Cipher Pharmaceuticals Inc.

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Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the CIFR Pharmaceuticals quarterly conference call for the company's Q1 2026 financial results. At this time, all participants are in a listen-only mode. Following today's presentation, instructions will be given for the question and answer session. If anyone needs assistance at any time during the call, you may press the star followed by the zero on your push-button phone. As a reminder, this conference is being recorded today, Friday, May 8, 2026. On behalf of the speakers that follow, listeners are cautioned that today's presentation and the responses to questions may contain forward-looking statements within the meaning of the safe harbor provisions of the Canadian Provincial Securities Laws. Forward-looking statements involve risks and uncertainties, and a jury line should not be placed on such statements. Certain material factors or assumptions are implied in making forwarded statements and actual results may differ materially from those expressed or implied in such statements. For additional information about factors that could cause results to vary, this refers to the risks identified in the company's annual information form and other filings with Canadian regulatory authorities. Except as required by Canadian securities laws, The company does not undertake to update any forward-looking statements. Such statements speak only as of the date made. I would like to turn the call over to Mr. Craig Moe, Interim Chief Executive Officer of the company. Please go ahead, Mr. Moe.

Good morning, everyone, and thank you for joining us today. Before I begin, I'd like to remind everyone that all figures discussed on today's call are expressed in U.S. dollars, unless otherwise specified. Cypher's first quarter of 2026 was an extension of our achievements during fiscal 2025. The U.S.-based Nitroba business continues to deliver strong profitability with a gross margin percentage of 87% and an adjusted EBITDA of $4.4 million during the first quarter, which was an increase of 30% from $3.4 million in the first quarter of 2025. Additionally, our Canadian product portfolio also continues to be a reliable source of revenue, contributing meaningfully to our overall business. In fact, the Canadian product portfolio, which is led by EPURUS, experienced its third consecutive quarter of sequential growth, with $4.5 million in revenue, up from $4.2 million in the fourth quarter of 2025, and $4 million from the third quarter in 2025. Our total adjusted EBITDA for the first quarter of 2026 was $7.7 million, an increase of 25% compared to the same quarter last year, and a sequential increase of 10% over the fourth quarter of 2025. Our earnings continue to provide considerable free cash flow. Our accumulated cash was used to fully repay the $5 million outstanding balance on our revolving credit facilities prior to the end of the quarter. With 20 months from our acquisition of Natroba and the U.S. commercial operations, we have repaid the full $40 million of debt that was drawn upon to partially fund this acquisition. This is a remarkable achievement, which highlights CIFR's strong cash generation our operational efficiency, and a disciplined approach to capital allocation. Recently, on May 1st, we announced the renewal for an additional 12-month period of our normal course issuer bid for NCIB, allowing CIFR to repurchase up to 1.5 million of its common shares. Under our most recent NCIB, prior to the renewal, we purchased nearly 533,000 common shares returning approximately $5.4 million in capital to shareholders. Our CFO, Ryan Mailing, will provide a detailed overview of our financial results following my comments. I'd like to spend my remaining time providing an update on our business development activities, which we continue to be very active in during the first quarter of 2026 and to date. Myself, along with several members of our team, are focusing a significant amount of time and energy in this area. We have four distinct strategies we are pursuing to drive shareholder value and grow our business. Firstly, invest in the trove of business with our U.S. operations. Secondly, acquisitions or in-licensing of complementary products for our U.S. platform. Three, out-licensing of Natroba globally. And lastly, company acquisitions of strategic value. The first strategy of investing and building upon Natroba business operations is to position and to grow the platform includes the launch of a direct-to-consumer or DTC sales model to supplement our existing sales force. We believe Netroba is well-suited for this DTC sales model, given the acute nature of head lice and scabies. The platform launched in March of 2026, and we continue to pursue and refine our strategy surrounding this platform. The second area of our business development strategy is the pursuit of acquiring or in-licensing complementary products which can be directly commercialized through our existing Canadian and U.S. commercial infrastructures. We are currently active in discussions with various parties and continue to source and explore further opportunities. Although we continue to pursue these opportunities, similar to other areas of our business development, these activities take time. The time horizons of each opportunity vary and the opportunities may or may not come to realization in the end. The third strategy we have undertaken is pursuing out-licensing opportunities for Natroba globally. We continue to believe there's a high unmet need for a highly effective product like Natroba to address head lice and scabies indications in other territories globally. However, the product pricing in territories outside the U.S. varies considerably from the U.S. market, and therefore we believe it is important to find the right markets and out-licensing partners for NETROBA to ensure commercial success of the product in the territories outside North America. As a result, this strategy again takes time. The fourth area of our strategy for growing the business is evaluating and pursuing company acquisitions which may have strategic value for CIFR. As we have said previously, we continue to believe that CIFR would benefit from additional size and scale. both in its pursuit of other business development strategies I mentioned earlier, as well as its ongoing and future operations. Accordingly, acquiring companies that would add to our size and scale as well as provide other strategic benefits continues to be an area where we are placing a great deal of focus. We are actively sourcing, evaluating, and pursuing potential acquisitions that achieve these objectives. We look forward to providing updates on this area of our business development strategy as they occur. In addition to these key strategies I mentioned, we continue to pursue the launch of Natroba in Canada with our new drug submission to Health Canada and its acceptance for review announced in January of 2026. We are now awaiting Health Canada's feedback with respect to its review of Natroba We expect to have a final decision by the end of 2026. Thank you again for joining us here today, and I look forward to answering your questions after our prepared remarks. I will now pass the call over to our CFO, Ryan Mailing. Please go ahead, Ryan.