Associations between menopause age and estradiol-based hormone therapy with cognitive performance
Watch on YouTubeVideo summary
The webinar presented by Dr. Laura Gravelsins and Dr. Lisa Galea explores the complex relationships between menopause age, estradiol-based hormone therapy, and cognitive performance in cognitively normal women, drawing on extensive data from the Canadian Longitudinal Study on Aging. The speakers frame menopause not as a pathology but as a critical inflection point for brain health, highlighting that Alzheimer's disease disproportionately affects females. Key findings indicate that earlier menopause is associated with accelerated cognitive decline and increased tau pathology, particularly in individuals with higher vascular risk or the *APOE4* genotype. Furthermore, a history of grand parity combined with early menopause was linked to reduced executive function, while past use of hormone therapy demonstrated lasting benefits for memory and executive function in later life.
The type and route of administration play significant roles in these outcomes, with transdermal estradiol showing specific advantages for episodic memory compared to no therapy, whereas oral formulations undergo first-pass metabolism that converts potent estradiol into weaker estrone. Research suggests that stronger estradiol signals in the hippocampus compared to the frontal cortex may explain domain-specific cognitive findings, and notably, estradiol-based therapy appeared beneficial even for *APOE4* carriers regarding cortical thickness and white matter health. While progesterone is necessary for women with a uterus, the specific type used did not significantly alter study outcomes in this analysis. Additionally, vaginal estrogens are highlighted as safe for long-term use that support urinary tract health and likely contribute to brain health by reducing systemic inflammation.
Beyond biological mechanisms, the presentation addresses systemic issues such as the dismissal of menopausal symptoms, particularly night sweats that disrupt sleep, which correlates with cognitive decline. Although vasomotor symptoms and sleep disruption impact cognition, statistical associations between hormone therapy and cognitive performance remain significant even when controlling for these variables. The speakers advocate for earlier intervention to help individuals thrive rather than languish, noting that current research has not yet fully explored the direct effects of testosterone or the differences between bioidentical versus synthetic therapies, though benefits are likely greatest with estradiol-based medications compared to herbal remedies. There is also a call to study diverse populations and learn from the trans community regarding the efficacy of different administration routes.
In conclusion, the webinar underscores the urgent need for personalized medicine approaches that consider genotype, pregnancy history, and symptom severity to support thriving during aging. The speakers emphasize that menopause is an inflection point requiring earlier intervention and better medical training, noting the current underfunding of women's health research where only a tiny fraction of grants are allocated to menopause studies. They issue a call to action for scientists, politicians, and funders to increase support for this critical area of research, ensuring that future studies include diverse populations and address the systemic barriers currently facing women's health.
Read the full video transcript
All right. Welcome everyone.
I'm Sophie Hogeveen, data access officer
for the CLSA
or the Canadian Longitudinal Study on
Aging.
Uh thank you for joining us for this
webinar titled Associations between
menopause age and estradiol-based
hormone therapy with cognitive
performance in cognitively normal women
in the CLSA.
Before we begin, uh I'd like to
acknowledge that the CLSA National
Coordinating Centre and McMaster
University are located on the
traditional territories of the
Mississaugas and Hodenaushounee Nations
and within the lands protected by the
Dish With One Spoon Wampum Agreement.
CAMH is situated on lands that have been
occupied by First Nations for millennia.
Lands rich in civilizations with
knowledge of architecture, technology,
and extensive trade routes throughout
the Americas.
The site of CAMH appears in colonial
records as the council grounds of the
Mississaugas of the New Credit, as their
name in 1860, today known as the
Mississaugas of the Credit.
We wish to acknowledge that the
University of Toronto operates on the
traditional land of the Huron-Wendat,
the Seneca,
and the Mississaugas of the Credit.
Today, this meeting place is still home
to many indigenous people from across
Turtle Island, and we are grateful to
have the opportunity to work on this
land.
As attendees of this webinar, I
encourage you to continue your learning
following the webinar and to acknowledge
the original inhabitants of the lands
where we currently have the privilege to
research, live, and work, wherever that
may be.
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Now, today's webinar. As I said, titled
Association between menopause age and
estradiol-based hormone therapy with
cognitive performance in cognitively
normal women in the CLSA.
This is presented by Dr. Laura
Gravelsins, postdoctoral research at the
Centre for Addiction and Mental Health,
CAMH,
and Dr. Lisa Galea, senior scientist at
CAMH and professor in the Department of
Psychiatry at the University of Toronto.
Dr. Laura Gravelsins is a researcher
committed to advancing sex and
gender-based analysis plus and gender
equity in neuroscience.
She earned her PhD in psychology from
the University of Toronto in 2024 and is
currently a postdoctoral fellow with Dr.
Lisa Galea at the Centre for Addiction
and Mental Health.
Her research focuses on how ovarian
hormones influence memory, brain health,
and quality of life across the lifespan.
Her current postdoctoral research in the
Galea lab uses mixed methods approaches,
integrating large-scale large-scale
quantitative data with in-depth
qualitative interviews,
to better understand menopause-related
influences on brain health in older
females.
Dr. Lisa Galea is the Trail Living
Family Chair in Women's Mental Health at
the Centre for Addiction and Mental
Health
and a professor in the Department of
Psychiatry at the University of Toronto.
She leads the Women's Health Research
Cluster, a dedicated network to promote
and catalyze impactful women's health
research with over 1,000 members across
43 countries.
Dr. Galea is a world-renowned expert in
sex and sex hormone influences on the
brain with a focus on stress-related
psychiatric disorders and dementia.
She has published over 222 papers and is
a fellow of the Canadian Academy of
Health Sciences and a top 25 women of
influence in Canada in 2025.
So, I'll turn it over to you both.
Oh, hello. Thank you so much for this
opportunity to share our work. Just give
me a moment here while I set up the
uh presentation, but uh yeah, we're
delighted to be here. This is like our
favorite topic to talk about
how menopause and hormone therapy might
influence the brain. Uh and I am Lisa
Galea and with me is Laura Cruvels.
Hello.
>> [laughter]
>> Uh and we'll we're going to be doing
this sort of in tandem. You're going to
hear a lot from me first, unfortunately,
and then you will hear from uh Laura and
we'll go back and forth um a little bit
as we progress. So, you probably already
know what our objectives are. Uh by the
end of the talk, we are hoping that
you'll have gained an understanding of
the menopausal transition
and understand it as a key inflection
point for brain health. Uh and
uh while while we're talking about it
and studying it, we don't mean to infer
that we're pathologizing it in any way.
There are many kinds of menopauses.
People have different symptoms
throughout. Some people sail through,
some people don't. And what we believe
is that it's an important um time point
to uh offer support and intervention so
people can thrive during this life stage
rather than language and we'll come back
to that point a few times.
And we also want to be able by the end
of this to give you the tools to
evaluate discrepancies in findings on
menopausal hormone therapy and brain
health so that you can account for one
of my biggest pet peeves is when you'll
see a headline that says menopausal
hormone therapy does X. And for me it's
well what kind? How long did they take?
What age were they in? What went dose
were they in? And and you'll learn more
about this
and that's how we're going to get
towards personalized our precision
medicine where we're not lumping
everything into one group.
I have to start by saying that we're
going to be talking a lot about
a little bit about sex differences, a
little bit about gender differences and
sex refers to the biological and
physiological characteristics that can
differ between females, intersex and
males.
Gender most people will think of as
gender identity which is whether or not
you identify as a woman, gender diverse,
non-binary or man.
Now it's much more complicated than
that. There are it's also about how
society has expectations of you based on
your gender identity and that's society
at all different levels from home life
to being in a supermarket,
>> [clears throat]
>> your education as well as in your in
your work. And
there is kind of a big emphasis right
now in our research councils to do
something called SGBA which is sex and
gender based analysis and I I firmly
believe that but not everything is about
comparing males to females or men and
women. It's also about doing deep dives
into understanding you know non-binary
individuals or gender diverse
individuals or or women and that's what
we'll be talking about today.
The other thing I really want to make it
clear is you know there will be times
that we'll be use binary language, but
neither sex nor gender is binary. And
it's really important to understand that
people of color, transgender diverse,
indigenous peoples all have influences
of these factors that may differ in very
um
uh profound ways to affect our health
outcomes and and disease risk and and
deserve study. But today, we're going to
be doing a deep dive into women's
health.
And for understanding women's health, we
also want to make the point that it's
more than comparing to men's health.
It's more than um
having this sort of simple two-way
comparison. We already know that these
female specific experiences that I've
outlined here can influence our health
outcomes and disease risks, and not just
in the health of what underlies our
bikini. Uh for me, it's not just about,
you know, comparing apples to oranges,
it's about understanding that there are
many different types of apples and many
different types of oranges, and not
everyone has the same kind of pregnancy
or same kind of menstrual cycles or even
menopauses. And how does that influence
our our health outcomes?
So, thinking about dementia, uh which is
an umbrella umbrella term,
there are sex differences in the
prevalence of different dementias. Uh
for example, in vascular dementia,
there's actually a mix. Uh there's, you
know, several time points across the
lifespan or some one time point across
the lifespan, you can see that more
males are diagnosed with uh vascular
dementia than females. It's at the
earliest time point, but there's not
really a clear sex difference past that.
However, Alzheimer's disease, which is
the most common form of dementia, uh
does have a very strong sex prevalence.
And what by that, we just mean that at
every single time point, you see more
females than males are diagnosed with
Alzheimer's disease, suggesting there's
something special about Alzheimer's
disease, but also suggesting that we
should probably use this to try to
understand the disease and disease
progression
because we might get to answers faster.
Now, Alzheimer's disease is a
neurodegenerative disorder. Many of you
are probably very well aware of this.
It's
a progressive disorder characterized by
cognitive decline and also
neuropathological features such as
amyloid beta plaques and neurofibrillary
tangles within the cells itself which
can lead to neuron loss and degradation
within the cortical and subcortical
areas.
And now we know and it's pretty
exciting. This comes from
a doc tables as people lovingly refer to
them as
that when we see these cognitive
symptoms is cognitive impairment which
is in these green dark green lines here.
You actually see the neuropathological
features of Alzheimer's disease well
before cognitive decline. So if you were
to look at PET imaging for example. So
amyloid beta and tau pathology shows up
decades earlier.
And now we have some fluid biomarkers
that can even show up even earlier than
that and by I'm talking about fluid
biomarkers, I'm just talking about say
blood-based biomarkers. This is pretty
new and pretty exciting that we might be
able to to detect
initial stages of the disease much
earlier in the process because that's
going to give us the best
chance to intervene earlier.
Now, in terms of late onset sporadic
Alzheimer's disease, about 90% of cases
are this late onset sporadic Alzheimer's
disease. There are both modifiable and
non-modifiable risk factors. And the
Lancet has a beautiful series on these
modifiable risk factors. In fact, about
45% of cases with Alzheimer's disease
are attributed to these modifiable risk
factors like how much physical activity
you have, how much sleep you're getting,
your diet. And there are many other
factors like air pollution, diabetes. So
I encourage you to take a look at at
that uh Lancet Commission.
Uh but, there are also some
non-modifiable fact risk factors. Uh
advanced age, unfortunately, we can't
reverse aging. Really wish we could. Uh
possession of the APOE4 genotype, that's
either one or two of these alleles. Uh
you're at uh about 50% of cases of
Alzheimer's disease what somebody will
have the possession of one or two of
these alleles.
And female sex. About 2/3 patients uh
with Alzheimer's disease will uh be
female.
And uh and it turns out that sex plays a
role in every single one of these
factors. And we could do a whole session
on the modifiable risk factors, but
today we're going to be focusing more on
the interaction between female sex and
APOE4 alleles.
Um now, again, uh as we noted earlier,
uh we really think that to to study
this, we need to do a deep dive into to
females. Like, why are 2/3 of patients
female uh of the female sex? Uh can we
look at these female-specific factors
and understand the disorder better? Can
we get other clues on to how we can
intervene and more and better
therapeutics uh to intervene earlier?
And the way we've been doing this in our
lab is by looking at um these
female-specific factors, but today we'll
touch on menopause, hormone therapy, and
pregnancy history. Also thinking about
this interaction between um uh with
APOE4 alleles.
So, just [clears throat] initially, what
is menopause? Uh well, it's actually
defined as 12 months after your last
period. Uh so, you're actually
retrospectively trying to recall when
was your last period. And really, that
amounts to one day.
Sorry. [clears throat] There are two
different periods, either the
perimenopause or postmenopause. And the
perimenopausal period can at last um
anywhere from two to 10 years. And this
can differ by uh ethnicity.
And the symptoms of menopause transition
are on average are uh over in 7 years,
but I actually think this is an
underestimate because there hasn't been
that much research done on that. We'll
show you that a little bit later on and
I think there's been a lot of dismissal
of this as a
important variable to variables to study
in the literature itself.
But there's quite a bit of evidence that
menopause is an important flexion
inflection point in aging
both in terms of epigenetic signaling,
immune related changes and even in the
brain. And some of these are considered
to be transient stages that they can
there can be some compensation later on,
but there it's certainly an inflection
point.
And as
we noted earlier, the symptoms of
cognitive decline are seen you know in
the 60s probably average diagnosis in
late 60s early 70s and these
neuropathological features of
Alzheimer's disease either amyloid beta
or tau show up earlier than that. So
amyloid beta a little bit earlier than
that about 20 years prior. So what
happens 20 years prior to that? Well,
the average age of menopause is 51 years
of age in North America. So that's right
dab smack in the middle. So when we have
these declining ovarian hormones,
increase in pituitary hormones also
corresponding with increased sleep
disruptions, that's when we also it's
sort of matching in the sort of timeline
with the expression of these
neuropathological features. So might
this be an important transition point to
study?
Again, here when we're thinking about
menopause and how it influences aging,
we are not trying to pathologize
menopause at all. What we're trying to
do is to identify because there are many
menopauses and many types of hormone
therapies, we're trying to identify who
is at greater risk to develop in our
case is Alzheimer's disease or cognitive
issues and the and those people that are
not because then we can understand the
clues of risk and resilience during this
process, so we can give people the tools
to thrive during aging rather than
languish during aging.
And I'm turning it over to Dr. Gonsalves
now. Thank you so much.
Um
yes, so as mentioned by Dr. Glea, uh
there's not just one type of menopause
or one type of menopause experience. Uh
there can be many symptoms of menopause
and also many ages of menopause, which
we're going to be touching on throughout
this presentation.
Um
as alluded to earlier, menopause is
really uh a brain aging inflection point
and this is particularly true for
earlier ages of menopause, which
correspond to earlier losses of ovarian
hormones. This has been shown by by
several groups.
Um for example, earlier ages of
menopause have been associated with
region-specific increases in tau
pathology, so one of those
well-established uh biomarkers for
Alzheimer's disease.
Uh this is data from the CLSA database.
Um uh analyses using that data showing
that earlier ages of menopause have been
linked to accelerated cognitive decline,
especially uh in those who have higher
vascular risk.
And uh data from the UK Biobank, another
database, showing that earlier ages of
menopause are related to increased risk
for developing later life dementia. So,
collectively many pieces of evidence
suggesting that ovarian hormones are
important for uh maintaining brain
health.
But of course, uh
this is a theme that's that's going to
be coming up throughout our our
presentation. Um in terms of the
literature that exists looking at
whether menopause is linked to impaired
cognition,
um while studies say yes,
some other studies say no,
and other studies say maybe it might
depend. Um Um so we're we're trying to
understand, well, why why are there
these mixed findings and what might be
contributing? Uh really focusing in on
age of menopause and some of these mixed
findings looking at uh risk genetic risk
for Alzheimer's disease and pregnancy
history.
Um
So we wondered, how does age of
menopause affect different cognitive
domains in females? Um so using data
from the CLSA, uh rather than looking at
a global cognitive score, which is done
quite frequently as well, um in
investigations of cognition, we were
interested in uh cognitive composite. So
we use a principal component analysis to
derive an episodic memory composite,
which is more reliant on medial temporal
brain regions like the hippocampus,
as well as an executive functions
composite, which is more reliant on
frontal brain regions. And we wondered
whether this relationship between age of
menopause and performance on these uh
composites might be modified or might be
changed by carrying that APOE4 genotype,
that genetic risk factor for Alzheimer's
disease.
So what did we Oh, before that, uh just
to give you a sense of of what data
we're using from the CLSA, this is
coming from the baseline data from the
comprehensive cohort. So we have uh rich
cognitive assessments, health history
data, and after applying our
inclusion-exclusion criteria, we had
data from a little over 10,000
postmenopausal female participants that
were uh cognitively healthy.
And just to give you a sense of who's
included in this analysis, they're on
average 60 years of age, highly
educated, um and their age of menopause
is close to 51 years of age, uh
corresponding with that North American
average.
So what did we find? Well, on both the
episodic memory composite and the
executive functions composite, we found
that earlier ages of menopause um uh
maybe to orient you towards these graphs
on the x-axis here we have age of
menopause in years and on the y-axis is
z-score values such that higher values
represent better performance. So, we're
seeing on both these cognitive
composites that earlier ages of
menopause are linked to worse memory.
However, this relationship is much
stronger
in those who carry the APOE4 genotype,
so that genetic risk factor um for
Alzheimer's disease specifically in the
executive functions composite. So,
earlier age of menopause and an E4
carrier that leads to reduced executive
functions performance,
suggesting that genetics,
cognitive domain,
and age of menopause are all important
considerations.
So, another factor that I alluded to
earlier was pregnancy and you might
wonder why we're studying this and we've
been studying this in the lab for quite
a while. We want to understand how
pregnancy could alter the brain
in both the short-term for postpartum
depression, but also in the long-term.
And so, we've seen some signatures in
animal models as well as Anne Marie
DeLang using the UK Biobank I showed the
very very similar things showing a
decrease in brain aging in middle age.
So, in our animal models we've seen more
neurogenesis, which is just means the
production of new brain cells. We've
seen more or less of a depletion of
neural stem cells and more synaptic
proteins. So, all indicative of a
decrease in brain aging. But there are
other signs um
that it might lead to an increase in
Alzheimer's risk in older age. So, it's
like well what what might be going on?
And we actually have some other research
which we're happy to talk about
showing that it might be related to just
brain health to begin with.
Again, just like there are many kinds of
menopause, there are many kinds of
pregnancies. Some people sail through
their pregnancies and some people have a
very difficult time like I had my third
pregnancy.
It can be the age of when you first get
pregnant, the number of pregnancies you
have, even whether you or not you give
birth to a boy or girl and whether or
not you experience gestational
disorders. Now in this look at the CLSA
using the CLSA database we just looked
at the pure number of children but we're
planning to look at some other
characteristics as well. And what we
found here and this is again with your
age menopause on the on the x-axis and
our z-scores on the y-axis.
It only mattered the number of children
with the executive functions composite.
So
earlier age of menopause in combination
with what we call grand parity which is
four or more children, that was
associated with
reduced performance on executive
functions. And in terms of the
Alzheimer's risk, I would say that's
probably the clearest signal that's
there as well is that grand parity, more
children,
usually three or more children is
associated with an an increased risk.
So does menopause influence
dementia and brain health? Well, it
depends on the a number of factors that
we've shown you a little bit that it
depends on brain region.
So what kind of task we're looking at.
We haven't told you about this yet but
we're just about to vasomotor symptoms
but also the one of the clearest
signature is the age of menopause. So
earlier age
is associated with reductions in scores
and and some evidence we also showed you
about genotype.
So vasomotor symptoms.
Sorry, menopausal symptoms. There are a
lot of them. There are about 20 to 60 of
these symptoms. They aren't well
studied. The probably the biggest
signature that's studied are these
vasomotor symptoms, these hot flashes
and night sweats. About 80% of people
will say that they experience them. Uh
one thing I'll say is there's a lot of
dismissal in this area. I'm going to
come back to that in a little bit. And
that might be because some of the
symptoms are quite varied. It does make
it a more challenging to model um
vasomotor symptoms and menopause
symptoms. Uh but there happens some very
large-scale studies showing that you can
cluster these symptoms so that you can
accurately identify people that were
premenopausal, postmenopausal, and even
perimenopausal.
Um the the dismissal of the variation in
symptoms though uh I think we just have
to uh go back just for a second. I think
we have to think about this for a
minute. Um uh because with menopause we
get the uh cessation of uh release of
ovarian follicles and with that in
concert reductions in estradiol and
progesterone, those are the main ovarian
hormones. And we have to think about
where are these hormones acting? By
definition hormones act on receptors at
a distant location from their release.
That's a definition. That's one of the
definitions of a hormone. And these
hormone receptors, estrogen and
progesterone hormone receptors, are
present everywhere in every single organ
of our body. So no wonder there's so
many different symptoms that are
associated with a loss in these
hormones.
And not just that, there's changes in
the density of these uh
estrogen and progesterone receptors as
well as our own personal sensitivity to
these hormone receptors. So that
probably will explain why some people
have different kinds of symptoms than
others. So instead of being dismissive,
I think it's really important for us to
start paying attention to these
different kinds of symptoms.
Again, the most well-studied are these
vasomotor symptoms. And one of the
clearest signals that's coming out from
the very few studies that are out there
is that particularly nighttime vasomotor
symptoms or sleep vasomotor symptoms,
otherwise known as night sweats, are
more likely associated with uh decreases
in episodic memory. By the way, I'm the
one that has night sweats only, I don't
have uh
hot flashes. Also, everyday cognition.
So, the more of these symptoms you have,
the more likely you'll show some uh
differences in everyday cognition. And
uh
work out of Pauline Maki and Rebecca
Thurston's lab has shown uh an increase
in white matter hyperintensities, as
well as some early data suggesting that
uh it it's also increases amyloid beta
pathology.
So, what can reduce vasomotor symptoms
if we know that they might be related to
poor health? Well, menopausal hormone
therapy is still the front-line
treatment for vasomotor symptoms. Um
better than any of the herbal remedies
that are out there. It is uh recommended
by a lot of scientific societies. For
people that don't want to take hormones
or have a something that's
contraindicated, there are some new
therapies on the on the market now. Uh
they're all neurokinin 3 receptor
antagonists. Uh and the first one that
was released was something called
Veozah.
So, does menopausal hormone therapy
influence cognition, Laura?
Thanks, Lisa. Um
similar to before, a common theme again
where some studies are finding yes, um
it's has cognitive benefits or was
related to reduced risk of
neurodegenerative diseases, but other
studies finding the opposite or no
association. So, what might be
contributing um or part of the reason
we're getting these mixed findings?
Um
just like there's many types of
menopause, many types of pregnancies,
there's also many types of menopausal
hormone therapy. And for our
presentation today, we want to highlight
um that there's many types of estrogens
that can be contained in those hormone
hormone therapy formulations, also many
routes of administration or uh ways that
you can take that hormone therapy. So,
uh transdermally on the skin, uh
vaginally, or orally as well.
So, um
uh we would be remiss if we didn't talk
about this study. So, in the US, prior
to the release of the Women's Health uh
and Initiative Study, about 35% of
people were prescribed menopausal
hormone therapy. And then with the
release of the study, this dropped by
about 60%. It still remains there to
this day.
It's kind coming up a little bit, but
not as much as you might suspect based
on your Instagram feed. Although, that
might just be the algorithm that is
showing me.
Now, this study has been widely
criticized for a number of reasons.
Happy to talk about it afterwards. Uh
but, one is a critical window. So, the
average age of enrollment was 63 years
of age. So, that's well and more than a
decade past average age of menopause.
Another is a healthy cell bias. There
were very few exclusions. Um people with
hypertension, diabetes were enrolled. Um
in fact, people with uh severe moderate
to severe vasomotor symptoms were
actively discouraged from participating.
So, the very people that should be
taking uh menopausal hormone therapy
were were discl- excluded.
Um but, the one the criticism that I'm
going to pay attention to is menopausal
hormone therapy type. Because uh the
Women's Health Initiative used one type
of um therapy. It's called Premarin,
which is a conjugated equine estrogen,
which contains 50% estrone and 3%
estradiol. And I'm sure you're thinking,
"So what? They're just estrogens." But,
we're here to tell you, they're not all
equal. So, uh estradiol and estrone both
decrease with menopause, but estra-
estradiol much more so than estrone. So,
there's a flip in the ratio um
postmenopause. There's more estrone than
there is estradiol. And it turns out
that estradiol is a more potent of these
estrogens. It binds with greater
affinity to the estrogen receptors
um than estrone, which is less potent.
And so, for the last 30 years, I've been
really interested in this question using
preclinical models, so using rat models,
what we found is that estradiol can
dose-dependently influence, positively
influence both memory and
neuroplasticity in the hippocampus. But
estrone, we've only found that it
dose-dependently either impairs memory
or can impair neuroplasticity in the
hippocampus. So we're really interested
in like, well, why might why this
must explain why they got such negative
findings in the Women's Health
Initiative study.
But when we were looking at some of the
randomized controlled trials and the
observational studies out there, we
didn't always see a benefit of
estradiol. And then we started thinking,
well, how are people prescribed
menopausal hormone therapy? And at least
in the past, there were more oral
formulations that were prescribed. And
in our rodent models, we were always
giving a subcutaneous dose, which is
basically just under the skin, so like a
transdermal
approach. And so why would route of
administration matter, Laura?
Thanks, Lisa. Why would route of
administration matter? Well,
when estradiol is taken orally as a
pill, it's subject heavily to first-pass
metabolism, meaning it's broken down by
enzymes in the liver. And in fact, 90%
of that estradiol is actually converted
to estrone, that weaker form of
estrogens that doesn't bind to estrogen
receptors with the same strength.
However, in contrast, when estradiol is
taken transdermally, so as a patch or a
cream applied to the skin, it
circumvents this first-pass metabolism
effect, resulting in higher bioavailable
or circulating levels of estradiol. But
despite these pharmacokinetic
differences, route of administration has
really been overlooked as a factor of
interest in investigations of cognition.
So we wondered, does menopausal hormone
therapy route of administration
influence cognition.
And to do this, we use data from the
CLSA
and comb through medication records of
postmenopausal females and categorize
them into one of several groups.
So, a group taking oral estradiol, a
group taking transdermal estradiol,
or a group that has never used
menopausal hormone therapy.
And we looked at their performance on
the same cognitive composites that we
described earlier, that episodic memory
composite and executive functions
composite.
And what did we find? Well, to orient
you on these graphs again, we have Z
scores, higher values are better
performance. Our group that has never
taken any hormone therapy is in gray,
the transdermal estradiol group is in
orange, and the oral estradiol group is
in blue. And what we found on this
episodic memory composite is that those
who are taking transdermal estradiol
specifically
outperformed those who have never taken
any menopausal hormone therapy.
And interestingly, we don't see any
group differences on the executive
functions composite. So, importantly, a
few takeaways here. First off, none of
the hormone therapy formulations were
associated with worse cognitive
performance than having never used
hormone therapy. And interestingly, this
transdermal estradiol group, which we
know has higher bioavailable
circulating levels of estradiol, is
really showing benefits for episodic,
more hippocampal dependent memory. So,
um does menopause hormone therapy
influence cognition? Well, it probably
depends on the route of administration,
the type of estrogens, but also the
cognitive domain as well.
Of course, there's not only
estradiol-based formulations of hormone
therapy. So, we wanted to see
what what would we find by potentially
expanding this analysis and looking at
estrone based formulations as well. So
again, using the same CLSA data, we have
a group of oral estradiol, transdermal
estradiol, same as before. Now we're
incorporating a group taking oral
estrone, a group taking transdermal
estrone,
a group that has never used any
menopausal hormone therapy,
and additionally, a group that has
previous history or use of menopausal
hormone therapy trying to understand
whether past use might have continued
lasting benefits for cognitive
performance in the brain.
And again, looking at these same
cognitive composites.
To give you a sense, this is a very busy
table. I want to draw your attention
here to this kind of overall average
column on the right
to give you a sense of who's in this
analysis. So they're on average 65 years
of old old, highly educated, low
vascular risk, and age of menopause
close to 50, and they initiated their
hormone therapy a very close to their
age of menopause as well.
So what did we find? Well,
again, Z scores on the Y axis, which
means better performance, and we can see
the different hormone therapy groups
here, the estradiol groups in green, the
estrone groups in purple, this past
group in blue, and the group that has
never taken any hormone therapy in
black.
And we're seeing the same pattern of
results with respect to the hormone
current hormone therapy use, such that
transdermal estradiol's outperforming
those who have never taken any hormone
therapy on this episodic memory
composite specifically, not seeing that
any of the other current hormone therapy
groups are outperforming the never
use of hormone therapy,
but interestingly, on both these
cognitive composites, we're seeing that
past hormone therapy users in the blue
are significantly outperforming those
who have never used any hormone therapy
in black. So, um
suggesting that there might be lasting
benefits of previous use of hormone
therapy for cognitive performance in
later life.
Um now, one of the things that we'd like
to do and we know we know that the ZELSA
database is uh starting to collect some
brain imaging data, but to really get a
handle on this uh
Matea Petravic um I started to look at
the knock uh which is the National
Alzheimer's Coordinating Center data.
And here's a we know this is a very busy
slide. We understand that. This is just
looking at estradiol therapy and
unfortunately we can't see whether it's
transdermal or oral, so that is a
limitation to this particular study, but
in this case it didn't seem to matter.
Here we're looking at APOE4 status. Um
it's mostly this is mostly thickness of
certain areas or or volumes or the last
square here on the bottom right is white
matter hyperintensity. So, more would be
um
worse I guess you could say or poorer
brain health.
And what we saw was that estradiol based
therapy was beneficial for E4 carriers.
So, the same people that are at risk for
um Alzheimer's disease and it didn't
matter if we're looking at cortical
thickness, white matter hyperintensities
or even uh volumes.
So, again we come back to this question
of are estrogens neuroprotective? And
it's going to depend. You it's again
it's not a one size fits all. We've
shown you some evidence that the type
matters, uh the brain region that you're
looking at matters, uh the genotype
matters, and the route of administration
matters. And at some other point we can
tell you about how all the other um
variables can matter. So, again when you
see these headlines, who what type of
hormone therapy who did they actually uh
examine in the in the studies
themselves?
And uh at least on my Instagram feed
there's a lot of stuff about how we have
to pay attention to randomized
controlled trials, but we want to make
the point that these cohort longitudinal
study databases like the CLSA are really
rich databases where we can get a lot of
really great information. Unfortunately,
in clinical trials, just by the virtue
of how they're designed, as they're
designed this way, they don't have a lot
of diversity in their samples.
Um and in fact, um I can tell you more
about this, but I won't. Um there's a
lot of past hormone use even in the
placebo uh groups in all of these
different um trials.
Um now, there's a lot of people that say
we should only pay attention to
randomized controlled trials and no no
observational studies, but we would
argue that we can get a lot of really
good information from databases like the
CLSA, probably because of the diversity
that's there. And in fact, there are
there's a book, I haven't read it all
the way through yet, just read the first
chapter, but it's quite interesting
about how this is written by a
journalist and from the UK, just about
how the menopause movement has um led to
these sort of different camps of you
should take hormones or you shouldn't
take hormones and uh you know, science
is never as clear-cut as that, and
that's why we think that it's so
important to do these deep dives into um
what kinds of hormones and for whom. And
in fact, when you look at the randomized
controlled trials, um
uh Mateus is also doing a deep dive into
this and finding that there are very few
studies that are looking at APOE4 as a
predictor, for example. Am I doing these
slides or you?
Um
there are very few do looking at
reproductive um
uh history collection, so it's about
60%, that's not too bad, but they're
really only looking at past hormone use,
and very few are looking at pregnancy
history.
And in terms of menopause symptom
collection, uh again, only half of the
studies have looked at this so far, and
this is only the ones that are looking
at randomized controlled trials. So, so
all of these
all of these variables are important in
terms of the outputs
um and how we can understand what the
results are giving us.
And one uh really exciting opportunity
with the CLSA data is that there is
information available on self-reported
reasons for medication use. And we've
been able to leverage this data looking
at self-reported reasons for menopausal
hormone therapy to better understand
what types of menopausal symptoms are
the female participants experiencing. Um
and I'm sure as you can appreciate by
this very colorful uh graph, um the
these menopausal symptoms really affect
all body systems. Uh and are quite rich.
Um so just to give you a sense of of
what types of information we're getting,
um people are taking without their
menopausal hormone therapy they're
they're experiencing quite intense
cognitive emotional symptoms. Thought
they were depressed, thought they were
dying without their hormone therapy.
They're using hormone therapy as a sleep
aid, using it for menopausal dry eyes or
to support their immune system, uh using
it for even cardiovascular benefits.
Um and then also other systemic uh
reasons like fluid retention or even
migraines. So um there's quite diverse
menopausal symptoms and this makes sense
given that we know that there's
receptors for these types of hormones
all over our body.
So uh we just wanted to make this point
um because this was a really lovely
survey that was released from the IWK
and they're based in uh Halifax in the
Maritimes. Uh they got 27,000 responses
and I hope we get to do something and
across Canada. Uh there are talks to to
release this survey everywhere. And um
we really want to make sure that women
are heard. So this is um what people are
self-disclosing. So look at those
numbers. I'm not going to read them all
out, but just look at the left side.
Over half of the people are saying that
they're downplaying their health
concerns. Uh
77% carefully consider what symptoms are
worth mentioning and over 50% are also
worried about being heard when they're
discussing their symptoms with their
doctor. Now, why does this matter? On
many, many, many levels this matters,
but one of them is to be prescribed
menopausal hormone therapy, you have to
say that your symptoms are bothering
you. And my plea to any health care
practitioners that are out there is um
if somebody's in your office complaining
about vasomotor symptoms, all signs
point to the fact that it's bothering
them. They shouldn't have to then expose
again that it's really bothering them,
please prescribe me menopausal hormone
therapy. And there are there are it's
not just my uh feelings or our feelings
about this. Uh there are uh
um please to revisit the recommendations
for initiation of menopausal hormone
therapy.
The other point we want to make is that
we're sent to our gynecologists when um
we're undergoing uh menopause, but at
least in the US, less than a third of
the programs have any menopause
curriculum, [clears throat] any. Only 7%
of uh
uh gynecologists in the US feel that
they can support their menopausal
patients.
And in Canada itself, uh 72% of
individuals felt that the menopause
advice from their health care
practitioner wasn't helpful. And we're
losing at least half a million work days
a year due to menopausal symptoms. It's
probably an underestimate.
So, we were really fortunate to receive
um a grant from the Welcome Leap. We
were the only Canadian team to do so. Um
it's a really fantastic program that's
only given it was only money given out.
It's called CARE, Cutting Alzheimer's
Risk Through Endocrinology. So, just
looking at uh females.
And so, we're uh the idea is to build a
predictive calculator for Alzheimer's
disease risk specifically for women
tailored to female specific factors. And
we're taking a a big databases,
crunching some numbers, looking at some
machine learning, doing some fancy stuff
to try to come up with um giving people
the best um clues based on a number of
factors like genotype, like their
hormone history, like their pregnancy
history to understand what type of
menopausal hormone therapy, if any,
might be beneficial for them.
And the other point we want to make is
that
um and this is work that's really led by
uh Laura. Do you want to talk about it?
I [laughter] feel like you should go.
I'm a roll. Um we looked [snorts] at
over 10 She looked at over 10,000
project uh grants from CIHR. CIHR is the
Canadian Institutes for Health Research.
Uh it's our major um health funding
agency in Canada. Um only 6.4% of
funding over 15 years went towards
women's health kinds of questions. And
um what we found was for menopause, look
at that percentage. 0.18%
of of studies that were funded were on
menopause. If you're just looking at
menopause hormone therapy alone, it was
0.04%. And and we deserve more than
0.18% of the funding for, you know, 100%
of
um females will go through menopause if
they live longer. So, we need more than
0.18%
of the funding.
And we just want to end by saying um
again, we're not trying to pathologize.
This is again from IWK, the number one
issue that women want prioritized is
menopause. Menopause hormonal health and
perimenopause.
And I think it's really an opportunity
for us scientists and politicians and
funders to recognize this.
Um menopause is an opportunity for
earlier intervention, not probably not
just for Alzheimer's disease, for many
uh disorders that can um rear its head
during this aging process. So, that we
can more of us can thrive during this
process rather than languish.
Uh and with that, we want you to be
curious and not judgmental just like Ted
Lasso. Um menopause is an important
inflection point for aging.
We need to embrace that complexity.
That's the only way we're going to get
towards precision medicine and please
study women.
And thank you very much to our funders
and especially the Catalyst Grant that
started us on the journey with uh the
CLSA database.
And that's it.
Thanks so much for yeah, interesting
presentation. So, we'll now open it up
for questions. Just a reminder to
everyone that muting will remain on.
Please leave your questions in the Q&A
box.
Um so, not the chat box.
It's a separate box that yeah, so that's
Q&A.
Uh in the bottom of the Zoom window.
So, we have one question already. Um
Do you know anything about the effect of
testosterone therapy on cognition? Is
that also something Is anyone studying
that?
>> different question so I was gearing up
for that. That was a Oh, sorry. What
counts as early menopause and we I
apologize that we didn't define that.
Um do you want to do it? Oh, sure. I can
Yeah, sure. Thanks. Yeah. Um so, early
um the cutoffs there would be uh 45 uh
sorry, 40 to 45 um and then it's pre-40.
That's considered what some people call
premature or primary ovarian
insufficiency. Um yeah.
Yeah.
Uh testosterone
um
Oh, that's a good question, Parminder.
Um
uh testosterone uh actually, how much do
you know Have you looked at that at all
in terms of the CLSA database? I know
more and more people are being are using
it.
Um, I have feelings, but I don't have
scientific feelings, so so but I you
know, I think this comes down to
um there's some a long time ago some
great work by Barbara Sherwin who is at
McGill University who was probably one
of the
people that studied testosterone quite a
bit in terms of postmenopause
more related I think to mood and and
sexual function like libido, uh sexual
desire. I think that's
partly what her data suggested. Um
I you know, testosterone most of
testosterone's actions
uh are via it doesn't matter if you're
male or female actually via estrogen
receptor.
So a lot of testosterone gets converted
to estradiol that really potent estrogen
which is really interesting through a
process called aromatase. Um
that doesn't mean that it doesn't have
um
effects just on its own because it can
work through androgen receptors as well.
It's just not something that we have
looked at yet. Um but certainly there
are more and more people that are taking
either um
not usually alone but in in with in
supplement with
the HP.
Uh the HRT the sorry MHT menopausal
hormone therapy. I'm trying not to look
at the chat but I'm looking at it and
it's distracting me.
Um
Yeah, everyone ignore the chat. Focus on
the Q&A.
>> [laughter]
>> Focus on the Q&A. I'm looking at the
chat. Sorry sorry sorry.
Um
Uh
Um so wait, this is a good question for
um Laura. So I don't know if it's in the
Q&A yet but we're going to answer it and
then we'll look at the Q&A. Um did you
look at the bioidentical
um
menopausal hormone therapy and synthetic
hormone therapies and its effect on
brain health in the in the database? Can
you look at it? Um we can look at it. We
have not yet looked at it. So I think
that would be a good next step for us.
Um cuz surely we know that there's going
to be probably effects on the brain and
they're probably going to be distinct
from what the data that we've shown,
given that we know that they're acting
potentially on different receptors and
with different strengths to those
receptors as well.
>> And don't you have it you have a little
bit of
preliminary
data, but like don't you know, don't
scoop us.
On non-hormonal, yeah, there is some
evidence there anyway. You don't have to
tell us what you found, but
Yeah, um but I I guess for very
generally, I think we we see that the
benefits tend to be the greatest with
more of those like estradiol, more
hormone-based
uh medications rather than with the
kind of herbal remedies. And I think
it's too early to look at the beta-3
receptors, yes. But we really we do have
them there, too.
Um I see Can I Can we just go to the
questions? Like I I can see them now. I
put it up, so it says Daniela asked, "Do
you have any idea why your findings seem
to be kind of domain-specific?"
Yes, we do.
>> [laughter]
>> Some of it's in the uh
in the uh I think it's a good question
though. We don't have all the answers to
that. We just suspected that that might
be the case based on animal literature
because we do see a stronger signal of
estradiol in the hippocampus than we
ever do in the frontal cortex. And I'm
going to give you another little
um which is always a little perplexing,
right? Like we want something to affect
everything all beneficially, but
sometimes we see an opposite signature
in the frontal cortex than we do in the
hippocampus. So,
I mean, the nice thing about animal
models is that we can, you know,
actually grind up the brain and look at
like things like inflammation and
plasticity markers. So, we've done a a
lot of those studies and we do tend to
see just a a larger effect size in the
hippocampus than we do in the frontal
cortex.
The other thing and I can't we can't
prove this yet and Laura might remember
more in our discussion, but one of the
one of the other interesting findings
is, and this comes from Lisa Mosconi's
work, um looking at PET imaging and
estrogen receptor densities across the
menopausal transition.
And uh what they showed is that there
was a uh more of a What happens when
often when a signal is decreased is that
more of these receptors come out because
they're trying to compensate. Like we
don't We don't even see it. We need to
We need to We need to find it. We need
to find the signal. So, there's an
upregulation of these um and it's just
ER alpha. There are many types of
estrogen receptors, so that makes it
even more complicated. So, it's just the
ER alpha we know about now um that is uh
upregulated in the frontal cortex, but
you don't in this in humans, but you
don't see that same upregulation in the
hippocampus. So, um I mean, it kind of
it goes counterintuitive, but the fact
that you see a difference between those
two different areas might be why we also
see um
we also see different signatures in in
terms of the frontal cortex versus
medial temporal lobe.
Um Wow, that's a lot of questions. You
we shouldn't have made it so short. Um
do you know any research that looks at
hormone therapy and brain health for
those with brain injury and concussion?
A very, very, very good question. All we
did in this case was did a sensitivity
analysis, so we um we took out people
with um We We kept everybody in, and
then we we we took them out, and we
didn't see a change, but we didn't look
directly at TBI or concussions.
I I And you maybe you already know this,
but uh certainly concussion outcomes
tend to be uh and maybe this isn't super
surprising, but tend to be worse in
people postmenopausal than they are,
like accounting for as much as you can,
um than they are pre uh menopausal, and
even can change depending on uh
menstrual cycle phase
of when that So, there is going to be a
link, but I don't know very much about
it yet.
Uh how do you disentangle the effects of
vasomotor night sweats? Damn, that was
night sweats. Sorry, I swore. Um,
on cognition from the potential effects
of sleep disruption on cognition. I'm
passing this to Laura cuz that's her
expertise.
That's a great, uh, question. Um, so
generally speaking, um,
it's true that vasomotor symptoms can
occur both during the day as well as at
night. I think, um, one common way to
measure vasomotor symptoms is, uh, or
ambulatory hot flashes and nights and
and sweats is through actually like a
monitor where they look at skin
conductance changes rather than like
subjectively asking, "Oh, how many hot
flashes did you have, uh, that day?" Um,
so that's a way that you can actually
measure them also throughout the night,
sometimes a bit more accurately where it
can be I I think harder to subjectively
report those those types of symptoms
during the evening. Um, so they they try
at least in analyses where we're looking
at vasomotor symptoms on cognition to
control for some of these sleep
disruptions. So things like sleep
fragmentation or like sleep duration.
And these, uh,
associations tend to still hold up even
when we're we're trying to account for
that um, in the analysis. I don't think
there actually has been a really, um,
certainly sleep disruption, that doesn't
mean that it doesn't have any effect on
cognition that vasomotor symptoms during
the sleep is not is not a big issue. Um,
I I think both are important, but
they're also distinct is I think what
that what that, uh, those studies are
really telling us.
>> Yeah, it's really like, honestly, there
aren't that many people that are really
doing these kinds of deep dives into
into menopause,
um, in this way. So we we just need more
people interested, but we also need more
funders to fund this kind of research.
And I can tell you I'm fighting with
CIHR right now
to fund to fund some, uh, more work on
this. Um,
uh, there's there's uh,
there's one also in the webinar chat
that I want to answer, but uh you spoke
extensively about estrogens, you know,
oral and transdermal, yes, E2, what's
the role of progesterone? Which we
always get, and often we have a slide,
but we didn't uh throw it in there. Um
if you have a uterus, you have to take
progesterone. Um we didn't find in our
analysis that made much of a difference.
Uh there is very good evidence that
medroxyprogesterone acetate, which is
the one they used in the Women's Health
Initiative study, uh doesn't have a lot
of beneficial effects.
Um in fact, it has quite negative
effects. So, most of the negative
effects, I would say, argue that this is
I'm going to give give you a sweeping
statement, but otherwise I can't get
through all the questions. Um
uh uh what word was more due to the
medroxyprogesterone acetate than it was
to um Premarin.
Um so, again, we're in our infancy
because some people take it cyclically,
you know, only certain times during the
month for a progesterone. Some people
take micronized uh progesterone. Some
people take I have an IUD. Um uh which
is another very common form right now.
Uh and uh
and some people are are taking some
other synthetic um progestins or
progestins, I should say. Um
so, in our analysis, it didn't make a
difference. Again, it did you when we
used it as a sensitivity analysis, it
didn't change the outcomes. Uh
but
um uh
And some people only take progesterone,
so that's another thing to look at. So,
I think I I have some other thoughts
about it, but they're not necessarily
baked in good science.
So, maybe I should keep them to myself
until I have the uh
the evidence. But, it's very important
to look at the role of progesterone. So,
thank you for your question. But, I
think it's going to have different
effects based on cyclic versus chronic,
and based on the formulations of the
same kind of thing. Ah.
Um so yes, vaginal estrogens, first of
all, they're
very good data to indicate they're safe
for a long, long time. They reduce UTIs,
urinary tract infections, are really
important um for vaginal health. Uh
obviously, UTIs also are for the, you
know, related to to delirium anyway, and
more so in women apparently than men,
although there's not a ton of great data
around that. So I do think it's really
important to um if it works for you to
to keep up with vaginal estrogens. And
um and there's good evidence that even
if you've had breast cancer, um that
it's it's not associated with an
increased risk for recurrence, uh at
least the vaginal formulations. Uh but
I've heard people say, "Well,
there's no biological explanation why
vaginal estrogens would support brain
health."
Um
and we're still we're working on that,
but I think there's actually really good
biological explanations for why they
would support brain health, and you can
just think about what I just said about
you know, if it reduces urinary tract
infections, that's reducing systemic
inflammation, which we also know can
influence brain health. So So we're
working on that question, but um vaginal
estrogens is another thing that we have
looking at in the CLSA as well
data set.
Um which one should we I'm going to
answer the question about men. There's a
question about men in the in the chat
that probably you can't quite see. Um I
think there's a really So I gave uh a
version of this talk at um endocrinology
in San Francisco, and I had a trans uh
man come up to me afterwards saying,
"Look, we Sorry, trans woman come up to
me afterwards and say, "Look, we've
known in the trans community for a long
time that transdermal estradiol works
better than oral formulations." And it
depends on how it's conjugated, by the
way, that oral formulation, so just to
make that point. Um, but I said, "This
is fantastic. Like if you're seeing the
same thing that that we see, I would
really like to be able to say to each
other and like talk about it more and
and and and, you know, the community of
best practices kind of thing." And uh
unfortunately, a lot of that information
is on the dark web. Now, the question in
the chat's not about uh trans
individuals, but I I I'm saying that we
can learn a lot from each other, right?
The trans community to the cis community
and and even cisgendered men to
cisgendered women. So, um in the chat,
it says that there's value in
transdermal estradiol in post uh
prostate cancer treatment. Um the
evidence suggests it's highly beneficial
in men with um prostate cancer um as
well, PCA. I'm not really sure. Do you
have any data plans to include men in
your research? And I think we've
actually looked at it in terms of not
pregnancy history, but child uh how many
children you've had. And somebody else
would have
published on it, so we sort of abandoned
that for now, but we are planning to
publish that, but you actually see a
beneficial signal in um
and and men and women with uh uh
you know, children, which I think is
really interesting.
Um but um I I think that's something
that's an open question that we are not
averse to to answering. I think it's a
really important thing cuz we can learn
from each other, 100%.
I'm loving this conversation. So many
great questions. We're actually running
out of time. Um did you have any last
comments you want to make or was there
any last question you saw that you
really wanted to answer?
I couldn't even read them all, but um
I just want people to study women.
To think about these questions, to think
about cisgender, transgender, and see
the value see the value in studying this
kind of work. And so, please lobby the
government. Please lobby Yeah, your MPs.
Please lobby CIHR to um you know, we're
I guess our NATO spending is 2%. I would
love to see that same kind of funding
for medical research as well.
Great. Well, thank you again to both of
you for your participation in our
webinar series.
Um and just a reminder for everybody
that our next deadline for data access
applications is April 8th, 2026.
Um there's more information on the data
access section of our website. Um
we just announced that follow-up three
data, a questionnaire data will be
available for request with this next
deadline, so that's exciting news.
Um
also just a friendly reminder, please
keep us updated if you've had any
changes that affect your data access
agreement. So, have you moved
institutions? Has your team changed? Um
and you can always reach us at
access@clsa-elcv.ca
with any questions or updates. Um and
please do complete the anonymous survey
when you exit the Zoom session.
So, um thank you again for attending and
participating in our webinar.
Um to to everyone who joined. Our next
webinar, social adversity is causally
linked to multimorbidity including oral,
will be presented on Tuesday, April 28th
at 12:00 p.m. Eastern but by Dr. Noah
Goma, assistant professor and associate
director for dentistry research at the
Schulich School of Medicine and
Dentistry at Western University.
Registration details are posted on our
website and in the chat box.
Um and if there's anyone who is
interested in presenting a CLSA webinar,
we please reach out to the team. Um the
link also in the chat box. All the links
are in the chat box. And the recording
for today's webinar and the slides will
be available in the coming days on our
website. Thanks again, everybody. Have a
great day.
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