Jens Holstein: Yes, happy to take the first question. So, as you pointed out correctly, of course, we have broadened our portfolio. We have more and more late stage clinical trials running and those drive the costs up to a great extent. And going forward, we haven’t given any guidance here yet for ’25 following years. So you got to bear with us a little bit. But of course, late stage clinical trials will cost some money. We will carefully look where we invest our money. We have shown that in ’23 already, where we had the same sort of range at the beginning and then we reduced costs also reflecting the pressure that we have faced on the top line regarding the COVID revenues figures that we had to adjust during 2023. So there is some level of insecurity.
I think it’s part of our job to manage our costs here. And of course we will do that in ’24, and in the ongoing years, but we will invest in the areas where we feel will create value for the company. And value for the shareholders. That remains on top of our list going forward.
Ugur Sahin: Yes. And the second part of your question about attractiveness of radioligand, I would like to say, and I am repeating myself, is that oncology is being in a transformation. And we will see this transformation ongoing in the next 10 to 15 years. And the transformation happens because there are new concepts, and one of the new concepts is targeting tumor cells but having bystander effect. And this is what we are seeing in radioligand. So, we have this targeting of tumor cells plus additional bystander effect. And this is even more pronounced in the ADC field. So we will see really tremendous transformation in the oncology, providing us the opportunity to open up indications where we believed in the past, patients.
We can’t offer patients anything. And this is offering now the opportunity to treat patients with advanced diseases, and not only with the ADCs, but bring in combinations and thereby ensure that even in patients with advanced disease, we really get a considerable clinical benefit.
Simon Baker: Great, thanks so much.
Operator: Thank you. Your next question comes from the line of Ellie Merle from UBS. Please go ahead.
Sara Vernizzi: Hi, this is Sara on for Ellie. Thanks so much for taking our question. Could you remind us the latest thinking about when we could see data from iNeST Phase-2 randomized trial and what you’re hoping to see there that would continue to give you guys confidence in the program and moving forward?
Ugur Sahin: Okay. Shortly, we will report iNeST data on our melanoma trial this year, latest in the second half of this year, and we expect the next update for our colorectal cancer study at end of 2025.
Sara Vernizzi: Great. Thanks.
Operator: Thank you. We will now go to our final question for today. And your final question comes from the line of Emmanuel Papadakis from Deutsche Bank. Please go ahead.
Emmanuel Papadakis: Hello. Thank you. So quick question from us, Emmanuel Papadakis, Deutsche Bank. So just wanted to know what are the first Phase-3 readouts, we will see for the rest of the portfolio in 2025 or beyond? And I’m assuming nothing major in 2024. Please correct me if I’m wrong. Thank you.
Ryan Richardson: Yes, thank you, Emmanuel. So we talked about a couple of different trials that we think could produce data in 2025 ahead of product approvals, if successful. And that includes the Phase-2 randomized trial for iNeST and CRC, which Ugur just mentioned. There’s the potential for an interim update in the second half of 2025 or early 2026. And we’ve also talked about the BNT-323 program in refractory second, third line endometrial cancer. So then those initial readouts are likely to be Phase-2, but we think they could have registrational potential if the data is strong. Obviously, the goal by the end of this year is to start many Phase 3. Some of those have already started. So we could have further data updates as well from the pipeline. But those are the two that I would — that. I would point you to.
Emmanuel Papadakis: Thank you.
Operator: Thank you. This concludes today’s conference call. Thank you for participating, you may now disconnect.
