Core Viewpoint - The Amplify CWP International Enhanced Dividend Income ETF (IDVO) utilizes a multi-source income strategy, primarily focusing on American Depositary Receipts (ADRs), which allows U.S. investors to access international dividend yields that often exceed those of U.S. companies, particularly in sectors like pharmaceuticals and banking [3][6][11]. Group 1: Fund Structure and Income Sources - IDVO draws income from three sources: dividends from ADR holdings, covered call premiums, and capital appreciation, differentiating it from traditional income funds [5][7]. - The fund's net expense ratio is 0.65%, and it has surpassed $1 billion in assets under management since its inception in September 2022 [8]. - As of January 31, 2026, IDVO reported a distribution rate of 6.17%, but the 30-day SEC yield was only 1.49%, indicating that a significant portion of distributions is a return of capital rather than earned income [8][10]. Group 2: Currency Sensitivity and Dividend Growth - IDVO's income is sensitive to currency fluctuations, as ADR dividends are converted from foreign currencies, which can impact the dollar amount received by investors [2][16]. - Novartis, a key holding at 3.9% of the portfolio, has shown consistent dividend growth, with payments increasing from $2.43 in 2013 to $4.77 in 2026, alongside a one-year share price return of 36% [11]. Group 3: Return of Capital and Tax Implications - Approximately 77% of IDVO's February 2026 distribution was a return of capital, which reduces the cost basis over time and can complicate tax implications for investors [9][14]. - The distinction between earned income and return of capital is crucial for tax planning, especially for investors in higher tax brackets [14][16].

Core Viewpoint - Pfizer Inc. is hosting a conference call on May 5, 2026, to discuss its First Quarter 2026 Performance Report, inviting both investors and the public to participate through a webcast [1][2]. Group 1: Conference Call Details - The conference call is scheduled for 10:00 a.m. EDT on May 5, 2026, and will provide updates on Pfizer's financial results [1]. - Participants can access the webcast and Performance Report via Pfizer's investor website, with registration recommended in advance [2]. - A replay of the webcast will be available within 24 hours after the live call and will remain accessible for at least 90 days [3]. Group 2: Company Overview - Pfizer is committed to applying science and global resources to develop therapies that significantly improve patients' lives, focusing on quality, safety, and value in healthcare products [4]. - The company collaborates with healthcare providers, governments, and communities to enhance access to affordable healthcare worldwide [4]. - Pfizer has a long history of 175 years in the biopharmaceutical industry, emphasizing its role in advancing wellness and combating serious diseases [4].

Core Insights - The European Union's medicines regulator anticipates a shortage of Baxter International's cancer drugs containing ifosfamide until early 2027 due to a technical disruption at Baxter's manufacturing site [1][2]. Group 1: Product Information - Ifosfamide is utilized alone or in combination with other therapies to treat various cancers, including testicular, small cell, and cervical cancers [2]. - Baxter is the primary supplier of ifosfamide in the EU, with brands such as Holoxan, Tronoxal, and Mitoxana containing ifosfamide either as the main ingredient or in combination with other drugs [2]. Group 2: Manufacturing and Supply Issues - The manufacturing and release of ifosfamide-containing products were halted in September, but production has resumed at a constrained level [3]. - The European Medicines Agency had previously warned of a shortage of another cancer drug by Baxter, cyclophosphamide, until the first quarter of next year due to a site disruption [3]. Group 3: External Factors - The shortages coincide with ongoing disruptions in the Middle East, which are threatening the flow of medicines due to restricted air transit and closed shipping routes [4].

Core Insights - Opaleye Management Inc, a 10% owner of Harrow, sold 198,572 shares of common stock for approximately $7.8 million in multiple transactions on March 3 and 4, 2026 [1][2] - The sale occurred after Harrow reported Q4 2025 earnings, which missed analyst EPS estimates, leading to a significant stock drop [9] Transaction Summary - Shares sold (indirect): 198,572 [2] - Transaction value: $7.8 million [2] - Post-transaction shares (indirect): 3.7 million [2] - Post-transaction value (indirect ownership): $125.1 million [2] - Transaction value based on weighted average prices: $39.15 on March 3 and $39.67 on March 4 [2] Company Overview - Market capitalization: $1.3 billion [4] - Revenue (TTM): $272.3 million [4] - Net income (TTM): -$5.1 million [4] - 1-year price change: 19.7% as of March 23, 2026 [4] Company Snapshot - Harrow is a leading ophthalmic pharmaceutical company focused on eye-care products for the North American market [5] - Key products include VEVYE for dry eye disease, IHEEZO for ocular anesthesia, and TRIESENCE for ocular inflammation [5] - Revenue is generated through the sale of branded and specialty ophthalmic drugs and compounded pharmaceutical products [6] Revenue Growth - Harrow reported full-year 2025 revenue of $272.3 million, a 36% increase over 2024 [6] - The company guided 2026 revenue to a range of $350-$365 million [6] Ownership Context - All shares were sold indirectly through Opaleye, L.P. and a managed account, with Opaleye Management Inc. as the investment manager [8] - Post-transaction, Opaleye L.P. holds 3,622,000 shares and the managed account holds 59,428 shares, totaling approximately 3.68 million shares [8]

Financial Data and Key Metrics Changes - As of December 31, 2025, cash equivalents and marketable securities totaled $36.4 million [25] - Total operating expenses for Q4 2025 were $14.7 million, and for the full year, they were $54.9 million, reflecting ongoing investments in regulatory, clinical, and commercial activities [25] - The total net loss for Q4 2025 was $14.7 million, and for the full year, it was $54.7 million [25] Business Line Data and Key Metrics Changes - Achieve Life Sciences is transitioning from a clinical development company to a commercially focused enterprise, with a primary objective to make cytisinicline available to 25 million smokers and nearly 18 million vapers [5][6] - The NDA submission for smoking cessation was accepted by the FDA, marking a significant step towards becoming the first new FDA-approved treatment in 20 years [6][7] - The ORCA-OL long-term exposure trial demonstrated cytisinicline's safety profile, showing strong tolerability and excellent patient satisfaction [8] Market Data and Key Metrics Changes - Approximately 25 million adults in the U.S. smoke cigarettes, with over 15 million attempting to quit each year [12] - The CDC estimates that smoking causes around 500,000 deaths annually and incurs over $600 billion in healthcare costs and lost productivity [12] - There are 6 million COPD smokers in the U.S. with limited options for cessation, highlighting the potential market for cytisinicline [8] Company Strategy and Development Direction - The company aims to launch cytisinicline for smoking cessation in the first half of 2027, focusing on ensuring supply chain readiness and building a scalable commercial model [9][10][19] - Achieve is leveraging AI and advanced analytics to enhance decision-making and customer engagement, positioning itself for an efficient launch [10][23] - The company has initiated a "Willpower" awareness campaign to reframe the conversation around nicotine dependence as a medical condition [14][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory progress and the potential for cytisinicline to deliver the first FDA-approved treatment for nicotine dependence in two decades [18] - The company is focused on addressing the unmet medical needs in nicotine dependence, emphasizing the importance of a controlled and successful product launch [26][27] - Management highlighted the urgency of the public health need for vaping cessation treatments, with the potential to be first to market [27] Other Important Information - Achieve has partnered with Adare Pharma Solutions for U.S. manufacturing, which is expected to enhance supply chain security and reduce risks associated with international imports [10][11] - The company is actively engaging with payers to secure coverage and affordability for cytisinicline, with ongoing discussions showing positive feedback [21][53] Q&A Session Summary Question: What is the critical path between NDA approval and launch? - The company needs to ensure drug availability in the supply chain and is working on additional data and partnerships during the lead-up to launch [30][31] Question: Will the manufacturer in the NDA supply commercial product? - The company plans to transfer manufacturing to Adare, ensuring contingency supply and addressing observations from the FDA inspection [36][37] Question: What is the current awareness level among healthcare providers? - Awareness has not been a priority pre-approval, but the company plans to ramp up educational efforts as the launch approaches [40][42] Question: What is the status of FDA dialogue on the vaping indication? - Discussions with the FDA have focused on protocol approval, with site selection for the ORCA-V2 trial already underway [44][45] Question: How robust is the raw plant material supply chain? - The company has stockpiled sufficient starting material for over three years of supply, ensuring readiness for market demand [58] Question: What are the pricing considerations for cytisinicline? - The company is not ready to comment on pricing but acknowledges the substantial unmet need highlighted in the ICER report [66][68]

Financial Data and Key Metrics Changes - The company reported record net product sales of $44.6 million for the full year 2025, a 50% increase from $29.6 million in 2024 [5][20] - For Q4 2025, net product sales were $13.8 million, up approximately 75% from $7.9 million in Q4 2024 [19][20] - Selling and marketing expenses for Q4 2025 were $6.1 million, compared to $3.9 million in Q4 2024, reflecting increased payroll and marketing efforts [20][21] - General and administrative expenses for Q4 2025 were $8.9 million, up from $4.2 million in Q4 2024 [21][22] - Cash and cash equivalents stood at $36.8 million as of December 31, 2025, bolstered by $42 million in net proceeds from equity offerings [22][23] Business Line Data and Key Metrics Changes - The Fennec HEARS patient support program achieved record performance in Q4, with significant increases in patient enrollments, prescribed and infused vials, and conversion rates, which rose to 70% in Q4 from 50% in Q1 [8][19] - The company expanded its capabilities to target the adolescent and young adult (AYA) market, enhancing its customer-facing team to increase reach and frequency [6][7] Market Data and Key Metrics Changes - The company is focusing on expanding awareness and use of PEDMARK, particularly among young adult testicular cancer patients, with initiatives planned around events like the Indy 500 and significant presence at the ASCO meeting [9][10] - The company is also advancing its clinical evidence strategy, with ongoing studies in Japan and partnerships with leading academic institutions to generate new clinical data [10][12] Company Strategy and Development Direction - The company aims for global expansion and sustained growth, with a focus on executing its strategic plans and enhancing its operating leverage [11] - The management emphasized a balanced approach to capital allocation, investing in high-impact initiatives while maintaining financial rigor [7][11] - The company is committed to establishing PEDMARK as the standard of care for patients receiving cisplatin, with a focus on expanding clinical evidence and guideline recognition [15][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute its plans and achieve long-term value creation, highlighting a strong foundation built in 2025 [11][12] - The management noted that the company anticipates generating positive cash flow in Q1 2026, with early collection of receivables benefiting cash position [23] - The settlement of patent litigation regarding PEDMARK is expected to provide market exclusivity and save on annual G&A expenses, allowing for reinvestment in commercial expansion [23][24] Other Important Information - The company has zero debt outstanding, marking the strongest balance sheet in its history [22][23] - The management is focused on expanding the clinical evidence base for PEDMARK, particularly in the AYA population, and is in ongoing dialogue with regulatory authorities regarding potential label expansions [29][30] Q&A Session Summary Question: What is the biggest challenge or pushback from physicians regarding PEDMARK? - The primary concern has been whether sodium thiosulfate could reduce cisplatin's anti-tumor activity. Long-term follow-up studies have shown no difference in overall survival between the PEDMARK plus cisplatin arm and the cisplatin alone arm, which has helped shift physician confidence [25][26][27] Question: What is Fennec's regulatory strategy for the AYA population? - The company is focused on expanding the clinical evidence base and maintaining dialogue with regulatory authorities regarding potential pathways for label expansion as data matures [29][30] Question: Can you provide an estimate on cash operating expenses for 2026? - Cash operating expenses are anticipated to grow from approximately $35 million in 2025 to about $50 million in 2026, driven by commercial and medical expansions [31][33] Question: Can you provide an update on the Norgine partnership and ex-U.S. progress? - Norgine is planning 8-10 launches in 2026, with initial revenue contributions expected in the second half of 2026 [34][35] Question: When will you provide revenue or EBITDA guidance in 2026? - The company intends to evaluate the potential for issuing revenue and EBITDA guidance as it monitors the impact of growth initiatives throughout the year [36] Question: Can you elaborate on the recent field force expansion? - The expansion is targeted at building territory managers to increase reach and frequency, focusing on high-tier accounts and supporting activation of new centers [37][38] Question: How is the Fennec HEARS program impacting commercial demand? - The program primarily addresses access barriers, ensuring appropriate patients can start and complete therapy, which supports clinical adoption and physician decision-making [39][40]

Financial Data and Key Metrics Changes - The company reported record net product sales of $44.6 million for the full year 2025, a 50% increase from $29.6 million in 2024 [5][20] - For Q4 2025, net product sales were $13.8 million, up approximately 75% from $7.9 million in Q4 2024 [19][20] - Selling and marketing expenses for Q4 2025 were $6.1 million, compared to $3.9 million in Q4 2024, reflecting increased payroll and marketing efforts [20][21] - General and administrative expenses for Q4 2025 were $8.9 million, up from $4.2 million in Q4 2024 [21][22] - Cash and cash equivalents stood at $36.8 million as of December 31, 2025, bolstered by $42 million in net proceeds from equity offerings [22][23] Business Line Data and Key Metrics Changes - The Fennec HEARS patient support program achieved record performance in Q4, with significant increases in patient enrollments, prescribed and infused vials, and conversion rates, which rose to 70% in Q4 from 50% in Q1 [8][19] - The company expanded its capabilities to target the adolescent and young adult (AYA) market, enhancing its customer-facing team to increase reach and frequency [6][7] Market Data and Key Metrics Changes - The company is focusing on expanding awareness and use of PEDMARK, particularly among young adult testicular cancer patients, with initiatives planned around major events like the Indy 500 and the ASCO meeting [9][10] - The company is also making strides in Japan with the STS-J01 clinical trial for PEDMARK, which is crucial for global expansion [10] Company Strategy and Development Direction - The company aims for global expansion and sustained growth, with a focus on execution and enhancing its medical and commercial strategies [11] - The strategic plan includes increasing clinical evidence generation and strengthening relationships with key opinion leaders and academic institutions [12][15] - The company is committed to addressing unmet needs in vulnerable groups, such as AYA and adult patients, through evidence-based initiatives [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute its plans and achieve long-term value creation, citing a strong balance sheet and disciplined capital allocation [7][22] - The management team highlighted the importance of ongoing engagement with healthcare providers to enhance the adoption of PEDMARK and address concerns regarding its use alongside cisplatin [25][28] Other Important Information - The company announced the settlement of patent litigation regarding PEDMARK, which will provide market exclusivity until September 1, 2033, saving millions in annual G&A expenses [23][24] - The company anticipates generating positive cash flow in Q1 2026, aided by early collection of receivables [23] Q&A Session Summary Question: What is the biggest challenge or pushback from physicians regarding PEDMARK? - The primary concern has been whether sodium thiosulfate interferes with cisplatin's anti-tumor activity. Long-term follow-up data shows no difference in survival outcomes, which has helped shift physician confidence [25][26][27] Question: What is Fennec's regulatory strategy for the AYA population? - The company is focused on expanding clinical evidence and maintaining dialogue with regulatory authorities for potential label expansion as data matures [29][30] Question: Can you provide an estimate on cash operating expenses for 2026? - Cash operating expenses are expected to grow from approximately $35 million in 2025 to about $50 million in 2026, driven by commercial and medical expansions [31][33] Question: Can you provide an update on the Norgine partnership and ex-U.S. progress? - Norgine plans 8-10 launches in 2026, with initial revenue contributions expected in the second half of 2026 [34][35] Question: When do you expect to see initial revenue from the Norgine partnership? - Revenue contributions from Norgine are anticipated to materialize in the second half of 2026, particularly after pricing is established in Germany [60] Question: How is the company addressing the growth of treated patients in Q4? - The company is seeing significant growth in AYA patients, with a focus on both existing and new accounts, and expects this trend to continue [51][52][55]

Financial Data and Key Metrics Changes - The company ended 2025 with approximately $292.3 million in cash and marketable securities, remaining debt-free with about 31.3 million shares outstanding [32][33] - Q4 2025 net product revenues were approximately $1.6 million, with over 20,000 monthly paid and filled prescriptions [33] - Total Q4 operating expenses were approximately $40 million, with a net cash burn of about $32 million [34][35] - The net loss per share in Q4 2025 was $1.16, compared to a net loss per share of $0.46 in Q4 2024 [37] Business Line Data and Key Metrics Changes - The company sold over 45,000 boxes of LNZ100, prescribed by more than 10,000 eye care professionals, indicating strong adoption [7][26] - The product is showing encouraging refill behavior, with patients moving from one-month to three-month prescriptions [48][76] Market Data and Key Metrics Changes - Presbyopia affects approximately 128 million people in the United States, representing a significant market opportunity for the company [6][18] - The company is seeing a broad base of prescribing physicians, with over 55% of ECPs having written VIZZ multiple times [21][22] Company Strategy and Development Direction - The company aims to build a new treatment category for presbyopia, focusing on accelerating adoption through enhanced physician messaging and expanding the sales force [12][19] - The direct-to-consumer campaign launched in January is expected to take at least two quarters to translate into prescription trends, with early indicators showing positive engagement [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the product's effectiveness and the encouraging early signals of patient persistence, indicating a strong foundation for future growth [16][42] - The company is focused on executing its strategy to build a blockbuster category, leveraging both physician and consumer adoption [16][42] Other Important Information - The company plans to maintain a significant portion of its operating expenses towards sales and marketing, targeting approximately 75%-80% [39] - The company is advancing its global expansion strategy, with potential approvals in multiple geographies anticipated in early 2027 [40][41] Q&A Session Questions and Answers Question: Can you discuss the sampling dynamic to NRX and retention? - Management feels good about the NRX and refill dynamic, noting that patients who purchase continue to use the product, with encouraging refill rates observed [46][48] Question: What investments are being made to broaden patient demand? - The focus is on digital advertising and optimizing media placements to effectively reach target demographics, with a selective approach to linear TV advertising in key markets [50][51] Question: What percentage of prescribers are from the initial target group versus inbounds from patient demand? - The company has expanded its target group from 12,000 to 15,000 ECPs, with many new prescribers being those who had never written Vuity before [53][54] Question: Can you provide insights on the behavior of the top 1,000 prescribers? - The top prescribers are more comfortable with new technologies and have successfully integrated VIZZ into their patient discussions, setting appropriate expectations for its use [59][63]

Financial Data and Key Metrics Changes - As of December 31, 2025, cash equivalents and marketable securities totaled $36.4 million, with total operating expenses for Q4 2025 at $14.7 million and for the full year at $54.9 million, reflecting ongoing investments in regulatory, clinical, and commercial activities [25] - The total net loss for Q4 2025 was $14.7 million and for the full year was $54.7 million, indicating a consistent investment strategy despite losses [25] Business Line Data and Key Metrics Changes - Achieve Life Sciences is transitioning from a clinical development company to a commercially focused enterprise, with a primary objective to make cytisinicline available to 25 million smokers and nearly 18 million vapers in the U.S. [5][6] - The NDA submission for smoking cessation was accepted by the FDA, marking a significant milestone towards becoming the first new FDA-approved treatment in 20 years [6][7] Market Data and Key Metrics Changes - The company highlighted the urgent public health need for nicotine dependence treatment, with approximately 25 million adults in the U.S. smoking and over 15 million attempting to quit annually [12] - The recognition of cytisinicline as a national priority by the FDA enhances its market potential, particularly for vaping cessation, where no approved treatments currently exist [6][18] Company Strategy and Development Direction - Achieve is building a scalable, data-driven commercial model to launch cytisinicline, utilizing an omni-channel digital platform for precision targeting of physicians and patients [9][10] - The partnership with Adare Pharma Solutions aims to secure the supply chain and reduce risks associated with international pharmaceutical importation, enhancing operational readiness for the planned commercial launch in the first half of 2027 [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory progress and the potential of cytisinicline to deliver the first FDA-approved treatment for nicotine dependence in two decades, emphasizing the importance of addressing the unmet medical needs in this area [26][27] - The company is focused on ensuring a controlled and successful launch, with ongoing discussions with payers to secure coverage and affordability for cytisinicline [19][53] Other Important Information - The ORCA-OL long-term exposure trial demonstrated cytisinicline's safety profile and strong tolerability, with high patient satisfaction reported [8][17] - The company is leveraging advanced analytics and machine learning to enhance decision-making and customer engagement, positioning itself for an efficient launch [9][23] Q&A Session Summary Question: Can you talk about the critical path between a late June NDA approval and a first half launch? - The primary consideration is ensuring drug availability in the supply chain, with all trade and distribution processes ready to go once the drug is available [30][31] Question: Did you imply that the manufacturer in the NDA will not be supplying commercial product, rather Adare will? - The PDUFA date remains June 20, and the decision to transfer manufacturing to the U.S. was made to ensure contingency supply and address geopolitical concerns [36][37] Question: Can you discuss the current awareness level with healthcare providers and plans for 2026? - Awareness has not been a priority yet, but as the launch approaches, the company plans to ramp up educational efforts specific to cytisinicline [40][42] Question: What is the status of the raw plant material supply chain? - The company has been stockpiling starting material and expects to have more than three years' supply by the time of launch [58] Question: Can you comment on the cytisinicline dosing schedule and potential compliance issues? - High adherence rates were reported in trials, with participants finding the dosing schedule manageable and effective in addressing cravings [60][61] Question: What are the pricing considerations for cytisinicline? - The company is not ready to comment on pricing but acknowledges the substantial unmet need highlighted in the ICER report [66][68]

Financial Data and Key Metrics Changes - The company reported record net product sales of $44.6 million for the full year 2025, a 50% increase from $29.6 million in 2024 [5][20] - For Q4 2025, net product sales reached $13.8 million, up approximately 75% from $7.9 million in Q4 2024 [19][20] - Selling and marketing expenses for Q4 2025 were $6.1 million, compared to $3.9 million in Q4 2024, reflecting increased payroll and marketing efforts [20][21] - General and administrative expenses for Q4 2025 were $8.9 million, up from $4.2 million in Q4 2024, driven by higher legal and payroll expenses [21][22] - Cash and cash equivalents stood at $36.8 million as of December 31, 2025, bolstered by $42 million in net proceeds from equity offerings [22][23] Business Line Data and Key Metrics Changes - The Fennec HEARS patient support program achieved record performance in Q4, with significant increases in patient enrollments and conversion rates, which rose to 70% from 50% in Q1 [8][19] - The company expanded its capabilities to target the adolescent and young adult (AYA) market, enhancing its outreach to high-prescribing targets [6][9] Market Data and Key Metrics Changes - The company is focusing on expanding awareness and use of PEDMARK, particularly among young adult testicular cancer patients, with initiatives planned around major events like the Indy 500 [9][10] - The AYA market represents a significant opportunity, with an addressable market of over 20,000 patients annually [36] Company Strategy and Development Direction - The company aims for global expansion and sustained growth, with a focus on execution and enhancing its commercial team [11][19] - Strategic initiatives include strengthening medical affairs and expanding clinical evidence generation to support product adoption [12][15] - The company plans to leverage partnerships with academic institutions to drive research and enhance product credibility [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute its plans and achieve long-term value creation, citing a strong balance sheet and operational efficiency [6][11] - The company anticipates generating positive cash flow in Q1 2026, with early collection of receivables expected to benefit cash position [23] - Management highlighted the importance of ongoing dialogue with regulatory authorities regarding potential label expansions for PEDMARK [30] Other Important Information - The company announced the settlement of patent litigation regarding PEDMARK, which will provide market exclusivity until September 1, 2033, saving millions in annual G&A expenses [23][24] - The Norgine partnership is expected to contribute significantly to financials in the second half of 2026, with multiple launches planned across Europe [34][36] Q&A Session Summary Question: What is the biggest challenge or pushback from physicians regarding PEDMARK? - The primary concern has been whether sodium thiosulfate interferes with cisplatin's anti-tumor activity, but long-term studies show no difference in survival outcomes [25][26] Question: What is Fennec's regulatory strategy for the AYA population? - The company is focused on expanding clinical evidence and maintaining dialogue with regulatory authorities for potential label expansion [29][30] Question: Can you provide an estimate on cash operating expenses for 2026? - Cash operating expenses are expected to grow from approximately $35 million in 2025 to about $50 million in 2026 due to commercial expansion [31][32] Question: When will initial revenue from the Norgine partnership be expected? - Material contributions from the Norgine partnership are anticipated in the second half of 2026 following pricing approvals [58][60] Question: How is the company addressing the growth of treated patients in Q4? - The company is seeing significant growth in AYA patients and is focusing on both existing and new accounts to drive further penetration [51][52]