Okay. I think we can start. Martin, we are waiting for somebody else, or we can start. We can start. Okay. Thank you, everyone. It's nice to see familiar faces. My name is Iris Bincovich. One minute, somebody is trying to come. You know what? We wait two more minutes, and then we can start. We give people who are late the chance to come in as well. Hello. Is it possible to get the presentation? Yes. Very good. Thank you. Okay. We will wait one more minute, and then we will start.
Okay. Thank you for joining. It's nice to see familiar faces. As I said, my name is Iris Bincovich, and I'm the CEO of InnoCan Pharma. We have with us Dr. Carlo, who will share with us some data regarding the scientific work InnoCan has done. Before we start, of course, we have our disclosure for good measure. I want to start with a slide that summarizes the investment opportunities laid down once investing in InnoCan. We have three steps, or three pillars, and three markets, and a very sophisticated strategy InnoCan has designed. We are talking about short-term, long-term, and mid-term. Let's start with the human side. We are targeting chronic pain management. It's expected to reach $1.9 billion by 2032. As of today, one of each five US adults suffers from chronic pain.
The second pillar is the animal health, the veterinary pain management market. It's anticipated to reach $2.2 billion by 2029. As of today, in the USA, 89 million households have a pet. This is equal to over 66% of the US population, and it's the same percentage worldwide. If we target dogs with arthritis and pain, this is equal to 17 million dogs. With a market penetration of 20%, we can treat about 20 million dogs, and this can be translated to over a $1 billion addressable market. Regarding the animal health, the veterinary pain management, we believe that between 12 and 15 months, we will have sufficient data to start licensing dialogue with potential animal health companies. As regard to the short term, it's the wellness activity. This is a big market.
The online market is predicted to reach $1.61 billion by 2032. We are targeting multiple markets with great potential in each of them, let alone all of them together. Who—I'm going to mute everybody. InnoCan presents a unique opportunity investing in a diverse business model. We are targeting, with innovation treatment, over 20% of US citizens with chronic pain management. We are targeting the veterinary pain market, and we have the wellness who continue to provide high revenue growth. We are developing an innovation treatment. We already acknowledged with the FDA the next milestone and that the LPT could be submitted under the 505(b)(2) process, and Dr. Carlo will elaborate. Next is scale-up, followed by first 1A, which is first in human. Everything is backed by a robust IP and experienced team, and we work closely in partnership with top-tier academic institutes.
In addition, we are moving forward with the CVM, the veterinary pain market, and Dr. Carlo will elaborate. In our wellness activity, it is focused on two important things: revenue and profitability, and I will elaborate a bit later. Let's start with the pharma side. We are targeting chronic pain, the opioid crisis. One of each five adults suffers from chronic pain. The opioid crisis is increased in the USA, caused by addiction and overdosing, and it's a national issue, a crisis that the FDA has put in attention to find a solution to the opioids. It's a huge market. There is not a sufficient solution that doesn't have side effects like addiction and overdosing. I would like Dr. Carlo to go out of mute, and he will go through our solutions.
Thank you, Iris. Our solution is a single subcutaneous injection of LPT/CBD that provides up to four weeks of pain relief. LPT/CBD releases synthetic CBD slowly into the bloodstream, enabling once-a-month injection instead of taking pain medication two to three times a day for a month. LPT/CBD has been evaluated across multiple animal models, demonstrating robust efficacy, prolonged pharmacokinetics, high bioavailability, and favorable tolerability. On the right side of this slide, we present our most recent preclinical study, published in the STEM's Frontiers in Pharmacology journal. In this study, two goats suffering from chronic pain received LPT/CBD injections every six weeks over a period of 10 months. The top figure demonstrates how repeated LPT/CBD injections maintain CBD exposure over the entire 10-month period. Each injection produced a consistent prolonged CBD blood level profile lasting up to six weeks, and this is shown by the lower light and dark blue lines in the graph. The bottom figure demonstrates the sustained analgesic effect of LPT/CBD following repeated injections. Pain level, assessed by both veterinarians and caregivers, decreased significantly at one, two, three, and four weeks following each injection. These findings strongly support the feasibility of LPT/CBD for managing chronic pain conditions over a long period. Next slide, please.
Okay. In this slide, we show the upcoming regulatory milestones of LPT/CBD development for chronic pain in humans. Our next steps are as follows: a pre-IND meeting with the FDA and CNC in parallel to addressing CNC and scale-up. Following to that, we plan to enter a safety evaluation, and this is very important since the FDA agreed for only one-month safety assessment before entering first in human. Normally, the FDA asks for longer assessment in repeated drug use, and LPT/CBD is designed for repeated use. Next, we plan to enter first in human, the phase 1A. During phase 1A, a scientific bridge will be conducted to support 505(b)(2). In parallel, we plan to explore other faster designations and proceed with the phase 1, part B. Our recent achievements are that we are pursuing the 505(b)(2) abbreviated pathway for LPT/CBD.
The FDA supported our preclinical and phase I clinical plan for LPT/CBD, and the 505(b)(2) pathway enables a faster route to patent utilization and commercial approval. As we're speaking, the FDA is actively promoting the development of non-opioid solutions for chronic pain. In September 2025, the FDA issued a new industry guidance on the development of non-opioid drugs for chronic pain. The guidance outlines how companies should design and conduct clinical studies for these conditions. In parallel, the Non-Opioid Prevention Act that was established in 2022 took effect in January 2025. The act directs the Center for Medicare and Medicaid Services in the United States to reimburse certain non-opioid pain relief treatments starting in 2025. Next slide, please. For the veterinary market, our upcoming milestones are as follows. We begin with a pre-submission meeting to align with the Center for Veterinary Medicine requirements for development, the CVM.
The CVM is the animal division of the FDA. In parallel, we will advance CNC and scale-up. After that, we will conduct an efficacy pilot in chronic pain in dogs and continue to pre-development meeting to discuss with the CVM our full development plan for INAD. Next, we plan to enter full safety evaluation under GLP compliance in NRC dogs. Our recent achievements are the CVM assigned an investigation on new animal drug INAD number for LPT/CBD. The CVM granted InnoCan a fee waiver for the years 2024 and 2025, and the CVM recognized InnoCan's contribution to pursuing innovative animal drug. Iris, please continue with the market opportunity.
As said, there are 89 million dogs in the USA. Dogs with arthritis, it's about 20%. It's 17.8 million. Let's target market penetration only 20%. It's 3.5 million dogs. With the market penetration of 20%, the LPT could treat 3.5 million dogs and could be translated to over $1 billion in revenue potential. This is the diversity of InnoCan. Also, it's presented by our personal care. Let's highlight some of the cooperated financial results on the consolidated data. As said, there is a great potential, and we see the continuous contribution of this division. We see the revenue year by year from establishment. What is very important for us, as now it's a bit challenging condition in the markets, especially in the USA, where we still see that we deliver strong growth margin. This is all that we had: the tariff challenges.
We have a lot of things going on that reduce the consumptions of the US, but still, the BI maintains its leading position across all different product categories and preserves its market share on Amazon despite the challenges of the markets. We can present a gross margin that remains high, over 90.8%. We are very happy that we maintain leading in the category, that we are developing new and additional products. As of today, there are over 75 different products that are currently being offered at Amazon in the USA. We have a very strong, sophisticated balance between inventory, promotion, and sales, and maintaining the gross margin. It is developed by a very strong strategic response to the tariff and optimizes the supply chain, resulting in substantial cost savings and improving the gross profit in a very challenging market.
The revenue has decreased, but we have plans, and we are very looking at the future. Things will change. We are very optimistic. It is the hope that the recession will be over, and we maintain the position of the company outperforming the current market recovery. The upcoming milestones in the wellness beauty are to further establish the online presence, expanding the product portfolio, and expanding reach through additional digital and social channels. This is a summary of the financials and the overview of the last three years. We can see a very strong revenue exhibit for a young company that was this division established at the late of 2022. We are very positive and optimistic regarding the future. We see that the gross profit maintained very high and even increases, and we are very optimistic for the future.
To summarize this opportunity and what is going on, as said, we are targeting three stages: long-term with the human health, chronic pain management; mid-term, the animal health with licensing opportunities; and the wellness, providing continuous revenue and growth. We are advancing the preclinical development of the LPT to support compliance with the FDA and CVM in parallel. We are working continuously in parallel. There are parallel steps for the human and the animal health. The preliminary pharmacokinetics, the behavior, and the blood and safety were evaluated in various animal models. We should talk about, again, the mini pigs because this is the animal chosen by the FDA, similar to human. Everything provides encouraging support for InnoCan regulatory strategy to advance the LPT, and the target is to reach first in human within about 18 months.
In addition, the meaningful preclinical data provided can be translated to support the clinical use for reducing pain management, an alternative to the opioids without side effects. Despite the unstable US market, the consumer wellness continues to demonstrate resilient and solid profitability. This has been our target from the beginning. Together, we continue to strengthen the company balance sheet. The next is, of course, the upscale or uplisting to the US on a US public offering. Unfortunately, this is a bit delayed. There was the strike on the US market, with the SEC not being able to approve a new IPO. Hopefully, from November, the beginning of November, everything is resolved. We needed to update our last financials, which have been published yesterday. Everything is being reviewed for the US requirements by the lawyers and auditors.
We are progressing very strongly towards the US public offering. We look for a very bright future. This is it from our side. Thank you for the support in the company. We have a strong belief that we will be very successful in our future milestone in the three different categories. We have a very strict grant for all the three activities. Thank you for the team. I would like to highlight also Professor Jesi Bernals, who developed Doxil. It's an anti-cancer drug that is licensed in the US by Johnson & Johnson. We are working with him in collaboration with the Hebrew University on the development of the LPT. Dr. Joe Pergolizzi served on the FDA subcommittee and on the board of directors of the National Pain Commitment in the USA. He assists us with the FDA challenges. Dr.
Antonio Benitz comes from the animal side. He worked on VPR&D of Pfizer Animal Health, VPR&D of Merck Animal Health. He assists us with the challenges in the animal health. We are very proud of the team with my partners. Thank you for the support. I know some of you have been invested a long time. I myself am in the company since October 2017. There is a lot to accomplish in the future. Thank you for the support. Thank you for listening. Happy New Year to all of us and a bright future for 2026. Thank you, everybody. Okay. Hope to see you next time. Once we have additional results, additional information, we will share by press release, by conferences. I really appreciate the long-term support and hope to see you next. Thank you.