To the NEXGEL presentation. In this presentation, a lot of changes have happened at NEXGEL. I know a lot of you are familiar with the story. NEXGEL is, at its heart, a medical device company that makes hydrogels, but we've recently had sort of a transformative transaction. I'd like to spend and focus most of the time on that because that's really the story at this point. We completed a recent asset purchase. We purchased the biomaterials division and wound care division of Celularity. This was always a separate segment on Celularity. It was the main revenue driver for Celularity. We did not touch the rest of Celularity. We only bought that division. We got a blue-chip roster of talent in terms of a top-tier sales force that drove that business from $3 million a year to $50 million a year in 2024, peaking before Celularity began having some of their issues. We established BIONX Surgical, which is our wholly owned sub, which is how we're branding and marketing the products that we acquired. We developed, and this is very important, a strategic partnership with Fountainhead Life Sciences. I'm going to go into great detail of who Fountainhead is, but that really made the transaction for us. Buying these products in a vacuum probably wouldn't have made as much sense. The partnership we have with Fountainhead, the additional product flow, the backup manufacturing, all the things they bring to the table, which I'll go through in greater detail, really made this a very attractive acquisition for us. We're intentionally expanding the product lineup. We're going to provide a full suite of solutions for the practitioners all around regenerative medicine and using the body's own cells to heal. We're solidifying our growth strategy. We now have a pipeline coming from Fountainhead, not just the products that we acquired from Celularity. Before, we were a high-quality hydrogel manufacturer. We have, as you all know, consumer products. We have a drug delivery program. We have several things, but there were some challenges. We have underutilized infrastructure, particularly after AbbVie canceled or actually wrote off their entire program with the RESONIC. We do not really have access to direct sales, that really hurt because as we were developing some of our early medical devices, we realized at the margin, we only could develop them to really sell them to a third-party player, a Halyard, a Stryker, or someone else. It really ate into the margins and made a lot of the projects not worthwhile. It created an overreliance on those to find a large partner. We saw what can happen when you have too large a partner with the AbbVie transaction. We acquired a diversified portfolio of regenerative biomaterial products. There are six products and three 510(k) products in the pipeline from Celularity. We'll go into those in more detail, all within what is a rapidly growing market. We got an experienced commercial team along with it, so now we have a direct sales force. These products are approved in 500 hospitals around the U.S. already. We formed a strategic partnership with Fountainhead. Today, we are, BIONX, will be the market-facing gateway for all of Fountainhead's products. We will be the curator of a closed-loop experience, and we'll talk about that a little bit more. It involves education. It involves giving the surgeons an experience and input into the products as they're being developed and coming out, and then going out and selling those products. Again, diversified portfolio. Fountainhead, and I'm going to go to this to kind of blow it out, has four divisions. Envision. I'll start with Sequence because Sequence is the one we announced. Sequence has a manufacturing facility. They make and develop skin subs, much like the Celularity products. They are differentiated in a lot of different ways, and more importantly, they're also our backup manufacturer. We don't want to rely on one source like Celularity for our manufacturing. We now have a partner who's invested in the company, who gives us very good pricing, and we can eventually move all of our manufacturing down to them. Envision and Lockheil create implants. Think non-metal, total ankle, total knee, wedges, all sorts of things. Again, using a matrix to attract cell growth within the same theme of regenerative medicine. Finally, the last piece is the education piece. That's Cadaver Lab. Fountainhead owns and operates a Cadaver Lab, 2,500 sq ft, state-of-the-art, where we can now have educational forums, bring the doctors in. This will be led by Dr. Stephen Brigido. Dr. Brigido has trained 22 or 23 fellows, more than 100 residents, so he's got a very wide reach. He's very well-known in the space. He will be listening and taking notes and helping in the development of the products and educating the doctors on how to use them. Little bit about Fountainhead. They have 35 cleared 510(k)s in the pipeline with 21 issued patents. Very steady stream of products that's going to flow into BIONX. BIONX is really— They made the strategic investment in BIONX, and by the way, that was $6.5 million. They made that investment because they needed what we had. What they do very well is give us the product, and what we do very well is sell that product. This is sort of the closed loop that I was talking about. It's a vertically integrated system all the way from the manufacturing surrounding the Cadaver Lab, which will be the education, and then the different parts and different products that flow through into BIONX. Unified market-facing engagement. We're not just a portfolio company. We're going to control demand because we're going to find out what people want. It's that old cliché, you can make what you think is a great product and then try to sell it to people, or you can listen to the people and figure out what products they want you to make. We're being very intentional in starting our first Cadaver Lab is next month, mid-July, and we're going to start listening and hearing at how we can develop the products and position them in a way that gives our reps a complete bag of products for a full suite of solutions for the practitioner. Value creation drivers. Look, these products have great reimbursement. These products have great margins, and we're very excited about getting them out. We're highly focused on unifying the platform experience so that everyone sees BIONX and just thinks they're BIONX products. This is kind of a little bit of the beginning of the pipeline. We currently have the products that we got from Celularity. We have BIOVANCE, we have Interfyl, and we have the surgical products, 3L and 5L. These products are currently available. Sentry, that you see up there, is the first of the products from Fountainhead. It is a lower-cost wound care product. It's no secret what's happened to wound care since the reimbursement changes in January. The market has had a race to the bottom. Wound care is targeted to only be about 10%-15% of our business. We're going to differentiate BIOVANCE, which is a slightly more expensive product because of its decellularized matrix. BIOVANCE has a couple of advantages, which will help the price point. One, it is private pay accepted. It has a lot of data. It's been on the market for many years. Number two, it's decellularized, so surgeons like it in the surgical arena. Sentry is a lower price product manufactured very effectively by Sequence. They've given us that so that we can also compete in the lower price stock and build and still have good margins. Upcoming, many of you are familiar with SilverSeal. I used to get the questions all the time, "Why isn't SilverSeal in hospitals? Why aren't you selling it as a wound care product?" My answer was very simple, "I have one 510(k) for wound care. I don't have a sales force. I'm not doing that." It turns out SilverSeal has A-codes. With the new reimbursement where you have to treat a wound for 30 days before you can even use a skin sub, the sales reps are very excited about SilverSeal as an alternative to that. Therefore, because it has reimbursement codes, the margins will get significantly better, and we're getting that out. ActivAide is another Fountainhead product. It's going through clinical trials right now, so it'll be one of the first skin subs with actual clinical data in humans. They're doing a large study. Forma, it will be a viable bone graft. Then our ocular program is actually launching on August 1st. These are not far in the future. These are all approved products that are all coming in down the pipeline. The ocular products are for cancer in the eye, scratched corneas, a wide variety of eye healing applications. These are the target dates that you see on there. We still have our consumer products. We did have a slow fourth quarter, disappointing fourth quarter, as we reported, and first quarter, but we are seeing a great rebound in sales in Q2. Not really sure what caused that hiccup, but we're recovering very nicely. HistaSolve, of course, is our partnership with STADA. We have five more STADA products coming out this quarter and the beginning of next quarter. Of course, Silly George has been just humming along with some new products. Our new tweezer is very popular. These products are still doing very well. A little bit about the team. We've added Dr. Brigido. Dr. Steve Brigido has always been on our scientific advisory board. We have a lot of familiarity with each other. He did a lot of the early SilverSeal studies. Desiree Long, Dave Hazard, these are all sales veterans in the medical device space. On Fountainhead's side, Brian J. Kieser, Kevin Harris, they have a great quality team. We're going to be sharing a lot of services for cost savings and relying on their team as well to help us out. Four stages of growth. This is kind of how we're seeing it. We have the plan to bring it all together. We're going to use a high-quality Cadaver Lab to kind of get the doctors motivated and out there selling for us, have a lot of KOLs, establish early evidence, formalize the structure and start the commercialization, and then scale. The platform will hopefully mature in the next year or so, and we think we're going to develop this into a very meaningful medical device company that again, has a central theme, which is using the body's own cells, using regenerative medicine, 3D printing to create a matrix on non-metallic implants. A lot of very exciting stuff and we're very excited to see them hit the market and come on out. With that, the investment summary. We acquired a diversified portfolio. We built BIONX Surgical as the commercial gateway. We have the strategic partnership, and we're in 500 hospitals already with approved accounts. We're all set up and poised for a ramp, and we expect that to begin very quickly. With that, I will take any questions that you guys may have because I know it was a lot to digest. Yes. Are there one or two specific products from the new line coming on that you're expecting the most from? We're very excited about two of the 510(k)s that were in Celularity, and there's several products we're excited about, so I'll touch on a couple of them. The SPARK product is a tendon wrap with very high tensile strength, made from placental material, which reduces inflammation and certainly has its advantages. ORCHID is really interesting. Interfyl is a very popular product. Arthrex goes through a lot of it. It's used very widely in wound care. But it's expensive to make because you have to make it the way they make it. It's used only the crown of the placenta, and so the rest of it, you have to make something else out of it. ORCHID is essentially going to replace Interfyl. We'll sunset Interfyl when ORCHID comes out. It uses the entire placenta, it's much cheaper to make, it's been micronized to the point where you can inject it using a 28-gauge needle. Now pain-free injections, which opens up aesthetics, it opens up a lot of things. We push that program me all the way to the front because we think it has some remarkable opportunity. Yes. Maybe if you could touch on your upcoming sales structure hospitals, your sales force? Sure. One of the things that happened with Celularity was they didn't pay their sales reps. They had severe financial difficulties that was caused, I think, by their clinical programs. A lot of the reps stopped engaging with this division of Celularity. Part of the structure as announced that we did in our deal was that the sales reps were paid on the closing. Reengaging the sales reps, growing our sales force back up. We now currently have already reengaged 65 sales reps through 13 different sales organizations. We hope to be at 200- 300 by the end of the year, and begin to grow that out and build it. Dave Hazard is a very experienced sales coordinator and manager, and he's leading that initiative. Any other questions? Okay. Thank you, everybody.