Redhill Biopharma Ltd.

Good day and welcome to Redhill Biopharma's first quarter 2022 financial results and operational highlights conference call. If you would like to ask a question during today's conference, please press star followed by one on your telephone keypad. If for any reason you would like to remove that question, please press star followed by two. At this time, I would like to introduce to the conference call Redhill CEO, Dror Ben Asher. Rick Scruggs, President of Redhill Biopharma Incorporated and Chief Commercial Officer. Guy Goldberg, Chief Business Officer. Gilead Reday, Chief Operating Officer. Micha Ben Chorin, Chief Financial Officer. RD Frisch, Chief Corporate and Business Development Officer. And Rob Jackson, Senior Vice President of Marketing. Before we begin, we will read from Redhill's Safe Harbor Statement. Please go ahead.

This conference call may contain projections or other forward-looking statements regarding future events or the future performance of Redhill, including statements with respect to the business financial results, operational cost savings, promotion and other efforts related to Redhill's commercialization activities, potential acquisitions and the initiation, timing, progress, and results of Redhill's research, manufacturing, preclinical studies, clinical trials, marketing applications, and approvals, if any. including the clinical trials of Opacanib and RHB107 for the treatment of COVID-19 and RHB204 for NCM disease. These statements are only predictions, and Redhill cannot guarantee that they will in fact occur. Redhill does not assume any obligation to update that information. Actual events, performance, timing, results, or commercialization activities may differ materially from what Redhill projects today. Additional information concerning factors that could cause actual events, performance, timing, results, or commercialization activities to materially differ from those contained in the forward-looking statements can be found in the company's annual report on Form 20S filed with the SEC on March 17, 2022, and its other filings with the Securities and Exchange Commission. I will now turn the call to Joy Ben-Asher, Red Hill CEO.

Thank you, Debbie. Good day, everyone, and thank you for joining our first quarter earnings call. To address the current market reality, Redhill is decisive about controlling its own destiny. We are highly focused on achieving earlier profitability, targeting positive cash from operations to start during the second half of 2022. Our comprehensive cost reduction plan is expected to generate operational cost savings of approximately $50 million over the next 18 months. We are already seeing the significant positive impact of our discipline cost control approach with a reduction of over 70% in cash used in operating activities in the first quarter. The majority of our cost reduction plan, the savings, results from an approximately one-third reduction of the U.S. commercial team workforce. We've also streamlined operational expenditure, including SGMA expenses, and also refined the company's R&D strategy to rely mostly on external funding sources for now, based on the promising clinical data generated today. Our excellent R&D progress will be discussed shortly by Gilad, our chief operating officer. On behalf of the company, I would like to express my profound and respectful gratitude to the colleagues who have departed right here. While difficult, the changes we have made as part of our cost reduction plan were necessary given the current reality. I would also like to thank our resilient and highly driven team, as well as various stakeholders, for their patience and support as we continue to diligently and decisively grow the business against various headwinds. In summary, Regis significantly improved financial stability, results from major cost savings, a robust commercial portfolio, with three FDA-approved proprietary drugs, continued prescription growth, expanded managed care coverage, and the recently improved credit agreement with healthcare royalties. Rehi is therefore well-positioned for further growth, both organically from our own pipeline and non-organically through potential acquisitions of additional revenue-generating synergistic products. to expedite and increase cash generation, both in the short term and the longer term. I will now be turning to our Chief Business Officer, Guy Goldberg, and the rest of the team for our detailed commercial R&D financial presentation to be followed by a Q&A session.