Approximately 240 million people are chronically infected with the Hepatitis B virus (“HBV”), including approximately 14 million people in the United States and Europe, leading to progressive liver disease and approximately one million deaths each year. There are relatively few new therapies in development for the treatment of HBV. The current standard of care requires chronic treatment with antiviral therapies to suppress the HBV virus. While there are effective vaccines for the prevention of Hepatitis B infection, there is a need for therapies that improve the clearance of HBSAGand potentially lead to a cure. We are developing SB 9200 for the treatment of HBV chronic infection. We believe SB 9200 has the potential to provide a functional cure of HBV by increasing the clearance of HBsAg, HBsAg is the surface antigen of the hepatitis B virus that indicates active hepatitis B infection. Clearance of HBsAg would be indicative of a functional cure. Currently available treatments for HBV include Barraclude (entecavir) and Viread (tenofovir). These drugs are DAAs which suppress viral replication and had reported worldwide revenues of approximately $2.5 billion in 2014 primarily for the treatment of HBV. In addition, in Europe, pegylated interferon-α, or PEG-IFN-α, products are indicated for first line treatment of HBV virus according to EASL guidelines for HBV treatment for certain patient populations. We expect that the market for HBV treatments will continue to expand as new therapies come to market.