Zealand Pharma A/S Q1 2022 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Thomas Schultz Bowers - Danske Bank A/S, Research Division - Analyst : Thomas Bowers from Danske. So 3 questions here from our side. So just kind of with this financing agreement with Oberland. So you're paying a premium of USD 10 million to remove the liquidity covenant. So can you maybe just help me understand why you had this construct in the first place? So is there anything that has changed in regards to your original expectations of when you were supposed to breach this level? Would that be at a much later stage originally? Because it seems a little bit strange when you know that the glepaglutide data would come out in Q3. And then just to understand with the updated agreement here. So the cash run rate into 2023, I'm just wondering, is that including the $75 million that you have additionally from Oberland? And also in that $75 million, you have $50 million as a sort of a dependency on M&A? Or how will you actually be able to get access to those additional $50 million without any M&A? So just help me understand this item here. And then second question, just on your pipeline and new strategy. So assuming that you have positive readout here in very near term on CHI. So firstly, will you still advance and submit and do all the regulatory stuff and then aim to outliers afterwards? And how should we think about timing in regards to, of course, the other trials that you're doing with basically going to mini dose and also the hormone pump. So anything here that you want to wait, any catalysts that you want to await aside, of course, from the very upcoming in near term here on the CHI? And then lastly, just on your dual listing. I guess you spent some money here, maybe USD 5 million, USD 10 million on an annual basis on the U.S. listing. And basically, (inaudible) volume. So why haven't you also considered to delist in U.S. in connection with the whole restructuring to save money?

Question: Thomas Schultz Bowers - Danske Bank A/S, Research Division - Analyst : All right. Great.