Knight Therapeutics Inc.

Good morning, ladies and gentlemen. My name is Vanessa, and I will be your operator today. Welcome to Knight Therapeutics' first quarter 2026 results conference call. Before turning the call over to Samira Sakia, President and CEO of Knight, listeners are reminded that portions of today's discussion may, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by forward-looking statements. The company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding future events, many of which are beyond the control of the company and its subsidiaries, may ultimately prove to be incorrect. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether a result of new information, future events, except as required by law. We would also like to remind you that questions during today's call will be taken from analysts only. Should there be any further questions, please contact Knight's Investor Relations Department via email to ir at knighttx.com or via phone at 514-484-4483. I would like to remind everyone that this call is being recorded today, May 7, 2026. I would now like to turn the meeting over to your host for today's call, Samira Sakia. Please go ahead.

Thank you, Vanessa. Good morning, everyone, and welcome to Knight Therapeutics' first quarter 2026 conference call. I'm joined on today's call with Amal Khoury, our Chief Business Officer, and Arvind Uchina, our Chief Financial Officer. I'm excited to announce that in the first quarter of 2026, we reported record revenues and record adjusted EBITDA. Our revenues were $148 million, and adjusted EBITDA was $28 million. In Q126, revenues grew by $69.6 million, or 68%, compared to the same period last year. The increase was due to the incremental revenues from the Sumitomo and Paladin portfolios, the growth of our promoted products, and purchasing patterns of certain customers. In addition to achieving record financial results, we further advanced our pipeline. We submitted for regulatory approval in Brazil and in Argentina and Mexico for follicular lymphoma. Furthermore, we obtained Brazilian regulatory approval for second indication follicular lymphoma. Beyond our regulatory progress, so far in 2026, we have already executed four launches. namely Menjuvico Follicular Lymphoma in Brazil, Hemazir in Argentina, Akinzeo in Paraguay, and Vapostel in Colombia. Subsequently to the quarter, as a result of certain manufacturing changes by our partner, we unfortunately had to make the decision to withdraw the health standard on your direct submission for Calgary. However, we do expect to resubmit Calgary for approval at a later date. The resubmission is expected to include both the data required for the manufacturing changes, as well as the additional information previously requested by HAF Canada. On to the NCIB. During the quarter, we purchased 1.3 million common shares at an average purchase price of $6.22 for aggregate cash consideration of $8.2 million. Under the current NCIB, To date, we have purchased 2 million shares and can still purchase an additional 4.2 million shares until August 2026. I will now turn the call over to Arvind to provide an update on our financial results.

Thank you, Sandra. When speaking of our financial results, I will refer to certain non-IFRS measures, including adjusted EBITDA per share, adjusted gross margin, and constant currency results. This quarter, I will refer to revenues as there is no material difference with adjusted revenues due to hypertension. Refer to our press release and MD&A and CDL filings for their definitions. Starting in 2026, we have redefined our product categories as follows. Promoted, mature, and discontinued. Within the promoted, we have the promoted launch pipeline products and promoted strategic products. The launch pipeline products are in the early stage of launch, typically within five years of commercial entry, while the strategic products were launched more than five years ago and are either close to or have reached their peak potential. Finally, the matchbook products require lower levels of promotional activity and have already reached their peak potential. For the first quarter of 2026, as Tamara mentioned, we delivered record revenues of $148 million, an increase of $60 million, or 69%, compared to the same period last year. Of the $16 million of incremental revenues, the mature products from the Paladin and Sumitomo transactions contributed $17 million, the launch pipeline products, $13 million, and the strategy products grew by $28 million, of which Ambiso and MojSales contributed an incremental $14 million. The growth in the strategic products was driven by brands in our infectious disease and oncology portfolio, including Crescentva and Akinzeo. The growth in the launch pipeline products was driven by multiple launches in multiple countries over the past two years. This includes Minjuvi for DL-BCL in Brazil, Mexico, and Argentina, Minjuvi for Follicular Lipoma in Brazil, Temadia in Brazil and Mexico, Baposil in Colombia, and Invexi, Bijuva, JourneyPM, Excopre, MyFembre, and Orgovix in Canada. Now moving on to gross margin. The company achieved an adjusted gross margin of $70.6 million, or 48% of revenues in the first quarter of 2026, compared to $40.9 million, or 47% of revenues in the same period that year. The increase in the adjusted gross margin is explained by the growth in revenues. I will now turn to our operating expenses, excluding amortization. For the first quarter, our operating expenses were $43 million, an increase of $13 million, or 44%, compared to the same period last year. The increase in operating expenses was mainly driven by the expansion in structure and spend required to support our larger portfolio. Moving on to adjusted EBITDA. For the first quarter of 2026, we reported a record $28 million of adjusted EBITDA, an increase of $15.8 million, or 130%, compared to the same period last year. The increase was driven by higher adjusted gross margin, partly offset by higher operating expenses. Our adjusted EBITDA per share was $0.28, an increase of 133% compared to the same period last year. I will now cover financial assets, which are valued at $95 million. In the first quarter, we recorded a net loss of $2.8 million, driven by the mark-to-market revaluations of our strategic fund investments and our equity investments. As a reminder, our funds continue to be a source of cash and has generated $47 million since 2020. Turning to our liquidity and cash flows, during the quarter, we generated cash operating cash inflows of $41 million driven by our adjusted EBITDA and change in working capital. At the end of the first quarter, we held $127 million in cash and marketable securities and approximately $58 million in debt. Our net cash position continues to improve from $27 million at the end of 2025 to $69 million at the end of the first quarter of 2026. In fact, as of today, we have already repaid $14 million of the $60 million withdrawn from the revolving credit facility used to finance the Paladin transaction. At the end of June 26, our debt-registered EBITDA leverage ratio was under 0.7x. I will now send the call back to Summer.