All right, hello everyone, and thank you for continuing to join us throughout the day here at the Lytham Partners Fall 2025 Investor Conference. Again, my name is Robert Blum, Managing Partner at Lytham. Our next presentation today will come from Aytu BioPharma, and presenting from the company is Josh Disbrow, the company's CEO. As a reminder, the company trades under the ticker symbol AYTU on the NASDAQ. Josh, thanks so much for your participation today, and the floor is all yours. Great, thank you, Robert, and hello everyone. Thanks for having us at the conference and really looking forward to sharing with you the latest on Aytu. For those of you that are new to the story, it really is an exciting time to be hearing the Aytu BioPharma story as we've recently wrapped up another outstanding fiscal year, having recently reported our full year and Q4 numbers for our fiscal 2025. As we embark on this next new exciting chapter, which includes and will include the launch of a very exciting product in the depression category, if you're hearing the story afresh, I really look forward to sharing that with you. As a reminder, throughout the course of my comments, I may be making some forward-looking statements, and here's the customary safe harbor statement, just for your awareness. At Aytu BioPharma, we like to say we make medicines made for life, and we take that very seriously in that we focus on medications that truly do have tremendous impacts on patients' quality of life, particularly those patients that are affected by conditions like attention-deficit/hyperactivity disorder, or ADHD. As we embark on this next new chapter, MDD, or major depressive disorder, or more simply just depression. We have a portfolio of products that generate meaningful revenue that have been stable in the marketplace for quite some time, and those are primarily our ADHD medications, but we're also getting ready to launch in the near term, in the very near term, by year's end into early calendar 2026, a very exciting for major depressive disorder. We'll talk about that. As part of our commercial platform, one of the things we take great pride in is enabling patient access. That's a real challenge in this current environment in the United States, with payers blocking access to many branded medications. We have a really unique, first-in-class program that we developed from the ground up that we call Aytu Rx Connect, and that program works hand in hand with our products, features, and benefits to really ensure that patients are able to get our medications affordably. We'll spend some time speaking about that as well. Again, really excited to share with you the progress that we've been making. Over the last several years, we have undertaken a significant strategic realignment to focus the company to really get profitable. By focusing on our prescription business, that is now in clearview. Over the last three years, we've demonstrated consistent positive adjusted EBITDA in the $9 million- $10 million range. That's really by virtue of the fact that we made the decision and put in a lot of hard work over the last few years to get out of businesses that were costing us money, causing cash burn, and ultimately we thought could not lead us to a rapid path towards profitability. We suspended pipeline development, got out of our R&D programs that were quite costly, and paid down and refinanced a term loan that we've actually since refinanced again here in the middle of the 2025 calendar. We got out of our in-house manufacturing. We had a very large facility that we were manufacturing the ADHD medications at, and frankly, that was just very costly, very cumbersome, not very flexible. Ultimately, we were able to get out of that manufacturing facility at the end of calendar 2024. We also wound down and ultimately divested our consumer health business that, while a revenue contributor, was not profitable and we didn't believe had a near-term view to profitability. We got out of that as of the middle of calendar 2025 as well. As we got to the end of calendar 2024 and into calendar 2025, we really began to take shape as the new Aytu, which is how we like to think of us today. That ultimately positioned us well for what's next. For us, what's next is, first of all, focusing on the fact that what we think we do well is driving prescription growth and ultimately building pharmaceutical companies based on Rx brands. That's what we've done. We've really established a nice foothold in CNS conditions, most notably ADHD, calling on psychiatrists. That's exactly what we are today as a company focused in psychiatry with an ADHD franchise that's really established and mature. What is next is ultimately going to be the launch of this really exciting antidepressant called Exxua, for which we just signed in the last few months a really exciting deal here to take Exxua forward in the United States exclusively. We'll talk a little bit more about that, but really an opportunity that we are extremely excited about. What we have today is a business that's relatively diversified, a line of ADHD medications headlined by our two orally disintegrating tablet products, Adzenys XR-ODT, which is an amphetamine-based product competing with the likes of Adderall and Adderall XR, COTEMPLA XR-ODT, which again is an orally disintegrating tablet formulation, in this case of methylphenidate. We have a smaller product called METADATE CD, which is a mature established brand that we largely run through our [Rx Connect] program. We have a very small line of pediatric products, KARBINAL ER and POLY-VI-FLOR and TRI-VI-FLOR. We've got a relatively diverse portfolio. The primary focus is around the CNS brands, Adzenys and CONTEMPLA, and our primary charge is promoting our products to psychiatrists all over the country. What will become the centerpiece of our promotional efforts and really the entire company's focus going forward will be around Exxua. Exxua is a perfect plug-and-play fit for us in that we have a sales force and a commercial infrastructure already aligned to psychiatry. It's perfectly complementary, obviously calling on psychiatrists all day, every day, all over the country. We actually get to attack an even larger, more problematic condition in major depressive disorder. Over 20 million Americans have depression at any one time. It's a market characterized by over 340 million prescriptions. It's quite literally more than one antidepressant written for every American every single year. It's a huge condition, a very large addressable market. Exxua, very importantly, is already FDA approved. Our business model is not to take on regulatory or clinical risk. It is to take commercial risk and ultimately drive product value through commercialization. We have a product that is, again, already approved. Within the next few months, we'll be ready to go. We are planning for a fiscal 2026 launch as we are now entering our fiscal Q2 of 2026 as we enter the month of October. Exxua could not be more exciting as we really move that forward. It is FDA approved in that it was FDA approved back in 2023. Many things had to happen from the licensor's perspective in order to really get it licensable, one of which was to satisfy a relatively large financial commitment that they had signed up for many years prior that has since been solved for. That was something that was enabling us to step forward and ultimately license the U.S. rights too. Excited to have gotten that done. Again, we expect to launch Exxua here commercially in calendar Q4. By the end of 2025, Exxua is truly unique. It cannot really be overstated just how distinct Exxua is from the other antidepressants. First, I should really step back and say the depression category, again, is very large, characterized by over 340 million prescriptions written annually here just in the United States. Almost two-thirds of the products prescribed are SSRIs or SNRIs, selective serotonin reuptake inhibitors, and selective serotonin norepinephrine reuptake inhibitors, respectively. They essentially dominate the market. These are products that have been around for decades, products you've heard of such as Prozac and Paxil, Celexa, Lexapro, and the list goes on. While these products are generally effective, they are known to cause significant side effects, two most notably: one, sexual dysfunction; another is weight gain. What is really interesting and extremely compelling about Exxua is it causes neither. It's weight neutral and does not cause sexual side effects. It compares very, very favorably to the market-leading products that are out there. Frankly, when you ask doctors, specifically psychiatrists, some of the problems they have with these medications, almost invariably within the top three to five problems that doctors will cite when you ask them is sexual dysfunction and weight gain, among other things. Exxua, again, did not cause either of those because it's very different in how it works. It is not a serotonin reuptake inhibitor. It is specifically targeting a serotonin receptor called the 5-HT1A. The 5-HT1A, and it is an agonist, so it upregulates that receptor. 5-HT1A is chiefly implicated in dysregulation and regulation of mood. By specifically targeting upregulating the 5-HT1A, you get efficacy in the context of improving symptoms of major depressive disorder. Because it does not target the other receptors that are known for creating some of these side effects, you therefore don't get those side effects. You can get the benefits and improvements that you see with antidepressants without some of the downside implications in the form of these side effects like sexual dysfunction and weight gain. Very differentiated, very unique, very distinct from a mechanistic perspective, and something that we know psychiatrists are really enthusiastic about. When you present psychiatrists with any new mechanism of action, they're listening. They're interested because they recognize that they need different options beyond the standard serotonin reuptake inhibition profile. Exxua has been studied for quite some time. It was actually quite a while to get it through the FDA process, but it finally did get approved after having studied over 5,000 patients over many years. It's been established, obviously, as being effective. Of course, it's FDA approved. Two placebo-controlled studies demonstrated efficacy, and then multiple studies beyond that demonstrating safety and other effects, inclusive of its benefits in anxiety, its benefits in actually improving sexual dysfunction. The indication for the product, to be specific, is the treatment of major depressive disorder in patients 18 years and older. This product, of course, has been extensively researched from a market research perspective, talking to psychiatrists and physicians in the field to gather their feedback and understanding of where they believe this would fit. Really nothing short of strong support for this certainly fitting into the treatment algorithm as it relates to patients having been treated already with other medications, potentially looking for other alternatives mechanistically. Very clearly, the psychiatrists we've spoken with, and even I've spoken with personally in field rides with some of our reps, high levels of interest that just makes our enthusiasm increase that much more. Then again, complementing Exxua is our ADHD portfolio, really hand in glove. Psychiatrists are the largest prescribers of both antidepressants as well as treatments for ADHD, particularly stimulant medications. The fact that we already have a portfolio of medications that we're talking about with these doctors, we're in these offices, we have these relationships, we have the distribution and the network, so to speak, set up. Exxua really comes at a perfect time as these products really have reached maturity. Certainly, generic pressures in this category, certainly the prospect of these products facing generic threats as time goes on. Exxua really does become the centerpiece. We will shift the promotion of the sales force squarely to Exxua and really view Adzenys, COTEMPLA, and the pediatric brands as sort of legacy brands that we essentially will not sunset, but will basically milk and use those as funding mechanisms as we expect those revenues to continue to hold on to some significant degrees such that they can really, again, fund the launch of Exxua as we move forward with that. Speaking of that, solid revenue base on that base business, again, that's Adzenys and COTEMPLA primarily representing the revenue with some smallish revenue from the pediatric products as well. If you look at it from a trailing 12 months perspective, over $66 million in net revenues for the base business. With us shifting resources now to Exxua, that base business really becomes profitable immediately such that it becomes a mechanism to fund the rest of the organization. On top of the capital raise that we recently completed that we'll speak to here in a moment, understanding we're well funded on top of the fact that we expect these revenues to meaningfully fund the Exxua launch activities as we move forward. A solid base of $66+ million in trailing 12 revenues and again, revenue that we expect to hold on to a fairly substantial degree. I spoke earlier about our second-to-none patient access program called Aytu Rx Connect, and it really can't be overstated just how much impact this has to benefit patients. It also benefits prescribers and of course pharmacies as well in multiple ways. It benefits prescribers because they're able to actually get their patients the medications that they prescribe them. Sounds easy, not as easy as you would think. In an environment where payers block a lot of access to branded medications, and there's really a lot of challenges throughout the supply chain and the value chain as patients are getting medications. It's just not as simple as prescribing a product. It's the next day at the pharmacy, no hassles. You get it for a $15 copay and you walk out. We've been able to really cut through a lot of the noise that exists today in the pharmaceutical value chain by doing a few things. First and foremost, we partner with over a thousand pharmacies nationwide, and we work with these pharmacies to ensure that they have our products available at any one time. Most importantly, they have our patient access program really down to muscle memory, that they're able to very easily complete transactions specifically for our brand. We go to these pharmacies and we have indirect relationships with them. We essentially refer physicians to them and say, "Prescribe our medication, send the prescription to one of these select pharmacies." You as a physician will get multiple benefits. First of all, you'll get the predictability of patients actually getting the brand as opposed to getting it substituted for something you didn't prescribe in the form of a generic that may not be the right medication for that patient for various reasons. The patients will get this affordably in that we ensure patients never pay more than, in the case of our ADHD medications, $50 per month per prescription if they're commercially insured. We backstop it such that even in the event that the patient's plan does not cover one of our ADHD medications, we guarantee that they never pay more than $50. From the physician's perspective, he or she never has to worry about the dreaded negative feedback that often happens at the pharmacy with the patient going to the pharmacy. It's either not available or it's an extremely high copay that they can't afford and therefore walk away from. We can ensure them that their patients are going to get it. They're going to get it affordably. The patients are happy. The physicians are happy. These pharmacies, of course, are quite happy because we ensure that they're obviously getting these patients in the door. More importantly, we're ensuring that these pharmacies never lose money. I say that because in many cases, pharmacy benefit managers are putting these pharmacies underwater. They're literally being reimbursed less than they're paying for the medication from the distributor. By virtue of the fact that many of the times, most of the time these pharmacies are buying products from us directly, they're not getting the significant markups from the distributor and therefore not being put underwater. Even in scenarios with the PBM, still I'm going to reimburse them. We will essentially true that up to ensure that the pharmacies don't lose money. That keeps them motivated, very happy to fill our medications. As hopefully you can hear, really throughout the value chain, the patient, the physician, the physician staff, the pharmacist, and of course us, the manufacturer, everybody wins. We're getting a prescription filled of our branded medication. The patients are getting it at the lowest copay possible. The physician's happy because his patient or her patient is getting it filled. Of course, the pharmacy's happy because they're getting a patient consistently in their door and they're ensured that they're never going to lose money. In most cases, they're actually making money on these prescriptions that are being filled. It increases stickiness for us. Obviously, that creates a higher annuity value, creates obviously better adherence for the patient, therefore better outcomes. Of course, a higher rate of throughput for these pharmacies drives that annuity value for them as they fill multiple prescription refills throughout the course of a year. It's a win-win, win-win across the value chain and ultimately separates us from virtually all of our competitors because really what we do is unlike what others do in the category. It's something truly unique. It creates a high level of stickiness. What's important is a significant majority, over 85% of our core brand's prescriptions are run through these partner pharmacies. That enables multiple things. First of all, a high level of insight and a high level of scrutiny on every single prescription that we have visibility to. We can see copay data, we can see reimbursement data, we can see what the patient's portion of the responsibility is. Ultimately, we have the ability to control, if you will, the economics to ensure, again, that pharmacy is never underwater and really values, primarily economically values the prescription that is flowing into them. These A2 prescriptions become very valuable. At the same time, it's very valuable for patients because when you compare these prescriptions that are filled through the network versus prescriptions that get filled through a regular way pharmacy, like at a national chain, we see consistently lower out-of-pocket costs for patients, specifically 32% based on this timeframe. It increases our refill rates significantly as well. We essentially more than double our refill rates when we look at prescriptions coming through this channel versus coming through regular way retail big box stores. It really does create value for us, create value for the patient. Of course, that's really key to how we drive this stickiness. I've alluded to our sales force. I'll put a little bit more color to that. We have a 40-person sales force dedicated to calling on psychiatrists all over the country. In the context of Exxua getting ready to launch here at the end of this year into early next year, we're already covering the lion's share of the major depressive category. About 60% of the writers are already in our current geography. We're already covering a majority also of the ADHD category. We do plan to modify this map a bit, but not materially. We'll essentially stick with 40- 42 territories, minor modifications, adding a zip code here or there, subtracting a zip code here or there, morphing reps' geographies a little bit, bring on a couple of new folks to backfill some open vacancies. Generally speaking, we are set from a commercial infrastructure perspective. Again, really plug and play. In these psychiatric offices, already having the relationships, these reps know where to go. It's really a matter of getting trained on depression, getting trained on the specific product and the competitive set, and really going. We have an infrastructure, and this is really a plug and play opportunity. I'll re-emphasize, could not be more excited about this opportunity to compete in a huge category with significant needs that remain. I'll remind you that SSRIs and SNRIs really dominate the category. Frankly, they're problematic. Almost to a person, if you speak to a psychiatrist across the country, they will openly acknowledge, prompted and unprompted, that sexual side effects and weight gain are big problems, the big side effects with these products. The fact that Exxua has such a novel mechanism of action by being very targeted around this 5-HT1A receptor, again, enables significant reduction of these side effects and no impact on sexual side effects. There's no impact on sexual dysfunction. That means no decrease in libido. That means no decrease in ejaculatory issues and ultimately enabling improvement in sexual function. While that's not a claim we can necessarily make directly, those data are published in the public domain in peer-reviewed journals. Again, weight neutral, very, very low percentage of patients gain any weight. In fact, statistically insignificant from placebo. This market is huge. To have anything novel in this category, it's going to get noticed. It's going to get utilized. We know that. We've heard that in multiple rounds of market research. Anything that's novel, which this is, again, this is the only product approved for major depressive disorder that has this mechanism of action. Again, this 5-HT1A receptor agonism. In this category of $22+ billion of prescriptions written, even a small player obviously becomes a very relevant piece of the market from our perspective for a company that's today sitting on trailing 12-month revenues of just over $66 million. This product is patent protected through late 2030, which for us is an absolute eternity. We have Hatch- Waxman new chemical entity protections through 9/2028. IP, we fully expect to get patent term extension through late September of 2030. A really long time for us to run. We expect to pursue ways to extend the lifecycle, extend the intellectual property protection through formulation changes, potentially consider additional indications, et cetera. What's really exciting from a commercial perspective about this opportunity is the market pricing. Materially higher than the market pricing in most other categories, particularly ADHD. Three to five, maybe as much as six to seven times the price when you look at net pricing realized on a per month per script basis. We do expect this to be priced at a premium. Have said already that it will be priced at a premium to other brands in the market based on what we view as a very unique clinical profile. Frankly, the reimbursement in this category is markedly better than, for example, the ADHD category, specifically on the government side. Major depressive disorder is one of a handful of categories the government has mandated coverage for. It is a protected class in that if you are a Medicaid or Medicare patient, it is mandated that your plan cover new medications, and this would fit within that. We are quite bullish on the fact that we are going to have really solid Medicaid and Medicare coverage. Of course, we'll deploy our commercial resources and specifically our sales specialists into areas where we know that we can optimize the reimbursement landscape. We'll obviously work on the commercial side as well, understanding that that's the majority of the market, but we'll be very judicious in terms of how we think about contracting and rebating in the commercial environment, understanding that we really have a nice opportunity on the government side, particularly given the fact that we will have relatively minimal rebating and in fact, likely no rebating beyond the mandated rebate levels, which are just over 23% off of list price. For various reasons, we will be very judicious in how we think about the commercial contracting, and we'll be very smart, very targeted, very selective. I'll remind for those of you that maybe have heard the story before, and certainly for those that are new, the way we work the payer piece really is a la carte. We, through the Aytu Rx Connect program, are able to, at the individual transaction level, assess coverage, assess really what the best way to fill that prescription, whether it is covered, fill it in one particular way. If it's not covered, it gets filled in another way such that the patient still ends up with the lowest out-of-pocket possible when we end up with the maximum reimbursement that we're able to get. We have great insights into scripts down to the individual transaction level, obviously blinded to patient information, but we're able to see patient insurance information, specific plan aspects such that we can really toggle those scripts to ensure that we're maximizing our revenue. We will very much pursue the same mechanisms with Exxua as we enter the MDD space. Again, can't overstate the opportunity. Huge category, over 20 million patients in the U.S. affected, many, many patients affected by the weight gain side effects and the treatment emergent sexual dysfunction side effects. The numbers, frankly, are staggering. Up to 70% of patients report treatment emergent sexual dysfunction. That is to say sexual dysfunction that develops by virtue of their treatment on these antidepressants like Prozac and Paxil. Greater than 65% complain of weight gain. These are not niche side effects. These are not things being complained about by one or two people here and there. It's the majority of patients. The opportunity is vast. There's also an important aspect here that a significant majority, well over half, and really up to three quarters of patients with depression report concomitant anxiety or anxious depression. Interestingly, this product, Exxua, was originally studied in anxiety. At the very least, it doesn't increase anxiety, but actually data demonstrate, and these also are peer-reviewed and published, that it improves anxious depression and anxiety scores for patients with depression. There is a unique opportunity here to address the weight gain, address the sexual dysfunction, obviously treat the depression while also not causing anxiety to increase and potentially even improving it. We are quite excited by the profile that's presented by Exxua, and it clearly has a distinct place in the market. When you compare it to the market-leading products that are out there, most notably SSRIs, SNRIs, and then secondary to those would be compounds based on bupropion, the molecule bupropion, brand name Wellbutrin, these products really have been around for a long time, nothing new. They all essentially work the same way, and they all notably have an impact on sexual function. Even new products like AUVELITY, which by the way is on track to do about $500 million in sales here in the U.S. this year, Exxua is clearly unique in its mechanism, very novel, and in that it's the only one that addresses the 5-HT1A. No impact on sexual function. As I've said, no impact on weight. It's weight neutral, once daily dosing, as most of them are, although AUVELITY, I'll point out, is twice a day. Distinct advantages, really a distinct profile altogether, and one that we think can stand apart and carve out, we think, a meaningful position in the MDD market. If you just look at the enormity of the MDD market and took very, very modest market share from any of the products, whether you looked at this as a second-line therapy, and we do not, by the way, intend to market this as first-line, just given how payers treat the market. They will expect that patients have been on SSRIs first and will need to have failed on those after some adequate trial, and that's perfectly fine for us. Frankly, a product that's positioned as third, fourth, or even fifth line or beyond, the opportunity to generate hundreds of thousands of prescriptions is significant. As you can see from these numbers, just taking tiny pieces of even relatively small products like AUVELITY or TRINTELLIX, you're talking about a product that can do prescriptions into the thousands. We will not target these products specifically. Frankly, we're going to go in and be very specific in the types of patients we're looking for, irrespective of the types of products these patients have taken. We want patients that are interested in not gaining weight, interested in obviously restoring their sexual function, or at the very least not having it inhibited by these medications. There will be plenty of patients to pull from here as we introduce Exxua. The opportunity for significant revenue is very clear. If you look at the products that have been recently launched in the psychiatric space, these products are essentially all on their way to becoming blockbusters, particularly when you look at products like CAPLYTA and SPRAVATO, TRINTELLIX, and AUVELITY specifically in the MDD space, obviously significant revenue-producing products. While we're not guiding to any specific number, if our product Exxua were even a fraction as successful as these, we'd be quite pleased. The opportunity is big. Market research confirms strong interest in the product. I won't belabor it, but I'll simply say quite literally, virtually every psychiatrist we speak to has enthusiasm for this, sees the role, sees the opportunity to treat patients that are currently on other drugs that are failing them, either from an efficacy standpoint or from a side effect perspective. I'll remind you that we're already out there with our sales force. We're already generally aligned to psychiatry, and we are ultimately poised to go all in on Exxua. We will tweak the targeting a bit more, modify some of our territory maps, but generally speaking, we're essentially where we need to be already. A full promotional plan is well underway in terms of having this thing ready for commercial launch at the end of this year into early next year. We'll really cover all key pieces from personal promotion to key opinion leader development, to non-personal, to obviously the payer piece, and the list goes on. With that, I'll just remind you that this is on top of a business that is stable, solid, $66+ million of trailing 12-month revenue, a business that can support the current infrastructure and then some. We're further supported by a couple of agreements outside the U.S., one in Israel, one in Canada, where they will be taking our products for ADHD forward in those markets. That'll provide some additional licensing revenue for us in the outer years. Nothing imminent, but we do expect those to move forward and ultimately get through the respective regulatory processes relatively quickly. I'll just remind you again, $66 million in trailing 12 revenue, consistent adjusted EBITDA, a business that's supporting itself, nearing cash flow by virtue of all the changes that we've made over the last couple of years. We're excited about how things have progressed, have improved margins materially by virtue of those changes, and ultimately have positioned the company very well with over $30 million in cash as of June 30. Very manageable debt load that we just refinanced out to June of 2029 and really are excited about how we're positioned as we enter into Exxua. Company's very well positioned, ready to go. Thanks for listening to the story. Really appreciate your interest and look forward to updating as we get Exxua out the door here end of 2025 into 2026. With that, let me bring Robert back in and I'll thank you again for your time and thanks for your interest in Aytu BioPharma. Fantastic, Josh. Thank you very much for the presentation. Thank you to everybody here watching. As a reminder, if you'd like to schedule a meeting here with the company, whether it be here at the conference or perhaps in the weeks to come, please send me an email. That's blum@lythampartners.com. Further, to learn more about Lytham Partners, make sure to visit our website or stay connected with us on LinkedIn to be apprised of future events such as the one here with Aytu. Josh, again, thanks so much for the presentation. Really appreciate it and have a great conference. Thank you.