Hello, welcome to the annual meeting of stockholders of EBR Systems Incorporated. Please note that today's meeting is being recorded. It is now my pleasure to turn today's meeting over to Allan Will. Allan, the floor is yours.
Good morning, ladies and gentlemen. My name is Allan Will, and as Executive Chair of EBR Systems, Inc., I am pleased to welcome you to the 2026 Annual Meeting of Stockholders, which is being held as a virtual meeting provided by our security registrar, Computershare Investor Services. It is now 4:00 P.M., Wednesday, May 6th, 2026, U.S. Pacific Daylight Time, which is 9:00 A.M., Thursday, May 7th, 2026, Australian Eastern Standard Time. I note that this is a properly constituted meeting and that a quorum is present. I therefore declare this annual meeting of stockholders of EBR Systems open. I would like to first introduce our President and Chief Executive Officer, John McCutcheon. Our other directors are online today as well. They are Karen Drexler, Dr. Bronwyn Evans, Trevor Moody, Dr. Christopher Nave, and Dr. David Steinhaus.
Our directors bring a diverse range of expertise and highly complementary skill sets capable of guiding and overseeing the company's product development, commercialization, and growth. Also online today are Gary Doherty, our Chief Financial Officer, and Nikki Vaught, CPA, and Partner from the company's auditor, Deloitte. Ms. Vaught will be available when we move to the Q&A session to answer submitted questions you may have about the conduct of the audit and the auditor's report. I would like to thank my fellow Board members, our President and CEO, John McCutcheon, and the entire staff and management of EBR Systems for their continued dedication to work towards the company's success. I will now call upon John to outline our strategic priorities and further update you on EBR's progress over the past 12 months.
Thank you, Allan. 2025 was the most consequential year in EBR Systems's history and one in which we exceeded all projected major milestones. When the year began, we had a very high conviction that the WiSE System would get FDA approval based on our solid pivotal study results, though the actual timing remained uncertain. The most material open item was the pre-approval inspection of our manufacturing facility. We passed that inspection in the very first month of the year, which was the beginning of many more significant achievements, including acceptance into the Medicare TCET program for national coverage decision, final FDA approval in May, our first commercial implant in June, inpatient add-on payment approval in July, and outpatient approval in September. The last two reimbursement approvals set us up for a successful limited market release beginning in October.
On the clinical research side, we enrolled our first patient in the WiSE-UP U.S. FDA post-approval registry in November and our first patient in the TLC-AU study in December. Subsequent to the year-end, we continued our commercial efforts and pre-released our first quarter 2026 key performance indicators. These KPIs reflect our selling process, whereby we first engage the electrophysiologist, or EP, who then works with us to negotiate a purchasing agreement with their hospital, which then gives the EP the ability to start treating patients. Our successes are ultimately measured in the number of patients we treat and the revenue that is generated, but a material leading indicator is the number of hospital contracts signed. Getting a purchasing agreement for a new technology is no trivial matter, and the success we've had here is largely due to the reimbursement successes of 2025.
It also affirms our business thesis that EBR's WiSE is a complementary offer to other available technologies and that it enables physicians and hospitals to treat patients who have limited options. Underlying these metrics are other analytics that validate our TAM assumptions, such as ASP and the clinical indications for these cases. We can proudly say that everything we accomplished in 2025 and through the beginning of this year has set us up to be a very exciting high-growth medical device company. Our claim of no direct competitors is proven by the types of patients we're treating commercially, and it also validates our $5.8 billion TAM model.
We've removed the major barriers that impede the success of other medical device companies with FDA approval and established reimbursement, and we have tested and proven our commercial strategy. We've begun to transition to our new manufacturing facility, which happens to be where I'm located for today's presentation. I want to thank all of our shareholders for joining us in this exciting journey. Now I'll turn the meeting back over to Allan.
Thank you, John McCutcheon. I will now move on to the formal part of the meeting. The order of business today will follow the Notice of Annual Meeting and Proxy Statement, hereinafter referred to as the Notice of Meeting, dated March 26th, 2026. I propose we take the Notice of Meeting as read. As required by the company's bylaws, a copy of the register of stockholders is available for viewing at EBR's place of business in Sunnyvale and at EBR's registered address in Melbourne, Australia. You are encouraged to make arrangements with Kobe Li, EBR's Australian company secretary, should you wish to view the register. Voting restrictions are set out in the Notice of Meeting, where the chair of the meeting has been nominated as a shareholder's proxy. All open and available proxies have voted in favor of all items.
Please note that only holders of common stock, common stock proxy holders, or authorized company representatives of holders of common stock may vote online at this meeting today. CDI holders will not be able to vote at today's AGM. However, if you lodge the proxy form with the company, then your CDI votes will be represented by CHESS Depositary Nominees as a common stock shareholder. Voting today will be conducted by way of a poll, and I will shortly open voting for all proposals. Once voting is open, if you are eligible to vote at this meeting, a polling icon will appear on your screen. Selecting this icon will open the list of proposals and present you with voting options. To cast your vote, simply click on the appropriate option. Once you select an option, the vote is automatically recorded.
You have the ability to change your vote at any time up until the time I declare voting closed. I now declare voting open on all items of business. Voting on a poll for each motion will remain open until the end of the meeting. The results of the votes received at this meeting and the voting instructions received in advance of the meeting will be released to the Australian Securities Exchange and will be displayed on the company's website. That security holders can see the full picture of direct and proxy votes received in advance of the meeting, direct and proxy voting for each item will be displayed on the screen while we conduct the business of the meeting today. I appoint Ashley Schulz from Computershare Investor Services as the independent returning officer.
We shall now work through each of the proposals set out in the notice of meeting. Security holders may ask questions by clicking on the message icon, typing their question, and clicking Send. May I ask that you please keep your questions related to the resolutions only and as succinct as possible? For those security holders who have this option available to you and who have not already lodged your vote, please vote as each proposal is put to the meeting. Proposal 1-A. The first item of business is the re-election of John McCutcheon as a Director of the company. In accordance with the requirements of the company's bylaws, John retires and offers himself for re-election as a Director at this meeting. Information in relation to John's background may be found in the notice of meeting and on the company's website.
The board fully supports the re-election of John as a director. Are there any questions or comments in relation to Proposal 1-A, which relates to the re-election of John McCutcheon? Not hearing any questions, I now formally put Proposal 1-A to the meeting in accordance with the notice of meeting. Proposal 1-B. The next item of business is the re-election of Dr. Bronwyn Evans as a director of the company. In accordance with the requirements of the company's bylaws, Bronwyn retires and offers herself for re-election as a director. Information in relation to Bronwyn's background may be found in the notice of meeting and on the company's website. The board fully supports the re-election of Bronwyn as a director. Are there any questions or comments in relation to Proposal 1-B, which relates to the re-election of Dr. Bronwyn Evans?
Not hearing any questions, I now formally put Proposal 1-B to the meeting in accordance with the notice of meeting. Proposal 2. This proposal relates to the approval of an addition of 18,010,366 shares of common stock reserved for issuance under the 2021 Equity Incentive Plan by operation of the evergreen provision set forth in the 2021 plan. Details in relation to this proposal are set out in the notice of meeting. Are there any questions or comments in relation to this proposal? Not hearing any questions, I now formally put Proposal 2 to the meeting in accordance with the notice of meeting. Proposal 3. The next item of business relates to the grant of options to the President and CEO, John McCutcheon, on the terms and conditions set out in the notice of meeting.
Are there any questions or comments on Proposal 3? Not hearing any questions, I now formally put Proposal 3 to the meeting in accordance with the notice of meeting. The next four items to be put to the meeting relate to the approval of option grants to four directors of the company. Proposals 9 and 10 relate to the issue of options to separate holdings nominated by two directors, Dr Bronwyn Evans and Dr Christopher Nave. Comprehensive details in relation to the proposed terms of each of the option grants may be found in the notice of meeting. Proposal 4. As Proposal 4 relates to the approval of the grant of options to me, I will hand the chair back to John McCutcheon.
Thank you, Allan. Are there any questions or comments in relation to Proposal 4, which relates to the grant of options to Allan Will on the terms and conditions set out in the notice of meeting? I'll pause for any questions. Having not heard any questions, I now formally put Proposal 4 to the meeting in accordance with the notice of meeting. I'll now hand the chair back to Allan.
Thank you, John. Proposal 5. Are there any questions or comments in relation to Proposal 5, which relates to the grant of options to Karen Drexler on the terms and conditions set out in the notice of meeting? Not hearing any questions, I now formally put Proposal 5 to the meeting in accordance with the notice of meeting. Proposal 6. Are there any questions or comments in relation to Proposal 6, which relates to the grant of options to Trevor Moody on the terms and conditions set out in the notice of meeting? Not hearing any questions, I now formally put Proposal 6 to the meeting in accordance with the notice of meeting. Proposal 7. Are there any questions or comments in relation to Proposal 7, which relates to the grant of options to Dr. David Steinhaus, on the terms and conditions set out in the notice of meeting?
Not hearing any questions, I now formally put proposal seven to the meeting in accordance with the notice of meeting. Proposal 8. Are there any questions or comments in relation to Proposal 8, which relates to the grant of options to Dr. Bronwyn Evans in a joint holding with her spouse, Peter Gordon, on the terms and conditions set out in the notice of meeting? Not hearing any questions, I now formally put Proposal 8 to the meeting in accordance with the notice of meeting. Proposal 9. Are there any questions or comments in relation to Proposal 9, which relates to the grant of options to a nominated entity of Dr. Christopher Nave on the terms and conditions set out in the notice of meeting? Not hearing any questions, I now formally put Proposal 9 to the meeting in accordance with the notice of meeting.
We will now address any questions in relation to the annual accounts and audit. EBR Systems, being a company incorporated in the state of Delaware in the United States, is not required to meet the Corporations Act requirements to lay before the meeting the annual financial report. It has, however, been decided for good governance to lay before the meeting the company's December 31, 2025, annual financial statements and reports.
In addition, in accordance with the ASX Corporate Governance Council's corporate governance principles and recommendations, Nikki Vaught, CPA, and partner from the company's auditor, Deloitte, is in attendance and is available to answer questions from security holders relevant to the conduct of the audit and the auditor's report. Are there any questions security holders may have in relation to the annual financial statements and reports, or in relation to the company's 2025 audit?
Not hearing any questions, I now declare that the December 31, 2025, annual financial statements and reports have been received and considered at the meeting. I will now proceed to close the meeting. I declare that voting by poll is now closed. On behalf of the directors and staff of the company, I thank you for your attendance at this virtual meeting today. The results of the motions carried at this meeting and the voting instructions received in advance of the meeting will be released to the Australian Securities Exchange and will be accessible on the company's website. Thank you again for your continued support of EBR Systems. I now formally declare this annual meeting of stockholders closed.
This concludes the meeting. You may now disconnect.