NGM313 is a proprietary, agonistic antibody selectively activating FGFR1c/KLB that we believe has the potential to be a once-monthly injectable insulin sensitizer for the treatment of type 2 diabetes and NASH. In Phase 1 clinical testing, NGM313 has demonstrated favorable tolerability and preliminary data has shown the agent is capable of reducing liver fat content and improving metabolic biomarkers in obese insulin resistant subjects with NAFLD after a single dose. We believe that NGM313 has the potential to be a treatment for those patients with both type 2 diabetes and NASH with early to moderate fibrosis.  Under our collaboration agreement, Merck will have a one-time right to exercise an option to license NGM313 following human proof of concept.