I would be happy to.
It was an issue we had spent a lot of time working on over the last couple of years. It was a mechanism within our Canada tax treaty directly related to limited liability companies whose structures essentially faced a double taxation dynamic when the dollars came into Canada. It is a mechanism that's intensely used within the biotech sector to leverage investment. Canada was essentially penalizing successful companies for securing international investment into their companies by taxing them.
The royal assent of that change and those negotiations came to be, as you know, in December. We're now waiting for that bill to be passed in the U.S. Senate. I can tell you that already the messaging we have started to do as a nation, with both our colleagues within the international trade framework and within the venture capital and investment community.... We've spent the last two weekends with those folks from the U.S. marketplace. We're messaging strongly on that, and they're incredibly eager to see it change.
We're very optimistic that this signal out to the industry that Canada means business and is willing to adapt and change previous practices in a way that's more globally competitive for everybody is certainly gathering--for our industry, anyway, at this point--some good encouragement.