MediWound Ltd.

Good day, everyone, and welcome to MediWUN's fourth quarter and full year 2025 earnings call. Today's conference call is being recorded. At this time, I would like to turn the conference call over to Gaia Shamus of LifeSci Advisors. Please go ahead.

Thank you, operator, and welcome, everyone. Earlier today, pre-market open, MediWound issued a press release announcing financial results for the fourth quarter and full year ended December 31st, 2025. You may access this press release on the company's website under the Investors tab. I would ask you to review the full text of our forward-looking statement within this morning's press release. Before we begin, I would like to remind everyone that statements made during this call, including the Q&A session, relating to MediWon's expected future performance, future business prospects, or future events or plans are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements may involve risks and uncertainties that could cause actual results to differ materially from expectations and are described more fully in our filings with the SEC. In addition, all forward-looking statements represent our views only as of today, and MediWound assumes no obligation to update or supplement any forward-looking statements, whether as a result of new information, future events, or otherwise. This conference call is a property of Mediwound, and any recording or rebroadcast is expressly prohibited without the written consent of Mediwound. With us today are Ofer Gunen, Chief Executive Officer of Mediwound, and Hani Luxemburg, Chief Financial Officer. Barry Wolfenson, EVP of Strategy and Corporate Development, is also participating in today's call. Following our prepared remarks, we will open the call for Q&A. Now, I would like to turn the call over to Ofer Gonen, Chief Executive Officer of MediWound. Ofer?

Hi, and thank you, Gaia. 2025 was a pivotal year for MediWound. We ended the year with two significant growth drivers firmly in place, a Phase III value trial advancing as planned, and an operational extended manufacturing facility for NexoBridge positioning us for long-term commercial growth. At the same time, we strengthened our balance sheet and outlined a multi-year revenue trajectory. Despite the ongoing conflict with Iran, we at MediWound are fully prepared and will continue operating with resilience and discipline that have guided us through similar challenges in recent years. Our team remains focused on our clinical milestones and commercial objectives while continuing to support patients and partners worldwide. Let me walk you through the progress. Let's start with an update on Escarex, our late-stage enzymatic debridement therapy for chronic wounds. Enrollment is ongoing in the Global Phase III Value Study in venous leg ulcers, with the majority of sites active and enrolling. We are targeting enrollment of 216 patients across approximately 40 sites in the United States and Europe. and we expect both pre-specified interim assessment and enrollment completion by year-end 2026. Importantly, we are expanding the STOREX clinical program beyond just VLUs. We have aligned with both the FDA and EMA on the phase two protocol in diabetic foot alters and plan to initiate the study in the second half of 2026. In addition, a prospective investigator initiative study in pressure ulcers is also expected to begin in the second half of 2026. This expansion broadens the clinical footprint of escorex across the three major chronic wounds indications. We continue to see meaningful industry validation. Bea Brown has joined the escorex clinical development program through a research collaborating agreement and will take part in the planned phase two study in diabetic foot alters. This adds to the existing collaborations with Coloplast, Convatex, Essity, Molnichis, Solventum, and Mimedix. Taken together, continued clinical execution, regulatory alignment, expansion into additional indications, and industry engagement, support the advancement of S-Correct as a long-term growth driver for Mediwood. Now turning to NexoBridge. Our expanded manufacturing facility is now operational, increasing the production capacity six-fold to support growing global demand. Commercial availability from this site remains subject to regulatory approvals, which we expect in 2026. In the United States, Adoption continues to expand with utilization across more than 70 burn centers representing the majority of various cells, approximately 90 target accounts. To illustrate the driver of demand, here are some of the latest examples. Recently published real-world data from the Israel Defense Forces covering nearly 5,000 documented combat casualties showed that Nexobrid was clinically applicable in 71% of war-related injuries. In addition, a 15-year military analysis across multiple conflicts demonstrated a 50% increase in the proportion of severe burns among wounded soldiers. In parallel, we reported peer-reviewed prospective data showing that Nexobrid reduced embedded particles in abrasion and blast injuries by more than 90% supporting the role in acute trauma care. More recently, survivors in the tragic bar fire in Trans-Montana, Switzerland, were treated with Nexobrid in medical centers across Switzerland, Italy, and Germany, underscoring the importance of pre-deployment of advanced burn therapy for mass casualty events. Taking all this together, growing clinical evidence from both military and civilian settings, reinforces NexoBridge's role in the treatment of severe burns. Following regulatory clearance of our expanded facility, we intend to prioritize support for national preparedness initiatives, including stockpiling and collaboration with military and emergency response systems. With that overview, I will now turn the call over to Hani. Hani?