Thank you. Is that working? Yeah? Thank you. Good afternoon, everybody. My name is René Goehrum, and I'm the President and CEO of BioSyent Inc. I'm here to tell you today about a little capital compounder that's based north of the border in the Toronto area, that's growing its business consistently now for 15+ years, maybe longer. I'm going to share some slides with you. In the past, I've met with and talked to many investors in the microcap and small cap space, and often they've told me that the things they look for in those businesses are high insider ownership, and I think the reason for that, in addition to the obvious one of alignment, is that management and directors appreciate the value of a share and not use them like Smarties at a Christmas party. That's one thing that microcap investors pay attention to. The balance sheet is another one. They want to know that the balance sheet isn't going to destroy the business, because, as we all know, debt eventually has to get repaid, and that's not always the case in all businesses. Assuming you have a business model that works, that you can generate sales off of services or products, that if you can nail down the cap table and debt, then you want to make sure that there's a path forward, that there's a business there that can grow. I want to tell you about ours. Just a reminder about forward-looking statements. I will undoubtedly make a few in this presentation. BioSyent is a Canadian-based healthcare products provider for patients and healthcare professionals. We operate primarily today in the Canadian market, but we do have sales internationally, ex-Canada sales. We operate two platforms. One is a specialty pharmaceutical business, and the other is an oral health products business. The latter was recently acquired on March 1st of this year. This is a description of our business in a simple five bullet points, but it also is really an encapsulation of our operating principles. We distribute products in Canada and select international markets. These are unique and differentiated. We're not in the me-too business. We're in the brand business. We source these products globally. In some cases, we acquire them, and in some cases, we license them. Other than acquisition costs, the actual capital that we put into acquisition, our business model is capital-light and is cash-generating. We focus on products that are late- stage or already on market. This essentially for the pharmaceutical and healthcare products area is somewhat of a de-risking. Lower risk, faster to market, is an important attribute of our business. We invest in brands, we grow brands, and that's an important feature in our business, both in our pharmaceutical and our oral health businesses. My final comment here is really about R&D, that you'd think of a healthcare products company, and you think of a lot of money into R&D. I've already talked about focusing on later-stage assets. We do the D part of R&D. We don't do the R part. You won't find the lab coats and safety goggles at our shop. It's really about finding these assets and in-licensing them or acquiring them for commercialization. BioSyent with the numbers. I talked about a 15-year period of time. It's not growth over two years or three years or five years. Over the last 15 years, our compound annual growth rate has been 24%. Our assets, the products that we have today in our portfolio, these are our brands approved by the healthcare authorities that we have control over, in aggregate, generate a peak revenue of over CAD 100 million. That will, can generate, I should say. Have the potential to generate, and is essentially what we're estimating out into the future. This is without any new acquisition, any new in-licensing activity, and new product additions, which we are in the process of working on for a couple of our brands. That's already underway. We've got a long track record of profitability. I've mentioned about the 24% growth CAGR. We've been profitable for 63 consecutive quarters. We came profitable in the third quarter of 2010. I got a phone call that month, after we put our results out, the person on the line wanted to know when we were going to start paying a dividend. That was one quarter of profit. Was a good foundation. We have essentially been building the business since that time. I mentioned before about not throwing around shares like Smarties at a Christmas party. We've reduced our share count over the last eight years by 23%. We're buying back shares. We're a dividend payer. I venture to say if you go around the room, across and canvas 135 companies on to how many of them are paying a dividend, I'm going to say it's not many. I don't know the actual answer to that. It's not Professor René, but I don't think there's many. And we have a high insider ownership. Management and directors together own 27% of BioSyent. I think we have alignment there. I had to pick a snapshot that's going to fit on a slide. I don't want to overwhelm you with data, but what you're looking at left to right is revenue, EBITDA, and net income for the four years ending December of 2025. You can see in each case a significant three-year compounder using 2022 as the base year. Revenue growing at a 16% compound, and EBITDA and NIAT at 18%. Last year, BioSyent did CAD 43 million in revenue, a little over CAD 12 million in EBITDA, and CAD 9 million in net income after tax. None of which is adjusted. There's no adjusted, we haven't taken out executive compensation. If we take this over a longer period of time, you'll see a similar track record. We've been buying back shares. I've mentioned that this has been an ongoing feature of our capital allocation strategy. I want to show you what impact it's had on our EPS and our return on equity. In 2025, we had CAD 0.78 of earnings per share. You can see that that was positively impacted by our NCIB, our share buybacks, by CAD 0.16 a share. Importantly, we grew our earnings from CAD 0.44 in 2022 to CAD 0.78 last year. You can see also here, our return on equity, and the key thing to point out there is that that is 900 basis points of improvement on our ROE. I also venture to say if you went out there and canvassed 135 presenting companies, that not much of them are putting an ROE slide up on the screen. You think, "Well, what the hell? They're a microcap. What are they doing? It's because we're focused on quality, we're focused on making a profit, and creating value in it, every single share in the company. One of the ways, one of the metrics that we have, we put it out into the public domain so that we can hold ourselves accountable to that metric as well. Last year, we generated CAD 9 million of cash from operations. We deployed CAD 2.5 million to NCIB and share buybacks. As I mentioned, we've been buying back the shares, CAD 3.3 million repurchased, for a total of about CAD 24 million of shares repurchased in the last eight years. I've been talking about full year, fiscal year. I also want to just touch on what happened in the last quarter reported March 31st. Our revenue was just under CAD 14 million. EBITDA, just under CAD 4 million, NIAT CAD 2.55, fully diluted EPS CAD 0.22. I'm going to come back to those two. A ROE of 22%. I made a big point of saying not adjusted. We tried not to do that. I've received some coaching from a couple of our shareholders who said, "Listen, you're not telling the full story if you don't at least adjust for your transaction expenses." We had a large acquisition that we closed on March 1st, and we had some transaction expenses, legal fees, et cetera, and the like. Those have been removed or added back, I should say, added back to the EBITDA and NIAT line to get those calculations. You'll remember, I told you we came profitable in 2010. This is what the journey looked like. Our revenue in 2010, I can't remember the exact number, but it wasn't very much. We made money on it. The green bars on this chart are annual revenue. When we came profitable, those two products on the left is what we had in market. What you see on the right are the brands or the businesses that we've got today. We've added a product that just recently got launched to the top of that, just for visual effect. Bottom left and bottom right, you see the number of shares outstanding. In 2010, fully diluted shares outstanding, 14.3 million, and now down to 11.6 million. On the way lower as well because we've been in the market recently buying back shares. Over this period of time, we increased our revenue by 26 x. Very impressive. The law of small numbers. We started with a small number, and we've made it a larger number. We're executing the compounding playbook. We have grown our business. We're running a profitable business. We're reinvesting those profits in diversification of our portfolio and in growth of our revenue. I think I haven't read the compounding playbook, I've read enough on the topic to know that this is what it should look like. Importantly, our net income after tax, that's not 173%, that's 173 x. When we show you this slide, assuming I get invited back to present next year, that revenue line is going to go up significantly, and I'm going to talk about that in a moment with our acquisition of Oral Science. On March 1st, we closed on the acquisition of Oral Science. This is a company based in the Montreal area, a privately owned developer and distributor of specialized healthcare products for dental hygiene and oral health. We paid CAD 25.5 million for the asset. This included cash, receivables, and inventory of CAD 6.3 million. Working capital of CAD 6.3 million. We paid another CAD 2 million for excess working capital, a big chunk of which was cash when we bought the business. I think you're all aware that how that gets taxed is favorable to the vendor. We were happy to pay the extra CAD 2 for the working capital. There is a performance earn-out that will be fully calculated based on how the business performs last year and this year combined. There are royalties on one of the assets that is really just nascent. It's just starting in market. If you take what we paid for the business and the earnings of the business, we paid under 6 x EBITDA multiple. What do they do? They've got a range of products primarily focused on hygiene, dental hygiene, and oral health. Although we now, are going into endodontics as well. We've just started into that area. The business is about one-third from assets that are owned by Oral Science, by us, and two-thirds in-licensed. Very similar to what was the specialty pharma business model, where we owned some assets and we in-licensed some of those assets. The ratio about flipped, where about two-thirds of our revenue in the pharma is owned assets and one-third in-licensed. The leadership of the business, the folks that have grown the business over the last 20 years, are continuing with the company and are leaning into making sure that we deliver on the growth that we expect from the business. Last year, full fiscal year using ASPE accounting, the accounting standard for private companies versus public. In Canada, we use IFRS. For public companies, revenue is CAD 31 million, and essentially EBITDA CAD 4.4 million. That business grew at about a 15% compounder from 2018 base year. We think there's a significant growth opportunity in that business, and we have every intention of doubling it over the next five to six years. Often, when acquisitions are executed, you hear accretive. I'm going to say I've added the word immediately accretive to make sure that I underline that point. In the month that we bought the business, we bought it on March 1st, close in that month, it's reported in our financial statements that have already been publicly disclosed for Q1, we generated CAD 3 million of revenue and CAD 500,000 of EBITDA. This is what our brand wall looked like on the day before we closed the acquisition. This is what our brand wall looks like today. One of the things that you're wondering, okay, what impact does that have on the business overall? What does it look like? This chart just takes those last few years of that longer revenue chart that I showed you a while ago. Call it base BioSyent pharma business in green, adds Oral Science as if we had operated the business together as one for all of 2025. Revenue in the CAD 74 million range, EBITDA in the CAD 16.5 million. That is as if we'd operated it together. Those numbers won't flow through exactly in that way this year because we didn't own the business for the first two months of the year. That gives you a feel for what the run rate of the business is. What does it look like going forward? We have two platforms for commercializing healthcare products. One is pharmaceutical, and one is oral health. Both of them have a Canada-heavy revenue contribution right now. We do have sales outside of Canada for pharmaceutical today. In our oral health business, we have no sales outside of Canada, but a strategic intent to add sales outside of Canada to that business. We have two platforms for growth that will get investment in both areas. This is not to be construed as, oh, they're shifting, they're going to another business. The oral health business is a branded, differentiated, value-add product business within licensing and owned assets, and that's exactly I could describe that as our pharmaceutical business. It's about taking branded products to market, creating demand through a sales force to, in this case now, two sales forces that call on healthcare professionals, and the demand that's generated from that activity then flows out into demand fulfillment in the pharmacy where products for both our pharma business and our oral health business are found, and direct-to-consumer, where we are promoting or selling directly to the consumer for both of our platforms. We'll invest in licensing and acquisition as we see the right opportunities for either or both businesses. A couple things to touch on with respect to highlights for the year. I've mentioned we're a dividend payer, we've already paid two dividends, one just a couple of days ago this week. It's a modest dividend, but as I said, it's been compounding at greater than 10% annualized. This year so far, we've bought back just under 203,000 shares. We had paused. I was getting some questions about that last year. We were working on the Oral Science transaction, and we just wanted to keep some powder dry until we had some clarity as to how that transaction went. We're back in the market, and I'll say grabbing them as we can. We've got an allocation. The board allocates capital to an NCIB. It's not a kind of a whimsy of René wakes up one morning and decides he's going to do something. That's not how we do it. We have a capital allocated, we're executing against that allocation. FeraMAX, you would have seen the brand on the slide. FeraMAX is the number one selling oral iron supplement in Canada. It used to feature more prominently in a presentation like this. It gets a little bit less air time because I'm limited to 25 minutes. It's the number one recommended amongst physicians and pharmacists in Canada, and it was so recognized now for the 11th consecutive year. The last one on the highlights for this year is a Health Canada approval for a new endocrinology product, THYCONVI, which I'm going to just take a couple of minutes on. Essentially, this is a branded thyroid medicine, which is the liquid version of levothyroxine, which is one of the most prescribed drugs in Canada. The challenge with that in the current format that's available in Canada is that not all patients can or want to swallow, whether if they're an oncology patient, for example, and they have oral mucositis, whether that's a child, whether that is an adult. There are many, about 10% of adults have difficulty in swallowing oral dose medicine. This is really to solve that problem. I have five minutes. Let's go fast. We look forward to the future, not this year, not next year, over time. Growth drivers for the business are THYCONVI, our oral health business. We have a new FeraMAX put up for a new use case in development, late stage. We expect that to see market in 2028. When you're not an R&D company, acquisition and in-licensing is the lifeblood of the business. That's an ongoing activity. We've got a team on that. Our balance sheet continues to look strong. We took on a modest amount of debt when we did this Oral Science transaction. We had CAD 8 million of debt on the day we closed the deal, CAD 4 million at the end of the month that we closed the deal. At the end of this month, it'll be CAD 2 million, and at the end of September, it'll be zero debt, so the leverage will be gone. Yes, we would use leverage again in the future, it is always going to be modest because I think I started my presentation by saying that's one of the things that messes companies up, is their balance sheet. We will continue to allocate capital to share buybacks. We will continue to allocate capital to dividend payments. We have a capital-light cash-generating business model. We expect our cash position to look much like it did on the day before we closed the Oral Science transaction, to look like that by the end of next year. The big imperative for us is to continue to look for assets to acquire. The licensing activity is an ongoing thing, and we've got a couple of projects in the pipeline. We'll continue to look for opportunities to deploy capital. The Oral Science acquisition was the second in about a year and a half. We did a smaller tuck-in acquisition in September of 2024. One thing just to end on here, I don't think the impact of Oral Science on our P&L has really made its way through the financial information systems. I think it's a little misunderstood. I just want to point out at the bottom of the slide, there, enterprise value, the published number using the CAD 14 share price when we calculated this last week was over 12x EBITDA enterprise value multiple. It's actually about 9x, just about 9x. That's because we have not yet reported operating quarters with the Oral Science business. I think the optics of that will change a little bit over time. I've left about a minute and a half for questions. Yes, sir. No. No. None. The question was, is there a patent cliff? No. Yep. Oral Science business said it's been growing 15% since 2018. What are the recent growth trends? It was a high growth in the first four to five, but it's a steady + 10%. Yep. Yep. Then they go through pharmacy as well as office, dental office? Right. About half the business goes direct through a dental office. Part of that business is actually then retailed to the patient, basically at cost. Yep. That's their ex-peer Correct. Some others as well. Some of the licensed products as well. Yep. Absolutely. Oh, yeah. Any other questions? No? Good. Thank you very much.