Victor Floc’h: Okay. Okay, great. Thanks.
Operator: The next question comes from the line of Suzanne van Voorthuizen with Kempen. Please go ahead.
Suzanne van Voorthuizen: Hi, there. Thanks for taking my questions. A couple from my side. Firstly, you previously guided for peak sales of $500 million to $750 million in US for the current label from Monjuvi. And in the light we’re still continuing to hover around $20 million per quarter, how do you look at the sales potential going forward? What do you believe is needed for us still to grow from here? And what gives you confidence that the growth will materialize in the future? And then I have a follow-up.
Sung Lee: Thanks for the question. This is Sung. So, obviously, we have eight full quarters behind us now. We’re in a more competitive landscape. So, I think, it’s fair to say that the peak sales, it’s quite aspirational. And obviously, we evaluate this on an ongoing basis. So we constantly revisit this, but given the circumstances, this is something we could talk about in the future, but right now, I would say, it’s more aspirational.
Suzanne van Voorthuizen: Understood. And then another question I have is on — you provide better way run rate guidance. But given the accounting for the 50-50 with inside of Monjuvi and Tremfya royalties passed on to Royalty Pharma, P&L has become somewhat more complex. So can you help us understand what is the current cash burn on an annual basis? What is your run rate there?
Jean-Paul Kress: Yes. Maybe I can answer the question this way. I mean, with over €1 billion at the end of Q3, we have more than sufficient cash to get to our most important inflection point, and that’s MANIFEST-2. And I did mention in my prepared comments or an answer to an earlier question, we will get comfortably past that window. Now with the additional funds we received from Royalty Pharma recently, $300 million drawn on the development funding bonds. That gives us additional flexibility. But we’re driving the organization right now towards our most important value creation opportunity. And again, that’s the readout for MANIFEST-2. So as you know how this industry works there is multiple opportunities to recapitalize the business based on a significant positive pivotal data…
Tim Demuth: I would add on what — I mean, we should not lose sight on the giant catalyst that we have ahead of us. We still see the readouts in the mid-term and potentially news on the enrollment of our trial in the near-term.
Suzanne van Voorthuizen: All right. Maybe one clarification because with the moderate Monjuvi sales now and other income some years out, how are you looking at the obligations stemming from your debt position? Most importantly, the convertible bond, which is due in 2025, seems quite near after the potential Phase II readout for pelabresib. Some colors on how and when you plan to capture your financing situation?
Sung Lee: Yes. So yes, I appreciate that question. So on the convert, yes, you correctly say, due October 2025. We have some time to obviously think about this, but we’re keeping all options open. We take our obligations very seriously. And again, we have the wherewithal here with over €1 billion at the end of Q3 to consider multiple options. So I think I’d like to leave it at that, and we haven’t ruled anything out. With regard to the development funding bond, the repayment of that doesn’t start until Q3 of 2024.
Suzanne van Voorthuizen: Understood. Thanks a lot.
Operator: The next question comes from the line of Vineet Agrawal with Citi. Please go ahead.
Vineet Agrawal: Yes. Hi. Thanks for taking my question. I’ll stick to two. Maybe first on SG&A. Your selling costs are down about 20% year-to-date with the quarterly run rate at about €24 million now. I mean, how should we think about this line into 2023? Is there any more room for cost rationalization, or this could be flat from here until the pelabresib promotion starts, or we should expect some increases given the inflation? And similarly, for the general and admin overheads, you think this kind of stabilizes from here or there is more room to drive cost out? And then just quickly on your in-line trial. I could see that as per the clinical trials, the primary completion has moved to Feb 24 versus June 23 earlier. I just wanted to check if it’s still likely to read out the second half of next year or it is more of a 2024 event now. And maybe if I can squeeze in one clarification. Did you say there were some clinical trial purchases in 3Q?
