Good afternoon, everyone, and thank you for joining us for the 2026 H.C. Wainwright 28th Annual Global Investment Conference. My name is Ahmed Mahmoud, an Associate Research Analyst at H.C. Wainwright, and I am happy today to introduce our presenter for this session, Narasimhan Mani, President and Co-CEO of Scienture Holdings, a specialty pharmaceutical company developing and commercializing differentiated therapies. Narasimhan. Thank you. Good afternoon, everybody. Good to see you all again. Today we will go over where the company stands, how far we have gotten, and happy to take any questions at the end of it. Do I move the slides myself? I think Scienture was founded about seven years ago. We were started as a private company, went public in 2024, and our vision and focus was always to look for values within the pharmaceutical specialty pharma industry. There are a lot of companies you know are looking for new therapies, new molecules, and new mechanism of action, and that is known, and that is great. But there is also another place where we can add value, where there are several established molecules, therapies, standards of treatments, which still fall short for many patients. Taking existing drugs, using technologies that can come out with follow-on brands, we can really add value to patients that way. That has been our focus. We started out with a five-product portfolio, of which two products are commercial already, which is a pretty proud moment for the company as a whole. We launched our first product, truly first quarter of this year, and then we have had a second launch August of this year, and we have started generating revenue. We have two or three more products coming behind this in the next few years. But we actively continue to seek out opportunities to bolt on existing commercial assets, revenue opportunities, small pharma companies. In terms of what our infrastructure is, we are a small team. We have a pretty solid commercial infrastructure in terms of, be it promotional resources, marketing resources, whether it is payer contracting, commercial and the government side, patient assistance programs, distribution, wholesale, we do it all. That is powering our products in the commercial area. Also our pipeline products. One of is a biosimilar, two others are also NDA products. Again, our team has very many years of experience doing the development work, working with the FDA, getting it to the market. We work with very well-known partners worldwide to do the R&D work, manufacturing, regulatory, commercial supply, so fully fitted company in the specialty pharma industry. A quick peek at our board and management team. Again, we spoke about this a little bit. We founded as a private company, and we wanted to build a specialty pharma portfolio that is capable of producing value to patients. From a business perspective, there's a lot of opportunity within the payer space, within the pharma brand space, where we can drive good revenues, good margin possibilities, while adding value to patients and payers. What we use behind all of our, whether it's product selection or how do we channel our commercial effort, how do we think about creating R&D strategies? How do we think about what products would be suitable for FDA review and analysis? We obviously use a lot of data, and that's the cornerstone of how we are driving the business, especially on the commercial side. With these follow-on brands coming in, they fit to certain segments of the population for which they matter the most. We use a lot of data in distilling down to those segments of patients, those segments of prescribers. Who do we work with in terms of payers, regions, even classes of trade and channels? I think we use a lot of data, and we have a go-to-market playbook based on that. We kind of triangulate between, we have access into the institutional space, selling into hospitals and clinics. We have a promotional infrastructure calling on HCPs, calling on clinical practices, calling on long-term care institutions. We have a virtual sales force, which calls all over the country. We have field force on the ground in about 10 territories and continue to grow it. So, we have a pretty comprehensive playbook of how we go about developing and launching products. This is our pipeline portfolio. Our first two programs have already launched, and there's a slide later which shows the growth we are seeing. We have been establishing the product and continue to drive adoption. The first one, Arbli™, which is losartan oral suspension. Losartan is a very well-known molecule, 30 years plus. Cozaar was the original brand, and it's about 70 million plus prescriptions annually. It's a pretty big size. It's chronic use, completely to maintain patients for hypertension. So, we have a very well-known molecule, and from all our research, we found that about 2% to 3% of those prescriptions eventually get compounded or are changed into some kind of a liquid, and 2% to 3% of 70 million is still a huge number. So, it's a good market to look at. When we did more research, the reason why there was not a ready-to-use liquid on the market already was because of the inherent chemistry and difficulty of making, manufacturing the product, keeping it stable over a period of time. That's what our IP is. We were able to successfully craft room temperature stable liquid product that's ready to use. None of the frills and challenges of compounding in terms of having to refrigerate the product, it being too dilute for patients to have a three-week expiry dating, and all those challenges go away. So, I think we have that product approved, completely homegrown, developed, approved by the FDA. Since this quarter, we have seen good traction within the HCP side, cardiovascular, pediatric side. We've seen good pickup within the institutional space, hospital formularies, getting on to long-term care. We have commercial coverage from all the three big national payers. We have Medicare Part D supplement plan coverage. We're on the path to get Medicaid coverage over the next three to four quarters. I think it's a good story that's developing, and we have seen month-over-month, quarter-over-quarter growth, very significant and very meaningful growth, and we expect it to continue the rest of the year and beyond. The second product, the premise is very similar to what you have with losartan. Pretty large market, about 9 million units annually, and the market's sold on Narcan in the 4 mg strength. It's pretty well-known. Nationwide, Narcan's used for preventing opioid abuse or opioid use disorder. That's the mainstay of the market, but even within that market, you have a space of about 5% to 10% for whom you need a higher strength because of various reasons. It could be more potent opioids in reviews, it could be a cocktail of opioids, it could be illegal fentanyl, which is much more potent. Those patients typically need much more than the 4 mg that Narcan offers. To stabilize them, you probably have to give three or four shots in a very small period of time, and that's where the high strength comes in. Ours is a 10 mg strength. A single nasal spray can give you 10 mg, which is 2.5 times the 4 mg. greater chance of stabilizing the patient. Again, this is not for everybody. We're not trying to convert the market. But at the 5% to 7%, it provides real value to the patients and the therapeutic area, and it's also a good business opportunity while we do that. 9 million units, getting a meaningful share of it, I think that's a good business opportunity, revenue growth, and margin opportunities. Those are the two products. We're pretty excited to have these both on the product. The second product also has commercial coverage. We're working on expanding it through government and the Medicaid coverage. This is being detailed. This product is the class of trade that's very active in buying these products. Obviously, the institutions, not an HCP-driven sale, more of institutions in emergency treatment clinics, opioid treatment program clinics. There's addiction center clinics. You have law enforcement, you have schools. These are some of the typical customers who are buying it, and we have good coverage and marketing going on to these customers. Our three pipeline products still in development. The first one, which is nearing an NDA by the end of next year, is the dihydroergotamine pen injector. Again, we're getting pretty close to completing the regulatory requirements for it, and again, that plays in a pretty large migraine space, about $9 billion. The market's evolving, and market continues to grow, and we provide some unique values with this molecule to treat migraine, which almost, it's like a last line of treatment for patients who cannot get rid of the symptoms or who are challenged by it. That's a good product coming up, playing in a very large market. Our fourth product is a biosimilar. Again, a very exciting product, and what makes this more exciting is this is, as a biosimilar, it's kind of going into a market that's already made, and there's just one other brand that's offering this product. This product is typically used for treating stroke and also in different instrument lines for clearing clots and used in almost every hospital, exclusively in hospitals. This is a key program of ours, a flagship product in development, and we continue to keep moving at a nice pace, taking it through stages of development. The last project is a more early-stage project, which we continue to look at. It is in the long-term care, long-term pain treatment space, chronic pain treatment space. It is a long-acting injectable that could give post-surgical analgesia or post-surgical pain protection for a week. One injection is a non-opioid option to provide pain relief. Again, very exciting product. Typically, we see the use only in hospitals, administered by trained professionals. That is, again, a really good program, but in the early stages, continuing to move. I think the portfolio by itself, we believe has a lot of value, a lot of potential to hit high revenue targets, and we continue to keep investing as going forward. Another one of our key drivers, since we are already commercial now, is to find opportunities to continue to scale this platform, especially on the commercial and revenue side. We continue to look at opportunities that we can inorganically bring to our portfolio, maybe through a partnership or an acquisition or some other kind that can scale this nice platform that we have built out. Again, I am going to go a little quickly with the rest of the slides, but please stop me if you want to look at it a little bit more. All of our programs are covered by pretty strong IP, because all of these programs needed some kind of a technological innovation. How we determine a product to work on is you could do a lot in technology, and you could be very jiggy with it, but it really has to make sense to treating the indication, add value to patients, and we try to marry the two. We find opportunities where there is a clinical benefit that is needed. How can we enhance the treatment journey for a patient? Or how can we enhance providing services for a physician, and how can we enhance a payer profile for a certain treatment class? I think we take that, and then in order to get to that profile we want, many times we have to come up with a technology innovation, and that is exactly what is patented. A lot of it is the method of use, the formulation, the first novel way of treating patients through a dosage form. I think that is what this patent landscape is. This shows a lot of this is very unique ideas that we develop in-house. We continue to work with strategic partners for providing different aspects, but Scienture owns all of the IP. This is our first commercial product, just showing you our marketing flyer. A lot of what I already discussed, the first and only FDA-approved liquid on the market. It is ready-to-use, room temperature stable for 24 months. You do not have to compound, or you do not have to prepare it in any way. There is no refrigeration that is needed. Again, there is no short-term stability problem. This is our first product, and continuing to grow, and we find good use for patients who need this treatment. This is our second product. Again, looks exactly the same as Narcan. The way to use the nasal spray is very similar, so you do not have to treat a whole generation of emergency workers again. It has the 10 mg strength. I think the need for this is within that specific segment of the population who need the higher strength, a stronger treatment. I think this again has potential to save lives in a big way. Commercial operations, I mentioned quite a bit of it. We have infrastructure across the board to sell pharmaceuticals across different classes of trade. We can pretty much place product across every channel that we know. We have good connections within the payer space, commercial or government. We have good distribution capabilities. Again, this is a huge center of excellence for the company, and we can utilize this to continue to scale if we are able to find other revenue products. This is the migraine product I spoke about. It gives you a little bit more detail. It is like a pen injector, has about 10 doses of product that is counted down, so it is a multi-dose pen used to treat migraine. DHE is a molecule that has been used by many patients, and we are the first ones coming with this multi-dose solution in an elegant pen device. Again, this is our novel IP that we have generated. We have met with the FDA; the regulatory pathway is very clear. We are on our way to complete all of the requirements to file the NDA by the end of next year. Same thing with the biosimilar product. Again, it is a pretty big market that already exists out there, and targeting the stroke indications, targeting the CVAD indication. We will go for the latter indication first. That is a bigger market, and it is a little bit more involved development as a biologic. We need to show a lot of similarity data, and you need to show a lot of equivalence to the existing product, which again, we have very good data with us, and we continue to develop it. This could again be a high value-adding product for the company. This is our last early-stage product, the long-acting injection of bupivacaine. Again, a non-opioid pain option, post-operative pain option, predominantly used in hospitals after surgery or after a procedure that rather than giving an opioid to stabilize the pain, this is an option that can give you a long duration of pain relief. We continue to develop this product. We have some early-stage work done, and we continue to see what more needs to be done to get this product to the market. In terms of how our year has been going, in terms of our financial performance, obviously, we have begun selling our first product beginning in Q1, and that is when we rolled out all of our commercial infrastructure. Once, I think, we have reached out, made the connections, and our messaging, we have seen very good growth in our revenue, which we expect to see it grow the same way in the coming quarters. That is just because of product expansion across territories, more patients, more formularies with Arbli™ and also with REZENOPY, just started in August, and that can drive meaningful revenue going forward. I think from where we stand in terms of our financial performance, revenue continues to grow. We do have enough liquidity to fuel all of our operations, continue to fuel while we are making revenue. We continue to clean up our balance sheet, which does not have too much of toxic instruments in it. We just have one dead instrument that we took this year. We have a good story that we've been able to get to, and we expect to continue to expand from here, with our products and products to come. That was a quick presentation of the