Thomas Meyer: Okay. Thank you. And the second question to you is the following. How and well will you start making money on the RNA business?
Covadonga Paneda: There are two main paths for RNA business generating money. The first is through collaboration with companies that seek to use our technology to deliver their RNA cargo and milestones coupled with these deals. So this is about granting access to OligoPhore and SemaPhore platform. Longer term, this will be the key driver for us. The second is through out-licensing our two flagship programs AM-401 and AM-411. Here, as I already mentioned, we expect to partner them either after filing an IND next year or after Phase I. Typically, such transactions include some upfront payments, milestones as well as royalties.
Thomas Meyer: Okay. Thank you, Cova. The next and final question is about our Bentrio program. There are quite many nasal sprays available for treating hay fevers. Since you want to partner Bentrio. The obvious question is, what could be the appeal of such a product to one of those larger OTC companies? Well, it’s certainly true that there are quite a few offerings out there for sufferers of allergic rhinitis. Importantly, there is no cure for it except for desensitization, which is allergen-specific immunotherapy. Most sufferers seek to manage the symptoms by either trying to prevent or reduce exposure to allergens or by seeking to relieve them. Frequently, antihistamines are used either in the form of tablets or nasal sprays.
They block or reduce the action of histamines, which the body releases when under attack from allergens. Now another drug-based option is the use of corticosteroid sprays which seek to reduce the inflammatory response. And then their seawater saline nasal sprays, which helped to rinse the nasal cavity and eliminate allergens. This is a very popular drug-free option. Now as always, there is some kind of trade-off involved with any of these treatment options. Some of the drug-based treatments, especially older antihistamines can make you feel drowsy. Then drug-based treatments usually contain some preservatives, which may provoke some sting or burning sensation and may dry-out your nasal mucosa, a well moisturized nasal mucosa is very important for the natural line of defense of the nose.
And then while these drugs sometimes may take a while to start acting, which may be an issue, for example, if you unexpectedly get exposed to allergens and would like to protect yourself ASAP. On the other hand, the saline nasal sprays are usually well tolerated as they are physiological. So they top the drug-based options on that account. However, the trade-off is that their efficacy is lower. This is rinsing. And so you have this seawater drain off relatively quickly, and you will need to reapply frequently, which is not that practical. Now for Bentrio, we are seeing an attractive positioning allowing for significant product differentiation. So Bentrio has a triple mode of action, rapid onset and several hours of nasal residence time. So it’s efficacy is approaching that of Medicaid nasal sprays, yet its safety and tolerability similar to seawater nasal sprays.
So in short, we consider that Bentrio is an attractive product for management of allergic rhinitis, offering strong clinically relevant efficacy, rapid onset and favorable tolerability and safety profile. We believe this is quite compelling, and we are happy to have received patient feedback supporting this, both in the context of our clinical trials and also from patient testimonials. So this is the end of the Q&A session. So these have been good questions. I hope we could answer them well. I believe we’ve covered all the highlights thoroughly today, so I will simply thank everyone for attending this morning’s call and we’ll wish you a terrific day ahead. Thank you very much.
Operator: This concludes today’s conference and you may disconnect your lines at this time. Thank you for your participation.
