Thomas Lingelbach: So basically, the start from the very end of your series of different questions. So the product got approved by way of accelerated approval pathway like many other vaccines did, by the way. So this means that the — the immunogenicity level of seroprotective thresholds are predictive and considered predictive for efficacy. And we are, of course, emphasizing our very strong data here that we are close to 100% and that this includes elderly, where we see also a major differentiation against potential other vaccines that may enter. And the second point is, of course, the unique setting that you have with a single chart a very, very long protection, and which, of course, means that this is an important feature when people think about chikungunya vaccination the travelers that go there are very, very often travelers who go multiple times.
And there’s a lot of IATA data that supports that. And therefore, we emphasize this. And of course, we focus specifically the travelers 65 and above, but we promote according to what we are allowed to promote, meaning the label of the product as approved.
Operator: And the next question comes from the line of Evan Wang from Guggenheim Securities.
Evan Wang: I just had 2. First, on the midterm outlook and some of the updated kicking on your market opportunity assumptions. Seems like the total market is consistent with what you guys have said prior, while the share of travelers has increased at travelers. So can you help us walk us through some of the updated assumptions here. Is that really driven by the ACIP recommendation, higher travel rates or initial reception [indiscernible] price? And then conversely, in terms of the reduced stockpiling or endemic opportunity? And then secondly, as we’re looking at the first year launch, now it will be a ramp in that you described. If you could help us understand any stockpiling or seasonality since we’re still early on.
Thomas Lingelbach: Yes. So a couple of different questions. So first of all, market opportunity, as I said, we have taken a couple of key data points in the consideration. You have all seen the CDC maps that defined the areas where chikungunya and chikungunya transmission represents a major risk, it is the basis. Then we use the IATA data with travelers going to this area, meaning the total population that we are targeting and focusing on we are also using, of course, market data from the acceptance or expected acceptance for the vaccine preliminary data show that especially the longevity of immune response and the high levels of protection are especially appreciated by potential customers and prescribers. And then, of course, we take adoption rates and those adoption rates are really educated also based on our own experience from the travel vaccine sector.
And all that together has led us to further fine-tuning the opportunity for the vaccine in the travel segment, as I mentioned earlier, and this is including, as I mentioned, the price point or the different price points in the different countries. Now what is important is we have not included any potential stockpiling opportunity at this point in time because we don’t think that it’s prudent to do that in the absence of really knowing whether there is a commercial opportunity around the stock product business. We have not necessarily decreased the LMIC opportunity. We — but we have not yet a clear feel for the LMIC opportunity, and we will further develop that. So that’s why we have focused our guidance right now on the travel segment.
Operator: And the next question comes from the line of Ed White from H.C. Wainwright.
Ed White: So first, I just wanted to ask you about the third-party sales and moving to a proprietary platform. You had stated that this is going to improve gross margins. But will there be any impact on your SG&A efforts?
Peter Buhler: Yes, Ed. This is Peter. So the third-party business was really a way for us to bridge revenues during the COVID years. We have not really added — I mean, we added a couple of people here and there, but really not significant numbers. So the focus on our proprietary products will not have a dramatic impact on our SG&A cost. It’s really gross margin improvement that will be driven by that because our proprietary products have already much better gross margin.
Ed White: Okay. And my other question was just regarding potential strategic transactions. You’ve mentioned it before. And I’m just wondering what is your strategy there? Maybe give us your thoughts on what makes for a good acquisition or what makes for a good target?
Thomas Lingelbach: Yes. So basically, we will target a next Phase III program, as I mentioned, at the time when the Pfizer Lyme Phase III trial will be completed. And we have a couple of interesting internal programs we are currently working on that could be advanced and accelerated to match this time line and we’ve put it in direct competition to a couple of external opportunities that we are evaluating. When it comes to the criteria that we’re going to use, we have, in the past, always focused our R&D pipeline development on trying to build vaccines and develop vaccine solutions in areas of unmet medical needs, and where we can have a differentiated position, first, best, only. And basically, this is what we’re going to do going forward. And as mentioned earlier as part of the news flow update, we hope to present a more detailed pipeline strategy in the latter part of this year.
Operator: And the next question comes from the line of Nick Hallatt from Goldman Sachs.
