Bioarctic (Stockholm:BIOA B) Q1 2026 Earnings Call

0:00 Good morning, and welcome to BIOATIQ's presentation for the first quarter of twenty twenty six. It has been a strong start of the year for BIOATIQ following a transformative year of 2025 with record financial results. It shows that the growth year at continuous in a great way for BIOAFIC. It's reassuring to see that more and more patients are getting access to the BIOAMEI. And we had more than €500,000,000 of sales during our partner Eisai's fiscal year. And that resulted in a commercial milestone to BIOALPIC. Our projects and our brain transporter technology are also progressing really well. And we have increased focus on business development, which is based on great interest in brain transporter and in our projects. I'll talk more about that in today's presentation.

0:55 Next slide, please.

0:58 BIOAARTIK is listed at Nasdaq Stockholm Northcap, and this is our disclaimer. Next slide, please. So I'm Gennila Oswald, and I'm the CEO of BIOAARTIK. And I will share today's presentation with our CFO, Anders Macklin Lehert and our Chief R and D Officer, Joanna Felting and our Chief Commercial Officer, Anna Kajagre and Blatt. Next slide, please. I will start our presentation by giving some key highlights. Next slide, please. BIOAARTIC is focusing on two different platforms in precision neurology, and we are among the world leading innovators in both areas. The first area is about creating highly selective antibodies, which is targeting aggregated misfolded forms of toxic proteins.

1:44 The most advanced program here is lecanumab, lecanbi. And we also have projects targeting alpha synuclein, GDP 43 and Huntington. The second area is when we are utilizing our brain transporter platform in unique ways to deliver antibodies more efficiently into the brain. But we have now also broadened our scope and we are also working on other modalities like enzymes and also genetic medicine and small molecules to enable more efficient transportation of them also into the brain with innovative approaches. The innovations at BIOAARTIC continue to impress me deeply. They are unique and very competitive.

2:30 Next slide, please.

2:33 We are already delivering on our 2,030 ambitions that we presented for our Capital Markets Day last year. And we have then stated that we have four areas of focus. The first one is to establish Lekkembe as a disease modifying treatment for Alzheimer's disease. And here we see a steady growth across geographies with sales that was more than EUR 500,000,000 in the last twelve months. And we expect the subcutaneous auto injector called iClick together with increasing use of blood based biomarker that that together will contribute to continued strong growth.

3:18 The second aspect here is that ESA has also indicated in their guidance for 2026 that we are expecting sales of more than US900 million dollars So I think that Leckembe is well on its way to become a blockbuster with yearly sales more than US1 million dollars in not too long. The second area is to have a broader pipeline and more advanced with projects in all stages of development. And I'm happy to see that our pipeline has expanded last year and our projects are progressing really well. I want to highlight our alpha synuclein project, exudanimod, where the Phase 2a study is fully recruited with the results expected later this year.

4:04 And also the follow-up compound, VAN2238, with our brain transporter coupled to alpha synuclein in an antibody. And there the IND activities are ongoing in order to take the compound into clinic next year. The third area is more partnerships. And last year, we initiated partnerships with Bristol Myers Squibb and Novartis. And we're very pleased with both of those partnerships and really impressed with how the collaborations are progressing and delivering. We also see continued strong interest that we have in both our projects and in our brain transporter platform. Partnership discussions are complex and takes time.

4:49 We are in a very strong position with our high quality projects and innovative technologies. The fourth aspect is strong financials. And our quarterly royalty revenues from the Kembe sales grew 68% compared to first quarter last year.

5:07 And we have now more than billion in cash, which means that we can continue to invest in our projects and our innovations. And we have also the possibility to start to pay some dividends. Next slide, please.

5:26 Our business model is built around partnerships. That is a key component behind our success. A sign has been a long term successful collaboration all the way back since 2005. And now we are getting 9% of royalties from global Lekambi sales. And we have just then passed our second commercial milestone and got another €20,000,000 from Eisai. And we have €34,000,000 still remaining in milestones. For Bristol Myers Squibb, we have received $100,000,000 so far and there is a substantial amount left. And Novartis, we have so far received $30,000,000 And also here, it's a substantial amount still to receive if it also continues well.

6:18 We are grateful for AbbVie, who has made us receive US30 million dollars which helped us build the company and also progressing the project further. And it's a project I strongly believe in and we're looking forward to more results. And we expect more partnerships to come. That is our business model and we're working on that. And we cannot say exactly when the time is, but we will let you know when we can disclose. Next slide, please. So by that, I hand over to our Chief R and D Officer, Johanna Keltin. Thank you, Ganilla. Next slide, please. So as Ganilla talked to, our R and D portfolio is built on two platforms, antibodies and brain transporter, providing both depth and scalability in neurodegenerative diseases.

7:12 We combine fully funded partnerships with leading pharma such as Eisai, BMS and Novartis with proprietary programs that offer further out licensing potential. Progress in the portfolio remains strong. All brain transporter collaborations are on track and key milestones have been reached for our internal programs, including the start of IND enabling activities for BAN two thousand two hundred thirty eight and BAN 3014.

7:40 Overall, we are advancing a diverse partner validated pipeline and growing scientific, strategic and commercial options. Next slide please. So our alpha synuclein portfolio continues to advance and expand offering multiple opportunities across alpha synucleinopathies. Our lead program exudablimab is progressing well. The Phase II EXIST study in Parkinson's disease and multiple systemic atrophy is now fully recruited and we have held key regulatory and key opinion leader interactions to prepare for the next stage of development. Next generation assets in the portfolio are progressing as well with BAN2238 in IND enabling phase and PDBT2278 in discovery.

8:32 And together, this builds a strong expanding alpha synuclein pipeline from clinical stage to future innovation. Next slide please. So our brain transporter platform addresses one of the most fundamental challenges in neuroscience, efficient delivery across the blood brain barrier of therapeutics. And this is enabled by active transport of biopharmaceuticals into the brain via the transporter receptor. And this enhanced delivery can translate into higher, faster and deeper brain exposure with improved clinical outcomes, improved patient convenience, safety and lower cost for manufacturing. So the brain transporter therefore plays a critical role in unlocking the full potential of CNS therapies.

9:25 Next slide please. So our next generation alpha synuclein antibody, the BAM 2,238 demonstrates strong preclinical performance, both with enhanced brain exposure and favorable safety profile. So by combining the alpha synuclein targeting with our brain transporter technology, BAN2238 achieved significant increase in brain exposure in preclinical models. And that is what you see in the middle picture here. And importantly, this enhanced delivery is achieved without compromising safety. So we observed no signs of anemia or reduction of reticulocytes, while maintaining a full effector function of the protein and that's the data shown to you right. So otherwise reduction in reticulocytes is a commonly reported side effect targeting transferrin receptor for brain delivery.

10:18 So overall, the band 2,238 highlights how the brain transporter has the potential to both improve target engagement and reduce development risk, strengthening the value of our next generation pipeline. Next slide, please. So as Camilla also mentioned, we are also now broadening our brain transporter platform beyond antibodies and enzymes can also include additional modalities such as genetic medicines and small molecules, significantly increasing the scope of the platform. So the data in the picture here clearly shows how the brain transporter coupled modalities deliver superior brain resolution, so compared to a standard therapy. So in the top picture you see a standard therapy and in the lower pictures in green you see an antibody, in yellow you see an enzyme and in red you see a small modality.

11:11 And all of them have very, very much higher brain exposure when coupled to the brain transported platform. So across the platform, delivery of antibodies are pre clinically validated and advancing. Enzymes are progressing with our first internal program, the GCACE program for Gaucher disease and small modalities represent a new important growth

11:32 area for us. So overall, the brain transporter is evolving into a versatile platform with the typical future and value drivers across CNS discovery disorders. Next slide, please. So then I will hand over to our Chief Commercial Officer, Annalikeya Dienbald. Thank you, Johanna. So I will continue with an update on the Kembi and I will start with stating that the global sales of the Kembi amounted to around US580 million dollars in Eisai's fiscal year 2025. So that is almost a doubling versus the previous fiscal year. And we can see a good growth across the line and the Kembe continues to be the global market leader of the anti amyloid antibodies.

12:21 A couple of the driving factors are that the market for blood biomarker continues to grow and there has been approximately a 12 fold increase over the last two years with the number actually doubling over six months every six months since January 2024. Last year, CMS also formally included the blood based biomarkers as a beta confirmatory diagnosis. And today, it is estimated that approximately fifteen percent of the diagnosis were done by these blood based biomarkers. And this will continue to increase as more tests are expected to be approved this year. Another factor is that more and more patients receive continued treatment after the lycanbi maintenance dosing was approved, first for the IV and then for the subcutaneous formulation, the auto injector iClick, which was approved in August last year.

13:18 So and according to Eisai, iClick also seems to have led to an increase in new patients initiating treatment with Glucanbi IV. So going forward, we see even more expansion possibilities with the potential approval of the subcutaneous initiation treatment both in The U. S. With the set PDUFA date in August twenty fourth of August and with an expected approval also in Japan in quarter three this year and in China in quarter one next year. So this is a huge advantage for patients, the caregivers and less of a bottleneck for hospitals and obviously also a competitive edge for the CAMBI. So in Europe, the IV maintenance dosing is under regulatory review at EMA since February.

14:08 And in parallel, the negotiations for pricing and reimbursements are going ongoing in The EU. And so today, it's available in Germany and Austria as well as out of pocket in UK, Finland and Portugal. So next slide, please.

14:27 So as the Nordic countries are BioArctic's home market, I thought I would also comment on the on the recent negative recommendation for Leukembi by the New Therapies Council in Sweden. As we have seen in other European countries, it is a challenge to get immediate access. And we knew that the dialogue would be challenging also in Sweden based on the assessment report issued in December last year by the TLB, the Dental and Pharmaceutical Benefits Agency. So in which some of the assumptions in the health economic modeling were extremely conservative in our opinion. Although Eisai was very solution oriented in the negotiations, the expectations from the anti council were impossible to meet at this point.

15:13 But both Eisai and BioArctic, we are very committed to securing patient access in Sweden and across Nordics And the anti council has stated that there is a possibility to reopen the dialogue, for example, if and when we have the IV maintenance dosing approved by EMA. And we could also try to find another innovative ways of securing the structured introduction. We are also evaluating a resubmission in Denmark and in the coming months we are expecting to see assessment reports coming out of in Norway and Finland. But in the meantime, though, we see that there is a private market in Finland. Four clinics have now started Lycanbi treatment and we are approached by other private clinics across The Nordics who are looking into this possibility as well.

16:01 So in parallel, our neuroscience account managers as well as our medical affairs team are working every day with educational and site readiness activities in preparations for a broader reimbursement across The Nordics. So next slide, please. So finally, I would like to conclude by showing a few highlights from in March in Copenhagen, where four year follow-up data were presented for the EU approved population, meaning the APOE for non carriers or heterozygotes.

16:36 This data show that long term continuation of treatment is essential and that four years treatment with the can be saves between ten to fourteen months of time in the milder stage of this of the disease. If you compare to matched controls in two large databases, the pre specified ADNI cohort and the matched cohort of the Swedish Biofinder. At the conference, it was also highlighted that starting treatment as early as possible as it seems it is as it seems to result in even better results. Also, as usage increases across the world, more and more hospitals present real world data from clinical practice in these congresses at ADPD specifically from countries such such as The US, Japan, China, and South Korea.

17:29 And to the right, you can see, for example, the graph showing that there is also high treatments persistent in initially three seventy one patients at a US clinic starting in 2023. It was seventy eight percent at eighteen months and after two years it was sixty seven percent persistence of the treatment. So more and more data further strengthened the chemis efficacy and safety profile. And we are already looking forward to attending next Congress coming up at the AAIC in London in July.

18:07 So next slide and I will there I hand over to our Chief CFO, Anders Nachinlepp. Thank you, Annicaea. I'll start by commenting a little bit on the Lycanbi sales. And as Gineel already mentioned, we were really happy to see that the full year Lycanbi sales exceeded 500,000,000 as that triggered the sales milestones to us to €20,000,000 If we look at the quarter, the global Q1 sales were 26,200,000,000 yen roughly $168,000,000 That's a 27% increase from the last quarter of twenty twenty five. And that meant that our royalties grew by 27% to SEK 160,800,000.

18:53 That was quite a steep increase, as you can see in the graph, up from SEK 127,000,000 in the fourth quarter. And this is this really big boost is due to the fact that the China sales are now back on normal levels after very low sales in Q3 and Q4 due to big stockpiling during the second quarter of twenty twenty five. So China sales were now 4,100,000,000 or $27,000,000 and that's almost a tenfold increase from the fourth quarter. Our largest market is The U. S. Market and there the growth is largely driven by the simplified diagnosis with blood based biomarkers and the introduction of iFig that I talked about. And there was a very healthy growth going up to 13,400,000,000 yen,

19:41 I. E, dollars 86,000,000, and that's a 13% increase from the fourth quarter. And I like I also alluded to, the Eisai is expecting this growth to continue as the blood based biomarkers are really starting to make an impact on the market. And of course, when IKEA comes out later this year for induction therapy, that should mean a further boost. Japan is the second largest market, and there they have really built a strong network between the primary and specialty care sectors.

20:14 There we saw solid growth, but it's still affected by a price reduction that was introduced in November of last year. But it's still chugging along really well. And we're also expecting the subcutaneous version to be approved there later this year in the third quarter. We also touched on the EU launch already. It's good to see that it's starting to happen, but that's still a very low share of our royalties. If we then turn to the full year figures,

20:46 the the I think that the highlight here is that it was good to see that Eisai beat their forecast. They had a forecast of 76,500,000,000 yen for 2025. They beat that by 15%, reaching 88,000,000,000 yen or roughly $580,000,000 So they roughly doubled from 24 to 25. Last week, they also issued a new forecast for 2026 of 143,500,000,000 yen that's roughly $910,000,000 So as Gineela said, they are now approaching blockbuster status with Lycanbi, which is really reassuring for us. Most of that growth or I would say a big part of that growth is expected to come from The U. S. Market.

21:34 As you can see here, the Americas sector is expected to grow from 44,600,000,000 yen to 77.5 yen So that's roughly a 74% increase, which is significantly

21:48 higher than they are expecting for the global market. So a lot of growth is expected to come from The U. S. With the iClick and the blood based biomarkers really making a splash from the second half of this year. If this forecast holds true, we will receive roughly €880,000,000 royalties during the same period, I. E, from April 26 to March 2027, which is, of course, a significant amount for us. Turning to the next slide, we see on the left hand side our net revenues.

22:25 Our Q1 revenues were SEK $438,000,000. That's quite a big decline from the first quarter last year. But you should remember that we reported a $100,000,000 upfront from BIOA Meyer Squibb in the first quarter last year, and that's can't repeat that every first quarter. But so we're still really happy about the revenues that we generated, and that includes then the SEK $290,000,000 that was a milestone payment from A side.

22:53 We're also really happy to see that the recurring revenue continues to increase. You see so the royalty was SEK161 million and the co promotion revenue is SEK7 million. We also recorded SEK51 million from the Novartis collaboration where we received a $30,000,000 upfront payment last year that is recognized over the entire collaboration.

23:16 Turning then to our expenses, it seems like they're fairly flat. Our operating expenses in the quarter were two zero seven million dollars compared to $2.00 $3,000,000 in the first quarter last year. However, last year we had quite a big currency effect that was recorded as a cost. So so if you look at the underlying operating costs, they are actually increasing quite a lot to 203 this year versus 131 last year. And we do expect to see a continued increase in in the cost for this year compared to 2025. I have previously guided that we expect the cost for 2026 to be roughly 50% to 70% higher than 2025. We don't expect that high growth in the cost currently. So we would like to revise that to be roughly 40% to 60% higher in 2026 compared to 2025.

24:15 On the right hand side, see our operating profit. We're really happy to make a profit of SEK211 million, still lower than last year, but that's still very, very solid. And we expect to be profitable for the full year in 2026. Finally, on the last slide, you see our net result. This was very much in line with our operating profit, better financial net that was positive and then a tax of SEK 12,000,000 that counteracted that. So all in all, much in line with the operating profit.

24:48 Cash flow then of course significantly lower than our operating profit. That's due to the fact that the sales milestone from Eisai not paid in the quarter. It will be received during the second quarter. But our cash balance was over SEK 2,000,000,000. So again, very, very solid position and we can continue to invest for the long term in our portfolio. So

25:16 we look forward to continued investments and continued growth of the company. With that, I hand back to Ginilan. Thank you so much, Anders. So we're coming towards the end of today's presentation with some upcoming news flow and some closing remarks. So if we look at the second quarter coming forward, we see that more and more patients are getting access to the CAMBI around the globe, which is really reassuring. And we also see that in The Nordics so far through several private clinics in Finland, and we expect to see further progress in The Nordics initially on the private market. Asia is driving continued regulatory processes the Cambry in a great way. And iClick, the subcutaneous auto injector is approved for maintenance dose in The U. S. And we're now awaiting the response at the latest by August 24 for induction treatment as well. And later this year, the third quarter, we expect response from the authorities in Japan for both initiation and maintenance dosing of the subcutaneous auto injector and in China early next year.

26:27 We are, as Anika said, also looking forward to more presentations on the can be at the next big Alzheimer's Congress in July in London at AIC. And we are also looking forward to exudanumab Phase IIa readout that Johanna talked about in both Parkinson's disease and the end of the day patients later this year. And we're also looking forward to when we can disclose additional partnerships. Next slide, please. So some key takeaways from today's presentation. I think BIOATIQ continues in the growth area in an excellent way. And we see great progress both on the Leukembi as well as the rest of our portfolio and the brain transporter technology.

27:15 We are already delivering on our 2030 ambitions. So I think Leukembi is well on track to become an established treatment for Alzheimer's disease and SAFE continue to show increasing demand globally. And it's well on its way to become a blockbuster. Our second part is project portfolio, which is progressing really well together with our brain transporter transporter technology, windy innovations. The third area, strong interest from potential partners. And the fourth one with that, we have a strong financial position. And that next week is our AGM where there will be a decision around a dividend of SEK2 And we have a strong financial solid position with more than SEK2 billion in cash.

28:13 So all in all, I think we are exceptionally well positioned for our continued growth journey. I think the future looks very bright for BIOTIQ and we are bringing hope for many patients. Next slide, please. So by that, we say thank you so much for your attention and we're happy to take some questions. The next question comes from Joseph Hedden from Rx Securities. Your Q1 R and D spend was substantially above any quarter that we saw last year, and you've highlighted the progression of the portfolio. Just wondering if you can give any color as to which individual projects are seeing the greatest increase in costs.

29:13 And then you could give us any idea of the phasing of R and D costs that you expect going through this year? And second question, just on exudablimab Phase II EXIST study. Can you confirm what the final number Parkinson's disease and MSA patients were after the study was fully recruited? Right. So if we start with R and D costs, what basically, what happens is when we start R and D enabling activities in the program, we invest a lot more in CMC. So there are a couple of programs where we're really happy to do that right now in the Parkinson program.

30:00 We are spending more on on both exudatumumab and the follow-up compound that is coupled with our brain transporter. So I would say the alpha synuclein area is where we have increased the most without going into specifics regarding what program. Then for the year, we expect the cost to be a little bit lumpy going up and down. So it's to be a really good estimate for the phasing of the costs during the year. So maybe it was a little bit higher than it will be in the next quarter, but it's really, really hard to tell. So I would just stick to the full year guidance of a 40% to 60% increase over last year in our total cost. That's sort of the only guidance I can give you that is more accurate.

30:53 And then for the other question, think it's up to Johanne to answer to exist trial. Yeah. Thank you, Josep, those questions. And in terms of the portfolio and the cost for R and D, of course, programs that are closer to an IND is most more costly, because then we initiate CMC activities and manufacturing and also toxicology studies to enable the clinical trials. So the two programs that I talked about where we have initiated IND enabling activities, the BAN240, BAN240 are of course more costly in our R and D portfolio in the early pipeline. And then of course, lexidavimab, which is our clinical asset is also a more costly program. And in terms of the number of patients in the study, exist study for exudablimab, I mean for Parkinson's, we had two cohorts and two different doses, a low dose and a high dose with 12 patients per arm and it actually it was 13 patients per arm. So we have dosed 26 patients for PD.

31:56 And for MSA, we have only dosed the higher dose. So that is 12 patients that has been dosed in the MSA cohort. That's great. Thank you very much. The next question comes from Suzanne Van Voorhausen from Kempen. Please go ahead. Hi there. Thanks for taking my questions. Maybe first on the brain transport, can you elaborate how your strategic discussions have been progressing over the recent few months and where the interest is geared more towards you at this moment? Is it in one of your existing programs or more only use the technology for on the pharma program or is more tech based like your the use for different modalities?

32:50 Some color will be nice. And then I have a follow-up on the Cambie after that. Yeah. So I think what we can say is that we have a broad interest. We have interest both for our drug programs. We have also interest from our brain transporter with things that we have done before. And we also have interest in the new stuff that we're working on. So I would say broad interest. Got it. And then on Lekembi, as for the Eisai guidance, how comfortable are you with the number that they put out? And can you elaborate a bit more on the status and next steps in the launch in the Nordic countries where you have co commercialization rights? Thank you.

33:37 As for the full year forecast, we can't really comment on that. This is Asa's forecast, and we believe that they are good at forecasting, and we can't really comment any more than that. As for the Nordics, I I hand the hand over to to Annika. Yes. I already alluded to in the in the presentation that we are we were obviously disappointed with the Swedish negative recommendation as our ambition is really to help patient access to these innovative treatments. But our Nordic launch strategy is really long term and evidence driven. So so and as we know, I mean, the reimbursement decisions differs across countries and system all across Europe actually. And we know that it takes time in Europe generally, if you compare it to U. S. And Asia when it comes to speedy access and new innovations. So we continue our dialogue with the different stakeholders and authorities.

34:36 And as I've mentioned, I mean, there might be some other pathways going forward with discussing a broader reimbursement in the different countries. So we continue to engage and and prepare for a broader broader reimbursement. And as we know, I mean, Europe nor Sweden is kind of a bigger chunk of our financial expectations of revenue. So so we have time, and we continue. The next question comes from Rajan Sharma from Goldman Sachs. Please go ahead.

35:30 Hey, morning. Thanks for taking my questions. So firstly on exifanemab, could you just help us understand what your internal bar is for a positive readout? I guess asked another way, what would you need to see to justify further development given that we've seen a reasonable amount of attrition with the mechanism previously? And then one on the commercial, realize it's small, but could you just help us understand the size of the commercial opportunity for Lykkembi in the private markets in the Nordic regions? Are there any sort of comps that you could point to where there have been some successful rollouts in that segment of the market? Thank you. Okay. So with regard to exudaiman, what we're looking for here, we should remind ourselves what kind of study this is. It's a study where the primary endpoint is safety and tolerability and where we also will be looking at pharmacokinetics to see which doses should we use in Phase 2b.

36:30 And we also have included some biomarkers, but they are more there in order to learn for and prepare for the next Phase 2b studies. So I think a positive readout would be that it's well tolerated and looks safe and that we can see what dose to use in the next study and that we have learned how to use the biomarkers. So that is what I would expect. And I think we will have an like an interim analysis for safety at The United States. And then at the end of the year, we will have the full results from the study. And if I may add to that in terms of recent there has also been recent progress with two alpha synuclein antibodies now in Phase three studies, the prasinezumab in PD from Roche and Almenotope from Lundbeck in MSA.

37:16 So I think that every antibody needs to stand on their own merits and we have a very, very selective and the most selective antibody for what we believe are the toxic species, the aggregated alpha synuclein. So we have a differentiated profile. We also have an excellent human PK profile in within half life in human of thirty days. So the combination of this high selectivity and the very attractive pharmacokinetic profile, I think makes us really being able to test the concept of alpha synuclein lowering in an excellent way with exudatumumab. So I think it's very important to not mix the antibodies with each other and the study design are also very, very different, I would say. Yes. So on the question on the size of the private market in The Nordics, I would say it's not a huge private market for The Nordics. So you shouldn't have any major expectations on the sales.

38:17 But I think it's and it differs from one country to another. And you have to remember also that, of course, the different authorities have set up some requirements when it comes to the risk minimization measures required by EMI and all the four major Nordic countries have different ways of addressing that. So it takes a little bit of time to set the clinics up and see if they kind of meet the criteria to offer treatment of olecanbi to private patients. But we think it's a good experience. And of course, it's very reassuring to know that some patients do have the opportunity at least to get treatment. And it's also much appreciated by the healthcare professionals in the other Nordic countries to hear the experience that the Finnish clinics are now having now when they are treating more and more patients in Finland. So I think it's reassuring to see that there is an interest to provide this treatment to patients. But of course, we're looking forward to a broader reimbursement.

39:25 Thank you. The next question comes from Joseph Hedden from Rx Securities. Please go ahead. Sorry. Sorry about that. Just a couple of follow ups. So BAN2238, is that the same antibody as exudablimab just conjugated to the brain transporter technology or is it a stick to antibody? And then secondly, you talked about expanding use of the brain transporter platform.

40:11 So when thinking about incorporating different modalities, how much do you need to modify the technology itself? Is it all still based on the transferrin receptor? Are we talking about subtle tweaks? Or is it something larger? Yes. If I start with the first question on the band 2,238, it's not the same antibody as exudanimod. It's a slightly modified antibody. And that's all I can say. And it's of course, coupled to our brain transporter technology as well. But it's not exudanimod. And for the second question in terms of modifying the brain trans porter platform, I mean, is a very versatile platform and we have different transferring receptor binders with different affinity.

40:59 So depending on what you want to achieve, if it's a large Cmax or an AUC in the brain, if you need a rapid uptake or what kind of pharmacokinetic profile you need, you might need different affinities for the transferrin receptor. So this is a family of different options that we have. And it's a very versatile platform that we can tailor made based on the target and the indication and the pharmacokinetic profile that you want to achieve with your specific modality and target of interest, I would say. So it is very versatile and we have modified it in several ways in order to play with different targets. Okay, thank you.

41:49 There are no more phone questions at this time. So I hand the conference back to the speakers for any written questions and closing comments. Thank you so much. So we have one written question from Fredrik at Redeye. And it reads, any near term effect on investments or costs in Sweden to be compensated for in the Le Kembe co promotion in the coming quarter due to the recent recommendation by the NT Council. Anything we can comment there? No. That's the short answer. We continue to prepare, and we really hope that we will be able also to help Swedish patients. Even though it's not a financial impact, is large, we still want to help also Swedish patients.

42:50 Operator, I see that there's somebody waiting in the speaker queue. The next question comes from Natalia Webster from RBC. Please go ahead. We we can't hear you, Natalia. Apologies for that. Can you hear me okay now? Yes. Perfectly. Thank you. So firstly, just a follow-up on the Kembi regarding the subcu induction producer delay.

43:36 I appreciate we have SI's guidance for the full year, but how does a three month delay affect your assumptions around the ramp through the year? And are there any read throughs for the Japanese subcu initiation time line as well? Then second question is on the brain transporter BAN2403. You previously had plans to go into Phase I in 2026. Appreciate it's up to BMS, but are you able to share any details around time lines there? Thank you. So if we start with the LeCambi subcutaneous auto injector where the FDA has a new PDUFA date of August 24, and they have asked for some more data on switching between IV and subcutaneous administration.

44:26 And our partner, A side, are very confident that this will run through in a good way. And we have a priority review. And even if it is a three months delay, it's still shorter review time than if we had had a standard review time. So and I would not be surprised if it comes before August 24, but that's the PDUFA date. And I don't think that we should see any read through in in this delay to Japan on the other side that we see that Eisai mentioned that q three is when they expect that that response. So I think that's it all looks very good. And I think that subcu auto injector, which in The US is called iClick, is a really important next step, which I think that will help patients a lot in making it more convenient.

45:23 Your other question, I think was I didn't hear really, but I thought you asked about Band 2,803, which is partnered with Bristol Myers Squibb. And it's really in their hands and we're not commenting upon exactly when that will go into man. But it's progressing well according to all news we have. Thank you. K. We see there's another question, written question here from Eric at at Carnegie, and that's regarding the recent data that came out from Biogen on their on their tau in their tau project and what the implications are, if any, for the field with that.

46:17 So I think what we have seen in the Alzheimer's field so far is that we have two treatments that has shown positive clinical data and also got through full registration process, lacambia and one more. And then it is of course important to see if there can be other treatments coming through as well. And we saw that there are some interesting data coming out from the Phase two study from from Biogen, and I really look forward to seeing the results at AIC. And I think it's good that we can have combination treatments in the future. We should remember that Lekambi, even though the target is amyloid, we also affect tau and phospho tau and so forth. I mean, we but I think maybe in the future that will be good with combination treatments as well.

47:09 So I really look forward to seeing more data. There doesn't seem to be any more questions lined up for us. So with that, I think we thank everybody for listening in today, and looking forward to seeing you soon again.