Welcome to XOMA's 2026 Special Meeting of Stockholders. My name is Owen Hughes, the CEO of XOMA Royalty and the Chair of today's meeting. Thank you all for joining us today. Let me begin by introducing the Board of Directors of XOMA Royalty. Jack Wyszomierski, Chairman of the Board, Heather Franklin, Natasha Hernday, Barbara Kosacz, Joseph Limber, and Matthew Perry. I would also like to introduce other members of the management team who are joining us today. Jeffrey Trigilio, Chief Financial Officer, Brad Sitko, Chief Investment Officer, and Maricel Montano, Chief Legal Officer. Representatives of our outside legal counsel, Gibson, Dunn & Crutcher, and Juliane Snowden of The Oratorium Group, are also joining us today. Ms. Montano will serve as Secretary of the Meeting, and Cheryl Niebeling, a representative of Broadridge, has been appointed Inspector of Election to examine and count proxies and votes this morning. This meeting will be conducted in accordance with the agenda and rules of conduct that have been provided on the virtual meeting website. To maintain an informative, orderly, and constructive meeting, we ask that participants abide by these rules. First, we will address the proposals to be voted on as set forth in the proxy statement. Following the discussion and vote on the proposals, we will adjourn the meeting. You may vote your shares online at any time during this meeting prior to the closing of the polls. The polls open at the beginning of the meeting. We will close the polls on all matters immediately after the presentation and discussion of today's proposals. The company's agents have certified that the proxy materials are made available to stockholders of record beginning on June 10th. We will file copies of the notice in a related affidavit of mailing within minutes of this meeting. I have received an oath signed by the Inspector of Election stating that they will faithfully execute with strict impartiality their duties, which will be filed with the minutes of this meeting. Our Board set June 5th as the record date for this meeting. Only stockholders of record on that date are entitled to vote at this meeting. As of that date, there were 17.68 million shares of company's common stock issued and outstanding. I have been informed by the Inspector of Election that at least a majority of those shares are represented either virtually or by proxy for the meeting. Therefore, we have a quorum. Accordingly, I declare this meeting is properly constituted and convened. The first matter to be considered is the approval of the merger agreement proposal. The second matter to be considered is the approval of the holding company reorganization proposal. The third matter to be considered is the approval of the compensation proposal. These proposals are described in detail in our proxy statement. We will now see if there are any questions or comments regarding these proposals. There are no questions. Great. The board of directors of the company recommends that you vote for each of the proposals. It is now 12:03 P.M. East Coast time, 9:03 A.M. Pacific Coast time on July 13th, 2026. The polls for the merger agreement proposal, holding company reorganization proposal, and the compensation proposal are now open. We will close the polls shortly. If you have previously voted, it is not necessary for you to vote today unless you wish to change your vote or you requested a legal proxy. Any stockholder who hasn't yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. You must submit your votes now in order for them to be counted. The Inspector of Election will not accept proxies or votes or any changes or revocations submitted after the closing of the polls. Pursuant to their standard procedures, the Inspector of Election will tabulate the votes in accordance with such procedures. The results of the voting will be certified by the Inspector of Election. Upon certification, the company will publicly announce the results of the voting on items presented at this meeting. I will pause for voting. Since everyone has had the opportunity to vote, I now declare the polls closed. According to the preliminary results, we have received votes and proxies sufficient to approve the merger agreement proposal, the holding company reorganization proposal, and the compensation proposal voted on today. The final vote totals, including votes validly received at this meeting, will be tabulated and filed with the SEC. As a result of the above, a vote on the adjournment proposal will not be necessary. Filed with the minutes of this meeting. Thank you for attending today's meeting. The meeting is adjourned. This concludes today's meeting. You may now disconnect.