Operator

Good morning, and welcome to the Futura Medical plc Full-year Results Investor Presentation.

[Operator Instructions] Before we begin, I would like to submit the following poll. I would now like to hand you over to CEO, Alex Duggan. Good morning.

Alexander James Duggan
CEO & Executive Director

Good morning, and a warm welcome to the Futura Medical presentation of its 2025 full year results. I'm Alex Duggan. I've been the CEO since August 2025, and it's my great pleasure to be with you this morning and joined by Futura's 2 other long-standing Executive Directors, Angela Hildreth, our Finance Director and COO; and Ken James, our Executive Director and Head of R&D.

Today, we're going to cover a number of topics. Angela and I will talk about the full year 2025 performance. Ken will update you on our product and NPD review. I'll summarize some findings from our strategic review; and lastly, an update on our 2026 key milestone progress. A question-and-answer session will follow afterwards, and we invite anyone to put your questions to us for us to answer.

Before we get going, can I just draw your attention, please, to the disclaimers on the previous slide, which will be provided along with this full presentation in the usual way after this event on our website. The key messages we will address today. It will not be a surprise to our shareholders that 2025 has been a year of both challenge and renewal. Financial performance resulting from underlying in-market sales of Eroxon have been disappointing and further details of this and our