All right. Hello, everyone. Thank you for continuing to join us throughout the day here at the Lytham Partners Fall 2026 Investor Conference. My name is Robert Blum, managing partner here at Lytham. Up next, Michael Edell, the recently appointed Chief Executive Officer of SenesTech, will take us through the company's slide presentation. Michael, thanks so much for your participation. The floor is all yours. Thank you, Robert. Good afternoon and thank you for taking the time to learn more about SenesTech. Let me start with a very simple question. If you have a rat problem, why spend all of your time trying to kill rats after they are born, when you can stop them from being born in the first place? You may not be aware, but two rats can become as many as 15,000 in a single year. That reproductive cycle is the fundamental problem traditional pest control is fighting today. SenesTech attacks it differently. We manage the birth rate, not the death rate. Our technology is non-lethal, works alongside traditional pest management, and when used as directed, is designed to be pet, wildlife, and bird friendly. I'm Michael Edell, the recently appointed President and Chief Executive Officer of SenesTech. As you can probably tell, I'm very excited about this opportunity, having accepted the role because my conviction in the products and markets is very strong, but my conviction in our ability to dramatically scale this business is even stronger. I began working with SenesTech in mid-2025 to evaluate the business and build a commercial growth plan, then moved into an operating role to actually implement it. My background is as a founder, CEO, and operator across numerous companies over 40 years, with a focus on e-commerce and consumer products. I came here to turn a strong scientific foundation into a scalable commercial company. That is what we mean by the new SenesTech. Before I continue, I'll be making forward-looking statements. Please review the safe harbor disclosure on this slide, as well as the risk factors in our SEC filings. This slide is a Cliff Notes version of the presentation. We want to get into each point in more detail, but I wanted to put the investment case directly on the table at the beginning. The problem we face is enormous. Rodents can cause an estimated $27 billion of U.S. damage each year, and traditional poisons do nothing to stop continued reproduction. Our solution is differentiated and easy to understand. Through Evolve and ContraPest, we manage the birth rate, not the death rate. The market is established, and we estimate it to be roughly $2 billion in the U.S. opportunity alone, with a worldwide market of more than $4.5 billion. The evidence is real. The long-term result highlighted here shows a 95% reduction in rodent activity, supported by evidence across several customer settings. Our position is also difficult to replicate. We remain the only company commercially offering EPA- compliant rodent birth control products in the United States. Most importantly, the strategy that we have implemented is working. In the second quarter, we produced company records for revenue, e-commerce, Amazon, subscriptions, gross profit, and gross margins. The science is proven, the market is moving toward us, and the commercial business is beginning to work. That is why we believe this is a very different SenesTech than it was just 12 months ago. With that high-level case established, let me provide more details. Evolve Rat and Evolve Mouse are our soft bait birth control products, and ContraPest is our liquid birth control product. In addition to these products, we offer our new assessment and implementation services. The objective is to make rodent birth control easier to understand, buy, and deploy to solve the problem. We're building a broader rodent population management solution, not a company around a single product. The products and science were not the constraint at SenesTech. The commercial strategy and execution was the problem. Historically, this was primarily a research-led organization. Important channel economics were managed by third party, B2B selling was broad and not focused, customer data was limited, recurring revenue was small or non-existent, and the message was offered centered on scientific product features instead of customer outcomes. Over roughly the last 200 days, we rebuilt how the company goes to market. We brought Amazon in-house, installed data-driven decision making, began building a professional sales organization, launched our new senestech.com website, and introduced our assessment services, refreshed the Evolve brand around the clearest possible message, rat birth control and mouse birth control. That is a meaningful operational change in a short period of time, and the team delivered with speed and discipline. The scaling is still ahead, but the commercial foundation is now in place. The next slide shows what happened when that new commercial model had its first full quarter to operate. Again, keep in mind, I was only brought in as the CEO mid-May. The second quarter was the strongest quarter in the company's history. Revenue increased 56% sequentially to a record $770,000. E-commerce nearly tripled, Amazon increased more than five-fold, and subscription revenue nearly doubled. At the same time, gross profit grew faster than revenue, and gross margin reached a record 76.6%. You can see the progress on the slide. The important point is that all six records are connected. They came from a strategy built around direct customer relationships, better data, recurring revenue, pricing discipline, and tighter control of channel economics. We improved both our growth and revenue quality. That is early measurable evidence that the strategy is working. Up to this point, I have stayed high level. Now let me take you through the business, the market, and the growth strategy in more detail. We'll begin with the business itself, the problem we are solving, the solution we built, the evidence that it works, and the moat that makes our position defensible. As noted at the outset, rodents are not simply a nuisance. They're a persistent infrastructure, food supply, and public health problem that creates tens of billions of dollars of damage. The slide gives you several sides of that problem, but the number that best explains why SenesTech exists is at the bottom. Two rats can become as many as 15,000 in just one year. If reproduction replenishes the population faster than traps and poisons remove it, the infestation keeps coming back time and time again. Traditional tools can remove today's rodents, but they don't stop the next generation, as only birth control can do. Our core message is simply, we manage the birth rate, not the death rate. With consistent consumption, Evolve and ContraPest restrict fertility in male and female rodents. They complement rather than replace integrated pest management programs. Existing tools can address the current population. Birth control helps keep that population from rapidly replacing itself. ContraPest was the first EPA-approved rodent birth control product. Evolve is the first FIFRA Section 25(b) minimum risk product in the category. Because the approach is non-lethal, it does not depend on a poisoned rodent entering the food chain, an important distinction for customers concerned about secondary poisoning and secondary kill. The science is sophisticated, but the customer experience is straightforward. If the rodents are eating the bait, the product is working. A differentiated approach only matters if it works. That brings us to the evidence. This is not a technology still searching for a market. The science holds up in the laboratory and, more importantly, in the field. The chart on the left shows 95% fewer rats over 16 months in an agricultural setting. The examples on the right show meaningful reductions across numerous verticals. The individual settings differ, but the pattern is consistent. When rodents consume the bait as intended, fertility declines, and population is reduced over time. Birth control improves an integrated pest management program because it addresses the long-term problem of population replenishment. We're also seeing commercial validation through repeat purchases and subscriptions. Customers are not only trying the product, a growing number are making it part of an ongoing recurring program. The evidence established? That the platform works. The next question is whether the position can be protected. Our position is generally difficult to copy, and the moat has several layers. We have a regulatory head start, patented and proprietary formulations, and more than a decade of laboratory and field learning. We have a growing distribution channel and brand lead. Any competitor would need to recreate not only the product, but the stability, palatability, dosage, field evidence, customer relationships, and a commercial infrastructure to not only create it and release it, but to build it. Every customer, subscription, assessment, and field result adds just another layer to this moat. With the product, proof, and defensibility established, let us now turn to the size and timing of the market opportunity. Let's talk about the market opportunity for a minute. As I mentioned at the outset, this is a large established market. We estimate the U.S. market in products and services at about $1.8 billion - $2 billion, with a total worldwide market of $4.5 billion. We're not trying to create a new category from scratch. Customers already spend heavily to control rodent infestations because the problem keeps returning. Our opportunity is to earn a growing share of that existing spend with a better long-term approach delivered through products and services. Even a modest share can support a business substantially larger than SenesTech is today. Market size is important, but timing is equally important. The next slide explains why the market is moving toward us. Four powerful tailwinds are fueling our momentum and growth. Customers increasingly want safer and more sustainable solutions. Regulators and the public are pushing back against traditional poisons because of the secondary poisoning risk. California, for example, has enacted significant restrictions on several anticoagulant rodenticides, and nine other states are in the process of enacting further restrictions. At the same time, rodent populations are increasing while resistance to anticoagulant rodenticides is reducing the effectiveness of some of these legacy approaches. Put those trends together. Customers want more sustainable option, regulators are restricting certain poisons, rodent populations are rising, and some traditional products are becoming less effective. SenesTech sits directly at the intersection of these trends. The market is moving toward the type of solution we already have and are making available. The opportunity is not only large, it is becoming more urgent. The next question is: how do we capture it? Our plan is to build around three complementary growth engines, e-commerce, B2B, and expansion through additional products and services. The first engine is e-commerce. It is a significant revenue opportunity on its own, but it also builds brand awareness, produces real-time customer data, and creates subscription revenue. The second engine is B2B. A professional sales organization can convert that awareness, data, and field evidence into larger, repeatable relationships across a priority set of verticals. We recently hired a new VP of sales to head these efforts. The third engine is expansion through services, related products and partnerships. Assessments can shorten the sales cycle, additional products can increase customer value, and partners can expand our distribution. These are not unrelated bets. E-commerce creates brand awareness and insight. B2B converts awareness into larger accounts and business. Services deepen the relationship, produce better data, and reduces the sales cycle. That is the commercial flywheel we are building. With that framework in place, let me show you the first evidence of how the engines are beginning to work together. This chart shows the first clear impact of the new model. Total revenue reached a company record in the second quarter, led by e-commerce, which moved from roughly one quarter of revenue just a year ago to approximately 2/3 today. That mix shift matters. Direct channels have become a primary growth driver while giving us customer data, pricing control, and faster feedback that did not exist under the prior model. We are not de-emphasizing B2B. Far from it. E-commerce is producing growth while the professional sales organization is being built, and that awareness it is creating is help accelerating this second engine. Let me unpack the e-commerce results a bit more, beginning with the channel as a whole, and then two metrics that matter most, profitable new customer acquisition and recurring revenue. E-commerce revenue nearly tripled sequentially in the second quarter, and the momentum continued after quarter end with another record in July. The growth came from both Amazon and our owned online channels, showing that the opportunity is broader than just a single marketplace. We now directly control the customer journey, supported by a clearer packaging, improved advertising, stronger education, and better subscription programs. We are still early relative to what we believe these channels can support. The objective is not one strong month or quarter. It is controllable, measurable, and repeatable acquisition engine with significant runway. The clearest example of how the model changed is Amazon. Bringing Amazon in-house changed much more than where we book revenue. It changed the operating model completely. Amazon revenue increased more than fivefold sequentially, and the channel grew every month after we assumed direct control. We now manage the customer experience, advertising, pricing, listings, promotion, and subscriptions. We could see what is working, test quickly, and allocate marketing dollars with much greater precision. Two data points are especially important. First, our data shows that we are acquiring e-commerce customers profitably. Growth creates value only when economics support continued investment. Second, Amazon's new-to-brand data indicate that a meaningful portion of purchasers are new to Evolve. We are not simply recycling the same customer base. We are introducing new people to the category and still have substantial room to expand. Profitable acquisition tells us the engine can scale. New-to-brand performance tells us the market remains relatively untapped. Acquiring the customer is only half of that model. The other half is converting that customer into a recurring relationship. Subscription revenue nearly doubled sequentially and more than doubled year-over-year in the second quarter, giving us a larger and more visible recurring base. That matters because Evolve is not intended to be a one-time novelty purchase. It works best as part of an ongoing rodent management program. A subscription indicates that the customer understands the use case and is incorporating the product into its routine. The two metrics to remember are new-to-brand acquisition and subscriptions. The first tells us how we are reaching new customers. The second tells us that a growing number are believers and want an ongoing relationship with the product. E-commerce is our first growth engine. The second is a professional B2B organization that can turn growing awareness into large commercial relationships. Historically, our B2B was approached much too broadly. We are replacing that with a professional sales organization and new processes. We appointed Jack Karabees, who has had more than 30 years of sales leadership experience to build out that organization. We now have territory-based coverage supported by technical expertise, and we are prioritizing verticals based on size, urgency, sales cycle, quality, and customer economics, driving revenue. Each priority vertical is being supported with its own ROI model, case studies, and message. We want to lead with the customer's business problem, not simply product features and functions. E-commerce is a multiplier because it creates the recognition of the brand before a salesperson even walks in the door. It also supports a distinct online B2B opportunity for smaller commercial customers while our direct team focuses on the larger accounts. Partners extend our reach through customer relationships and sales infrastructure that already exists. This foundation will take time to mature, but it is far more focused, scalable, and accountable than the prior approach. The third engine extends that relationship beyond the product itself. Let's talk about how we created our assessment services and what the observations were from that. What we found was that many prospects did not even know how large the rodent problem was or where the activity was concentrated. Our assessment services help define the problem first. Trained personnel deploy tracking tools, and proprietary AI-enabled analysis helps us establish a baseline, identify areas of concern, and provide a clear report. From there, we can help design a deployment plan, recommend product placement, and monitor those results. We launched the service in July and already completed our first deployment. This model can generate incremental revenue with limited infrastructure, shorten the sales cycle itself, improve the outcomes, and build a proprietary data asset. Most importantly, it moves SenesTech from being viewed as a product company to a trusted expert that can define and address rodent population problems. That is a deeper relationship and a stronger entry point for larger opportunities. Before we will look ahead, I want to connect the commitments this management team made with the results produced so far. This may be the most important slide because it connects what we said we would do with what we actually executed. We committed to controlling our largest channel in Amazon, and Amazon grew more than five-fold sequentially. We committed to recurring revenue, and subscriptions reached record levels. We committed to selling B2B by vertical, and we appointed experienced leadership, prioritized the markets, and began building the ROI and accountability required to win larger accounts. We committed to extending beyond the product, and we launched assessment services with the first deployment already complete. We committed to protecting unit economics, and gross margin reached a company record. We are not asking investors to believe the strategy simply because we are saying it's the correct way to go. We are attaching an early result to each and every commitment. There's much more work to do, but we are no longer describing the strategy. We are beginning to show the execution of that strategy. Those results give us a clear road map for the next phase. Our road map has three deliberate phases. In 2026, our objective is to further prove the model, direct e-commerce control, recurring revenue, professional B2B organization, assessment services, improving revenue quality, and we're already seeing those proof points to building this foundation for much larger growth. In 2027 and 2028, the focus shifts to scaling repeatable customer acquisition, much larger B2B opportunities, greater distributor reach, services as an entry point, and targeted product extensions. From 2029 through 2031, the objective is category leadership with multiple scale channels, national commercial footprint, partner-led international expansion, and sustainable operating leverage. This is a road map, not a quarterly guidance. The discipline is to prove each engine, invest behind what works, and earn the right to scale. With that road map established, let me talk about the connection for the commercial progress on the financial statements. Let's jump into the financials. We have already discussed the headline revenue records. The more important point on this chart is the change in the quality and the repeatability of the revenue base. The company moved through a trough as we changed the operating model, brought Amazon in-house, and reduced reliance on one-time transaction. Second quarter then produced 56% sequential growth and another company record. The emerging direct data-driven channel gives us a better foundation for repeat purchasing and recurring revenue than the business has ever had. Growth alone is not enough. Revenue quality matters just as much. Historically, discounted and lower margin transactions could add volume without creating enough economic value. We have been reversing that pattern through pricing discipline, better channel mix, and a focus on directly controlling the revenues. In the second quarter, gross profit grew faster than revenue, and gross margin reached a record 73.6%. That is the financial expression of the commercial changes we have been discussing. The objective is durable growth with attractive contribution margins, not volume for volume's sake. That gross profit progress is beginning to show up on the income statement. We have invested in e-commerce, brand development, sales capabilities, and the organizational transition. Even with those investments, operating expenses declined modestly from the first quarter, while higher revenue and gross profit drove sequential improvements in both net loss and adjusted EBITDA loss. As the revenue scales, the goal is to maintain gross margin discipline so that a greater portion of incremental revenue becomes gross profit and moves toward cash flow breakeven. We will continue to measure spending against a clear commercial return. That brings us to the balance sheet and how we intend to finance the next stage of growth. Our balance sheet, as you can see, is very clean. There's no ratchets on the warrants, no covenants in the liabilities, no hidden converts. Our priority is growing revenues while maintaining margins, which will result in reduction of the monthly cash needs until we achieve breakeven. Capital being employed today is predominantly focused on driving revenue. Let me close where I began. If rodents reproduce faster than traditional tools can remove them, any long-term solution needs to address reproduction. SenesTech created that category, and today we remain its commercial leader in the United States. Why SenesTech and why now? Brand awareness is increasing dramatically, more customers are finding Evolve, and new-to-brand data indicates that we are still bringing new people to the brand. The new leadership team is executing, and in a short period of time, bringing Amazon in-house, rebuilding our e-commerce, rebranding the packaging and the website, installing new professional sales leadership, introduced assessment services, and produced a quarter with six company records. As I mentioned at the onset, the addressable market is very large and well-funded. Customers already spend billions of dollars trying to manage rodent problems. We do not need to convince them that the problem exists. We just simply need to show that there's a better way to address this problem. The regulatory and social tailwinds are growing. Customers want more sustainable alternatives, restrictions on certain poisons are increasing, resistance is spreading, and rodent populations continue to grow. The science is proven, the market is moving toward us, and the commercial business is beginning to work. This is not a victory lap. One record quarter does not complete the transformation, but the product has evidence, the market has urgency, and the commercial model has begun producing measurable results. The investment opportunity is to scale the engines already responding. Profitable e-commerce customer acquisition, recurring subscription revenues, a professional B2B organization, and differentiated assessment and implementation services. That is why I'm so very excited. This is a very different SenesTech than it was just 12 months ago, and we believe the opportunity is substantially larger than the business that you see today. Thank you for your time and your interest in SenesTech. Very good, Michael. Thank you very much for the detailed presentation here today, your participation in the conference, and of course, everybody here for watching. If you'd like to schedule a meeting with management here, either at the conference or in the weeks to come, you can send me an email. That's blum@lythampartners.com. To learn more about Lytham, make sure you visit our website and follow us on LinkedIn and subscribe on YouTube so you can stay connected on future webcasts such as the one here from SenesTech. We hope you all enjoy the rest of the conference. Have a great day. Michael, thank you so much again for your participation. Thank you, Robert.