Societal CDMO, Inc.

Good day, ladies and gentlemen, and welcome to the Societal CDMO Second Quarter 2023 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session, and instructions will follow at that time. As a reminder, this conference may be recorded. I would now like to hand the conference over to Stephanie Diaz of Societal's Investors Relations Group. Please go ahead.

Thank you. Hello, and thank you for joining us. On today's call, we have David Enloe, President and CEO, and Ryan Lake, Chief Financial Officer. Today, we will be providing an overview of Societal's contract development and manufacturing business, including updates on corporate activities and financial results for the quarter and six months ended June 30th, 2023. After our prepared remarks, we will welcome your questions. Before we begin, I'd like to caution that comments made during this conference call today August 14, 2023, will contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the current beliefs of the company, which involve a number of assumptions, risks, and uncertainties. Actual results could differ from these statements, and the company undertakes no obligation to revise or update any statement made today. I encourage you to review all of the company's filings with the Securities and Exchange Commission concerning these and other matters. Our earnings press release and this call will include discussion of certain non-GAAP information. You can find our earnings press release, including relevant non-GAAP reconciliations, on our corporate website at societalcdmo.com. With that, I will turn the call over to David N. Lowe, Societal's President and CEO.

Thank you, Stephanie, and thank you to everyone participating today via webcast. The second quarter was a very busy and productive time at Societal CDMO. Despite the financing challenges faced by many of our customers, we continue to attract new business as well as expand work with our existing customers. We are actively onboarding the new business one during the first half, and we are pleased with our progress in these efforts. Additionally, we are pleased to have seen an increase in orders for verapamil, a drug we own outright, from our partner, Teva, thus validating the long-term durability of this important part of our product portfolio. And subsequent to quarter end, we achieved two important objectives. First, we recently announced that the company had successfully secured a Schedule I controlled substance manufacturing license from the Drug Enforcement Agency that will allow us to expand our work beyond Schedule II products to manufacture for the growing psychedelic drug market. Also subsequent to quarter end, we successfully restructured our debt and certain covenants with our creditors to provide additional financial flexibility to the company during this time of market uncertainty. I will provide a more detailed review of all of our Q2 2023 achievements following an overview of our financial results for the quarter ended June 30, 2023. For that, I'll turn the call over to Ryan.