After 10 years developing efti and Marc's clear strategy of...

After 10 years developing efti and Marc's clear strategy of BP being our customers

After good/ great data which has been the mantra of many 'to let the data do the talking'. P2 data sets in.

Where to from here?

Multiple P3 trials not on the agenda - also Marc

So we do one P3 - not AIPAC as NSCLC/HNC has more commercial potential - Marc

NSCLC/ HNC - combo with Keytruda.

On that basis we would have only one potential customer.

Could be that Merck is playing us and has perfect macro conditions to do.....nothing. Supply agreement maybe?

Competitive tension?

Business success = USP (unique selling proposition) and profitable exploitation of USP over X time.

We have efti - it works as a unique adjuvant in combo with PD-1 and chemo and possibly others.

Lag-3 is now proven as the next ICI pillar. BMS have FDA and soon EMA approval for Relatlimab in combo with their PD-1 (Opdivo).

After 30 years since Freddie discovered efti, I would not agree that monetisation of efti is a 'knee jerk' reaction to current macro conditions.