Theralase Technologies Inc.

Good morning and thank you for joining us today. I'm Matthew Periton, Investor Relations Manager at Theralase, and it's my pleasure to welcome all the shareholders and stakeholders to our second quarter 2026 Financial Statements Conference Call. We appreciate your ongoing support as Study 2 advances towards regulatory submissions and Theralase continues to develop additional opportunities in both the oncology and infectious disease fields. On August 24, 2026, Theralase closed a brokered financing under a listed issuer financing exemption for gross proceeds of $3.55 million, further strengthening the company's balance sheet as it advances on its clinical, regulatory, and strategic objectives. Forward-looking statements. Before we begin, I would like to remind everyone that today's presentation may contain forward-looking statements as defined under applicable Canadian securities laws. Participants should not unduly rely on these forward-looking statements. They are not a guarantee of future performance and there can be no assurance they will prove to be accurate in the future. Thank you for watching. All forward-looking statements are made as of today's date and are subject to change without notice. Except as required by law, the company assumes no obligation to update or revise them. This conference call will be posted on our corporate website in due course. Study 2 has completed enrollment and treatment of 95 patients diagnosed with BCG, unresponsive, Non-Muscle Invasive Bladder Cancer, Carcinoma, and Sci-2. 82 patients have completed the study and 13 are in late stage follow-up. Theralase plans to submit a new drug submission to Health Canada and a new drug application to the FDA commencing in the fourth quarter of 2026 under rolling review. Subject to requisite regulatory review and approval in both countries, marketing decisions are anticipated in 2027. If marketing approval is achieved, light-activated Ruvadar could offer BCG-unresponsive non-muscle-invasive bladder cancer carcinoma in situ patients facing radical cystectomy with a bladder-preserving treatment option. Beyond the lead program in bladder cancer, new development work includes Commencing patient enrollment in Cohort 2, which uses serolase's light-activated Ruvadar, 2. Good laboratory practice toxicology analysis for the intravenous installation of rutharin for numerous oncology indications, including glioblastoma multiforme, non-small cell lung cancer, muscle invasive bladder cancer, pancreatic cancer, and colorectal cancer. Good Laboratory Practice Toxicology Analysis for Topical Ruvidar, intended for the treatment of herpes simplex virus 1, cold sore lesions. These programs position their delays at an important clinical and regulatory inflection point, with both near-term milestones and meaningful mid- and long-term opportunities across numerous oncology indications stretching into the treatment of an infectious disease. Today's call will provide insights into our six-month 2026 financial performance, cash position, and recent financing initiatives. Updated interim clinical data from Study 2 for BCG unresponsive non-muscle invasive bladder cancer carcinoma in situ, regulatory pathway cohort 2 collaboration with Faring Pharmaceuticals, and commercialization strategy. GLP Toxicology for Intravenous Rutheran, and Topical Ruvidar for six new target indications. Now that we've covered the required disclosures in our review, I would like to introduce our Chief Financial Officer, Ms. Kristina Hachey.

Thank you, Matthew. Before we review the numbers, please note that all financial amounts I will be presenting today are rounded to the nearest thousand Canadian dollars for simplicity. For financial amounts accurate to the dollar, please refer to the second quarter 2026 financial statements available on CDAR Plus and our corporate website. For today's discussion, the financial results cover the six-month period ended June 30, 2026. The company's oncology programs remain pre-revenue, so reported revenue continues to be generated solely by the device division. Total revenue was $297,000 compared with $311,000 for the same period in 2025. A decrease of 5%. The cost of sales decreased to $147,000 from $179,000. As a result, gross margin increased to $150,000 or 50% of revenue from $132,000 or 42% of revenue. Selling expenses remained essentially unchanged at $139,000 for both 2025 and 2026. Administrative expenses increased 1% to $1,004,000 from $995,000, primarily due to higher professional fees, investor relations, administrative salaries, amortization and depreciation allocation, partially offset by lower stock-based compensation. Net research and development expenses decreased 25% to $1.1 million from $1.46 million, primarily due to lower Study 2 patient enrollment and treatment costs as the study begins to wrap up. The net loss for the period was $2,094,000, which includes $287,000 of net non-cash expenses, compared with a net loss of $2,423,000, which includes $486,000 of net non-cash expenses for the same period in 2025. Cash on hand was $5,261,000 as at June 30, 2026 compared with $183,000 as at December 31, 2025. Financing activities raised $6,000,000 Thank you for joining us today. through brokered and non-brokered private placements in support of its research and development programs. The June 30th cash balance and recent life financing provide capital for development and commercialization of our oncology programs. Cohort 2 patient enrollment, GLP toxicology for both intravenous rutharin and topical rivadar.

Thank you, Kristina, for Theralase's second quarter, 2026, financial update. Courtney will now provide an update on our bladder cancer clinical study.