MediWound (MDWD) Q3 2026 Earnings Call Transcript

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DATE

Nov. 12, 2026

CALL PARTICIPANTS

• Chief Executive Officer - Ofer Gonen
• Chief Financial Officer - Hani Luxenburg
• Executive Vice President of Strategy and Corporate Development - Barry Wolfenson

TAKEAWAYS

• Revenue -- $3.6 million, primarily attributable to lower development services revenue related to the U.S. government.
• Gross Margin -- 28.5%, reflecting a higher contribution from royalty revenue which carries higher margins.
• Research and Development Expenses -- $6.2 million, driven by increased investment in the EscharEx Phase III VALUE trial.
• Operating Loss -- $8.5 million, compared with $6.5 million in the prior year period due to higher clinical trial spending.
• Net Loss -- $6 million, or $0.47 per share, reflecting lower noncash financial income from the revaluation of warrants.
• Cash and Cash Equivalents -- $28.4 million as of Sept. 30, 2026, following a nine-month cash burn of $28.3 million.
• Public Offering Proceeds -- $17.25 million in gross proceeds, following a closed underwritten offering in Nov. 2026 to strengthen the balance sheet.
• VALUE Trial Enrollment Target -- 216 patients across approximately 40 sites, with the goal of completing the interim sample size reassessment by the end of the first quarter of 2027.
• NexoBrid U.S. Adoption -- More than 80 ordering centers to date, with approximately 70 centers placing repeat orders as the commercial trajectory strengthens.
• U.S. Department of War Funding -- $3.3 million in additional nondilutive funding, bringing the total room-temperature-stable NexoBrid program budget to $21.8 million.
• NexoBrid Manufacturing Certification -- Two-year extension of GMP certification, following successful inspections by the FDA and the Israeli Ministry of Health.
• Expanded Manufacturing Capacity -- Operational completion expected in the fourth quarter of 2026, with commercial supply anticipated in the second half of 2027 subject to regulatory approval.
• BARDA Procurement -- Activity began in the third quarter of 2026 and is expected to continue through the first quarter of 2027 under Vericel's contract.
• DFU Study Enrollment -- 50-patient study supported by the European Innovation Council, as the company prepares to expand EscharEx clinical development.
• Chronic Wound Market Opportunity -- Estimated $1 billion in U.S. peak sales across three major categories, including venous leg ulcers, diabetic foot ulcers, and pressure ulcers.
• VALUE Trial Top-Line Results -- Expected in mid-2027, following a three-month treatment period and data aggregation phase after enrollment concludes.
• Nine-Month Revenue -- $8.1 million, compared with $15.1 million in the first nine months of 2025 due to reduced government development service revenue.
• Adjusted EBITDA Loss -- $7.4 million for the quarter, compared with a loss of $5.4 million in the prior year period.
• SG&A Expenses -- $3.4 million, representing a decrease from $4 million due to lower marketing expenditures.

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RISKS

• Gonen stated, "global demand currently exceeds our manufacturing capacity, limiting our ability to fully meet the needs of these markets," reflecting production constraints that hinder international expansion.
• Gonen warned that "we do not yet know when or whether funding will be secured" for a planned U.S. manufacturing facility, which creates uncertainty for the company's 2026 revenue outlook.

SUMMARY

MediWound Ltd. (NASDAQ:MDWD) reported a focus on its late-stage clinical pipeline and manufacturing expansion during the third quarter. Management stated that the company is prioritizing the Phase III VALUE trial for EscharEx, which remains on track for an interim assessment in the first quarter of 2027. The company indicated that its commercial product, NexoBrid, is experiencing high demand in the U.S. market, leading to supply-constrained operations that necessitate market prioritization. Financial flexibility was increased through a subsequent underwritten public offering and warrant exercises, providing capital intended to support operations through the VALUE trial data readout.

• CEO Gonen noted that 95% of clinical sites are now open for the VALUE trial, overcoming previous site-opening challenges in Europe.
• Regarding the competitive landscape, CEO Gonen stated, "it takes 4 to 8-plus weeks to achieve what EscharEx has shown in 4 to 5 days on average," when compared to the current market leader SANTYL.
• The company is implementing operational changes at its expanded facility based on EMA pre-audit recommendations, with work expected to conclude in the fourth quarter of 2026.
• CEO Gonen noted that the company has engagement with eight out of the nine largest wound care companies as it evaluates commercial strategy for EscharEx.
• Management indicated that the primary focus of the upcoming DSMB interim assessment is the difference in time to facilitate wound closure, as the study is already highly powered for its debridement endpoint.

INDUSTRY GLOSSARY

• NexoBrid: A biopharmaceutical product used for the removal of eschar in patients with deep thermal burns.
• EscharEx: A bioactive enzymatic therapy candidate currently in Phase III trials for the treatment of chronic wounds.
• Eschar: A slough or piece of dead tissue that is cast off from the surface of the skin, particularly after a burn injury.
• VALUE Trial: A global Phase III clinical trial evaluating EscharEx for the treatment of venous leg ulcers.
• BARDA: The Biomedical Advanced Research and Development Authority, a U.S. government office responsible for the development of medical countermeasures.
• BLA: A Biologics License Application, which contains information on manufacturing processes and clinical data for a biological product.
• GMP: Good Manufacturing Practice, a system for ensuring that products are consistently produced and controlled according to quality standards.
• VLU: Venous leg ulcer, a chronic, hard-to-heal sore that develops on the leg due to poor blood circulation.

Full Conference Call Transcript

Operator: Good day, and welcome to MediWound's Third Quarter 2026 Earnings Call. [Operator Instructions] Please note this event is being recorded. At this time, I would like to turn the conference over to Gaia Shamis of Lifesci Advisors. Please go ahead.

Gaia Vasiliver-Shamis: Thank you, Sagar, and welcome, everyone. Earlier today, before the market opened, MediWound issued a press release announcing financial results for the third quarter ended September 30, 2026. You may access this press release on the company's website under the Investors tab. I would ask you to review the full text of our forward-looking statements within this morning's press release. Before we begin, I would like to remind everyone that statements made during this call, including the Q&A session relating to MediWound's expected future performance, future business prospects or future events or plans are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.

These statements may involve risks and uncertainties that could cause actual results to differ materially from expectations and are described more fully in our filings with the SEC. In addition, all forward-looking statements represent our view only as of today, and MediWound assumes no obligation to update or supplement any forward-looking statements, whether as a result of new information, future events or otherwise. This conference call is the property of MediWound, and any recording or rebroadcast is expressly prohibited without the written consent of MediWound. With us today are Ofer Gonen, Chief Executive Officer of MediWound; Hani Luxenburg, Chief Financial Officer; and Barry Wolfenson, Executive Vice President of Strategy and Corporate Development.

Following our prepared remarks, we will open the call for Q&A. Now I would like to turn the call over to Ofer Gonen, Chief Executive Officer of MediWound. Ofer?

Ofer Gonen: Thank you, Gaia, and good morning, everyone. During the third quarter, we advanced EscharEx development, supported NexoBrid's commercial growth and government program and continued preparing our expanded manufacturing facility to meet future demand. Let me start with an update on EscharEx. The global Phase III VALUE trial in venous leg ulcers remain our top priority. Enrollment continues, and we remain on track to complete the prespecified interim sample size reassessment in the enrollment by the end of the first quarter of 2027. The current enrollment target is 216 patients across approximately 40 sites in the United States, Europe and Israel.

During the quarter, the Independent Data and Safety Monitoring Board completed its prespecified periodic review of the VALUE trial, identified no safety concerns and recommended that the trial continues as planned without modifications. The next DSMB meeting is scheduled for early January 2027. The following meeting is expected at the end of the first quarter of 2027, at which the DSMB will also conduct the interim sample size reassessment. Beyond venous leg ulcers, we continue to advance towards clinical trials in diabetic foot ulcers and pressure ulcers. The diabetic foot ulcer program has received grant funding from the European Innovation Council and is supported by strategic collaborations, while work on pressure ulcer is investigator initiated.

Once final results from the VALUE trial are available, we plan to discuss the development pathway for additional chronic wound indications with the FDA. Turning to NexoBrid. The U.S. commercial trajectory continues to strengthen. Vericel reported NexoBrid's strongest quarter since launch with its highest quarterly revenue to date, driven by the highest number of ordering burn centers and hospital orders ever. More new centers ordered NexoBrid in the first 9 months of 2026 than in all 2025. More than 80 centers have placed orders to date with approximately 70 placing repeat orders.

Government procurement under Vericel's BARDA contract began in the third quarter, and as Vericel indicated, is expected to continue through the fourth quarter of '26 and the first quarter of 2027. We continue to collaborate with Vericel in advancing 2 NexoBrid development programs under our master service agreement, indication expansion to acute trauma injuries associated with thermal burns and development of a new stable formulation. Both programs are covered by the contract between Vericel and BARDA. Separately, the Department of War awarded MediWound an additional $3.3 million in nondilutive funding to advance the room-temperature-stable formulation of NexoBrid as a nonsurgical debridement solution for battlefield burn care.

This brings the program's total budget to $21.8 million and is intended to support the development through submission of an IND application. Together, these programs are intended to broaden NexoBrid's potential applications in civilian and military burn care. Beyond the United States, demand for NexoBrid extends across Europe, Japan and other markets. However, global demand currently exceeds our manufacturing capacity, limiting our ability to fully meet the needs of these markets. Expanding our capacity is, therefore, a key priority for us. Let me provide some context on our manufacturing operations, starting with our current NexoBrid facility.

The facility successfully completed routine GMP inspections by the FDA and the Israeli Ministry of Health, which -- with the Ministry also conducting its inspection on behalf of the EMA. The facility's GMP certification is valid now for an additional 2 years. To address the capacity constraints and support the future demand, we are advancing our expanded NexoBrid manufacturing facility. We are implementing the modification recommended during the previously reported EMA preaudit and expect to complete this work in the fourth quarter of 2026 as planned. Commercial supply from the expanded facility remains subject to regulatory approval and is expected in the second half of 2027. With that, I will turn the call over to Hani.

Hani Luxenburg: Thank you, Ofer, and good morning, everyone. Before I walk through the numbers, let me put our results in context. Our revenue is heavily weighted towards development services for U.S. government programs. Product sales, meanwhile, are constrained by supply rather than demand. We are selling every unit we can manufacture. On the expense side, our main investment is in R&D, mainly the EscharEx Phase III VALUE trial. We expect spending on that trial to decline substantially as it reaches completion. Now turning to our financial results for the third quarter of 2026. Revenue for the quarter was $3.6 million compared with $5.4 million in the third quarter of 2025.

The decrease was primarily attributable to lower revenue from development services related to the U.S. government. Gross profit was $1 million, representing a gross margin of 28.5% compared with gross profit of $0.9 million or 16.5% in the prior year period. The margin improvement primarily reflected a higher contribution from royalty revenue, which carries a higher gross margin. Research and development expenses were $6.2 million compared with $3.5 million in the third quarter of 2025, primarily reflecting increased investment in the EscharEx Phase III VALUE trial. SG&A expenses totaled $3.4 million compared with $4 million in the same period last year. The decrease primarily reflected lower marketing expenses.

Operating loss was $8.5 million compared with $6.5 million in the third quarter of 2025. Net loss was $6 million or $0.47 per share compared with a net loss of $2.7 million or $0.24 per share in the prior year period. The year-over-year change primarily reflected lower noncash financial income from revaluation of warrants. Adjusted EBITDA loss was $7.4 million compared with a loss of $5.4 million in the third quarter of 2025. Turning to our results for the first 9 months. Revenue for the first 9 months of 2026 was $8.1 million compared with $15.1 million in the first 9 months of 2025, primarily attributable to lower revenue from development services related to U.S. government.

Gross profit of $3 million or 19.7% in the prior year period. The margin improvement primarily reflected a higher contribution from royalty revenue. Research and development expenses were $17.3 million compared with $9.8 million in the first 9 months of 2025, primarily reflecting increased investment in the EscharEx Phase III VALUE trial. SG&A expenses totaled $10.8 million compared with $10.6 million in the same period last year. Operating loss was $26 million compared with $17.5 million in the first 9 months of 2025. Net loss was $16.3 million or $1.27 per share compared with a net loss of $16.7 million or $1.53 per share in the prior year period.

The change primarily reflected noncash warrant revaluation income of $10.3 million in 2026 compared with $1.8 million in 2025. Adjusted EBITDA loss was $22.7 million compared with a loss of $13.8 million in the first 9 months of 2025. Turning to our balance sheet. As of September 30, 2026, we had $28.4 million in cash, cash equivalents and deposits compared with $53.6 million at year-end 2025. Cash burn during the first 9 months of 2026 totaled $28.3 million. Warrant exercises generated $2 million during the first 9 months, and we received an additional $1.1 million after quarter end.

Those exercising warrants included all Board members who held warrant, the company's founder and our CEO, each of whom also agreed to lock up restrictions. In addition, in November 2026, we closed an underwritten public offering, including the full exercise [ of option ] for gross proceeds of $17.25 million. This concludes my review of our financial results. Ofer, back to you.

Ofer Gonen: Thank you, Hani. We are advancing EscharEx, supporting NexoBrid's commercial growth and expanding our manufacturing facility. Our recent public offering strengthened our balance sheet, giving us additional financial flexibility through and beyond the VALUE data readout. We continue to work with the U.S. government to secure funding for our planned U.S.-based manufacturing facility. A substantial portion of our anticipated 2026 revenue is tied to development services for this project. We do not yet know when or whether funding will be secured. And as a result, our 2026 revenue outlook depends on these ongoing discussions. Our priorities are clear. First, complete the VALUE interim assessment and enrollment by the end of the first quarter of 2027.

Second, support NexoBrid's continued commercial growth. We'll do that by bringing our expanded facility into operation and by advancing new indications. With that, we are ready to take your questions. Operator?

Operator: [Operator Instructions] Your first question comes from Josh Jennings with TD Cowen.

Joshua Jennings: Appreciate the download today and the update. I wanted to just ask on about VALUE trial enrollment. You reiterated expectations for the completion of enrollment by the end of 1Q. It's great to hear. But maybe if you can just help us better understand your confidence in achieving that milestone within the next 4 to 5 months. Any more granularity you can provide just on recent enrollment velocity?

Ofer Gonen: Josh, good to speak to you. As for the VALUE, we feel very comfortable. We had some hiccups in the past, as you know, especially about opening sites in Europe. Currently, we feel comfortable 95% of the sites are open. To protect the study integrity, we are not sharing patient enrollment numbers or enrollment trends during the conduct of the study. Having said that, if we plan on the 216 patients with the roughly 40 sites that are open, we are very comfortable in this guidance by the end of the first quarter of 2027.

Joshua Jennings: And just wanted to better understand or maybe you could just map out potential timing for the data readout for VALUE, assuming that enrollment is completed by the end of 1Q and the interim sample size reassessment leads to no change. What's the required patient follow-up and data cleaning process and the other factors that could influence the timing of the top line results being made public?

Ofer Gonen: Yes. So the protocol includes a prespecified interim sample size reassessment after we finish the treatment of 140-ish patients. This is in order to confirm the targeted 85% statistical power. Based on that assessment, we will either finish the enrollment of the 216 patients or increase the sample size. Under the current 216 patient design, expect to finish the enrollment, as I said, by the end of the first quarter. After that, we have around 3 months of treatment another couple of weeks of aggregating the data. So I would expect the top line results in mid-2027.

Joshua Jennings: Maybe just one more, sorry for adding another question onto my session here. But I just want to talk about the commercial strategy for EscharEx and partnership versus independent launch as you're moving VALUE advances towards the pivotal readout, how are your discussions with potential commercial partners evolving? Are they waiting for the Phase III results? Or could a transaction or partnership occur ahead the readout?

Ofer Gonen: So I don't want to comment on discussions with specific companies or on whether any are taking place right now. But what I can do is to explain why we believe that EscharEx is a strategic asset for the large wound care companies. First, the market has shifted after the CMS cut of the skin substitute reimbursement, companies with large wound care sales force are now looking for product approved through BLA, NDA or PMA with an established reimbursement path. To our knowledge, EscharEx is the only late-stage BLA candidate of its kind. So this is, I think, the main reason for attractiveness of EscharEx. Second, the product profile.

If EscharEx is approved, if you compare it to against the single decades-old SANTYL, which has more than $400 million in annual sales, and it takes 4 to 8-plus weeks to achieve what EscharEx has shown in 4 to 5 days on average. It is considered very significant in wound care. And third, the size of the opportunity. We project approximately $1 billion in U.S. peak sales across venous leg ulcers, diabetic foot ulcers and pressure ulcers, the 3 largest chronic wound categories. And we believe that this is an opportunity that no major wound care company can ignore. You can see that by the engagement of our collaborators.

We have 8 out of the 9 larger wound care companies that are collaborating with us. Our focus is delivering on the VALUE data. And I think after that, we have the flexibility to get a decision on our own timeline. I hope I answered your question.

Operator: The next question comes from Swayampakula Ramakanth with H.C. Wainwright.

Swayampakula Ramakanth: A couple of questions on the expanded facility. Ofer, after the modifications that you need to do during the fourth quarter, which -- what is left in terms of validation, inspection and release milestones that you're expecting for the second half '27 commercial supply? And also, is there any timing cushion that you have included into it, so that if things get shifted, you still could achieve that milestone of second half '27?

Ofer Gonen: Thank you for joining. As for the expanded facility, as I mentioned in my prepared remarks, we expect the work that the recommendation that we got in the pre-audit to do some operational changes. We expect to finish that work in the fourth quarter of this year. Once that work is complete, we will start manufacturing NexoBrid at the new facility. Then we will need to submit it. There is a review process. There is an in-site inspection and then we can sell that specific commercial supply for the expanded facility. We are targeting second half, second half it's a 6-month period. There is some cushion there, but we do not expect it to be earlier.

Swayampakula Ramakanth: Very good. With 70 repeat ordering centers in the U.S. and also the BARDA procurement has started. So what are the constraints now for incremental supply, especially before you can get that expansion approved? And congratulations on the current facility going through all the recent inspections. Is that facility have enough capacity to handle what is happening or what the supply is asking for -- I mean, what the demand is asking for here in the U.S. And is that all included into your guidance at this point?

Ofer Gonen: So as I said in the call, we are quite limited in our ability to manufacture. We have no issues in demand. We need to prioritize who we sell NexoBrid and when. The United States market gets the priority. We are in a position to give the supply that is required to Vericel for the commercial use and also for the procurement of BARDA. This is our top priority.

Swayampakula Ramakanth: So the last question is on the revenue outlook. I understand the inability to -- with regards to the separating U.S. facility and why you cannot get to a proper guidance as that. However, what is already included into your previous guidance in terms of how much of the executable work in that project has been included or not included? And is there any additional color you can provide around that?

Ofer Gonen: So our revenue is heavily weighted towards development services for the U.S. government programs, as you know. And it has a few pillars. Under the agreement with Vericel, we continue to support 2 NexoBrid development programs. Both of them are covered by the contract with Vericel and BARDA, it is the indication expansion to acute trauma injuries and the development of new stable formulation. Separately, we have income from the Department of War. They awarded us an additional $3.3 million to develop the room-temperature-stable formulation through the IND. As I said, in the product size -- side, sorry, NexoBrid sales are constrained by supply. So we have visibility towards what we can generate revenues there.

We are selling every unit that we can manufacture, including all the products, I'm referring to your previous questions, including product for the government procurement under the Vericel-BARDA contract. The key uncertainty, and we highlighted this is the U.S.-based manufacturing facility. We are -- substantial portion of our anticipated '26 revenue is tied to that. We are still in ongoing discussions with them, all kinds of funding discussions that I cannot get into details now, and I don't know when it will be secured.

Operator: The next question comes from Mira Sharma with Oppenheimer.

Mira Sharma: This is Mira on for Jeff. I was just -- we were just wondering if you could give a little bit more guidance on how you think 2026 and 2027 will shake out for U.S. government and BARDA revenue? And how will we see the first quarter of 2027 to be impacted, especially for the EscharEx VLU trial time lines and for the other 2 indications as well for DFU and pressure ulcers.

Ofer Gonen: As for the EscharEx, as I said, the guidance is very clear, interim assessment first quarter, assuming the base case happens, we expect top line results mid-2027. We will start in parallel. We are finishing the preparations for both pressure ulcers and diabetic foot ulcers. We will give color when we initiate these trials. And I guess it will be -- at least the first one will be in the next few weeks. So in EscharEx, I think the guidance is quite clear. Did you also ask about NexoBrid?

Mira Sharma: No.

Operator: Your next question comes from the line of Chase Knickerbocker with Craig-Hallum.

Nick Mattiacci: This is Nick Mattiacci on for Chase. So I think you guys mentioned in the prepared remarks that there will be a couple of additional data safety and monitoring board meetings for VALUE in the first quarter. Can you just walk us through what will be assessed at those meetings and how those reviews relate to the sample size reassessment and what information we should be looking out for from those meetings?

Ofer Gonen: So as we guided in the past, we have a DSMB that will be unblinded and look at the data once 140 patients finish the treatment. But separately, we have this DSMB review safety at prespecified points in the -- during the clinical study. At each review, the DSMB has all kind of option of recommendations such as continuous planned, continue but make some protocol changes, a temporary hold until the changes are made or they can even stop the trial if they see all kind of major safety concerns. As we reported previously, the most recent DSMB recommendation was everything looks great, continue as planned without making any modification.

The next DSMB review is expected in early January, the first week of January. And then the following meeting is expected to be at the end of the first quarter and the DSMB there will also conduct the interim sample size reassessment as we discussed earlier. I hope it was clear.

Nick Mattiacci: Yes. Got it. And then I think this was already touched on a little bit, but just as we think about the top line in the previous range you guys provided for 2027, are you just able to share any color on what portion of that range was hinge on the progress with the U.S. manufacturing facility?

Ofer Gonen: So as we said, it's a major part of the -- it's a significant part of the $24 million to $26 million guidance. We are not providing -- we are not prepared now to say how we break out this component of the guidance only to share that the substantial portion is tied to development services for the planned U.S.-based facility.

Operator: The next question comes from Michael Okunewitch with Maxim Group.

Michael Okunewitch: I wanted to ask just a little bit about the VALUE study, the upcoming DSMB review and in particular, what change in the incidence of complete debridement or wound bed prep is the study powered for under the current target enrollment of 216 patients?

Ofer Gonen: So the VALUE trial is very similar to a trial that we did, which was called ChronEx, which is a Phase II trial. There are some differences that we believe fit better the ability to demonstrate EscharEx advantage over placebo. All the power calculation were based on the previous trial. The changes that we made in this trial hopefully make the probability of success better based on the fact that we standardize the treatment. All the patients are getting identical treatments across many sites. And based on the fact that we removed patients from the trial that are too easy to treat or very complicated to heal.

We believe that it will increase substantially the gap between the active EscharEx to a placebo. But the 216 patients calculation is based on the previous Phase II trial.

Michael Okunewitch: And then for DSMB, how do they look at the co-primary endpoints, right? Because you have both complete debridement and wound closure, will they base their sample size recommendations on the probability of succeeding in both endpoints? Or is it an either/or situation where success -- probability of success in one or the other would lead them to recommend you unmodify the study?

Ofer Gonen: Okay. This is a great question. So we have 2 primary endpoints. The first one is the incidence of complete debridement. In order to prove that EscharEx is better than placebo in debridement, you don't need 216 patients. According to our calculations, you need less than 20 in order to show that it is much better because basically, if you recruit the right patients, and this is what we are focusing on this trial, the gap between the 2 arms should be significant. So no one is looking at the placebo, assuming the 216 patients is 99.9% powered to beat this specific endpoint.

The only thing that the DSMB are looking at is the difference in the time to facilitate the wound closure, and this is what they are looking at, only that.

Michael Okunewitch: All right. I really appreciate that clarity. And then one last one for me before I hop back in the queue. Could you provide just an update on your plans for the pressure ulcer study and the DFUs? Previously, those were expected to launch this year. Just an update on your development plans for EscharEx before or beyond VALUE.

Ofer Gonen: So as I said, the Phase III VALUE study in VLU, this is our primary focus on EscharEx. We are conducting beyond VLU, we see EscharEx addressing diabetic foot ulcers and pressure ulcers. And together with VLUs, these are the 3 largest chronic wounds categories. And the market size of that we discussed last time was around $1 billion potential peak sales or potential opportunity. We are now preparing for the broad development of the program. Both of the studies are getting ready for initiation. We will have some news about it in the next, I guess, next call or next few weeks. The first trial is the pressure ulcer, which is an investigator-initiated.

It means that it is not directly run by us. It will be a small open-label trial. And the second one is the DFU 50-patient study supported by the European Innovation Council, and this will be a larger trial, double-blinded. This specific trial is supported by some of the large collaborators that we discussed in the prepared remarks. I hope it was clear.

Operator: Thank you. At this time, there are no further questions in the queue. I would like to turn the conference over to the management for closing remarks.

Ofer Gonen: Thank you, everyone, for joining us today. We look forward to updating you again on our next quarterly call.

Operator: Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

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