Good day, everyone, and thank you all for joining today's Co-Diagnostics, Inc. Full Year 2025 Earnings Webcast. As a reminder, today's session is being recorded. And it is now my pleasure to turn the floor over to Head of Investor Relations, Mr. Andrew Benson. Please go ahead, sir.

Good afternoon, everyone. Thank you all for participating in today's conference call. On the line today from Co-Diagnostics, we have Dwight Egan, Chief Executive Officer; and Brian Brown, Chief Financial Officer. Earlier today, Co-Diagnostics released financial results from the fourth quarter and full year ended December 31, 2025. A copy of the press release is available on the company's website. We will begin with management's prepared remarks and then open up the call to analyst Q&A. Before we begin, we would like to inform listeners that certain statements made by Co-Diagnostics during this call, which are not historical facts, are forward-looking statements. In addition to diagnostic test developments and timing for commencement of clinical evaluations, these include statements concerning the company's Co-Dx PCR testing platform, which requires regulatory approval and marketing authorization for diagnostic use and is not currently for sale. Actual outcomes and results may differ materially from what is expressed or implied in any statement. Important factors, which could cause actual results to differ materially from those in these forward-looking statements are detailed in Co-Diagnostics' filings with the SEC, including risks related to our ability to obtain regulatory approvals, successfully complete clinical evaluations, secure adequate financing and achieve commercial adoption of our products. Co-Diagnostics assumes no obligation and expressly disclaims any duty to update any forward-looking statements to reflect events or circumstances occurring after this call or to reflect the occurrence of unanticipated events. In addition, the company may discuss certain non-GAAP financial measures during today's call. These non-GAAP financial measures should not be considered a replacement for and should be read together with GAAP results. We refer you to the company's earnings release issued shortly before this call, which contains reconciliations to the non-GAAP financial measures presented to their most comparable GAAP results. At this time, I would like to turn the call over to Co-Diagnostics' Chief Executive Officer, Dwight Egan. Dwight?

Thank you, everyone, for joining us today and for your continued support of Co-Diagnostics. This continues to be one of the most active and strategically important periods in our company's history as we execute on the significant opportunity ahead of us and continue to implement our multipronged growth strategy. Before we begin, I'd like to briefly touch on our NASDAQ listing status. We want to thank our shareholders for their patience and continued support throughout this process. We were pleased to successfully complete the appeal and have our shares relisted, and we are now firmly focused on moving forward. Importantly, despite this temporary disruption, we remain focused on execution and continue to make meaningful progress across the business. During the reporting period, we advanced several key initiatives that are positioning Co-Diagnostics for its next phase of growth. Each of these developments support our goal of strengthening the company, both operationally and financially as we move closer to commercialization. These efforts are not isolated. They represent cumulative progress with each initiative contributing to a broader integrated strategy designed to create long-term shareholder value. As we look ahead, our focus remains centered on 4 primary growth pillars: first, progressing our clinical pipeline toward key regulatory milestones including our upper respiratory program and additional tests such as TB and HPV; second, advancing CoSara and our broader strategy in India, including regulatory progress, manufacturing readiness and evaluating potential strategic alternatives, such as a SPAC transaction; third, continuing execution of our CoMira joint venture with Arabian Eagle which is expanding our international footprint across Saudi Arabia and the broader MENA region; and finally, expanding our AI-driven capabilities to enhance innovation, efficiency and data-driven insights across our platform. Together, these pillars form a cohesive strategy built around global reach, technological innovation, financial discipline and scalable execution. This is the framework guiding how we are approaching 2026 and laying the foundation for commercialization and long-term growth. With that context, I'll begin with our CoSara strategy and our progress in India. India has been a core component of our business for nearly 8 years and over that time, we have built a meaningful foundation through our CoSara joint venture in one of the largest health care markets in the world. Today, CoSara has established a nationwide commercial presence, serves hundreds of laboratory customers and has 15 PCR tests cleared through India's regulatory pathway. We are now preparing to manufacture the PCR Pro instrument and associated consumables locally in India, which represents an important step towards commercialization. Importantly, CoSara has received the CDSCO license to manufacture the PCR Pro instrument, a key regulatory milestone that supports this transition. We have also expanded CoSara's commercial and distribution territory across South Asia to include Bangladesh, Pakistan, Nepal and Sri Lanka, increasing our addressable market to approximately $13 billion and strengthening our long-term opportunity in the region. As CoSara continues to mature, we believe it has reached a stage where it can stand on its own as a public entity, which we believe may provide an alternative path to access capital and support future growth. We have engaged a financial adviser and are actively exploring strategic alternatives, including a potential SPAC transaction to support the capital needs required to fully execute on this opportunity, which we expect will enhance value for our shareholders. While we are not in a position to announce a transition today, we have completed multiple presentations with prospective partners, and the process remains active and ongoing. There can be no assurance that any transaction will be completed or on what terms. Beyond the potential SPAC transaction, CoSara represents a key engine for long-term growth. We are also preparing to initiate TB clinical performance studies in India, which is the largest single country market for TB diagnostics. This represents one of the most significant near-term commercial opportunities for our platform. Earlier this month, the World Health Organization issued updated guidance recommending near point-of-care molecular tests for TB diagnosis, along with the use of tongue swab samples for patients who cannot produce sputum. This is an important development for the field as we believe both our PCR Pro instrument and our MTB test are directly aligned with this guidance. The importance of tongue swab sampling has been building over time, including throughout our own development efforts supported by the Bill & Melinda Gates Foundation. We designed our test specifically to accommodate this approach in addition to traditional sputum samples. We believe our platform is well positioned to address emerging needs in TB diagnostics. Preclinical studies conducted by third parties have shown performance that is comparable to and, in some cases, exceeds other commercially available molecular TB tests. We are confident that upcoming clinical studies will further validate the role our tests can play in supporting these new WHO guidelines. We look forward to providing additional updates as CoSara continues to advance. Turning to our CoMira joint venture. This initiative remains a cornerstone of our international expansion strategy. Saudi Arabia has historically been our largest international market and CoMira represents the next step in localizing our technology within the region. This model builds on the same approach we have used in India, with the goal of establishing local manufacturing and distribution capabilities, so products can be produced closer to end markets. We are currently progressing on execution including finalizing a lease for a manufacturing facility and progressing toward operational readiness across Saudi Arabia in 18 additional MENA markets. Domestically, manufactured medical products are typically prioritized in Saudi Arabia's procurement processes, and we anticipate this to extend to molecular diagnostics. Once operational, CoMira is expected to be the first domestic manufacturer of molecular diagnostics in the Kingdom, which would provide a meaningful competitive advantage. This initiative aligns with Saudi Arabia's broader goals around healthcare innovation, local manufacturing and supply chain resilience. It also positions Co-Diagnostics as a strategic partner in the region's healthcare infrastructure. More broadly, CoMira reinforces the scalability of our platform and our ability to deploy it globally in a capital-efficient way. In parallel with our operational progress, we continue to strengthen the intellectual property foundation that supports our platform. Over the past several months, we have received international patents covering key components of the Co-Dx PCR platform, including recent patent grants in Australia and Japan. These patents cover core systems, methods and technologies underlying our PCR Pro instrument and proprietary test cups. The Japanese patent was granted by one of the most rigorous patent offices in the world, further validating the strength and uniqueness of our platform. Expanding our IP portfolio is critical as we move toward commercialization, particularly as we scale internationally through initiatives like CoSara and CoMira. These protections help secure our competitive positioning and support our long-term strategy of building a differentiated globally deployable diagnostics platform. Turning to our clinical pipeline. Our upper respiratory multiplex test represents a critical step in advancing our platform toward market readiness. This test was originally designed to detect flu A, flu B, COVID-19 and RSV, and clinical evaluations are progressing well. Based on current epidemiological trends, including lower-than-expected COVID prevalence across our multiple study locations, we are planning to pursue an initial regulatory submission focused on flu A, flu B and RSV. Importantly, this decision is driven by limited availability of COVID-positive samples rather than any limitation of the platform or performance of the COVID-19 target. This approach allows us to accelerate timelines while maintaining the flexibility to incorporate COVID at a later stage if conditions change and to prioritize speed to market while remaining adaptable, demonstrating our ability to execute in a disciplined and pragmatic way. Beyond this program, our broader pipeline continues to advance. Our TB and HPV programs remain key areas of focus with TB representing a significant global opportunity, particularly in India. The global TB diagnostics market is expected to grow meaningfully over the coming years and we believe our platform is well positioned to participate in that growth. Our HPV program is progressing through preclinical development and process qualification with additional updates to come as timelines are further defined. In addition, our vector program continues to expand with increased adoption across public health applications. Collectively, these programs highlight the versatility of our technology and its relevance across multiple high-need markets. Finally, our AI business unit represents one of the most forward-looking aspects of our strategy. We have been leveraging machine learning and algorithmic analysis within our platform for many years, and we are now expanding these capabilities more broadly. The Co-Dx primer AI platform is designed to unify our efforts across diagnostics, data analytics and operational efficiency. Integrating AI enhances our ability to design assays, interpret results and improve system performance. Over time, we believe these capabilities may support predictive insights, including identifying emerging outbreaks and improving real-time situational awareness. We already have multiple AI models in place with additional development underway, and we believe this represents a significant long-term opportunity. This initiative strengthens our competitive position while complementing the scientific progress we are making across our clinical programs. In closing, the initiatives we've discussed today reflect the continued progress Co-Diagnostics has made over the past year from international expansion and manufacturing readiness to clinical advancement and technological innovation. Each milestone strengthens a different aspect of our business. Taken together, they demonstrate that our strategy is working. Our execution is on track, and we are building a scalable platform with global relevance. We are entering the next phase of growth with a strong foundation, expanding opportunities and a clear path toward commercialization. With that, I'll now turn the call over to Brian Brown, our Chief Financial Officer, to review our financial results and outlook.

Thanks, Dwight, and thank you to everyone who joined today's call. For the full year 2025, total revenue was $0.6 million compared to $3.9 million in 2024. The year-over-year decrease was primarily driven by lower grant revenue as most of the previously awarded grant funding was recognized in the prior year. Product revenue for the year was $0.4 million compared to $0.8 million in 2024, reflecting our continued focus on platform development and limited commercial activity during the period. Total operating expenses for 2025 were $50.6 million compared to $43.0 million in 2024. This increase was primarily driven by a noncash impairment charge of approximately $18.9 million related to in-process research and development intangible assets. Excluding this noncash charge, operating expenses declined year-over-year, reflecting our continued focus on cost discipline. Research and development expenses were $19.1 million compared to $21.0 million in the prior year reflecting disciplined investment in the Co-Dx PCR platform, partially offset by increased clinical trial activity. Sales and marketing expenses were $2.4 million compared to $4.5 million in 2024, primarily driven by lower personnel, consulting and travel-related expenses. General and administrative expenses were $9.1 million compared to $16.2 million in the prior year, with the decrease primarily driven by lower legal, consulting and stock-based compensation expenses. Net loss for the full year 2025 was $46.9 million or a loss of $35.25 per share compared to a net loss of $37.6 million or $37.22 per share in 2024. The increase in net loss was primarily driven by the noncash impairment charge and lower grant revenue, partially offset by reduced operating expenses and a tax benefit recognized during the year. Excluding the impact of the noncash impairment charge of $18.9 million, full year 2025 net loss would have been $28.0 million. Adjusted EBITDA was a loss of $28.0 million for the full 2025 compared to a loss of $33.5 million in 2024. Turning to the balance sheet. We ended the year with $11.9 million in cash, cash equivalents and marketable investment securities compared to $29.7 million at the end of 2024. Net cash used in operating activities was $29.0 million for 2025, consistent with the prior year as we continue to invest in platform development and clinical programs. Net cash provided by investing activities was $26.3 million, primarily driven by the maturity of marketable securities. Net cash provided by financing activities was $11.7 million, reflecting capital raised through our at-the-market program and registered direct offerings. As discussed previously, we have an active ATM facility in place, which provides additional flexibility to support our capital needs. We continue to carefully manage our liquidity and cost structure as we progress towards commercialization. While we expect to continue generating operating losses in the near term, our focus remains on advancing our clinical pipeline, achieving regulatory milestones and positioning the business for future revenue growth. We will also continue to evaluate financing alternatives, including equity, debt and strategic partnerships to support these objectives. In parallel, we remain focused on securing additional non-dilutive funding opportunities, including grant funding to support continued development of our Co-Dx PCR platform. Looking ahead, we remain focused on disciplined capital allocation as we advance towards key inflection points, including clinical submissions and potential commercialization milestones. I look forward to sharing additional updates as we progress through 2026. With that, I will now turn the call back over to Dwight.

Thank you, Brian. To close, I want to extend our sincere gratitude to our shareholders for their continued support and to our employees whose dedication and hard work remain one of our most important assets as we execute on the Co-Dx vision. We are focused on delivering against our strategy and advancing the company toward its next phase. With that, we will now open the line for questions. Operator?

We will take our first question today from Yi Chen at H.C. Wainwright.

This is Katie on for Yi. Looking at your now 3 target tests, dropping COVID seems like a great idea. Where does the sample accrual stand for the 3 target panel, is first half of '26 still the target? And how quickly could you add COVID back if, for some reason, conditions change and it makes sense to add it back?

Thank you for your question. First of all, let me emphasize that taking away COVID from the mix of the multiplex test was a decision based on the availability of COVID in what is a very powered clinical trial in about 8 different locations across the United States. COVID simply did not show up over a several-month period. Rather than wait to do a submission after a protracted clinical trial, we decided to move forward with the flu A, flu B and RSV components of the test and to leave ourselves the flexibility of adding COVID later when more samples become available. In the meantime, it does not get in the way of us getting a more expeditious submission into the FDA. So I just want to make that logic clear as to why we made that decision. It is a little bit surprising, of course, that COVID doesn't show up the way we would have expected in terms of broader characteristics across the country when we just came through a pandemic where there were so many hundreds of millions of tests done for COVID. But that's what reality was during our clinical trial. If we waited, for instance, until the summer to get more COVID samples, there's no assurance that it would show up then even though it might be. We have the flexibility to continue to test for COVID when and if that becomes a viable direction for the company. Was there another part of your question?

So I guess, my question is more, what would it look like to add it back? Is it like a quick approval? Or are you going to have to put it through another trial? What does it look like to put it back should that time ever come?

Well, first of all, we would not anticipate that it requires any redesign. A lot of that would be a negotiation with the FDA in terms of what they would require. Will they require 30 positive samples, will they require samples to be dispersed over demographics and so on in terms of age. A lot of that will be defined in our consultation with the FDA as to what they would want us to do to enable that target. We don't view it as being a very difficult thing to do. As I said, it doesn't require that we reengineer or work on the chemistry. It's just getting it up and going. How many sites would we have to include? Arguably not as many as we did with the roughly eight sites that we used during our initial clinical trial. But I think it's a change that we can add and that it won't be onerous on the company to do that.

We will now hear from Michael Okunewitch of Maxim Group.

Congrats on the speedy resolution of the listing challenges. Good to see you back on the NASDAQ. So I guess just to kick off. I wanted to see if you could talk a little bit about the South Asia distribution expansion to the other countries like Nepal, Pakistan and Bangladesh. Is this more for supporting the existing commercial test? Or would this be to expand the opportunity for PCR Pro, particularly on TB? Is that a similar issue in those countries as it is in India?

I think the disease burden in those other countries is very similar to the disease burden in India. Altogether, our motive is driven by the fact that we go from about an $11 billion total addressable market to more like $13 billion by adding those countries. It made geographical sense for us to have all of that handled through the CoSara joint venture. The CoSara joint venture is a mature business at this point. We've been doing it for almost 8 years. We have manufacturing capabilities there. We have a number of employees and salespeople covering pretty much the entire Indian subcontinent, and it's a natural progression to expand into these other markets as we also move forward with the CoMira joint venture in the Kingdom of Saudi Arabia. So it's a strategic move to let the CoSara group manage that subcontinent, and we think it makes a lot of sense for the company.

Thank you for the additional clarity on that. And then for the U.S. FDA study in particular, can you just comment on how many samples you're expecting to need to support that study?

When we do a study like that, we hire a CRO to manage it, and it's a very structured clinical trial. The FDA knows what we're doing and knows how many samples we'll collect. I would represent to you that it's in excess of 1,200 different patients that have already been through enrollment. So we're nearing conclusion of the entire test and getting ready to do analytical studies and prepare our submission to the FDA. That's one of the reasons we are waiting to add COVID to the mix until enough COVID-positive samples are available.

All right. And then one last one for me and I'll hop back into the queue. I saw that you've gained the clearance to sell the PCR Pro device now in India. You started shipping devices over there. Could you talk about what are the immediate next steps and timelines for getting that study up and running and then moving on to commercialization?

Yes. Our expectation in India is that this will proceed efficiently. As I mentioned, it's a mature joint venture having spent about 8 years building the business. We already have 15 tests cleared through CDSCO. We have manufacturing facilities, sales and marketing, and a very capable team supporting that business. Taking the new Co-Dx PCR Pro instrument there is a technology transfer operation. We have already established an oligonucleotide lab in India where we are producing oligonucleotides; that's sophisticated molecular science and it's already in process since December last year. We will be manufacturing product here in Utah while we ramp the technology transfer in India at a measured pace, because we have capacity here in Utah to produce consumable test cups with integrity and at scale. We anticipate no difficulty in obtaining the clinical samples needed for the TB clinical trial in India given the country's high TB burden. We believe that clinical trial will proceed quickly and that the study will be submitted to CDSCO in short order. We actually expect to have commercialization of the TB test in India by the third quarter of 2026.

And we would like to thank each of our analysts who had signaled for a question today. Ladies and gentlemen, this does conclude the Co-Diagnostics, Inc. Full Year 2025 Earnings Call. We thank you all for your participation, and you may now disconnect your lines. Enjoy the rest of your day.