Hello, and welcome to the Q4 and full fiscal year 2025 results presentation for BioSyent Inc. My name is René Goehrum, and I'm the President and CEO of the company. Today, you'll hear that we closed out a very solid year in 2025, and today's presentation will touch on our recent Oral Science acquisition. The results that I'll be reviewing with you are for the period ended December 31st, 2025, which is before our March acquisition date of Oral Science. I will be discussing Oral Science, but for more detail on the transaction, I encourage you to also look at our February 9th deal announcement press release and our March 2nd deal closing press release and our MD&A and financial statements for the period that I'm reporting on for you today. Wanna draw your attention to our forward-looking disclaimer. No doubt, I will be making some forward-looking statements in today's presentation. Since I presented to you last, there have been some changes in our brand slide. You see now we've added a number of the brands that are promoted and distributed by Oral Science and added those to our specialty pharmaceutical brands as well. Back to a BioSyent Inc, ending December 31st presentation. This is excluding any business results from Oral Science. You see for the quarter, our revenue reached just under CAD 9.7 million, up 10% from the year ago. That's Canadian pharma, international pharma, and our legacy business. Our EBITDA for the period was just over CAD 2.5 million. That's up 13% from the year ago. Our net income after tax was just under CAD 2 million, a lift of 23% versus the year ago. And you see that our, both our EBITDA and our NIAT margins stayed strong for the quarter. On a full year basis, our revenue exceeded CAD 43 million, and that was up 23% to the year ago. Once again, Canadian pharma, international pharma, and legacy combined. Our EBITDA was just over CAD 12.1 million, an increase of 30% to the year ago, and our net income after tax was just over CAD 9 million, up 24% to the year ago. Once again, EBITDA and net income margins staying strong for the year. On a business unit or brand basis, you see here the Canadian pharmaceutical business was up 3% in Q4, up 13% for the full year. There are some puts and takes in the mix here. The notable ones that I'd like to point out for you in the Canadian pharmaceutical business, Combogesic. We have now exited the Combogesic business. We have long communicated that to shareholders and investors. The last month that we recorded any sales was January. We're out of that business and we'll be speaking about that again. You'll also notice that the Gelclair, notably, right on this slide. We have paused promotion of Gelclair at the moment, pending the outcomes of four clinical trials that we have underway, and we'll have more to report when we have those results. Overall, our international pharma business had a solid quarter and a very strong year at over 300% growth. Keep in mind that includes CAD 2.4 million of new sales. New additional sales from the Tibelia international business, which we acquired in September of 2024. Our legacy business also had a strong year, both on a quarter basis and on a full year basis, and you see how that summed up to total company revenue of CAD 43 million, I should say, for a full year growing 23% to the year ago. How did that translate to earnings? You see here that we earned CAD 0.78 for the full year. That was CAD 0.17 in the quarter. Q4 of 2025 represented our 62nd consecutive profitable quarter. We became profitable in mid-year of 2010, and since then, we have been consistently profitable in the business. You see the CAD 0.78 compares quite favorably over historically, the historic quarter of the year ago, CAD 0.62, and even back to a CAD 0.54, two years ago. I'd like to touch on a couple of highlights for the year. We made the Tibelia acquisition, and towards the end of 2024, we started shipping in the first quarter of 2025, and we've subsequently shipped into 2026. That now will feature likely as a, you know, quarterly revenue business. So take some of the lumpiness out of our international business. We paid a CAD 0.05 quarterly dividend for a total of CAD 0.20 paid last year in dividends. That was an 11% increase versus 2024. In April of 2025, FeraMAX was named the number one oral iron supplement amongst doctors and pharmacists in Canada. That was the 10th consecutive year, and I would say stay tuned. We expect to get more information on how the survey went recently, and we expect that information to come, I believe it's in April. For the year, we repurchased 19,500 shares or repurchased and canceled under our NCIB. For those of you that follow us fairly closely, you'll have a good idea of why we paused our NCIB as we're working on the Oral Science transaction, and we had a solid expectation that we would be deploying capital into that transaction. We just wanted to keep some powder dry for that eventuality. Turning now to 2026 highlights. Clearly, the most notable is our acquisition of Oral Science. We announced that in early February and closed the transaction on the first of March and announced it on March 2nd. You'll then be seeing results of our business going forward, including this quarter that we're in, results of which we'll be announcing in May, will include one month of the Oral Science business. On March 13th, we paid a quarterly dividend, and that dividend was an increase of 10% versus the prior year quarterly dividends. We're now at CAD 0.055 a share. On a full year basis, one can look forward to CAD 0.22 a share paid in dividends this year. Given the fact that there's an armed conflict in the Middle East, I think it's appropriate to talk about geopolitics, trade, and economy. We're tracking the situation with the war in the Middle East for both direct and indirect impacts on our business. Certainly, at this point in time, we don't expect any positive impacts. We're assessing downsides. At this point in time, I would say that there's nothing specific to report. We do business with FeraMAX in the Middle East. We have several customers there, and we have made shipments already this year to the market. We have further orders that are in production. We have prepayments against those orders, and we have every intention that the goods will be flowing. However, we've also got to be mindful of the situation, and we're monitoring closely. I'd say a t a kind of a higher level, you know, the percentage of our business that is now flowing through FeraMAX into the Middle East is quite a bit lower than it was four or five years ago, and that's just because overall the business has grown. The impact, materiality of this situation on our business, I think is quite manageable. With respect to trade and tariffs, there's nothing new to report. I have spoken about this in the past. We do not ship into the United States with the pharmaceutical business. We do not ship into the United States on the Oral Health business. The fact that there are tariffs on certain products and certain product categories being applied by the United States has not affected our business, so nothing's changed there. I know that the free trade agreement that we have is going to be reviewed. It's in the queue to be reviewed this year, you know, subject to confirmation of whether that occurs or not. It's, I think, a fairly dynamic situation as well. So far, the Canadian economy has been resilient. Unemployment is up slightly, 6.7% most recently reported versus 6.6% in the year ago period. The wages are up 3.9%. The Canadian consumer / Canadian patient seems to be hanging in there. That is something we keep our eye on. Of course, we have several cash pay products, and they are premium products, both in the pharmaceutical and in the oral health business, so they're essentially with premium value-added products. We rely on the purchase decisions and the consumer and the patient to value those products, for solving or addressing a need and, to pay that premium. At this point in time, we've seen no impact on demand for the Canadian business and the Canadian consumer. Let's move on now to some comments about our Oral Science acquisition. Oral Science is a privately owned Canadian distributor, owner and distributor of specialized healthcare products for dental hygiene and oral health. The Share Purchase Agreement closed on March 1st. We acquired 100% of the issued Oral Science shares from shareholders and founders of Oral Science. The purchase price of CAD 25.5 million included CAD 6.3 million in working capital, and let me be clear about included. In other words, when we took possession of the company, it had CAD 6.3 million of working capital in it, or that was the expectation. In fact, there was CAD 2 million of excess working capital in the business as they had a strong January and February. Our cash inventory and receivables are greater than negotiated by $ 2 million. There is an earn-out, a performance earn-out that is conditioned on EBITDA performance and will be concluded at the end of 2026. We do have royalties on the future sales of one product in the portfolio. The purchase price implies a 6.2x EBITDA, and if you recall a different number in previous communication, that is because, of course, Oral Science has closed off their year, and they had some growth in EBITDA in the fourth quarter. On a trailing 12-month basis, it implies a purchase price of 6.2x EBITDA. Part of the purchase price was in shares of BioSyent. The shareholders and founders and key management of Oral Science are now shareholders of BioSyent to the tune of about 2% of our BioSyent issued shares outstanding. Oral Science Inc is now a wholly owned subsidiary of BioSyent. We'll continue to operate Oral Science as a standalone oral health business unit of BioSyent, and the core operations will continue in Brossard, Quebec, which is in suburban Montreal. A little bit about the Oral Science business. This is a growing revenue stage oral health company. They've got a track record of developing and in-licensing and distributing both in-licensed and owned products. The company was founded in 2003. About 1/3 of the sales of Oral Science last year were from proprietary products, owned brands, and about 2/3 from in-licensed. That splits roughly half and half between sales to dental clinics across Canada and sales to consumers, either through the pharmacy channel or direct to consumer, direct to patient through various online platforms directly from Oral Science. The business model itself quite similar to BioSyent, where we own some of our brands and the intellectual property and trademarks. We have contract manufacturing very similar to Oral Science. The model is similar. This adds a new therapeutic area for us. In 2025, Oral Science had just under CAD 31 million in revenue. This is using ASPE accounting, so this will be one change when we start reporting consolidated results. There are some modifications to how financials are reported for private companies versus IFRS for BioSyent. For that same period of time, EBITDA was CAD 4.1 million. The company itself had a strong growth track record showing around a 15% compound annual growth rate on the revenue side, and obviously profitable through that process as well. I wanna take a couple of minutes to talk about the financing of the acquisition and kind of give you a peek at balance sheet impacts. We $CAD 25.5 million + CAD 2 million for excess working capital. That was satisfied in combination through $ 16.3 million in cash liquidity on our balance sheet when we closed. We took on CAD 8 million of debt from the Royal Bank, who have been our long-term banker. CAD 6 million in a term loan and a CAD 2 million revolver. We also paid CAD 3 million of BioSyent common shares. I've already spoken on that on a previous slide. A portion of the previously intended cash purchase price was satisfied in the $ 200,000 worth of RSUs granted on the closing date. We expect the debt that we took on for this acquisition to be fully repaid in 2026. In fact, the day after the transaction closed, we reduced the debt by CAD 1 million, and I think it's been further reduced by another $ 1 million. We're now the CAD 8 million is down to CAD 6 million, and we expect the debt to be definitely repaid by the end of this year. It's highly likely that the debt will be fully repaid by the end of the third quarter of 2026. I will be speaking more on NCIB and dividends, but please know that our intention is to continue with dividends. That's evidenced by the fact that we not only are continuing, but have increased our dividend and we also intend to be active buying back our shares through the NCIB. Our board has allocated capital to that as well. The right-hand side of the slide just gives you an indication of kind of what our cash position was pre and post closing. The balance sheet was strong at CAD 17 million of cash on the day after we closed or the day we closed, and you can see how the non-current assets went up with the acquisition, and we took on the bank debt, which as I've indicated, is on its way down. I'm gonna spend a couple of minutes just reinforcing the strategic rationale for our acquisition of Oral Science. You know, off the top, the transaction builds scale in our revenue and profit. I'll show you in a couple of minutes pro forma combined, what that looked like for the year ending December 31st, 2025. It was a significant build in revenue and profitability. Strategic use of capital to accelerate our growth and to build resilience across the company through a diversification of our revenue streams. The Oral Science business is well diversified in the first place, and that diversification then further adds to the BioSyent existing pharmaceutical business. Importantly, this has essentially given us a new platform to go hunting for new opportunities for in-licensing and acquisition, both in Pharmaceutical, Spec Pharma, and also in Oral Health. What do we look like going forward? We have our pharmaceutical business, which is organized along community and women's health, specialty products, and international business. International customers, FeraMAX, and Tibelia. There's the oral health business. I have spoken in previous communication about some opportunities to acquire new customers for owned brands of Oral Science, and we will be doing that. Then, of course, we have our legacy business, which I guess over time continues to represent a smaller and smaller percentage of total, but it had a very strong performance in 2025. We'll continue to look for opportunities to expand the business, to grow, to diversify our revenue streams. We'll just now be doing that both in pharmaceutical and in the oral health platforms. For a moment, back to the pharma business. I mentioned FeraMAX, been a strong performer, continues to be a strong performer with 10 years number one recommended amongst doctors and pharmacists. It has featured strongly in our activity with launching innovation products and making acquisitions over a six-year period of time, starting in, I'll call it, the summer of COVID, when we launched Tibella. You can see here a number of product launches and a couple of acquisitions, that being Tibelia Global in September of 2024 and Oral Science just recently in March of 2026. As we look back to the first year that we became profitable, that was 2010. I made reference to that a couple of minutes ago on an earlier slide. You see here the evolution of our business on a revenue and profit basis, the green bar is representing revenue. Over that period of time, a 15-year period using 2010 as the base year, our revenue grew by 26x, and our net income after tax, which is the solid blue line, grew by a factor of 173x. When we became profitable, we had two of our current products in our portfolio, FeraMAX and Protect-It, which is our legacy product. On the right-hand side, you can see now what's in the portfolio. We've also added in the graphic Oral Science. Having done that, let us show you what that looks like as if we had owned Oral Science for the full year of 2025. This is a pro forma look at the business. If we added Oral Science to the performance of a revenue performance of BioSyent, as we've already walked you through, you can see revenue in excess of CAD 70 million on a combined basis. In essence, take that looking forward as a pro forma basis for us to continue to build our business and generate incremental cash flow from operations. That leads us to a quick look at the cash portion of the balance sheet, and you can see our history. This is showing you December 31st, 2023, 2024, 2025. You can see we were in a range of cash. We were managing that through NCIB and dividend payments. We obviously, since this period has been or I'm reporting now this period, we've deployed capital into the acquisition of Oral Science. There have obviously been changes here that I've already walked you through. In 2025, we had cash from operations of $ 9 million. Just to remind you, I just told you a few moments ago, with $ 9.1 million of net income after tax. Strong kind of cash correlation to NIAT. Modest buyback activity NCIB of CAD 200,000 for the year. I've explained why. We paid $ 2.3 million in dividends. Finished the year just under CAD 33 million of working capital. Strong focus on execution of our strategy drove a trailing 12-month return on equity of 24%, and then, of course, we deployed the cash into Oral Science. I've been talking about this graphic for a number of years. Up until 2024, we were primarily executing our strategy through in-licensing and organic growth of previously in-licensed products. We have now made two moves in acquisition, Tibelia and Oral Science. We're deploying capital into product launches, into acquisition. Our strategy is focused around our revenue growth and profit growth, diversifying our revenue streams, and taking decisions in the business with the long term in mind. Continually focused on growth and longevity simultaneously. Our business model is capital light and cash generating. That has not changed with the addition of Oral Science to our portfolio. We'll continue to pay quarterly dividends, and as I've mentioned, we will also opportunistically look for moments when we can acquire shares through NCIB. To date, we have deployed $ 6.9 million into dividends, and we bought back shares of CAD 22.6 million. We're now creeping up on CAD 30 million return to shareholders. Our business, as I mentioned a couple of slides ago, has grown consistently and significantly over that period of time. A quick wrap-up on our cap table. In essence, I'd like to just take a moment here and remind the viewer and listener that we have not issued any share options in the business now. It goes to six or seven years. We have replaced share options with RSUs, and we use our strong balance sheet to go into the market, buy BioSyent shares, and hold them in trust, for our obligations as they come due under the RSU plan. We have not been diluting through management and director compensation. We're managing the business as owners, because we are significant owners as a group. Just wanna draw your attention to one further item on this, slide if you're kinda used to seeing us do a calculation, P/E and enterprise value, EBITDA multiple. This is calculated for the purpose of this slide as BioSyent as a standalone business for the period ending December 31st, 2025. Of course, on a go-forward basis, those numbers would change quite significantly when we combine the Oral Science business. We look forward to reporting that business performance to you in the future. A quick reconciliation of our EBITDA, which we're required to give you. I'll end on this slide and just remind you that BioSyent is a profitable, well-capitalized business. We have growth assets in the portfolio, and we are looking forward to continuing to deliver long-term growth and total shareholder return. Thank you.