cathepsin K cleaves and degrades type 1 collagen, that is the main component of the bone.

Then the osteoblasts are responsible for the production of new bone matrix and mineralization, because when you have eaten up the old bone, you can replace it with new, fresh bone. The coupling between resorption and formation of new bone are crucial for maintaining this healthy bone, and this is the interplay that is impacted in OI.

We can go to the next slide. In OI, which affect type 1 collagen—I'm saying it a couple of times here because this is a little bit complicated.

The type 1 collagen is the skeleton of the bone, and it maintains flexible strength and normal mineralization, healthy bone. It is the major component of the bone, making up to around 90% of the bone matrix.

The OI mutation leads to reduced or defect type 1 collagen, resulting in this imbalance between the osteoblasts and the osteoclasts interplay that we showed on the previous slide. This results in increased bone resorption and reduced formation of qualitative bone.

We have also seen in studies increased level of cathepsin K in pediatric studies, which also sort of is what we are trying to inhibit in order to restore this balance. We can go to the next slide.

We have the cathepsin K inhibitor MIV-711 that is highly selective on inhibiting cathepsin K. This could, as I said, restore the balance between the bone resorption and the bone formation in OI.

By inhibiting cathepsin K, the degradation of type 1 collagen can be prevented. The increased bone degradation activity can thereby be inhibited selectively while still preserving the continuous bone remodeling that you saw on the first slide, the interplay and coupling between the osteoclasts and osteoblasts.

This results in the restoration of the balance between bone resorption and bone remodeling to ensure best possible quality of bone in OI. This is sort of the hypothesis behind this.

We can go to the next slide. As said, there are no approved systemic treatments in OI, and MIV-711 have a different approach to those used off-label or are under investigation.

MIV-711 inhibits, as we said, cathepsin K and effectively prevents bone resorption while saving osteoclast functionality and preserves this bone remodeling. This is really, really important, this fact that we have the interplay intact.

While, for example, bisphosphonates that are used off-label prevents bone resorption by killing off the osteoclasts, and then you also lose the function and the coupling and the bone remodeling, and this creates a negative impact on the formation of new bone. Essentially, you keep the old bone that you have, but you inhibit more resorption.

Antisclerostin has been investigated in OI, and recently in December they announced that their phase 3 study had failed. It has been investigated due to the fact that it seemed to be effective in using new bone formation and also have an indirect reduction of bone resorption.

However, the benefit diminish already after 6 to 12 months due to induction of if you call it escape pathway or feedback loops that makes it more or less ineffective. This is sort of where we are with other treatments that has been used or are under investigation in OI.

We can go to next slide. What data do we have that makes us believe that MIV-711 could be very important for these patients?

That is that cathepsin K inhibition have shown significant benefit across multiple bone-related disorders. In OA or in osteoarthritis with MIV-711, it shows a statistically significant improvement in preventing bone and cartilage degradation, and other cathepsin K inhibitors have shown benefits also in osteoporosis with reduction in fracture rate and improved bone mineral density.

Just to say that osteoporosis itself shares commonalities with OI, such as bone fragility and bone mass loss. That's why this is important as well.

We have also seen a significant and dose-dependent improvement in bone volume and quality versus placebo in an osteogenesis imperfecta mouse model. In essence, the clinical benefit of cathepsin K inhibition, this is really supported by the proof of concept in this OI mouse model, and it indicates for us that we would have a high likelihood of success in OI.

That's why—we can go to next slide—we are now initiating or planning for a phase 2 proof-of-concept study with MIV-711 in OI that eventually will inform the next pivotal development phase. This study will enroll about 20 patients, randomized to two arms of MIV-711 with a high dose and a low dose.

The patient will be treated orally—this is an oral compound—and it will be given once daily for 12 months. The endpoint will include biomarkers for bone resorption and bone mineral density, PK, safety, etc.

Enrollment is planned to take place at sites in Europe. There is a huge advantage when we comes to include these kind of patient into a clinical trial, and that is that the patients are already identified and known at the sites, why we are hoping that enrollment will be really, really fast.

I will leave it there to Jens.

Thank you, Pia. I think the feedback that we've gotten from KOLs so far is that these patients are also quite eager to participate in clinical studies due to the significant unmet medical need.

From a commercial viewpoint, if you sort of take then the next step in terms of estimated prevalent population, candidates for treatment, etc., then we're looking at somewhere around roughly estimated 80,000 patients across EU, US, Japan, and Korea. Pia broke down earlier the subtypes, which is type 1, type 3, type 4.

There is a subgroup of type 1 that are many times not diagnosed because they might be too mild. What we're estimating is that sort of two-thirds of patients are potential candidates suitable for treatment options and to be included in the study.

That leads to, because of the significant unmet medical need, no approved treatment options, we had antisclerostin antibody failure in Q4, and Ultragenyx are looking to sort of scale back, the opportunity to be the first approved treatment option is definitely still there. When we estimate that market opportunity across the markets, we're looking at at least sort of a $3.5 billion annually sort of commercial opportunity.

This is in these regions. It's a bit more difficult sort of due to prevalence sort of not having prevalence numbers in countries like China, but there's no reason why there would be less patients in China, so that's a potential upside opportunity.

As the US Administration has recently voted to prolong the pediatric disease designation program, we will of course move forward and file for that. There's precedent to receive it, and with that comes then, of course, the potential for a priority review voucher.

To sum up, we do have a highly selective cathepsin K inhibitor that across multiple bone-related sort of disorders and including our own sort of mouse model work in OI sort of signals sort of potential benefit with regards to improving bone volume, improving bone quality, preventing fractures. As we now sort of move with speed to initiate the phase 2 proof-of-concept study, there is the potential to be the first approved sort of treatment options for these patients.

As mentioned, the total market opportunity is significant. I would argue conservatively estimated at $3.5 billion sort of across key markets then with other markets outside of US, EU, Japan, and Korea as potential upside.

With that, we'll stop with regards to MIV-711, and we very much look forward to sort of sharing sort of further progress as we sort of continue to work to design and get the study up and running. We'll move to our second in-house program, which is fostrox, which continues to be just as important as it was before, and we continue to move with as much speed as we were before with regards to initiating the flex HCC study as the next step.

Pia?

Thank you. I'm happy to share again that the collaboration with Dr.

Chon and the Korean Cancer Study Group is progressing very well. It is super positive to see that interest in participating in the study has been considerable.

We don't know about the process in selecting these, but we know that there are many hospitals that wanted to participate, now eight hospitals have been selected. Importantly, among this, as you can see on this map here, the three largest hospital, Samsung, Asan, and Seoul National, have all committed to this study, which is a real quality indicator.

This is also a testament to the fantastic work done by Dr. Chon and his team at Bundang Hospital, and we are more than pleased with the collaboration and actually the process that is ongoing.

I'm sure you already know this, but I'm going to say it anyway, as with all studies, formal study approval processes is needed. It's ongoing also here,

and

when it's completed, the investigators are eager to start recruiting patients, and very much also due to the fact that there are no other studies ongoing in second-line liver cancer in Korea currently. The unmet need, as we have talked about so many times before, after progressing or intolerance to immuno-oncology, the unmet need is super, super high.

When we know more about exact when the recruitment will start, we will of course communicate this with you. As a little bit of a reminder, I'm sure that you have seen this a couple of times now, this is the study design.

As I said, we have eight hospitals selected, and with these eight hospitals, as I said before, the three largest one, this really support that we will have a speed of enrollment of the patients and an ability to generate top-line results already in 2027. 80 patients will be enrolled in the study, as I said, they all will have received prior immunotherapy combination, and they will be randomized to either fostrox plus Lenvima or Lenvima alone.

They will be assessed for response every six week with the CT or MRI scan, and the primary endpoint will be overall response rate. Importantly also, this overall response rate will be evaluated by blinded independent committee to ensure that we really have quality results coming out from this study.

I will give it back to Jens.

Yep. Without going into this one, I will just say that there continues to be a almost complete lack of movement and progress when it comes to second-line advanced liver cancer sort of outside of the our program.

In terms of where we are and in terms of what we're moving forward, we are at the forefront and and continue to sort of aim to pace to to be the first approved treatment option for these patients. Let's move into sort of the final bit before we take the financials and the Q&A.

Just a few few notes and slides on the program that is called VBX-1000, which is the Vetbiox name for MIV-701, and the progress that they have made over the past quarter. Just to provide a little bit of a background, the this is also a a cathepsin K inhibitor, but sort of suitable for use you not suitable for use in in human, but suitable for use in in in animals.

Vetbiox, a French biotech veterinary sort of biotech company, in-licensed it. They are developing it as sort of as a first step for periodontal disease in in cats and in dogs.

You see sort of a picture here in terms of what it is. Basically, periodontal disease leads to a lot of pain, it leads to tooth loss, it leads to infection.

There are no treatment available to stop this the the process today. As it progresses through the steps, basically surgery will be and removal of tooth, which is sort of troublesome, painful, and quite expensive, will be the final step of the process.

There are no treatments available, and MIV-711 will as is the one and only disease-modifying treatment candidate in in development as we speak. They recently presented sort of the first proof-of-concept study.

Study actually looked reasonably similar to the one we showed before on MIV-711 in osteogenesis imperfecta: two-arm study, 10 subjects in each arm, high dose, low dose. Most importantly, they showed clear evidence or of of potential for disease-modifying benefit, significant effect on on biomarkers, but also significant effect on on on bone parameters such as alveolar bone loss, etc.

Very encouraging first step and no safety concerns. They are now then moving forward.

Just to take a couple of seconds to talk about sort of the potential financial upside here for us as a company. This was out-licensed a few years back.

The agreement is quite back-loaded in the sense that there are are quite small milestones throughout the process, but sort of a a healthy healthy sort of share when it comes to royalty revenues and potential partnership payments if Vetbiox out-licenses the compound. The question is then, how big of an opportunity is this for a potential bigger player in the the animal health field?

The dog population is today estimated to be 90 million in the US, 70 million in EU, and as many as 80% of those dogs over 3 years of age will suffer from periodontal disease. Some animals it will be quicker and some animals it will be sort of slightly later, but as many as 80% will suffer from periodontal disease by the age of 3.

Again, no unmet so no approved treatment options, providing for a significant unmet medical need, no other treatment options in development to to to compete with MIV-7- 701. For us, there is a significant financial upside, which we haven't talked about that much before, and we we didn't feel it was necessary until they now move into this step, because the step that they are now taking is the critical step to unlock the potential.

For us, significant upside to royalties and and and potential partnership share of partnership payments. We've done sort of in our estimation, in our modeling, the annual royalty revenues sort of if this hits and this becomes launched as the first disease-modifying treatment option, the annual royalty revenues that we would anticipate sort of after a global launch are equivalent to sort of the company sort of current market cap.

The it's it's a sizable upside, and it is the next step, which will will basically Oh, now I'm looking for a good word. It's the next step that will will will show whether sort of this potential is there or not.

They have We recently announced that they have initiated a randomized, double-blind, placebo-controlled pilot study in dogs to confirm the efficacy. They've included 10 dogs to date out of 51 in total, 20% of the dogs have already been included sort of quite quickly.

Vetbiox have announced that they are expecting the top-line results sort of already this year during quarter 4. That will be the the basically the determining factor as to whether the blockbuster potential is there and and and if sort of the potential for the financial upside sort of for us.

The the data that they've shown in the proof-of-concept study was was quite convincing. If you look at sort of the the size of the study here and the number of patients, it's a relatively small study, which is a testament to the to the Oh, looking for a word now.

The the Potential? Not the potential, the no, yeah, the how confident they are in in the the efficacy they saw in the proof-of-concept study and the likelihood of this reading out positively.

We're very much looking forward to following the the recruitment process and the the read-out of the results. With that, I will stop on on the programs and we'll move into the the financial highlights.

Magnus?

Thank you, Jens. Can you please turn to slide 27, where you can see the financial summary for quarter 4 and for the whole financial year 2025.

As always, all numbers are in million SEK. The revenue in quarter 4 was a bit higher than previous quarter and is primarily related to out-licensing of remetinostat and, of course, royalty income from Xerclear.

Other external expenses were significantly lower in the quarter, as it's been throughout the year, and it's reflecting lower clinical cost for the year. Personnel cost was slightly higher and is primarily due to provisions for the personnel under notice of termination that we had in quarter 4 this year.

During the period, we booked a write-down on the birinapant project of 28.- 29.8, and this has no cash impact on the company, it's more a book written down value. The operating loss for Q4 amounted to -42, higher than last year, but is related to the birinapant write-down, as I mentioned.

The cash flow from the operating activities in Q4 was approximately -6. We have a strong financial position at the year-end.

We completed a rights issue, raising approximately 151 million SEK before transaction cost, which meant that our cash balance at the year-end was 119. In addition to that, as Jens mentioned, we completed recently a directed share issue of 45 to Carl Bennet AB, enabling to continue clinical development of MIV-711 in osteogenesis imperfecta.

With this, I will hand back to Jens.

I think that sort of concludes the presentation. Operator, we can move into the Q&A session of the call.

Good afternoon. I have a few questions on each of your candidates, or actually the new candidates.

Could you give us some more details about the way to the market for MIV-711? What more studies do you need to do to take it to an approval?

We basically see sort of the good thing about sort of osteogenesis imperfecta as a treatment from a regulatory pathway point of view is that the antisclerostin antibodies and the recent interactions they've had with FDA and other regulatory authorities sort of paves the way and shows the way in terms of what is needed. We see basically, I would sort of arguably, a two-step approach, i.e.

the first step is establishing the clinical proof of concept, which we are doing with this study. That takes us into a pivotal phase of development.

Then the next phase would then be sort of a larger and I say larger than sort of 20, 20. Size of that study doesn't need to be super large, but we sort of need to sort of continue to do some work.

The next phase would be sort of pivotal phase. I guess the one outstanding question that sort of needs to work through, because this is sort of adult and pediatric population, is whether sort of we can combine the two populations in one study or whether we need to sort of run them as sort of sub-studies or sort of separate programs.

The next phase would be a pivotal sort of development phase.

Okay. Could you give us more details about the royalty agreement you have on VBX-1000?

I think we haven't communicated anything sort of in terms of any numbers before. What we have said is that the development milestones, the regulatory milestones right now, and including also approval milestones, they are small, I would even say minor.

Sort of when we made the deal with Vetbiox, there was a focus on having a healthy sort of share of royalties and potential sort of partnership payments or share of out-licensing from Vetbiox. We haven't disclosed the percentage, but it's arguably a very healthy percentage, and that's what we focused on.

When I say when we do the calculations on the compound having the opportunity to generate sort of as a disease-modifying treatment for us royalty revenue stream sort of annual royalty stream of sort of in line with our current market cap, I am also not including milestone payments from potential sort of partnering deals that Vetbiox does. If they out-license and they generate upfront, they generate milestone payments, we will also sort of take a healthy part of that share as well.

Yeah. Final question: what is the runway after the latest funding?

Hi Richard. As I said, we have a strong financial position at the year-end and with the directed issue to Carl Bennet.

As we stated in the Q4 report, we assess that existing cash resources are sufficient to cover the planned phase 2 study in the liver cancer and osteogenesis imperfecta. That's according to our current plan and assumptions that we have today.

I hope that answered your question. Before, we said rights issue, we had money end of '27, and with the directed issue now, yeah, of course, we have, according to the plans, we have cash runway into 2028.

Yes. That answers my questions.

Thank you.

Thank you very much, and thank for taking my questions. Would like to start with MIV-711 and this proof-of-concept study.

Where do you stand when it comes to preparations? Perhaps also, I noticed that it's a 12-month treatment.

Even though Magnus indicated that your cash runway was into 2028, how long do you think the study will take to finalize?

Good questions. When it comes to the preparations, I'm sure that you saw the press release when we got sort of financial from Carl Bennet AB, which means that we have actually planned for this study before, but we obviously need to do all the preparations that you need to do when it comes to studies.

What we are doing currently is that we are pulling together a scientific expert council to get external advice. This is a disease that had many different aspects on it since it goes from pediatric until adulthood, and we need to understand thoroughly what kind of patient population we should include in order to get the results that we are requiring for proof of concept.

That's the first one. The treatment time for the patient is 12 months, and that is to get to the primary endpoint that we will select.

The benefit for this trial, I would say that usually is not in place in other trials, particularly not in oncology trials that we have been doing before, is that the patients are already there. They know who the patients are since the majority of them has been diagnosed already at birth or before birth, since it's a dominant inheritance of this genetic mutation, which means that since they are already in place, you can go to those sites you want to go to and they more or less can give you the patient at once.

The enrollment time is usually really, really short in this kind of studies.

The other element to comment on, sort of one of the timing challenges many times in studies like this is the CMC element. One of the benefits is that we do have active product ingredient with MIV-711 since before that we can use.

There's no need to synthesize additional, we can cut sort of some of the CMC processes on the way as well. We're moving forward with speed.

We will be able to recruit the patients quite quickly and then they're treated for 12 months. As I think that you're picking up here is we're a bit reluctant to give you a date on when the study will start, because clearly, we need to do the regulatory interaction and get sort of the formal approval processes in place.

It's very clear from the early interactions with the scientific community and also from the patient advocacy group is that there is an eagerness for studies to happen, and there's an eagerness for them to participate. In terms of getting there, we have a nice What do you say, wind in the back with regards to sort of support in terms of getting there.

Great. Just also I wonder, I guess are you positioning this treatment, and your hypothesis is that this could be a lifelong therapy for these OI patients, or how should we think about that?

I would say that since it's so different depending on what kind of severity you have of this disease, it could be different depending on when you start, first of all. As it is currently, they start already when they are more or less up to 2 years old if they want to use bisphosphonate, because that is what they use off-label in order to give them something.

If you think about that, then it's all the way until you stop growing, so that is sort of in the pediatric disease. Obviously, that is not a study we can do, we need to have another endpoint.

When it comes to older patient, it depends on what phase they are in. As I said, osteoporosis is a little bit similar to this disease when it comes to adults, and it starts earlier, in their 40s and their 50s.

Then they could need treatment all the way until they get older. I would see it as a sequenced treatment during sort of the time in their life when they need more support in order to keep their bones in a position that they reduce the fracture rate and degenerative and pain and mobility issues.

Again, when you develop something, you need to do a study that you have an endpoint. I think the development of antisclerostin, for example, and other treatments for osteogenesis imperfecta has really paved the way for how we can look at this.

Obviously, we're going to learn from I'm not saying their mistakes, but we are actually going to look into that very, very carefully before deciding exactly how we are going to move on with the further development.

I'll say the following as well, Klas. If I were you and I would look at it from a modeling perspective, I would divide it into basically three, sort of on the back of what Pia said.

Pediatric setting, that would be sort of a chronic treatment through as the children are growing, and I would look at sort of the share of patients and how many will be treated in that setting. Then you have the period when they stop growing until age of 40, 50, where maybe sort of the need will be somewhat lower, at least depending on subtypes.

Then the need will increase again when you enter the later stage, kind of osteoporosis stage, of the patient's life. I would sort of arguably say the highest share of treatment among patient population in the pediatric setting, and then it will the lower share in that middle section of life, and then it increases again, maybe not to the pediatric setting share, but sort of to a clearly higher share of patients treated from that 45 to 50 and onwards.

That's how I would look at it.

You also need to add that some of the patients are not diagnosed until they enter osteoporotic age, right? You might want to increase and think about that as well.

Does that help, Klas?

Sure. Absolutely.

Thank you. Just want to jump to VBX-1000 and just clarification there, but I guess the deal with Vetbiox, it spans over the patent life.

How long is the patent life?

Yes, patent life, and the patent life from an animal use perspective is long. That's a wobbly answer.

I'm saying that I know the date, and that's why I'm saying long. I'm just a little bit unsure what Vetbiox has communicated themselves externally, because they've done additional sort of patent application work on it.

I'm looking at Fredrik now here to see whether would you like to add anything, Fredrik?

I'm not sure what they have communicated, maybe we should be careful about that. Yes, the medical use in animals, that patent has a quite long future.

Yeah. It wasn't too long ago it was initiated.

We'll put it that way. When regards to kind of a modeling out in terms of a commercial opportunity, it's not tomorrow there's a change.

It is quite long.

No, but that's even though they have filed the patent, it's relevant for your deal?

Yeah. Yes.

Short answer: yes.

No,

no hesitation on that.

Perfect. I have no further questions, but just want to congratulate you on all the progress you have made recently.

Thank you, Klas.

Thank you. To pick up on Klas' note then, to summarize, we were quite happy where we are.

We look back at the very eventful quarter and the progress made and the future outlook of the company. We are moving with speed to initiate the clinical development of MIV-711 in osteogenesis imperfecta, an opportunity comparable to the size of the fostrox opportunity and the potential to be the first approved treatment options in a significant unmet medical need disease.

The collaboration with Dr. Chon and the Korean Cancer Study Group is progressing very well, and the hospitals are ready and eager to get going sort of when we get the final approval processes in place to start recruiting patients.

Our partner Vetbiox has taken quite massive strides towards confirming 701 as a disease-modifying treatment for periodontal disease in dogs, and then unlocking blockbuster potential for the drug, and for us then, clearly significant value upside potential. With that, thank you, everyone, for calling in, and have a great rest of the day.