Liminal BioSciences Inc.

Welcome to the Liminal Biosciences Third Quarter 2022 Results Conference Call. At this time, I would like to turn the call over to Chanel. Please go ahead.

Thank you, Operator. Good morning, ladies and gentlemen. I'm the Associate Director of Investor Relations and Communications at Liminal Biosciences, and I'd like to welcome you to our Third Quarter Results Conference Call. This recorded webcast will be accessible from the Investor Resources page on the Liminal Biosciences website and will be available for replay later on today. For those of you dialling in, you can find a copy of our presentation slides on the webcast section of the website or via the conference call portal. Moving on to slide two, I'd like to remind everyone that we will be making forward-looking statements during today's webcast. including remarks or current expectations concerning future developments in the pipeline, the properties of our product candidates, the timing of initiation or nature of preclinical and clinical trials, and potential therapeutic areas. Regulatory plans, financing plans, our ability to resolve the NASDAQ listing deficiency and regain compliance with the NASDAQ listing rules, the successful and timely integration of the new members of the executive leadership teams, and expected benefits to the company, its financial position, the impact of COVID-19 on our business and possible changes in the industry and competitive environment. Given the ongoing unpredictability of the COVID-19 pandemic for our future operational objectives, we may need to amend guidance on the expected progress or nature of our business going forward with an improved understanding of how the COVID-19 pandemic may impact our future operations, research and development activities, including future clinical trials. These forward-looking statements are based on our current expectations and beliefs and on information currently available to us. These statements are subject to risks and uncertainties, including those contained in our updated reports that we filed with the U.S. Securities and Exchange Commission, or SEC, and Canadian Securities Commissions from time to time, including our annual report on Form 20F and our 6K containing our press release of the results for the third quarter ended September 30, 2022. each of which we have filed with the SEC and ONTDA, that could cause actual results to differ materially from those contained in the forward-looking statements. Please note that these forward-looking statements made during this webcast speak only of our expectations out of today's date, and Liminal Biosciences undertakes no obligation to update these statements to reflect subsequent events or circumstances, except to the extent required by law. So, as stated on slide 3, during this morning's webcast, Liminal Biosciences Chief Executive Officer, Mr. Bruce Pritchard, will provide a brief summary of our key announcements this quarter. Then, Ms. Nicole Russell, Chief Financial Officer, will present the financial and operational highlights for the third quarter, ended September 30th, 2022. We will then follow with closing comments on the expected near-term milestones and a short question and answer period for financial analysts only. I'd now like to welcome Liminal Biosciences Chief Executive Officer, Mr. Bruce Pritchard. Bruce, over to you.

Thanks for now, and good morning, everyone. If I could now ask you all to move to slide four in the presentation, and I'd like to highlight some of our key achievements for this quarter. Earlier this quarter, we updated the market on the outcome of our Phase 1a single ascending dose study in Physagiopraz within our disclosed timelines, and provided an update on the resulting impact on our earlier stage development programs. Following on from this announcement, we look forward to nominating a preclinical candidate for our GPR84 program, and announced a potential indication for clinical development within the coming months, potentially by the end of 2022. We also acquired 100% of the outstanding preferred and common shares of our non-core subsidiary, Pathogen Removal Diagnostic Technologies Inc., PRDT, resulting in the company now having 100% control of PRDT. PRDT itself owns certain prion reduction technology, and despite this being considered non-core assets of the company, Having full control of PRDT presents us with the possibility to monetize this asset. In an ongoing bid to reduce our cash burn and streamline our business, we're pleased to have entered into a termination agreement, terminating a legacy CDMO agreement relating to our previously held plasma-derived therapeutics products. The termination of this agreement results in total go-forward cash savings of approximately $33.1 million Canadian dollars. In the third quarter, we also received approval to transfer our common shares from the NASDAQ global market to begin trading on the NASDAQ capital market. In connection with this transfer, NASDAQ granted us a second period of 180 calendar days or until 27th of February 2023 to regain compliance with the minimum bid price requirement for continued listing by achieving a closing bid price on NASDAQ of at least $1 US per share for a minimum of 10 consecutive trading days. We provided NASDAQ with our written intent to cure the minimum bid price deficiency during the additional compliance period by implementing a reverse stock split, if necessary, prior to the expiration of the second compliance period. And we intend to hold a shareholders meeting to proceed with this reverse stock split in the first quarter of 2023. We're also pleased to be announcing some changes to our executive leadership team. Nicole Russo, who has been serving us as Interim Chief Financial Officer since March 2, 2022, has been appointed as Chief Financial Officer effectively immediately. In her role as CFO, Nicole will continue to lead the finance function and implement progressive financial operating and technical processes as a permanent member of our team. In addition to the appointment of Nicole as CFO, Dr. Gary Bridger, a current member of the Board of Directors, and strategic advisor to the company, has been named as interim chief scientific officer effective immediately. Dr. Bridger will oversee the research and development function and assume responsibility for leading all aspects of the company's research and development programs. Dr. Bridger continues to serve as a board member of the company. The leadership qualities, extensive experience in drug development, and demonstrated track record of leading teams at large organizations comes at an important time as we prepare for key milestones for our small molecule pipeline. These changes will strengthen our capabilities to develop novel therapies for patients in need, and I look forward to working collectively as one team to execute on the company's priorities. The achievements made this quarter have contributed to the non-dilutive extension of our cash runway. This in turn results and us being able to provide guidance that we've anticipated cash and cash equivalents to fund our near-term development goals into the fourth quarter of 2023, with the possibility to further extend that runway into 2024 with the sale of non-core real estate assets. So in summary, once again this quarter, we've continued to build on our proven track record of delivering on our commitments, and we look forward to building on these key milestones in the months to come. At this point, I'll hand over to Nicole Russo, who will talk through our financial and operating results for the third quarter ended September 30th, 2022. So, Nicole, over to you.