Zealand Pharma A/S

Good day and thank you for standing by. Welcome to the Zealand Pharma results for Q1 2026 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 this 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 this conference is being recorded. I would now like to hand the conference over to your speaker today, Eric Rojas, Vice President and Head of 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 first quarter of 2026. This is Eric Rojas, and I recently joined Zeeland Pharma as Vice President and Head of Investor Relations. I'm pleased to be with the team today in Denmark to get the conference call started and look forward to working with all of you. The related company announcement for Q1 2026 is available on our website at zeelandpharma.com. As outlined on the slide, 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 today's agenda, joining me on this call is Adam Steensberg, President and Chief Executive Officer, Henrietta Venica, Chief Financial Officer, and David Kendall, Chief Medical Officer. All speakers will be available for the Q&A session. I will now hand the call over to Adam.

Thank you, Eric. and welcome everyone. 2026 so far has been marked by defining milestones for Zeeland Pharma. At our Capital Markets Day in December, we announced our ambition to become a leader in obesity and metabolic health and made several commitments with the launch of our strategy Metabolic Frontier 2030. I'm super pleased to say that we are on track and executing against our strategy. and what a start to 2026 it has been. Beginning with Petronitide, we reported positive top-line results from the Phase 2 Supreme 1 trial that reinforced our conviction in its potential as a first-choice treatment option for chronic weight management. The data showed a clear alternative to GLB1-based therapies for weight reduction and long-term maintenance, setting a new standard for what to expect from a weight management journey. Building on these compelling results, we have now also confirmed advancement into phase three registrational trials, which are planned for initiation in the second half of this year. This is a major step forward for the program, for C-Line Pharma, and for our collaboration with ROS. On Cervolutide, Berger-Ingenheim reported positive phase 3 results from the synchronized ONE trial, delivering competitive weight loss and meaningful metabolic improvements, supporting the potential of cervalutide as a differentiated therapy for people living with overweight and obesity. In our early pipeline, phase 1 data with our KB1.G channel blocker, showed its potential as a very promising product candidate with potential to address multiple an agreement with the Danish Center for AI Innovation to access one of the world's leading AI supercomputers. These are investments in our ability to move faster and smarter as we build the next chapter for Xenon Pharma. Finally, marked by our strong balance sheet, are now initiating a share buyback program as we continue to fund our strategic priorities and long-term growth initiatives to build seed and pharma into a leader in obesity and metabolic health. Our collaboration with Ross continues to deliver. Just last week, I visited our genetic partners in San Francisco for a great and productive workshop. Both teams are now focused on the execution of the upcoming phase 3 trials for Petrilentide monotherapy and the phase 2 trial for the Petrilentide-Enicepatide combination product. Sealand and Ross will co-develop and co-commercialize Petrilentide and Petrilentide-based combination products. This means that we capture the long-term value by sharing profits with Ross on a 50-50 basis in the US and Europe. on both monotherapy and potential combination products. CLAN will receive $250 million at the first two anniversaries of the collaboration. These are not contingent on any specific milestones other than time, meaning that we will receive the first $125 million here in the second quarter of 2026. In terms of the total development milestones of $1.2 billion, 575 million are linked to the initiation of the Phase IIIa trials with petronatide monotherapy, which we expect to start in the second half of this year, as I mentioned before. We are steadily on track to execute our strategy to establish leadership in obesity and metabolic health. Our Metabolic Frontier 2030 strategy has two main focus areas. The first is redefining the near-term future of weight management, guided by our two late-stage candidates in Petroniatide and Cervalutide, both supported by world-class partners in Ross and Boehrner Ingelheim. The second is focused on expanding our capabilities to build a leading pipeline beyond these near-term opportunities. We are leveraging our deep expertise in metabolic health, enhancing our capabilities through our new Cambridge Research Hub, and complementing this with external innovation via partnerships such as those with OTR Therapeutics around small molecules and the Danish Center for AI Innovation. These are strategic investments to advance our ability to discover and develop the next generation of leading metabolic medicines. all aimed at delivering sustained leadership in metabolic health and achieving the three goals outlined in our Metabolic Frontier 2030 strategy. If you look at what we have accomplished in just the first few months of 26, it tells a clear story. A new research hub, AI partnerships, strong phase 2 data for betrinitide, followed by a formal endorsement of Phase 3 advancement and the first Phase 3 results with Cervalutide. And in addition to these meaningful and defining milestones, we have a number of important catalysts still ahead of us in 2026 and remain firmly on track to deliver on all of them. And with that, I will now turn over the call to our Chief Medical Officer, David Kendall, to discuss our R&D pipeline. David.