Latest / The BioHub - by Avetix / Episode 206 - Valerie Vanhooren - CEO & Co-Founder Ona Therapeutics

Transcript

Episode 206 - Valerie Vanhooren - CEO & Co-Founder Ona Therapeutics · The BioHub - by Avetix

• 0:06
  Welcome to another episode of the Biohub and Avetics podcast.
• 0:10
  Today I'm joined by Valerie van Horen, Co founder and CEO of
• 0:14
  Owner Therapeutics. Valerie has spent her career
• 0:17
  developing novel biologic therapies in oncology, holding
• 0:20
  leadership roles at companies included Ablinks and Splice Bio
• 0:24
  before Co founding Owner Therapeutics in 2019.
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  Since then she has led the company's growth, advancing a
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  pipeline of first in class antibody therapies and Adcs
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  while recently securing an $86.6 million Series B.
• 0:39
  Ona Therapeutics is a biotech company developing innovative
• 0:42
  antibody based therapies for advanced cancers with a focus on
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  translating novel biologic discoveries into treatments for
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  patients with limited options. So in this conversation, we
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  discussed the inspiration behind Ona, the realities of building a
• 0:57
  biotech company from scratch, fundraising in today's market
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  leadership and culture, and the future of biotech innovation in
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  Europe. It's a pleasure to have you,
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  Valerie. How are you?
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  I'm good. Thank you so much for having me
• 1:09
  here. I'm excited.
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  It's my first podcast ever, so I'm happy to we're.
• 1:13
  Just saying that it's honestly privilege to have you and an
• 1:16
  absolute privilege to have you on your first one as well, which
• 1:19
  is nice. I want to start with your
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  background actually, Valerie. So before founding owner, you
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  held a number of scientific and leadership roles across biotech.
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  What ultimately inspired you to take the leap and and start your
• 1:34
  own company? That's a very good question.
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  Probably I was a bit naive thinking it was going to be very
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  easy, which it wasn't. But it's one of the nicest
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  adventures and the most exciting things I have ever done.
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  So why did it inspire me? I think it's first of all the
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  project. I think you cannot dedicate your
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  all your energy if you don't find a project that has really
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  good science. So Onna was based on the idea of
• 2:01
  tackling really advanced cancer because many of the the
• 2:04
  medicines or drugs that are being developed are always
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  focusing on early stage tumors. And we have learned that an
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  advanced tumor, which is spreads is, is very different.
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  And I thought it was really interesting to study the biology
• 2:15
  of advanced tumors. And I also saw it was a huge
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  unmet need. So first of all, I just got
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  involved in this project and it inspired me and I learnt a lot
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  at Uplinks and and Splice by on, on how to manage teams and how
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  to develop science. And I just wanted to do it my
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  own way, learning from different companies, but putting a bit of
• 2:36
  my own vision into that. So I think that's why I started
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  on, I had the opportunity. There was a great program and I
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  just jumped into it. So that's how how it went, I
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  guess. Yeah, I love that.
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  And you know, building a company from scratch is never
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  straightforward. You know, looking back over
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  those last few years, what what have been some of the biggest
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  challenges? Well, so I'm originally from
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  Belgium and I moved here to Spain for personal reasons and I
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  finally started this company here in Spain.
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  So I think setting up a company is always difficult, but I had
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  never done it before. So I would have helped if I
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  would have done it before. And second of all, like there's
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  a lot of really practical things that you don't know about,
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  especially also in Spanish, like accountancy in Spanish, dealing
• 3:26
  with all the legal things in Spanish.
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  That was that was a challenge. But at the end of the day, I
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  guess it's a mindset. And I think as scientists we are
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  learn to like this is the problem and we want to approach
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  the problem. So I think you methodologically
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  try to do the same thing as you do in a science experiment.
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  And the key is, and I know this is cliche and everybody says
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  that, but surround yourself with really good people.
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  Because I, I knew very well, I had no idea to set up a company.
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  I know very well how to develop drugs and to study oncology, but
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  I had no idea to set up a company.
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  So surrounding yourself with a great people helps a lot.
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  Listening to them, learning, taking feedback was kind of the
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  key, I think. I think just based on what you
• 4:11
  just said as well, like knowing your own weaknesses is, is a
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  strength in its own right. You know, plugging that gap with
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  the right person that that it's their strength is is super
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  important. Yes, I find that something very
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  important and very indulging when somebody says I don't know,
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  but I will find it out. And I think this has been the
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  future of leadership and the future of of a company culture
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  that you let people be themselves.
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  You see the strength, your weaknesses, that you also like
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  put people in different positions and give people
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  different responsibilities based on what they are good at and
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  what they want to learn. So I found it very useful and a
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  good way to move forward saying I don't know, but I will figure
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  it out because selling bullshit is something that people smell
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  very fast. So I think it's very important
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  to be solid and to be acknowledging what you can and
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  what you cannot do. I agree, I think it's a bad
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  habit for for people to try and blag their way through those I
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  don't know moments. You know, it's way better to say
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  you don't. You just don't know.
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  When you fundraise, that's really important because an
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  investor is trained to smell if something is off.
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  So always tell the truth. Always.
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  It's really important. Always tell the truth and be
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  humble and say, I don't know, we don't have this picture, but we
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  will figure it out. And I think it's also always
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  important to say, for example, if an investor asked you, do you
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  have this data that you say, no, I don't have this data if that's
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  the case, but that you also can argue why you think it's not
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  important, or you can argue why it would be important.
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  And to move forward. I also don't advocate to always
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  say, yes, we'll figure it out. Sometimes you don't think it
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  needs to be figured out, but the core is, is the same.
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  Just be humble and be honest. I think it's very important.
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  Nice. Yeah.
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  And Speaking of that fundraise, you know you you recently
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  announced the $86.6 million Series B, which congratulations
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  on. Thank you.
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  What what does that milestone mean for the company and what do
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  you think ultimately gave investors the confidence to to
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  back your mission? Yes.
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  Well, I think it's the, the main transition we have spent a lot
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  of time developing, designing the proper molecules for the
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  proper indication. I think that's what's different
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  at ONA, we spend a lot of time understanding the biology of
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  this advanced cancers, really matching the right modality and
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  the right, the right approach, the right mode of action based
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  on the target, based on the indication.
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  So we, we spent quite some time to find the proper molecule for
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  the proper indication, have solid data, repeat many times
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  very short before you move forward.
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  And with this fundraise, now we can go to the clinic.
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  So we are transforming to be a clinical company, which is super
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  exciting. So elite come elite compound is
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  soon to be in the clinic. I can give more information in a
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  few months about it. But also a second asset is is
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  now going to go and I in the enabling.
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  So it's going to be a massive transformation for onna to
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  become a clinical stage company while preserving the key
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  expertise of the preclinical scientists.
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  So we're still building a pipeline.
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  We're still doing experiments using the same approach of
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  studying advanced cancer and making the correct modality.
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  So yeah, we're, we're transforming, but keeping the,
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  the, the core preclinical team still very active doing the same
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  thing. Yeah.
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  Let's, let's talk about owner specifically in terms of like
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  what you guys are doing, why you're different.
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  You need like just what what makes the company and its
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  approach to developing antibody therapies and AB CS different
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  from the rest of the field. Yeah, and that's also a bit
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  linked to the to the fundraise. So there are many ADC companies.
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  You can say there's been a quite a hype of ADC's wealth goods.
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  That is because ADC's, I think they are really transforming and
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  they're doing great results. But there are a lot of companies
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  working on ADC's. So it's not easy to, you know,
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  be different to get attention of investors and their confidence.
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  So what I think is very clear that we are different is that we
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  are not experts in linker payloads.
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  As you know, an ADC has a modality that targets an an
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  tumor antigen and then it has a a cytotoxic payload with a
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  linker. So a lot of people have been
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  working on optimizing this linker and this payload, which
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  is amazing. And I think that has shown very
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  beneficial advances. For example, in her tool was
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  another linker payload which makes a huge difference and
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  people are still in doing that. So I really think it's
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  interesting that people are doing that and it contributes a
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  lot to the field. But this is not our expertise.
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  We we license top notch linker payloads from companies who know
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  really how to do it. We focus on the other part.
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  So what we do, we try to find novel tumor antigens.
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  So many of the ADC's are targeting the same targets like
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  her two Throb 2 and so on. But these are very well known
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  and a lot of companies are going against the same.
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  And there's also a big population of patients who are
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  not expressing these targets or who expressed it at a certain
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  point, but not anymore. So what we did, we looked at
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  biopsies of patients who had advanced cancer.
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  So Spain is quite a unique ecosystem here because we have
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  top notch hospitals like Valdebron and Hospital Clinic.
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  And when they run clinical trials, they obtain sequential
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  biopsies of patients. So a patient comes in, they take
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  a biopsy to identify which tumor this patient has.
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  Then this patient goes on treatment.
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  But when this patient relapses to this treatment, they get
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  another biopsy. And then a patient get another
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  treatment and they get another biopsy.
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  So we are very fortunate and it's quite unique in the world
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  to have this sequential biopsies of a certain patient.
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  So we can study how the tumor adapts to different types of
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  treatments. And what we do, we try to find
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  antigens targets in these biopsies that are up regulated
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  as a tumor becomes more resistance with a belief if we
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  then kill those cells over expressing these tumor antigens,
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  we would get a deeper response and really make a difference in
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  these advanced patients. We start in advanced patients.
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  Of course, when we have good results, we can move up a few
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  lines, but this is original, original vision.
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  And like this, we identify novel targets that are linked to
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  resistance. And to our knowledge nobody else
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  has identified this targets and is making ADC's against this
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  target. So with this, it's really novel
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  targets. Yeah, I love that.
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  And when you look at the future of owner, like ultimately where,
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  where are you guys heading? Like what's the the end big
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  goal? Well, it's, it sounds like
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  cliche, but it's just to have the best possible treatment to
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  help cancer patients. So that's the ultimate goal
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  independent how we get there. The goal of our team is to help
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  cancer patients to, to live longer, to cure them hopefully
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  eventually, but that's the ultimate goal.
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  How do we get there? Well, the future of Onna is
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  whatever to get to that goal. So we want to grow.
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  We want to have of course other programs which would be very
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  interesting. But of course eventually we
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  would be aiming to get some of the this assets license to
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  bigger pharma because we cannot bring an, an, a drug, an ADC and
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  a large indication like breast cancer of colon cancer to the
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  market ourself. I think this will be very tough.
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  So it would be or a licensing, an MNA, of course, it could be
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  an IPO. This is maybe not our first
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  option at the moment, but you never know how the climate
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  change, how things changes. So whatever needs to be done to
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  get this drug to the patients, that's the vision of honour.
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  Amazing. And we talked about this a
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  little bit before we started recording, but the origin of the
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  name Owner Therapeutics, where did that come from?
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  I always find this part fascinating.
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  Exactly. Well, at the beginning we wanted
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  to do something concerning the name of the target or so on.
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  But then some, some investors actually were saying, yeah, the
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  chance that you change targets along the way happens a lot.
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  So you know, you have some some of these companies who are who
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  are called something and then they change complete division,
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  but the name is still reflecting that.
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  And so we were thinking about a general name.
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  So we told the lots and then we ended up with Ona.
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  So Ona. So we are based, we are an
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  international company. We have people working all over
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  the world and we have many different nationalities.
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  But our headquarters are in Barcelona.
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  So there you already hear it, Barcelona.
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  So the Ona Ona, that's already one link with it.
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  The second link is so in Catalunya, one of the languages
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  here is Catalan. And in Catalan Ona means wave
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  like wave of innovation, but also close to the beach.
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  So wave of innovation. I think that's really nice.
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  So I just told you the official version.
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  The non official version is when I was pregnant I had two names I
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  for a boy who was going to be Oscar for a girl who was going
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  to be Onna. And since I had a boy Oscar is
• 13:08
  my son. And then I decided to call my
• 13:11
  company Onna since I never had a daughter.
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  So Onna is a bit my daughter I I would say.
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  I really like it. I think it's one of the the best
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  origin stories for a name that I've heard.
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  I was actually amazed that the name was still free because I
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  thought like Ona is such a nice name.
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  It's a short name, a powerful name.
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  I, I really liked it, but apparently it was free.
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  No Ona Therapeutics before us in the world.
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  So there's Ona labs. There are different types of
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  Onas, but Ona Therapeutics not. So we're very happy with the
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  name. Yeah, I really like it.
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  I really like it. And we, we, in our first
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  conversation, we talked a lot about culture, building culture
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  as a, as a start up. And so, so as a founder and CEO,
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  like, how do you think about leadership and creating the
• 13:57
  right environment for for people to succeed?
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  Yeah, I think this is very important because we are asking
• 14:05
  A-Team to do very challenging work.
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  Biotech life is a roller coaster.
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  One day you're up, the other day you're down.
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  And this happens like constantly, sometimes multiple
• 14:16
  times in a day. So it's very challenging.
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  And you ask these people to work very hard with very tight
• 14:22
  deadlines. So culture is everything and
• 14:24
  everybody needs to be aligned with a goal and it needs to be a
• 14:28
  place you don't need to become each other best friends.
• 14:30
  But if you come to work and you're in a good environment and
• 14:33
  you feel that you can reach your own potential and do useful
• 14:36
  things and be acknowledged, the work will go so much better.
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  And people are so much more motivate, motivated.
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  So this is actually my second goal.
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  So my first goal is trying to make a difference in cancer
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  patients. But the second goal is somehow
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  creating an amazing team. And also that these
• 14:52
  professionals can become the better self that one day when
• 14:57
  they leave ONA and they say I worked at ONA, that people say,
• 14:59
  OK, that means that you have been challenged and you had a
• 15:02
  good training. So, so you're really excellent
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  in that. And how do you do that?
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  I think it's challenging. I think we're all trying to do
• 15:09
  trial and error. I I'm a scientist by training.
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  So I never got a lot of management trainings or MBAs.
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  I think maybe one day I should do some to help me a bit more.
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  It comes more about how I like to be, how I like managers to
• 15:22
  treat me. So I have been very fortunate to
• 15:24
  have a few managers in my life who have have treated me very
• 15:28
  well, who have coached me very well.
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  So I want to do something similar for my team.
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  And I think it's a matter of, you know, being empathic, saying
• 15:37
  that you don't know, asking for them help, letting them speak.
• 15:41
  And I think it's also showing vulnerability.
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  I think the old school CE OS say you can never show vulnerability
• 15:49
  and you always have to say, you know the answer.
• 15:51
  I think it's OK to sometimes say that you're feeling vulnerable
• 15:54
  and you don't know what to do, not for a long time.
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  But I think this makes people feel empathic because people
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  feel the same way. So leading with empathy, I think
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  it's very important and that's the culture I try to set.
• 16:07
  Yeah. How?
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  How soon were you talking about distilling the culture in the
• 16:11
  company from from 2019 to now? Was it straight away or is it?
• 16:16
  Yeah. Sorry, it was actually, it's
• 16:19
  funny. So my I have a great COO,
• 16:22
  Marseille, who was one of the first employees and she is very
• 16:25
  analytical and very which which I love.
• 16:28
  We complement each other very well.
• 16:30
  But she's also empathic. And when I started here in in
• 16:33
  Spain, I said Merced. I want to have a company where
• 16:36
  nobody has any working hours. They can work whenever they want
• 16:40
  the the amount they want. They can have whatever holidays
• 16:42
  they want. I want something lean and mean.
• 16:45
  And she's like, Valerie, this is not going to work.
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  There needs to be some boundaries, you know, get
• 16:49
  yourself back to earth. So but I said I also don't want
• 16:53
  to have like the traditional tyranny that sometimes happens.
• 16:56
  So she and me, we spoke a lot about this to make like a
• 17:00
  balance between how much you can give and company culture is very
• 17:03
  important. We spoke from the beginning, how
• 17:05
  do we communicate with each other and which tone.
• 17:08
  So we are really in direct communication, efficient but
• 17:12
  kind. So we are working on that and we
• 17:16
  we try to practice that every day.
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  But again, there's days that it doesn't work and there's days
• 17:21
  that are harder than others. So this is the theory, but we
• 17:23
  try to adapt and also take feedback and work on it.
• 17:28
  Yeah, it's interesting. But there are definitely
• 17:30
  cultures like that out there in terms of this flexible working,
• 17:34
  No, not mapping hours like Netflix Prime example.
• 17:40
  I mean, Netflix talk about how you can achieve a culture like
• 17:44
  that. I don't know if you read into
• 17:46
  it, but they're they're famous culture deck and all of that,
• 17:49
  But they, they talk about radical candor, being able to
• 17:52
  bring the best people from the industry into their business.
• 17:55
  And you know, if you do those two parts right then and and set
• 18:00
  a standard where people don't take liberties, then, then that
• 18:04
  kind of culture does work very well.
• 18:08
  Yeah, I think it it depends on limits.
• 18:10
  So for example, we do have the culture here at ONA, like you
• 18:14
  can work whenever you want. So of course you have meetings,
• 18:17
  you need to be present on meetings.
• 18:18
  But if you work, especially for certain people's personal life,
• 18:22
  they prefer to work in the evening or in the morning.
• 18:24
  So this is a culture that we have at ONA.
• 18:25
  You can work whatever time you want as long as you have your
• 18:28
  key meetings. I wish also timing wise so
• 18:32
  people need to work a certain amount of hours per month but we
• 18:36
  are very flexible. If one day you only work a few
• 18:38
  hours, you balance it with the next hours and you don't even
• 18:40
  need to tell me. So these type of things I think
• 18:43
  do work the thing of the holidays that you have like
• 18:46
  limited holidays and you can take them whenever you want.
• 18:49
  I have read into that and it actually in many cultures.
• 18:52
  So I know Netflix says it's not the case, but in many companies
• 18:56
  the opposite happens. People almost don't take any
• 18:59
  holidays. And I, I think this is
• 19:01
  counterproductive. I really ask a lot to my team,
• 19:04
  but I also tell them please go on holidays, I will check my
• 19:07
  emails, please don't. I need you to rest because you
• 19:11
  will be so much fresher for that.
• 19:12
  So the holiday thing, I think it's a tricky 1 and I think it
• 19:17
  also depends which type of organization, which country
• 19:20
  you're based. So I think you need to I pick
• 19:22
  and choose a bit the things that I think work and the other ones
• 19:25
  that though. Yeah, Netflix talk about that a
• 19:28
  lot and they said they claim that because the CEO takes seven
• 19:33
  weeks of holiday a year and then the leaders below them take 6-7
• 19:36
  weeks of holiday, they lead by example and therefore people do
• 19:39
  take that holiday. But it doesn't work unless the
• 19:43
  leaders in the business are leading by example and really
• 19:46
  take it, which especially in the startup is quite often not the
• 19:49
  case. It's not possible in the
• 19:52
  startup. I wish I would have I.
• 19:53
  Don't want to ask how many holidays you use.
• 19:56
  Yeah. So one thing that that readers
• 20:01
  stand out about owner is you guys achieve a lot with a
• 20:06
  relatively lean team. How do you approach building the
• 20:09
  organization and deciding where to invest resources?
• 20:14
  That's a very good thing. I find it very important to not
• 20:18
  hire just to hire. I think it's very important that
• 20:20
  you find the correct person for the right position and the right
• 20:23
  structure. So we have decided to hire slow
• 20:27
  and fire fast, not that we fired a lot of people, but really
• 20:30
  think about the organization. So our vision is everything that
• 20:35
  can be done outsourced by somebody who knows it better at
• 20:38
  a decent price. We do outsourced everything that
• 20:41
  is specialized and only we can do, we do internal with the best
• 20:44
  possible people. So we are not being cheap on on
• 20:48
  on the resources of getting things outsourced.
• 20:50
  We use proper CR OS the same as many other companies.
• 20:54
  So the models, the manufacturing is the same, but we just have a
• 20:58
  smaller team to do things internally that are specialized
• 21:01
  people. So we managed to do that.
• 21:03
  And it's also a matter of prioritization what you do.
• 21:07
  So my team is very innovative and very creative.
• 21:10
  So they would like to run 10 programs at the same time.
• 21:13
  And my scientific heart says the same thing.
• 21:15
  But I games need to say, guys, we cannot do this all.
• 21:18
  We need to put this on hold and focus on that because I want to
• 21:21
  make sure that we have control over what we do.
• 21:24
  We are specialized. We're like a boutique of
• 21:26
  designing these molecules. So I believe you cannot do that
• 21:29
  with hundreds of people. I think needs to be a core team
• 21:32
  doing that and the rest be outsourced.
• 21:34
  Yeah, yeah, 100 percent, 100%. And we're going to completely
• 21:39
  change the topic now because I think it's important when you
• 21:43
  look at the the broader landscape, how, how do you view
• 21:46
  the future of biotech in Europe and also what, what excites you
• 21:51
  most about the opportunities ahead for owner?
• 21:54
  Yes, it's a very good question. I'm very proud to be based in
• 21:57
  Europe. I think I'm sometimes the
• 22:00
  exception. A lot of companies wish they
• 22:02
  would be in the US because indeed in the US there's a lot
• 22:05
  more access to capital. People are more entrepreneurial
• 22:08
  by by just by nature. I think people are also in the
• 22:13
  US less afraid to fail. There's a lot more culture there
• 22:16
  for startups. And on one hand, that's why I
• 22:20
  would like to be in the US to do that.
• 22:22
  But on the other hand, I believe that Europe has other great
• 22:26
  things that are less. For example, in the US we, we
• 22:30
  can, we have great clinical trials centers who run clinical
• 22:35
  trials. We have great scientists who,
• 22:38
  who actually cost a lot less. For example, scientists in, in
• 22:42
  Barcelona costs a lot less than scientists in Boston.
• 22:44
  And we and they're both equally happy with with the pay we we
• 22:47
  give them. So I think we can learn a lot
• 22:51
  from the US about their mentality.
• 22:52
  I think bit by bit this is changing.
• 22:55
  So there are examples now of bigger biotechs.
• 22:57
  We are being more proud about the European routes or trying to
• 23:00
  do more in Europe. I do still think it's
• 23:02
  challenging. I think some rules, for example,
• 23:05
  for clinical trials, there's the Biotech Act who's trying to
• 23:07
  accelerate approval of clinical trials, but this can still be an
• 23:12
  improved. I think sometimes the public
• 23:14
  money in Europe can be a little bit more entrepreneurial.
• 23:18
  They have a lot of rules to get this money that are almost not
• 23:21
  possible if you're an international company.
• 23:23
  So there's some things that can be approved, but I'm positive
• 23:26
  because I see more and more biotechs and, and Europe growing
• 23:30
  and, and doing well. So I'm, I'm very excited and
• 23:33
  same thing for OMA. So we are running our clinical
• 23:35
  trials in Europe and this is a conscious choice because we
• 23:39
  believe we can get a lot of traction here.
• 23:42
  The the sides are really eager to make a contribution.
• 23:46
  So I think this is great. Of course, doesn't mean that we
• 23:49
  will sometimes go to the US or have some team members in the
• 23:53
  US, but I think there is a future for biotech in Europe for
• 23:56
  sure. I agree.
• 23:58
  I think it's really exciting. I think there's definitely been
• 24:00
  an uprise as well, way more than there has been a bounce back in
• 24:04
  the US from from the last few years of downturn.
• 24:06
  So I think it's it's super exciting.
• 24:10
  Yeah. And you know, that brings me to
• 24:12
  to my final question, which is a question I ask every one of the
• 24:16
  guests on on the bio hub. If you could have dinner with
• 24:19
  any scientist or innovator, past or present, who would it be and
• 24:23
  why? That's a good question.
• 24:25
  I was thinking about it, but I'm actually very fortunate that I
• 24:28
  already had dinner with some of the best innovators that I
• 24:31
  admired. So for example, Tim von Howard
• 24:34
  Marin, who's this? He used to be the CEO of
• 24:36
  Argenix. He's just stepped down a while
• 24:38
  ago. I had dinner with him, lunch
• 24:41
  actually, and he was so, yeah, it was so interesting.
• 24:44
  And there are other was like Michelle Duter, who who was the
• 24:47
  CEO of Argenix, Argenix of Itos. I know him very well and I had
• 24:52
  multiple lunches with him. So I've actually been very
• 24:55
  fortunate to already meet many of these people in real life
• 24:59
  because I think this is also the mentality like you can just mail
• 25:03
  great e-mail, great CEOs or great innovators.
• 25:07
  And most of the time they actually e-mail you back, which
• 25:10
  I found surprisingly. Now you could say, OK, I race
• 25:12
  the Series B, maybe now they will to contact me.
• 25:15
  But when I was really starting up on and when I contacted this
• 25:18
  expert CE OS, they really reply you and they give you advice and
• 25:21
  they want to help you because they understand the spirits.
• 25:25
  So I would say I already had good dinners with, with great
• 25:29
  innovators. Maybe if I can put something on
• 25:31
  my wish list and it's not really a scientist, but I do believe
• 25:34
  it's an innovator, maybe it would be Barack Obama.
• 25:37
  I, I really admire his work. So not a scientist, but I do
• 25:40
  believe he's an innovator as well.
• 25:42
  Everything. That's a good answer.
• 25:44
  Yeah, really good. And look, thank you so much for
• 25:46
  coming on, Valerie. It's been a pleasure.
• 25:49
  Very nice. Thank you for having me.
• 25:50
  And it was a great first podcast, many to come,
• 25:54
  hopefully. Yes, for sure.
• 25:56
  We'll do a follow up definitely. And look, everyone please like
• 26:01
  and subscribe to the Bio Hub and and thank you so much again,
• 26:04
  Valerie. Thank you.
• 26:06
  Take care. Bye.
• 26:07
  Bye.