Myles Minter : And just a quick follow-up for Beth. How much of the OpEx guidance is factored into building the new manufacturing facility for this year versus just underlying R&D costs for the business?
Beth Hougen: Sorry, Myles, I didn’t hear that. You cut out.
Myles Minter : How much of the current OpEx guidance is accounting for the new manufacturing facility that you’re building versus the underlying R&D of the business?
Beth Hougen: So none of the OpEx guidance includes any costs associated with the new manufacturing facility. That’s all balance sheet at this point. It’s using some of our cash as we construct the facility, and we’ll be building the costs associated with that asset over the course of the construction period and then we’ll begin amortizing those costs in the sort of ’26 time frame once the building is online and operational. And at that point, you’ll start to see some of those expenses from the amortization flow into our OpEx.
Operator: The next question comes from Mike Ulz with Morgan Stanley.
Mike Ulz: Just one for me on perverse in HBV. You highlighted your partner, GSK, recently started the Phase III study. Just curious how the recent J&J decision to deprioritize their HBV program might impact your thinking on potentially the opportunity here or maybe your go-forward strategy?
Brett Monia: Eric, do you want to take a stab at that?
Eric Swayze: Yes, sure. It really doesn’t impact our program — GSK’s program at all. We’re very pleased that GSK is nicely enthusiastic about this program and started their Phase III program. Again, the perverse in the B CLEAR study in the Phase II data did things that the other drugs are competitive RNAs for lowering s antigen if not done, which has caused the loss of S antigen that are sustained for a long period of time. And that’s the reason GSK is taking it forward. So we’re very enthusiastic about our program and really don’t see any read-through from other programs at all?
Brett Monia: Yes. Michael, I think in short, the competition from the J&J drug was kind of discounted already because we have seen, as Eric said, greater efficacy in Phase IIb — for BPIRAVersen this just helps clarify that situation. So if anything, it clarifies the competitive landscape for Bearers and it just further enhances it.
Operator: The next question comes from Paul Matteis with Stifel.
Paul Matteis: This is James on for Paul. Just a quick one on Angelman’s. I guess what’s the latest thinking on when we may see that data? And again, how are you thinking about whether or not this trial suited to get a sense on efficacy? And then maybe just quickly, taking a step back from a strategic perspective, as you look at all of your nonpartnered assets, how are you thinking about the balance of potentially monetizing them versus launching them and pursuing them independently? And from a BD perspective, thinking about other technologies in light of the Metagenomic partnership or so.
