William Jordan: Yeah. Good morning. First of all, congratulations on the strong quarter. Clearly, you are making tremendous progress. It seems that one of the challenges in the past was the capital to deploy the new OMPULs. Given the significant investment from Metalmark, how do you see that impacting the business going forward?
Vered Caplan: Well, we — first of all, we appreciate that capital very much, because it allows us to stick to our plans, right, and to make sure we can continue to provide for our existing customers and hopefully for new customers. The production capacity we need, that’s very helpful. What I think we can do is now is kind of grow with our customers and go with the industry. And having that capability to expand capacity is very important, because the one thing that our model allows is flexibility. When you look at additional kind of production, right, the moment you — the moment between which you want to increase capacity or if your customer wants until you can actually build out that new capacity is very long. And one of the important things in our approach is allowing that quick response time.
So you don’t have to plan three years ahead that you have that ability to both flexibility to change location, to change capacity and we believe that’s one of the biggest issues of this industry. So that really allows us to kind of, I would say, validate this approach we have.
William Jordan: Great. Thanks. Keep up the good work.
Vered Caplan: Thank you.
Operator: Your next question for today is coming from Steve Waite at Gilder Publishing.
Steve Waite: Hey. Good morning. Good afternoon. Vered, just a question, there seems to be the centralized manufacturers seem to be struggling the center of breakthrough medicines, for example. I mean, these guys have invested a lot of money in these centralized facilities and they don’t really have any customers. I think your decentralized model looks a lot stronger. Can you just comment on perhaps why these centralized models are struggling today and why the decentralized model has a better chance of succeeding?
Vered Caplan: So, first of all, I wish all companies providing capacity in this space, the best of luck. And one thing for sure, there’s plenty of work for everyone does not even need to compete to such a lack of capacity outlook. And we want everyone to succeed whether centralized or decentralized. And I think it’s, again, a timing issue, okay? Because if you look — and when you look at some of the struggles the industry is having, and again, this is my assumption, but I think this is what I am hearing from the industry, right? Traditionally, if you want to build out capacity, you have to plan that quite a long time ahead, right? If you want to work, for instance, with a subcontractor, a service provider, you have to plan that well, well in advance.
And not always are your plans that clear, especially if not, if you are on a clinical stage, you need to make secure — you need to secure space. Now as that space kind of — and what happens is for new capacity being built, it takes a long time until additional kind of companies get to that point where they are planning that much ahead, okay? I hope I am clear. I am explaining well
Steve Waite: Yeah. Okay. Appreciate it.
Vered Caplan: It’s planning logistic issue. The other issue, I think, is that the industry is, these are not exactly the easiest financial time. And I think there’s a big difference between committing to a large facility with a lot of upfront commitments than working with us, right? Where the commitment is stage, it’s very flexible. So it’s much easier, I think, to make a decision, working us with an OMPUL when you know you can have that OMPUL maybe today here and then if you have a change of plans, you can have a solution somewhere else. So it clearly allows our customers that quick flexibility as times change as things change. Again, that is my assumption. But that’s what kind of I feel from coming from the industry.
Steve Waite: Thank you.
Vered Caplan: Thanks for the question.
Operator: Your next question for today is coming from James Watson , a Private Investor.
Unidentified Analyst: Hi, everyone. I want to check with the account receivables, because if we take it as a percentage of the total revenues, it has gone up quite a bit. Just wonder, would the collection be prominent, if we do collect all these account receivables, would we be paying down some debt?
Vered Caplan: Neil, do you want to answer?
