Opko Health, Inc.

Hello and welcome to the Opco Health fourth quarter 2025 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask your question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Yvonne Briggs. Please go ahead.

Thank you, Operator. Good afternoon. This is Yvonne Briggs with Alliance Advisors IR. Thank you all for joining today's call to discuss Opco Health financial results for the fourth quarter of 2025. I'd like to remind you that any statements made during this call by management, other than statements of historical fact, will be considered forward-looking and, as such, are subject to risks and uncertainties that could materially affect the company's results. Those forward-looking statements include, without limitation, the various risks described in the company's SEC filings, including the annual report on Form 10-K for the year ended December 31, 2025 that was just filed earlier today. Furthermore, this conference call contains time-sensitive information. That is accurate only as of the date of this live broadcast, on February 26, 2026. Except as required by law, OPCO undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call. Regarding the format of today's call, Dr. Philip Frost, Chairman and Chief Executive Officer, will provide opening remarks. Dr. Elias Zerhouni, Vice Chairman and President, will then provide an overview of BioReference Health as well as OPCO's therapeutic segment. After that, Adam Logel, OPCO's CFO, will review the company's fourth quarter financial results and discuss OPCO's financial outlook. Then we'll open the call to questions. Now I'd like to turn the call over to Dr. Frost.

Good afternoon, and thank you for joining us today. OPCO entered 2025 with tremendous momentum as we executed on the priorities we laid out earlier in the year. These included positioning our diagnostics business for a return to profitability, advancing our MODEX pipeline, leveraging non-diluted funds from strategic partnerships to offset our R&D budget, and strengthening our balance sheet. We're looking forward to the year ahead as we have multiple value-creating catalysts for 2026 and beyond. At BioReference, 2025 was transformative with the closing of a second asset sale. In September, we completed the sale of our oncology division and related testing services. This allowed us to focus on BioReference on its core clinical laboratory business in the New York and New Jersey region, as well as correctional health and our 4K score test nationally. This divestiture streams on our infrastructure and reduce fixed costs while freeing capital to support our broader strategic objectives. Our reference is now positioned to meet our goal of sustained profitable growth in 2026. We believe that our more focused footprint, combined with the accelerating adoption of 4K score, give us a clear path to modest revenue growth and improving margins this year. On the therapeutic side, MODX continues to be a central component of our long-term strategy. We now have multiple clinical stage programs, an EBV vaccine that's partnered with Merck, a proprietary multi-specific immuno-oncology and immunology candidates, including those intended for immune rejuvenation and for the immune impaired. In 2025, we also began an important collaboration with Regeneron that aligns our deep antibody discovery capabilities with our unique multi-specific platform to pursue targets in metabolism, oncology, and immunology. The value of this collaboration potentially exceeds $1 billion in milestones alone. Regeneron is responsible for reimbursing MODX for its work in creating antibody candidates, utilizing MODX's proprietary platform, and for funding all development and commercial efforts for candidates it selects for further development. From a financial perspective, we entered 2026 with a strong cash position that was bolstered by asset sales, BARDA funding, partnership payments, and positive operating contributions from our international pharmaceutical business. This has allowed us to invest meaningfully in our R&D portfolio while returning capital to shareholders through share repurchases. Last year, we bought back over $109 million in common shares and convertible notes. We look forward to the year ahead as we advance the MODX pipeline with multiple clinical and partnership catalysts and continued focus on operating efficiencies as viral reference returns to profitability. With that overview, I'll turn the call over to Elias.