Eric Esser: Yes. I think you covered most of it, Todd. So by the end of this year in Q4, we would expect something approaching 100% offset of our external supply of oligos. So internally, we’ll have the capacity that we need to offset the vast majority of our external oligo — of the needs today that we have for oligos that we currently purchase from outside vendors. And so as we look in 2024, most of our 2024 oligo supply will come from that internal capability. And as Todd said, the margin impact will be mostly felt in 2024 because we are ramping up through this year. And I think we’re — on a total blended product basis, we’ll be expanding pretty significantly multiple hundred basis points in 2024.
Brandon Couillard: Got it. And then lastly, just to confirm in terms of the Pfizer technical milestones, so I think there’s 3 left. How many have you contemplated in the guide? Just want to confirm — each of them are $2.5 million, is that right? And then what’s left to recognize in ’24 from that?
Todd Nelson: Yes. So in ’24 or ’23?
Brandon Couillard: That’s right. I think there’s another tranche in ’24.
Todd Nelson: Yes. Okay. So — yes, sorry, Brandon, I understand the question. Yes, so we had an $8 million upfront technology access fee that will continue to be amortized throughout the course of 2023, but that will go away at the end of the research period which is the fourth quarter roughly of 2023. During 2023, we’d anticipate achieving 2 additional Pfizer milestones, and they’re all, to the best of my knowledge, priced about the same, if you will, from an accomplishment perspective. And the first one that we disclosed was about $2.5 million. Then there will be another one that we’d anticipate achieving in 2024. So there’s typically a milestone and then a little bit of time to do the work and then another milestone. So just noting that we accomplished the first milestone in the fourth quarter of 2022.
Operator: And our next question comes from Harrison Schrage from KeyBanc Capital Markets.
Harrison Schrage: Congrats on the great quarter. If I could just follow up on the Pfizer milestone payments. I think I understand generally what that’s going to be here in FY ’23 but if you could just provide a little bit more detail into ’24 and ’25 on that.
Todd Nelson: Yes, Harrison, I don’t know how much — so we’ve disclosed, I think, publicly, generally at a high level what those categories are. So just again, by way of review, the Pfizer deal had an upfront fee that we’re amortizing. And I just mentioned that there are 4 milestones that need to be achieved during the research period. And then there are some pretty significant milestones in 2024 related to potentially exclusivity or non-exclusivity. And then after that, there are commercial milestones as well as clinical milestones and royalties on sales. So the cadence of revenue from ’24 and ’25, I think we’re anticipating the successful achievement of a milestone in ’24. And then there’s the opportunity for us to receive some additional large onetime milestones related to the exercise of exclusivity, if appropriate.
And then I would say for ’24, that’s it, and then ’25 would kick in some commercial milestones and clinical milestones. I think what we disclosed also is that per exclusive product, it all adds up to about $280 million per product.
