James Gruber: Thank you, Sean. Net product sales and royalty revenues for the fourth quarter of 2023 increased 109% to $7.3 million compared to $3.5 million in the prior year period, driven by growth in ALKINDI SPRINKLE, Carglumic Acid and the commercial availability of Betaine Anhydrous. Total net revenues were also $7.3 million for the fourth quarter of 2023 compared to $8.5 million for the fourth quarter of 2022. The prior year period included a $5.0 million onetime licensing revenue item and milestone payment received from Azurity Pharmaceuticals. R&D expenses for the quarter were $1.0 million compared to $0.9 million in the prior year period. General and administrative expenses for the quarter were $4.6 million compared to $4.4 million in the prior year period.
The slight increase in G&A expense was primarily due to personnel additions and we expect G&A expenses to remain relatively flat going forward. Total company net loss for the fourth quarter of 2023 was $2.3 million or $0.09 per basic and diluted share compared to a net income of $0.9 million or $0.04 per basic and diluted share in the prior year period. Eton finished the fourth quarter with $21.4 million of cash on hand and generated $0.4 million of operating cash during the quarter. This concludes our remarks on fourth quarter results. And with that, we’ll turn it back over to the operator for Q&A.
Operator: [Operator Instructions] All right. I don’t see any questions now. I will pass it back to David for any additional questions.
David Krempa: Thank you, operator. We did receive a couple of questions via e-mail that we can go over now. First one is, what are you expecting for operating expense growth in 2024? And what should we expect for gross margin?
James Gruber: So for operating expenses, G&A should be a slight increase from 2023 to 2024, 2023 came in at $18.9 million. We should be right around $20 million for 2024. R&D spend a little less predictable just due to the timing of study expenses, but with the continued development of ET-400 and ET-600 in 2024, it should come in somewhere between $4 million and $6 million. For gross margin expectations in the current year, we should be similar to where we ended in 2023. If you adjust for the $1 million ALKINDI milestone payment that was in Q4 of last year, so between 60% and 65% margin profile for the current year, and that should continue to increase as ALKINDI and ET-400 make up a larger portion of our overall revenue.
David Krempa: Thanks, James. The next e-mail question is what’s your confidence level in closing a business development acquisition this year?
Sean Brynjelsen: This is Sean. Well, I feel very confident we will close a transaction, commercial revenue-generating products. We’ve got several, let’s say, late stages. So, I would expect at that time that we would also be providing some guidance for the year, and this would be accretive to our existing revenue base. The M&A environment is actually quite strong as long as you’re positioned to take advantage of it. So, it’s — we’re not struggling to find deals. It’s just making sure we do deals at the right price and at the right time.
David Krempa: Thanks, Sean. That is the end of our e-mailed questions. Thank you, everyone, for joining us for our earnings call. We look forward to talking to you next quarter.
Operator: Thank you, ladies and gentlemen. With that, you can disconnect. Thank you for joining.
