Operator

Welcome to Valion Bio, Inc.'s conference call to discuss first quarter 2026 financial results. This call has been prerecorded. The call is being webcast, and the replay will be available on the Investors section of the company's website for 90 days.

Before we begin, please note that during today's call, management will make various forward-looking statements. Investors are cautioned that these forward-looking statements are based on current expectations and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those indicated in the forward-looking statements.

Forward-looking statements include, without limitation, statements regarding the FDA's Animal Rule pathway and the development of Entolimod and Entolasta. The company's engagement with BARDA, NIAID, the Department of War and other U.S. and allied government agencies, the activation, scale-up and customer development plans of Velocity Bioworks, the company's continued listing on NASDAQ, the company's working capital and ability to access additional financing and the consummation of any strategic transactions. Please read the safe harbor statement contained in the press release that Valion Bio, Inc. issued today as well as the risk factors contained in the company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 30, 2026, and its quarterly report on Form 10-Q for the quarter ended March 31, 2026, which is being filed concurrently with today's earnings release.

On today's call, we have Valion Bio, Inc.'s Chief Executive Officer, Michael K. Handley; and Chief Financial Officer, Lisa Wolf.

It is now my pleasure