Today’s Q3 results are in line with our expectations. Good progress is being made developing ensifentrine for use in COPD, with data from the final, fully enrolled, 4-week Phase IIb dose-ranging study expected around YE 2019. We look forward to results from this trial, which we see as key to capturing the full commercial potential of ensifentrine. The trial is expected to conclude the comprehensive Phase II programme, with an FDA End of Phase II Meeting anticipated in H1 2020. Verona is expected to go into this meeting with a substantial body of evidence supporting ensifentrine’s clinical utility in COPD, including data from 15 completed clinical trials (14 nebulized and 1 DPI trials). We continue to believe there are multiple additional value creation opportunities available, including collaborative agreements for the DPI or MDI formulation, other respiratory indications (e.g. asthma and Cystic Fibrosis) and/or new geographies. We reiterate our positive stance on ensifentrine as a first-in-class PDE3/PDE4 inhibitor inhaled drug therapy for COPD.