Nadav Kidron

We're working on leptin.

Leptin is something that when you take it, it sends a message to the brain that basically you're full, so you don't want to eat more.

And if you eat less, maybe we shouldn't say it out loud in the United States of America, but if you eat less, you actually lose weight.

Is that how that works?

Yeah, but let's keep it between us.

We do have a big market to address.

We're also using the insulin to treat something that's called NASH, which is fatty liver.

So we have our own pipeline.

Our scientists have probably unmatched experience when it comes to delivering insulin orally.

So it made sense for us to start with insulin.

But if you're going to read through our filing, you're going to see like we have a big pharma that came to us and said, listen, we have our own drug.

Can we use your technology to deliver it orally?

We've been working with them on their drugs.

So we have been doing some other stuff besides our own pipeline.

Well, first of all, if you look at the actual deal, we deal with our Chinese partner, which is a very well-established company.

And you look at the valuation they gave us.

So they're paying us $50 million and 10% royalties.

And they've been investing hundreds of millions of dollars into the facility, the building in China.

And China is 5% of the global market of diabetes.

So the value that they gave us, this $50 million, is based on $1 billion upfront value.