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Hello, everyone. My name is Frank Tang, and I'm with the Investment Banking Division at Morgan Stanley. Thank you all for joining us for the Fireside Chat with ZymeWorks. I'm joined here today by the Chairman and CEO, Ken Goldriff. Ken, welcome back, and a lot has evolved since last year, since we were here. It would be great if you could provide an update on where ZyneWorks stands today and give us an overview of your broad model across licensed royalty assets, Zanny, the wholly owned TCEs, your ADC platform, and now the TheraVents acquisition. No, it's a great thing. And again, great to be back here again this year with you, back to school, back to work. Seems like it's been a long week already, but really happy to be here and have a chance to update you on Zymerx. For 2026, we've had an amazing year already as a company. and it's not finished yet. But obviously with the recent FDA approval of Xenodatamab in first-line GEA patients and HER2 overexpressing GEA patients, we've made this amazing journey from discovering this molecule inside our company 11 years ago with a great protein engineer who came up with this idea of creating this bispecific antibody that would really create a brand new class of agent to be able to use in the HER2 class. And over the past 11 years, we've traveled that journey of trying to move that into clinical studies and move that closer to commercializations, in this case with our partners, Jazz and B1 in different territories. And we found ourselves in this position of getting an FDA approval at the end of the day in the place where every biotech wants to be. We've changed the standard of care after 12 years of an amazing molecule, Herceptin, and been able to make an advancement for patients. and whenever you're in a situation where you can move the median OS six or months or more for a patient population overall, in this case it was seven months, you just realize the fundamental change you're going to make in people's lives and a large group of patients on a global basis. It's the reason that we do this in this business. So having that really just recharged us to think again about how do we build a company with that behind us and in front of us, how do We do that again? and how do we do that maybe in different ways when we think about success. So what else comes with that is obviously there's a tremendous financial return that comes to the company from being the innovator and developer of that agent. And so when we start to look at the royalties and milestones that will come to us in a product that Jazz has guided recently to be a $3 to $5 billion peak sales opportunity. And so we have some responsibility for those financial returns for our shareholders to make sure that we take care of them, protect them, grow them, use them wisely, and that's kind of the next step for us. But certainly amazed at the journey that Xanadatamab has taken Zymorx on to get here. Beyond that, we have another phase three trial readout coming from Xanatatamabe in metastatic breast cancer setting in a post-inherit two-patient population, which is going to be fully recruited by the mid-next year and then read out by late 2027, early 2028. So we have another chance to be back in front of FDA with something that might make a meaningful change in that breast cancer setting with Xanadatamab. That's not that far away. And in addition to this, our next product that we've worked on with J&J, Pazritamig, which is the incredibly innovative KLK2 CD3 T-cell engager, will have its first phase 3 readout next year. And it's something that J&G has guided to the potential of $1 to $5 billion in peak sales. Very excited about it. and increasing their clinical development investment of that agent. And that reads out next year. So I think for us, we clearly see where we've come from. It's amazing to be in this place, a biotech company, and certainly solidifies our financial future. But we have some additional phase three readouts coming very quickly for us next year and at the same time, we've moved our wholly owned R&D portfolio forward this year in four or five different themes between oncology, hemlock, and also autoimmune and inflammatory, have an opportunity over the next six to 12 months to showcase some additional clinical data and preclinical data around that diverse part of the portfolio. It's still wholly owned, and we did set goals earlier this year to figure out how we would integrate partnerships, collaborations, maybe the use of spinoff vehicles to bring other capital in that so that we could move forward this very broad and diverse portfolio. So that's been really exciting this year. And at the same time, we made our first acquisition, which we talked about as a strategy. So we haven't closed our acquisition of TheraVents yet, but really hopefully showed what our acquisition strategy is about in trying to find interesting companies who have multi-components that we can attribute value to, whether it's a royalty stream or a profit share like they have in the appellary, which is on the market, on R&D assets or portfolio that we can evaluate to decide if we want to move forward or license, some tax attributes, and other things. So hopefully we illustrated the way we think about the acquisition strategy, helping the overall growth of our company moving forward. Did all of that within the capital discipline that we have inside the company, and at the same time continued to buy back our own shares, which was one of our goals we set out back in the summer of 2024, was to try and buy back a significant part of the company before everyone else caught up on the value, the underlying value of the assets that we think we have in front of us. So since the summer of 2024, including this year, we've repurchased 10.5 million common shares. That's about 14% of our outstanding stock. We've allocated about $215 million to that allocation. And we certainly think that just provides liquidity for current shareholders who want to exit. But more importantly, it will provide an additional advantage to total shareholder return as we continue to grow the company. And so we've been able to continue to do that this year. So I think every aspect of what we set out to do in January, we've be able to execute so far. 2026 not finished. And I think we have a number of things we'd like to get done before the end of the year that hopefully people will see as another illustration of how we want to run this company in the future. But nothing can be as great as getting an FDA approval on something that really changes the standard of care for a big group of patients after an 11-year journey from lab to hospitals where docs can treat patients with something they didn't have available to them before. It's why we do this. It just encourages us to do it again. Maybe we do it in different ways, but we're really, really excited and energized by that. Great. I mean, you have so many different major pillars for the story, and thank you for giving us that overview. I'd like to maybe first start by going a little bit deeper into Zannie. So last year, we were focused on the timing of GEA data, and now that you've secured approval in first-line HER2 positive, could you walk us through what that approval means, how that launch is going with your partners, and kind of maybe a little bit into the milestones and the financial side of those partnerships? Yeah, absolutely. I think when I took this job almost five years ago to become the chair and CEO of Zynworks, We had Xanadatamab, which was just getting ready to go into phase three trials. And I think there was this tremendous feeling that Xanatabab did not have a place. It could not be a meaningful medicine. At that time, we started to see the launch of TDXD, which seemed like it was going to dominate the market segment in every indication available. And we just felt that Xani could be a Meaningful Medicine in a way that others couldn't be. And the differentiation of being really the only bispecific antibody being developed in this space just made us think about where it could be positioned to do well. And we certainly focused on gastric cancers, both GEA and BTC, which was the subject of our first approvals, to look for a situation where we could be the first-line therapy. We could be standard of care. And so it was an important step for us to really execute clinical studies in those segments as opposed to maybe moving to try to compete with TBXD and metastatic breast cancer or try to be one of the others that would be behind the first line, what was going to eventually be the first-line therapy in TDXD. And I think after, you know, five years of clinical studies, we certainly see now where we can be the standard of care in those indications. And that provides us, you Know, a leverage point to then look at other indications, which you can add on to that in the HER2 space, but obviously gives us a base of revenues for our partners to start with. It gives us the base royalty and milestones that we can then utilize in the rest of the business. So that was a very important thing for us to do. I think these are indications that I think if you look at our partners, Jazz and B1, they're ideally suited to execute on. I think If you look At Jazz's strategy of wanting to be more of a rare disease company and whether that's rare CNS or rare oncology, it's an excellent fit with their capabilities and what their strategy is. And if you Look at the benefit of what we saw in our GA studies of looking at the combination of Xanadu and chemo and a PD-1, And I think B1 was very well positioned to bring to Vimbra to that combination. And that provides them an opportunity for another indication to build to Vimbra sales and also to sell Zany in their markets in Asia Pacific and Asia Pacific, you know, sell both. So I think our commercial partners are doing a great job of getting the product approved and position it commercially to make it as broadly available as they can. You know, this is a U.S. approval. We've obviously got filings and future filings to go around the world, but I think they're perfectly suited for maximizing or optimizing the brand. And beyond GEA, I think Jazz has already laid out the next clinical studies they hope to do beyond the metastatic breast cancer phase that's reading out next year. They've outlined a registration study in metastetic colorectal cancer and non-small cell lung cancer in the HER2 overexpressing market, an early gastric cancer indication because there is an early gastric patient setting as well as well as some additional early breast cancer indications of interest. I think they've laid out a pretty aggressive and broad clinical development investment behind Xanadatamab that's going to be necessary to build that to that $3 to $5 billion in peak sales eventually. And so I think we're well positioned for launch. They've done a great job of understanding what will be necessary. They're been in the market place for a while with the biliary tract indication, which has allowed them to do things like get a J-code and get on formularies in like 90% of the centers where you might then want to prescribe Xanadu for GEA. So they've done really well in preparing for the rapid adoption of Xanatatamab and this new indication approved by FDA. And we're just, you know, wait to see the results of that in the next couple of quarters. But we're really expecting this to, you know—it is the standard of care. It's a new standard of carer. It is a huge improvement over what was available for patients, and things like that, usually you see some rapid adoption curve. Yeah, and it's good to see the rapid expansion beyond GEA. I guess you mentioned metastatic breast cancer as well as colorectal. Any other specific tumors that you're excited about that it might be expanding into? Yeah, I think if you look at, you know, we also have had a pan-tumor study underway for some time, which could get us a tumor agnostic label indication in the U.S., similar to what TDXD did, and I think that has had a positive effect on TDXT usage in the US. So that study has been underway for some time frame, so that would be interesting to take a look at. I think if you look at the phase one data set that we had a number of years ago, you could see that ZANI could be meaningful and useful in a whole range of patient settings, similar to where you've seen TRAS usage, but even broader than that and overlaid where you might see TDXD usage as well. So I think there are a number of other tumor types where I think Xani could be beneficial of. Most of those in a first-line setting, most of those looking at it as an interesting combination agent with other classes of molecules, and whether that's chemotherapy or checkpoint inhibition. So I thinks its combinability is one of its strongest features and its tolerability is so good. But we seem to be able to combine it very well with different classes of molecules. And I think that was very important in trastuzumab becoming the top-selling agent in the HER2 space. We certainly have some elements of that, and we have at least a randomized study with an FDA approval that shows that in that first GA indication, ZANI provides more activity than trastozumab, being different combinations. So excited to explore the full range of indications that we can, try to reach every patient we can everywhere in the world where ZANI can provide the standard of care improvement that we've been able to show so far in GEA. It's a great foundation. Moving on a little bit to talk about T-cell engagers, including your next-generation T-cel engager approach, including your DLL3 program and VW209 kind of heading into IND. How would you characterize your T-Cell engager effort today? What does it stand, and how do you expect VW 209 to differentiate from other DLL-3 targeted therapies? Yeah, obviously we've been trying to, you know, following the development of bispecific T-cell engagers for some time. I think I've been working in that field for 20 years now. And certainly they're becoming more meaningful, but not yet enough approved. And I think we felt a couple years ago that there was an element that might be missing to try and improve upon activity and tolerability for a bispecific T-cel engager. So we started this idea that because we can engineering multispecific antibodies, we could look at a tri-specific capability. And if you had an extra arm and a bispecific that you could add, what would you add for functionality? What would you have for durability? And so we came up with this concept, of which DW209 is the first agent, which is due to go in the clinic this year, of trying to incorporate a CD28 co-stimulatory factor in with a T-cell engager and really provide some more durability activity to CD3, but not as an independent signal. but as a conditional signal, and so conditionally activated CD28. And so what we found, at least in preclinically, is that we were able to generate something completely different than looking at a standard bispecific T-cell engager. So DLL3 is the first one we selected. We just thought that was really interesting. We certainly have validation with Tarlatimab being available in the marketplace now on its own or with PD-1, and the thought is that maybe we could provide something extra than Tarlatamab for that specific indication in small cell lung cancers. That's the first place we started, but that's not the only place we think this could be potentially applied. We have a host of other solid tumor targets, targets in HEMONC, and also in autoimmune inflam, which are, again, around this tri-specific understanding. It may be a tri-specific, though more complex, can provide more functionality to a bispecific antibody. I think it's what a number of companies have been trying to do. Proper protein engineering is really the key to solving that. And so we think we've come along with something that's really interesting. And if DW209 can show that in concept in clinic that we're correct, then we can replicate that many more times against different targets and different tumor types. And so, we're just looking forward to putting 209 into the clinic and seeing where that part of our R&D strategy can go to. Got it. Any key milestones to be aware of in the next 12 to 18 months? Yeah, I tried a lot of them. You know, we're pretty active in a whole range of things within the company. So I think for us, you'll see, for ZW209, you're going to see a lot more and you'll be able to see that go to the clinic, but we'll start to give some visibility to what's behind that in our tri-specific TCE portfolio. Got it, got it. I think we've said before, you know, we need to integrate some partnerships and collaborations and funding sources into our R&D portfolio because it's wholly owned now, but it's really diverse and broad. Our R&B group in Vancouver is very productive, which is great, but they're providing too many opportunities for us to try to pursue on our own capital. So I think trying to find a way to integrate partnerships and collaborations from others into that portfolio, finding opportunities where we can maybe think about spinning off something to a dedicated entity which we can work them with outside investors on while maintaining an equity stake and a royalty stake. And that's something we're pursuing as well. As we talk publicly, we're thinking about that as an outcome for our PanRAS inhibitor payload ADCs, which we disclosed earlier this year at AACR. And that seems like that might be a good structure for us to move a part of our portfolio forward faster and broader than if we relied just on our own capital. And we can maintain a very significant equity stake and royalty interest in that development. And so we're kind of excited about executing on a number of those things to see how they move forward. And so look forward to being able to announce some of those completed transactions that we had talked about earlier this year. Yeah, thanks for mentioning ADCs. I think it's a good shift. You've now demonstrated very strong data from ZW191 in platinum-resistant ovarian cancer. What do you think is the takeaway from that data set? What do want investors to take away from it? And then how do you expect it to differentiate in the competitive foliar receptor alpha landscape? Yeah, we set out in 2022 to develop our own portfolio of topopallid ADCs in therapeutic areas where we thought there was some improvement needed. And we focused, as we talked about before, on gynecological tumors, on thoracic, especially lung, and also in GI. So we developed our own proprietary payload, we came up with our own strategy, and we developed ZW191 in folic receptor alfalfa, and we developed GW251 in GPC3 ADC, targeted ADC and a ZW220, which is our NAPI targeted ADCs, and all those in our portfolio. So I think when you look at that portfolio, you know, we got some initial clinical data already from 191. ZW251 is in phase one right now. So We'll see some data on that at the appropriate time. So I think we're really excited about the concept of how we design those topo-ADC payloads with the idea that the antibody is extremely important. There's some really unique attributes of every antibody that we have attached to those ADCs. And focusing on tolerability, this idea that being able to dose at a much higher level than you might have seen with topo ADCs before was going to benefit patients by having more drug exposure and maybe being more tolerable, having more prolonged drug exposure. I think if you look at 191, you know, we were able to dose that DAR8 version at a much higher level than you might have seen before. DW251, which is our GPC3, which was in phase one for HCC patients, that's a DAR4. You know, and we're dose escalating at a level that has almost never been seen before in topobased ADCs. And we'll see if that, you now, that high dose strategy, though it's tolerable, drives enough activity for us to think about that justifies the thesis we had about that being important for things like antigen sync, but also prolonged exposure at higher levels. So really excited about that. And we're, you know, we're almost just getting started in the clinic to understand what those agents can do. We also realized in 2024 that topo payloads were becoming more common, getting a little bit more crowded. We need to go to the next generation as well. We were trying to find the next-generation payload that would be something we'd want to buy into beyond the topo payloads. And мы decided that was targeted small molecules. so a different approach than maybe looking at toxins delivered by ADCs and that's where we stumbled upon the idea of delivering pan-RAS inhibitors in an antibody directed way and so for the last two years we've worked on that first disclosure in April this year at AACR with again a portfolio of three opportunities that cover all the RAS mutated cancers that you would be interested in covering and so that's the really interesting next generation I know it seems funny to go to the next generation when we haven't really got clinical proof of concept of the first generation yeah um but that's how quickly you need to move these days to the next next thing and so i think we're trying to continue to be innovative while still supporting you know what we brought you knowwhat was innovative for us a while ago and so I think both of those two ADC portfolios though different hopefully you know illustrate the types of skills we have at being a great antibody company good protein engineers but also our medicinal chemistry and bioconjugate skills showing as well yeah I I mean, you already hit on the three ADC programs I was thinking of, including the PANRAs. Any other assets in the pipeline that investors should be paying attention to? Any updates you'd like to highlight for us? I mean it's a very diverse R&D strategy, but it's very productive. It's a productive group and a really cost-effective group when you look at what we're able to accomplish. So we have our two separate ADC strategies that we're pursuing with both our TOPA payload and the RAF inhibitor payload strategy. There's other technological developments behind that I won't talk about in dual payload, et cetera. And then if you go to the other side of the house, which is our multi-specific antibody programs, we talked about the tri-specific TCE programs, which is really interesting for us, and ZW209 is the first of possibly many behind that. If you go beyond that, we're also looking at our dual-engineered checkpoint inhibitors, inhibitors. And obviously, we have one that's targeted to go in the clinic next year, ZW1528, which is a bispecific against IL-4 receptor and IL-33. And having just come from Barcelona recently, looking at the AstraZeneca data around their IL-3 antibody and face-free results is pretty amazing. So the idea of combining, you know, Dupixent, what's really Dupizent and IL4 receptor alpha target and IL33 target in the same bispecific molecule could be really interesting for the future of COPD. And so that's the next piece of what we're doing. We have other dual-engineered cytokines below that for different specific indications as well. That's another area of research that we're very interested in. And then beyond that, we like this idea of tri-specifics, but they don't necessarily have to be T-cell engagers. So we like the idea of trying to combine three arms of antibody or more and trying to understand what functionality can be built in. So I know checkpoint inhibition has gone now to dual checkpoint inhibision. Think about things like PD-1 VEGF. And we look at that and we go, that's a great innovation. What we start to think about is if you had a third arm to add to PD-2 VEJF, what would it be? What could you add to add functionality to something as interesting as that? And so you'll start to see from us a little bit more some preclinical presentations around how we think about tri-specifics and beyond. And when I say beyond, we've got things like a penta-specific antibody, which is really interesting, hard to think about, but it's not just adding complexity, you're adding functionality, and hopefully driving more activity, or improving tolerability, or other factors, and so I think we have the engineering skills to make complex biologics, which can drive more activity, andso that's what we're really exploring, so there's four or five different diverse research themes inside the company very productive so no shortage of opportunities so when we think about integrating partnerships and collaborations that are wholly owned our knee portfolio you know we're not in any danger of running out of novel unencumbered opportunities in the future for the company yeah um yeah no that's a great overview on the pipeline i think on that same topic i'd like to move a little bit into corporate and strategy with such a strong with a strong balance sheet today, 300 plus million, 22, and you have an active buyback. How do you think about the future of the collaboration strategy, acquisition strategy, capital return, and how should investors think about kind of financial runway with you guys under this new model? Yeah, so we, I mean, we've been talking to investors about this for probably a year now about how we think this strategy can help us build into something in the future that's very valuable, although it might be a little bit different than a traditional biotech strategy. We definitely made a decision back in 2022 that the best thing for ZenaDataMap was to partner that with someone who could then fund development, fund commercialization. We would simply take a good share of the success from that. But we wouldn't forward integrate to be a commercial organization. That's just what we decided to do. And I think when you look at the peak sales potential of Zany and how to optimize that globally, that was the right decision. But it definitely left us with this thought back in 2022 that in a number of years, we might be faced with, let's say, the problem of having a pretty substantial, durable, long-term cash flow stream from royalties and milestones from Xanadu to Mem's success. And we would start to look like a royalty company or a royalty portfolio. And I think, you know, we've seen this in biotech before, and I think it scares some biotechs. And you think, well, I should just monetize that, make it cash, and go back to doing what I'm doing as an R&D biotech company you know we looked at that and we said look these these cash flow streams that come from commercial assets are very valuable and getting much more valuable in our marketplace when you look at the amount of capital that's now chasing to to have exposure to biotec through royalties and underlying products as opposed to equity yeah so our thought was if these are so valuable why are we not keeping those for our shareholders and if we're going to keep these for our shoulders it's going to be a long-term basis so we might as well actively manage those royalty streams and not simply just collect cash when it comes in. So when you look at where ZanaDataMap can go over its lifetime, if PazRitaMeg is successful in phase three next year and J&J can take that to market, that'll add another royalty stream for us on top of that. You know, the TheraVance acquisition is a way for us to kind of manage that. So we're adding a, you know, a profit share from the sale of Ypelry, which has, again, long-term, durable, predictable cash flows. So we're actually trying to manage that in an active way. And I know it makes it seem like we look like a royalty company, but there's tremendous value in those caches that are all generated from, at least the first two, from our own R&D innovation. And you tell me from someone else's, we just happen to acquire it and bring it inside Zymer. So those are very valuable cash flow schemes. We'd love the value of all of that, as it appreciates in the future from development stage to commercial for Zany and Pezri, to have that flow to our own shareholders, which means we have to be comfortable having the skill sets to actively manage that, making sure we know where value will come from, from holding on to those, why we're holding on to those rather than seeing those as a source of financing because we don't. We've shown structure this year how we've used those to maybe access capital to help that strategy. So we did earlier this year complete a financing with Royalty Pharma where we borrowed against our futures cash flows to bring in $250 million in capital or this year. We allocated half of that to buying back our shares because we felt that was a good transaction. And the other half went in to fund our share of the acquisition of their events. So we've used some debt structure to move capital around and be thoughtful capital locators, reduce share counts, and add another royalty stream to that part of the house. So that's great. But we're still an R&D company at heart. So we're Still Creating innovative molecules, which we can use in different ways. We can partner them to create our own royalties, but also the types of acquisitions we look at, like a Theravance or these multi-component, we can access maybe some of these acquisitions that a traditional financial player can't. Because we have an R&D organization, we can develop assets. We have an operational infrastructure to manage drug development. I can apply that to someone else's assets that weren't invented inside the company. So I think trying to get the best out of both worlds, these royalty assets are tremendously valuable. I want to hold on to them. R&D innovation can create something really valuable like a Zanny anytime. You need to manage the amount of investment you have there and the capital intensity and risk of that. But we can do that if we're financially disciplined and thoughtful about capital allocation. So in the same ticker symbol, we can get the best out of royalty exposure and the best set of R&B innovation in the single ticker. We don't have to choose one or the other. We don' t have to split them as we've seen in our sector done before. And I think the combination of those two things running synergistically with the same management team, the same capital structure is really, really interesting when you look at the financial model and look at future risk-adjusted cash flows that are generated and the total shareholder return that comes out of running a business like that and reducing share count at the same time. That's where you can accomplish outsized returns in our sector. And I know it's not traditional biotech and it's non-traditional royalty financing. It's somewhere, you know, a composite of both of those together. And I Know That's Differentiated, but we can create differentiated products. We can also create a differentiated strategy as a company and maybe create some differentiated returns and differentiated risk profile against those returns. That's the whole thing that we're trying to accomplish. We've shown some of that execution this year. We've got more things to do before the end of the year to show that. I think over time, we'll show the execution against that strategy. We haven't gotten credit for a lot of it yet, but eventually we're hoping that that will catch up with us as we continue to execute and outperform against the strategy. Absolutely. It's a unique place to be and a unique positioning in a competitive but very interesting and profitable sector or a portion of the biotech sector. Moving on a little bit to talking about the sector, there's been a lot of talk about Chinese biotechs, again, this past year. I would say even more than when we spoke last year. How will you be reacting when you, as EnzymeWorks, reacting to this heightened competition, and how does it factor into your strategy? Yeah, that's interesting. So next year will be my 40th year in biotech. And one of the first things I did in my first biotec company, which happened to be in Vancouver, Canada, is went to China in 1988 and struck the first collaboration between a North American biotechs and a Chinese research group. Maybe 25 or 30 years ahead of my time because it didn't work out that well for cultural reasons. But we can certainly see the power then, obviously, of what China might bring to global drug development. You know, I think from our standpoint at Xymerx, we've tried to take advantage of that every step of the way. You know? We use preclinical contractors in China because they're high quality, but sometimes they can move faster or be less expensive. We use manufacturing capabilities in China, which are as good as anywhere in the world in terms of quality and delivery. You know. We've partnered with B1 or Beijing, as it was known, you know, almost 10 years ago because we could see that developed Xenodatamab, especially in gastric indications, we were going to have to have access to clinical trial studies in China. Not just in China, but as a part of a global study. And it was probably easier to do that with a partner than not. And I think without that B1 relationship that we struck 10 years ago, ZANI would not be approved where it is today. So I think we've tried to take advantage of everything that's available in China we can certainly do more. You know, there's certainly a tremendous amount of licenses there with royalties that I think people like Royalty Pharma and others are trying to figure out how to access. There's definitely more collaborative activity there. There's certainly product acquisition we could take advantage of. We've done very well with collaborating with the qualities that China brings to global drug development, and we'll do that. Think broader, you can start to see that already operating in places like Korea, Singapore, India. So I think China's not the only place on Asia Pacific where I think you can take advantage of the capabilities they bring to a global drug development strategy is just trying to was at the front of the curve but I think from our standpoint we'd like to do more in Asia Pacific and have that help our global programs and I think if you structure in the right way it's going to be fantastic for us and the rest of the sector. Great. Well that's all the questions I had so I'd like to thank everyone for joining us today and thank you Ken and I look forward to our next conversation. Yeah, appreciate your time. Thanks for coming. Thank you everyone.