Medexus Pharmaceuticals Inc.

Good morning, everyone, and welcome to the MedExus Pharmaceuticals first quarter 2026 conference call. At this time, all participants are in a listen-only mode, and the floor will be open for questions following the presentation. If anyone should require operator assistance during this conference, please press star zero on your phone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Victoria Rutherford, Investor Relations. Victoria, the floor is yours.

Thank you, and good morning, everyone. Welcome to the Medexus Pharmaceuticals first fiscal quarter 2026 earnings call. On the call this morning are Ken John-Tremont, Chief Executive Officer, and Brendan Bushman, Chief Financial Officer. If you have any questions after the conference call or would like further information about the company, please contact Adelaide Capital at 480- I would like to remind everyone that this discussion will include forward-looking information as defined in Canadian securities laws that is based on certain assumptions that Medexis believes to be reasonable in the circumstances that is subject to risks and uncertainties. Actual results may differ materially from historical results or results anticipated by the forward-looking information. In addition, this discussion will also include non-GAAP measures such as adjusted EBITDA, adjusted EBITDA margin, and adjusted gross margin, which do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. For more information about forward-looking information and non-GAAP measures, including reconciliations, please refer to the company's MD&A, which, along with the financial statements, is available on the company's website at www.medexis.com and on Cedar Plus at www.cedarplus.ca. As a reminder, Medexus reports on March 31st fiscal year basis. Medexus reports financial results in U.S. dollars, and all references are to U.S. dollars unless otherwise specified. I would now like to turn the call over to Ken D'Entremont.

Thank you, Victoria, and thank you, everyone, for joining us on this call today. We are now over five months into the commercial launch of Graphopex, With fiscal Q1 26 being the first full quarter, we are recognizing product level net revenue from Grapepex in our total net revenues. We are extremely pleased with the progress we have achieved thus far. As of June 30th, nine large commercial pairs and 14 individual healthcare institutions have made positive formulary inclusion determinations and an additional 29 commercial payers have added Grafipex to their prior authorization list. Wholesaler data as of June 30th shows that 36 of 180 transplant centers representing an estimated 24% of total alloHSCT procedures performed in the United States annually have already ordered Grafipex. Earlier this month, we also secured approval from the Centers for Medicare and Medicaid Services, a new technology add-on payment, or NTAP. Reimbursement of Graphopex for CMS is fiscal 2026. Starting October 1st, 2025, eligible patients can receive up to $21,411 of additional NTAP reimbursement under Medicare. The initial adoption by major commercial payers and leading healthcare institutions has been highly encouraging, and early indicators of patient-level demand continue to validate the value proposition Graphapex delivers. To that end, product-level net revenue from Graphapex in fiscal Q126 totaled $3 million, relative to $3 million of Graphapex personnel and infrastructure investments. We anticipate that Graphopex will begin contributing positively to quarterly operating cash flows by fourth quarter 2025, which is our fiscal Q3 26, reinforcing its potential as a meaningful driver of long-term value. We expect that product level net revenue from Graphopex in fiscal Q2 26 will be $3 to $3.5 million. taking into account wholesaler purchasing patterns and expected summer slowdown in procedures. Overall, our fiscal Q1-26 results remain solid with positive net income, adjusted EBITDA, and operating cash flows. Our results also reflect changes we are seeing in the product lifecycle within our portfolio. The strong initial performance of Graphapex is particularly important as other products in our portfolio shift into the later stages of their product lifecycle. For instance, Rupal's revenues have experienced expected erosion after the loss of its exclusivity period in January 2025. We designed this portfolio approach to ensure Medexis' success over the long term. Our fiscal Q1 26 revenue was $24.6 million, a decrease compared to $27.3 million for the same period last year. Our fiscal Q126 adjusted EBITDA was $3.4 million, a decrease compared to $6.1 million for the same period last year. We continue to produce positive net income with $0.5 million for the quarter, a decrease compared to $2 million for the same period last year, and positive operating income of $0.9 million a decrease compared to $4 million for the same period last year. Turning to our other products, in Canada, unit demand for Tricondo, the brand name for Triosulfan in Canada, grew 38% over the trailing 12-month period ending June 30, 2025. To date, BC, Manitoba, Ontario, and Quebec have executed listing agreements to reimburse Tricondo following a positive PCPA decision in November of 24. Xfinity unit demand in the United States decreased by 1% over the trailing 12-month period ending June 30, 2025. We continue to expect that unit demand will remain relatively stable, with only slight continuing decreases in the near term. Rupel has now shifted to a later stage of its product life cycle, with the loss of the regulatory exclusivity period in January 2025. Ruppel now faces generic competition in Canada as a result. Unit demand over the six-month period ending June 30th has decreased 29% when compared to the corresponding prior year. This pattern is typical of products at this stage. So we anticipate this ship will have put typical, and we have put typical generic defense strategies in place. Resumo unit demand in the United States and metal jack unit demand in Canada both decreased by 5% in fiscal Q126. The factors we have discussed in the past continue to affect product level revenue. In summary, we remain focused on delivering strong overall performance across our portfolio products in both the United States and Canada. advancing graph effects in the United States, and strategically positioning the company to capitalize on future revenue opportunities. I'll now turn the call over to Brendan, who will discuss our financial results in more detail. Brendan? Thank you, Ken.