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Good morning, ladies and gentlemen, and welcome to the Protallix Biotherapeutics second quarter 2026 financial and business results conference call. As a reminder, this conference is being recorded. I will now turn the conference over to your host, Mr. Mike Moyer of LifeSci Advisors, Investor Relations for Protallrix. Please go ahead. Thank you, Operator, and welcome to the Bratalex Biotherapeutics Q2 2026 Financial Results and Business Update Conference Call. With me today are Dror Bashan, President and CEO, and Gilad Mamlok, Senior Vice President and Chief Financial Officer. The press release announcing the financial results and corporate updates was issued this morning and is available now on the Bratalix website. Please take a moment to read the disclaimer about forward-looking statements in the press release. The earnings release and this conference, teleconference, include forward-looking statements. These forward-thinking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from the statements made. Factors that could cause actual result to differ are described in the disclaimer and in Bratalex's filings with the U.S. Securities and Exchange Commission. I will now turn the call over to Mr. Bichon. Sure. Thank you, Mike, and thank you, everyone, for joining me this morning. Our results today reflect the strengths of our profitable commercial partnerships, and we remain confident in our outlook for this year. We enter the second half of 2026 with El Pueblo's sales through Chiesi, continuing to drive growth of our business. In add, we walk through the financial details, but the key driver in the first half was continued growth in El Pubello's revenues, together with the previously reported $25 million Chiesis Chiesi's milestone payment recognized in the first quarter of this year. El Fabrio's sales through Chies continues to drive revenues from selling goods, and this performance reflects further global penetration of El Fabio and continued growth. This continued growth keeps us on track with our full-year 2026 revenue guidance. With the global Fabri market projected to reach approximately $3.2 billion by 2031, El Fabio is positioned to capture 15% to 20% of these markets, supported by our partnership with Chiesi, which is strengthened by the recent approval of the once-every-four-weeks dosing regimen in Europe. We believe our revenue mix, particularly the continuing expansion of El Fabrio, positions us well for sustained long-term value creation and profitability. On the clinical side, PRS-115 continues to advance its claim. PRS-115 is designed as a long-acting differentiated uric acid, and we believe it has the potential to meaningfully improve quality of life for patients with uncontrolled gout, which could be a significant inflection point and venue driver for portals. There is a significant unmet need in this population, and we expect top-line results from our release study in the second half of 2027. Beyond PRS 115, our strategy remains centered on rare renal diseases, where we believe our capabilities and platform offer a clear advantage, and we remain focused on execution across our partnerships and pipeline, and believe our business model limits downside risks while preserving meaningful upside as we advance our clinical programs. With that, I will turn the call over to Gilad for a detailed review of our financial results Gilad, please. Thank you, Dhruv. For the second quarter of 2026, total revenues were $19.9 million, compared to $15.7 million in the second-quarter of 2025. For the first half of 2027, total revenue was $53.6 million compared to 25.8 million for the first-half of 2025 For the 2nd quarter of 2020, revenues from selling goods were $19.8 million compared to $15.4 million in the second quarter of 2025, an increase of $4.4 billion. For the first half of 2026, revenues from selling goods were $27.2 million compared with $25.4 for the first part of 2025 and an increase of $1.8 billion. The increase was driven mainly by higher sales from February to Kiersey. For the remainder of the results, I will report only on the second quarter, and you can refer to this morning's press release for additional year-to-date data. Cost of revenues was $7.8 million compared to $5.9 million in the same period in 2025, an increase of $1.9 billion. The increase was mainly attributable to higher sales volumes to Kiersey and Fiocruz, partially offset by lower sales to Pfizer. Average expenses were $4.4 million, down from $6 million in a prior year period, a decrease of $11.6 million. The decrease was mainly driven by a 2.1 million grant recorded under the new R&D law as a reduction of R&B expenses. As of 2026, this grant is available for us under the R&P law on an ongoing basis. We expect to continue to incur expenses as the release study progresses and additional preclinical and clinical programs advance. SG&A expenses were 3.1 billion, up 0.5 billion from the prior year period, largely attributable to higher salary and related expenses. Finance income net was $0.2 million compared to financial expenses net of $0,5 million in the second quarter of 2025. The change was mainly due to exchange rate fluctuations. Taxes on income were $1.1 million compared to $0.,5 million in the third quarter of 2021. The second quarter was $1,5 in the first quarter of 2022 and increased of $1.,5 in in the 2nd quarter of 2020. This increase resulted mainly from taxes on income derived from global intangible low tax income or GILTI without different limitations under IFC Section 174. Net income for the quarter was $3.8 million, or $0.05 per share, basic and diluted, compared to net income of $164,000, or zero dollars per share basic and diluted in the second quarter of 2025. Turning to the balance sheet, cash, cash equivalents, and short-term bank deposits, the total is $40.7 million as of June 30, 2026. We have no outstanding debt or warrants, providing us with substantial financial flexibility to support our continued pipeline advancements. As we have noted in prior quarters, our revenues can vary from quarter to quarter based on the timing of shipment and order from our partners. We believe it is more useful to evaluate our business on a full-year basis, and we remain confident in our full- year 2026 guidance. With that, I will turn the call back over to Paul. Thank you, Bilal. In closing, positive revenue trends keeps us firmly on track to meet our full year 2026 guidance. We have a strong cash position to maintain our operations and advance our clinical and preclinical assets. We are confident in the momentum behind our business and about the opportunities ahead. Now, I will ask the operator to open the line for questions. Thank you. We will now be conducting a question and answer session. Again, if you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. And our first question will come from Raj Haram Selvaraju with HC Wainwright. Hi. This is Yanzi sitting in for Ram Selvaraj. Thanks for taking my question. I have two. The first is, so your presentation highlights E4W without methotrexate and the E8W with with MTX as the two differentiated profiles within release. What totality of evidence framework will determine which regimen advances to Phase III, and could a modest month six responder rate difference be outweighed by eliminating MTX or extending dosing to EAW? Can you repeat the question? Actually, both. I mean, if you manage to, as you see, one of the five pharmacies without methotrexate, which can be a huge competitive edge, but also a lower frequency of using the drug is also a big advantage, and we potentially can have both. Right, so, okay, so yeah, I'll repeat the question. It's, my question is what totality of evidence will determine which regimen advances to phase three, and could a modest month six responder rate difference be outweighed by eliminating the methotrexate or extending dosing to every eight weeks? So, you know, we are running now the multiple dose studies on the phase two. We have to see the outcomes, and by the outcomes we can decide with which regimens we continue. It's difficult to tell you today. I mean, under what we have from the mechanism of action and the data from the phase one and whatever we understand about the molecule and the regulation of the molecule and the outcomes that we have so far, we think that these four arms, I'm not speaking about the placebo, could be met. Which one will be met better? You know, we have to consider there is an immunogenicity aspect, there is the IRR aspect, so it's not just the frequencies. But let's say under the assumption immunogenicities is good or low or whatever the definition is, and with a pretty low IRR, and then it's only about the frequency and or with or without methotrexate we have to see got it understood the other question I have is relating to the 10k which reports approximately you know about 50% of phase one subjects who've developed adas and that comes with lower incidence at higher doses my question is how did the combined PK PD and immunogenicity data support selecting that fixed 36-milligram dose, and what ADA profile and release would support every four weeks dosing without methotrexate? So, you know, we will, in phase two, we would have the, I would say, the ADA against the PEG, against the enzyme. So we have, I think, a clearer picture of the different ADAs and how, and whatnot, the outcomes of course further different arms a so no then then we see where we are don't forget the phase 2 is the multiple doses phase phase one was a single ascending dose we chose the 36 milligrams a according to one day I would say the PK PD if I may say of course and also under the assumption And this specific, I would say, regimen could beat the highest or the more, I would say convenient, and by the way, for the patients, if I may say, both the once in four weeks without methotrexate and the once in eight weeks with methotraxate, which let's call them like the highest outcomes if possible. Got it. Thank you so much for taking my questions. Cool. Thank you. And our next question will come from John Vandermosten with Zax SCR. Great. Nice to hear from you guys, Dora Gulod. And congratulations on El Fabrio's patent term extension and the approval in South Korea. Things are going pretty good for that product. I want to start out with a question on just the trend in purchases of El Fabrio. I'm wondering, is there any benefit to having lumpy purchases? Because we had a nice increase this quarter. And I'm wonder, is that due perhaps to the new approvals in certain geographies? Or is there some other reason in terms of product runs or some other reason why it makes sense to have lumpy rather than steady purchases of El Favrio? John, good morning and thank you. As we always say, you know, one quarter, we prefer to look at the picture always year-to-date. We did have a nice quarter from Chiesi, which reflects also their growth of the business, but mainly reflects their inventory management. Okay. So there's no, I mean, there's not a lot of money in there. There's no rationale behind why they wouldn't make it smooth rather than lumpy? Okay. All right. Gotcha. Gotcha. Okay. This is not a fair definition, I would say. They operate with a lot of sense and logic, of course, and they are responsible for what they are doing. They have their own, they see the demand, they know how much they sit on certain amount of inventories globally or per continent, and of course they have their manufacturing plans vis-à-vis other programs that are marketing. It's a big company. So all in all, this is how it was decided and applied, and of cause to make sure we sit on enough stocks, both DS and DP. Okay. And jumping to 115, you know, I believe you've opened up some new sites, or at least on clinicaltrials.gov, it seems like there are a number of sites listed there compared to previous or earlier in the year. How is that going in terms of site activation? And, you know how, kind of where are you right now? How much can you tell me? And then, you know, how many more do you think might be opening in the future, so far in 2026? We have actually, maybe one site is missing, that's it, and at present we expect to find an enrollment within the next five months, I mean by year end as we plan, and we have to see if things in this, indeed we go this way, so far, so good, knock on wood, and that's it. Okay. I think overall, except one site that maybe is missing, we are actually signed on whatever we plan to do, of course. And last question is kind of a bigger picture question on Amgen. They raised price pretty significantly this year. First quarter and second quarter saw 20-plus percent price increases on Cristexa. And I'm wondering, you know, what does that tell you about the market? Does it make it look more attractive? I'm not sure of the details. Perhaps it was a payer mix or something like that. I didn't get into that, but I'm just wondering if you had any thoughts on what that dramatic price increase means for the space. I don't have any insights on that. I don' t know. You get it from what they say, or you get it from calculating sales to estimated number of patients? It was in their press release, their second quarter press release. They said 23% increase in pricing, even the volumes were down. And they didn't go into it, but, I mean, my thought was, you know, the market will accept a higher price, which may make it look more attractive for you guys for 115. So, you Know, just wanted to see if that had any impact on your thoughts for, you KNOW, this product and the pathway forward. You know, the revenues keep going. It was $1.3 billion in 2025. We see now the trend going to 1.6, so it's very encouraging for 1.5 as well, as you said. Exactly. Okay. Well, great. I appreciate you guys' time, and thanks for taking my questions. Thank you. Thank you! And this now concludes our question and answer session. I would like to turn the floor back over to Dror Bashan for closing comments. Thank you, so I just ask to thank everybody that joined our call. And we look forward to, you know, to report on our Q3 results as well. And I think, overall, we have a good, strong cash position to maintain our operations and advance our clinical and practical assets. And, again, we are confident in the momentum behind our business and about the opportunities ahead. So thank you very much. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. conference you may disconnect your lines and have a wonderful day