Welcome, everyone. My name is Pat McCann. I am a research analyst with Noble Capital Markets. I'm pleased to introduce the management team of XORTX Therapeutics today. Before we get started, I just wanted to mention that if you have questions, feel free to submit them throughout the presentation. At the end of the presentation, time permitting, we will get to as many questions as we can. Without further ado, let me turn it over to Allen. Great. Thank you. Thank you, Pat. And thank you to the folks at Noble for the opportunity to present to the audience today. The company XORTX Therapeutics is a company that's focused on developing unique products for three kidney disease areas where there are a few therapeutic opportunities. Our focus as a company is to develop these therapies in a way to slow the progression of kidney disease and create an environment where individuals on therapy have a better quality of life and longevity with respect to their kidney disease and their kidney health. We're a company that's traded on the NASDAQ under the symbol XRTX, a similar symbol under the TSX Venture Exchange, and on the Börse Frankfurt under the symbol ANUA. For the purposes of this presentation, because there are forward-looking statements, financial, and other models that require assumptions, we seek safe harbor. So our mission as a company over the course of the last decade has been to develop unique, innovative therapies that slow the progression of kidney disease in some very specific diseases. We have unique products for each of those diseases. And our focus is on really dealing with the xanthine oxidase enzyme. The xanthine oxidase enzyme is part of our name, xanthine oxidase-reducing technologies. And that is largely a recognition that this enzyme, while it's critical for life from the moment of conception until the end of your life, it can play a role in the pathology of disease progression, cardiovascular disease, and in our case, very specifically, kidney diseases. As a company, we're focused on three kidney diseases: autosomal dominant polycystic kidney disease, or ADPKD, type 2 diabetic kidney disease, which contributes about half of all individuals with chronic kidney disease, and acute kidney injury from a variety of sources, including respiratory infection. We are a company with an advanced clinical program for the treatment of individuals with autosomal dominant polycystic kidney disease. That program is poised to initiate a phase III registration trial that the FDA has confirmed is eligible for accelerated approval and, more recently, after a robust scientific review, granted this program orphan drug status. Because of the advanced state of this program, we have had an independent commercial assessor who does large pharma commercial assessments of programs, look at this program. Their assessment is that this program is capable, during the course of its orphan drug designation, of reaching peak net sales of $1 billion-$2 billion annually. We are very pleased to have been part of discussions with a number of global licensing partners. Those are ongoing. We hope, over the course of the initiation of our registration trial and its advancement, that there is an opportunity for those global partners to step in when sufficient clinical evidence is provided. We continue to pioneer the autosomal dominant polycystic kidney disease space and write accompanying patents to increase not only the breadth but also the duration of patent protection for this class of drugs in polycystic kidney disease, type 2 diabetic nephropathy, and in virally induced acute kidney injury. We have a senior development team that has success bringing products to market and also in exits with a number of companies. So we're well prepared to bring the oxypurinol formulation through the development process. That development process for the XRX008 program for autosomal dominant polycystic kidney disease is being developed under a 505(b)(2) pathway. That is an FDA pathway that allows prior research and prior clinical trials, phase I and II clinical trials, to be used as part of the evidence package for approval. We've had successful Type C and Type D meetings in the last year with the FDA. That confirms the clinical development path that we've chosen but also the structure of the clinical trial that is critical for the pivotal registration evidence that we would be providing to the FDA as part of an accelerated approval NDA application. Individuals with autosomal dominant polycystic kidney disease and the autosomal dominant part should permit you to assume that this is a genetic disease. It starts with a genetic mutation. It changes the way that the kidney and cardiovascular system develops and the way that it proceeds through the course of life. For individuals with ADPKD, polycystic kidney disease, their kidneys transform from fist-sized in a healthy individual who is in their teens or early 20s to the size of one or two quarts, expanding because of the genesis of new cysts or the growth rate of those new cysts to be half a gallon in size by mid-30s, early 40s. For half of individuals, their kidneys have expanded physically to the point where they can be up to a gallon each in size and have lost much of their filtering capacity. This disease is a syndrome, so a spectrum of symptoms that lead to health consequences. The most prevalent ones and the ones where we think we can gain a therapeutic advantage on behalf of these patients is in the cardiovascular disease that occurs with progressing polycystic kidney disease. There is evidence to suggest that our drug class can lower blood pressure for these individuals, which tends to be high early, and slow the development of kidney stones that can physically tear apart a kidney. We have taken a drug, oxypurinol, which is well known. It's been administered to over 850 patients today. It has a very clean side effect profile. We've enhanced its drug ability by creating a proprietary formulation that allows us to dose across the entire therapeutic range. For individuals, we know from recent pharmacokinetic studies that we've completed, we can easily reach the concentrations of oxypurinol within the circulation that turn off the xanthine oxidase enzyme by 90% or more. And that is key because we've made key discoveries in both the circulation and in kidneys of animal models of polycystic kidney disease where the overexpression of this enzyme and overactivity seems to be contributing to the acceleration of the disease. By inhibiting this enzyme and stopping those health consequences, we think we can slow the progression of disease for individuals. Much like has been observed in about a dozen studies to date where lowering uric acid, and in this study, in chronic kidney disease individuals for a period of 24 months, is associated with a reversal of the decline of glomerular filtration rate, well in excess of that red dotted line. That red dotted line is a 30% reduction in that rate, which is the FDA threshold for approval. In this case, individuals left the clinical trial after 24 months with better filtration rate than when they entered and certainly a cessation of their progress. We believe this is achievable with the polycystic kidney disease population. The rationale for starting with oxypurinol is a simple one. It is a drug that's absorbed, inhibits the enzyme, and excreted unchanged. It involves the liver to almost a de minimis amount. It works inside of cells, so inside the kidney, but it also works in the circulation to turn off the enzyme that creates uric acid and suppress the progression of disease. We're advancing that as a method of redefining how kidney disease is treated in the future by slowing the progression or perhaps even maintaining individuals where they start their drug therapy, should we be able to reproduce the 12 or so clinical trials that have shown a positive result to date. The benefit is for individuals who typically lose their kidneys, half of all individuals lose their kidneys, by their mid-50s is they stay off dialysis. They have a lessened need for transplantation. While dialysis keeps you alive on a day-to-day basis, the long-term survival on dialysis is poor and often measured in days. In this case, which is an example, by 350 days or 750 days, 2 years out, cumulative survival drops precipitously. In a setting where there are very few therapeutic options for autosomal dominant polycystic kidney disease and you can slow that progression, this changes the way the disease outcome occurs, potentially keeps people off dialysis, and provides a substantial opportunity to redefine how that kidney disease and the other cardiovascular symptoms that accompany that disease progress. In terms of competitive landscape, when one does a survey over the last two years of programs, we've seen the dropout of a number of programs. Centessa abandoned their program about a year ago in this space. Bardoxolone was abandoned in the summer of last year in polycystic kidney disease. Galapagos has abandoned their phase II program. That leaves ourselves and Regulus as the leaders in this space. We are poised for a pivotal clinical trial and believe that we have a substantial lead measured in years ahead of Regulus. We believe the orphan drug designation and the opportunity for us remains very key. Certainly, as a first-in-class drug in kidney disease, it looks as though reformulations and other unique xanthine oxidase inhibitor approaches can be applied as a pipeline to other kidney diseases. For the company, we are moving forward with developing this drug in polycystic kidney disease. There is one therapy that's been approved to date in 2018. That product is Jynarque. It has, over the course of the last five years, achieved annual peak sales reported in 2022 of just less than $1 billion by treating about 5% of all individuals. We believe this therapy that we are developing can treat many more than 5% of the individuals. This is a quantification of the independent commercial assessment that was done. We believe that we can demonstrate a benefit in individuals with Stage II, III, or IV polycystic kidney disease. Those are stages of kidney disease where kidney decline, decline of filtering capacity, or GFR is declining sufficiently that a drug can demonstrate a benefit. Of those individuals, about 15% of Stage II, 55% of Stage III, and 95% of Stage IV patients would have high uric acid. So that uric acid is, we believe, a marker of overactive and overexpressed xanthine oxidase and can be addressed with our class of drugs. We hope to be the first ones to bring this class of drugs to the kidney disease space. Of those 37,000 or so individuals within the addressable U.S. market, one can use dialysis, the cost of dialysis of around $90,000-$100,000 per patient per year and the cost of tolvaptan currently in the market at $156,000 per year, to create a range, an estimated peak sales revenue that could be attained by the XRX008 program. If one takes an even more conservative stance, estimating only 30% penetration, that still results in an addressable market and peak sales revenue of $1 billion-$2 billion. As we move forward, we think there is an excellent opportunity for the company to gain substantial accretive value in conducting the clinical trial that ultimately can lead to the accelerated approval. That trial is small. It is slightly oversized by about 25% and really aims to achieve two key parts. The trial is designed as an adaptive design with two key parts. During the time that we are recruiting patients, the first 9 to 12 months of that trial, individuals will be administered low, moderate, and higher dose drug to understand where the peak inhibition of the xanthine oxidase enzyme is occurring and to judge their tolerability. We'll have interim readouts at about the one-year time period that will tell us about their improved inflammatory status, their improved blood vessel tone, blood vessel health, if you will. Once we understand the number of individuals that are responding, and we believe that's 75%-80% of individuals, then the second part of the trial will include randomization, so double-blinding and randomization of that enriched population of responders to give us a readout a year after that on the top-line results. There's a parallel commercialization process that will take place beginning this autumn that will prepare a year and a half of commercial supply of drug at or around the time that the FDA gives accelerated approval. As a company, we have a tight capitalization structure with up to about 2.8 million shares issued, about 2.1 million warrants outstanding, and a 10% rolling option plan. Altogether, the fully diluted share count is about 5.1 million shares. So substantially tight cap structure compared to many other of our peers. We have about $4.5 million in the treasury today. As we move forward and advance, we look to deploy our funds, staff, and time on the ADPKD XRX008 program because we see this as the program where the greatest value can be created. In addition, where we have a number of candidate pharma companies looking to partner that program as we approach those clinical endpoints. Our team is a senior group. While it's a small team, it is a team of leaders within their respective disciplines who can advance our clinical programs and our partnering discussions over the course of the next three years as we work towards being cash flow positive. Our clinical advisory board is growing, and it is growing largely with nephrologists with specialty in polycystic kidney disease as well as others with cardiovascular backgrounds who are capable of advising us on clinical trial design and clinical trial execution so that we have the highest probability of success as we move forward. Finally, our board of directors includes many individuals who have decades of experience and, in many cases, exits from companies that have done well within the market, partnered, or advanced programs to the market, European and U.S. markets. In summary, we are a pre-phase III company ready to move forward with a single registration trial that can lead to accelerated approval. We have an orphan designation which was granted last year. We're seeking a similar designation in Europe. As we move forward and start the recruitment of individuals in that registration trial, we believe that will create a pull for the various pharma companies that have expressed interest in seeing the top-line results to partner and provide future support for this program and for the company as we advance and expand to other kidney disease areas. I'll leave it there and open the floor to questions. Thank you very much, Allen. Yes, we have a few minutes for questions, so I'll just get right into the questions we are compiling here. First of all, there have been some recent acquisitions of kidney disease-focused companies. What are the implications for XORTX? Yeah, good question. This has been an area that has become increasingly active. We have seen in the past two quarters the acquisition of Chinook Therapeutics for around $2 billion. This past week, the acquisition of Alpine Immune Sciences, both working in the IgA nephropathy space, which is an orphan space, 30-50 thousand individuals as an addressable market. Those acquisitions, I think, bode well for the kidney disease space in general. What we've seen over decades of time is that the kidney disease therapy development has waned. At this time, we're seeing a new generation of therapies, immunotherapies, and others that seem to be being positioned into new markets, IgA nephropathy being a very good example. It is our hope that as we move forward, there will also be the ability to close a partnership deal in our disease space and begin to reach those levels of remuneration for products that can change people's lives. Great. And then our next question is, what is the company's cash burn, and what is the outlook for the capital needs of the company going forward? So the current cash burn is about $350,000 per month. We have about $4.5-$5 million in the Treasury at present. As we launch that clinical trial and the parallel commercial development, preparing a year and a half of commercial supply in advance of the FDA approval and operations over the next four years, we anticipate the need to raise somewhere between $50 million and $60 million. Our process has always been to do that in a strategic way. And like all pharma companies, if there's more available funds, we would rapidly expand into some of our other areas, including the XRX101 program that could be advanced into a registration clinical trial with a little bit of funds and staff deployment. So there are additional opportunities there as we move forward. Like all pharma companies, we're constantly looking to raise funds at the most opportune time. Another question we have received here, which I think might pair well with that, is just what milestones should investors be looking for over the next year or so? Yeah, good question. We are focused as a company 95% on advancing that XRX008 polycystic kidney disease program. That program, we are near the submission of the protocol to the FDA. We are near to naming a clinical research organization. That should then initiate the setup of clinical sites, closer work with the Polycystic Kidney Disease Foundation in the States, and preparations for recruiting the very first patients into this clinical trial. Our projections are that that clinical trial recruitment phase will be 9-12 months. And so typically, we would report recruiting at quarterly achievements. So at the first patient in, 25%, 50%, 75% enrollment. And then, as I noted in the presentation, we have had and continue to have ongoing discussions with pharma partners. It's our hope that we would bring them into the fold as soon as possible. Certainly, starting that clinical trial creates a pull towards the presentation of the top-line results that we think could drive in the near term or within the next 2 years, 24 months partnership deal that would then solidify XORTX's valuation. Okay. So I think we're running up against the time. I think we can squeeze in one more question. Another question we received is, what are the side effects of the treatment? And maybe you could make a comparison to the types of side effects of kidney disease treatments in general and where the side effects of your treatment would fit into that. Yeah, it's a very good question. The current polycystic kidney disease space, individuals are treated with antihypertensive drugs to lower their uric acid because pardon me, lower their blood pressure because blood pressure is perhaps the singular greatest risk factor for kidney health. In addition, there is one drug approved in this space, tolvaptan. It's a drug that is a lifesaver, but really only applied to patients in phase four, stage four of their kidney disease. Part of that is because there's a black box warning on the monograph that states one needs to monitor liver enzyme elevation. But there's also a reported side effect profile that is very difficult for individuals to tolerate unless their kidney disease is severe. Now, importantly, what we've done with this program is select a drug that really doesn't involve the liver at all. So we're not adding a drug to these individuals that would perturb their liver health. We believe that this drug, which is often reported to give rise to a mild rash or on occasional nausea, upset stomach, the sort of things that you see with normal or oral drugs, those are really the side effects that we see most frequently. So we don't see our drug as having a substantial side effect profile, one that's concerning. However, it is notable that in any individual with declining kidney function, how your body manages pharmacokinetically that drug is something that one needs to monitor. And as we go forward, we see our drug as being clean and broadly administerable to perhaps 40% of individuals. We don't see a side effect profile that's terribly concerning. We're also cautious about developing the drug in an environment where the one drug has a liver toxicity issue, and we don't want to be perturbing that with the drug. Perhaps that's a sufficient answer. Excellent. I want to just take a second to say thank you to all the attendees for being here today. And Allen and Nick, we really appreciate you presenting. So thank you very much. Our pleasure. Thank you for the opportunity. Thank you.