All right. Welcome back everyone. We have an update from kneat.com, inc, trades on the OTCQX under the symbol KSIOF, and on the TSX under the symbol KSI. It's a Canadian company with operational headquarters in Limerick, Ireland, who develops and markets the next generation Kneat Gx SaaS platform. Happy to welcome its CEO, Eddie Ryan. Nice to see you, Eddie. What's your update today? Thanks, Ana. Good to meet you again. For your audience, hello everyone. I'm Eddie Ryan, Co-Founder and CEO of Kneat. I last presented at the Emerging Growth Conference in January. Since then, Kneat has reported our fourth quarter and full year 2025 results, added another large strategic customer, and introduced how we are building AI into our Kneat Gx platform. First, I'll give a brief update and then take any questions you may have. Before I start, please see our safe harbor statement. There may be forward-looking statements in my presentation that represent Kneat's expectations as of today. There can be no guarantee that these statements will be true in the future. For those who are new to Kneat, Kneat is a software company founded by myself and some colleagues to digitize the complex and mission-critical business process of validation for life sciences. Today, we count most of the world's largest life sciences companies, including eight of the top 10, as our customers. What is validation? All manufacturing systems, equipment, and processes involved in the manufacture of a therapy must be validated. Validation is detailed and fully documented testing that ensures these processes will deliver quality products that will not adversely impact patient safety. It is a mandatory regulated process and is subject to audit by regulatory bodies such as the U.S. Food and Drug Administration. Good validation management builds trust with regulators and reduces risk for our customers. Let's do a quick review of our financial performance. Our revenue growth has been consistently strong, faster than nearly every other publicly traded software company in Canada. We expect this trend to continue as our annual industry survey indicates that only 16% of life sciences companies have fully adopted digital validation. There's a long way to go, including within our existing customer white space today. Annual recurring revenue, which reflects the full annual revenue contracted with a customer, expanded from CAD 15 million four years ago to CAD 74 million today. Our net recurring revenue of 115% indicates continued solid expansion with our customer base. This loyal base gets bigger all the time, with 9 strategic and dozens of other customers onboarded during 2025. 2026 is off to a strong start in terms of new customer adds, with two strategic customers added in as many months. As life sciences companies look to put all their validation workflows onto a single easy-to-use platform, Kneat surfaces time and again as the platform of choice. Just this week, we were rated by users for the third time in a row as the leader in pharma and biotech software. You can see Kneat up and to the right, well ahead of the 12 other companies included in the ranking. The question of AI has been brought up a lot lately. Investors are asking if AI will partially or fully disrupt Kneat, and if so, what this means? Firstly, Kneat is managing data integrity and compliance within highly regulated environments. Kneat is the validation data integrity system of record, and compliance depends on deterministic outcomes. It's not possible to manage this data and these processes in a probabilistic manner. There needs to be full traceability, accountability, approvals, and audit-ready evidence for every step of the process, and Kneat delivers all of this. Of course, AI can be used to support increased efficiency within these validation workflows. For example, it can be used to help create validation content and reports and presenting these to the human for review and approval in the workflow. Kneat is all in on AI, and we are developing these capabilities within our platform and in close collaboration with our customers. Our most recent release has several features such as content review assistant, natural language processing, a user support chatbot, and instant language translation. Looking forward, our AI roadmap includes deeper automation across lifecycle documentation, risk management, workflows, and end-to-end process optimization, all delivered with the transparency and reliability our customers require. In addition to including AI features in our platform, we are also using AI to help us run our business and develop software more efficiently. To close out, we're excited about the platform we have built and how much further it can go in the markets we serve. Users love Kneat. They have full visibility and assurance about their data, which gives them the confidence to do more. Kneat has earned its place as a trusted data pillar within large organizations, and the technology that put us there gives us confidence that we can add meaningful value to areas beyond validation where customers are not well-served today. We know this because customers are asking us to go there. Keep paying attention to what is going on at Kneat. If there's one thing we do well, it's execute, and we're eager to consolidate our leadership position in validation and also embark on new growth areas to serve life sciences. Thank you. For some questions. Thanks, Ana. Okay. Would you consider Kneat a compliance tool, a workflow platform, or a broader quality operating system? First and foremost, it's a compliance tool, Ana, but it achieves that through data integrity platform where you manage the change and the audit trail on every piece of data, and you present and capture that and reflect that in workflows. It's a compliance workflow productivity platform. Can you talk about the primary revenue model? Is it more SaaS subscriptions or implementation of other services? It's primarily SaaS subscriptions. ARR is our key metric, and, you know, there are some services to support deployments of our product from time to time and an expansion of our product with our customers. By and large, it's an ARR focused business. What is the true organic growth rate versus expansion revenue, and how much growth comes from new logos and existing customer expansion? Very good. It's a very strong land and expand model. You know, last year we signed a record number of new logos, and those logos will start small, probably CAD 100,000-CAD 200,000 annually, CAD 200,000 dollars annual recurring revenue, and grow to maybe CAD 1 million and multi-millions over a number of years. We have some customers in the enterprise space that are giving us maybe $1 million in U.S. dollars in annual recurring revenue, and then we have the larger customers that are giving us, you know, north of CAD 3 million, CAD 4 million, CAD 5 million in annual recurring revenue. Talk about your path to profitability. Yeah. We see 2026 as that year. Over the last number of years, we've been growing our business, and we've been, you know, building a team that can take us forward. We don't see ourselves putting much additional expense on in 2026. When we look at the end of the year, we see ourselves converging towards, over the year, cash flow positive. How are the sales cycles different this year versus three years ago? Yeah, that's a good question. I would say that three years ago, you know, there's a difference in the sense that the category, it was a new category, you know, eight years ago when Kneat entered in earnest. Over the years, Kneat has become the leader and the leading brand in the, in the business, in the industry. As you go forward, you know, others have come in, so it's becoming more mature, and there's more, you know, tendering for the business. When you look back at the year just gone by, of all the requests for proposals, Kneat has won more than 80% of all of those. Perfect. All right. Well, we are out of time. Thank you so much, Eddie. It's a great update, and we look forward to talking with you again real soon. Nice talking to you, Ana. Thank you. Bye-bye. All right, everyone, we'll be right back. Welcome back, everyone. We're joined by Thiogenesis Therapeutics, a clinical stage biotech company focused on developing novel therapies for rare and mitochondrial diseases. Presenting today is Brook Riggins, Chief Financial Officer and Director of the company. Brook brings extensive experience across capital markets and life sciences with prior leadership roles in investment firms and public biotech companies. Thiogenesis' lead program, TTI-0102, is a next generation cysteamine therapy designed to improve tolerability and simplify dosing in cystinosis, a rare disease with significant unmet need. The company is advancing towards a phase III pathway using a well-established regulatory framework while also exploring broader applications in mitochondrial disorders. With that, I'll turn it over to you, Brook. Welcome back. Thank you. Thank you, Ana. This is a follow-on presentation, so it's gonna be quite a brief kind of recap and then a little update. Please, if anybody wants more detail, reach out for one-on-ones or via the website. We'd be happy to follow-up with you. Thiogenesis Therapeutics, as we discussed and as Ana introduced, it's what we'd call a low-risk, late-stage rare disease opportunity. We are on the verge of filing an IND for phase III, and it's with a follow-on drug that we've already got the previous drug that was a very similar version except for it had side effects and other issues that we've improved upon. We have like a sort of a fast track to a phase III and to an approval. I will skip the disclaimer for you. Just to recap, we're clinical stage. We've been in humans in phase II, phase I, et cetera, and we're working with what's called a prodrug, which means that we're able to use this 505(b)(2) mechanism, which is in the first bullet. That allows us to use all the safety from the previous approved drugs with the same active compound and go directly into phase II or phase III. It saves a lot of cost, a lot of time, really the boring stuff in biotech companies, which is safety, preclinical, et cetera. We are going into an indication, as I mentioned before, that we've worked, we were at the previous company called Raptor Pharmaceuticals, that we were able to provide a better drug there that was dosed twice daily, still with GI side effects for a rare disease for children called cystinosis. We now have a new drug that you can dose once a day without having to take 10 or 11 pills every day. It's a powder, and you can take it before bed at night. It's gonna have a big advantage for adherence and people wanting to take the drug and stay on the drug, which is really important. We currently have a market cap of $25 million as compared to this peak sales market opportunity of roughly $350 million. As I mentioned before, the previous drug that we had, the delayed release PROCYSBI, which you use twice a day, once before bed, once in the morning, with pretty intense GI side effects, we sold that company through Raptor Pharmaceuticals to Horizon for $800 million. I kinda summarized that again in this slide. Very experienced management team. Chris Starr was the founder of Raptor. He was also co-founder of BioMarin, which he took from startup and left probably was about $4 billion market cap. He and Patrice both worked very closely on the PROCYSBI program, getting regulatory approval and commercial launch, so that was a really very insightful program because A, we know how to get approval through FDA for that product, and also how to launch it in the market. The disease that we go after is quite simple. It's cystinosis. It's in a what's called a lysosomal storage disease. Lysosome is what's considered your garbage disposal or your recycling bin in your cells. It takes old parts of DNA, particles, foreign things, and it recycles them or breaks them down. What happens though, in certain lysosomal storage diseases, you either have a broken transporter or a enzyme that can't break down the compound. In this case, we're breaking down cystine, and if you can't break down the cystine because you see the little red X there, it can't leave the lysosome. It builds into crystals that go into your kidneys and your eyes. It stops your growth and development, and it really lowers your life expectancy. With PROCYSBI, we have kids now that are in their 30s and 40s, although they're taking a drug twice a day with bad side effects, we can improve that with once a day and with the powder. What we are finding, and we've been talking to clinicians in the space, is that they'd be really eager to take on a new product because a lot of the patients, particularly when they get into their early teens and mid-teens, are not taking the drug as often as they should, which immediately leads to toxicity for their kidneys. This is just a chart to show what we've done. We've taken what's called a prodrug where we took, instead of a coating which we used at Raptor with PROCYSBI, we've synthesized cysteamine with another compound so that it gets released very, very slowly, and the green curve there will show you, which we did on 12 healthy volunteers in Australia, that the green curve shows that it doesn't spike as high as it would if it was just a generic or even with PROCYSBI, and that it lasted for 24 hours. For it to be therapeutic, it has to stay above that red dotted line there. We showed that we can give this drug once a day, and it'll last 24 hours. Our company is listed on the Toronto Venture Exchange and also the OTCQX. We currently have a market cap of $20 million, just around $25 million, and it's about the same price that we took Raptor public with. One of the things I would say is that we're, like, a year away from phase III, whereas Raptor was probably four years away from phase III, and they had the risk of not knowing if it was gonna work or not, whereas we already are copying the same mechanism. It's less risky, much better cost-benefit ratio for investors. Upcoming milestones for us include an investigator-led trial with Emory University while we're getting prepped for the phase III, which we expect to start in Q1 of next year. We're gonna do an investigator-led trial with Emory University. They're one of the leaders in cystinosis. We expect that to start in May or June. It's gonna be six patients. It's not an FDA-sponsored trial. It's got FDA approval, but it's called an investigator-led trial, and that allows us to experiment with six patients and give them the drug over a 24-hour period. That data will come out and be really important as part of our filing of the IND, and it'll be a really good message to market that we're gonna be able to bring a superior drug to the marketplace. That's really fast, and then the second driver after that will be we'll meet with the FDA. We'll show them that data. We'll show them all our previous data, and then we'll go to try to get a really small, fast phase III pathway to approval. We're you know at a pre-phase III with our low risk. At CAD 25 million is considerably less than our peers, which would all be in sort of like the $100 million-$300 million market cap. Okay. I'm ready for you, Ana. Okay, great. Given the progress of your lead program and the clear phase III pathway, how do you explain the disconnect between Thiogenesis' current valuation and its stage of development relative to peers? Yeah, thanks. Thanks, Ana. It certainly catches people's attention. We've had that come up in meetings where we do a really nice presentation and people go, "Oh, I really like that presentation, but I don't understand your valuation," and kind of wonder if it's if there's something that they're missing. I would say that the number one thing is we listed in Canada originally. I had a long-standing relationship with the Raptor guys. They're all California-based. They've had success in BioMarin and Raptor, two NASDAQ companies. We listed in Canada because I had a CPC that was able to access capital. We've raised CAD 20 million, no investor warrants in any of those financings. You don't get the market-driven sort of valuations that you get in the U.S., and so while it was very good between our listing around 2022-2024, when the XBI, the biotech index, was falling and all of the junior biotechs in the United States were getting hammered. Now that we're getting this good data, we wanna get the full value of our company. We're starting to move into the U.S., and we just started in February in open discussions with a number of investment banks, met a few institutions. They went very, very well, and we expect over the course of this year to start getting an inflow of institutional investors and probably some investment banking support. I think that's probably the main thing is just to move our investor base from Canada, which was a nice defensive place to be, to a more aggressive U.S. posture, which is one of the reasons we're doing conferences like this and started the OTCQX listing. Perfect. Brook, do you have any closing remarks for our viewers today? No, just apologies to those that didn't hear the first presentation 'cause I rushed through that pretty fast. Even now I'm thinking I left out a few things. If anybody's interested in getting some more information, I'm happy to do any of the one-on-one meetings or take emails. One of the key things that I would just really emphasize is if you look at the first slide with the leadership team. You know, creating a team like Raptor and BioMarin, it's kind of a habitual thing. These guys, they, you know, they sink their teeth into the company, and they tend to take, you know, three or four years to build, like, a really good biotech company. I think that's one of the better management board of directors teams that you'll see for a junior biotech. Perfect. Well, thank you so much for this update, and we look forward to continuing on this conversation. Great. Thank you, Ana. You're welcome. All right, everyone, we'll be right back. Okay, thank you.