Operator: Next question comes from the line of Justin Bowers with Deutsche Bank. Your line is open.
Justin Bowers: Hi, good afternoon, everyone. As you look at the composition of the NAP revenue to date and the funnel that you have now, is there a way to help us think about what proportion is sort of recurring revenue or a way to think about visibility going forward that’s sort of like part one, then part two would be just any thoughts on the competitive landscape. I know that your lead times have come down a lot, and there is also been a lot of capacity that has come online across the industry as well, just be helpful to have a sense of your perspective on the landscape there as well?
Trey Martin: Yes, I’ll take a quick stab at the competitive landscape and hand it to Drew or your first question. So the, as we focus on the front end of the development funnel, there is more diffuse competition there where the competition and services specifically has come up significantly is really at the large CDMO level where there are fewer programs. So we the competitive landscape is sort of meeting in the middle with large CDMOs who have recently brought mRNA capacity to the market, reaching back into earlier phases and discovery folks such as us progressing through from discovery through Phase 1 through Phase 2 and so on since about two-thirds of our TriLink revenue is Discovery. We are really, I think, being more affected there by new project starts, slowdowns or delays than specific competition. So then I’ll hand to Drew for the first part of your question.
Drew Burch: Sure. Thanks, Trey. Look, I think it’s difficult to put a precise percentage on it in recurring revenue terms. I think we have there are customers in discovery order from a on regular basis and tends to recur. We have some platforms that were built into the two quarter on a quarterly basis and that was supplied regularly as you get further into clinical trials, whether we’re supporting with reagents like CleanCap or whether we’re supporting with clinical trial services, it may be a recurring piece of business so long as that program continues to advance through the clinic, but the advancement of that program through the clinic may not occur on a regularly quarter regular quarterly basis. So there may be stocking events in certain phases of the clinical trial, and there may be manufacturing events at certain phases of the clinical trial.
So hopefully, that helps get to your question, but it’s really a mix of both and not always in a consistent quarterly pattern on the clinical trial activities.
Operator: We are now out of time. I’d like to turn the call back over to Deb Hart, Senior Director, Investor Relations.
Deb Hart: Thank you, Tammy, and thanks, everyone, for your time today and for joining the call. We will be at a couple of conferences next week and hope to catch up with many of you there. Have a good evening.
Operator: This concludes today’s conference call. You may now disconnect.
