We will get started for our next presentation. Okay, it looks like we are ready to go. Good morning. I am Scott Henry, Healthcare Analyst at Alliance Global Partners. Our next fireside chat is with Assertio Holdings, ticker ASRT, market cap of approximately $70 million. Assertio is a specialty pharmaceuticals company with an ongoing launch of Rolvedon. Shares trade at approximately $0.70. Presenting for the company is Chief Executive Officer Brendan O'Grady. Brendan, thank you for joining us. Would you like to take a few minutes to tell our audience a bit about yourself and Assertio? Yeah. Hi, Scott. Thanks. Can you hear me okay? Sounds perfect. All right, great. Yeah, I just thought I would take you through a little bit of the organization, starting out basically with the Leadership Team. So Assertio Therapeutics, we are a long-term growth-focused commercial pharmaceutical company. This is the Leadership Team. You can see some pretty familiar names in the pharma space up there. The point I want to make here is that it is a Leadership Team with extensive commercial experience across a variety of commercial models. Three of the individuals up here, including myself, have extensive payer pricing experience as well as Chief Commercial Officer experience. We think we're a company for our size, well poised with talent to grow and commercialize assets across the wide variety of therapeutic areas. Shifting to the next slide here just quickly, these are our current portfolio. You can see what we call our core assets, growth assets here on the left with Rolvedon and Sympazan, and our other mature assets on the right side of the slide. Formerly, Indocin was our lead asset. If you go back to 2023, that has gone through a loss of exclusivity, so has moved to the right side of the screen. Really, again, as I said, we focus as a specialty pharmaceutical business with a broad differentiated portfolio, robust commercial capability. We tend to look for areas where we can drive growth through what we call an omnichannel approach. Combining non-personal promotion, digital promotion with a small field sales presence. We have a strong balance sheet that will continue to bolster as we head throughout this year. I already discussed our experienced leadership team, and certainly we are in the middle of executing our transformation and growth strategy. Just a quick slide here on our lead asset, Rolvedon, the first novel long-acting G-CSF to be approved in the last 20 years. You can see the green structure to the molecule, which we believe adds to the potency and efficacy of the product. It is still about a billion-dollar marketplace, and we continue to gain share in that space. Sympazan is an oral film formulation of clobazam for a very small patient population with a rare seizure disorder called Lennox-Gastaut syndrome. It fills a very specific unmet medical need. We see the ability to grow this product through a very focused, targeted effort. This is just the financial summary for the first quarter. You can see our net sales were at $26 million. Positive adjusted EBITDA, a nice cash balance of nearly $90 million. We should continue to grow that as we go through the year. We're maintaining our financial outlook for the year, Scott, with net sales, product sales at $108 million to $123 million, and non-GAAP EBITDA of $10 million to $20 million. I have characterized the last three years, this phase of the time frame that we're in as stabilization, transformation, and growth. 2024 was about the stabilization as we switched from Indocin as our lead asset to now Rolvedon as our lead asset. 2025 is transformation. There are some things with transformation that I'll go into here in a second. 2026 is really the growth phase that will start to accelerate growth. From a transformation perspective this year, it's really about simplifying our corporate structure and processes. As a holdings company, we have gotten pretty complicated for the size of an organization that we are. We will simplify that. We will optimize our assets. We're going to prioritize our growth assets and our investment into Rolvedon and Sympazan, and we'll optimize the rest of our portfolio, but also really assess whether we should do some investment there for our declining or non-core assets. We're reducing our legal exposure. That has positive implications in numerous different ways. First of all, it's a distraction. Second of all, we were spending a fair amount of our OpEx on defending different lawsuits. As we start to clear the deck on that, that's OpEx that we'll be able to reinvest into the business and will have a positive impact on EBITDA. We'll use the strength of our balance sheet to close new strategic deals. We've got several conversations going on right now, which I think are fruitful and optimistic that something will pan out here in the near term. Again, this is a transformation phase. I think I've touched on most of these issues. I'll skip to this slide and really just talk about business development is a key enabler to our future growth. People often ask, "Where are you looking?" Certainly something that is synergistic with our omnichannel approach. Oncology, oncology supportive care makes a lot of sense. Neurology makes a lot of sense. Also other disease states where we can use our commercial capabilities, rare orphan diseases, or conditions that you can serve an unmet medical need with this omnichannel approach. Certainly, we'll be looking for patent life or exclusivity, something we can drive over a period of time and that is cash flow and profit accretive. The priorities for 2025, certainly we're looking to grow our net sales and manage the product life cycles. We've thrown out guidance there on net sales, and we believe that we are tracking to that at this point in the year, deliver positive cash flow, and certainly achieve our EBITDA guidance that we are also tracking to. Again, execute this transformative phase that we are in. With that, I will pause there, Scott, and we can get into a little bit more of the Q&A. Thank you, Brendan. I know we had a little glitch with the slides. They were not rolling through. If you see anything we are talking about, which I think we are going to flush some of that out, feel free to pop that slide up. I thought you did a great job without them, so it did not take away from that. If you want to highlight anything, feel free to pop it in there. We have a lot of companies to choose from. We try to select each one for reasons that we think will be relevant to investors. For Assertio, I think it is a very unique company in that it has a primary asset, Rolvedon, in the oncology category, significant growth potential. On top of all that, it has a relatively new Chief Executive Officer. These can be inflection points. They can be catalysts, reasons why people stop looking at a company and now they're looking at it again. Really happy to have you here because we do think it's timely. Let's get started. We have to talk about Rolvedon a bit, and some of it will hit on what you've already said, but that's how important it is. How big a part of the revenue mix is it and the profits, and how do you see that changing kind of going forward? Yeah. So thanks, Scott. Appreciate the question, the comments. Rolvedon is an extremely important part of our business today. It's about half, maybe a little over half of our total net sales and contributes to a huge extent to the profit line. As we think about Rolvedon, there's some things that we have to do. We've primarily played in the community oncology clinic space in the Medicare Part B space. We've achieved a share that tends to fluctuate between 35% to 40%. There are still some accounts. There's still some volume for us to grow there. We do think that we'll grow modest this year. As we get into the latter half of this year and we get into 2026, we'll expand out beyond that space more into the commercial business, the commercial segment, which, by the way, will also have spillover and help us be even more successful on the Part B side. We're building our payer presence. We've added payer coverage starting in February with Cigna. We hope to add some more here in the second half of this year and have even more robust coverage starting in January 2026, where we'll really start to see the growth of Rolvedon. How is the competitive environment in these white blood cell stimulant-type products? How is pricing in that category? Yeah, it's a very competitive marketplace. I mean, and this is where my background from Teva comes in useful because I've played in biosimilar biologics and 505(b)(2) markets for years. But Rolvedon is a branded biologic, proves a BLA, but it competes in a biosimilar marketplace with the biosimilars of Neulasta. It is a quarter-to-quarter game. You need to manage ASP. You need to do it very smartly, how you do your contracting. We believe that we can continue to grow Rolvedon for the next several years. It has been a strategy that we're deploying, but it is a competitive category. I think we're doing quite well, and we will continue to do so. Ultimately, I see Rolvedon in the neighborhood of a $100 million asset. Okay. That's a significant asset to have. The company was fortunate enough to acquire that asset. When we think beyond Rolvedon, what compound or what products are material to your business? I mean, all the products are profitable in and of themselves today. Not all of them are growing. I think the one that is really interesting for me is Sympazan. Although I will try to put up the slide here, I do not know that you will be able to see it for whatever reason, we are having a glitch. Sympazan is, as I mentioned, it is for a condition called Lennox-Gastaut syndrome. This is a seizure disorder where patients start to present with this sometimes as early as two or three years of age. They have growing episodic seizures, more frequent. Some of these patients, by the time they reach adolescence, early adolescence, become quite disabled. Swallowing a pill can be a challenge. Crushing the pill and getting it in their food, you do not know if they are getting all of their dosage. Swallowing the oral version of clobazam, they can spit it back out. Sympazan with the oral film meets a very specific unmet medical need. Providers find it very useful. Caregivers, parents really, really like it. It is a very easy way for them to dose clobazam. It has a nice flavor to it, so the patients like it. This is a product that we acquired a few years ago and have kept it relatively stable, but I think has opportunity to grow. We should grow the product to about $13 million this year. I think ultimately, Scott, this is a $20 million to $25 million product that we hope to grow over the next couple of years. Okay. Great, Brendan. I do not know, maybe I can see your screen. Maybe if you blow it up to the full page, if you can change the slide on yours, we may be able to see it, but I do not have an extensive IT background. Yeah. Yeah. I'm working on it. I don't know if this is helping at all. Okay. We'll work through it. You're doing a great job regardless. Now, this legacy business that you have, including Sympazan and the others, is it profitable? Is it absorbing overhead? How should we think about that from an investment perspective? It is profitable. I mean, all of the other assets that we have, Indocin still has a good margin, is profitable. Sprix, which is a ketorolac nasal spray with opioid-level pain relief, a very interesting asset for us that we're evaluating. Then, of course, we have a couple of diclofenac formulations, Cambia, and Zipsor. All of the molecules or all of those products, assets are profitable in and of themselves, but they're not all growing. As they decline to become a growth company, we have to grow Rolvedon to the extent it makes up for that decline or Sympazan that it makes up for that decline and then grow on top of it. Some of those products we're evaluating right now, does it make more sense to divest those, bolster the balance sheet so that we can go out and get some other growth assets? That's top of mind for me right now. That's one of the things that we're evaluating in this transformation stage that we're in this year, Scott. Okay. That's a great segue into the next kind of line of questioning. The specialty pharmaceutical category has been challenging, but that will present opportunities either to be a buyer of assets or a seller of assets. In your position, you do generate pretty substantial or you have generated cash flow. You cleaned up the balance sheet. Do you look to be an acquirer in these markets? Are you in a position already? Are you comfortable with Rolvedon such that you can start looking at M&A? Yeah. No, we definitely are in the market. I mean, M&A is how we were built, and we're going to continue down that path. As I mentioned, we have added to the balance sheet. We've got a fairly decent amount of cash on the balance sheet, and we don't have a lot of debt. We have $40 million in longer-term convertible debt. It doesn't convert until September of 2027. It doesn't come due until September of 2027. We've got some runway, and we're certainly having conversations to add assets to our portfolio. Okay. Great. You did mention a little bit, historically, the company has had some modest, I would say modest opioid litigation overhead, not a lot of sales. I do not want to make it a bigger issue than it was. On the positive, it appears you have cleaned that up a little bit. Could you talk about that litigation overhang and how it has been reduced? Yeah, sure. Thanks for the question. I mean, like a lot of companies that grow through M&A, we've inherited a lot of different legal issues that when I came aboard about a year ago, I took a look at this and immediately decided we wanted to clean some of this up. As you mentioned, specific to opioids, the predecessor opioid litigation primarily came from DepoMed and not a lot of products sold over a long period of time. The exposure, we believe, was relatively low, but we were spending several millions of dollars a year defending some of those different losses. As part of our corporate restructure and part of what I want to do is making the organization a little more simple. We have several operating legal entities. It was number one, reducing or getting rid of some of the litigation. We settled the DOJ, QTAM, False Claims Act that we had and got that moved aside. We divested Assertio Therapeutics as a way to both collapse our operating structure and reduce our operating legal entities. In the process of doing that, the opioid litigation went with that divestiture. The new acquirer will continue to defend and manage that. As of today, the holdings company, Assertio Holdings, nor any of its subsidiaries are named defendants in any opioid litigation, which is a positive improvement. Okay. Great. As we start to wrap up the time, the last you've been there 12 months, it feels like you've done a great job stabilizing the patient. You've alleviated the litigation overhang. You've got the base business with Rolvedon starting to click. Twelve months from now, what should we expect? How would you judge a successful execution for the company 12 months from now versus today? Yeah, that's a great question. I love the way you framed it up about stabilizing the patient because I kind of think about it that way, stabilizing the patient. To use that analogy, stabilizing the patient, now we're moving into physical therapy. 12 months from now, I hope to be running. If you want to use that metaphor, that analogy, that's where I think we're headed. I'm encouraged by a lot of things. I'm encouraged by the talent that we have. I'm encouraged by the execution that I see in the organization. I'm encouraged by the focus now of our OpEx on being able to actually grow and invest in the business, improve EBITDA. I'm really encouraged by some of the conversations that we're having, strategic conversations about bringing new growth drivers and growth engines into the company. I think people are starting to look. It's been, from a stock performance, it's been a little bit of a rough six months, but I think people are starting to look at Assertio. We definitely are on the comeback trail. I think we have a solid plan. Really, 12 months from now, I hope to have a really fun discussion with you again, Scott. Yeah. And I would just kind of wrap it up with kind of my take on it. When we find these micro/small-cap companies that have good assets, the biggest concern tends to be the balance sheet and can you get to the end of the rainbow. You have the balance sheet stabilized and the business is in place. We think the risk-reward could be very compelling here with execution. Never are any guarantees, but a lot of upside if you can get there. On that note, Brendan, thank you for presenting. If people are looking for any more information, they can reach out to us at Alliance Global Partners or the company Assertio Holdings. I will pass it on to our next company. Thank you, Scott. Appreciate the opportunity. Okay. Our next presentation is with Nano-X Imaging, ticker NNOX, with a market cap of approximately $350 million. Nano-X Imaging is a medical technology company with a focus on innovative imaging technology. Shares trade at approximately $5.50, and we have a price target of about $9 at Alliance Global Partners. My name is Scott Henry, Healthcare Analyst. Presenting for the company is Chief Financial Officer Ron Daniel. Ron, take it away, and we will have time for Q&A at the end. Thank you, Scott, and good morning for everyone. Thank you for hosting us today. Before we get started, I would like to remind everyone that I will be making statements during this presentation that may be deemed a forward-looking statement regarding the company's commercialization, its activities, and other matters. These statements are also subject to risk, uncertainties, and assumptions that are based on management's current view and expectation as of today and may not be updated in the future. Therefore, these statements should not be relied upon representing the company's view of any subsequent event or date. I'm pleased to say that we are making progress in our mission to revolutionize medical imaging and improve patient outcomes. Our innovative technologies, including Nanox ARC and our AI solutions, are gaining traction in the market. Since the beginning of the commercialization deployment, there are a few dozens of systems in various stages of shipment and deployment for both commercial and clinical use. In the U.S., we have deployed across several states. We are focusing on expanding our network of strategic collaboration, channel partners, and client base. At the same time, we continue to make progress and to expand our customer base with our AI solutions, namely our approved chest, bone health, and fatty liver solution. At the same time, we continue to generate clinical data supporting the use of the Nanox ARC for chest, MSK, and other indications, and our AI solutions with the development of an AI interface to a Nanox ARC system, which will enable an automatic and quick interpretation of the 3D images and will strengthen our solutions and end-to-end service to the market. Just to give a recap of our recent business updates, we have received an FDA clearance for our in May 2023. We have received an FDA clearance in December 2024 for our first generation of the Nanox ARC and our ARKICS in latest April of 2025. We also received in February of 2025 the CE Mark for the Nanox ARC in Europe. We also signed a strategic agreement with Ezra, which is a healthcare AI company, which is screening for early cancer detection and other indications. Of course, we advanced with the U.S. commercialization. I will give a general background of the Nanox ARC, which is our flag product. We have developed the Nanox ARC system, which combines a multi-source Nanox ARC imaging device with the cloud-based Nanox Cloud platform. The Nanox ARC uses a proprietary digital X-ray source to produce 3D tomosynthesis images with multiple stationary tubes arranged around the patient. The design eliminates the need for complex rotating parts and costly cooling systems, which is lowering manufacturing costs. Together, the Nanox system is designed to streamline medical imaging from scan to diagnosis, offering a scalable, cost-effective solution for early global detection. The Nanox Cloud centralized imaging software, AI diagnostic radiologist machines, and reporting, reducing the IT infrastructure needs to enable remote operation and support. It's also designed to be used as our billing system. The end result is a smooth and holistic imaging services that is easily available and affordable for our customers. The Nanox ARC is also designed to produce partial body scans of various body parts, with remote operation capability and to have a full kVp and mA energy throughout the range per the industry standards. Multi-spectral imaging range, as well as cloud connectivity and standard compliance safety mechanism. I would like also to show a short demo of how the tomographic sweep of the Nanox ARC is working. That will take a few seconds. You can see that it's a very lean and simple design operated by an AI by a technician. The scan itself takes not more than 11 scans. And the end result, it's 30 to 60 2D images, which are going up to our Nanox Cloud systems and being converted to one 3D image. This is the 2D image of the cloud, and the end result is a 3D image. Okay. I'll go over in short about the clinical benefits that the Nanox ARC has. The visualization of the Nanox ARC is enhanced. There is improved detail and sensitivity. There's additional depth views and expected diagnosis. This is a few sampling that demonstrate the difference between 2D images, regular 2D images, and a 3D image, a tomo image. As you can see that with the cast, there will be no need to remove the cast when you come for a check-up. I do not know what is the clarity through the presentation, but there is a few samples over here. You can see more samples on our website. Those are the benefits that we already discussed. Just to sum up, the regulatory clearances that we achieved as of date, I already mentioned that before. We have that FDA 510(k) for the general use for both versions of the ARC. We have the CE in the EU. We have the AMAR, which is the commercialization permit in Israel. We have the GFDA in Ghana. We are currently going to the U.S. commercialization phase. We are currently planning and targeting imaging centers, multispecialty medical centers, or orthopedic groups nationally with our current international sales teams and consultant and business partners, covering various regions, including Florida, New York, the East Coast, and the West Coast. Our U.S. sales teams include sales, marketing, customer support, and even more importantly, the clinical customer support personnel, which are working on each of our customers to prove the clinical value of our machine. We are expanding and continuously recruiting to expand our U.S. team, U.S. sales in the U.S. Our current pipeline remains robust, and we are currently targeting a few hundred prospects. The expansion is crucial to support our growing customer base and to ensure a successful deployment of our technology. We see a lot of interest from prospective and current customers and professional healthcare facilities for our services, and especially for our unique offering for the combined services of imaging, AI, and teleradiology services. Introducing new and innovative technologies into the conservative U.S. market is always challenging. However, we have a growing base of early adopters that are using our systems and solutions. As a result, we have seen an increase in the number of referral scans and additional use cases. This slide shows our professional network structures, the U.S.-based sales and service teams that will seek to generate leads, close the sales, and actually seal the deal to manage our relationship and provide services for the Nanox ARC systems installed base. Other operating areas such as medical affairs, regulatory billing, finance, and contracting are supported by the existing Nanox organization worldwide, especially supported from our headquarters in Israel. I think most of you already know our business model, but I'll give a short recap. Our business model in the U.S., we offer a hybrid approach combining a usage-based MSaaS model. The MSaaS model is our pay- per- scan model with the CapEx model, which means the customers can choose either a pay- per- use model or a CapEx sales model. We expect to see 7 scans to 15 scans per day, which will enable an attractive financial model. The Nanox ARC is also covered with the established CPT code in the U.S. It's a 76100. The global reimbursement amount to the end user is approximately $19 to $110, depending on the location. The global amount consists of $60 to $80 for the technical portion and the balance for the professional component. We will charge $30 for the image if we perform the scan with the Nanox ARC systems. We are also going to charge $20 for the professional component, which is going to be done by our U.S. radiology division, which is based in Florida. The total global amount is $50 per procedure for us. We think that when it comes with the clinical value that we show, we bring attractiveness to the customers with the aspect of the clinical value and the financial value. We have a few installations in three hospitals in Israel and Ghana. As for the Nanox ARC, the Nanox ARC is our latest 3D digital multi-source tomosynthesis system. It is an improved design that results in a smaller footprint. The system designs also enable software upgrades and new capabilities to be added remotely following future regulatory clearances. What are the benefits of the Nanox ARC? First of all, there is a smaller footprint. It is a single unit. There's no construction needed. It's a plug-and-play system. You just install it, plug it, and play it. Of course, it's a multi-axis tomographic system, like the first generation that I showed you the domain about. There are five cold cathode tubes that are equally distributed above the patient table, which actually create the tomosynthesis effect. Of course, as you can see, it's an open and sleek design. The customer comes, they lay out on the bed, and it's not claustrophobic, as you can imagine, as someone goes into a CT machine. It's a cable-free design, and it's a plug-and-play, as I said. The system is deployed very easily. Going to our AI solutions. Just let me, okay. Our AI solutions, which were acquired in November 2021 through the Zebra acquisition, developed a machine learning platform based on its database of over 500 million imaging scans that we have and we own, which facilitates the development of AI medical imaging solutions. The Nanox AI has FDA clearances for semi-radiology AI solution, as well as CE Mark. Nanox AI solution analyzes the routine medical CT scans for any clinical indication to help identify patients with asymptomatic and undetected findings correlated with chronic conditions in cardiology, liver, and bone, promoting the preventive care management. We currently offer AI solutions to identify underlying findings, which are correlated to osteoporosis, cardiovascular disease, and fatty liver to help detect patients at risk for more advanced liver disease, such as NASH. We are also working on a few other uses in the future. We also have received positive feedback from AI solutions collaborations, for example, Corewell Health, which is formerly Spectrum Health, which entered the fourth year of engagement with us and is one of the early adopters of our AI solutions. After two years of successful collaboration and having seen the clinical utility for the Nanox AI Health CCS cardiac solutions, the system is implemented for the AI for they added the Health Bone solutions into their clinical systems. The algorithm automatically detects vertebral compression fractures and low bone mineral density to help identify patients at risk of MSK disease with a focus of osteoporosis without the need for a discrete imaging. In August of 2024, we have received the clearance for our Health CCS, the second cardiac solutions, which has already shown tangible results in several healthcare systems, identifying patients at higher risk of coronary artery disease while driving significant revenue to the cardiology department. It has also been seamlessly integrated with existing picture with PAC systems actually and communication systems and electronic medical records systems and enabled timely and appropriate preventive care. As financial highlights, as of December 31st, we had $83.5 million in cash equivalents. We had 165 full-time employees. We generated revenue of $3 million in Q4 of 2024, and we have a burn of $3 million. Thank you. Okay. Thank you, Ron. We had a lot of companies to choose from for these.