Welcome to the Life Sciences Investor Forum. On behalf of OTC Markets and our co-host, Zacks Small-Cap Research, we're very pleased you've joined us. The first presentation of the day is from Bora Pharmaceuticals. Please note you may submit questions for the presenter in the box to the left of the slides. You can also view a company's availability for one-on-one meetings by clicking Book a Meeting. At this point, I am very pleased to welcome Bobby Sheng, Chief Executive Officer and Chairman, Alice Wang, Chief Financial Officer, Nadiya Chen, Investor Relations, and Ting Chen, Associate Director of Finance of Bora Pharmaceuticals, which trades on the OTCQX Best Market under the symbol BORAY, and on TWSE under the symbol 6472. Welcome. Okay. Thank you, everybody, for attending this call and allowing us to introduce Bora Pharmaceuticals and our year-end earnings for 2025. A little disclaimer, as a public company, in Taiwan and in the U.S. To get to know Bora, here's Bora by the numbers. We are a market cap of about $2 billion. We have over 2,100 employees worldwide in North America and in Asia. We export to over 100 countries, and we have 10 manufacturing sites. Our fiscal year 2025 revenues are $634 million. 95% of revenues are outside of Taiwan, primarily in North America. For Taiwan, we are the number one pharma manufacturer in Taiwan. Some highlights for us in 2025, we had a lot of milestones. Primarily number one, on the CDMO side, we re-signed numerous multi-year commercial products and contracts, especially with some anchor clients, recently announced with our $200+ million signing with GSK in our Mississauga facility. We also had the largest annual amount of CapEx invested and investment in our sales and marketing for the CDMO business, also while maintaining increased free cash flow for other business expansion in this year and years to come. We completed a very important strategic investment into Tanvex BioPharma, which successfully was rebranded as Bora Biologics, and now we are literally a full-service CDMO with small molecule and now large molecule offerings. On the commercial drug product side, we saw solid execution, are growing our specialty pharma business. Under the name Upsher-Smith, has demonstrated a strong ability to deliver on our M&A synergies. Now we have a growing Vigabatrin franchise to become the market leader in infantile spasm, and we make continual progress in pipeline formulation and investments into rare neurology and pediatric disease. Some highlights and updates into our fiscal year 2025 income statement results. As previously shown before in our prior presentations, we had a record year of top-line revenues for 2025. What's changed for the quarter-over-quarter earnings. We have revenues similar to quarter three, but our gross profits, the percentages have been down a little bit, but that's primarily because we've moved from the COGS from discontinued operations, the closure of one of our P4 facilities, and we moved them now into Q4 into the COGS, actual cost of goods sold. So you see a lower profit margin there. Overall, we've shown a decent quarter, but we've shown the effects of an impact on Venlafaxine Brazil and competition into the Venlafaxine Brazil generics that is showing some impact on our bottom line quarter-over-quarter. Now from the discontinued operations, as promised, we've shown a large increase in our cash flow from the closure shutdown and also from the discontinuation of low profit products. As you can see, the highlights of our cash efficiency by quarter four of 2025, our operating cash flow margin has increased 38.74 points year-over-year. And we've also increased our net working capital ratio compared to our revenues to now 26.62 points. What does that enable us to do? It's enabled us to increase our cash flow and have cash available to do more accretive acquisitions and continue to invest in CapEx for organic growth. Some highlights into the CDMO business and our North America-based global network. In our CDMO business, progress highlights, we've had another strong quarter in both revenues and gross margin, supported by expansion capacity and dosage forms. Revenues grew by 53.8% year-over-year to TWD 10.64 billion, including internal orders. Excluding internal orders, revenues reached $7.5 billion and an increase of 19.53%. CDMO backlog is impressive in the next 12 months, offers strong Q4 digestion. Slightly decreased into about $264 million, and a total external wins reaching a phenomenal $482 million. 89% of them are commercial stage, and 16 molecules are in the pre-commercial stage. We continue to have very strong on-time and full delivery records for our clients, up to 96%, which is industry-leading, and right first time of 93%, which is also in the top brackets of industry-leading. Revenue per headcount continues to improve by 30% year-over-year. Our expansion into aseptic fill capacity increased by 10%, solid liquid capacity by 3%, and we fully retooled for now for more efficiency. Some highlights into the numbers that we produced in 2025. We produced over 2.5 billion doses. We have over 117 commercialized molecules now. Just in 2025, we have 24 new molecules signed. Our goal is always to be a one-stop shop for all of our customers' CDMO needs. We are hearing the customer out, and, customers want a very reliable, one-stop shop CDMO to go to. We have a complete array of offerings from ophthalmic, semisolid, liquids, nasal spray, oral solids, sterile fill finish, and now with the investment into Tanvex, relabeled Bora Biologics, we now have biologic capabilities all the way from cell line development to drug product, the drug substance. 2025 also signified a year of investment into organic growth, continuing to invest in capacity. In 2025, starting from May, we had installed an AST line, automated vial, syringe, and cartridge line into Baltimore, Maryland facility. We have a new Norden fill line in Mississauga. We invested in a Gerteis Macro-Pactor packaging lines in Maple Grove, Minnesota. We have additional high-potency liquid capabilities now in our technology in our Zhunan, Taiwan site. If you add on to all of our 2024 investments, we've invested over $400 million in the past two years to improve our organic growth and our future capacity. With the recent investments into our U.S. sites, we're well-positioned for U.S. manufacturing and U.S. resilience. As you can see on the right side, we have a Plymouth facility, Mississauga facility, Baltimore facility, and San Diego facility, and a biologic facility in San Diego down in the bottom left. On the left side, you'll see our facilities in Asia, primarily in Taiwan. We have an oral solid facility, sterile ophthalmic facility, oral topical facility, and an OSD facility, and also early development, product development, biologics, in Taipei as well, Taiwan as well. Some highlights in our CDMO facilities. Here's an update on our biologics facility. Obviously, we see a very strong future, biologics, especially with multiple products being developed every single year, including the biosimilars that are getting or the on-patent products that are turning biosimilars, within the next five years. We renewed a U.S. expansion into, amongst our stainless steel, and their single-use capacity remains still unserved. What we're seeing in this chart on the right side, you have a lot of capacity here, a lot of approved products from 2024, 2025 from the FDA, all biologics. Half of them are for stainless steel large capacity reactors, but the other half, including novel mAbs, ADCs, and also bispecific, tri-specific monoclonal antibodies, they all use single-use bioreactors. We do see a underserved market in that, and we just completed our 2,000-liter installation into our San Diego facility. You know, it has a brand-new offering. We're seeing a lot of demand for those 2,000 liters in our San Diego facility, and we have room to grow in that facility as well. We're very excited about the future potential of that site in San Diego. We continue to make investment in aseptic technology as well. Obviously, with the recent demand for GLP-1s, we're seeing a huge shortage of sterile fill and finish facilities. We're seeing a lot of demand for our fill and finish site in Maryland, so we continue to make investments into that. In December 2025, the site received a CDL permit to fill their clean room construction to start in Q2 of 2026, which is next quarter. We have 20 near-term projects that are new and existing clients waiting to onboard and validate their batches, estimated for Q4 2026. We continue to expand our capabilities for isolator-based aseptic filling line, directly addressing markets demanding for advanced technologies. As you can see on the bottom right here, we currently have a FlexPro already online, and we have the AST line being installed in the second half of the year, ready for 2025 capacity as well. For our topical fill line, which is the Norden fill line in Mississauga, we just finished that. That site in Mississauga now in Canada is a big site for us, these liquid fill and semi-solids. The demand continues to go into that facility. GSK increases their demand in that facility. We continue to install and make new CapExes in that facility as well. We also added a liquid fill hard capsule filler in our Zhunan facility. Some updates on our pharma sales business, which we call the second part of our dual engine strategy. We continue to focus on our core strengths, which is continued investment into specialty pharma. Some highlights here, as you can see, we've continued to communicate to the market that although generics is a base for the business, as it was in 2022 and 2023, we are diversifying into now what we consider more stable long-term growth, more well-positioned products in the, I suppose primarily in the specialty pharma, branded generic space and branded space. Vigabatrin is definitely our market leader in that space, and we have excellent payer coverage and reimbursement, 80% coverage for that product. It's consistently led by our Vigabatrin brand in that product. As you can see, in 2025, specialty now accounts for 45% of our total sales, whereas in 2023, it only accounted for about less than 5% of our sales. What has allowed us to be strong in brand positioning and strong in the specialty pharma business is that we're very well recognized among the rare and orphan pediatric market. We continue to invest in patient advocacy, continue to invest in patient access to these drugs and servicing the unmet needs of these orphan drug patients. A little bit of highlight into our market-leading product. Our 2025 achievements is in our Vigabatrin franchise led by our VIGAFYDE, our ready-to-use formulation for the Vigabatrin franchise. It's a drug of choice now for all the doctors, and it's a true game changer for this market in infantile spasm. Combined, we have three dosage forms, but the ready-to-use one is our strongest growth one. Our market share grew by 15% in just Q4 alone, and 85% since the launch of VIGAFYDE, and we continue to invest in VIGAFYDE. Some of our 2026 highlights, we're pushing into enhanced customer segmentation, increased sales force effectiveness. Lifecycle management is really important for us as well, so we have enhanced product profile. We're continuing to invest in key commercial functions, including marketing, sales, to grow the business and to grow with the business as long as the business continues to be more complex. We continue to allow patient access via selected payer engagement. On the generic side, we continue to focus on more stable generics, and that means more complex generics, hard-to-make generics, and more niche generics as well. We continue to refill that pipeline from internal and external resources and more aggressive investment into differentiated branded portfolio. Some highlights in our generic business. We have 10 generic launches planned for 2026. We have seven confirmed launches so far. Total market for those products on the branded side are about over $1 billion of market sales. Two approved P4 pending launches. We have eight pending approvals, including a blockbuster. Then we have one product in discussion for investment in M&A. We had a strong 2025. I'd like to share a little bit on the vision of where we wanna go in 2026 and what we see exciting and what we view as some high-potential things happening in 2026. Our blueprint in 2026 is very simple. We want to have three big focuses. Number one, we continue to grow and CDMO scale and increase the global awareness of our Bora and the CDMO business. We're maximizing our large molecule opportunities and commercialized projects with single-use bioreactors in the US. We're seeing increased investment into biologic companies now and into these new biotech companies. We see that market growing, and there's been talk of a cold winter for biotechs for a while. Definitely Q4 last year was one of the strongest years for investment into biotechs. Being a CDMO provider for biotechs, we see a good potential for us to grow with that industry in 2026. We continue to invest in increased capacity utilization and realize operational efficiencies as we grow and scale. We are continuing to invest in our brand awareness as we are now a more scaled CDMO. We're investing in our brand awareness and also the quality of our pipeline, increasing revenue per employee. We continue to see opportunities in the M&A sector as well for to add on to our organic growth. On the rare disease portfolio, we definitely are continuing to grow that business and the high-value generics. We continue to be 200% focused on the Vigabatrin franchise and drive a stable and margin accelerative growth, especially the growth in the VIGAFYDE brand. We're focusing on advanced high-value generics with favorable P4 prospects and also additional bolt-on investment, M&A investment, or in-licensing opportunities as well to take advantage of our sales distribution network. We also want to grow the pipeline through R&D partnerships and in licensing. To grow the whole company, we want to expand on our competitive advantages and in scale and in AI. We do have global scale now, so we're continuing to have operational efficiencies as they continue to improve. We're driven by increase in demand and capacity utilization. Central procurement, which is a big one for us in 2026, and also cost advantages and location advantages of our operations in Taiwan. Also we are continuing to invest in AI. We see this is a big year for Bora to invest in AI. We established an AI council. We have multiple AI initiatives going from internal operations, sales, and marketing, and also production and manufacturing efficiencies as well. A little bit about Bora in the community. We are a public company, so we definitely care about what we do in our community and also what we can contribute back to society. Some of our commitments to government, people, and society, our MSCI ESG rating, we had an A rating from MSCI. EcoVadis, we have a committed level rating for EcoVadis. From the Taiwan Stock Exchange, we have a corporate governance evaluation. We are now in the top 6%-20% of all the companies within the Taiwan Stock Exchange. For the FTSE Russell ESG, we have a 3.5 rating out of five. Finally, we continue our commitment to the governance, people, and society. Our other achievements for the Sustainalytics, we are the risk as medium risk, 23.8. Moving towards the lower zone of medium risk, industry PR value of 81 in the global pharmaceutical sector. For Business Weekly, we are 225 carbon competitive in the top 100, recognized as carbon reduction performance and decarbonization roadmap. Finally, Taiwan Corporate Sustainability Award, we got awarded a silver medal award, the most representative of sustainability award in Taiwan, recognized Bora Group as a strong ESG performance. That's it for the presentation for Bora. Thank you for your time and allowing us to share our year-end results for 2025 for everybody, and we are looking forward to a very prosperous 2026. I think we want to open up the floor or the room up for any questions from our listening audience. Yes, Bobby, can you hear me well? Yes. Good. I'll be combining because there are a lot of questions coming in, so thank you for your interest in Bora. I'll be combining the questions. People are asking, you were just named overall biotech companies of the year, and Taiwan government and press is citing Bora as a key player in national biotech strategy. Also, the San Diego facility expansion and IPOSI partnership is putting us on the map of U.S. biologics. Overall, how do you view going forward the RFPs coming in our CDMO business? And eventually, how big do you think biologics or large molecule CDMOs will be in terms of a group point of view? Well, you know, I think biologics, you know, as far as Bora is concerned, it's our first, you know, full year into biologics. We've made a very large commitment to invest in our biologics facility. We think the San Diego facility is a perfect location. It is an amazing facility. We have one of the best teams in Taiwan and in San Diego running those facilities. Our two two-thousanders just got installed, and we are running batches through there literally this quarter. We're excited about it. We think, you know, that site has potential to be a multi-hundred million dollar site. Within our group of sites, we see it as definitely a double-digit contributor. However, you know, the market is still a small molecule, but we see the fastest amount of growth in biologics, and we see definitely a differentiation, a specialization that we have over other competitors in that space. We're excited about it. We've made the CapEx in it. It is a long-term investment, though. The sales cycles are a little longer. The product approvals take a little longer, but we definitely see that as a much, much higher growth trajectory than small molecule CDMO as well. I think that's really important for us in the future. Thank you. Then, moving on to the product side or the Upsher-Smith side, people are asking, the Vigabatrin franchise is now the market leader in infantile spasms. How much further room do you see growth in this rare disease, not limited to Vigabatrin, but overall rare disease portfolio and broader neurology portfolio? Well, I mean, how do I say that? I think if you look at Sabril, which was the original brand, you know, that capped out at about $250 million, which was about five or six years ago. You know, we see our ready-to-use formulation as a real game changer. Also, with patient advocacy, we're seeing caregivers and doctors being able to recognize infantile spasm better. We see that market as, you know, being a little bit of growth just because of the recognition of infantile spasm. We are the brand of choice and the drug of choice for that. You know, I think it has $200 million plus potential just for that franchise alone. Also, I think in the pediatric neurology space, we do have a well-developed pipeline to continue to service and continue to treat the patients in pediatric neurology. I think in a long-term wise, we definitely like the neurology space. We are talking to multiple partners to expand our pipeline into the neurology space. We're really excited about how big could it be? I think it could be, you know, one of our. It could be very dominating for us as far as representing a percentage of Bora's revenue in the upcoming years for sure. Thank you. Following the question more on CDMO, North American resilience. You now have a differentiated North American network across several facilities, plus Taiwan cost advantages. How do you see Bora evolving into a preferred partner when we are talking about resilience, we're talking about onshoring? Also people are curious, are we seeing any attractions that the U.S. government provides to global pharma service providers? You know, I think we made a conscious effort to have a footprint in North America because our clients wanted it, right? It was more getting closer to the patient. I think COVID created a supply impact to the whole market that I think it really communicated to our customers that they need to be closer to the patient. The supply chain need to be closer to the patient, and they need to have more supply chain resilience. Most of our customers are in North America, so in 2021, we decided to establish a larger footprint in the United States. While also giving our customers the option to have a fast, low cost, high quality manufacturing, based out of Taiwan as well. Having a Taiwan-U.S. footprint allows us and allows our customers to, if they want a quick, fast development, quick, fast research R&D, or if they want low cost, large scale manufacturing, they can have that in Taiwan. Also the array of dosage forms available for them to be closer to their patient within North America. Now, obviously, the current administration is encouraging our customers to invest and manufacture in the U.S., have their products in the U.S. We are seeing a lot of increased request for proposals. We're seeing a lot of different modeling, and we're seeing a lot of different requests for all of our sites. I think that will take pharma takes a while. Like I said, the sales process is long, so pharma will take a while. We're seeing certain commitments in a lot of our sites just for that, and sometimes even for a secondary supply source within the United States. The United States footprint for us was a very key decision, and it's proven to be very beneficial for us in the short term. We also see it being a very important part of our strategy in the long term as well. Great. I think we still have time for one last question. It's on our capital market strategy. Bora now trades on OTCQX, and we are stepping up our U.S. investor reach. Do you expect greater U.S. visibility to lower your cost of capital to support a larger M&A or growth in pipeline? How do you view down the road cash generation baseline? I think, you know, we've been growing by acquisition and organic growth. We definitely wanna be on the main stage where we can have access to more capital, access to smarter capital or different variations of capital so that we can continue to invest with our customers. Our customers value us as a great partner because we're continuing to invest in high quality CapEx for them. Also, yes, definitely to fund a lot of our M&A activities. We're definitely seeing a lot of potential acquisitions in the upcoming years. As far as where we wanna be as a company, yes, I think we are still at a high growth stage. Although we're getting close to what I would consider economies of scale, I still think we are have a lot of room to grow. I also think the CDMO industry has a lot of room to grow as well. There's a lot of data out there that proves that we are still a not maturing industry, but with an industry that requires a lot of high demand. We're very bullish about outsourcing and the advantage of outsourcing for the biotech and pharma industry in the future. We're very bullish about the CDMO potential that you know we can offer to these pharma clients. Yes, having access to U.S. capital, you'll definitely be seeing us a lot more in U.S. capital markets. This is the only start for us and our foray into the U.S. and broader capital markets. Thank you. I think our time is up. Lily, back to you. Thank you.