Hey, listeners. It's Paul Andreola here. Why not join our community at SmallCap Discoveries, where we offer our members direct access to some of the best microcap investment opportunities available? Our members are getting access to premium microcap financings, research reports, and direct access to management. Sign up today at smallcapdiscoveries.com. Hi, everyone. Welcome to the SmallCap Discoveries conference call. Today on our call, we have the CEO, Jesse Ledger from Miravo Healthcare. Miravo trades on the TSX exchange under the symbol MRV. The company is trading at CAD 1.48 with roughly 11 million shares outstanding or about a CAD 17 million market cap. I'd now hand it over to Paul Andreola. Thanks so much, Trevor. Great to have Jesse with us today. Miravo Healthcare or what used to be called Nuvo Pharmaceuticals, if I'm not mistaken. Great to have you here. We did do a little bit of work on you guys a couple months ago just to get up to speed, but much prefer to hear it from you guys directly. You've got a presentation with you today, Jesse, so I'm just going to hand it over to you and just let you start. Great. Yeah. No, thanks. Appreciate the opportunity to be here and walk through the story. We'll get going here. Usual legal disclaimer, forward-looking information, all of our continuous disclosures available on SEDAR. Of course, we do rely on some non-IFRS measures, and we've got a reconciliation on those terms and how we handle that towards the end of this deck. That's also available to everybody that's watching. Miravo. Yeah, you're right, Paul. We were formerly known as Nuvo Pharmaceuticals. Many of the listeners may remember Nuvo Research, which then became Nuvo Pharmaceuticals. There was a split, Nuvo Pharmaceuticals, Crescita Therapeutics, who I think you also had a discussion with Dan Chicoine earlier in the summer. Similar histories, but completely separate companies. They're completely independent entities. Miravo Healthcare essentially is a Canadian-focused healthcare company with global reach. We are a commercial stage company, so we have a portfolio of prescription and non-prescription products that we commercialize both in Canada through our own commercial infrastructure and then internationally through a network of license and distribution partners. We have three business segments, the sort of traditional pharmaceutical business in Canada, which we call our commercial segment. This is where we have our sales force that details physicians. We promote four different brands in Canada right now, and I'll talk a little bit more about those in a minute. We have our international business where we've licensed out products that we've developed or that we've acquired, so proprietary products that we own that have been licensed out to different companies around the world, the U.S., Europe, Asia. We collect milestone revenue and royalty revenue from those partnerships. The third segment is our production and services segment, which is really our legacy Nuvo Pharmaceuticals manufacturing business. We have a manufacturing plant and FDA-approved facility just outside of Montreal in Varennes, Quebec, and so we manufacture a few products there that are also supplied to some of our international partners for commercialization. Over 20 products, seven of them are proprietary. We've got about 100 employees, and all the elements that a company would need to commercialize and operate in the current sort of pharmaceutical environment these days. Regulatory, scientific affairs, all of that is in-house. A little bit. This slide really gives people a sense of where we were when we were Nuvo and sort of the transformation that we've taken over the last couple of years. If you look at 2017 and 2018, that was basically our Nuvo Pharmaceuticals, sort of the legacy production and services segment. The main product that we were selling back then is Pennsaid 2%, which is a topical NSAID, so a topical treatment for osteoarthritis of the knee. At the end of 2018, we acquired what's now our commercial segment, the business of Aralez Pharmaceuticals Canada, as well as some international products and intellectual property. As you can see, that transaction had a fairly transformational change in not only our top-line revenue, but also the bottom-line profitability of the company. It really sort of changed the growth trajectory and potential for the company. Now, how we came about that business and acquiring it. Before I joined Nuvo, I was the VP of business development at Tribute Pharmaceuticals, and Tribute sold to POZEN. I was part of the team that built that business up, sold it to a U.S. company called POZEN. We signed that deal in 2015. It's $150 million. When that closed in March of 2016, I left the company and joined Nuvo as a VP of business development. Fast-forward to 2018, the American parent company of what then became Aralez, so Tribute POZEN came together and became Aralez Pharmaceuticals. They filed for Chapter 11 bankruptcy, and I went back in with the team here and reacquired the business that we had sold, plus these other international royalties for about $112 million. We got a bit of a discount for a bigger business, and now you see the net result. We knew the business, we knew how profitable it was, and so now we're sort of continuing to build on that platform. I've talked about the commercial segment. This is where we actually promote products to physicians in Canada. This today represents about 66% of our total revenue, or 65% year to date in 2021. The key products that we're promoting here, Suvexx and Cambia, are both migraine treatments, so acute migraine. Cambia is really a first-line treatment option, and Suvexx is more of a second line or maybe a treatment option for more severe migraineurs. Cambia's been on the market for 10 years. Suvexx, we just launched a year ago. We launched it during COVID. Blexten is an antihistamine product, so an allergy medication. It's also used to treat urticaria, which is hives. We've been on the market for five years where we continue to grow. We've done a fantastic job of taking market share away from Reactine or cetirizine. We've got a better safety profile. We've got comparable efficacy. It's a great product, and it continues to grow and continues to have more opportunity for growth. I'll talk about that in a little bit as well. The fourth product that our sales force is promoting is NeoVisc or NeoVisc ONE, and this is an injectable treatment for osteoarthritis of the knee. It helps with replacing the synovial fluid in the knee, helps with mobility and pain management. We just relaunched this product in Canada in January of this year, after being out of stock last year because of production issues. We found a new manufacturing partner. We do have other products in this commercial business. We call this our legacy products portfolio. These are all products that continue to generate revenue. We don't promote them. In many cases, they have generic competition, but they continue to spit out cash flow for us. We have really minimal expenses connected to these products, but they're nice to have because they help us pay a lot of bills. The second segment, our Licensing and Royalty Segment. This is really where we're capturing international sales. Like I said before, we use partnerships. Vimovo is the biggest product in this portfolio. It's another osteoarthritis treatment. We sell that in the United States through Horizon Therapeutics, who's also our partner for Pennsaid 2%. We sell it through the rest of the world, outside of the U.S., through a German company called Grünenthal. We just collect royalties on this. It doesn't cost us anything other than patent maintenance fees on an annual basis. We collect royalties. There was a major change in the Vimovo U.S. business back in 2019. Shortly after we acquired this business, we unexpectedly lost some patent protection in the United States through an appeal process. Last year, March of 2020, the generic version finally launched in the United States. You can see here the impact that that generic competitor has had on this particular royalty stream. Basically going from $4.4 million year to date in 2020 to basically $800,000 in royalty revenue in this year. Now, because this happened in 2019, we restructured the business knowing that we were going to lose this revenue. That's why you continue to see strong EBITDA contribution and strong profitability in our business because we found efficiencies, we found better ways to operate the business, in particular our international business and some changes to our sales force in Canada. Maybe I'll just go on to the next slide here. The production and services segment. This is in Q3, was about 14% of our revenue. Similar to the past when this was Nuvo Pharmaceuticals, Pennsaid 2% is 80%, 90% of our revenue. This is a fairly lumpy segment quarter-over-quarter because it really relies on the timing of purchase orders that are coming from our customers. Ultimately, this is a fairly stable business for us. Horizon continues to promote Pennsaid 2% in the United States. Our partner in Switzerland, Gebro Pharma, just launched back in January. We've got other conversations underway for other partners for Pennsaid 2%, and also looking at utilizing our spare capacity in this plant. We're using about 30% of the capacity right now, but it's a very profitable facility, and so we're looking for other business to bring in. Where we are year to date from a financial standpoint, this is our adjusted total revenue, which really is the cash value of our revenue. Year to date, we're a little bit behind where we were last year. For the quarter, a little bit above where we were last year. The main reason for this dip in revenue comes down to the loss of that Vimovo royalty in the United States. Hasn't gone to zero, but it's not north of $4 million like it was last year. Of course, that's offset a little bit by the growth in our commercial business, and then there's the quarterly fluctuations of our production services business. Overall, the business that we're making the investments in right now, our commercial segment, our core brands, Blexten, Cambia, Suvexx, NeoVisc, they're growing the way that we'd like them to. Maybe a little bit slower because of COVID and some of the challenges that we've had in terms of getting in to see doctors in person. I'm sure the audience has heard lots of reports about people not going to see their doctor as frequently during COVID as they did before. That's all temporary. Once people feel safe to go back out, and I think we're increasingly getting there, I think that those visits will come back. The important story here is that the core brands are growing despite some of those COVID headwinds. From an adjusted EBITDA standpoint, similar story here. The year-to-date EBITDA year-over-year is down because we lost Vimovo, a big chunk of Vimovo U.S. royalty stream. We also got a one-time milestone payment from Takeda Pharmaceutical Company in Japan related to a license they have for some intellectual property we have for a product called Yosprala. It was a one-time $2.4 million payment last year. We didn't repeat that this year because it was a launch milestone, but we do get another one of these payments next year in May. It's a time-based payment. We also get royalty on net sales of that product. Again, the business has been adjusted based on the loss of the U.S. Vimovo royalty, and so despite losing $3.4 million of royalty revenue year to date, the business and the profitability and EBITDA contribution remains strong. Of course, when we did the deal to acquire our commercial segment in some of these international royalty streams, we did take on some debt. We took on debt that was provided by Deerfield, which is a large New York-based fund that invests only in healthcare companies. Since we had three tranches of debt that came with this facility, there's an initial $6 million bridge loan that we've entirely paid off. We have what's called an amortization loan, which would be your typical term loan that has a fixed amount that we repay every quarter. We have a convertible note that converts at $2.70 per share. To date, we just had another payment of $2.5 million that went in this week. We've paid off $30 million of the total value of the loans. Every quarter, we have to pay $2.5 million plus a 50% cash flow sweep. There's a very clear pathway to us repaying this debt. The business is obviously generating sufficient cash flow to service the debt. From an interest standpoint, it's at 3.5%. It's a fixed rate. It's very low, plus the principal repayments, and then obviously making further investments in our business. Both of the convertible and the amortization loan, the term goes to December 31st, 2024. At which point, the amortization loan would be repaid in full. The convertible loan either converts in advance of that or there's a refinancing exercise for us based on the scale of the business today and where we expect to be at the end of 2024. We don't believe that refinancing this $52.5 million would be particularly challenging. Our cash and capital structure. As Paul mentioned earlier, 11.4 million shares. When I prepared the deck, we were at about $1.60. I'm not quite sure where we are this morning. Haven't looked. The convertible loan converts into almost 19.5 million shares. The warrants that were attached to the amortization loan could be converted into 25.5 million warrants. You see our sort of fully diluted share count there. It's important to note that Deerfield, who holds those convertible loan notes and the warrants, can only hold up to 5% of our outstanding shares at any one point in time. If these derivatives come into the money, they can't just all of a sudden exercise every single one of the warrants and dilute the existing shareholder base overnight in a dramatic way. They're going to have to be very systematic about how they monetize their position. Ultimately, they're not in this for the 3.5% interest rate on the loan, on the debt. They're in this for equity appreciation. Clearly, based on where our share price is today versus where the warrant strike price and the convert price is at, there's a fair amount of headroom between now and then for new potential investors to obviously generate some interesting value and growth potential. Cash, we've got just under CAD 30 million as of the end of the quarter. You've got our enterprise value calculation there. Strong cash position, clear path to debt repayment, and a business that's got some growing assets. Where are we going from here? What's the plan? We went out and bought this business out of bankruptcy because the infrastructure is scalable. We've got a team, we've got an entire organization that knows how to get drugs approved, knows how to get deals done, knows how to launch drugs and make them a success. Really the big focus for us is we're looking at in-licensing or acquiring new products that we can bolt on to our infrastructure. Yes, if we get two or three new products, we're going to need to expand our sales force, but it's incremental expansion, not building out another 38-rep sales force in Canada. The low-hanging fruit is to continue to focus on pain, neurology, allergy, and dermatology, which are the areas that we're focused on right now in Canada, because we've got great relationships with the doctors in those spaces. Of course, we can look at other therapeutic areas as well, but this is kind of the low-hanging fruit for us. We'll continue to launch new products. We've got a new pediatric launch for Blexten coming up that I'll talk about in a minute. We continue to enter into deals for our international business. Our business development team signed two deals in the last 12 months for Suvexx, our migraine treatment. We've got a partner in Northern Europe and a partner in South Korea. Those products are going through the registration process in those markets right now, and hopefully will be on the market in 2023. As a company, we're very heavily focused on business development. We are not a research and development company. We're not taking clinical trial risk. We're finding products that are approved in the United States, maybe approved in Europe, and we need to get them approved in Canada. These are later-stage assets that have already been proven products in other markets in many cases. The executive team that I work with, and works with me, as well as our management team within the organization, has a lot of experience in getting deals done, launching products, getting them approved, dealing with complex financial structuring activities, raising debt, raising equity, putting license agreements in place. 20 of the 22 products in our portfolio came into the business through business development transactions, and the team that's operating the business today was involved in sourcing, closing, and integrating most of those products. We know how to do this. We know how to get these deals done. Not only that, we've got a track record of partnerships that these are some of the companies that we've worked with to build the portfolio. Remember, I was with Tribute Pharmaceuticals before it became Aralez and before it became part of Nuvo, and so were a number of the individuals on our management team. Half of our sales force was around when we launched Cambia 10 years ago. There's a long experience and a long history here with these brands. Then we've developed partnerships with some big multinational companies like AbbVie, Reckitt Benckiser, Takeda as well. We have a license on some of our IP in Japan, and then you've got smaller regional players as well. We know how to be a licensee, so we know how to be somebody's partner, but we also know how to be a licensor to manage relationships in international markets. I think it's that knowledge and that experience that really helps to differentiate us from some of our peers, certainly in North America. New product launches. I mentioned we launched Suvexx in Canada back in September of last year. Launched into the COVID environment, 10,000 prescriptions so far during the first year of launch, just below a 1% market share in a fairly fragmented acute migraine market in Canada. This is about CAD 130 million a year migraine market. We're pretty happy with the results so far. Trajectory was a little bit slowed by COVID measures, as I mentioned, but we remain quite happy with the way that things are going. I mentioned briefly before the pediatric version of Blexten was approved in the summertime. This brings the age and the label down to children as low as four years of age. We also have two new formats, an oral solution and a quick melt tablet to complement our regular 20 mg adult tablet. The pediatric formats will be available in the first quarter of next year. We're already out talking to physicians about the new expanded label, and we're really excited about this because it really rounds out the sort of patient population for Blexten in Canada. I talked a little bit about the growth potential for Blexten. This is the biggest product in our portfolio, and there's a long way for it to go. We're up at 18%-19% market share already after five years on the market. Normally, 20% market share would be a great place to be, but we know there's more to come. In this slide here, you can see the market share that cetirizine or Reactine has in Canada. From when we launched, it was around 70% to where we are today, just north of 50%. We believe we'll be the number one prescribed antihistamine in Canada in the next couple of years. Nobody's out promoting cetirizine. It's gone generic, and we're basically eating their lunch and looking forward to continuing to grow this brand. Cambia, I mentioned, has been on the market for 10 years. Pretty steady Eddie growth product. Up until this year, we had some headwinds, again, because of COVID. Not as many patients going in to see their physician, not as many new starts. Again, we believe that this is temporary. We're not seeing any data or indicators that are saying that we're losing the market. This is consistent with the declines that the entire migraine market saw as well over Q2 and Q3. We believe this will bounce back as patients start coming back to their physicians. In the international business, I talked about the deals we signed in South Korea, SK Chemicals, and Northern Europe with Orion. We've also launched our head lice drug Resultz in the U.S. through a partner, Mentholatum. They launched that back in October. I mentioned earlier, Pennsaid 2% was launched back in January by our partner in Switzerland. New products that are either just being launched or are going through the registration process now that will provide incremental growth for our international business. In the case of the Suvexx deals, we will earn royalty revenue on both of those deals, as well as revenue on the supply of the finished product. Two revenue streams coming from those deals. Same with Pennsaid 2%. You'll see revenue come up in both our licensing and royalty business or segment, as well as the production and services segment. Some of the milestones that we've achieved over the course of the year as well as some upcoming ones. With Pennsaid 2%, we're looking to get that filed with the Greek authorities towards the end of this year or potentially Q1 next year. Then, of course, we're working towards the Blexten launch, the pediatric launch, and we're into pre-launch activities right now. I suppose the other sort of milestone that's really high on our list of priorities right now is business development. We've made major investments in our BD team this year. I've got three people now that are spending 100% of their time looking for opportunities, looking for new products to bring into the business. We've evaluated over 100 opportunities this year. We've advanced some high potential opportunities into term sheet due diligence phase. It's always hard to pinpoint the timing of when BD deals are going to be done, but we've got some interesting opportunities under evaluation, and I think really that's kind of the next thing for us is to add those new pipeline products that take us out for the next 10- 15 years, and then to continue to add new products every year. In an ideal world, we're launching one to two new products every single year for the foreseeable future. That's what this infrastructure that we acquired affords us, is the ability to just continue to layer on new products and manage the life cycle of the existing assets. Just to sum up here, we're a diversified pharmaceutical business, more than 20 revenue generating products. We're looking at organic and inorganic growth opportunities, both in Canada and internationally through existing and continued market share growth and new product launches. We've got a strong focus on business development and a strong background and pedigree in getting deals done. All of our core products and the growth products are protected by market exclusivity, IP, and long-term partnerships, so there's security around those assets. We've got strong quarterly results and strong cash generation, a solid cash position on the balance sheet, and of course, we have debt, but there's a very clear path to repayment and a low fixed 3.5% interest rate on that. All in all, we're ready. We're putting the pieces in place to begin really growing this business over the next couple of years. That's that. Maybe I'll stop and take some questions. Perfect. Thank you. Thank you so much, Jesse. Remind everybody, if you've got some questions you'd like to ask, feel free to use the chat function and I'll do my best to ask those questions. Why don't we just dive into a couple of things that I think we'd all like to know. You've got CAD 28 million in cash. You guys are out in deal mode right now. How do we look at that in terms of what kind of deal size or how much of that capital can you use? Give me a sense of deal size and then I'll follow up with another sort of related question. Sure. We are financing our working capital needs through the cash from operations. Obviously we need to keep a certain amount of that cash available for working capital investments because we don't have a revolver, although it's something that we're working on. I think the short story is we probably need to keep $10-12 million at a bare minimum as cash available for those needs and the rest would be available for transactions. You've got a pipeline of deals sort of in the hopper right now, but where do you play in the field? What size of deals? You're not looking for the big expensive deals. What kind of size do you like to bite off? Sure. I think the near term focus would be really on looking at in-licensing transactions. I'll give you an example. When I did the Blexten, I licensed Blexten in 2014 when I was at Tribute. That deal, you can go back in time and look at the deal particulars. We paid EUR 375,000 upfront to secure that product. Of course, there are milestone payments, royalties, various other payments over time, but it's spread out over the life of the asset as opposed to. Also when I was at Tribute, we acquired a couple of brands from Novartis and paid $35 million for them upfront. The licensing transactions, while you don't get immediate cash flow, and revenue generation from them because you need to get the drugs approved, they provide a revenue stream that continues to grow over time. You get a product now that has IP protection. You get 10, 15 years, maybe even 20 years of market exclusivity, depending on the timing of those patents. Those are the kinds of products we're looking at, because we're looking at these things over the long term. Now, of course, we're looking at acquisitions as well. You're right, we're not looking at doing another $100 million transaction. We've got debt. We've got a relatively complicated balance sheet and cap structure because of that. We can't go out and do a $100 million deal unless we're looking at getting pretty creative. That's not off the table, but I think the near term focus is license deals and then other bolt-on transactions that kind of fit with that level of cash that we have. We're not interested in going out and taking on more debt. Not necessarily interested in raising equity today. We do have a shelf out there that's been filed, but at our share price, I'm not interested in using that unless there's a very good reason for it. We'll be looking at these sort of incremental bolt-on transactions that can help build the business in the near term and the long term. Really for me and for the company, it's developing that pipeline of long-term high potential assets that will take us beyond the sort of loss of exclusivity and patent expirations that will be coming later, 2025, 2026 for some of our products. We're building the blocks to take us beyond that. That's the big focus for us right now. Now, apart from just taking on new products, you guys are opening up opportunities in different jurisdictions. How do we look at that from an investor standpoint? What's the low-hanging fruit? Is it easier to take one of your existing products and launch in a new market? Or is it easier to take a brand new product and launch into your existing markets? Well, neither are easy. Which is less hard, yeah. Yeah. We're fortunate that, as we said before we started the call, I'm in Ireland this week. Because our international business is based in Ireland. I've got a team that operates and manages those international licensing deals and alliance management out of Ireland. We're able to focus on finding new partners for our products internationally. Suvexx, Pennsaid 2%, Resultz, those are the three products that we've got potential ongoing discussions in various markets around the world. We're doing that at the same time as the team in Canada that I talked about, the three BD folks that are 100% focused on this. They're working in parallel, looking for assets to bring into Canada, and potentially assets that we can leverage internationally as well. We have the luxury of being able to do both at the same time because there are interesting opportunities in both business segments. Apart from sort of investing in new licenses or new products, where else do you guys need to sort of beef up your resources, we'll call it? Do you need to open up a new sort of operation somewhere? Do you need to add staff? Is there any other critical piece you need to grow the business? There's not some sort of massive area that we're lacking in where we need to add 10 head count in order to appropriately manage something. Really, we're talking about incremental head count, whether it's in the sales force or in regulatory affairs or quality assurance. As you have more products, you need more people to manage those products. That's why it's a scalable infrastructure because you can add one person here, one person there, and maybe you're adding one or two people on an annual basis, based on growth of the business. It's very reasonable and cost-effective. I think the area that we're really interested in is, and I'm sure maybe you and maybe some of the listeners have experienced this over the last 18 months or so, but if you go visit your doctor today, very often you're talking to them on the phone or you're talking to them on a Zoom call. You've got all these new platforms that are emerging, these telehealth and digital health platforms that are making it easier for patients to get access to healthcare. I think this is here to stay. Certainly doctors are going to go back to seeing patients in person and patients want to do that, but I think there's an efficiency that's been created by forcing people into digital health and telehealth, and forcing physicians to embrace these technologies. This is something that I'm really excited about. We're spending a lot of time looking at this space and looking at how we can play in this space. Alongside bringing in new portfolio products, expanding the markets for our products globally, we're looking at what are those other channels that we can leverage using digital health and telehealth technologies, working with partners. We can get much more efficient at how we're providing access to our products. One thing that we noticed with our sales force, we were able to pivot almost immediately back in March 2020 when Canada went into lockdown, the world went into lockdown. The week before our reps are out in the field meeting doctors in person, and then after March break, all of a sudden all of our reps are talking to doctors on Microsoft Teams and Zoom and whatnot. We were able to pivot extremely fast. What ended up happening over the course of the last 18 months or so is that we found that the cost of basically our sales and marketing organization decreased dramatically. We didn't have people traveling. We weren't having meetings with physicians where you had to fly a bunch of people, 20 docs into, say, Toronto for a meeting with a key opinion leader to provide opportunities to learn about the therapeutic areas and our medicines. The cost of holding those meetings, we were doing them on Zoom, and instead of having 15 or 20 doctors participate, we were able to have 60 or 70 or 80 physicians participate across the country. Physicians that are, say, in Saskatoon or Halifax or Northern Ontario that wouldn't traditionally have been able to participate in these activities are now able to participate via Zoom. We've been able to extend our reach, expand our reach, and do it in a very cost-effective way. Now our reps are back out in the field. We're doing in-person events again, but we're going to have a blend of in-person and sort of virtual events because they're effective. I think there's a whole bunch of interesting technology aspects that are really going to sort of disrupt the way that the pharmaceutical business operates, whether it's patient access to physicians and patient access to our medicines or our sales force and commercial access to physicians and how the message gets broadcast. It's really interesting and I can't really say anything specific about sort of what's in store. As I'm sure you can appreciate, there's a ton of interesting stuff going on in the digital health space these days. That's exciting. Yeah. I've definitely seen that. Jesse, what do you see as the greatest risk or the bigger challenges you're facing running this type of business? Well, there's the changing regulatory environment, the changing legal environment. The Canadian government has been pretty vocal over the last few years about sort of changing drug pricing regulations and driving the cost of prescription medicines down. Changes have been put forward. They keep getting delayed. I'm talking about the Patented Medicine Prices Review Board or PMPRB, which is the federal agency that regulates drug prices for patented medicines. That's certainly a risk. It's making it harder to find, or not harder to find assets, but harder to come up with a price point for your product that makes sense. That's certainly a risk. It's certainly not affecting our ability to find interesting assets. You just have to get a little more creative in terms of how you approach things sometimes. That's certainly a challenge. Just those changing regulations, I think that's something that's affecting us. It's affecting people around the world. That's probably the biggest risk that we're seeing these days. Gotcha. A question about the stock itself, 11.4 million shares outstanding. What percentage is owned by insiders or sort of the team? Yes. You've got about 5% is held by insiders and management. I think you got to remember, I'm not a founder of the company. The company's been around for, before Nuvo, it was Dimethaid Research, so there's sort of a 25-30-year history for the business. I have been purchasing shares on the open market with my own money over the course of the last couple of years, and I continue to do that. I believe in what we're doing, and I believe in where we're going. It may be low compared to other companies, but obviously working to change that. What do you think is the general makeup of the rest of the shares outstanding? I mean, is there institutions that own the stock or is it mostly retail? What can you tell us? Yeah. It's a bit of a mix. We've got a few institutions, U.S.-based sort of smaller institutions that have taken positions in the company. There's one group that has a larger sort of 14%-15% position and a number of other groups that have smaller, sort of 2.5%-5% type positions. You probably have sort of, I'd say, five or six groups that fit into that category. The rest of it is retail investors. From investor standpoint, as far as looking forward, what sort of metrics or even catalysts should investors watch out for just to see that you guys are continuing to execute on your business plan? Yeah. There are a few things. One would be the continued growth of those core products in our Canadian commercial segment. We continue to see growth potential for all of those assets over the next few years. We report on that every single quarter, so that's easy to follow. Certainly, additional international deals and then, of course, registrations, approvals, and commercial launches of those products. I think seeing both the international segment and the production and services segment have incremental gains in quarterly revenue, sort of as we look at things on a year-over-year basis. Those are a few of the things that I think people should be focusing on. We've got a strong focus on the bottom line in terms of keeping our SG&A, our expenses in line. We went through, I mentioned before, a major restructuring back in 2019 to create more efficiencies in the business, and that's not something that we want to lose. Like I said, it's an infrastructure that's scalable. I think you'll see continued strong EBITDA contribution. The main thing for us at this point is really being focused on continuing to pay down the debt. There's that steady every quarter, we make our payments, whittling that down and then ultimately bringing in those new products that are going to take us into the next 10-15 years. That's a major part of our focus these days. Always hard to look forward as far as this, but we always like to ask, generally, where do you see the business, what's it going to look like, say, five years from now? I think five years from now, we've got certainly the amortization loan is paid off. We've refinanced or paid off the convertible loan. I think the balance sheet looks much cleaner than it does today. I would anticipate that we've got at least five to seven new products that are either on the market or pending approval, and so we're managing that life cycle. We're seeing continued revenue growth from where we are today. We don't give forward-looking guidance in terms of revenue and what that looks like, but obviously the plan is to continue to grow that commercial business, continue to grow the international portions of the business, and bringing those new products in will get us there. I think having our balance sheet cleaned up and the debt paid off gives us a lot more flexibility as well. I think that's something that's interesting, and it's something for investors to. Certainly, I know the existing institutional investors that have gotten into the stock in the last 12 months are very intrigued about that sort of post-2024 environment for us in terms of paying off the debt and the warrants and the convertible notes sort of going away. It sounds like there's something you alluded to in the telehealth space, so there's some other angle that the investors can look forward to as well. Absolutely. I think it's kind of building out that additional channel and taking advantage of those technologies that are becoming available. That will become clearer over the coming, I'll say 6-12 months, for sure. Great. Jesse, we kind of exhausted all my questions here, but we always like to give you guys an opportunity to give sort of a parting message or a key takeaway for everybody. What do you want to make sure that everybody walks away with today? Well, I think we're a little different than our peers, certainly in Canada. We're very profitable. We've got this scalable infrastructure. We've got an international business as well as manufacturing. We really are a fully diversified pharmaceutical business that's based in Canada. I think this is a scalable infrastructure. We're profitable. Our EBITDA margins are strong, in line with what you're seeing with U.S. peers. It's a platform for growth, and that's where we're going. I think stay tuned for some interesting news over the coming quarters. Yeah, just look forward to continuing to tell the story and execute on the plan. Fantastic. Jesse, if somebody wants more information on Miravo, what's your website or what's the best way to get access to more information? Yeah, the website is www.miravohealthcare.com. We do have an investor relations section on there. You can find our investor relations contact, and by all means, reach out through that email address or the phone number if you've got more questions or you want to connect. I'm at a number of different conferences coming up over the next couple of weeks and into the new year as well, so. Yeah, always happy to chat with interested investors with good questions. Fantastic. We've been speaking with Jesse Ledger, CEO of Miravo Healthcare, symbol MRV on the Toronto Stock Exchange or TSX Exchange. Jesse, thanks for joining us today, and we certainly look forward to catching up with you in the future. Great. Yeah. No, thanks again. I appreciate the time, and it was a pleasure to be here and chat with everyone. Right on. Thank you.