Ardelyx, Inc.

Welcome to the Ardelyx second quarter 2026 earnings call. All participants will be in a listen-only mode. I would now like to turn the conference over to Lisa Capparelli, Senior Vice President of Investor Relations and Corporate Communications. Lisa, you may begin.

Thank you, Jen. Good afternoon, everyone, and welcome to our second quarter 2026 financial results and business update call. Earlier today, we issued our earnings release, which can be found on the investor section of our website at ardelyx.com. Slides that accompany today's call will also be found on our website. On today's call, I am joined by Mike Raab, President and CEO of Ardelyx, Eric Foster, Chief Commercial Officer, and Sue Hohenleitner, our Chief Financial Officer. Before we begin, I'd like to remind you that some of the statements made during the call today and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks and uncertainties that may cause our actual results to differ materially from those expressed or implied, including those described in our annual report on Form 10-K, our quarterly report on Form 10-Q, which was filed today, and from time to time in other documents filed with the SEC. These forward-looking statements speak only as of today's date, and 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. I will now pass the call over to Mike.

Thank you, Lisa. Good afternoon, everyone, and thank you for joining us today. This afternoon, we issued a press release announcing our Q2 financial results and a revision to our guidance. I'd like to share my perspectives on our release, drivers of those results, and how we're positioning the business for future growth before I turn the call over to Eric and Sue to cover the performance in detail. In Q2, Israel and Xhosa generated a combined revenue of $118 million of 31% year-over-year, the largest quarterly revenue in our company's history. This is a meaningful milestone, and it is important to acknowledge. Growth in the second quarter was robust, and yet performance fell short of our expectations. To be clear, Abzrella demand is strong, physician confidence remains, and our view of the long-term opportunity has not wavered, including achieving a billion dollars in revenue. As we anticipated with the establishment of the Abzrella Pharmacy Network, our investment in the field reimbursement team, and with Abzrella's continued success, payers have implemented significant hurdles that impacted new patient starts and access to Abzrella. Eric will provide further details in his commentary. The fundamentals of the Adrella business remain strong, and by staying focused on execution, improving patient access, and partnering closely with providers, we are positioned to drive continued adoption and create meaningful value for both patients and shareholders. Now in ExpoZone, the team had an excellent quarter. Growth continues to be driven by patient need, physician adoption, and a differentiated clinical profile. As you know, on June 26th, the D.C. Circuit Court of Appeals affirmed the district court's dismissal of our lawsuit against CMS. As a result, oral-only phosphate-lowering drugs remain in the bundle. With this decision, we have determined that we will no longer pursue further litigation on this matter. Now, while our strategy remains, we recognize the market dynamics ahead of us present challenges to navigate, and as we have always done, we remain committed to ensuring patients in need have access to Xfosa. Now taking a step back, we operate in a complex business with significant external pressures and with new ones that emerge almost daily. Even so, we are in an enviable position. We have two first-in-class commercial products, both differentiated, growing quarter over quarter and year over year. Our strengthening balance sheet is driven by top-line growth, disciplined expense management, and a thoughtful capital allocation strategy. We have built a solid foundation, are investing in our future by advancing Tenapenor and our next generation NHG3 inhibitor, and we are continuing business development activities to further expand our pipeline. We are building a robust patent estate for Tenapenor, anchored by multiple Orange Book listed patents, including our 299 patent. We are a well-funded, self-sustaining, high-growth company on the path to sustained profitability in 2027 and beyond. Our enthusiasm and belief in our business, our competitive position, our strategy, and the long-term value we are creating has not changed. Now with that, I'll turn the call over to Eric. Eric?