Max Herrmann: Hi. Thanks very much for taking my questions; three, if I may. Firstly just some financial clarity just on the COVID vaccine inventory write-off in the fourth quarter, was interested to find out what that was? Secondly, on the Epstein-Barr virus candidate, how do you view the field given the mRNA vaccines ahead of you in the clinical ready? And then just a little bit more clarity on the refund liabilities at €136 million, what do they actually — is that to do with the Pfizer funding or what’s within that, if we could get a bit more clarity on that? Thank you very much.
Thomas Lingelbach: Max, so let me start with the non-finance question first about EBV. As you know, Valneva’s strategy is certainly based, and Valneva’s R&D pipeline strategy is basically based on our clear idea to have assets where we can play a differentiating role; first-in-class, best-in-class, only-in-class. So, if we entered into a space where others are more advanced. And, we will see whether we can play a differentiation game. And, you are absolutely right. There is one program in clinic development I think. But, we will evaluate our candidate. And then, take a decision before we enter the clinic of course.
Max Herrmann: Okay, understood. Thank you.
Operator: Thank you.
Thomas Lingelbach: It brings up to the finance question.
Peter Buhler: Yes. Thanks, Max, for the question. So, first question on the COVID inventory write-off. So, basically the approach we took and we communicated previously that we have 8 to 10 million inventory of COVID — dose — 8 to 10 million doses of COVID vaccines in our inventory. So, the approach we took at the end of 2022 is basically take a full write-down on semi-finished finished products but also on specific raw material related to the COVID vaccine. We, of course, continue our efforts try and sell these products in the market. But, given where we are today we decided that this will be a prudent approach to wholly write-down those inventories.
Thomas Lingelbach: With regard to your second question, refund liabilities, which is by and large Pfizer-related. There is a small historic remaining part that relates to an old used case, contract or refund liability which is related to the cost of that we did last year, but basically, the large majority of the refund liabilities is related to Pfizer.
Max Herrmann: And just on my inventory write
Thomas Lingelbach: Sorry, yes.
Max Herrmann: Inventory write-off, are you able to quantify it, because it’s quite odd to not leasing, so I’m unclear about what the actual amount was. I mean does that mean that you have written-off the product you — all your inventory now? or, the stuff that you plan to ship to Bahrain that you have kept a cost? Just trying and understand the implications.
Peter Buhler: Yes, so your assumption is absolutely correct. We basically rolled off everything except the remaining shipments for Bahrain. So, that will still be included in our inventory. And that’s a relatively small amount. But, overall, you can assume a write off in the financial year 2022 of roughly €130 million. That goes into our cost of goods.
Max Herrmann: Okay, great. Thank you.
Operator: Thank you. We will now take the next question. It comes from the line of Rajan Sharma from Goldman Sachs. Please go ahead. Your line is open.
