Nick Hallatt: Just coming back to the chikungunya program, if I could. On the Phase IV trial costs, how should we be thinking about the phasing of these costs? And how significant are the non-dilutive contributions you’re expecting towards those costs? And then second, if I may, on financing. If we assume that there’s no impact from potential business development deals in the near term. Should we assume that you won’t be required to raise equity into at least post the potential launch in Lyme?
Thomas Lingelbach: So let me start with the first part, and then I’ll let Peter develop a little bit this cash outlook. So basically, when we look at the pipeline development, you are absolutely right. So we are not expecting pipeline or any potential pipeline injection to negatively influence our cash runway that we have projected before. When it comes to the Phase IV activities for chikungunya, as part of our approval, and we have disclosed this earlier, those Phase IV programs go over a long period of time. We have roughly 4 to 5 years to complete the 2 Phase IV studies. We have included this in our company deck, and it’s still included, I think, in the company deck with regards to the time line. So there is not necessarily an equal spread over the — when it comes to spending, but it’s many, many years of Phase IV spending.
We have said earlier that we are expecting approximately 30% of our contributions to those costs. And that’s part of our planning going forward. Peter, on the cash runway discussion?
Peter Buhler: Yes. I think as Thomas alluded to, so we — like we said were sufficiently financed for our operating business. I think that repayment is a different story. And for this, I’m sure we will find a solution. And so that’s sufficiently financed for our operating business would include, as Thomas said, potential in injection, so we could still cover that. And so right now, we do not have any plans to raise further equity.
Operator: And the next question comes from the line of Samir Devani from Rx Securities.
Samir Devani: I think I’ve got 2 or 3, just kick off with IXIARO. You mentioned getting back to pre-COVID levels. I think pre-COVID, IXIARO had a margin of nearly 70%. It seems quite a bit of a jump from the 52-odd that we’ve seen this year or 2023. So perhaps maybe a bit of commentary on how you expect the margin to evolve in line of that growth? And then just on IXCHIQ, again, on margins, and I guess, price as well, we can see it’s being listed at $350. I’m just trying to work out what that would mean in terms of a net price to you guys, if you can help out either those, that would be great.
Thomas Lingelbach: Do you want to take?
Peter Buhler: Yes, I can start with IXIARO. And hey, Samir, by the way. So yes, you’re right. So pre-COVID, I think the margins we had published were in the 60s. And yes, I think close to 70%. And we do not see any reason why we would not get back towards this range again. And then I think on IXCHIQ, it’s public. So the wholesaler acquisition price is $275. So that’s basically what we get in the United States.
Operator: And the next question comes from the line of Suzanne van Voorthuizen from Van Lanschot Kempen.
Unidentified Analyst: This is Klara on behalf of Suzanne van. So I was wondering what was the trigger to put out a midterm outlook? And if you could confirm whether the midterm outlook is also including or excluding any potential milestones from Pfizer?
Thomas Lingelbach: Yes. So basically, we have received a lot of feedback with regards to how we see the commercial business going especially for a new indication and a new product for which no benchmarks and no real data exist. And therefore, we thought it is prudent to provide further clarity, point number one, on the let’s say, the future of the commercial business and how we see the ramp-up in the launch years. The second part is, of course, we have received many questions around cash and cash necessities, given that we have clearly articulated that we would put on pipeline development in direct competition to potential external pipeline injection. We wanted to make sure that people do not interpret this as external means financing needs or an imminent financing need.
When it comes to the Lyme payments, the Lyme payments come at the point where we actually commercialize the vaccine or where Pfizer is going to commercialize the vaccine. So — and they will be part of when — of the influx that we expect to — the business to turn into sustained profitability.
Operator: [Operator Instructions] As there are no further questions, I would now like to hand back to the speakers for closing remarks.
Thomas Lingelbach: Thank you so much for your time. Thank you for your support and the excellent questions today, and wish you a good remainder of the day. All the best.
