Good morning or good afternoon, and welcome to the FibroBiologics special meeting of stockholders. I would now like to turn the conference over to Pete O'Heeron. Please go ahead. Good morning. I'm Pete O'Heeron, the Founder, Chairman, and Chief Executive Officer of FibroBiologics, and I'll be presiding at this meeting. Welcome to this special meeting of stockholders. Before I call the meeting to order, I'd like to introduce you to the other members of FibroBiologics board of directors. They're Rich Cilento, Robert Hoffman, Victoria Niklas, Kate Rubins, and Leigh Steinberg. Also present today is Dr. Hamid Khoja, our Chief Scientific Officer, Jason Davis, our Chief Financial Officer, and Ruben Garcia, our General Counsel and Secretary. Ruben will serve as secretary of this meeting. I would now like to call this meeting to order. We will proceed with the formal business of the meeting as set forth in your notice of special meeting and proxy statement. After the formal part of our meeting, we'll provide you with a corporate update and an opportunity to ask questions. Please note that the meeting is being recorded, and a webcast replay will be available online following today's meeting. Will the secretary please report at this time with respect to the mailing of the notice of the meeting? I have an affidavit from Broadridge certifying that on July 31, 2026, a notice of the special meeting of stockholders of FibroBiologics was deposited in the U.S. mail to stockholders of record at the close of business on July 20th, 2026. In accordance with Delaware law, a complete list of stockholders entitled to vote at this meeting has been made available for examination by stockholders for at least 10 days prior to this meeting. At this time, I'm appointing our Secretary, Ruben Garcia, to act as Inspector of Elections at this meeting. Mr. Garcia has taken the customary oath of office to execute his duties with strict impartiality. We will file this oath with the records of this meeting. His function is to decide upon the qualification of voters, accept their votes, and when balloting on all matters is completed, to tally the final votes. Will the secretary please report at this time with respect to the existence of a quorum? Proxies have been received from holders of shares of our common stock and Series C preferred stock outstanding on the record date that represent 3,423,980 of the 8,283,193 votes available to be cast at this meeting, which represents approximately 41% of the total number of votes available to be cast on the record date. This constitutes a quorum for the meeting today, and we may now carry out the official business of the meeting. Thank you. The secretary will now open the polls and describe the voting procedures. The time is 11:02 A.M. Central on September 17th, 2026, and the polls are now open for voting on all matters to be presented. If you already submitted your proxy card, you should not vote again unless you would like to change your vote. If you have not already voted by proxy, please mark the appropriate box on the screen, which will then be submitted for tallying. Each share of common stock is entitled to one vote, and each share of Series C preferred stock is entitled to 13,000 votes. The polls will be closed to voting after we go through the matters to be voted on. Thank you. There is one proposal to be considered by the stockholders at this meeting. The proposal is more fully described in our proxy statement filed with the SEC on July 31st, 2026. The sole item of business to approve is the issuance of 8,163,266 shares of common stock issuable on the exercise of outstanding common warrants issued pursuant to the security purchase agreement dated June 25th, 2026, and up to 285,714 shares of common stock issuable upon the exercise of outstanding common warrants issued pursuant to our engagement letter with H.C. Wainwright. The board recommends you vote for this proposal. No other proposals have been properly submitted pursuant to our bylaws or the rules of the SEC, so no other proposals are being considered. The secretary will now close the polls. The time is 11:04 A.M. Central on September 17th, 2026, and the polls are now closed for voting. May we have the results of the voting? The preliminary results for the proposal presented at this meeting are as follows. The issuance of up to 8,163,266 shares of common stock upon the exercise of outstanding common warrants issued pursuant to the securities purchase agreement dated June 25th, 2026, and up to 285,714 shares of common stock upon the exercise of outstanding common warrants issued pursuant to the engagement letter is approved. We expect to report our preliminary voting results, or if available to us on a timely basis, our final voting results on a current report on Form 8-K to be filed with the SEC within the next four business days. This concludes the formal portion of today's meeting, and the meeting is now adjourned. Thank you all for joining us. We will now provide a company update. I want to start with a simple message. FibroBiologics is in a stronger place today than at any point in our history, and I could not be more excited about where we're headed. This past year tested us. Being a young public company in a difficult market is not for the faint of heart. We faced those challenges head-on. We made hard decisions, we stayed focused on the science, and we kept our promises. We weathered the storm, and we're coming out of it stronger, sharper, and a more determined company. Every company that builds something meaningful goes through storms. We take the long view. If you're willing to completely focus on the product and the science, you can build something that lasts for decades. That's exactly what we're doing. Look at what we've accomplished along the way. Our phase I/II wound care trial is underway, and we're enrolling and dosing patients. We filed our IND with the FDA for psoriasis, and we added depth to our board with two new remarkable members, Kate Rubins and Leigh Steinberg. None of that happens alone. We owe it to you, our shareholders, who believed in us, to our dedicated employees who show up every day with passion and purpose, to our management team, and to a supportive board of directors that stood with us through every step. We thank you. The stem cell revolution didn't begin in a billion-dollar lab. It began with fibroblasts, nature's quiet architects of healing. At FibroBiologics, we believe the next era of medicine will be defined by regeneration, by restoring balance, by treating chronic disease at its roots. Our corporate update will be followed by the opportunity to ask questions about FibroBiologics business. There's a Q&A button on your screen that you can use to submit your questions at any time. Before we begin, I'd like to note that our corporate update and responses to questions may include forward-looking statements. Actual results could differ materially from those contemplated by our forward-looking statements. Please take a look at the slides being presented at this meeting and at our filings with the SEC for a discussion of the factors that could cause results to differ. Also note that any forward-looking statements are based on information available to us as of today's date, and we disclaim any obligation to update such statements except as required by law. Let me start with the big picture. There's four things I want every shareholder to take away from today. First, we're building an untapped differentiated cell therapy. Fibroblasts are the most abundant and architecturally central cell type in the body. They remodel tissue, regulate inflammation, and communicate across every organ system. For decades, the world overlooked them in favor of immune cells and stem cells. We did not. Second, we have real clinical momentum. We are enrolling and dosing patients in our phase I/II trial in diabetic foot ulcers, and we've submitted our IND for phase I/II trial in psoriasis. Both programs come from the same fibroblast platform. Third, we built a patent fortress. More than 270 issued and pending patents protect a platform that can reach across many therapeutic areas. Fourth, the opportunity is massive. Chronic disease represents a $4 trillion market. That gives FibroBiologics a rare chance to build a diversified, durable business from a single biological engine. Most people ask, "What's going to change over the next 10 years?" We ask a different question. What's not going to change? Patients will always want to heal faster. They'll always want to live longer and suffer fewer side effects. We're building this company around things that will never change. Here's a bold statement. Despite decades of pharmaceutical innovation, chronic diseases remain uncured. 60% of Americans live with a chronic disease, and 90% of America's $4 trillion in annual healthcare costs is driven by chronic disease. Traditional drugs tend to manage symptoms. They suppress. They block. They inhibit. Biology is not a switch to be flipped, it's a system to be restored. We believe cures will come from cell therapy, gene therapy, and immunotherapy. These are approaches that work with biology, not against it. We believe fibroblasts are one of the most promising opportunities in that landscape. Fibroblasts are the most prevalent cell type in the human body, and they do three extraordinary things. They drive wound healing and repair. They modulate the immune system, calming an overactive response without dangerous suppression. They regenerate tissue by secreting the proteins and signals that rebuild damage at the cellular level. On top of that, they're practical. They're allogeneic, so one donor can treat many patients. They're immune privileged, which means they have low rejection risk. We have a validated library of commercial use fibroblasts, low manufacturing costs, a scalable spheroid delivery platform, and more than 30 years of peer-reviewed science behind us. Put simply, our approach guides the immune system back to balance and lets the body heal itself, with the potential for durable treatment and significantly fewer side effects. This is our engine, and it's versatile and scalable. Start with cell sourcing. We harvest allogeneic fibroblasts from accessible tissue sources, giving us an abundant starting material with minimal invasiveness. Next is expansion. We grow disease-specific cell types at scale, each with its own therapeutic property. Then delivery. Fibroblasts target the disease source, where they get to work on tissue repair and appropriate immune modulation. Finally, therapeutic action. Fibroblasts act as living factories, releasing cytokines, growth factors, and matrix proteins that can drive anti-inflammatory and regenerative outcomes. One platform, many diseases. That's the power of this model. Every program we advance teaches us more about fibroblasts. That knowledge makes the next program faster and less costly, and every success adds momentum to the entire platform. Here's how that platform translates into a pipeline. Please note, we've revised our pipeline format to better illustrate the different strengths of fibroblasts. In wound healing, CYWC628 is our lead program for diabetic wound care, and it's in the clinic today. It's a platform technology with potential for treating DFUs, VLUs, bedsores, and even surgical wounds. In autoimmune and immune modulation, we have CYMS101 for multiple sclerosis, CYPS317 for psoriasis, and CYTER915, which aims to restore thymus function and push back against the effects of aging on the immune system. In tissue regeneration, we have CybroCell for degenerate disc disease and CYAPO913, an insulin-producing artificial pancreatic organoid for diabetes. In oncology, TCB190 is exploring fibroblasts for cancer immunotherapy. Each of these programs draws on the same core strengths, immune modulation and tissue repair. It gives us many shots on goal from a single foundation. Let's talk about why we chose diabetic foot ulcers as our lead indication. Globally, more than 33 million people with diabetes develop a foot ulcer. These are not minor complications. They are life-altering events. 40% of these ulcers come back within a year, and 70% within three years. 60% become infected. 20% of patients require lower extremity amputation, and 10% die within one year of their first ulcer. DFUs are the leading cause of non-traumatic lower limb amputation in the world, and there's a real shortage of FDA-approved therapies designed to heal them and keep them from coming back. That's a significant commercial opportunity and, more importantly, a deeply human one. If we can improve healing here, we can change lives, and we also validate the power of our fibroblast platform. How does CYWC628 work? Instead of single cells, we use spheroids. Each spheroid is a small sphere containing between one and 3,000 individual fibroblasts. Once applied, these spheroids attach to the chronic wound surface and migrate onto the wound surface. We place the fibroblasts directly into the fight, where they release their chemokines, cytokines, and growth factors the body needs to kickstart the healing process. They act fast. As you can see in these images, just six hours after administration, the spheroids are already attaching and spreading across the wound. It is a predictable, time-released biologic that keeps working on target. This is the data that gave us confidence to move into the clinic. In animal models, we compared multiple doses of our fibroblast spheroids against Grafix, an FDA-approved product, and against a control group. By day 19, our spheroids achieved 83.8% average closure rate compared to 66% for Grafix and 51.2% for control. Our spheroids beat control with statistical significance at every dose, and by the third and fourth doses, they're also statistically superior to Grafix. That's exciting data, and it's real hope for patients. Dr. Khoja, our Chief Scientific Officer, will now walk us through our CYWC628 clinical trial design and provide an overview of our psoriasis program. Thank you very much, Pete. The milestone we have worked so hard to achieve is here. Our CYWC628 phase I/II clinical trial is underway. This is a randomized controlled trial of up to 120 patients across three arms: standard of care alone, standard of care plus a low dose CYWC628, and standard of care plus high dose. Patients are randomized in a one-to-one-to-one ratio. We are focused on refractory wounds, the hardest to treat patients which make any success even more meaningful. Patients receive weekly treatment for up to 12 weeks, followed by six months of follow-up. Our primary endpoint is safety and tolerability and the proportion of patients with complete wound closure at 12 weeks and percent area reduction within 12 weeks. As secondary endpoints, we will assess recurrence rates through six months and improvement in blood flow. We expect interim primary outcome data at six weeks. Testing two doses levels also sets us up to select the right dose for phase III. This is a well-designed trial, and we are proud to have it running. In fact, we are assessing the FDA's new guidance surrounding acceptance of a single trial to grant marketing authorization and may pursue a BLA upon completion of the DFU trial without the need to conduct a phase III trial if the six weeks interim results support this approach. Our second clinical program targets psoriasis. Psoriasis affects 123 million people worldwide and 75 million here in the U.S. It carries a heavy lifestyle and psychological toll. It can progress from mild to severe and is associated with considerable comorbidities. There's no disease-modifying treatment currently available. Current therapeutics often fail to provide long-term relief and can bring unwanted side effects. Our approach is different. We use allogeneic human dermal fibroblasts to recalibrate the immune system to homeostasis, not silence it. That distinction matters. I'm thrilled to share that we have filed our IND with the FDA for a phase I/II trial in psoriasis. Here's why we are so encouraged. In a chronic relapse animal model of psoriasis, a single administration of our fibroblasts delivered lasting benefits. During the first relapse, disease severity scores dropped 67% compared with control. During the second relapse, they were still 39% lower. Both results were statistically significant. That durability from one treatment is exactly what patients are missing today. We also looked at what was happening inside the skin lesions. Our fibroblasts reduced three key inflammatory signals, IL-23, TNF-alpha, and IL-12 p70. Why does that matter? These are the same very targets of the blockbuster monoclonal antibody drugs on the market today, including HUMIRA, ENBREL, STELARA, SKYRIZI, and TREMFYA. These drugs each go after one or two targets. Our fibroblast-based potential therapeutic reduces all three. This slide brings it all together. We compared CYPS317 against the leading class of psoriasis drugs on five criteria: disease-modifying potential, breadth of cytokine targeting, true immune restoration, dosing frequency, and scalable, cost-efficient manufacturing. CYPS317 checks every box. We aim to offer a durable immune reset with limited treatment instead of chronic injections in a manufacturing model that can scale. We believe that physicians see CYPS317 as a truly transformative platform-level cell therapy for psoriasis. Pete will now walk us through our other projects. Thanks, Hamid. Beyond our clinical programs, our platform keeps opening new doors. In multiple sclerosis, we have fully characterized fibroblast subtypes that have demonstrated significant remyelination and immune balance in animal models. In degenerative disc disease, our fibroblasts reduced inflammation and help replace damaged cartilage. That's a high-value orthopedic market with very few regenerative options. In human longevity, we're developing fibroblast-based artificial thymic organoids. By age 60, most of our thymus function is gone, and that decline is linked to cancer, infection, chronic inflammation, and reduced response to vaccination. Restoring it could be truly transformative. In cancer, we're exploring how fibroblasts shape the tumor environment and support immune oncology. It's early, but the long-term potential is significant. Behind every breakthrough is a team willing to take on the hard road of development. Our leadership team brings more than 60 years of combined experience in medical innovation, product development, finance, and capital markets. Dr. Hamid Khoja, our Chief Scientific Officer, brings more than two decades of research leadership from Chiron, Novartis Vaccines, and Eli Lilly. Jason Davis, our Chief Financial Officer, brings more than two decades of public company finance, capital markets, and SEC experience. Biotech demands resilience, adaptability, and relentless execution. This team has lifted the past year and delivered, and I'm proud to work alongside them. We're also fortunate to have an outstanding board of directors, and this year it got even stronger. Please join me in welcoming our two newest directors, Dr. Kate Rubins, a retired NASA astronaut, microbiologist, and genomics scientist. Kate has been a valued member of our scientific advisory board since 2022, and her firsthand knowledge of how the human body adapts and heals in extreme environments makes her a natural fit for our board. Leigh Steinberg is widely regarded as the most influential sports agent of his generation. He brings five decades of deal-making experience, and he's been a pioneering champion of brain health and human longevity for decades. His network across sports, medicine, business, and media is second to none. Kate and Leigh join Rich Cilento, Victoria Niklas, Robert Hoffman, and myself on a board with broad biotech, biopharma, and operational leadership experience. Their guidance and oversight have been invaluable, especially this past year. Our scientific advisory board includes world-class experts from UCLA, Cedars-Sinai, Dell Medical School at UT, and MD Anderson Cancer Center. They'll help us move quickly and wisely as our science advances. Think of them as our copilots, keeping every decision pointed towards our goal of curing chronic disease. Before we open it up for questions, let me say this. We've met the challenges of being a public company with diligence and perseverance. In this business, you have to be stubborn on the vision and flexible on the details. Our vision has never wavered. How we get there, we refine that every single day. Our wound care trial is underway, our psoriasis IND is filed, and our best days are ahead of us. Thank you again to our shareholders, our employees, our management team, and our board of directors. Your support made all of this possible. I will now pause to see if there's any questions. Please refer to the rules of conduct and procedures posted on our virtual meeting page to see the types of questions we will not answer. For additional investor information, you can reach Russo Partners at the contact shown on the screen. There being no questions, we want to thank you all for being here today, and we look forward to sharing more progress with you soon. The conference is now concluded. Thank you for attending today's annual meeting, special meeting. You may now dis-