Sam Fazeli

So what is your, or Safinova's, overarching industry thesis at the moment?

There is turmoil.

One day we see FDA doing strange things when it comes to, we are going to put a black box on vaccines.

We're not going to put a black box on vaccines.

We're

with where the data hasn't been shared.

The next day, I see something that really excites me.

They give a priority voucher to Johnson & Johnson's Majestic 3 trial, which showed an enormous overall survival benefit over already a great success with CAR T's in multiple myeloma.

And the next day or two days later, they proactively give them.

Now, that's something that hasn't happened before.

Let's see what the value of this is.

Are we going to get the product approved in two or three months?

Much faster or not?

We'll see.

And I'm constantly buffeted by the positive and negative and up and down.

How do you feel?

And where do you think, how do you think 2026 will settle down?

And whatever you're comfortable telling me.

Well, I'm with you.

And I think the way that the price action has worked recently in companies that have positive data