The 2018 restructuring showed its full effect in Q4 2019, with operating costs at a considerably lower level. We believe the cash runway is extended well into 2021. The earnings report also confirmed that MIV-818 has advanced into Phase 1b with data expected by the end of 2020. We believe Medivir is severely undervalued, but the lack of significant near-term catalysts will likely hamper investor interest.