Could you tell us what led you and the field to suspect that this humble short-chain fatty acid might matter, might have an impact in multiple sclerosis?

Actually, the idea evolved in 2020 when I read a paper published in, in the journal Cell by a German, um, study group where they evaluated propionic acid in, in MS, and they found that propionic acid could rebalance and reshape the immunological dysfunctions in multiple sclerosis, as propionic acid appears to reduce TH17 cell functions while augmenting capacity of regulatory T cells.

And in addition to these very important and interesting immunological findings, they also observed clinical improvements and potential improvements on brain atrophy.

But this was just an observational study and partly retrospective, so I really thought it was about time to do a clinical trial, a prospective randomized double-blind controlled trial.

Yeah.

So which on the other hand tells us that NfL is a good parameter to measure disease activity.

And of course, it's, uh, it, uh...

So w- we included 101 patients, and some of them had switched immunotherapies within 12 months.

So, so why are they issuing Nordic bonds?

Well, in my, in my personal opinion, the, there's two main reasons for that.

Uh, the first is that, uh, the Nordic market is an established market with a, a, actually worldwide, um, investor base.

So you're not limited to, uh, German investors, but you can also approach, uh, investors in Scandinavia where there's a long tradition also of capital market instruments as an investment, um, but also American, um, uh, funds and other investors.

So you have a, a larger universe of investors.

That's one point.

And specifically for the German market, I believe many German companies do it because the, there has been, um, a lot of bond issuance in the German mid-cap segment over the last decade or two decades, uh, basically since two thousand and nine when the German Bond Act came into place.

So do they get their fees as a percentage of recoveries, or how exactly does it work?