Eun Yang: Thank you. I have one question on the IP and second question for Pierre on financials. So the European pattern 668 in one of your slides, Alexander, you mentioned, I think you showed at least the ruling on validity in the spring 2024. And I was under the assumption that pre preliminary opinion on the validity of 668 Patent is expected sometime October and November this year. So could you give us some update on that on the preliminary opinion? And then second question for Pierre. So, for patient dosing in the seasonal follow-on Phase 1/2 trial, €15 million from GSK is that booked in third quarter? Or is it going to be booked in the fourth quarter? Thank you.
Alexander Zehnder: Question on IP, you’re referring to the split poly A tail patent
Eun Yang: Yes.
Alexander Zehnder: Yes. I think you are right. We are expecting normally a preliminary opinion around this time. Now we cannot exactly say when that’s going to happen because this is going to be fully up to the relative authority that assesses this. So it hasn’t happened yet, but might happen soon. And — but we have not received yet, but it’s spending and then Pierre on the milestone trigger from the GSK collaboration.
Pierre Kemula : Sure. So thanks for the question, Eun. I think you were referring to sort of €15 million milestone related to the entry Phase 2, right? So it is not built into the Q3, right? And we don’t have the cash, but we hope to have that in Q4, of course.
Eun Yang: Thank you. So that €15 million is going to be booked at the revenue in fourth quarter?
Pierre Kemula : Yes. So we hope to have both the booking — I mean, the booking for sure and the cash as well in the fourth quarter.
Eun Yang: Okay. Great. Thank you.
Operator: Thank you. Our next question comes from the line of Mani Foroohar with Leerink Partners. Please proceed with your question.
Unidentified Analyst: Hi. Good morning or afternoon. This is Liliana [ph] for Mani. I had maybe, I guess, a two-part question. So the first one will be regarding the code market, we’ve seen several of the current players reviewing their potential revenue for the year down based on the current market dynamics. I was wondering how do you think about the kind of the — of the core vaccine market. And in addition to that, how could you — or I guess could you give us maybe a little more detail in terms of a potential role come vaccine approach — how far are we to a potential development and the combination? And how do you think about the construct that would be taking potentially in this approach?
Alexander Zehnder: Yeah. Thank you. So two questions, one on COVID and then on combination of COVID and flu, maybe I can start and Myriam, I mean if you want to add as well. I mean, how we see COVID more broadly. Obviously, it’s going to fluctuate a lot. It might vary a lot over time. So it’s kind of hard to predict exactly how big the market will be moving forward. However, we do believe, based on our platform, we’ve seen very good induction of immunicity with relatively low reactogenicity. So we believe we can have a competitive product here for COVID. Also as part of the Phase 2 trial that you’ve seen in the presentation, we are comparing our construct with a licensed competitor. So this will be interesting to see how our platform performs against an established player.
So that will be interesting for us. And then moving forward, nevertheless, even though it might be small, if they’re going to be an important indication for us, also from a development point of view, it’s almost free option for us because we met the €100 million cap in terms of R&D expenses. So that’s important. And of course, it’s going to be a springboard for us to do the combination of COVID and flu where we see the actual potential. But then that’s part of our development strategy as well, of course, with GSK. And I think once early next year, early to mid-next year, we will see both Phase 2 running out, and that will enable us to really choose the best combination possible for a combination product then.
Myriam Mendila: Yes. And maybe I can add to this as well because you’re right, the cohort market is going down, but the covert infection per se and the related respiratory disease remains or continues to be a health is, especially for the elderly population. Most countries in the meantime, have moved on to recommend an annual vaccination to update it strains, especially for the elderly population. And this reflects a similar situation like we have been having for flu for the last 20 years or more. But basically, the flu vaccinations were commended every year with the updated flu strain for especially elderly patients at risk and for patients who have comorbidities that expose them at risk. And so we do see the continued need for certain populations to be regularly on an annual basis, vaccinated with either a vaccine against COVID or against flu.
