Thank you very much and welcome to all of you who have taken your time at this busy day with a lot of other reports coming out and also a beautiful summer day at least in the afternoon in Uppsala, Sweden. I will take you through the report today together with Fredrik as said and then just jump over to the agenda. So those of you who have been listening in before you know we will start with a business update. I will go through the use commercial or products under development. Frederik will take us through the financials and we will round up with a slide about where we see some of the future value drivers and focus areas for the company, including opening up for question and answers. So a brief overview of the quarter. I can't hide that the quarter came out disappointing compared to what we expected. And the prime reason for this is the one-time rebate payment that we have flat. It's about 9 million Swedish kronor, $900,000. That of course has a direct impact on both net sales and our EBIT. And also in the quarter we have seen the dollar has declined significantly compared to last year and even compared compared to the first quarter, which is giving us a headwind on the top line. That said, I do think there are some positive elements in the report when we go a little deeper. For example, sub-sol, when you look at quarter over quarter, excluding this one-time rebate payment, we actually have a positive development quarter over quarter in US dollars. So that is ignoring the foreign exchange rate and also the non-time non-recurring rebate. We also see that the profit contribution from our US business is increasing and that is both looking in local currency, it's also when we take away the depreciation where we have due to the impairment we did on two assets in the end of last year, there are less depreciation this year. But even excluding that, we see a good cost control in our US business. From a cash flow perspective, we are quite stable in the quarter. We did sell off part of the corporate bond. That was the same amount that we had to pay for the rebate, approximately. So even here, if we look away from the rebate payment, we are on a relatively stable basis quarter over quarter. And where we also have some negative effect from the currency. ORX124 has been a long story where we have been waiting for some critical components for the nasal device and we finally got delivery of that late in this quarter and we're now able to start the testing that is required by FDA. So that is really good news for the company. And also on OX 640 and we have continued decided on the final formulation. We're now starting the process for upscaling of manufacturing and we have very healthy discussions with potential partners for OX 640. And we have reaffirmed our 2025 numbers despite the setbacks we had on both currency and the non-recurring recurring rebate for the full year. One thing that continues to follow us as a pharmaceutical company is of course the geopolitical factors and I just heard this morning that there are new discussions about tariffs coming in that Donald Trump will announce later this month. In a low level he said, but I will highlight that for Subsolv it has no impact because we are manufacturing Subsolv in the US. for the US market and we're just about to set up or our partner, a court pharmacists, is just about to start manufacturing for the European markets in Europe. Our Morfocx pipeline is primarily relying on manufacturing in Canada and that could of course have some impact on the tariffs long term, but there are time at least on a week 640 and others before we are launching and there would be ways for us to mitigate the impact of these tariffs, I'm sure. Then one of the highlights in the quarter, which have gained a lot of attention just after the quarter finished, is what's called the big beautiful bill in the US, and that's around Medicaid, where there's been a lot of discussions about the impact on Medicaid volumes. We do anticipate that there will be some impact on the volumes, which could both impact volume, but it could also impact the quality of care that is offered by specific Medicaid payers. What, however, is worth noting is that the implementation of the Medicaid changes is going over time. That means that the full implementation will take several years before you will see the full impact. Then some of the payers might decide to act on the changes already now, but we do see that the full implementation is going to take time. And there are several other sources of financing in the opioid addiction space, which has not really been activated. We've talked about them a lot, but we haven't really seen the impact yet. that's coming from the opioid settlements or what's called the abatement funds, where we have more than $50 billion sitting, which should be earmarked to treat opioid addiction. And maybe this is the time when you can actually start digging into that pile of money. But I will also notice that Medicaid is very important for us and for the market, but the rebates that we're paying in Medicaid, that's high. It is something you see on the sales numbers for this quarter that we see some negative impact on price because we have some good development in some of the large Medicaid payers, but we're paying a higher average price on Medicaid. That means that some of these patients who might lose their Medicaid insurance move over to commercial insurance. We actually only need a percentage of these patients to move before we will have a neutral impact on our EBIT level. Then on foreign exchange, it's something that of course is hitting us quite dramatically with a change, I think, We started the year with an exchange rate to the dollar with 11 Swedish kronor per dollar and we ended the quarter here with 9.5. So that is a dramatic decline in the value of the dollar. The positive part is that if you actually look at the financials and on our operational expenses, then we have nearly a full natural hedge. There is some, of course we will lose some money as a lot of our EBIT is coming from US dollars. But about 80% of this effect is basically neutralized by having most of our expenses in dollars also. And that just looking, for example, at the US results, it's nearly on the decimal the same result as it was last year. And that is then you can say this year we actually in that number include the one-time rebate payment, which is going straight down to that bottom line. Last year, we we have some depreciation of about the same amount, which is not there anymore. So we have actually mitigated a lot of the decline on EBIT from our US operations on the top line by lower expenses. Then to US commercial market, what we're pleased to see is that we actually see the market is growing faster here in the second quarter than what we've seen for a while. It's up at 4% growth. It is because we are seeing actually say here that Medicaid segment is stagnating. That is true, but it has actually gone from being negative to we now see some growth in the Medicaid segment. And the commercial segment continue to show some quite healthy growth, even despite now seeing Medicaid growing. So now we have the two largest segments, both growing, Medicaid a little slower, but we actually see negative growth. Where we see a decline is in the cash segment, and that's why we have the non-insured patients. The sub-solve, Quarter over quarter, we have a relatively neutral development, it's flat basically, where we have seen growth in Medicaid, we actually see some growth in commercial also, but we've seen a continuous decline in UnitedHealth Group and in Humana. And Humana, it's actually a combination of two. It's both the previously exclusive contract with Humana, but we also seen that Humana Medicare, where there's a new rebate system, that has changed some of their policies, which is increasing the copay for some of the patients when they want to get Subsol. Which could make some of them switch to a generic version. So what are we to expect from Subsol? I think the good part here is that we see the market continue to grow and we actually believe that the market will continue to grow. And that is despite the change in Medicaid. And why do we see that? First of all, we are now seeing a slight acceleration in market growth. I think it's based on a continuous large unmet medical need. We also see that there are available funds which by far exceed the amount of money coming to this specific disease areas that we could see reductions in Medicaid. So this is a question, how do the states, how do the communities act when they see funding to Medicaid go down? Will they use some of these opioid settlements to basically backfill for this specific patient segment, which could neutralize some of that effect. And when we come to sub-sol, I think there are two elements. One is on the top line, and there we're of course pleased to see a quarter over quarter slight, slight, or some increase in the Medicaid segment, slight increase in the commercial segment. Then we have some decline in the previous exclusive contract, which is more or less neutralizing the effect, but also seeing on a dollar basis that we see some increase in the sub-sol business. And on the EBIT margin, and this is really important for us, is to continue to work on the profit contribution for Subsolv. And here we are, if we exclude the one-time rebate payment, then we're able to see the EBIT margin increase to nearly 40% in our US commercial business. So we are very cost conscious in the way that we're approaching to ensure that we have a continued healthy EBIT contribution. And we're quite pleased to see our core markets, that is what we call the open segment where we have good coverage in both Medicaid and commercial is showing a good development in this quarter. And we've decided to reiterate our guidance for sub-sol for this market, which mathematically will show you that we need to see a little increase in our sales for the second half to meet the net sales guidance. But we think that is within range. Then coming to the products under development, we now have the device components for OX124 or now what is IC3. So we have a name, a trade name registered for four weeks on to four. Those of you working in the pharmaceutical industry will know that this is a very hard one to get a name approved by FDA. You have to use letters and spelling that is unusual. And we have tried several name and combinations. We, because of the small size of the cylinder where we have the device in, we have been trying to look for a name which is six letters and that's basically what we have succeeded with ICPR. So we have a conditional approval of this new brand name and we will moving forward refer to ICPR rather than OX124. We are, as I said last quarter, we are now ready to both move on the, to start the testing that is required by FDA, but we're also looking to move to the same devices we're using for 640, which will reduce supply risk in the long term for ICPR. For ORIX 640, which is really where we believe we have a significant potential value generator for the company. We have established manufacturing. We have existing manufacturing capacity right now, which would be able to ramp up and basically launch for global supply of ORIX 640. It has been FDA inspected for ORIX 124. Our entire supply chain has been FDA inspected and has been approved for ORX124. If you recall, the reason we got the complete response letter on ICPR was due to the actual device and not due to the supply chain. We are the only one who have a powder manufacturing established commercial manufacturing line and we think that's a good advantage as there are other companies in earlier stages than us working on a nasal powder. And we are actually together with our supply, our contract manufacturing, we are securing that there our additional capacity ready to meet a global supply, which we think we know that one of them is building up new facility that you can see in the corner here, and that could be ready as early as 2026. And over time, the increased capacity will help us to improve COGS and also ensure that we have enough capacity to meet the demand both for Wix1 for IC PRE and for Wix640. Then where are we in the process right now? So we have done during the quarter here, we have made the final decision on the dose and the formulation and we have now initiated the tech transfer to our contract manufacturing partners, the same ones as we use for ICPR, I have to learn that name. And what we will then start off basically in the end of this year is to start manufacturing clinical trial material and do the full upscaling, getting all of the data ready or this batches ready to collect the data that is needed for FDA approval in the end. And again, remember when we did our OXICP application, this is actually where we got some, we were asked by FDA to ensure that we manufacture in commercial scale with all of the batches that we use for stability data. So now having that in place is giving us a great advantage for our OX640. process. In parallel with this, we have some good discussions with both global and regional partners, and this is a very intense process for a small company like Oreo. So we are working over the summer in this process, and hopefully we can get to an agreement later. I will say, because a lot of you will ask, what is the timeline for an agreement? I have learned that you have an agreement the day that the ink is dry on the bottom bottom line of the contract. And this is a little where we are right now. We have some very good discussions with partners, but I've also learned that you don't have a contract before you have a final signature on the contracts on both parties. So we will have to have some patience, but I think there's no need for concern in this process at the moment. Just to take a little little brief view on why do we believe this is such a great opportunity? I actually took the liberty to compare with Narcan, which I think is a good analogue to use. And as you know, we have been in this market with opioid use disorder and what better analogue to use than one that we really know? And in 2015, we had the first nasal spray brand named Narcan was launched by an Irish company, Adapt Pharma. In the beginning, this was really slow. We saw very little uptake in the first year. Adapt had to build up their commercial capabilities in the US, which I think happened during 2015 and then ready for broader launch in 2016. And when we looked at some of the sales numbers, it was quite meager in the beginning. But Adapt Pharma and their future partners did a fantastic job of both expanding the market. Retail growth was within a few years, several hundred percent. On top of that, you also took market share. So today, more than 90% of this market in the US is based on a nasal spray and not an injectable. And if you just look at the end of 2016, the multiple in sales up to the peak year before we had generic entrance for NACA was more than 10 times growth. So looking at where we're at Nefi, I think they had $7 million in sales in the first quarter, and that was the first quarter of sales. That's quite equal to what you had Neil in the full year for the first full year that Nacan was in the market, or it's actually, I think it's more than the first full year if we take 2015 with us. So it's very hard for me to see that we don't have, we'll see a rather similar development in the epinephrine market. Even though that NEF is taking some time to get the same dominance and we hear exactly the same objections by some of the doctors, are we really certain that this work? We are quite happy we know that injectable works, but the convenience factor of these nasal sprays is so superior to an injectable. So it's very hard to see that this market is not going to take the same journey as we have seen with NACA. And I will say that OXi450 is much more differentiated to the other products in the market than what we have for ICPR. ICPR has some of the same qualities, but due to the sensitivity of epinephrine, those qualities are much more transferable into the epinephrine market than it is for the naloxone market, which is a relatively stable molecule. Then on a morphox, as you know, this is a product that one of the things that we have really done is we can do some very precise particle engineering, so we can use this for broad range of APIs. It's very stable. We have validated in several human trials, so we know it's very high by availability. We have some strong IP and it's really a work for us is how do we expand the use of Amorphox? And during the quarter, we have also done some strategy work internally and said, where do we see the focus for the company in Amorphox? And here we have three areas. One is that we of course want to advance our internal research communication. So ICPR, Wick-640 are really the focus Ox 390, we introduced that last quarter. It's a new product for Ovidos with an illicit drug in combination with opioids. These are the sweet spots where we are putting efforts behind right now. Ox 125 is ready to accelerate if we see that the market evolves for naloxone products in the US. And then we're looking into large molecules because some of the properties that we have for amorphous are really designed nearly for large molecules. A lot of large molecules today has to be injected. They require refrigeration, some of them even being frozen. They're quite poor stability. And all of this is something that we see is ideal for our powder formulation. So what we are working on now is first together with a partner like Abivora Bioscience to generate data that we can share with Abivora is on a very exciting vaccine platform. But we have other data from other partners, some of them is public like so people, we are also others which are non-disclosed where we're generating data. And for us, it's now about how do we generate more scientific data on these large molecules, which would enable us to reach partnership with even large organizations. And then we see that there is a, we have a bandwidth limitation. So we are looking to find partners, I think primarily from the contract development and manufacturing organizations, CTMOs, where we can actually reach a broader base of customers to see how we can utilize their Morphox in more partner with more companies. So it's a combination driving our own projects where we right now focus on best communications. We think there's a big opportunity in large molecules, but also work more closely with some external partners to get an even broader and accelerated reach for the Morphox platform. That takes us into the financial section and I will leave the word to Frederick. Thanks Niklas. On page 18 we look at revenues. If we start by looking at top part of the page you can see that total revenues in Q2 for the group landed at 118 million SEK. And the bulk of that 114 million or 96% came from sub-sold within our US commercial business, which is down then with approximately 34 million SEC or 23%, primarily as a consequence of the negative FX impact of 12 million SEC. We had lower demand in net revenue terms and then this non-recurring rebate payment we talked about earlier, which had a negative impact of 9 million SEC. If we look at other revenues within HQ and pipeline, again, ABSRA royalties were lower, following the trend we've seen as individual country royalty agreements expire. But we did see higher Edaroyal royalties thanks to stronger sales in Europe. On the downside, Subsol XU's revenues were lower, mainly because we didn't have any tablet sales to our partner at Core Healthcare this quarter, and that's compared to 8 million SEK in Q1. That followed a one-time build-up inventory anticipation of starting manufacturing in Europe. If we instead focus on the quarter-over-quarter development of subcell revenue, the waterfall chart on the bottom part of the page shows that contrary to the year-over-year trend, that net revenues in local currency increased slightly by 2%, excluding this non-recurring rebate payment. The growth is primarily then driven by a modest increase in total demand in net revenue terms, approximately half a percentage point as shown in the first three. And then further supported by significant positive inventory stocking effect of 7 million during the quarter. Moving to the next page, the P&L. We just discussed the decline in net revenues excluding the non-recurring rebate payment of 9 million and the effect of 12 million net revenues would be 136 million instead. And that, though, represents still a 12% decrease compared to Q2 2024. The weakening of the US dollar has, of course, also positive effect on our US denominated cost, approximately 65% of total expenses. The sixth significant decrease in costs as you can see, is largely attributable to this favorable FX effect within US commercial, 8 million SAC actually. But the decreasing costs was also from somewhat improved production costs for Subsolv. As a result, gross margin increased from 89% in Q2 last year to 93%. If we look at our operating expenses in Q2, which came in at 131 million, We're pleased to see that our cost consciousness is still paying off. Opex is down 14% compared to last year. Now of course about 3.5 million SEK in total of that reduction came from a weaker US dollar. But we also saw lower costs from a performance perspective across the board. We had lower selling expenses, mostly related to timing of pre-launch activities for Ox1-4 or iZippy, lower admin costs mainly from reduced legal fees, and we had lower R&D costs. The drop in R&D is largely due to lower amortization of the impaired intangibles that we did in Q4 last year. But some of that was offset by increased development costs for Ox1-4 or iZippy. With the effect on sales of the weaker USD and the non-recurring rebate payment, EBITDA was negative for the quarter. with minus 10.1 million sec. And totally, it came in at minus 21.5 million. Now, that figure includes about 10 million in lower depreciation following the impairment of intangible assets. If we look at US business specifically, as Nikolai said, EBIT was 36 million for the quarter, even after absorbing the one-time rebate effect. That gives us a margin of 31% and a solid improvement from 24% a year ago. And excluding the negative impact, the margin would be 39%. Moving to next page, cash flow. We reported a positive cash flow of 3.7 million SEK for the period. After adjusting for a negative FX effect of 1.5 million, that gives us an increase in cash and cash equivalents of 2.2 million. And in that, operating cash flow was slightly negative, mainly due to the 9 million sec again in non-recurring rebate payment, but financing activities contributed positively, primarily from the sale of 10 million sec in nominal value of Oreo's own bond. And that was done with intention to finance this unexpected rebate payment. So by the end of Q2, cash and cash equivalents stood at 121 million. and just to remind you, we still hold 20 million second around bond, which could serve as an additional funding source going forward. The financial outlook on the next page that states that we expect market growth of 2-5% net sales sub-sol interval of 50-55 million USD, opex excluding depreciation expected 460 to 500 million sec. And finally, as we said, group EBITDA still expected to be positive for the full year. And with the actions presented today and explanations we have given, we still maintain that these metrics are re-informed. Back to you, Michael. Thank you, Frederik. So very short legal update, because it's not that much to report. We have this subpoena issued by the Department of Justice in the US. or the DUJ investigations we can also call it. It's been ongoing now. We have our fifth anniversary. It's very surreal, but that is how it is. It's been going a little off and on for that period of time. There have been some activities in the quarter, but what has slowed down the process, we cut certain that that has happened, negative to impact in the timing. is the appointment of new US prosecutors. I just heard that the new US prosecutor for the district that is investigating OREXO has been appointed earlier this week. So hopefully that can accelerate the process. We are looking for a resolution of this. We still believe that the investigation has no merit, but we also realize that these kind of processes often result in some kind of resolution. between the two parties. Finally, our future value drivers. We still see that Subsolv is an important cash contributor to the company, so maintain revenue streams and maximize the value we can get from Subsolv. It's very important. To get FDA approval for ICPT is, of course, very important for the company. And now with the delivery of the components, we are in good position to accomplish this with a filing next summer. Then we do see it's important and a part of our business plan is to receive milestones and royalties for upcoming projects. And here we think Orix 640 is the one that is most near term. But we also, of course, expect to see some royalties coming in from sub-salt Europe, for example, when they start manufacturing Europe, which is really with the objective of becoming more price competitive in the European market. It is important for OREXO as a part of the companies to ensure that we have access to the patients and patient access to our products. So to continue to work with Subsol and get expanded access is important and the same when we're launching ICPR in the US, this will be a very important activity for the US team. Then on our MorphoX technology, I did highlight some of the focus areas for the company on respiratory medications, also work with large molecules, both partnerships and internally development of scientific proof of concept, but also to start working more with, for example, CDMOs and other partners so we can have a broader reach of the technology in a faster pace than what we can with our relatively limited bandwidth in the company. With that, I thank you for your attention and open up for questions. Thank you. If you wish to ask a question, please dial 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial 6 on your telephone keypad. The next question comes from Samir Devani from RX Securities. Please go ahead. Hi Nikolai, hi Frederick. Thanks for taking my questions. I think I've just got two and the first one I think is on OX 640. I won't push you on terms of timing for the deal but I was just wondering your thoughts on NEF's uptake. It seems to be doing quite well according to the Scripps data that we can see and I'm wondering whether that's having any influence on your discussions. so that's, I guess, question one, if you want to take that. So I, I, so we're, of course, monitoring NEFE with, with the frequency we can. And I will say the, the NEFE uptake has been a central part of the discussions, both before launch, after launch, the expectations from Aries Pharma has also been a topic. I think there's been a Several factors that are following here is one, of course, is the deal value that was presented between the Danish company ALK and AOS. It's also been the market cap and valuation of AOS, which has been relatively healthy. But in particular, the prescriptions have been a topic. And I think it is interesting because the perception for companies who have, we of course talk to all of the companies who have talked to AOS Pharma. and it appears that some of the initial communication to potential partners were more bullish than some of the numbers. But looking at the capital markets, I think the uptake has been relatively good in particular comparing to NACAN. And if I think the most recent data that we don't have access to on a regular basis, but also indicate that this is pointing in a good direction. And that is what we would expect. But I will say that In this, just between them getting approved and launched, this was a basically recurring topic in all discussions we had with potential partners. Great, that's great. And then the final question, just on OX 390. I think this is the first time you're talking about this product. And I guess, I don't know if you've disclosed what the active ingredient is, and maybe you can just help appreciate how docs would recognize that a patient's taken a specific combination of illicit drugs. I'm just trying to understand why they would choose this over either the high dose or just standard Narcan. Thanks very much. So we've decided so far not to disclose that many details about the program. I think it's important for the company of many reasons also in the US to show that we are pursuing some new and novel treatments, treating some of the drug combinations that are coming into the market that the healthcare and particular first responders find difficult to address. And I think the way that you would identify the patients is if you take some of the combinations we see right now is that the patient don't get an effect of naloxone that you would expect. they might appear to be continuously sedated, and then you can start to suspect there could be other drugs involved into this. And one way to know what it is is actually when we talk to first responders is that certain combinations of drugs are well known to be very prevalent in certain areas. So in some geographic areas, for example, around Philadelphia, we know that the drug silazin is used. Now, I think it's more than 90% of all fentanyl and others that are tested on the market or on the streets include silasine. And therefore, you would actually assume that silasine is part of any overdose in that geography. And that's part of how you could identify. So both you have a treatment path, and I think you will always start using an opioid antagonist because that is the most life-threatening overdose. So that is naloxone or naloxone. And then if you don't get a sufficient effect, then you can go on and test the other ones. And that, of course, come in with some safety work that you need to ensure that there are no serious side effects of using this other rescue medication. But it is a little scary to see how the patients are experimenting with different kind of combinations or the drug dealers are experimenting combining different drugs. And that actually makes the It's a little helpless situation for some of the first responders that you don't really know what they've been taking. But there are ways to triangulate what it could be. I know that answers your question specifically, but I think this is the thing we have at the moment. That's great. Thanks very much, Nikola. Thanks. The next question comes from Klaas Palin from Carnegie. Please go ahead. So it appears like there's a connection error here. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Since I think there's an issue with so we have some questions that have come in here. Why do you refer to the rebate as one-off and why would Should we not expect that you will have to provide a rebate or accept a lower volume going forward? It is a one-off because this is referred to a volume that was sold back under the pandemic, so 2020. So the rebate that we had to pay was an extra rebate that was for some reason was not captured by our vendor in the US and our US organization back in 2020. and that was detected during a claims review that we did together with a new vendor during the quarter. So this is a pure one-off that we have from that period. Then we have a question of about Oracle 6.40. If we don't have a partner in the near term, do we lose time because we can't continue? And here I would say that Yes, we are right now we have signed contracts to upscale our manufacturing so that process is in motion with or without a partner. So I think the next step, critical step is basically for us to tech transfer from our pilot scale here in Uppsala to our partners that we have in Switzerland and Canada to start working on the ORIG6-40 project. We'll do that with or without a partner. And I think this is basically what is supposed to happen. during the next six months. So I don't think a very close time is important for the partner where we really would like a partner in place is for the pivotal trials which are supposed to start in the mid of next year. And of course, the financing of the activities around 0640, it would be very good to get a partner in place. And I said, we don't have a partner before we have a signature. And I can promise you when we have a signature on a contract, you will know about it through a press release. But we have some very constructive and ongoing discussions with partners for Orix 640, and we're quite optimistic that this process will end up with a contract. Then there's a question about our shares, whether we increased our number of shares So this is see Fredrik if you can. Okay, no, that's, I think it's referring to the long-term incentive program that we have changed settlement method going from cash-based to equity-based and thereby we have issued C shares that will be conveyed into ordinary shares as they are that is paid out, but that is dependent on how these incentive programs are successful or not for the individual. Okay, and then we have a last question that we have here is around our 0640 and that's also about the timing and as I said we are in Good constructive process with potential partners for Wix 640. It's something that will require time and efforts from me and most of my team during the summer. So this is what we will do when hopefully we'll get some nice summer weather here the next few weeks. But we will be working on due diligence and other partnering discussions. and okay, we. We understand that the questions by class, Pauline, is there's some technical issues, but all of you can access his reports, which are public from Carnegie. I would recommend you to go in and read class reports. You will see, I'm sure, both. they will reflect both these questions and also the answers that we provide to those questions. With that, I want to thank all of you for taking your time here on a busy Wednesday and hopefully also a beautiful Wednesday where you are in terms of weather and that you can enjoy some time off during the summer. Thank you a lot and have a great day. Goodbye.