Medexus Pharmaceuticals Inc.

Greetings. Welcome to the Medexus Pharmaceuticals fiscal fourth quarter in year end 2026 conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now like to turn the conference over to your host, Victoria Rutherford, Investor Relations of Medexus. You may begin.

Thank you and good morning everyone. Welcome to the Medexus Pharmaceuticals fiscal fourth quarter and year-end 2026 earnings call. On the call this morning are Ken d'Entremont, Chief Executive Officer, and Brendon Buschman, 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 480-625- 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 but 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 and net debt 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 website at www.medexus.com and on Cedar Plus at www.cedarplus.ca. As a reminder, Medexus reports on a 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 thanks to everyone for joining us on the call today. We're proud to report that product-level revenue performance for Graphapex net of working capital changes was accretive to quarterly operating cash flows in fiscal Q4-26, representing a significant milestone in the commercialization of the product. We're encouraged by Graphopex's strong progress to date with product level performance continuing to demonstrate strong momentum and continue to expect annual product level net revenue to exceed $100 million within five years of launch. For the 12-month period ending March 31, 2026, we recognized product level net revenue from Graphopex of $11.6 million. Exceeding the $11.2 million, we were invested in the Graphopex launch over the same period Building on this momentum, we expect Graphopex to generate product-level net revenue between $30 and $32 million for fiscal year 2027 and to drive our growth in operating cash flows moving forward. As of today, 74 of all 180 U.S. transplant centers have already ordered Graphopex for procedures in their institutions, and 54 of those institutions have reordered. Overall, our fiscal Q426 results remain strong, delivering positive operating income, adjusted EBITDA, and operating cash flow. These results reflect the portfolio evolution we have discussed in past quarters as we build on the continued growth momentum from Graphapex. We expect future periods to provide a clearer view of highlighting the growth of Graphapex relative to the underlying strength and resilience of the rest of our portfolio of products outside the Aloe HSCT space. The continued momentum of Grefopex and our ongoing business development initiatives focused on Aloe HSCT will build on that foundation and position NetNexus for sustainable long-term growth. Our fiscal Q4 2026 net revenue was $24.7 million, a decrease compared to $24.8 million for the same period last year. Our fiscal Q4 26 adjusted EBITDA was $4.3 million, an increase compared to $2.3 million for the same period last year. Our net loss of $2.7 million for fiscal Q4-26 is a decrease from the net loss of $0.6 million for the same period last year, and positive operating income of $1.2 million is an increase of $2.4 million compared to the operating loss of $1.2 million for the same period last year. We're also proud of the financial results we are reporting for our fiscal year 2026. Our fiscal year 2026 net revenue was $99.3 million, which compares to $108.3 million for fiscal year 2025. The $9 million year-over-year decrease in net revenue primarily reflects the lower product level net revenue from Glioland in the United States following the March 2025 termination of our U.S. Glioland agreement. and from Rupal in Canada due to generic competition. The decrease was partially offset by contributions from Grapepex and the strength in Resubo. We reported adjusted EBITDA of $16.5 million for fiscal year 2026, which compares to $20.2 million for fiscal year 2025. The $3.7 million decrease in adjusted EBITDA was primarily driven by the factors affecting net revenue that I just mentioned. We reported net loss of $2.4 million for fiscal 2026 compared to net income of $2.2 million for fiscal year 2025. Last, I want to touch base on a new business development opportunity we secured in the HSCT space. Earlier this month, we signed agreements for the exclusive Canadian rights to commercialize UM171 cell therapy. This is a proprietary advanced clinical stage investigational drug that recently received conditional marketing authorization in Europe from the European Commission as ZemCellPro. Given its current stage of development in Canada, we do not expect to begin commercialization of the product before calendar year 2028, with the exact timing to depend on a number of factors, including our ongoing evaluation of available regulatory pathways. The product candidate is an excellent strategic fit with Triosulfan, our existing hematology product, which we commercialize in Canada as Tricondyph. As you all know, our organization is already well acquainted with the Aloe HSCT field, and although the field continues to rapidly evolve, we see this product candidate as an important potential contribution to the Canadian market and to our medium-term product pipeline. We otherwise remain focused on delivering strong overall performance across our portfolio of products in both the United States and Canada. We have continued building our momentum with Graphitex United States and we look to strategically position the company to capitalize on future revenue opportunities in the ALO HSCT space going forward. I'd now like to turn the call over to Brendon who will discuss our financial results in more detail.