Ardelyx, Inc.

Welcome to the RDELX fourth quarter and fiscal year 2024 earnings call. All participants will be in listen-only mode. I would now like to turn the conference over to Kaitlyn Lowey, Vice President of Corporate Communications and Investor Relations. Kaitlyn, you may begin.

Thank you. Good morning and welcome to our fourth quarter and full year 2024 financial results call. During this call, we will refer to the press release issued earlier today, which is available on the investor section of the company's website at ardellix.com. During this call, we will be making forward-looking statements that are subject to risks and uncertainties. Our actual results may differ significantly from those described. We encourage you to review the risk factors in our most recent annual report on Form 10-K that was filed today and can be found on our website at ardellix.com. While we may elect to update these forward-looking statements in the future, we specifically disclaim any obligation to do so, even if our views change. Our President and CEO, Mike Robb, will begin today's call with opening remarks and an overview of the company's progress during the fourth quarter of 2024. Next, Eric Foster, Chief Commercial Officer, will provide an update on the performance of Adrella and Exposa. Justin Renz, Chief Financial and Operations Officer, will conclude today's prepared remarks with a review of the company's financial performance during the fourth quarter and full year ended December 31, 2024, before we open the call to questions. With that, let me pass the call over to Mike.

Thank you, Caitlin, and good morning, everyone. I'm pleased to be here today to discuss our fourth quarter and full year 2024 performance. In the past year, our team's dedication to outstanding commercial execution led to numerous significant achievements. IZRELA's growth continued throughout 2024, with an acceleration in the fourth quarter as we began to see the positive impact of our expanded sales team. It is evident that patients are benefiting from IZRELA, as this important medication provides rapid and lasting relief from the symptoms of IBSC, which can significantly disrupt patients' lives. For Exposon, our team successfully executed one of the best product launches in recent years. In the first year of sales, we demonstrated that Exposa is a crucial medication for dialysis patients, enabling them to achieve and maintain target phosphorus levels. In the midst of this outstanding performance, we confidently tackled a challenging reimbursement environment. Our commitment to prioritizing patient needs has never wavered. We've taken strong, decisive actions, and we're dedicated to ensuring that patients continue to have access to EXPOSA, as they always have, regardless of the coverage changes made by CMS. Our commitment to protecting patient access guarantees that, at a minimum, we will continue to serve dialysis patients as we aim to grow the EXPOSA business to at least $750 million before patent expiry. Building on the impressive performance of both Israel and Expoza, we successfully reinforced our cash reserves, finishing 2024 with a strong cash position, paving the way for future growth. These accomplishments established the foundation for our growth in 25 and beyond, and we're poised to execute our strategic priorities with determination, firmly anchored in our commitment to commercial excellence. Izrella's growth momentum is continuing as the commercial team builds clinical conviction among prescribers, which alongside our exceptional patient services team, ensures that prescriptions are filled and reach patients. Izrella is an outstanding product and patients deserve access to this treatment and the benefit it provides. Despite the coverage changes the CKT community is navigating, preliminary evidence clearly indicates that our exposure strategy is effective and that patients across all access paths are successfully receiving treatment. We are extremely proud of our team's performance and the strong initial indicators we are observing, which Eric will share with you momentarily. Our exceptional commercial execution has demonstrated our ability to establish a sustainable and resilient company. Our corporate development team is focused on building a robust pipeline and are actively identifying and evaluating a range of internal and external opportunities. Their efforts leverage our proven strengths in development, regulatory affairs, and commercial excellence to drive our next phase of growth. Our focus on serving our patients and driving exceptional commercial and financial performance is at the core of who we are and what we do. We're extremely proud to have generated over $330 million in revenue last year and finished the year with a robust $250 million on our balance sheet. This strong financial position empowers us as we build our company for the future. Rest assured, we will be diligent stewards of our capital, strategically investing in areas where we have confidence in our ability to generate significant value for shareholders. We are building an exceptional company, one that stands out in the industry. Our future is incredibly promising, and we are poised for great success. I will now hand the call to Eric to share an update on our commercial performance. Eric.