Thank you for standing by, and welcome to the Rani Therapeutics Holdings, Inc., 2026 Annual Meeting of Stockholders. I will now turn the call over to Mir Imran, Chairman of the Board. Please go ahead. Hello, ladies and gentlemen. I want to welcome all of you to the 2026 annual meeting of stockholders of Rani Therapeutics Holdings, Inc. The meeting is now called to order. I'm Mir Imran, Chairperson of the Board of Rani Therapeutics Holdings, Inc., and I will be presiding at this meeting. Also present at the meeting today are other members of the Board of Directors and management of the company, including Talat Imran, Chief Executive Officer of the company, and Svai Sanford, Chief Financial Officer of the company. Svai Sanford will act as Secretary of the meeting and has been appointed to act as Inspector of Election. Mr. Sanford has taken and subscribed the customary oath of office to execute his duties with strict impartiality. He will file this oath with the records of the meeting. His function is to decide upon the qualifications of voters, accept their votes, and when balloting on all matters is completed, to tally the final votes. A representative from CBIZ CPAs, P.C., the company's independent registered public accounting firm, is also present at the meeting and will be given time to make a statement if they decide to do so. A representative of Cooley LLP, the company's outside counsel, is also present. An agenda for the meeting is available at www.virtualshareholdermeeting.com/rani2026. There, you will also find a list of rules of conduct for the annual meeting. To conduct an orderly meeting, we ask that attendees abide by these rules. Management will address questions submitted in advance of the meeting through management's prepared remarks. There will not be a separate question- and- answer portion during this virtual meeting. This meeting is being recorded, and a replay of the webcast will be available at www.virtualshareholdermeeting.com/rani2026 for one year from the date of the meeting. Thank you for your cooperation with the rules of conduct. The Secretary has delivered an affidavit of mailing establishing that notice of this meeting was duly given. A copy of the notice of meeting and the affidavit of mailing will be incorporated into the minutes of this meeting. All stockholders of record at the close of business on April 2nd, 2026, are entitled to vote at the annual meeting. Our first order of business at this meeting is to determine whether the shares represented at the meeting, either in person, online, or by proxy, are sufficient to constitute a quorum for the purpose of transacting business. Mr. Sanford, please provide a report. The stockholders' list shows that holders of 123,872,874 shares of common stock of the company are entitled to vote at this meeting. The Inspector of Election reports that there are represented in person, online, or by proxy, a majority of the voting power of the outstanding shares of stock entitled to vote at this meeting. Thank you. Because holders of a majority of the voting power of the outstanding shares of stock entitled to vote at this meeting are present in person, online, or by proxy, I declare this meeting to be duly convened for purposes of transacting such business as may properly come before it. The polls are open for voting on all matters to be presented. If you previously voted by proxy, you do not need to vote today unless you wish to change your vote. If you have not previously voted by proxy or if you wish to change your vote, you may vote at this meeting by going to www.virtualshareholdermeeting.com/rani2026 and following the instructions. If you wish to vote at this meeting, you should do so now. There are two proposals to be voted on at today's meeting. The first proposal before the stockholders of the company is the election of seven directors to serve until the annual meeting of stockholders in 2027 and until their successors are duly elected and qualified. The management of the company recommends the election of the following persons as directors of the company: Talat Imran, Dennis Ausiello, Jean-Luc Butel, Vasudev Bailey, Mir Imran, Abraham Basan, and Lisa Rometty. The second proposal before the stockholders is ratification of the selection of CBIZ CPAs, P.C. as the company's independent registered public accounting firm for the fiscal year ending December 31st 2026. The polls are about to close. As a reminder, if you have previously voted by proxy, you do not need to vote today unless you would like to change your vote. I hereby declare the polls closed. Will the Secretary please report the results of the voting? We have been informed by the Inspector of Election that the ballots have been counted, and that the nominees for the election of the Board of Directors have been duly elected, and that the selection of CBIZ CPAs, P.C. as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026 has been ratified. We expect to report our preliminary voting results, or if available to us on a timely basis, our final voting results on our current report on Form 8-K to be filed with the SEC within four business days after the end of this meeting. If not earlier reported, we expect to report our final voting results in an amendment to our Form 8-K within four business days after the final results are known to us. Thank you for attending today's meeting. The meeting is adjourned. I will now turn it over to Talat Imran, the company's CEO, for management remarks. Thank you, Mir, and thank you to all the stockholders, staff, and guests who joined the Rani Therapeutics Annual Meeting of Stockholders today. I'd like to make a few remarks regarding the performance of the company during 2025 and into 2026. During these remarks, I will make forward-looking statements that are subject to risks and uncertainties related to the future events and/or financial performance of the company, including, but not limited to, our ability to advance the RT-117 program and to expand our collaboration with Chugai, our projected cash runway, and sufficiency of our resources to execute on development plans and advance our clinical pipeline, the potential of the RT-114 program, and potential of the RaniPill platform as an effective oral alternative across a broad range of biologic molecules, and the expected timing and completion of our clinical trials. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, such as, but not limited to, those discussed in the Risk Factors section of the company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K and quarterly reports on Form 10-Q, which identify the specific factors that may cause actual results or events to differ materially from those described in these forward-looking statements. These factors may include, without limitation, statements regarding product development and clinical trials, product potential, the regulatory environment, certain business strategies, capital resources, or operating performance. Actual results and the timing of events could differ materially from those projected in such forward-looking statements. I'm pleased to share the highlights of what we believe was a transformational year for Rani Therapeutics. During 2025 and into 2026, the company achieved a multitude of milestones across our clinical and preclinical pipeline, our strategic partnerships, and our financial position. We strengthened our leadership team and board of directors, advanced our foundational RaniPill platform technology, and entered into what we believe is a landmark collaboration that validates both our science and our business model. We are laser-focused on driving our key programs forward to create near-term momentum and fuel long-term growth to maximize shareholder value. Let me begin with our strategic partnership and financing highlights, which we believe are among the most significant developments in the company's history. In October 2025, we entered into a collaboration and licensing agreement with Chugai Pharmaceutical for a potential total value of up to approximately $1.085 billion. The agreement focuses on the development of an oral therapy, RT-117, combining our RaniPill platform with Chugai's rare disease antibody. Importantly, the agreement also includes an option for Chugai to expand the collaboration to up to five additional drug targets under similar terms. We believe this highlights the scalability of the RaniPill platform and its potential to be applied across a broad range of biologic molecules over time. The collaboration underscores the confidence a leading global pharmaceutical partner has placed in our technology, and we are excited to advance the program together. Concurrent with the Chugai agreement, we strengthened our balance sheet through an oversubscribed $60.3 million private placement, which includes $6 million in debt conversion led by leading life science investors. The financing significantly enhanced our capital position and extended our projected cash runway into the fourth quarter of 2027, including an expected milestone payment from Chugai. We also repaid all outstanding debt obligations to Avenue Capital. As of year-end 2025, the company carries no outstanding debt. We believe we are well capitalized to execute on our development plans and advance our clinical pipeline. In addition, I'm thrilled to announce the completion of a $20 million financing round led by a sovereign wealth fund alongside new and existing healthcare-focused funds. This infusion of capital positions us well to execute upon our milestones with our Chugai partnership and be in a position to continue to advance RT-114 into further stages of development. This new capital has the potential to extend our runway into mid-2028. We also made important additions to our leadership team and governance during this period. We are pleased to have appointed Abraham Basan and Vasudev Bailey, PhD, to our Board of Directors. Their combined expertise in biopharmaceutical development, commercialization, and investing will be tremendously valuable as we advance the RaniPill platform towards its next phase of growth. In addition, we promoted Alireza Javadi, Ph.D., to Chief Technical Officer. Ali has been an integral part of the Rani team, and his promotion reflects his outstanding contributions to our platform and manufacturing capabilities. We also strengthened our strategic and executive leadership with the advisory appointments of Dr. Sara Kenkare-Mitra and Jesper Høiland, further enhancing our capabilities in development, strategy, commercialization, and operational execution. We believe our expanded team brings the depth and experience necessary to support the continued advancement and long-term success of our platform. Turning now to our pipeline, I'd like to focus on what we believe is one of the most exciting near-term opportunities in our portfolio. RT-114, our orally delivered bispecific GLP-1/GLP-2 receptor agonist, PG-102, developed in collaboration with ProGen. As a reminder, PG-102 is an Fc-fusion GLP-1/GLP-2 dual agonist being developed by ProGen. RT-114 represents the oral delivery of PG-102 via the RaniPill capsule and is being developed jointly with ProGen as a potential treatment for obesity. In March 2025, we reported preclinical data demonstrating that RT-114 achieved 111% relative bioavailability compared to subcutaneous administered PG-102 with comparable pharmacokinetic profiles. We also observed comparable weight loss between oral RT-114 and injected PG-102, with notably less variability in the RT-114 group. These preclinical results were further substantiated by canine data presented in a late-breaking oral presentation at ENDO 2025, which further confirmed bioequivalence and strengthened our confidence in the translational potential of the program. These findings are particularly meaningful given the rapidly evolving obesity treatment landscape. While current injectable therapies demonstrate strong efficacy, they are frequently associated with tolerability challenges that contribute to high patient discontinuation rates. We believe the RaniPill platform offers a differentiated approach by enabling oral delivery of these same potent biologics while maintaining comparable drug exposure and absorption. Across our studies to date, therapies delivered via the RaniPill capsule have demonstrated high tolerability, which we believe could meaningfully improve the patient experience. Building on the strong preclinical foundation, in December 2025, we initiated a phase I clinical trial of RT-114. The study is designed to evaluate safety, tolerability, bioavailability, pharmacokinetics, and pharmacodynamics across single and multiple doses. With RT-114 now in the clinic, we are entering an important and exciting new phase for the RaniPill platform. We believe this program has the potential to be a meaningful differentiator in the obesity market, which is expected to exceed $100 billion by 2030, and we look forward to providing an update upon completion of the trial in 2027. We are also encouraged by the progress of RT-116, our oral semaglutide program delivered via the RaniPill capsule. In February 2025, we reported preclinical data for RT-116 demonstrating comparable bioavailability, pharmacokinetics, and weight loss relative to subcutaneous semaglutide. RT-116 was well-tolerated with no serious adverse events observed. Taken together, the data from RT-114 and RT-116 continue to reinforce our confidence in the RaniPill platform as a versatile oral delivery solution for incretin-based therapies in the obesity space. In closing, we believe that the progress we have made in 2025 and into 2026 reflects our continued commitment to advancing the RaniPill capsule as an effective oral alternative that could change the treatment paradigm for the millions of patients currently taking injections for their chronic disease conditions. With RT-114 now in the clinic, a landmark collaboration with Chugai, a strengthened balance sheet, and an expanded and experienced leadership team, we believe Rani Therapeutics is well positioned to continue building on this momentum. We remain deeply committed to our vision of making oral biologics a reality across a wide variety of indications, and we look forward to the milestones ahead. I would like to thank our shareholders for your continued support and for helping us move closer to that vision. This concludes management's remarks. Ladies and gentlemen, this concludes today's meeting. Thank you for joining. You may now disconnect.