Ardelyx, Inc.

Good day, everyone, and welcome to the Ardelics first quarter 2025 earnings call. At this time, all participants are in a listen-only mode. Now, I'd like to turn the conference over to Kaitlin Lowey, Vice President of Corporate Communications and Investor Relations. Kaitlin, you may begin.

Thank you. Good afternoon, and welcome to our second quarter 2025 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 Ardelics.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 quarterly report on Form 10Q that will be filed today and can be found on our website at ardellx.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 second quarter of 2025. Next, Chief Commercial Officer Eric Foster will provide an update on the performance of Ezreal 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 second quarter ended June 30th, 2025, before we open the call to questions. With that, let me pass the call over to Mike.

Good afternoon. It's a pleasure to be with you today to share our second quarter 2025 results, a quarter that reflects the strength of our strategy, the momentum behind our products, and exceptional execution by our team. We're proud to report a standout quarter for both Vizrella and Exposa, reinforcing the power of our commercial model and the real-world impact our differentiated therapies are having for patients with IBSC and CKD on dialysis. These results validate our strategy and highlight our ability to deliver on our priorities. In the second quarter, we generated $97.7 million in total revenue, representing 33% year-over-year growth, a strong signal of accelerating demand across our portfolio. Izrella continues to perform, with net sales revenue of $65 million during the second quarter of 84% year-over-year and 46% quarter-over-quarter. Ibsrella demand growth is broad-based, with record highs across all our key indicators. Our Ibsrella team has done an exceptional job expanding reach, deepening prescriber engagement, conviction, and prescription pull-through. Given this outstanding momentum, we are raising our full-year 2025 net sales revenue guidance for Ibsrella to $250 to $260 million, a meaningful step forward as we scale the opportunity ahead for this important medicine. Exposa posted a very encouraging quarter as well. With a changed market landscape, Exposa recorded net sales revenue of $25 million, up 7% compared to the first quarter this year, and when adjusted for the one-time reserve that was released in Q1, net sales grew 27%. This performance speaks volumes about the strength and agility of the Exposa team as they help guide healthcare providers through this changed landscape. Our Q2 results further strengthens our conviction for the significant opportunity we have ahead as we drive continued growth for Exposa. Notably, our strong commercial execution and continued discipline investments in our business has resulted in a meaningful quarter-over-quarter improvement in net loss as well. Additionally, we strengthened our balance sheet and further enhanced our financial flexibility by drawing additional $50 million of debt. As we progressed, we've also thoughtfully scaled the organization, and we've been deliberate in strengthening our leadership team to match the opportunity ahead. Over the past 18 months, we've added transformative talent that will help guide us into our next phase of growth. We recently promoted Mike Kelleher to Chief Business Officer and appointed Laura Williams as Chief Patient Officer. We also welcome three dynamic and experienced leaders to our executive team. Ed Connor as Chief Medical Officer, John Bishop as Chief Technical Operations Officer, and Jamie Brady as Chief Human Resources Officer. This group brings deep expertise, vision, and executional excellence, exactly what we need as we execute on our ambition to create a significant enterprise and build a company of lasting impact. As you also saw in the press release we issued early today, Justin Renz, our Chief Financial and Operations Officer, will be leaving the company. Justin has been instrumental in Ardelix's journey, leading with strength, goodwill, and purpose through periods of both challenge and transformation. He has built a world-class finance organization and positioned us to thrive going forward. We are incredibly grateful to Justin and that he will remain with us to ensure a seamless leadership transition. Justin, thank you for your partnership, your leadership, and your unwavering commitment to our mission. Our Delta is stronger, more focused, and energized by the opportunities ahead. We are united by a deep commitment to patients, backed by best-in-class signs, and guided by a team that knows how to execute. Our therapies are making a real difference, our strategy is working, and we are well-positioned to deliver even greater impact moving forward. With that, I'll hand it over to Eric to walk us through our second quarter commercial performance and how his team will drive continued success to the second half of 2025 and into the future. Eric.