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Greetings and welcome to the Chemomab Therapeutics and Cypher Medicine Merger Announcement Conference Call. At this time, all participants are on a listen-only mode. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Barbara Lindheim, Head of Strategic Communications and Investor Relations for Chemomag. Thank you. Please go ahead. Good morning, and thank you for joining today's conference call to discuss the merger agreement between Chemimab Therapeutics and Cypher Medicine. The link to this webcast is available at the Investors page of the Chemimad website and at the homepage of the Cyphe corporate website. There will also be a presentation deck containing information relevant to the merger posted on the Chemomab and Cyphre websites shortly. Before we begin, I would like to remind you that today's discussion will contain forward looking statements regarding chemo math cipher the proposed merger the concurrent financing the expected ownership and leadership of the combined company the anticipated use of proceeds and runway and the plan development of Nabokov for rheumatoid arthritis certain statements in this conference call other than purely historical information may constitute forward-looking statements within the meaning of the federal securities laws, including for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the party's current knowledge and their present beliefs and expectations regarding possible future events and are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially and inversely from those set forth or implied by such forward-looking statements. These forward-thinking statements involve a number of risks, uncertainties, some of which are beyond the combined company's control, or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, and those uncertainties and factors described under the heading Risk Factors in QMMAB's Annual Report on Form 20F for the year ended December 31, 2025, and QMBAB's other filings from time to time with the SEC. Nothing in this conference call should be regarded as a representation by any person that the forward-looking statement set forth herein will be achieved or that any of the contemplated results of such forward- looking statements will be received. The combined company does not undertake or accept any duty to make any updates or revisions to any forward- looking statements. I will now turn the call over to Dr. Adi Moore, co-founder and chief executive officer of Chemomab Therapeutics. Ady, please go ahead. Thank you, Barbara. It's a pleasure to be here today with Reg to discuss this important new chapter for Chemomob, Cypher, and our investors. I believe that the proposed merger of our companies has the potential to benefit our shareholders and the million of patients in need of better therapies for serious conditions involving inflammation and fibrosis. This transaction is the culmination of a comprehensive review of strategic alternatives by Chemomab's board and management team. We assessed many potential partnering opportunities to advance our lead asset, Nebokitag, over the years and feel confident that the merger with Cypher, a leader in AI-powered precision medicine, and the planned development of Nebokitak as a novel precision medicine for rheumatoid arthritis, are the best options going forward. As we announced this morning, Chemomab and Cyphe Medicine have entered into a definitive agreement under which the companies will combine in an all-stock transaction. Upon closing, the combined company is expected to operate as Cypher Medicine Corporation and trade on NASDAQ under the ticker symbol SCIP. Dr. Reg Cito, Cyphe's Chief Executive Officer, will lead the combined company and I am very pleased to join the combined companies board of directors. From a transaction perspective, pre-merger Chemomab stockholders are expected to own approximately 32% of the combined company. And pre-merger Cypher stockholders are expected to own approximately 68% prior to giving effect to the concurrent financing, which is expected to dilute both parties' pro rata. Hemomap stockholders will also receive contingent value rights, CVRs, providing the opportunity to realize additional value upon achievement of specific milestones subjected to the terms of the CVR agreement. Importantly, the transaction is supported by a committed 30 million private placements from Cypher's existing investor syndicate of top-tier biotech investors, including Northpond Ventures, Kosla Ventures. Blue Owl Healthcare Opportunities, Norberger, Berman, and others, which together with the revenues from Cyphers' growing precision medicine business is expected to fund the combined company through the planned readout of a Neboketag Phase 2 trial in patients with rheumatoid arthritis in the first half of 2028. The transaction has been unanimously approved by the boards of directors of both companies and is expected in the fourth quarter of 2026, subjected to required approval and customary closing conditions. At ChemoMob, we developed Neboketag, a first-in-class anti-CCL24 antibody with a dual anti-inflammatory and anti-fibrotic mechanism of action and therapeutic potential across a broad range of inflammatory and fibrotic diseases where CCL24 biology plays a major role. We initially focused on rare diseases, successfully completed the Phase II spring trial in primary sclerosing cholangitis, which established clinical proof of concept and validated the role of our CCL24 target as an important contributor to the fiber inflammatory disease cycle. Over 48 weeks of treatment, Nebokitag demonstrated a favorable safety profile with no serious treatment-related adverse events. Importantly, treatment with Neboketag resulted in improvements in anti-inflammatory and anti-fibrotic endpoint across a range of relevant disease biomarkers. Neboketag has now been administered to more than 100 patients across five different clinical studies, consistently demonstrating a favorable safety profile and evidence of therapeutic activity. What makes this proposed merger so compelling is the strong science and precision medicine-based, they're risking strategy powering the Nebuchadnezzar Clinical Program in Rheumatoid Arthritis. Cypher has developed and has deep expertise in rheumatoids arthritis. It developed and markets PRISM-RA, the only CMS-approved test for RA patients that predict treatment response. It is designed to identify the sizable population of patients with rheumatoid arthritis who do not benefit from the TNF inhibitor blockbuster drugs that currently dominate the RA market. Cypher's independent analysis, powered by its rich AI precision medicine platform, identified CCL24 inhibition as the top-ranked clinical stage therapeutic opportunity for RA, strongly validating the strategic rationale for combining Cypher's platform with Chemomab's CCL24 program. As a first-in-class anti-CCL24 antibody with favorable safety and positive evidence of anti-inflammatory and anti-fibrotic activity in a Phase II trial, Neboketag was understandably an attractive option. I also want to note that the Chemomab research team, who pioneered the study of CCL24 as a powerful driver for inflammation and fibrosis, believes there is considerable evidence for the therapeutic potential of nabokitag in rheumatoid arthritis, and our clinical studies to date have shown activity in biomarkers and pathways that directly shows relevance to the RA disease process. We believe this transaction provides Chemomap stockholders with meaningful ownership in a combined company that is well-funded to advance Nebuchadnezzar into a large indication with substantial unmet needs, with well-established clinical endpoints, and a de-risking precision medicine clinical strategy. By applying precision medicine to patient selection, we believe this strategy has the potential to substantially de-risk the study and increase the probability of clinical success. And for many of our stakeholders who supported the development of Nebokitab as a potential treatment for primary sclerosing cholangitis, the opportunity remains for further partnering in this indication. I will now turn the call over to Reg Sito, Chief Executive Officer of Cypher. Reg? Thank you, Adi, and good morning, everyone. I want to begin by explaining why Cyphe pursued this transaction and why we believe the combination of Cyphers Precision Medicine Platform and Cuvimab's anti-CCL24 antibody creates a unique and differentiated opportunity in rheumatoid arthritis, a 24 billion global market size that leaves far too many patients inadequately treated today. First, for those who are new to Cypher, a few words about my background and why I decided to join Cyphe. Trained as a physician scientist, I'm a global biopharmaceutical and diagnostic CEO and board director with a deep and varied background in building growth companies across both biopharma and diagnostics. Two years ago, before joining as Cypheus CEO, the board and I agreed there would be the opportunity and support to evolve Cypher into a therapeutics company. What I saw in Cyphther was a company that built an incredible transformative technology that could predict the patient's response to drug treatment. This was highlighted by PrismRA, the only approved CMS molecular treatment response signature in immunology. What was clear to me in 2024 and is just as clear now is that the greatest potential impact of Cyphr's proprietary AI network medicine platform will be during drug development. We should be able to understand which patients respond to a drug during a time when it is developed, not after approval, especially in immunology where the failure rate is high. Oncology has already demonstrated the power of precision medicine and has successfully targeted patients with high response rates during drug developement. This has led to more choices with the right treatments for patients and their physicians. Ultimately, I see Cypher as the next generation of precision medicine as we target treatment response using multimodal and multi-omic signatures. I thank Cyphe's board for their support in beginning to make this vision into reality. Second, in immunology and rheumatology, there remains a significant unmet need with current treatments. As both a physician and an immunology patient, I'm aware of the limitations of our current approach, which lies too much in trial and error. As a result, two out of three patients in RA today did not achieve low disease activity or remission. Immune media diseases are chronic, and we need treatments that can achieve low disease activities and remission on behalf of immunology patients across the world. I believe Biopharma can do much better and that the technology to advance this vision now exists through Cypher. So beyond being a patient, what makes my perspective truly unique is my deep experience in both precision medicine and therapeutics. This is why the combination of Chemomab, a clinical stage company that is a novel, safe, and well-tried asset with a first-in-class mechanism of action, with demonstrated anti-inflammatory and anti-fibrotic activity, and Cypher, a company known for its pioneering work in precision medicine, makes so much sense. Before joining Cypher, I was the CEO of CareDx, a leading precision medicine public company in transplant medicine, where we rapidly expanded by building a differentiated set of novel diagnostics and created a future platform for growth with data and digital solutions. Prior to this, I held executive roles at large, mid-sized, and small therapeutic companies across all functions, ranging from business development, clinical, commercial, and corporate strategy. These include being the Chief Operating Officer at Ardellix, Executive Vice President of Corporate Development Strategy at MetaMune, the Biologics Division of AstraZeneca, and in senior commercial roles at Organon and Bering Ingelheim. Turning now to the Bokutag opportunity for Cypher and ChemMag. We have four topics to cover. First, I'd like to describe Cyphe's technology, including our RA assets, and why we focus on RA as our first commercial opportunity. Second, I'll discuss why Nabogatag was our first choice to develop an RA. Third, I will outline the clinical development plan and our precision medicine approach. And fourth, I finish by noting how we are financing and funding the Nabogadag opportunity. Now on to Cypher. Cyphe was built around the conviction that precision medicine can transform immunology in the way it has transformed oncology. We spent years developing Spectra, our AI network medicine platform, which integrates large-scale transcriptomic data and network biology to identify molecular treatment response signatures and support target selection in complex immune-mediated diseases. The commercial proof point for this approach is PrismRA, the first and only CMS-approved molecular treatment respons signature designed to help guide targeted therapy selection in rheumatoid arthritis. PRISM-RA has already been ordered by more than 1,700 rheumatologists and used in over 45,000 individual patients. In real-world data submitted to CMS, PRISRM-Ra guided patients achieve low disease activity at a two-times higher rate and remission at a three-tines higher rate than external controls receiving standard care treatment with statistical significance across reported outcomes. As we look at entering the therapeutic development arena, we focus on RA opportunities, given the large $24 billion plus global market, in which about two thirds of patients fail to achieve low disease activity with current therapy. Additionally, there's been limited innovation in the field, with the last novel drug mechanism for RA approved in 2012. Notably, there are currently no novel RA drugs in phase three development in the United States, If successful, this program could deliver the newest novel therapeutic in RA since 2012 and become the first precision medicine approval in rheumatoid arthritis. As noted, RA affects millions of patients globally and is currently characterized by trial and error prescribing. Even worse, the current market-leading therapies have safety issues and include black box warnings. We believe RA patients deserve better treatment options and more precisely targeted treatment disease. Now, on to Cypher's assessment of CCL24 and its role in RA. We believe using molecular treatment response signatures to guide treatment selection improves RA treatment decision-making and provides a real-world foundation for Cyphe's broader precision medicine strategy. We used our platform to systematically identify current targets in clinical stage development for those predicted to have the highest efficacy response. For lifestyle analysis, CCL24 emerged as the leading target. Nabogatag's anti-CCL24 mechanism of action ranked in the top 1% of targets analyzed on our clinical platform for predicted RA efficacy, providing a strong biological rationale for the clinical advancement of CCL 24 blockade by Nabogetag, and in a precision medicine selected RA population. Next, we looked at external validation by both Chemomab and third-party literature evidence. Chemomabs' Phase II spring trial showed that napogadide produced statistically significant reductions in key inflammatory and fibrotic biomarkers in moderate to advanced PSC patients. These biomarker are directly relevant to the inflammatory and fibroidic pathways driving RA disease. Importantly, it showed a favorable safety profile that has been administered in five trials with over 100 treated patients. There is considerable external evidence supporting the role of CCL24 in CCL25 blockade in RA including preclinical animal models. In addition, recent independent publications have further reinforced the mechanistic rationale including reports that CCL 24 is upregulated in arthritis patients and CCL 24 promotes fibrosis through the CCR3 TGF beta pathway. Earlier this year, a Nature Immunology publication demonstrated that TGF-beta agonist fibroblast signaling, which is directly impacted by CCL24, is a key driver of treatment refractory RA. In general, the fibrosis component of RA has not been directly addressed by current therapies, and we are excited to assess the impact of mipogazine with its antifibrotic activity on the disease. Taking together Cypher's platform analysis, clinical biomarker data, and external literature all support our confidence in advancing this program into RA. Now onto Cyphe's clinical development plan incorporating precision medicine. We believe Cyphere is well positioned to execute this development program because we have built unique RA capabilities. We have RA-specific clinical infrastructure, including over 30 clinical sites recently participating in our PREDICT trial, which was designed to expand our RA precision medicine test menu. We have established care-well relationships within the rheumatology community, and we have an efficient commercial team that can be scaled rapidly. In addition, we have both a CAP and CLEAR certified laboratory in North Carolina, where the PRISM RA assays are analyzed. The planned phase 2 trial is designed to use PRISM-RA to pre-screen and identify the two-thirds of patients who don't achieve low disease activity and or remission with TNF inhibitors, the current standard of care in first-line treatment. We believe Nabogadoc's mechanism of action has the potential to show a differentiated benefit in this patient population, especially with its dual anti-inflammatory and anti-fibrotic activity. Again, as a reminder, we know that in most refractory RA patients, the disease is driven by ongoing fibrosis. The planned study uses well-established RA endpoints, including the composite ACR20 index, which measures the efficacy of RA patient treatment at week 12 as the primary endpoint, along with standard secondary endpoints. The primary goal is to demonstrate the Novogadide can achieve standalone efficacy on the ATR20. The study plan itself enrolls approximately 140 patients at global sites across two dosing cohorts and a placebo cohort. We currently expect to submit the pre-IND package in the second half of 2026, and subject to regulatory feedback, dose the first patient in the first quarter of 2027, with top-line phase 2 data anticipated in the third half of 2028. Beyond screening for this enrollment eligibility, Cypher identified a preliminary CCL24 biomarker response signature. We believe this signature can further stratify patients, most likely in response to Mopetag. Following completion of this Phase II study, we plan to use the patient samples collected during the trial to fully validate the CCL 24 biomarkers signature with the goal of supporting a companion diagnostic strategy for the Phase 3 program. In essence, we're taking a two-stage precision medicine approach to de-risk development. First, we use PrismRA to identify TNF non-responders. Second, we apply the CCL24 specific response signature to enrich for patients most likely to benefit from the PogTag in Phase 3. Together, these steps create a true precision medicine approach, a strategy that's designed to maximize patient benefit and also increase the probability of clinical success. This is the model that has driven the most successful precision medicine approvals in oncology, pairing a novel drug and its companion diagnostics that were developed and validated together. Now on to financing, funding, and key milestones. We're proud that Cypher is supported by top-tier biotech investors who are committing $30 million in a pipe financing. The new funds, along with CITES's precision medicine revenues, are expected to fund the combined company through the planned top-line Phase II readout in the first half of 2028, which we view as a key near-term potential value inflection point for our investors. So in summary, we believe a precision medicine-developed approach using a first-in-class anti-CCL24 therapy with a demonstrated safety profile and a very distinctive dual action with anti-inflammatory and anti-fibromyalgia mechanism to represent a differentiated option for many RA patients whose disease remains active despite current therapies, as this will provide a first new option for newly diagnosed, also new options for newly-diagnosed RA patients. So in closing, I want to thank the ChemoMap team and their board for their confidence in Cypher and for their commitment to bringing the Bogotas to this next chapter of development. We believe the combined company will have a rare set of assets. A validated, data-rich, AI-powered precision medicine platform for drug development and a revenue-generating commercial RA precision medicine diagnostics business, including infrastructure. We'll have a clinically validated, first-in-class anti-CCL24 antibody with good safety and therapeutic potential across multiple, multiple inflammatory and fibrotic conditions, including RA, with a true medicine development strategy approach, linking Phase II biomarker data to companion diagnostics. This will set the stage for a potentially de-risked Phase III program in R8. And we've committed financing to reach our major Phase II data readout and central inflection point for new companies. We look forward to working closely with ADI and the ChemMed team as we complete the transaction and advance towards this trial initiation. I will now turn the call back to the operator. Ladies and gentlemen, thank you for your participation and interest in Chemomab and Cypher. This concludes today's presentation. You may disconnect or log off at this time and enjoy the rest of your day.