Good day, ladies and gentlemen, and thank you for standing by. Welcome to Enhanced Group's second quarter 2026 earning conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. Please note that this call is being recorded today, August 13, 2026. I'll now turn the call over to Chris Jones, Head of Communications for Enhanced.

Thank you, and good afternoon, everyone. We appreciate you joining us today. Speaking on the call today are Maximilian Martin, Chief Executive Officer, and Siddhartha Banthiya, Chief Financial Officer for Enhanced. Earlier this afternoon, we issued our second quarter 2026 earnings results press release, available in the investor relations section of our website, along with our quarterly report on Form 10-Q filed with the SEC. Thank you for joining us. We will also refer to adjusted EBITDA, a non-gap financial measure. A reconciliation to net loss, the most directly comparable gap measure, is included in our press release. With that, I'll turn the call over to Max.

Thank you, Chris, and good afternoon, everyone. Thank you as well from my side for joining us today. Siddhartha Banthiya We began the year focused on completing our business combination with A Paradise Acquisition Corp., which we disclosed in Q4 of 2025. We closed the BCA within a matter of months with Enhance ringing the bell at the NYSE in May. Three weeks later, we staged the inaugural Enhance Games, an event that became the first medically supervised sporting event allowing enhancement. Despite our critics doing everything to castigate and in some cases block our event, our athletes and staff persevered. We completed a first-of-its-kind IRB clinical trial in a war zone and put on an event that delivered 21 personal bests, a world record, and engaged over 1 billion people globally in the process. Of course, we did all this while also launching our direct-to-consumer telehealth and supplement platform, Live Enhanced, during Q2. to all of this despite the criticisms. More than anything, our aspirations for enhanced required capital. And I'm proud we were able to raise a bit more than $50 million in financing this year, which included additional capital from both our Executive Chairman, Christian Angermayer, and myself, contributing $20 million and $5 million, respectively. Simultaneously, building and delivering one of the most groundbreaking sporting events in history, conducting a first-of-its-kind clinical trial, launching a consumer platform, and going public are not projects most management teams could accomplish in a two- or three-year period. We achieved all this within six months. In May, we hosted the inaugural Enhanced Games. In an arena complex, we designed and built ourselves from the ground up for a global audience that far exceeded expectations. Thank you for watching. and many more. Thank you for watching. Importantly, a portion of our inaugural investment went into infrastructure, including the pool and the track, which can be reused for future enhanced games and the broader Enhanced Breakers series. This will allow us to monetize our sporting business more effectively, while also opening additional revenue streams around the games going forward. The inaugural event was invitation only for both athletes and spectators. However, going forward, we intend to make the games significantly more accessible, including potentially ticket sales. Moreover, having demonstrated the economic impact the Enhanced Games can generate for a host city, we are evaluating future locations not just based on their ability to host the event, but also on the economic development financing opportunities and other incentives we can secure. Together, these factors should have a meaningful positive impact on the margins of the Enhanced Games as our tentpole event throughout the year. Ultimately, this will further strengthen enhanced positioning as one of the most exciting new sporting IPs for consumers to watch built around one of the most compelling sporting rivalries ever, natural versus enhanced. We believe this rivalry is a true differentiating factor for our sporting model and one that we intend to capitalize on significantly as the property scales. As the excitement around the games grew, so too did expectations that the event would produce multiple world records. In Red's respect, we should have managed that narrative more carefully. By allowing those expectations to take hold, we contributed to an impression that the evening had fallen short when only one world record was broken. But actually, it's quite the contrary, which we believe many people yet have to understand. What we delivered was transparent medical protocols helping athletes achieve new personal records, some of these athletes well past their prime at an average age of 30 years old. Looking at it from this perspective, the games were a massive success, but that positioning is something we could have done better. Critics' voices drew the headlines, and hate always attracts more attention than love, leading the superficial reader to believe the games were not a success. This learning helped us make a pivot in our communication strategy to not just better present the power of enhancements, but also position us more relatable to consumers. Nonetheless, there were many achievements which we believe positioned the company well into the future. Enhanced's multi-platform media strategy to produce a sporting event good for how modern fans consume content definitely contributed. Each event was dynamic enough to fit inside a TikTok or reel, providing an AI resistant content model that reached around the globe. We leveraged our own social properties and the largest global Twitch streamers and content creators to deliver more than 4 million live views and more than 1 billion impressions overall. These figures do not include our partner Roku's streaming data, which offered to broadcast in 100 million North American homes and inevitably pushes the viewership numbers even higher. For context, just the 4 million live views without Roku were equivalent to a regular NBA season game or an episode of The Tonight Show with Jimmy Fallon. Independent media coverage far exceeded expectations as well, with 4,000 global stories and publications reaching about 16.7 billion unique monthly visitors with prominent feature stories in Vanity Fair, The Economist, Financial Times, GQ Magazine, and Men's Health Magazine, just to name a few. All the above demonstrates the extraordinary global interest in the games and how that helped enhance the incredible brand value as a new sports property. The centerpiece of our sports strategy was delivering the games while setting a new standard for athlete health and safety. It took us more than a year to establish our clinical study, working with the Department of Health in Abu Dhabi and SSMC, the UAE's largest hospital, under an IRB-approved clinical trial. This was an investment in athlete health unlike anything seen before in sport. The results speak for themselves. Every athlete completed the trial safely. Every athlete improved their health data. And our athletes overall achieved 21 new personal bests. For a first Games, that is remarkable and demonstrates that athlete health and performance were never competing priorities. Our medical program and the proprietary data it generated gives us a foundation unlike anything else in the market, one we can now extend to a much broader population through our consumer platform. Partway through the trial, the region experienced a war that put the entire effort at risk. Our team took brave steps to safeguard our athletes, keep the trial's medical integrity intact, and found a path to complete the program on schedule. The credibility and trust we've built within the athlete community through our work is remarkable. I have Olympic champions and world record holders reaching out through Instagram DMs trying to get themselves a spot in our next competitions. And that trust in the quality of what we deliver as a company goes beyond the athletes. It ultimately transfers to consumers and gives us a level of credibility that most consumer companies have to spend years and tons of capital trying to build. Most begin by buying customers, search terms, performance ads, incremental acquisitions, optimizing cost per clicks. We started by building a brand and delivering a global event that engaged over 1 billion people. What we have is not simply a product looking for a category. Personal health and performance is a subject that provokes real emotion. You cannot buy that with performance marketing. You have to demonstrate something publicly, create a conversation and become part of the culture. That is what we're doing with Enhanced. Building a community while building a product. In just two quarters, we put a first-year property alongside competitions that have been building for a decade or more. That is what the investment bought us. A brand, a community and a level of trust that our competitors cannot simply go out and acquire later. Enhanced Sports Property now has real commercial demand despite significant deputational headwinds at the outset. We secured approximately $32 million of sponsorship deal value. We partner with Resolve, an AI commerce company that we chose deliberately rather than opportunistically. Beyond just a sponsorship agreement, Resolve has capabilities that sit directly alongside what we're building into our consumer platform, Live Enhanced. Our distribution agreement with Roku brought credibility in the sports media landscape. For a first-year property with reputational concerns, to be competing for the same budgets as events with decades of history shows a clear commercial validation we intend to build upon. We're also seeing the reputation of the headwinds start to dissipate and the subject of enhancement to be adopted more broadly. In surveying consumers, we found something pretty interesting. Consumers have moved past asking whether enhancements work. What they want to know now is, what works for me? What does my body need? What protocol should I consider? This points to where the category is going, personalized medicine. People need to understand enhancement as a category, but they also need to understand their own health data and what it means for them. Neither of those things is solved by advertising. The question is no longer, does it work? It's what works for me. And answering that requires actually knowing something about the person asking. That is what we're building with Live Enhanced and the Enhanced OS we announced today alongside our quarter. Most telehealth businesses are built around treating a specific problem, weight loss, erectile dysfunction, hair loss, and any other conditions, with the objective of getting someone back to baseline. We're playing in a different space, personalized performance medicine. Our focus is on hormone optimization, recovery, longevity, and ultimately helping people move beyond their baseline to access a level of physical and cognitive performance they otherwise wouldn't be able to reach. And there should not be a universal enhancement protocol, a one size fits all. Two people with different baselines, goals, physiology, lifestyles, and circumstances require completely different approaches. Thank you for watching. We believe we have a unique right to build that personalization because of what we have learned at the absolute frontier of human performance. In the two months leading up to the Games, our medical team has made 274 protocol adjustments across our athletes. That's roughly one adjustment per week per athlete. Every single adjustment generated data, learning, and created medical IP around how different interventions affect different individuals under different circumstances. What we built through this intensive process is incredibly valuable medical IP and now we can democratize access to it, taking knowledge that was previously available only to a very select group of elite athletes and making it available to consumers. The best analogy we like to use is Formula One. When Formula One engineers develop a Formula One car, they're working at the forefront of science, technology, and performance. That car will never be mass produced, but the technology and knowledge developed at that frontier eventually finds its way into the road cars a few years down the line. We believe enhanced works in a similar way. The work we do with elite athletes creates frontier knowledge that can help us build the best personalized protocols for consumers. What helps a 35-year-old athlete set a new personal record may be far too complex for everyday use, but the learnings from that work can shape how we personalize a protocol for a 42-year-old father of two who simply wants to feel like himself again. The decades of experience within our medical and scientific commissions, combined with the intensive work we've done optimizing protocols for elite athletes, are creating a body of medical IP that informs how we personalize enhancements for consumers. And this process is where AI and our data infrastructure become so important. We want to connect the consumer to their health and their everyday lives through wearables, health data, and ongoing feedback, and use that information to continuously improve what we recommend and how we educate them. We believe this will close the gap between what someone's body is telling them and the decisions they make about their health and performance. And that is important because the molecules themselves will become increasingly commoditized. When everyone is selling the same molecules through the same funnels, price becomes the only thing left to compete on. We want to compete on something much harder to replicate. Trust, knowledge and personalization. That also creates a fundamentally different relationship with the consumer. When someone stops an enhancement protocol, they generally return to their baseline. Once you have experienced, though, what it feels like to operate at your own personal best, going back to baseline can be a compelling reason to remain a consumer. We believe that dynamic, combined with the personalization and education we provide, can drive stronger retention and ultimately higher lifetime value than a traditional episodic healthcare model. Thank you for joining us. Today, our platform consists of an Rx business spanning testosterone replacement therapy, hormone replacement therapy, certain longevity medications and approved peptides, as well as a supplements business built around two stacks targeting distinct customer goals. But this is only the beginning. We intend to expand both the depth of our personalization and the breadth of our offering into more lifestyle-oriented applications and performance categories, including areas such as cognitive enhancement, and that brings us back to the core of our mission, to give everyone the opportunity to live enhanced. What that means is different for every one of us, so we need to be positioned to serve that. For some, it may simply mean the right supplementation, exercise and nutrition. For others, it may include hormone or peptide therapies. Where an individual sits on that spectrum is entirely up to them. Our job is to help each person understand where they are, where they want to go and what personalized path can help them get there. What we've learned through the first half of 2026 has therefore refined how we get there. We are not simply building another telehealth business or supplements company. We are building the platform for performance medicine, bringing the knowledge and learnings from the frontier of elite human performance to a much broader population because enhancements are relevant not just for athletes, but for anyone. Okay, coming to an end soon. Bear with me for a few more minutes. On the sports side, we're moving toward more frequent events at community scale. In July, we staged our first Enhanced Breakers series in Los Angeles, a smaller format competition where Beatrice Piron set a new world record in her weight class in the Olympic snatch. The Breakers model gives us a way to promote the mission at a much lower cost base, and it gives us a preview of the type of cost-effective live events shareholders can expect from us throughout the year beyond the Tempol Enhanced Games. These are proof points that keep our athletes competing, our audience engaged, journalists talking, sponsors interested, and the conversation around performance medicine in front of the world year round. but we also want to go beyond spectator events. We don't just want Enhanced to be something you watch elite athletes do. We want it to be something you can participate in yourself. So we're looking at everything from partnering with existing participatory communities like run clubs to creating local events where you can come together, compete and test yourself. We think that can make the Enhanced ecosystem much more accessible and much more community driven. And as we work through that, you'll see more announcements from us coming. On the consumer side, what we've built so far is a strong and trusted brand and a baseline offering around enhancement. What we're building next is the platform that takes the medical IP we've developed through Elite Sports and uses it to inform personalized performance protocols for the individual. One thing we hear constantly from consumers is very simple. What should I buy? Ideally, just tell me what to take. And that is exactly what we're building toward with the Enhanced OS, which many of you have seen alongside our announcement today. We're planning to launch the Enhanced OS later this year, and we believe it can become one of the deepest modes we have against anyone else in the telehealth space. Because it means we're not just sending a file to someone's doorstep. We're accompanying that person through their health journey, understanding their baseline, their goals, what they're taking, how they're responding, and continuously helping them adjust. and when you take a step back, that's really where the flywheel starts to come together. Our long-term thesis is to build an ecosystem where events create attention and trust, medical IP and data enable personalization. Personalization connects each individual to the right product or service and community keeps people engaged. Each part of this ecosystem makes the others more valuable. Attention on its own doesn't compound. A flywheel of these assets collectively does. And I think that becomes particularly interesting in a world increasingly shaped by AI. As AI and robotics make more things digital, automated and cheaper, people are going to place even more value on the parts of their lives that are difficult to replicate. Sports, life entertainment, community and human connection. That's the ecosystem we're building around. And as we grow it, we'll also look opportunistically at strategic M&A, where we can add capabilities, expand the product offering, strengthen the community, or deepen the mode we're building. And with that, let me turn it over to our Chief Financial Officer, Siddhartha Banthiya, to discuss our results.

Thanks, Max, and good afternoon, everyone. I'll cover four areas today, revenue, our main cost categories, the balance sheet, and liquidity. Revenue was $17.7 million in the second quarter compared with no revenue a year ago. Nearly all of that came from Enhanced Games sponsorships and was recognized as we delivered the services associated with the inaugural event. Live Enhanced became fully operational in May, so the quarter includes only a few weeks of activity from that business. We had previously announced approximately $32 million of sponsorship agreements. A substantial amount was recognized in the second quarter, primarily from Resolve and Rumble as we fulfilled our obligations related to the inaugural games. The remaining $10 million relates to our title sponsorship, Bazook. We have an agreement in place and will recognize that revenue as we complete the related obligations and our collectability assessment supports recognition. On the cost side, there are three major buckets this quarter, and I'll walk you through what we consider ongoing costs versus what should be treated as one-time expenses, based on how we plan to operate from here. First, gains, athlete, and event operating costs, or $52 million. Broadly, this breaks down as event build and production, athlete compensation, world record awards, Marketing and Content, Medical and Regulatory Expenses, and Travel and Logistics. Most of these expenses can be considered one time. We built a venue, a broadcast, and a competition format that did not previously exist and we're not planning to build in the same way again. What will be ongoing is the cost of running events. For example, the Breakers event format, which we ran for the first time in July, operates at a fraction of the scale and fixed cost of the inaugural games. So I would not treat the $52 million as a run rate figure. With the brand established, we can operate a materially more capital-efficient model from here. Transaction expenses were $10.9 million in the second quarter and $12.5 million year-to-date. These consist of offering costs and banking, investor relations, and legal advisory fees related to the business combination and our pipe raise. We consider these expenses to be non-recurring. 3. Selling general and administrative expenses for $16.6 million. Two large non-cash items accounted for most of that amount. The first is $4.2 million of Rumble advertising and marketing expense. The second is $6.9 million of stock-based compensation, including $4.3 million of top-up awards granted at the business combination to people who had previously been promised equity and $2 million related to consultant warrants. We don't expect awards of this size and nature to recur. Excluding those two items, the remaining SG&A was approximately 5.5 million, including 1.8 million of salaries and wages, 1.6 million of performance marketing, and other general and administrative expenses. As you think about our go-forward cost structure, we believe that 5.5 million is more representative of the ongoing cost base of the business. More broadly, the game spend and transaction costs reflect the significant investments required to deliver the inaugural games and complete the business combination. Much of the equity compensation was also associated with that transaction. Reported net loss for the quarter was $61.9 million. On an adjusted basis, EBITDA loss was $42.7 million, which excludes net interest, depreciation, equity-based compensation, transaction costs, certain one-time legal costs, restructuring and severance, and other non-operating items. With respect to the balance sheet, we ended the quarter with $19.6 million of cash. And since June 30, We completed the second tranche of our pipe and received approximately $13 million from the third and final tranche. Those proceeds have also allowed us to reduce our near-term liabilities. As of June 30, accounts payable and accrued expenses totaled $40.1 million, including $26 million of accounts payable. Since quarter end, we've paid down approximately $10 million of accounts payable, reducing that balance to roughly $16 million, while maintaining $20 million of cash as of the filing date. Separately, we hold a $10 million contract asset in Resolve shares. Those shares remain locked through December, so we don't include them in our current cash position, but they represent an additional balance sheet asset that we expect to become accessible following the expiration of the lockup. In addition, we have the $10 million ZOOC title sponsorship agreement I mentioned earlier. While that amount is not included in our current cash balance, it represents an additional potential source of liquidity as we complete the related performance obligations and collect under the agreement. With that, back to Max.

Thank you, Sid. When I step back and look at what this team has accomplished in just two quarters, it's pretty remarkable. We staged the first medically supervised enhanced competition ever held, completed a never-before-attempted clinical trial through an armed conflict without missing a date, took the company public, launched a consumer platform into 34 countries, and then delivered a second event format to produce another world record while showing us how we can deliver live events at much lower cost. Thank you for watching. and alongside that brand, we now have a public company, proprietary clinical data, a growing consumer platform and most importantly, a much clearer understanding of how the two sides of the business reinforce each other. We believe we are uniquely positioned to take what we have proven at the frontier of human performance and make it available to a much broader population. The games prove what is possible. Our medical and clinical work gives us knowledge and credibility and Live Enhance gives us the platform to bring that to people every day. That is what we're building. And everything we do from here compounds on top of what we've built in these first two quarters. And with that, let's head into the Q&A.

We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you'd like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Your first question comes from Susan Anderson with Kanakor Genuity. Your line is open. Please go ahead.

Hi, good evening. Thanks for taking my questions. I was wondering maybe just to follow up on the telehealth platform, maybe if you could talk about the ramp that you're seeing in customers coming to the site and if you had any details just on the demographics and then your expectations for the back half of the year. Thanks.

Hey, Susan. Good evening. This is Max here. So to tackle your questions in just different segments. So what we launched thus far is both products on the Rx side and on the supplement side. Thus far, we have 11 RX products available and two supplement sacks. RX exclusively for US and supplements in the US and 33 additional international markets that we launched earlier this month. In terms of our customer demographic, we see a lot of difference. We have tendencies for different products for certain demographics. That means both between genders, men and women, but then also across various different age groups. The way that we're looking at it is the biggest share is mostly from 25 to 45 year old people, but not actually that much of a drop off as you go older. In terms of what we expect for the remainder of the year, we expect to launch new categories of substances. An area that I'm particularly excited about is, for example, the area of cognitive enhancement and also more lifestyle related products. and we expect the scale that we've seen thus far since basically mid-May when we properly launched the platform to just continue. When we are looking at the business right now in terms of cohorts, think week on week that we're analyzing, but also months over months, we're seeing very strong growth and we expect that to just continue throughout the remainder of the year, particularly as we launch into these new categories. One thing just overall that I'm excited about is also the enhanced OS that we'll be introducing later this year. We alongside the earnings launched a video that is planetary to it. And I'm talking about it more in a shareholder letter that I published. And so putting all of these individual factors together makes us very excited about the second half of the year.

Great. That sounds exciting. And then maybe just one follow up on that, I guess. How big do you think peptides could be if the six new peptides advisory panel recommended for inclusion in the 503A bulk compounding list actually gets approved? And I guess are you guys, you know, where would you or how quickly you think you could ramp that up on your site? And then I guess how do you differentiate from other telehealth platforms? Thanks.

That's a great Susan question. And if you've been following me, you know that I personally am very excited about that space. My excitement comes from two different areas. And I assume now the FDA and HHS come through with the rulemaking in due course. But one thing is everything that we've been showing with athletes is that we've advocated for anything that would happen in the shadows to put it out in the open, put the right regulation around it to make it safe for people. When I look at the peptide space and where the suppliers or where the customers currently are, getting their supply from is from unregulated, untested sources. Being able to provide a safe pathway to consumers for that is something that we're very much excited about. And in terms of the market, I think it's not just going to be a market of the people that are already buying from grey market suppliers, but it's also going to be extended by the people that have been thus far smart enough not to buy from the grey market. So I think that's something that many people oftentimes overlook, which is why I think the market overall is very exciting We are looking to launch all of the six peptides of the seven that GoDad voted in favor for and also look to establish certain protocols alongside them. In this space, though, I think we're not the only ones that are excited about it. I think with being able to compound those substances again in the U.S. and prescribe them, many people will rush into the market and these substances are rather commodities. So how are we positioning ourselves in a market that is going to be commoditized? We are positioning us through personalization. Once again here, really big learnings from all of the hard work that we've done with the athletes to make sure that we can bring to people personalized protocols that work for specifically them. All of that work that we did with athletes helped us establish how do we analyze an individual to understand not just their baseline biomarkers, but also their lifestyles. And then secondly, what are they looking to achieve? and with that, every individual will ultimately be on a different protocol that helps them achieve their goals and remain there. And so that's what we're really now making accessible with the enhanced OS, that personalized approach that not just provides a storefront for people to purchase peptides, but really gives them a guiding hand on their health journey as they try to become the best version of themselves. And so that's how I think about the peptide space.

Okay, great. Thanks so much. Good luck the rest of the year.

Thank you, Susan.

Your next question comes from Aaron Gray with Alliance Global Partners. Your line is open. Please go ahead.

Good evening and thank you very much for the questions. I guess the first one for me would just be regarding the games. It was great to see the event live and the atmosphere that it brought. One of the key things coming out of it seems to be the athlete participation and ability to break records. It would be great if you could provide some color in terms of what you're seeing from more athletes reaching out to participate and particularly in terms of the quality of athletes that are looking to be in future games. Thank you.

Thank you, Aaron. Good evening. That's a pretty good question and one that we've been asked a lot in the past. I think when it comes to just world records, I think world records is obviously one of the greatest achievements anyone can do. There's only one world record holder in anything at all times. Breaking a world record requires much more than just the right enhancement protocol. To be able to break a world record, you need to have the right genetics, a lifetime's worth of dedicated training, and also on the day, just have the right mindset. You could give me, for example, all of the best protocols in the world for any sport, but I'd never be able to compete with a good college athlete. So what I'm actually more looking at is overall the roster of athletes that we had and what they've collectively been able to achieve compared to the baseline where they were coming from. and with that we had 21 personal bests across 42 athletes and those athletes that did those personal bests were on average 30 years old and on average set their previous personal best seven years prior. If you put that into context, people that many of our athletes were previously retired, came out of retirement, set personal bests. We had one athlete, for example, Cody Miller at 35, set a new personal best in his prime event and Cody was swimming and winning gold medals together with Michael Phelps back in the day. For him to come back at 35 and be faster than he was back then is just remarkable. And to just answer on that question on future athletes and then I want to make one more point. In terms of future athletes reaching out to us, what we've been able to establish with the games now is a benchmark for anyone that was ever interested before. A benchmark where they saw how well we took care of athletes that we came through in time on paying athletes, which is a huge issue in rising sporting leads. But then also that we're not just looking at athletes as just any numbers of athletes participating, but really people. And people we have not just benefits on the performance, but their overall health and their overall well-being going forward. And so that created a lot of trust for us in the athlete community, which is why we have, me personally, my Instagram DMs, Olympic gold medalists, world record holders, et cetera, reaching out. So I think as we look towards the next games, The overall average in terms of quality of an athlete, in terms of their baseline, is going to improve. With what we established as well, just beyond the athletes as well, is through that benchmark, a benchmark that we're able to sell more sponsorship and media rights against. And it's just like exploring, but I think an important point with this benchmark. Because now we're approaching those conversations, having proven what we're capable of doing, opening up many more doors. And so it's not just the athletes that will develop differently, but any other area of our business too.

That's helpful, Carl. I appreciate it, Max. Second question for me, just in terms of the prescription and OTC supplements. Can you talk about your plans on how to market the product in between games? I know the games are a big marketing vehicle in itself, but maybe between those periods, some of the marketing levers you plan to utilize. Thanks.

It's a great question. So if you think about our overall sporting calendar, the games are the tentpole event throughout the year. What we have launched now was our first kind of in-between event, if you want, the Breaker Series. A Breaker Series is an event that is produced at a much smaller scale, giving athletes the opportunity, not just in the sports that we had, but we'll be expanding it to new sports to showcase what they're capable of doing after getting enhanced. And so that allows for us for more frequent touch points with the overall sports world. It lets our athletes compete more throughout the games. Our fans stay engaged. Journalists talking about it. And also our sponsors will have more opportunities to get activation from the deals that we're doing with them. Those are both, however, still on the spectator side. What we're looking to do is to expand from spectator sports into participatory events. Enhancements are not just relevant for elite Olympians. They're relevant for all of us. and there's a huge demand if we look at the consumers that we're already serving but just even beyond of people that are amateur athletes that are trying to stay fit but also test themselves regularly. If you just see the rise when you look at it from a societal level, the rise of communities like Strava, the rise of run clubs, et cetera, people are out more and starting to take care better of their health at an earlier stage. There's even some studies that show that people are in like their early 20s or late teens spending more time on Strava than on Instagram really interesting to observe what's happening there in society. And so we want to partner on those levels with the people too, to not just let them get enhanced, but also become part of a sporting participatory environment and also a bigger community. And that community is something that will be really focused on going forward too. Especially, and we heard me say this before, in the time of AI, as people have more time on their hands, they look for more social engagements, more community engagements, and things that are generally irresistible to a disruption from AI. And so that's how we're planning throughout, not just the breaker series, but participatory and community events throughout the year with our athletes, sponsors, journalists and the overall consumers.

Okay, great. Appreciate that, Kaur. I'll go and jump back in the queue. Thank you.

There are no further questions at this time and I'll turn the call back to CEO Maximilian Martin for closing remarks.

Thank you everyone for joining us here today on our first earnings call. I just answered a question with Aaron that it's all about the community that we're building and that enhancements are really relevant for everyone. Many of you are shareholders that are listening in and so you're also part of this community for us. I really appreciate your support and believing in us and everything that Enhanced can become as an organization. Personally, I think we're standing in front of a blue ocean. I think we have massive tailwinds, both in societal development, but also from a regulatory perspective. And we believe that we truly have a differentiated pathway forward. to become one of the most dominant players and people that shape how we think about human enhancement going forward. And so thank you again for joining us today. Thank you for being part of our own journey. And I look forward to having you all on the call again in three months from now. Have a good evening.

This concludes today's call. Thank you for attending. You may now disconnect.