Are We Seeing More Realistic Approaches to Prosecution of Clinical Trials?

I think companies are becoming more realistic about, you know, the cash they've had and how they can best leverage that in creating value. And I suppose we've also seen pipeline trimming, and people be more focused on later stage assets with key catalysts in there. Are you seeing the licensing deals and the large pharma by attack acquisitions that, again, we'd all kind of hoped would filter through last year, but didn't seem to quite materialize? We do expect M&A activity to pick up in 2023; historically, when we look across the cycles of biotech, there's typically a lag from reaching a nadir on the downturn.