Well, thanks for coming out. My name is Noah Agron. I'm the Vice President of Corporate Finance and Strategy at BioStem. I've been at the company for about a year and a half. I started at the company actually as a shareholder before an employee. I'm very pleased to be here at Planet MicroCap to talk about the company. Forward-looking statements. Our mission, to create and deliver the most advanced wound care healing technologies in the world. Just a quick snapshot on the company. If you're not familiar, they're the basics. Ticker's BSEM. We're located in Pompano Beach, Florida. There's our share price and market cap. Recent financials from our first quarter earning call, 26 revenue, Q1 of $6.1 million and 61% gross margin. Oh, that sounds better. As of end of Q1, cash and equivalents of $13.7 million. We launched our top-line guidance after Q1 of $25 million - $29 million. This key corporate developments page is a very important page, and I think that if there's anything that I want to impart or anyone listening wants to leave with, is the transformative nature of the BioTissue acquisition, which we made in the first quarter. It'll be something that I'll be touching on numerous times throughout the presentation. It's a very important part of it. The BioTissue acquisition is the closed acquisition of BioTissue surgical and wound care business and our progress integration initiatives. The deal terms were we made an initial payment of $15 million in cash in Q1 with a $10 million payment for a 510 award that is pending. A $15 million royalty once we affect the tech transfer. We cannot affect the tech transfer until one year after we had closed the acquisition, so we could do that as early as January of 2027. What we're really excited about that is bringing over the manufacturing and those products in-house will enable us to gain over 20% of gross margin, which will bring us from the mid-50s to the mid-70s on that. Equally as exciting is our progression and pathway to uplisting. We're OTC listed. However, we have filed a Form- 10 confidentially with the SEC. We did that after the completion and publication of the 2024 and 2025 audit with KPMG. That was basically the main gating factor. We set out for our Form- 10 last year, but we pulled it because we wanted to bring a key service provider like KPMG to do that audit so we could move forward with the Form- 10. We have really great service providers. In addition to KPMG, our legal is Greenberg Traurig. Our IR firm is Gilmartin Group. That form was filed in April of this year. We're currently in the comment period. We've also filed a Nasdaq application. Also, during this time, we received analyst coverage, our first analyst coverage by RK at HCW who put out a report prior to Q1 earnings and a follow-up report after Q1 earnings with a price target of $7. In addition, over the spring, we strengthened our balance sheet by retiring some outstanding debt that we had with GMA. All our debt is current at this time. At the same time, we brought in $2.5 million with our first institutional investor, which was really excited to have them on board as well. Last week, we also announced an expanded leadership, some changes to our board. I'll start with that. We added three board members. Most excited to have Rayna Lesser Hannaway on our board, who is an ex-Fidelity Small Cap portfolio manager. She brings a lot of key capital markets insight, will help me out sort of in our NDRs. We've done a number of NDRs over the last year and have presented at Goldman, Morgan Stanley, Cowen, and Needham, and she will be really helpful in that. Also, we brought in our first in-house general counsel, Katherine Gurell, as our Chief and Legal Compliance Officer in April. This is just a slide on the need for perinatal allografts versus standard of care. Again, using placental-based perinatal allografts enables faster healing, minimized scarring and adhesion, infection prevention, pain management, and reduced complications. Standard of care is simply bandaging the patient. If standard of care does not work, there are a number of very terrible comorbidities that may occur, including lower limb amputations and diabetic foot ulcer hospitalizations each year, which costs the Medicare trust a significant amount of money, up to $30 billion each year. Just talking about the TAM, and again, going back to the BioTissue acquisition and why that was so important for us. Up until the acquisition, BioStem operated in the chronic wound care segment and the physician office segment, which is a good TAM, about a $15 billion TAM. Going into the hospital and surgical adds another $8 billion on the TAM, including orthopedics, foot and ankle, urology, spine, and women's health. Some of our public comps include Orgo, Organogenesis, and MiMedx. This slide just sort of addresses the differentiated technology and strong foundation versus some of those. Most important is our 68 issued U.S. patents and 81 pending, and our addition of industry-leading technologies. Again, in addition to BioRetain, which is our proprietary process, with the BioTissue acquisition, we brought on the CryoTek and SteriTek products as well. Here's a little bit closer look at our product mix. Again, the blue box shows the different products that we've brought in with the BioTissue acquisition. VENDAJE and VENDAJE AC is our legacy physician office product. We've added the Clarix and Neox family. Those are products that are used in the surgical setting. Along with the addition of the commercial sales force, what's very interesting is that we can add VENDAJE, our legacy products, into the hospitals on those agreements, and we're looking to do that this year. Again, with the BioTissue acquisition, this has effectively de-risked our market. Prior to the acquisition in the physician office, the vast majority of that blue circle, the payer was Medicare and the Medicare trust. With the hospital products, we've de-risked by having mostly a commercial payer base, and that's been very important given the changes of CMS's reimbursement over the last year. With the BioTissue acquisition, the most exciting thing is that we've been able to add our first in-house sales force. At the time we made the acquisition, we brought on 15 W-2s and a number of independent sales folks. Since then, we've added that number to get up to 35 W-2s and 30 independent salespeople. The blue states that you see are the states that we're currently doing business. Just given the map, you can see how much greenfield we have to go, and we're very excited to go down that path. In addition, we have done some RCT studies. We put out our first results in the physician office product at the end of last year. That was for DFU. We also will have the entire DFU readout this year, as well as the top line for our VLU. We were very pleased with the results of the studies. They showed superior outcome with BioRetain Allograft in diabetic foot ulcers versus standard of care. That is important for physicians who are making those decisions on which allografts to put on their patients. A little bit about our manufacturing facility. Like I said, we are based in Pompano Beach, Florida. It is about a 6,300 sq ft facility. Currently, we are processing about 30,000 sq cm monthly. That is, we are working at about 15%-20% capacity currently on one shift, so we have a lot of room to grow. Again, what is key about this is, and where there is a lot of excitement is once we effect that tech transfer with BioTissue, we will bring in all of that manufacturing in-house, which we have that capacity and the ability to gain 20 basis points in margin. They are basically currently manufacturing this product at a very high level, at the L.A. level, and we can do it much more efficiently. Again, we cannot do it until one year after the transaction occurs, but we are looking to do it as soon as possible after that. It is also of note that there is not a lot of CapEx associated with effecting that tech transfer. A little bit about the management team. Jason and Andrew are co-founders. Brandon Poe is new as our CFO. He is coming up on about a year, but he has had over two years of the company as he was chairman of the audit committee on our board, and he went off the board in order to take the CFO role. We are really happy to have him there full time. We do have some legacy BioTissue folks, which we are very excited to have, including Barry Hassett, our Chief Commercial Officer, and Leta Lilly, who runs our sales force. We brought Leta out of retirement. There is a lot of excitement around the BioTissue sales opportunity. BioTissue, the company, was really focused on their ocular franchise and was managing it for cash, not so much for growth, and we are excited with these folks to be able to get this back into high growth mode, and Leta and Barry will be very helpful in that effort. The financial and capital markets outlook, as I have mentioned before, we are investing for growth. We have made significant growth in our sales base, going from 15 - 35 sales folks. Again, we have $13.7 million cash on the balance sheet. We have a positive track record of delivering EBITDA in the past, and we are looking forward to continue to grow both those segments. Again, uplist to Nasdaq, we are in the process of doing that. It is not so much in our hands as in the hands in the SEC, but we have had a good back and forth through the comment period, and we are hoping to effect that uplisting to Nasdaq at some point over the summer, so stay tuned with that. Key catalyst roadmap for those looking to see what we have got coming up for the rest of 2026. We really have two check marks there on the successful integration of the BioTissue assets and our uplist to Nasdaq. I did touch on the sales expansion. We're looking to get to 40 direct sales reps. We're really moving along well in that effort and the fact that we're at 35 right now. We're excited to get the 510 clearance in order to upregulate our particulate product through the BioTissue, it's called Catalyze. We'll continue to present clinical evidence. As I mentioned, we've got the full readout on DFU and top line for VLU this year. Again, on the financial side, deliver revenue growth in the second half. I would say that on the BioTissue side, that's somewhat of a seasonal business because it's a commercial payer base. What you see is patients use up their deductibles in the first part of the year and then they go in for these elective procedures in the second part of the year. We're looking for second half growth there. Again, improve our operating margins across the year. Again, the tech transfer with BioTissue, bringing that in-house is going to go a long way to achieve that goal. If there are any questions, thank you for listening. Thanks. I do have some questions. Sure. Oh, great. Sure. Yeah. Defer to our- No, that's fine. Fire away. The slides have past tense. I don't think I saw the 10-K on guidance for 2025 and 2024. Are they done for in-process or it's completed aspirational? Where are we on the item? No, the KPMG 2024 and 2025 is in. We didn't file a 10-K because we're OTC, and so we don't file a 10-K. Okay. When can we have a look at it? Trip, are you Which has all been a long frustration. Yeah, they should be. Just to get off the company because they're OTC while I guess they're technically correct, most other OTCs file their Yeah, those can be found in the OTC disclosure section. I'm sorry. Did you get the data on that report? They're available. They're available on OTC. They are? Yes. On OTC? Yes. OTC. Yes. OTC disclosure. Okay. With the issuance of the IMSE having disclosures around controls. I'm not exactly sure about that. That could be a question for Brandon. All right. Sure. The acquisition, I think there's some elements that have been in control of themselves, and it's unclear why you still have commercial control of some of those. Is that something you can talk about? Well, could you be more specific? Again, right now we have a contract manufacturing agreement at a cost-plus arrangement, and that will change with the tech transfer, and then it'll shift to a royalty. On the 510 award, once that 510 award is granted by the FDA, we will make them a $10 million award payment, and we will have ownership of that product. Mission precedent is approval or payment or both? Both. Both, correct. What's going to be the trigger for that? FDA approval and then the terms of the agreement are once that approval is made, we'll have 30 days in order to make that payment post-approval. Okay. What would cause you ever not to make the payment? No, we want to have that. We want to have a 510 pathway product for sure. Okay. One of the things we're really excited about the BioTissue acquisition, if you look at it versus other acquisitions, this was an acquisition that we made it for 0.8x revenue. If you look at the Solventum Acera deal where Solventum went and bought Acera that had a portfolio of 510 products, that transaction ended up. I think they sold to Acera for 9x revenues, a $725 million transaction. We absolutely want to have the 510. We want to make that payment and start to upregulate that particular product. It's a bit of a pivot for the business, right? I know. It's a major pivot for the business, right? One of the reasons we're so excited about this acquisition is we're a completely different company than we were in 2025. If you look at our first quarter revenues, the BioTissue side is 87% of our revenue. I think that it will be the vast majority of our revenue guidance for this year. I do think that the physician office, the legacy business will recover right now. There have been serious changes at CMS. They've gone from ASP plus 6% pricing to flat pricing. What you're seeing right now is a shakeout in the business where a lot of those producers that couldn't produce at this 127 number are exiting the market. At the same time, they're liquidating inexpensive inventory. We need to see that play itself out and leave it to the, as I like to say, the adults in the business. I think that for the analyst community that's covered, call it Orgo and Organogenesis and MiMedx like PTIG, basically, a lot of the analysts say, "Look, this has to play itself out." Then you'll have the vertically integrated producers that can produce at 127 that this business will be left to. It's important that they made these changes to 127. The ASP plus 6% was not a very responsible pricing matrix because it simply incented the doctors to buy the most expensive product possible because they were getting that 6% to put it on. Making it a level playing field will bring in the RCT data that we're doing or others that are doing, so the doctors can make the right decisions for their patients versus how much they're putting in their pocket. While we're at 127 now, the fact is that a lot of the opportunists in this sector are still liquidating that inventory, and the doctors will still buy product at $20 a square because they can get reimbursed at 127. We're playing this waiting game to see how long it's going to take for that to run out. It is a finite supply. Given the pivot, obviously things like your off above the exercise and change et cetera. Yeah. different. Correct. We did an earnings restatement in the third quarter of last year. Basically what we did was, there was really no change to the EBITDA or bottom line. We just basically recognized what we used to do was called bona fide services as contra revenue instead of calling it top line. At the time when we had one sole distributor, which is Venture Medical, they were- Right. Yeah. They were taking in 78%. We moved that down contra revenue, there's really no difference to the bottom line. When you take a look at it's a very serious change if you look at top line number versus bottom line. It is. The top line number was different. Yeah. What I said is, you have a change in the structure of the financials coupled with you now have a change in the business. How should we think about the business going forward? I don't know that there's clarity around what sort of structure. Yeah. Look, the margins remain strong. The margins are 61% margin right now. We think we're going to be able to up that once we effect that tech transfer. We've put on top line guidance of $25 million-$29 million this year. Obviously, we're looking to beat that. If you're looking more long-term, I think RK's model is fairly sound in what he's put out on us as well. Like I said, I'm happy to talk to you a little bit more when we sit down. Great. Thank you. We'll see you at SIM. See you all.