Richard Lowenthal

and be a backup site for the United States in case there's any issues that occur at our New Jersey site.

But otherwise, we are not significantly affected by tariffs.

We have a few of our ingredients that come from Europe, but the tariff is fairly minimal and those are fairly minor components of the product.

Of course, for other companies, it may be quite dramatic, especially if products are coming out of China or India.

I'm not as savvy on whether there's any exemptions being given for some of these, but if you can imagine a lot of the generic products coming out of India, that those companies would be under significant pressure to move those products to the United States in order to avoid those tariffs.

So that would be...

quite a large impact on them.

But at least for ARS Pharmaceuticals and Nephi, we're in very good shape.

We decided to manufacture in the US at a facility we're very comfortable with and has a lot of experience assembling this device and manufacturing other products like Narcan.

So we just decided to stay with a facility we're very comfortable with that we know is very reliable.

Well, and actually, given the situation around tariffs, serendipity is always the best friend you can have.

First of all, there is not many manufacturers that can assemble this device very well.

At the time we started this program, there were only a few, and they're all in the United States.

And there was only one that had a lot of commercial experience.

And that's the one we had worked with with Narcan.

And also, we actually moved Valtoco there after approval.

So we actually went with that manufacturer just because we knew them very well.

They're very advanced in the ability to manufacture this product.

So they can manufacture very, very high capacity quantities of the product at very high speed.

And they're the most proven manufacturer of this product in the world.