Richard Lowenthal

We did draw down $100 million.

But

In theory, we hopefully don't need that money.

We are going to put a little bit more into our DTC campaign this year and next year.

But the rest of it we're reserving as kind of a buffer on our trough and our cash balance.

But it's actually very low cost capital.

So we believe that that is the way we're managing our capital.

We decided not to do an equity raise.

And we think that's a much lower cost given we're commercial and very low risk of having a debt instrument like that in the company.

So next steps, I think, you know, we're really focused on NEFI and the launch of NEFI.

I think as we go forward, we'll start to think more and more about the different pathways that ARS can take.

One is M&A, as you mentioned.

So as NEFI's market starts to mature and companies can clearly...

Evaluate the, the ramp and the potential peak sales.

I think I think obviously a lot of companies are looking for revenue.

They're looking for good products.

We believe nephew is going to be well, north of a 1Billion dollars a year in market sales.

So, you know, net sales.

So I think M&A is a distinct possibility for ARS, and our board is always open to that option and that possibility.

At the same time, we have to think about other needs of the company, and we are looking at other allergy assets since we have a very strong commercial team in Salesforce in allergy now that we've built.