Greetings and welcome to the CV Sciences 2025 fiscal year-end and fourth quarter earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Brendan Hawkins. Please go ahead. Thank you, and good afternoon, everyone. With us today with prepared remarks are CV Sciences Chief Executive Officer, Joseph Dowling, and Joerg Grasser, Chief Financial Officer. After the prepared remarks, we will take questions from the analyst community. I would like to remind you that during this call, management's prepared remarks may contain forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated by CV Sciences at this time. When used in this call, the words anticipate, could, estimate, intend, expect, believe, potential, will, should, project, and similar expressions as they relate to CV Sciences are as such a forward-looking statement. Finally, please note that in today's call management will refer to non-GAAP financial measures in which CV Sciences excludes certain expenses from its GAAP financial results. Please refer to the CV Sciences press release from earlier this afternoon for a full reconciliation of its non-GAAP performance measures to the most comparable GAAP financial measures. As I mentioned, this afternoon the company issued a press release announcing its financial results. Participants on this call who may not have already done so may wish to look at the press release as the company provides a summary of the results on this call. The press release may be found at cvsciences.com. I would like to now turn the call over to CV Sciences Chief Executive Officer, Mr. Joseph Dowling. Joe? Good afternoon, everyone. Thank you for joining our call. Earlier today, we issued a press release reporting our results for the fourth quarter and full year ended December 31, 2025. Throughout 2025, we made meaningful progress against our top priorities, improving margins, reducing our cost structure, and moving the business towards sustainable profitability. We are pleased with our fourth quarter and full year performance, particularly given the challenging market and regulatory environment facing our industry. Despite these headwinds, we remain focused on our core objectives. First, scaling the business. Second, driving continuous cost efficiency. Three, achieving profitability and positive cash flow. At the same time, we are advancing our transition into a global health and wellness company, reaching several important milestones during the year. For the full year, we generated revenue of $13.8 million compared to $15.7 million for 2024. While revenue declined year-over-year, we believe our 2025 revenue performance reflects resilience in a difficult operating environment. Our gross margin improved significantly to 49%, up from 45.6% in 2024. Operating expenses were reduced by 17.2% to $7.7 million, compared to $9.4 million in the prior year, reflecting our ongoing focus on cost discipline. Adjusted EBITDA loss narrowed to $0.3 million for 2025 compared to $0.8 million for 2024. We also generated positive adjusted EBITDA of $0.1 million for the fourth quarter of 2025, a meaningful improvement from prior periods. We maintained our position as the number one selling hemp extract brand in the natural product retail sales channel and continue to gain market share according to SPINS, the leading provider of syndicated data and insights for the natural, organic, and specialty products industry. Our primary goal as a company is to grow profitably, and we recognize that achieving greater scale is critical to that objective. Our strategy is centered on three primary areas, Product Innovation, Cost Efficiency, and Strategic M&A. Let me take a moment to walk through each of these strategic areas. Starting with Product Innovation. We are making strong progress in diversifying and expanding our product portfolio. We recently launched our new +PlusHLTH branded product line, a new line of cannabinoid-free supplements designed to support optimized health, performance, and vitality. The initial lineup includes Clarity for cognitive support, Peace for occasional stress, and ReShape for metabolic health. This platform allows us to leverage our existing infrastructure while diversifying beyond cannabinoid-based products. Early feedback from consumers and retailers has been very encouraging. In the first quarter of 2026, we launched our new +PlusHLTH Empowr product, an innovative functional nutrition product that combines performance and wellness in a single convenient format with 20 g of protein, 5 g of creatine and active probiotics. Empowr supports strength, recovery, mental clarity, and gut health. We believe this product positions us well across a broad consumer base, including a growing segment of women increasingly interested in creatine for energy, performance, and healthy aging. Looking ahead, we plan to launch multiple non-cannabinoid products throughout 2026. These products are expected to drive organic growth, leverage our existing infrastructure, and help offset revenue pressure from regulatory challenges. We also plan to expand into select international markets through our European subsidiary, Cultured Foods. Cultured Foods remains a key component of our innovation strategy. In addition to being a manufacturer and distributor, it provides us with in-region production capabilities for European and global markets. We expect Cultured Foods to play an increasing role in new product launches in 2026. In our pet category, we continue to build momentum with our +PlusCBD Pet line. Our Hip and Joint Health and Calming Care Chews remain strong performers and are supported by extensive research, including validation from a landmark safety study backed by the National Animal Supplement Council. We are also continuing to expand our relationship with Chewy, strengthening our presence in the fast-growing online pet category. Turning to Cost Efficiency. We made substantial progress on Cost Efficiency in 2025. Operating expenses declined by 17.2%, and we improved logistics and fulfillment efficiency, reducing shipping costs. We continue to identify additional opportunities to streamline operations. Our acquisition of Elevated Softgels is a key driver of future margin expansion. By bringing certain manufacturing capabilities in-house, we can reduce costs, improve speed to market, and gain greater control over production. Combined with selective outsourcing through Cultured Foods, we are building a more flexible and efficient supply chain. Importantly, we are now approaching cash flow break even in a constrained revenue environment. Our third focus area is M&A, which remains an important part of our growth strategy. Over the past two years, we completed the acquisitions of Cultured Foods and Elevated Softgels, both of which are contributing to scale, efficiency, and diversification. We continue to evaluate additional opportunities that offer strong strategic and financial alignment, and we remain actively engaged with our advisors. On the regulatory front, the regulatory environment remains complex. We continue to work closely with advocacy organizations to support the development of clear, science-based regulations. The lack of consistent federal guidance continues to create challenges, including increased costs, and has also led to uneven state regulations. The November 2025 Appropriations Act could have mixed implications for the industry. We believe it could serve as a catalyst for long overdue regulatory clarity. If unchanged, this act will require us to pivot away from certain products, which we are prepared to do if needed. We are encouraged by recent federal developments supporting increased research and potential rescheduling of cannabis, as well as efforts to modernize the regulatory framework for hemp-derived products. We are actively monitoring these developments and positioning the company to capitalize on emerging opportunities. A very positive regulatory development came on December 18, 2025, when President Trump signed an executive order titled Increasing Medical Marijuana and Cannabidiol Research, which directed the Attorney General to take all necessary steps to complete the rulemaking process to reschedule marijuana from Schedule I to Schedule III of the CSA in the most expeditious manner permitted by federal law. The executive order also directed the administration to work with Congress to update the statutory definition of final hemp-derived cannabinoid products to allow continued access to appropriate full-spectrum CBD products while restricting products that pose serious health risks. Additionally, the executive order directed the Secretary of Health and Human Services, the Commissioner of Food and Drugs, the Administrator of the Centers for Medicare and Medicaid Services, and the Director of National Institutes of Health to develop research methods and models utilizing real-world evidence to improve access to hemp-derived cannabinoid products. CMS Administrator Dr. Mehmet Oz announced that the Center for Medicare and Medicaid Innovation was planning a model that would allow Medicare beneficiaries to receive hemp-derived CBD products at no charge if recommended by their physicians, with coverage of up to $500 in hemp-derived products on an annual basis, potentially beginning as early as April 2026. The details of this program are beginning to be made public, and we are pursuing this opportunity aggressively. In summary, while industry challenges remain, we are positioning the company to diversify, scale, and grow profitably. We have streamlined our operations, improved cost efficiency, and built a lean organization capable of leveraging our strengths as we move forward. With that, I will turn the call over to Joerg. Thank you, Joe, and good afternoon, everyone. During the fourth quarter of 2025, we continued to see the results of several key initiatives that we have discussed on prior calls. Importantly, we are navigating a constrained and highly competitive revenue environment while continuing to make meaningful progress in improving our profitability and cash profile. This reflects the resiliency of our business model and the disciplined execution of our team. For the full year 2025, we generated revenue of $13.8 million, compared to $15.7 million in 2024. The decline was primarily driven by lower sales volume. While top-line pressure persists across the broader CBD category, we have remained focused on what we can control, optimizing our cost structure, improving margins, and positioning the business for long-term operating leverage. We delivered significant gross margin expansion in 2025, increasing to 49% from 45.6% in 2024. This improvement was driven primarily by lower product and shipping costs, as well as our continued progress of insourcing manufacturing for certain softgel and tincture products. Over the past several years, we have structurally reduced our cost base without compromising productivity, and we believe we are now well-positioned to benefit from operating leverage as revenues recover. Turning to the fourth quarter, revenue was $3.3 million, compared to $3.9 million in the fourth quarter of 2024 and was consistent with the third quarter of 2025. While unit sales declined year- over- year, we are encouraged by the performance of our newer product offerings and the execution of our go-to-market strategy. Notably, products introduced since the beginning of 2023 represented 39% of our full year 2025 revenue, underscoring the importance of innovation in driving our business forward. The CBD market remains fragmented and highly competitive, and we expect the dynamic to continue. However, we are also seeing ongoing brand consolidation and contraction, which we believe will create opportunities for us to expand our market share over time. Our direct-to-consumer channel continues to perform well, representing 44% of total revenue in the fourth quarter of 2025. While slightly down from prior periods, we are seeing steady improvements across key digital KPIs, which supports our confidence in the long-term growth and profitability of this channel. Fourth quarter gross margin was 50.5%, compared to 43.2% in the fourth quarter of 2024 and 48.5% in the third quarter of 2025. This continued margin expansion reflects the structural improvements we have made in our supply chain and cost base. We expect further benefits as we increase the number of products we insourced during 2026. SG&A expense for the fourth quarter was $1.7 million, down from $2.3 million a year ago, representing a decrease of nearly 25%. On a full year basis, SG&A decreased from $9.2 million to $7.6 million. These reductions were primarily driven by lower legal and professional fees, reduced marketing spends, and overall administrative efficiencies. Importantly, these cost reductions are structural in nature and reflect a more disciplined and scalable operating model. As a result of these efforts, we generated an operating loss of just $0.1 million in the fourth quarter compared to a loss of $0.6 million a year ago. We also achieved positive adjusted EBITDA of $0.1 million, a meaningful improvement from an adjusted EBITDA loss of $0.4 million in the prior year period. On a GAAP basis, net loss for the quarter was $0.2 million, compared to $0.7 million a year ago. These results highlight the significant progress we have made towards profitability, even in a challenging revenue environment. Turning to the balance sheet. We ended the fourth quarter with $0.3 million of cash compared to $0.5 million at the end of 2024. During 2025, we entered into a financing agreement with an institutional investor, which was subsequently modified in March of 2026 to include a conversion feature. This modification was a significant milestone in our strategic plan to enhance our financial flexibility and accelerate long-term growth. It strengthened our balance sheet and positioned CV Sciences for sustained cash flow profitability. From a cash flow perspective, we used $0.3 million of cash from operations in the fourth quarter, consistent with both the prior period and the third quarter. For the full year, we reduced operating cash usage from $0.9 million in 2024 to $0.4 million in 2025. This represents a significant step towards our goal of achieving sustainable positive operating cash flow. We are actively managing our liquidity through improved collections on accounts receivable, disciplined inventory management, and close oversight of vendor payables. At the same time, we continue to align our cost structure with current revenue levels, which has been a key driver in our progress towards cash flow break-even. While we anticipate some modest cash usage in the near term, we expect continued improvement as we realize the synergies from our recent acquisitions and move towards generating positive cash flow in the second half of 2026. Inventory at year-end was $4.1 million, down from $4.9 million in the prior year, reflecting our ongoing focus on efficient working capital management and converting our raw materials into finished goods and ultimately into cash. After integrating Cultured Foods and Elevated Softgels into our overall platform, we expect to begin realizing meaningful synergies from these two acquisitions in the second half of 2026. With a leaner cost structure, improving margins, and a clear path to cash flow break even, we believe we are well-positioned to execute on our growth strategy and drive long-term shareholder value. With that, I will turn the call back over to Joe. Joerg, thank you. As we've discussed today, we are aligning the company with current industry conditions while maintaining the flexibility to pivot into new growth areas, including in-house manufacturing and non-cannabinoid products. We have taken decisive actions over the past several years to streamline operations, improve efficiency, and position the company for long-term value creation. Our recent acquisitions are enhancing our scale, expanding our capabilities, and strengthening our cost structure. We expect consolidation across the hemp and cannabis industries to continue, and we intend to remain an active participant where it creates strategic value. We are confident in our ability to compete in the broader health and wellness market and to drive long-term shareholder value through disciplined execution of our strategy. Finally, I encourage our shareholders and listeners to visit our website and learn more about our products and our mission. Thank you again for your time and continued support. Operator, please open the line for questions. Thank you. We'll now be conducting a question- and- answer session. If you like to ask a question, please press star one on your telephone keypad. One moment please while we pull for questions. Thank you. There are no questions at this time. I would like to hand the floor back over to Joseph Dowling for any closing remarks. Thank you again for your time today. We are excited about the future and look forward to speaking again soon. Have a good day. Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you again for your participation.