Good afternoon, and welcome to Ardelyx's Fourth Quarter and Year-End 2021 Conference Call. At this time, all participants are in a listen-only mode. There will be a question-and-answer session after the prepared remarks. As a reminder, today's call is being recorded. I would now like to turn the call over to Justin Renz, Chief Financial Officer of Ardelyx. Sir, you may now begin. Thank you. Good afternoon, everyone, and welcome to our first financial results call, a practice we intend to implement going forward as we march toward becoming a commercial stage company. During this call, we will refer to the press release issued earlier today, which is available in the investors section of the company's website at ardelyx.com. On the call with me today are Mike Raab, President and CEO, and Susan Rodriguez, Chief Commercial Officer. Dr. Laura Williams, Chief Medical Officer, Dr. David Rosenbaum, Chief Development Officer, and Robert Blanks, Chief Regulatory Affairs and Quality Assurance Officer, will join us for the question and answer period. During this call, we will be making forward-looking statements that are subject to risks and uncertainties. Our actual results may differ materially from those described. We encourage you to review our risk factors in our annual report on Form 10-K, which we filed today. It also can be found on our website at ardelyx.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. With that, let me pass the call over to Mike. Thank you, Justin, and good afternoon, everyone. It's exciting for me to kick off what will now be quarterly calls on the eve of launching our commercial product, IBSRELA, in the coming weeks. What is so important to understand about IBSRELA is that it represents a significant advance in innovation for treating irritable bowel syndrome with constipation in adults. With over 5 million prescriptions written annually, there remains a significant unmet need for many of those patients. Compared to current treatment choices, IBSRELA provides a unique mechanism of action, offering physicians and patients a different option to address the debilitating impact of IBS-C. Today's dynamics around the IBS-C market, and particularly with IBSRELA, make it a very compelling opportunity for patients, the company, and our shareholders. This is a significant inflection point for Ardelyx, and we are excited to bring our innovative product to market as a commercially focused organization. I would like to review a few key points. Number one, we see a highly favorable dynamics as we prepare for launch. The IBS-C market has been cultivated and expanded over the past 10 years and is ripe for a differentiated product with a unique mechanism of action. Two, the established prescription market includes over 1.6 million IBS-C patients treated with currently available therapies, with at least 35% of whom are inadequately managed and in need of effective treatment alternatives. Three, this is a highly concentrated market with 9,000 physicians responsible for approximately 50% of the over 5 million annual scripts for IBS-C. This is a dynamic that is ideal for our focus, targeted, specialized sales force, all of whom have been hired, trained, and are preparing for launch. Four, based on thoughtful, well-considered assumptions of mid- to high single-digit% penetration in the IBS-C market, we expect to achieve peak annual net revenue of over $500 million with a clear path ahead of us to achieve breakeven and ultimately profitability for the product, which we believe will create significant shareholder value. Susan will review our IBSRELA launch plans in more detail later on the call. Before that, I'd like to update you on the progress we are making at the FDA with our formal dispute resolution efforts for tenapanor and hyperphosphatemia. To remind you, our initial appeal was filed with the FDA's Office of Cardiology, Hematology, Endocrinology, and Nephrology on December 2nd, 2021. Following an information request from the office on December 22nd, we submitted additional analyses on January 7th of this year. As we'd anticipated on February 4th, we received an appeal denial letter from the office. Also in February, we filed our second appeal to the Center for Drug Evaluation and Research, Office of New Drugs. If accepted for consideration, we expect a decision on the second appeal in April of this year, and we'll keep you updated as progress is made. Meanwhile, Kyowa Kirin or KKC, our partner for tenapanor in Japan, has now completed three of four planned phase III studies in adult patients on dialysis. Although we're not yet able to disclose the results of their studies, on February seventh, KKC announced positive results from one of their Phase 3 studies and their plans to file for approval of tenapanor in Japan in the second half of 2022, with potential regulatory clearance in the second half of 2023. Tenapanor continues to offer great promise as an important and novel treatment for hyperphosphatemia for adult patients with chronic kidney disease on dialysis. The comprehensive clinical data generated for tenapanor in this indication are consistent and support its safety and efficacy as a twice-daily oral therapy. We will continue to push the FDA dispute resolution process on behalf of patients and their treating physicians, whom we know deserve better therapeutic alternatives to address the challenges of managing serum phosphorus. In addition, we continue to advance our small molecule potassium secretagogue program, RDX013, as a potential treatment for hyperkalemia. We are in the process of evaluating the efficacy, safety, and pharmacodynamics of RDX013 in adult patients with hyperkalemia from our Phase 2 study, with the next steps to be determined based on the final analysis of these results, continued formulation development, and sufficient financial resources. We also continue to make progress with our RDX020 program, a bicarbonate exchange inhibitor to treat metabolic acidosis, a highly prevalent comorbidity in CKD patients that is strongly correlated with disease progression and adverse outcomes. We have identified lead compounds that are potent, selective, and proprietary inhibitors of bicarbonate secretion. We continue to advance this program utilizing third-party CROs. To summarize, Ardelyx is well-positioned with an approved product launching in a large market with few competitors, a strong pipeline of internally discovered drug candidates, a talented team that will drive our success, and an anticipated revenue stream that has the potential to transform the company into a profitable entity. To that end, I believe that we are uniquely poised to weather projected near-term market volatility with much higher probability for long-term success. Now, I'd like to pass the call to Susan to share details on the launch. Susan? Thanks, Mike. Our team is excited and ready to execute a successful launch of IBSRELA. The market need is clear. We can efficiently reach key prescribers, and our research confirms that the novel mechanism and strong efficacy data of IBSRELA will fuel market receptivity. Over the past decade, the introduction of GC-C agonist has transformed the management of IBS-C, with market-building investments converting what was once an OTC market to an established prescription therapy market. The market basket of IBS-C-indicated products includes Linzess, Trulance, Amitiza, and Zelnorm, with the market increasingly consolidated around two branded therapies that combined have 84% market share. Despite active use of these therapies, HCPs persistently report that over a third of patients under their care continue to have symptoms and are considered to be inadequately managed. This relatively uncluttered market, with a stated need for expanded therapeutic options, is an ideal opportunity for IBSRELA, with its novel mechanism and compelling and differentiated clinical profile. All key commercial elements needed to drive a successful launch of IBSRELA are in place. We are ramping up our product supply and have mobilized our highly experienced specialty sales force and commercial team to engage with our targeted high prescribers, introduce Ardelyx, and inform them that IBSRELA is coming soon. Our go-to-market plan and strategy for IBSRELA is informed by comprehensive market research and analysis. Our commercialization focus is on physicians who are high prescribers of the GC-C agonist, targeting the patients that are currently under their care. Our research showed that 56% of high prescribers consider IBS-C to be a difficult condition to treat, and 83% reported a significant unmet need, with more than one-third of patients currently being treated with prescription therapies continuing to suffer from symptoms of IBS-C. The dissatisfaction centered on the efficacy parameters of abdominal pain and bloating. 75% of high prescribers reported a favorable response to the IBSRELA profile, rating its novel mechanism and efficacy data as the most compelling attributes and projected use of IBSRELA in a meaningful subset of their patients. Key elements to our commercialization strategy include, one, leveraging the market need for expanded therapeutic options to treat IBS-C. Our commercial efforts will be centered on high prescribing HCPs for patients where the novel mechanism and clinical profile represented by IBSRELA would provide an attractive therapeutic alternative. Two, IBSRELA will be positioned as a first-in-class NHE3 inhibitor with a triple action in treating IBS-C. Three, messaging will emphasize the IBSRELA MOA as differentiated from existing therapies and the clinical data that demonstrates significant improvement in abdominal pain, bloating, and constipation with a quick onset of action and sustained efficacy. Messaging will also emphasize the demonstrated clinical results of improved patient quality of life versus placebo and patient-reported treatment satisfaction. This positioning and messaging focus will establish IBSRELA with its new mechanistic approach and triple-acting effect as a meaningful new tool in the treatment toolkit for HCPs who treat patients with IBS-C. Four, our sales force efforts targeted at the highest prescribers will be further amplified by omni-channel tactics, leveraging the rapidly advancing dynamics in the marketplace on how and where HCPs receive their information. Five, we will have broad-based distribution, including retail and specialty channels, to accommodate office and patient preferences on where they wish to pick up their prescription and to align to their existing processes for handling specialty products. Six, we have set the price for IBSRELA based on the value it will provide patients in this established therapeutic space with a limited number of options and a recognized unmet clinical need. Within the IBS market pricing landscape, which ranges from $450 a month to $2,200 a month, we have set the launch price for IBSRELA to be $1,500 per month. As you think about the first few months and quarters of the launch, here's what to expect. We will be stocking the channel early in Q2. Throughout Q2 and through Q4, our sales force will be focused on the highest riders with a key focus on the highest riding GIs to build the foundation of use for IBSRELA to support continual expanded use. IBSRELA will have a strong commercial and clinical data presence at the largest GI conference, Digestive Disease Week, that will take place Q2 in San Diego. We will be working with payers to secure access for IBSRELA. As a novel product, our access strategy is centered on the value proposition of addressing the existing clinical unmet need among actively treated patients and rebating, not to match existing agents, but to minimize the step-through requirements. We will leverage the current processes in place in GI offices that are well established to address access requirements for the agents commonly prescribed in a GI practice. Agents to treat IBS-C, IBS-D, ulcerative colitis, Crohn's disease, and HCV are all therapeutic areas associated with payer restrictions. Uptake of IBSRELA over the first few quarters will be enabled by the pent-up demand of IBS-C patients currently under the care of an HCP that are inadequately managed and good candidates for treatment with IBSRELA, counterbalanced by access ramp-up challenges and the criticality of the HCP demand motivation to work through payer hurdles. As Mike mentioned, our promotional focus will be centered on the 9,000 high-writing physicians who account for approximately 50% of prescriptions written for drugs indicated for IBS-C. With a targeted specialty sales force, full company engagement, and innovative omni-channel peer-to-peer and digital initiatives, we will bring IBSRELA to the patients being actively managed today who are in need of additional treatment options. From a payer landscape perspective, prior authorizations and step therapy protocols for novel entrants are standard for this market today, with HCPs having to attest to the fact that patients are not adequately responding to preferred agents. We expect that payers will put in place step therapy requirements for IBSRELA. We consider these payer challenges to be addressable on the basis of four key considerations. One, the patient need for IBSRELA. Two, HCP demand for IBSRELA. Three, HCP familiarity and experience in addressing the step hurdles implicit in the space. And four, the comprehensive customer service support we will have in place to support physician offices. In parallel, we will work to put in place contracts to secure access and minimize step therapy requirements. We are within weeks of launching IBSRELA and are thrilled to bring this much-needed, highly differentiated therapy to market, and most importantly, to make a difference in the lives of patients who are suffering from IBS-C. I will now turn the call over to Justin to review our Q4 and year-end 2021 financials. Justin? Thank you, Susan. At the end of the fourth quarter of 2021, we had total cash equivalents, and short-term investments of $116.7 million as compared to total cash equivalents, and investments of $188.6 million as of December 31st, 2020. As announced last week, we paid off our existing debt with Solar Capital Ltd. and the Life Sciences group at Bridge Bank in full, and we have now entered into a new term loan with SLR Capital Partners for $27.5 million with 2 years interest only and an option for an additional $22.5 million in term loan debt if XPHOZAH receives approval and certain other conditions. We generated $10.1 million in revenue for the year ended December 31st, 2021, an increase of $2.5 million or 33% compared to $7.6 million for the year ended December 31st, 2020. The increase in our revenue was primarily attributable to a $5 million development milestone, which we earned upon the initiation of Phase 3 clinical studies in Japan by KKC to evaluate tenapanor for hyperphosphatemia. Research and development expenses were $91.1 million for the year ended December 31st, 2021, an increase of $26.1 million or 40% compared to $65.1 million for the year ended December 31st, 2020. The increase in our R&D expenses was primarily the result of tenapanor manufacturing costs as we prepared for the launch of IBSRELA, and should we be successful in our appeal, the U.S. launch of XPHOZAH. In late 2021, we eliminated our research group, so in 2022, we expect our research and development expenses to be significantly lower than in 2021. R&D expenses for 2021 also included $2.7 million in severance payments and other employee-related restructuring costs. Selling, general, and administrative expenses were $72.3 million for the year ended December 31st, 2021, an increase of $39.2 million or 118% compared to $33.2 million for the year ended December 31st, 2020. The increase in general and administrative expenses was primarily due to an increase in costs associated with building and staffing our commercial infrastructure as we prepare for the potential regulatory approval and U.S. launch of XPHOZAH. General and administrative employee-related expenses also included $3.5 million in severance payments and other employee-related restructuring costs. As Susan discussed, we have a focused IBSRELA commercial launch plan and as a result, we expect our 2022 SG&A expenditures to be slightly less than in 2021. Net loss for the year ended December 31st, 2021 was $158.2 million compared to $94.3 million for the year ended December 31st, 2020. We will address our operating cash flow requirements with our current cash and investments, revenue generated from sales of IBSRELA, our potential receipt of anticipated milestone payments from our collaboration partners, prudent cash management, and the potential to access the capital markets. In addition to our debt refinancing, we are actively pursuing other non-equity solutions to extend our cash runway further into 2023 to support our planned operations, support the IBSRELA launch, and we have a lot of confidence in our ability to fund these operations. Today, we received notice from Nasdaq that our bid price has closed below $1 for 30 consecutive trading days. We received a deficiency notice that advised us that we've been afforded a compliance period of 180 calendar days to regain compliance with the applicable Nasdaq listing requirements. If we fail to regain compliance with Nasdaq's continued listing requirements, Nasdaq may take steps to delist our common stock or to move us from the Nasdaq Global Market tier of companies to the Nasdaq Capital Market tier. We plan to take action to avoid such a delisting and to restore our compliance with Nasdaq's listing requirements. Additional disclosures are included in our Form 10-K, which we filed today. I will now turn the call back over to Mike for some concluding comments before we open the call for questions. Mike? Thanks, Justin. Despite some of these recent challenges, this is a monumental time for Ardelyx as we enter an important evolution to a commercial stage company. We are enthusiastic to enter the marketplace and offer patients with IBS-C a much-needed novel mechanism therapy. This transition differentiates us from the biopharma industry now as a revenue-generating company with a clear line of sight to break even for IBSRELA and ultimately profitability for the product, which we believe will create significant shareholder value. We will have a strong and capable commercial presence and will be poised from a position of strength where additional commercial products could be leveraged, including the support of potential launch of tenapanor for hyperphosphatemia upon a successful outcome of the formal dispute resolution process. Given what many would characterize as a tumultuous 2021 for Ardelyx, our pipeline diversification and visionary strategies have positioned us well for near term and future growth. We believe that our focus on the patient and developing medicines to help them live longer and better lives will be successful for the patients and ultimately for our shareholders. We look forward to keeping you apprised of our progress. Now with that, I will open the call to questions. Jesse? Thank you, speakers. Participants, we will now begin the question and answer session. To ask a question over the phone, you may press the star key followed by the number one from your telephone keypads. To withdraw your request, you may press the pound key. Again, that's star one to ask a question or the pound key to withdraw your request. Speakers, our first question is from the line of Chris Raymond at Piper Sandler. Your line is now open. Hey, guys. Thanks for taking the question. I guess I need to ask. A couple weeks ago, you guys had an 8-K where you highlighted you know the outcome here and appeal to the Office of New Drugs. I guess I was pretty intrigued by the language around you know potentially having a path to resubmit without running new trials. I'm just kinda curious. There's no mention of that pathway here in this call. Can you maybe give a little bit of color? Is that path still open? W here does that stand, I guess first and foremost? Hey, Chris. Yeah, thanks for the question. No, that path still exists. We expect what we've been consistent in is saying that we believe any sort of positive outcome is gonna come through CDER and OND. So rather than go through the process at OCHEN, it made sense to then kick it upstairs as we've talked in the past, and go through with them the process to hopefully be able to overturn the CRL. So our assumption is that alternative is still there. It opened up a door that I think strengthens the process we're going through now through OND, which was the strategy that we had said at the beginning that we would pursue. Okay. Just so I understand the sequence then. You go through the process with the Office of New Drugs, you get your answer in April, and then, depending on that answer or the decision, pursue the path of resubmitting based on some subset of the data that you already have. Is that right? I'll ask Robert Blanks to add a little bit more color. T he outcomes can be rejection, it can be overturning and remanded to cardiorenal, it could be additional information requests, or it could be advisory committee, right? Those are kind of generally the outcomes that could be there. In those could be additional analyses as we suggested in our filings. Obviously, we don't have any way of predicting what it's gonna be standing where we are now. The other nuance is if it's a two-month versus a six-month submission, we don't have an active NDA, so we would have to resubmit in order to have discussions. Rob, anything to add? No, Mike, I think you have it covered pretty well. I mean that path still exists. We obviously feel that you only have one chance to go up to a higher level, and we felt that was the best way to go. Certainly we did not think that the OCHEN with Dr. Jaffe, who's relatively new to that position, would overturn them. We still think we have a chance with the OND. Great. Okay. Thank you very much. Thanks, Chris. Next question is from Peyton Bohnsack of Cowen. Your line is now open. Hi, guys. This is Peyton Bohnsack on for Joe. Kind of following up on that, how would you plan or balance any additional investment in the hyperphosphatemia program with the potential inclusion in the dialysis bundle, and if the 2025 time frame for inclusion is still likely to stand? I've got a follow-up as well. Sure. I mean, I think we're taking this in a stepwise fashion. You know, we believe wholeheartedly that patients deserve this drug first and foremost. You know, as we were speaking over the past that, the opportunity that exists even in a bundled scenario, we think allows for a great opportunity commercially. We believe there continues to be an opportunity to extend the exclusion. That work is ongoing. Lots of different, obviously, balls in the air, but the additional investments in XPHOZAH would depend upon what that looked like. I think we have been consistent in saying, doing what was implied in the CRL of doing an outcome study is not on the table. There's no other phosphorus-lowering therapy that has ever been required to do that, and that is a big part of the basis of our FDRP. We continue to be committed to seeing this through. Anyone who knows me knows that I'm stubborn and wanna find a path to get this product to the patients who so need it. Thank you. That's really helpful. Kind of the second question kind of is more on IBSRELA in Europe. What are kind of the plans? Have there been any discussions with partners or do you plan on potentially launching that yourself? No, W e'll wait and see how we do here, begin the conversations with folks that have reached out, and we'll reach out to other folks as well. I mean, we're a relatively small team doing a lot and wanna focus on the U.S. launch before distracting ourselves and trying to do those. All right. Thank you so much. Sure. Thank you, Peyton. Next question is from Laura Chico of Wedbush Securities. Your line is now open. Hi. This is Sam on for Laura Chico. I'm wondering at this point for the IBSRELA launch what are the key gating factors to launching in the second quarter? I'm just wondering if your view on market positioning in the few months that you've had to prepare has changed at all. Yeah. Let me just give a couple of comments, then I'll pass it off to Susan. You know, we would have launched IBSRELA sooner, had we had the material, right? We were focused on the XPHOZAH launch, making those tablets. We had to shift our efforts to make the 50 milligram tablets, and that's really been the gating issue for us in preparation for launch. I will ask Susan to address the second part of your question. I would say that my conviction for what Susan has described the opportunity to be has only increased over the months and has in no way decreased given the dynamics of that marketplace. Susan? Thanks Mike. We as a commercial team, I mean, the commercial capabilities for Ardelyx have been ramping up over the last 18 months. Part of building out a commercially facing company, you know, we've attracted phenomenal talent, very experienced talent in the industry with bringing new products to market. The first thing we did was very thoroughly evaluate our portfolio of assets and do the market research to understand the relative opportunity of each of those assets, and how which then directs our thinking around optimizing those assets, which implicit in that is the go-to-market strategy, positioning, and messaging for IBSRELA. We really were quite ready to be able to move forward the launch for IBSRELA, given the timing on the FDA decision for XPHOZAH. In moving that forward, as Mike mentioned, really what was critical was we did timely research in the first, the end of last year and early this year to confirm our go-to-market approach, very thorough quantitative and qualitative research, thorough work with our opinion leaders, testing out all of our positioning and messaging. We really have everything ready to go, and really quite confident in our go-to-market approach and readiness for this Q2 launch. Okay. Thank you very much. Next question is from Louise Chen of Cantor Fitzgerald. Your line is now open. Hi. Good afternoon, everyone. This is Carvey on for Louise from Cantor. Thank you for taking our questions. Our first question is, what are some takeaways you guys have gathered from Knight Therapeutics in the commercialization of IBSRELA in IBS-C in Canada that might be important in the States? How should we view the initial uptake of a drug? Any feedback from provider community would also be helpful. Our second question is on peak annual revenue. You have highlighted the potential peaks to be at least $500 million. We wonder how long it would take to get to the peak. Thank you so much. Susan, that's in your court. Great. First thing, Canada, actually, the COVID restrictions in Canada have really been quite significant. While they have stocked the channel for IBSRELA, they really have not fully launched commercially in Canada, so it is too early to say exactly. The early read in terms of the opinion leader response, the provider research in Canada, the need for an alternative mechanism therapy for IBS-C, all the research findings are quite aligned with what we learned in the U.S. That's all I can tell you at this time. What's great is that we are very much aligned with the Canada commercial team, for a North America alignment on our go-to-market approach, messaging, positioning, communication of the data and really leveraging the opinion leader community. We'll continue to keep you posted on that as they are really just starting to ramp up their full, commercial launch. In terms of your next question on provider response here in the U.S., it's really very interesting. We've conducted both quantitative and qualitative research. It's quite persistent that there is a very established pattern of how to manage these IBS-C patients under their care. Keep in mind I think everybody's accustomed to thinking about this market as a market-building market to bring patients into this physician's office to use the prescription therapies that have been available and introduced over the last decade. What we have to remember now as we look forward to the launch of IBSRELA, what we're looking at is a very established market, hooked market. Patients that are under a physician's care, they see the physician regularly. They churn through a lot of therapies in managing these patients because the symptoms persist. What we hear back from doctors is there is an unmet need, particularly along the pain and bloating. There is a high level of interest in a novel mechanism therapy and a strong intent to adopt the therapy in a very meaningful subset of patients. What's notable is that we see this not only across the high-writing GIs, we see it across high-writing non-GIs, we also see it across the opinion leader community on a national and regional level. everything, you know, all of the intelligence and insights are pointing towards this opportunity and the extent to which IBSRELA can address this clinical unmet need. With our sales team now deployed across the country, there is a high level of receptivity to meet with our team, an eagerness for physicians to learn about novel mechanism IBSRELA. Got it. Just on the final piece, how long should it take to get to the peak for the drug? Yeah, sorry, that was your last question. Yeah, so we had projected that over a five-year timeframe. Got it. Okay. Thank you so much. Thank you. Thanks a lot. Again, for participants, hit star one to ask a question or the pound key to withdraw a request. Speakers, next question is from the line of Matt Kaplan of Ladenburg Thalmann. Your line is now open. Hi, good afternoon, guys, and thanks for taking the question. Hey, Matt. Hi. Just wanted to maybe continue with Susan a little bit. She initially in her prepared remarks, she said the uptake of IBSRELA is going to be driven by unmet need and coverage. Can you talk a little bit about kind of how long coverage will take to get in place and what you see kind of coverage levels exiting this year and kind of going to next and how we should think about that? Thanks for the question, Matt. We are working as we speak now in parallel educating payers on the clinical profile of IBSRELA. We anticipate that IBSRELA ultimately would be carried, you know, as a tier five specialty tier product. That is, you know, really that needs to be our expectation, because you have to look at the established nature of the IBS-C market. It's actually quite unusual to have branded products hold such a strong tier two and tier three position, which is what Linzess and Trulance have. We are not going head to head with that. Again, we are going to market focused on addressing the clinical unmet need. There is no alternative to IBSRELA in the patients who have been managed and are continuing to show persistent symptoms. That is the value proposition as we bring it forward to payers. Our intention is to contract to secure access, and to try to minimize the prior auth and step hurdles. We do not intend to match the rebate levels of Linzess or Trulance, and we do not anticipate holding formulary positions that are comparable to theirs. The crux of the opportunity is addressing the unmet need, the novel mechanism drug, and the clinical package. We will be working with payers throughout 2022 to secure access for IBSRELA. I think as we go into 2023, we'll be able to give you a good read on how things are going with that access picture, with, in parallel, keeping in mind that as is the introduction of any novel therapy when there's an unmet need, prescriptions are filled if the writing physician is willing to go through the medical exception process. Obviously, as part of demonstrating to payers the demand for IBSRELA, which is what will help us secure the access positions we seek, we'll be working very closely with them to give them all the support to really pursue approval of the IBSRELA script via the exception process following launch. Okay. That's very helpful. Thank you. I guess one more for you, Susan, in terms of what commercial metrics do you plan to share with us on a quarterly basis beyond, I guess, obviously reporting revenues, but helping us to gauge your success in the launch? Yeah. You know, clearly reporting revenues is a primary metric that we will be sharing with you. I think we all need to be cognizant of the typical ramp up of accuracy of data capture for IQVIA scripts. That'll be very much determined by the profile, the mix of use, maybe retail versus specialty and reporting capture. You know, over time, as we get to a steady state for IQVIA capture, we will be reporting on our scripts, you know, and our share penetration. Okay, great. Just going back to the OND. How does the process work now with OND until they arrive at an answer in April? Is there significant interaction between you and that part of the agency? Rob? Yes. We've obviously submitted the appeal, and then it's a potential to have a meeting with them by the end of, if they have 30 days to review. By the end of that process, there's potential that we will have a meeting with them. That meeting likely not to be face to face, but we could have the meeting with them, and we could also get information requests from them asking for more information. There is plenty of opportunity for interaction with the OND. Okay. That's helpful. Thanks. Just a quick question for Justin. He mentioned in his prepared remarks the elimination of the R&D group late last year, and that would have a significant impact on R&D. Can you help quantify that for us? I can't really give specifics out, Matt, yet other than it will be substantially reduced because as you know, our clinical process, we've wrapped up, the preponderance of our work with the phase IV programs that David Rosenbaum and Laura led for us. We aren't doing any novel new research in 2022. It's gonna be substantially less than last year. Okay. Thank you. Thanks for that detail. Thanks, Matt. Thank you, participants. I'll now turn the call back over to Mike Raab for final remarks. Thank you all for joining our call. This is indeed a transformational year for Ardelyx with our launch of IBSRELA for patients with IBS-C. We look forward to keeping you apprised of our progress in the coming months. Jesse, you may now end the call. Thank you. Thank you, speakers. This concludes today's conference call. Thank you all for joining. You may now disconnect.