Good morning, everyone. Welcome to the Jefferies Global Healthcare Conference. My name is Zach Guffberg, and it's my pleasure to introduce Sean Brynjelsen, the CEO of Eton Pharmaceuticals. Thank you. Thank you, everyone. This advances it, I'm assuming. Okay. Eton Pharmaceuticals was started with the vision of really three main pillars. One is patient first. Everything we do is revolved around patients. It seemed to us that many of these patients, these ultra-rare disease patients, had no therapies, and that was because it was ultra-rare, and large pharma was focusing on larger markets. For us, we saw for the market 20,000 patients and below, a very limited opportunity. That brings us to the ultra-rare focus. Making the greatest impact for us was one that I had a passion for, our team has a passion for. In order to make that a reality, it was decided that today we want to be the company with the largest rare disease portfolio in America across all different indications. Although this is the vision today, and we've stated that we want to have one of the broadest rare disease portfolios in the industry, I'd like to take a minute to talk about the end game. For me, the end game would be having a rare disease product in every single therapeutic area. You're talking about hematology. You're looking at products not just in where we're at today, pediatric endocrinology, metabolic disorders, nephrology, hepatology. Each segment has unique rare diseases. There's over 10,000 rare diseases today. 95% of those qualify as ultra-rare disease, meaning 20,000 patients and below on an annual basis. For us to say we want the largest rare disease portfolio in the industry is really a vision that is only a starting point. I would say that 10 years from now, who do we want to be? We want to be a company that has 100 products on the market. We want to be a company that has not lost their vision, but to focus on the space where these patients are not being served today. We've started that mission with these 11 products we have on the market. Soon, we will have two more product launches later this year. We'll have several product launches next year, and that will bring us to more than 15 products on the market. At that point, we will have the largest portfolio in the industry from a rare disease standpoint, but that really is much lower than where we intend to go. You've seen a couple of products we have up here. INCRELEX is a biologic. It's a growth hormone disorder product. It's a product that is for a unique aspect of it, where human growth hormone is not doing the trick. This is a product that is IGF-1 deficiency. What we saw with that product was a large company that had it in its portfolio, but really was under-commercializing it. There was not a dedicated rare disease team on it, and it's one that we felt we could step in and it would be a good fit for the company. Secondly, ALKINDI SPRINKLE, that's really what got us started in this space. Why focus on rare disease? Well, it's a small prescriber base. You're looking at a small SG&A footprint. You typically have competitive pricing. These are an area where we can then reinvest, and we can grow the market, which brought us to KHINDIVI. We thought the ALKINDI SPRINKLE for adrenocortical insufficiency was certainly an unmet need, but then to have an oral solution on that for patients that didn't want the sprinkles made sense to us. We're in the midst of getting the five and under. We were approved for five and above. We expect to file that product in the near future and really capture that entire market. The company also does internal development. I'll talk about that in a little bit. DESMODA, which is an oral solution of desmopressin, was a disease called diabetes insipidus. This is a disease that has nothing to do with traditional diabetes, but it really is a vasopressin deficiency disease. It's a disease where the body doesn't regulate vasopressin, and so desmopressin is an analog, and that would allow the proper utilization of water throughout the body. We think that the market is north of $50 million. We see that continuing to grow. It's actually been one of our most successful launches in our company's history. HEMANGEOL. HEMANGEOL is a product that brought us into a new therapeutic area. We're looking at now addressing the needs of pediatric dermatologists with regard to hemangiomas. HEMANGEOL has over 8,000, you could say, patients a year. This is quite remarkable product. It's a product that can take a child with a significant hemangioma and really remove that hemangioma by and large. If you look at the before and after pictures, you'll certainly see a drastic change. I won't go by all these products. There's a number of them. As our company continues to grow and expand, you'll see that there'll be 20 to 30 products on the market. All of them sourced from around the world. We've become the rare disease company of choice. Companies come to us to license their products when they don't have a U.S. partner, and we would expect to launch and grow those markets in the United States. That's another point I want to bring up, is that we are a U.S.-focused company, and what that means is if there are needs outside the U.S., we don't ignore those, but we provide that product either through distribution partners, local distribution partners, or we can do it under a special patient access program. On the commercial side, the results speak for themselves. You're looking at us achieving north of $120 million in sales in 2026. We continue to ramp that up. We're going into an unprecedented period of growth over the next 12 months. We had indicated that we would be on a run rate basis, towards the end of 2027, of exceeding $200 million a year in sales. The aspect and the revenue is fine, but what that really means is that we're launching products. That means that we're serving our patients, that we're growing our pipeline. We have a mission in the company, which is to serve our patients. We have some unique aspects of Eton Pharmaceuticals that you won't see at any other pharmaceutical company, especially when we get to our Eton Cares program, for example. You'll see EBITDA margins continue to grow north of 30% in 2026. I think as we get towards the end of 2027 and go into 2028, those EBITDA margins will go north of 50%. On the commercial strategy, I mentioned the Eton Support Program. Eton Cares program is unique in the sense that there's zero copay for eligible patients. This is, I guess, a program that I really had promoted early on in Eton's history, in that if a patient gets a prescription and the doctor judges they need that product, let's remove all barriers from access. Let's get the product to the patient. We'll deal with the paperwork and the reimbursement and all of these other aspects of it a little bit down the road. A doctor knows that if they're working with Eton Pharmaceuticals, their patients are not going to come back and complain that they couldn't get the product because of reimbursement, or they couldn't work through the specialty pharmacy, or whatever the situation may be. The philosophy is to get the product in the patient's hands, ideally, the next day. We're normally within a very short period of time. You won't find another program like that in the industry. We work very closely with patient advocacy groups, so when we take on a new product acquisition or let's say a new product launch, we immediately try to go where the patients are and making sure that they have awareness of the products. Sad to say, many doctors may know about a new therapy for a given disease due to workload, whatever the reasons are. Many of the patients don't get that word. We realize we need to reach out directly to patients where possible, and the best way to do that is through the patient advocacy groups. This is where we can go and directly make a difference. Even through holding, for example, on our KHINDIVI and ALKINDI program, we have a specific day set aside throughout the year where we bring patients in, and we do this thing called Camp Cortisol, and we let the patients share each other's experiences. We have representatives who are there. What we found is a lot of those patients had never even heard of ALKINDI or KHINDIVI because their doctors had never communicated that. That gives us an opportunity to promote that message in those situations. This is one where I'm proud of our support for the advocacy groups. We've been invited to attend as a keynote speaker, for example, at a Wilson disease conference next year. We're the number one supporter of the Wilson disease patient advocacy group, and we're very much tied in with them. We look at our commercial strategy on a concentrated prescriber basis. How can we be in all these different places? How can we promote and market to all these different groups? That's because many of these patient bases may only have two, three, or four centers of excellence that are addressing those needs. Having a small number of specialists allows us to deploy a sales team of three, four, five reps, and then all of a sudden you're in a new call point. There's no reason that we can't continue to do that and build our company that way. Each product is profitable on its own. It's one of those where we watch the P&L, but you can think of each product almost as its own business. One of the questions we get from larger companies and institutions is, "How can you guys launch all these different products?" It's just the way we've set up our company allows us to do that. These are three disease areas we focus in today. Pediatric endocrinology, metabolic sales, pediatric dermatology. I think you'll find us in others in the future, in cardiovascular and hematology. Ideally, I'd like to see 12 different call points where we've got products, as you can see in each of these buckets. How do we do all of this, and what's the real takeaway? If you were to leave today and just take away three points, I would focus on this. We grow our company through three mechanisms. One is the existing commercial products. That's our organic growth of our existing products. Frequently, we have only 10%, 15% market penetration. We have an excellent Chief Commercial Officer. Ipek Erdogan-Trinkaus has really done a fantastic job of just growing that. Secondly, our internal pipeline and development. DESMODA, for example, was an internally developed product. KHINDIVI was an internally developed product. The third mechanism is our acquisitions and licensing. That really is a core competency we believe we do better than anyone else. David Krempa, our Chief Business Officer, is here today, and he and his team will go and find out transactions and acquisitions that, I would say, probably have had the biggest impact in our portfolio, certainly more than even our internal development. We are working on several transactions at the moment. We hope to make some announcements in the coming months and launch normally two to three products annually. That's really our goal. If we can do two to three, ideally, I want to do more than that. That's great, but so far so good. Next, I'd like to talk about a little bit of longer-term growth. We expect to hit $500+ million in potential peak sales by 2030. That will mean that we have executed on the plan I've outlined to you guys today. This is something that we believe is extremely achievable, not even including the acquisitions and licensing. If you just look at our internal pipeline and our existing commercial infrastructure, that $500+ million in peak sales is very achievable. T he acquisitions and licensing allow us to sort of provide a little bit of insurance policy on hitting those numbers. This isn't a company where, if you choose to invest in, that you need to be worried about looking at the stock on a week-by-week basis. It's one of those where you can be relatively comfortable owning that for many years to come. This isn't a short-term strategy. We believe this strategy is a five, 10, 20+-year strategy, and we believe our company will be the rare disease company in the U.S. in the near future. A couple of key products that drive our growth are INCRELEX. This is our number one product right now, but we only have 51% of the patients. We're looking at reaching the 200 potential patients, and we're growing that product also, through a series of label expansion studies. I'm also looking at the product as another indication in a disease called infantile spasms. There's certain universities that have studied mecasermin, which is IGF-1, for helping to alleviate infantile spasms in patients that are resistant to it. That's one we're going to take a look at down the road. ALKINDI SPRINKLE and KHINDIVI, we've said publicly we believe that we'll do north of $50 million in sales, but we only have 12% of the patient population. Right now, other patients can do a compounded product. They can break up tablets. They can do those types of things. This is a far easier option for them. We see that growth continues. Galzin and Wilson disease, we're making good inroads on that. We think we can hit at least 600+ patients over the next 24 months, and we're well on our way to doing that. DESMODA just launched, so it's too early to tell, but so far so good. We actually have a number of patients on product, and I see that reaching our, I think we said our $30 million-$50 million sales run rate, and we'll be well on our way to doing that as we enter into 2027. These are just a few examples. Obviously, as the portfolio grows larger and larger, we're not going to be able to address each and every product. I wanted to give an idea of what happens when two of these were acquired, INCRELEX and Galzin. The other products, ALKINDI, KHINDIVI, DESMODA, well, at least KHINDIVI and DESMODA are done internally. ALKINDI, we acquired that while it was under review, and we've done that product a lot of justice. Margin expansion. 30%, I said, EBITDA over the next couple of quarters, and then really hitting a 50% EBITDA margin by 2028. You can see how we can do this just across the board. These are numbers that do not rely on any kind of spectacular feats by us. Anybody who knows the company understands that we don't like to oversell. We really want to give you guys numbers that give us credibility or numbers that we can sign up for. I don't need to make the numbers bigger than they are. These numbers are numbers that we're all very comfortable with. We want to exceed these numbers. That's all I'll say on that point. As we come to the last few slides here, I want to talk about our 2026 goals and critical initiatives. DESMODA approval and launch, check. Acquire and relaunch HEMANGEOL, check. We've got that well underway. That actually could be our biggest product next year in sales. We're transitioning the patients to a specialty pharmacy. That's a product that we felt was not in, let's say, it wasn't in a dedicated rare disease company's hands, and we felt having it at Eton Pharmaceuticals, we could better serve customers, patients. They had 17+ pharmacies. We've got one point of contact for pharmacies, and we're making sure that this product is going to certainly serve customers going forward. Initiate and complete the ET-700 pilot study. I would pay very close attention to that. We expect results in the coming months, maybe in eight weeks. That product is an extended version of Galzin. I believe that product can do north of $100 million in sales. We plan to file that next year. If this pilot clinical study is successful, it will show the proof of concept. It will demonstrate that the product works. It's one that is essentially a twice-a-day dose versus the three times a day dose, and it's a product that should have fewer GI issues as patients are experiencing today. That's an exciting product for us. Continuing on down the line there, submission of the KHINDIVI label. I mentioned that we were approved for five and above, even though the market is largely five and below. For us, that is a critical initiative. We expect to submit that in the third quarter, hopefully in August, and then launch that five and under label in the middle of next year, thereabout. We expect that product to add another $20+ million in sales just in that franchise alone. The INCRELEX label harmonization study. For those of you who are not familiar with INCRELEX label harmonization, what I'm talking about is in Europe, the label allows for a much broader definition of what a patient constitutes. Completing that study in the U.S. and getting that same patient population in the U.S. will increase it by a factor of eight. You're looking at going from 200 patients on product to well north of 1,000, probably north of 1,500. Which takes that product into several hundred million in sales. I'll just say that, assuming that we can get that done. The FDA has agreed on our protocol design. We submitted that, and we're expecting to start that study very shortly. We do hope to file something after the first 12 months of the readout. I would look at this as a potential 2028 approval if we can get it done. It is technically a five-year study. If the FDA wants more than one year, we'll have to keep running it, but it's open- label, and we think that it makes sense to file it once we have statistical significance on the growth of velocities on these patients. Amglidia. Amglidia is a product that's for diabetes for children. This product is sold in Europe. We felt it could be very successful in the United States. That, we're submitting in the fourth quarter of this year. Completion of the ET-800 study. This is an adrenocortical emergency syringe product that should do north of $100 million in sales. We've got a metabolic generic product, which we've already announced, which we'll launch in the fourth quarter, assuming it gets approved. This product is a great little product. This will be a generic one, obviously, but we will have a sales and marketing team on it. A generic in this business is not like a regular pharma generic. You do have to detail and promote it like a brand product. Right now, we know the brand is not being promoted or detailed at all. We believe we will convert that market in its entirety to our product. David has checked this box as a close additional product acquisition. I would say we could maybe have another check on that box, hopefully in the next three to four months if we can close one of these other deals. One thing I will say is that historically, we've done a lot of these smaller types of transactions, which have been generating $20 million, $30 million, $40 million in sales. We're going to continue doing those as we grow the pipeline, but what we really want to do is add on these larger transactions. It's not a matter of saying, "Okay, we did all the little deals, now we're going to do the big deals." That would be the wrong approach. What you really want to do is continue doing what made you successful, which is a lot of these smaller under-the-radar transactions. They're all accretive; they all add money and revenue to the overall pool, but you still want to move up to these larger deals, which frequently will get into a bidding process. They'll be going through some banker-led sale process, which is okay as long as we're disciplined and not overpaying for transactions. Frequently, these deals don't work out, so you have to be careful. I have a background in M&A and licensing deals. I've done several hundred of them. So has David. We've worked at several companies successfully doing these types of deals. It is a core competency in our company to be the go-to partner of choice for rare diseases. Let's see here. We've got a minute. Do I have time for questions after this, or is that a hard stop? Hard stop. It's a hard stop. Okay, I'm going to pause there. Rather than go into product by product, I want to take a time for any questions. If we don't, I'll go into some of our key products. Any questions before I continue? Okay, fine. We'll talk about HEMANGEOL. This product was acquired in February 2026. You think about the population, 5,000-10,000 infants annually. I mentioned earlier that we think this could be our largest product in our portfolio. It's going to be highly accretive. We think that this product, I don't know, David, have we given specific guidance on sales? Okay, I shouldn't do that. I'll leave it at that. You can see and probably do your own estimate if we hit that 5,000-10,000 infants per year, and looking at the current pricing of the product. We did lower the price for patients, so there's the zero copay for them. This will be a product that is already in high demand. We're actually having a lot of trouble keeping up with shipments. We're getting so many orders on this product. ALKINDI SPRINKLE and KHINDIVI talked about these. Even as is, they'll do north of $50 million in sales. These products are really where the starting point of us being into rare disease, and we think that will continue into the future. We don't see any competition. One other thing I want to bring out as we end up here is that many of these products, the pool is really too small to add other competitors. We've kind of created a moat around the business in the sense that in order to displace these products, someone else would have to come out with a sales team who want to promote and try to really move us out of that. Simply getting a product approved won't do that by the nature of the business. You're in a specialty pharmacy. These doctors are writing their scripts, and they're sending to the specialty pharmacy. We have relationships with the doctors and the patients, which I'm very proud of. I think what you'll see is this franchise continue to grow as it is on this slide. Should I stop there? Are we good? Okay. Well, I'd like to thank everybody for their attendance today, and we are available after the presentation. If you have any questions, you want to stop by, please feel free to do so. Thank you