Operator: Thank you. [Operator Instructions] We are now going to proceed with our next question. And the questions come from the line of Andrew Scott from [395 Group] (ph). Please ask your question. Your line is open.
Unidentified Analyst: Great. Good morning, afternoon, Thomas. A lot of the questions that I had were answered in the prior statement, but you’ve really done a good job in turning the company around. I see a lot of the progress that you’re doing on the RNA platform right now. I thought the question is about potential and criteria for other collaborations. You’ve picked up two so far. I imagine you’re talking to a variety of other people. So, the RNA platform has got some pretty good traction. We got the update on Bentrio. And then, as far as AM-125, I know that’s been the primary asset, and you’ve put a lot of money into it. But do you have any idea on what a potential partnering or out-licensing of the asset would look like?
Are you looking for 1 million? Are you looking for 5 million? Obviously, as much as you can get, because you put a lot of money into it. But can you give us an idea on how you’re looking to move that asset on and build additional value for the company? Really great turnaround and positive shareholder equity year-over-year, too. So, congrats.
Thomas Meyer: Thank you, Andrew. Yeah, indeed, there is a lot of value in AM-125. As I mentioned, we have invested $18 million over the years into this. I think what is particular about this product is really — it’s relatively low risk in the sense that it’s a reformulation, a nasal spray. It has a much better bioavailability than the oral form, and it’s patented. I mean this is all attractive, obviously, for pharma biotech companies because it’s a much different profile. And what is also very unique is that, well, you have here a pretty significant drug that is literally marketed around the world in more than 110 countries, but in the U.S., it’s not on the market. I mean, it was pulled from the market, not for safety reasons, in the early ’70s, and it was never reintroduced.
Well, after a while, nobody had any patent to protect it. But now, okay, we have a formulation that actually works better than oral, and it’s patented. It’s patented up to ’38. Now, if you take this risk profile, if you take then the fact that there is an existing market and you take the fact that there is IP behind it, then of course, you can get here some pretty interesting scenarios. And one scenario, as already mentioned, that is, okay, U.S., well, can be different things, different indications that are developed. I mean I mentioned, for example, Prader-Willi syndrome, which is a rare disease, pediatric rare disease. Here, we have had discussions with patient organizations. So, there is definitely a need for this. It could be an interesting development, but it could also be a very interesting development for other CNS disorders.
There are clinical data on ADHD, for example, but also vertigo. U.S. doctors, they tell us, we want to see that product approved. So, that’s one value part, so to speak, and ex U.S., well, you have that existing market. And essentially, you can or we expect this to be marketed at a premium pricing. Now, as you can already feel and sense, Andrew, I’m trying to avoid giving you here a very concrete guidance indications on how a deal or how deals could look like. I mean, let’s put it that way. Of course, we see here quite some upside. We have a structured process that is ongoing. So, we have here some external help, and, well, we will seek to find the best possible partner or partners for this program to unlock the value that is embedded in this product.
So, I hope you bear with me that at this point, I cannot be more specific than that.
Unidentified Analyst: I understand, Thomas. I’m good. But congrats. I am seeing a lot of other publications about betahistine. So, I imagine that asset is going to get much more interesting. But congrats again on a great turnaround in the year.
Thomas Meyer: Okay, thank you. Appreciate it.
Operator: Thank you. As there are no further questions at this time, I will now turn the call back to management for any concluding remarks. Thank you.
Thomas Meyer: Okay. Thank you. I believe we have covered all the highlights early today. Apologies again for the technical issues. I will simply thank everyone for attending this morning’s call and for your good questions, and we wish you a terrific day ahead. Thank you. Take care. Bye-bye.
Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you all for participating. You may now disconnect your lines. Thank you.
