Operator

Good morning, everyone. Thank you for joining Acacia Research's First Quarter 2026 Earnings Conference Call. My name is Jenny, and I will be your conference facilitator today. [Operator Instructions] I would also like to remind you today's conference call is being recorded and is also available through audio webcast on Acacia's website. [Operator Instructions] Questions can also be directed to Acacia ir@acaciares.com. I would now like to turn the conference over to Elizabeth Chaconas of Gagnier Communications. Elizabeth, you may begin the conference.

Elizabeth Chaconas

Thank you, operator. Leading today's call are MJ McNulty, Acacia's Chief Executive Officer; and Michael Zambito, Acacia's Chief Financial Officer. Before MJ and Mike begin their prepared remarks, please be reminded that certain information provided during this call may contain forward-looking statements relating to current expectations, estimates, forecasts and projections about future events that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the company's plans, objectives and expectations for future operations and are based on current estimates and projections, future results and trends. Actual results may differ materially from those projected as a result of certain risks and uncertainties.

For a discussion of such risks and uncertainties, please see the risk factors described in Acacia's most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC. Earlier this morning, Acacia issued a press release disclosing its first quarter 2026 financial results. The press release may be accessed