Otonomy has acquired the rights to multiple product candidates for our fourth development program, which will target age-related hearing loss, also known as presbycusis. There are 36 million adults in the U.S. who report hearing loss which we believe represents the largest market opportunity in the otology field. We are evaluating several different approaches to treat this condition, including repair of damaged ribbon synapses and regeneration of cochlear hair cells. Formulation and preclinical development is underway.