Zealand Pharma A/S

Good day and thank you for standing by. Welcome to the Zealand Pharma Results Full Year 2025 Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1, 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Adam Lange, Vice President, Investor Relations. Please go ahead.

Thank you, Operator, and thank you to everyone for joining us today to discuss Zeeland Pharma's results for the full year 2025. The related company announcement is available on our website at zeelandpharma.com. As outlined on slide two, I would like to remind listeners that during today's call, we will be making forward-looking statements that are subject to risks and uncertainties. Turning to slide three and today's agenda, I have with me on the call the following members of Xenon Pharma's management team. Adam Steensberg, President and Chief Executive Officer, Henriette Wendiger, Chief Financial Officer, and David Kendall, Chief Medical Officer. All speakers will be available for the Q&A session. Turning to slide four, I will now hand the call over to Adam Steinsberg, President and Chief Executive Officer.

Adam. Thank you, Adam, and welcome, everyone. 2025 was a breakthrough year for Seed&Pharma, especially considering the landmark partnership for betrayantide with rose. As we enter 2026, we are moving into the most defining and catalyst-risk year for Seed&Pharma's history, which includes phase 2 between-type data, and multiple key readouts from the phase 3 program in obesity with cerebral type. Moving to slide 5, obesity represents one of the greatest healthcare challenges of our time, not only because of its high and growing prevalence, but because of the long-term consequences of living with the disease. The longer people live with obesity, the greater the burden and the higher the risk of serious complications. Real world data clearly shows that treatment persistence with GLP-1 based therapies remains a major challenge. To date, up to 12% of Americans have been exposed to a GLP-1 based therapy, yet only a small fraction remains in treatment. Approximately half of patients who discontinued the other one therapies cite gastrointestinal adverse events as the primary reason. As a result, the key to unlocking the full value of this market is to develop therapies that deliver weight loss that patients desire, but with a better treatment experience that support long-term use in a real world. This leads me to slide six. In many other chronic diseases, physicians typically have access to a broad range of therapeutic options that can be tailored to the needs of the individual patients. In obesity, the treatment landscape remains comparatively narrow, where we today rely on a single therapeutic category. While the DLT1-based therapies clearly have advanced the field, they have not yet delivered what ultimately matters the most, long-term treatment persistence, durable weight maintenance, and sustained improvements in health outcomes. With Petrinatide, we see the potential to expand and strengthen the treatment paradigm for weight management. Moving to slide seven, the partnership we announced last year with Ross has delivered on everything we had hoped for. and our teams are currently moving full steam ahead and focused on finalizing the design of the phase three program that we expect to initiate later this year to position Petranitide as a future foundational and first choice therapy for people living with overweight and obesity. I want to emphasize that this is a true balanced partnership. This is reflected not only in the financial structure where we share profits in the US and Europe, but also at the strategic level with shared development and commercialization rights for the trinitide and the trinitide-based combinations. This structure allows us to retain significant long-term value of the franchise while preserving the strategic rights needed to support our ambition over the long term. Moving to slide eight, from one strong partner to another. Werner Ingenheim is positioned to lead the next wave of GLD1-based innovation with Cervarotide. And we are very excited about the potential of Cervarotide to emerge as the preferred therapy for a large population of people with obesity and MASH. Liver disease is one of the most prevalent comorbidities associated with obesity. As Boehringer highlighted at Obesity Week last year, when you see obesity, think liver. And as one of our external speakers and the principal investigator in Synchronized One noted at our Capital Markets Day, see obesity, think liver, treat the heart. This framing highlights the excitement for the upcoming phase 3 obesity data with Cervarutide, including data from the cardiovascular outcome trial. Switching gears to our research efforts on slide nine, our ambition extends beyond refining the near-term future of weight management. Over the coming period, we aim to build the most valuable metabolic health pipeline, supported by our competitive advantages with more than 25 years of expertise in peptide and metabolic health, proprietary know-how, and high-quality in-house data. Combined with rapid advancements in AI and machine learning, this strong foundation position us to remain at the forefront of innovation. While AI will improve efficiency across the industry, true differentiation comes from the quality and scale of proprietary data used to train these models. This is where we intend to focus our efforts. Our goal over the next five years is to advance more than 10 candidates into the clinic and set industry leading cycle times from idea to the clinic. In a field historically characterized by long and complex development cycles, the pace of innovation is accelerating and we intend to lead that. With that, I will turn it over to David.