Thank you, Stephanie. Good afternoon, everyone, and thank you for joining our Fiscal 2025 Fourth Quarter and Full Year Update. Fiscal 2025 was a strong year for Lifecore Biomedical. As you may recall, I joined the company in May 2024 and immediately began to tackle a number of challenges. I am pleased to report that with a new strategic plan and proven CDMO leadership, we were highly successful in achieving a number of important goals during this transition year. Key among these is upgrading our business development and marketing strategy. During the year, we signed multiple new development agreements with new and existing customers, including nine new programs with nine new customers, and multiple wins subsequent to the end of the fourth quarter, including a late-stage clinical GLP-1 program. These wins will help to drive our near-term momentum and have us excited about our performance in 2026. Additional achievements from fiscal 2025 include right-sizing our workforce, significantly improving our productivity, raising capital to strengthen our balance sheet, and meeting our stated financial guidance for both revenue and adjusted EBITDA for the fiscal year. We are very pleased indeed with Lifecore's performance during fiscal 2025, as we remain on track to achieve our stated goals of achieving a 12% revenue CAGR and increasing EBITDA margins to more than 25% over the midterm during the company's first Investor Day presentation in November 2024. We outlined our strategic plan for achieving these goals, which focuses on the following three growth strategies: maximizing our existing customer business, advancing programs currently within our late-stage development pipeline towards commercialization, and finally, winning new and impactful business that will continue to fill our project pipeline from early-stage work to commercialization. During the fourth quarter and full year, Lifecore made significant progress in executing against each of these growth strategies. I will first address our efforts to maximize our existing customer business. Existing customers are advancing programs and expanding aseptic business at Lifecore. These companies are a rich source of potential new business, and we have dedicated significant effort to growing with each of our current customers. To that end, we remain on track to realize a significant inflection point related to one of our current customers in 2027. This inflection point contemplates a significant increase in the minimum taker pay commitments from this customer and an expansion in regions supported by Lifecore to include Asia-Pacific markets. This expansion in geography is only possible due to Lifecore's strong multi-compendial quality system and regulatory compliance framework. We are very pleased to have the confidence of this customer who is choosing to work with us as their development and manufacturing needs grow, and we continue to view all of our existing commercial customers as an important part of our growth strategy. I will now turn to our efforts to advance programs currently within our late-stage development pipeline as they move towards commercialization. As previously disclosed, many of our late-stage pipeline programs are poised for potential regulatory approval and commercialization by 2028. While there is no guarantee that they will all reach the finish line, even a modest subset of this group could generate substantial and impactful growth for the company in the midterm. We recently announced that we have signed a new 10-year commercial manufacturing and supply agreement with one of our late-stage customers that is planning for commercialization of their novel ophthalmic therapeutic drug. In addition to the commercial manufacturing and supply agreement, Lifecore has also signed a multi-million dollar statement of work detailing a range of CDMO services that will further advance this program towards potential regulatory approval and commercialization. Under the terms of this new statement of work, Lifecore will be responsible for manufacturing a variety of batches of the drug candidate, including multiple process performance qualification or PPQ batches. As a reminder, PPQ programs are a particularly important milestone as they are a pre-commercialization requirement. While we caution that the execution of a PPQ campaign is only the beginning of a one to two-year journey towards a potential commercial approval and associated recurring revenue and demand, these multi-million dollar programs reflect our customers' ongoing trust in our capabilities and team. For the year, we have successfully supported the advancement of other late-stage programs towards commercialization, including a significant statement of work with a large multinational customer progressing its injectable medical device product, reflecting what we believe is their ongoing confidence in this program. This customer also made a multi-million dollar investment in dedicated production equipment. We are very pleased with the progress we've made in advancing programs, this program, and other late-stage programs, and we look forward to supporting those that achieve commercial launch. The third area of focus that we believe is critical to our ability to reach our financial goals is winning high-value programs with new customers in various stages of development. With each of the previous efforts, we made progress towards this goal. We continue to add new programs across a variety of development stages. During the fourth quarter, we signed three new early-stage programs in respiratory disease and ophthalmology. One highlight is our agreement with Humanetics, which is focused on the company's BIO 300 program. BIO 300 is a novel and highly selective modulator of inflammation that is currently in development for multiple indications. We believe the program may expand as it advances towards commercialization, supporting not only Lifecore's growth but also our capacity utilization. Under the terms of our agreement with Humanetics, Lifecore will be responsible for conducting tech transfer of the existing fill and finish process for BIO 300, including formulation development, gap assessment, and filling of a pilot batch. This will be followed by analytical method work, including feasibility assessments, which will help estimate future development work for the product candidate. In summary, we have added a total of nine new programs during the fiscal year 2025. These programs span a broad spectrum of modalities and add meaningful revenue potential to our development pipeline. I'm thrilled to announce that subsequent to the quarter end, we signed multiple new customer agreements. These include a late-stage product with a leading developer of GLP-1 therapeutics for obesity and a phase two dermatology program. Both programs are in the process of being onboarded by our project management team. The GLP-1 program will be in addition to our late-stage pipeline, and we look forward to collaborating with both of these new customers going forward. We are encouraged by the momentum that we've been building within our business development team and the talent within that team. Led by Mark DaFonseca as our new Chief Commercial Officer, we have rebuilt our sales organization with industry professionals, including the recent addition of a proven business development veteran with more than 20 years of pharmaceutical experience. Equally as important, we have aligned our internal organization to maximize our business development selling time and to ensure that our team has the support necessary to pursue new opportunities. In FY 2025, in addition to making meaningful progress in executing our strategy, we also made important changes to the organization to facilitate our success. During the year, Lifecore appointed a number of seasoned and successful leaders to elevate the company's operations, including Ryan Lake, a highly experienced CFO; Thomas Guldager, our new Senior VP of Operations; Tom Salus, Lifecore's first Chief Legal and Administration Officer; and as I mentioned earlier, our newest appointment, Mark DaFonseca, the company's Chief Commercial Officer. This new team, working with me and Jackie Klecker, our Executive VP of Quality and Development Services, has upgraded processes and implemented changes across our company to create a more efficient, productive, and customer-oriented organization. We have accomplished this while reinforcing our proven quality management system, ensuring that we maintain quality as we grow. I'm very pleased with these organizational enhancements, which have resulted in measurable improvements across our company. Further demonstrating the effectiveness of our quality management system and expertise of our quality team, the U.S. Food and Drug Administration conducted a general audit of our quality systems and processes during the fourth quarter. The audit, which spanned over two weeks, resulted in a highly favorable outcome for our organization, and feedback regarding the audit results from our customers and prospective customers has been overwhelmingly positive. As we turn to our operations, I'm pleased to share that we have made meaningful improvements across the board. Over the past year, our HA fermentation, aseptic, and packaging teams have delivered consistent gains in productivity, each contributing to the stronger, more efficient organization we're building. One standout: our fermentation department achieved record output for our fiscal year at Lifecore. That milestone is a powerful example of what happens when strong leadership, an engaged workforce, and a mindset of continuous improvement come together. It's a reminder that performance follows culture, and we're seeing the impact. Our commitment to customers remains unwavering. We closed the fiscal year with an on-time, in-full delivery rate of 97%, an improvement over FY 2024, and a direct reflection of the pride we take in delivering high-quality products on time, every time. Looking ahead, I'm especially encouraged by the progress we've made towards launching our new enterprise resource planning system, which remains on track for our Q1 2026 go-live. This isn't just a technology upgrade; it's an enabler of our long-term strategy. Once implemented, our cloud-based ERP will enhance efficiency, strengthen our inventory control, support sharper financial management, and help reduce costs as we grow. Finally, I want to recognize the team's continued focus on safety, our most important responsibility. We maintained a recordable injury rate well below industry average this year, and that's not by chance. It's a result of intentional, proactive work to ensure that every associate feels confident and safe in the work they do every day. We're building momentum, and these operational achievements give me great optimism in our future. I'm extremely pleased with the cohesiveness and speed with which our team has identified areas of improvement and implemented value-added solutions. In a short amount of time, we have achieved measurable increases in efficiency and productivity across our organization, and we plan to continue this effort to realize our overarching growth strategies. That concludes my update. I will now turn the call over to Ryan Lake to provide an overview of our fourth quarter and fiscal 2025 financial results. Ryan. Thank you, Paul, and good afternoon, everybody. In connection with my comments, I'd like to recommend that participants refer to Lifecore's Form 10-K filing with the Securities and Exchange Commission, which we filed today. I'll now go over results for the fourth quarter and 12 months ended May 25th, 2025, beginning with results for the quarter. Revenues for the three months ended May 25th, 2025, were $36.4 million, a decrease of 4% compared to $37.9 million for the comparable prior year period. The decrease in revenues was primarily due to a $5.6 million decrease in CDMO revenues, which was primarily impacted by $4.4 million in lower development revenue, primarily due to completion of a discrete development project in the prior comparable period and timing of customer project life cycles. In addition, hyaluronic acid manufacturing revenues increased $4.1 million, primarily from increased demand due to our largest customer supply chain initiatives. Gross profit for the three months ended May 25th, 2025, was $14 million compared to $17.3 million for the same period last year. The decline of $3.3 million in gross profit is primarily due to a $6 million decrease in CDMO gross profit, which was primarily impacted by sales mix, including lower development revenue and aseptic manufacturing volumes. The decline in CDMO gross profit was partially offset by a net $2.8 million increase in HA manufacturing gross profit due to increased volumes and manufacturing variances. Selling, general, and administrative expenses for the three months ended May 25th, 2025, were $9 million compared to $12.2 million for the same period last year. The $3.2 million decrease in SG&A expenses was primarily due to $1.6 million of lower legal, personnel, and finance and accounting consulting expenses as a result of focused efforts to reduce operational expense and bringing in new leadership. Also included in SG&A expenses is $2 million for the current period and $3.6 million for the prior period related to legacy matters. For the three months ended May 25th, 2025, the company recorded a net loss of $1.1 million and $0.06 of loss per diluted share as compared to a net loss of $7.1 million and $0.19 of loss per diluted share for the same period last year. The decrease in net loss also included a couple of other non-operating income or expense items detailed in our filings. Adjusted EBITDA for the three months ended May 25th, 2025, was $9.1 million, a decrease of $1.3 million compared to $10.4 million in the prior year period. The decrease in adjusted EBITDA was primarily due to the decrease in gross profit, partially offset by favorable recurring selling, general, and administrative expenses. I'll now review the results for the 12 months of fiscal 2025. Revenues for the 12 months ended May 25th, 2025, were $128.9 million, an increase of 0.5% compared to $128.3 million for the comparable prior year period. The increase in revenues was due to a $7.1 million increase in HA manufacturing demand, primarily due to our largest customer supply chain initiatives. The HA manufacturing revenue increase was partially offset by a $6.5 million decline in CDMO revenues, which is primarily due to $6.2 million of lower development revenue due to completion of a discrete development project in the prior comparable period and timing of customer project life cycles, as well as various other offsetting customer fluctuations detailed in our Form 10-K. Gross profit for the 12 months ended May 25th, 2025, was $40.3 million compared to $41.9 million for the same period last year. The $1.6 million decrease in gross profit is due to a $5.9 million decrease in CDMO gross profit, which was primarily impacted by sales mix, including lower development revenue and aseptic manufacturing volumes, and was partially offset by a net $4.3 million increase in HA manufacturing gross profit due to increased volumes and manufacturing variances. Selling, general, and administrative expenses for the 12 months ended May 25th, 2025, were $44 million compared to $40.5 million for the same period last year. The increase in SG&A expenses was primarily due to a $3.7 million increase in non-cash stock-based compensation, the majority of which was related to new higher performance stock unit grants to the company's executive officers. Also included in SG&A expenses is $11.6 million for the current period and $11.9 million in the prior period related to legacy matters. For the 12 months ended May 25th, 2025, the company recorded a net loss of $38.7 million and a $1.27 loss per diluted share as compared to net income of $12.33 per diluted share for the same period last year. The loss in 2025 included a $7.7 million loss on the sale or disposal of assets as compared to the same period in 2024, which included a favorable $39.5 million non-cash fair market value adjustment to the debt derivative liability. Adjusted EBITDA for the 12 months ended May 25th, 2025, was $19.5 million, a $0.7 million decrease from $20.2 million in the prior year period. The decrease in adjusted EBITDA was primarily due to the decrease in gross profit. As Paul stated earlier, we are very pleased to have met the company's stated guidance for both revenue and adjusted EBITDA for the fiscal year. Fourth quarter adjusted EBITDA was the strongest of the year. Further, subsequent to quarter end, the company's balance sheet was significantly strengthened through the receipt of the remaining $10 million in proceeds from the sale of the non-core assets, which took place earlier this year, to align our capital assets with operational and commercial needs. In other financial news, I'm pleased to announce that the company will be moving its fiscal year end to align with the calendar year effective for the December 31st, 2025 calendar period. In the coming months, our internal finance and accounting team will be working closely with our public accounting firm to prepare the financial statements and disclosures needed to meet the reporting requirements under the new fiscal calendar. Concurrently, we'll be working to recast financial statements for a 2025 fiscal year that will end on December 31st, 2025, and to prepare supporting documentation to bridge the statements filed today to the recasted 2025 statements that will be filed following the December 31st, 2025 year end. This decision to move our fiscal year end, which had been based on the legacy business's seasonality, will allow Lifecore to report in a timely manner with the majority of our peer companies, customers, and other stakeholders, which we believe is an important factor in evaluating operating and financial performance, and also aligns with the launch of the new ERP system and expected associated benefits that Paul discussed earlier. The company will provide additional updates on this transition in the coming months. As a result of the communicated change in fiscal year, we are providing financial guidance for the approximately seven-month transition period from May 26th through December of 2025. For this seven-month transition period, we expect revenue to be between approximately $74 million- $76 million and adjusted EBITDA to be in the range of $12 million- $14 million. We wish to reiterate that we are only providing guidance at this time with respect to the seven-month transition period, and we caution against extrapolating quarterly results or this guidance to estimate full-year results. This concludes my financial overview. I'll now turn the call back over to Paul for his final comments. Thank you, Ryan. In closing, I would like to reiterate how thrilled I am with the company's achievements during this transition year. We have restructured our organization and implemented numerous upgrades and enhancements across our company. We've improved efficiency by right-sizing our headcount and reducing expenses as a% of revenue, all while increasing revenue per direct labor employee. Our stronger, more productive organization made substantial progress. This concludes our prepared remarks for today. Operator, you may now open the call for questions. Certainly. As a reminder, to ask a question, please press star one-one on your telephone and wait for your name to be announced. To withdraw your question, please press star one-one again. Please stand by while we compile our Q&A roster. Our first question will be coming from Max Smock of William Blair. Your line is open, Max. Hey, good afternoon, guys. Thanks for taking our questions. Maybe just starting with one on your commentary here around your largest customer supply chain initiatives. Two-parter for me. I know when we talked in the past, you mentioned about $20 million of incremental revenue as part of those annual minimum commitments. Is that still the right number to think about here, or has that gone up at all? You also previously mentioned the potential for volumes to ramp ahead of that minimum volume commitment kicking in in 2027. Are you seeing that happen given the noise out there around tariffs, or are volumes going to remain more or less the same until we get closer to or get into 2027? Thank you. Max, maybe this is Ryan. Thanks for the question. I would first just mention that the increases that we're seeing from an HA demand perspective, we think one of our customers' strategic supply chain initiatives is to move away from another third party, and that's bringing that additional aseptic manufacturing volumes to both Lifecore and in-house with this partner. We believe it's part of their overall strategy to increase Lifecore's aseptic production in the coming years. Okay, understood. Thanks, Ryan. Maybe one quickly on the new GLP-1 agreement you signed. Can you just frame out for us what that agreement looks like in terms of size of the engagement, the potential timeline for approval, and then just the role that you all have been engaged to play, assuming that drug does eventually reach approval at some point in the future? Thanks, Max. This is Paul. Appreciate the question. At this point, we're not in a position to disclose all the terms of our agreement, but I can tell you we're extremely excited to collaborate with our client on this opportunity. The GLP-1 market is projected to triple over the near term as I think about towards 2030, and we're looking towards driving meaningful impact with our client as they work towards commercialization. I would say in that 2029-2030 period. Okay, that's helpful. Thank you, Paul. Maybe one last one for me, and then I'll hop back in the queue. On the margin side, Ryan, I appreciate it's a little tricky here because of the seasonally weak fiscal first quarter historically. The 17%, I mean, a pretty big step down relative to the back half of the year here, but again, you're disproportionately reflecting the soft margins in Q1. Can you just walk us through or give us some sense for maybe what margins look like over the next 12 months, just so we have a better frame of reference to how that compares to what you all just posted for fiscal 2025? Yeah, so maybe just to touch on the quarter, I mean, from a margin perspective, this was a pretty significant step up. This was our highest quarter at about 38% margins for the quarter, and that was due to timing and the manufacturing. We also had good absorption of our fixed costs. I think as we look out, kind of we've only provided guidance for the seven-month stub period, but I think, you know, overall we expect gross margins for the seven-month stub period to be in the low 30% range, but improved from the overall 31% gross margins that we experienced in fiscal year 2025. There is some variability between quarters based on product mix, volume, and timing of the shipments. We expect a pretty even split of that expected gross profit, about 45% of that gross profit to come in the first four months, and then about 55% of that to come in the last three months of calendar year 2025. Over the comparable prior year period, that represents about a $6 million improvement in gross profit. Just to take that a little bit further in terms of the adjusted EBITDA margins and roughly 15% that we had for fiscal year 2025, we'd expect the adjusted EBITDA for the seven-month stub period to be in that range of $12 million- $14 million, and that's split between kind of the four-month stub, about 40% of that, and then the other 60% is really in the last three months of calendar year 2025. Got it. Super helpful. Thank you again for taking our questions. Our next question will be coming from Matt Hewitt of Craig- Hallum Capital Group, LLC. Your line is open. Good afternoon. Thanks for taking the questions. Maybe another way to ask the question is, if you were not going through the calendar year change here, what would your FY 2026 guidance have looked like? Hi, Matt. Thanks for the question. Had we not changed the reporting calendar, we would have expected fiscal 2026, ending in May 2026, revenues to be probably in a similar range as fiscal 2025, despite some potential headwinds on volumes going down. From an expense side, I think what's important here is that'll be the first mover. We expect to see improvements in adjusted EBITDA due to all the efficiencies and cost-cutting measures that we've implemented over the past year. Just a reminder, a large portion of those cost savings and efficiencies were realized in our FY 2025 results. They're not as pronounced in those forward-looking results, but we continue to strive for more. An example of this is the reduction in force that we had at the beginning of fiscal year 2025. We realized the benefit of that in fiscal year 2025, so you won't see that incremental benefit from that action in the comps because it's essentially savings in both periods. Similarly, as you can see with our SG&A expenses, they came down almost $6 million in Q4 compared to Q1 of fiscal year 2025. I think another important fact is that we've previously communicated the key inflection point to the ramp in us achieving our financial goals over the midterm is really based on that expansion project that Paul mentioned with one of our largest multinational customers and the associated contractual minimums that are expected to begin in calendar 2027. Also crucial to achieving these goals is ongoing progression of our late-stage development pipeline, and we remain confident in achieving that 12% CAGR for revenue over the midterm, which at that time we had defined as kind of the next three to four years or approximately calendar year 2027 or 2028. In addition, we continue to make material progress as we discussed on reducing costs as a percentage of revenue, and we believe we'll reach our EBITDA margin targets in a similar timeframe. Thank you. Shifting gears a little bit, there's been a lot of noise here over the past month or so with tariffs on imported pharmaceuticals. I think initially it was, you know, big was the term used, and then I think just this past week there was talk of 150% - 250% tariffs in 18 months. I'm just curious how your conversations have been evolving as those kinds of numbers have kind of been thrown out. Obviously, it sounds like you've had some success already here in this quarter signing some new deals. Is that a function of those tariff threats, or is there still more to come on the new development side? Thank you. Matt, thanks so much for the question. This is Paul. I can't tell you how many texts I get, emails I get about tariffs and policy going up and happening in Washington. Personally, I consider that just noise. I don't think anybody in the industry really believes that we'll have tariffs at the 250% level. With that said, it's undeniable, really undeniable that pharmaceutical manufacturing here in the United States is incredibly strong. You see it in the recent announcements about investments large multinational players are making. I think about J&J, Eli Lilly, AstraZeneca, Novartis come to mind. They can't manufacture anything, and not every organization is going to be able to make those types of investments. It is clear that the most economical and efficient way to onshore manufacturing demand is utilizing a CDMO. I truly believe that Lifecore is strongly positioned to maximize on the opportunity, and that's why we're playing offense. We're making significant increases in our investment in sales and marketing for FY 2026, our transition period and on into 2026, and we're seeing it manifest itself in our pipeline. I think about my review with the team earlier this week. We have opportunities that we're looking at out of Asia-Pacific market, European market, out of Israel, all a part of potential onshoring. Again, we're going to really play a significant offense with regard to our sales and marketing team. I expect personally I'll spend an inordinate amount of time working with that team, hopefully complementing their efforts, and we're really excited about the opportunity that's in front of us. If I think about how we manage the business internally, just building off Ryan's comments before, we're going to continue to manage the business aggressively as it relates to cost so that we don't see any significant impact due to tariffs. Again, great tailwinds for the market. 50% of the programs that get FDA approval are injectables. We believe we're strongly positioned to maximize our potential success in this area. That's great. Happy hunting. Thank you. Thank you. Our next question will come from Michael Petusky of Barrington Research. Your line is open, Michael. Hey, good evening, guys. Hey, Paul, if I could just sort of follow up on that last question. When you're having conversations or your senior people are having conversations with drug manufacturers, are these guys genuinely viewing this as a catalyst for near-term action? Are they kind of, like you are with the 250% tariff, rolling their eyes and saying, we'll see where this heads and we'll see over time and we'll sort of make, like, I'm trying to get a sense of how much of this is real within the industry, where it could drive near-term results, say, over the next 12 - 18 months for you guys. Thanks. Thank you, Mike. Appreciate the question. I just believe it's part of the overall momentum. If I think about where we were a year ago when my first earnings call as part of Lifecore, and we had a farming type mentality from a sales and marketing perspective, our pipeline was weak, clearly, but we rebuilt our sales and marketing team. Now with Mark on board, I couldn't be more excited and optimistic about where we're going. I just think the overall quality of our pipeline is better. Tariffs play a part of that, but we're just seeing more opportunities based on our strategic shift and with regard to how we build this business by taking a very aggressive hunting approach to that. With that said, as I mentioned, we have real and tangible opportunities that we see in our pipeline coming out of Europe that maybe heretofore we didn't see out of Asia-Pacific and Israel. Not all of that's tariffs. Some of it is political unrest as an example of it out of Israel, but the momentum is clear. There is U.S. manufacturing momentum within the pharmaceutical industry. Fair enough. Two more, I guess, quicker questions. Paul, I didn't hear it if you mentioned it. What's the current number of late-stage projects that you guys have? Together now, as of today, 11, Mike, late-stage pipeline programs that we have from 10 that we announced or have communicated previously. Okay, great. One for Ryan real quick. I didn't catch it if you mentioned it. Did you mention what cash flow from ops and CapEx was in the fourth quarter? No, I didn't. We had positive cash flow from operations for the fourth quarter of a little over $5 million and free cash flow of over $3 million. I just remind you that that's despite having some one-time kind of non-recurring legacy expenses of about $2 million in the quarter. It would have been $2 million better had that not been included. Okay. Let me sneak one more quick one in for you, Ryan. The ERP, any estimate in terms of the time to implement and the cost of implementation? Thanks. Yeah, thanks, Mike. In terms of timing, we're targeting Q1 of 2026, of calendar 2026. It's roughly a $600,000- $1 million ERP investment. I think what's important to mention about that is we've had over a dozen subject matter experts that have been directly engaged in all phases of the design and development of that. We've had third-party validation testing that's aligned with FDA and GMP standards that's executed months in advance of the go live. We've also been engaged with SOCs testing from a SOCs testing perspective months in advance of the go live. We've got defined go-no-go criteria and rollback plans, and the new ERP will run parallel with our legacy ERP system as well. We are planning the go live during a planned manufacturing shutdown as well to minimize any risks with that. Okay, awesome. Thanks, guys. Thanks, Mike. I would now like to turn the call back to Paul Josephs for closing remarks. Thank you, Operator. I wish to thank all Lifecore stakeholders, including our investors, customers, and collaborators for their ongoing support and partnership. I also wish to thank our incredibly hardworking and talented team for driving each of the successes here at Lifecore. We are very pleased with our progress made in fiscal 2025, and we remain optimistic regarding our potential to achieve growth and sustainable profitability in the coming years. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.