Q2 2025 Akebia Therapeutics Inc Earnings Call

Speaker #2: Good day, and thank you for standing by. Welcome to the Akebia second quarter 2025 financial results. At this time, all participants are in a listen-only mode.

Speaker #2: After the speaker's presentation, we will open up for questions. To ask a question during the session, you will need to press star, one-one on your telephone.

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Speaker #2: I would now like to hand the conference over to your speaker, Mercedes Carrasco. Senior Director of Investor Relations. Please go head.

Speaker #3: Thank you and welcome to Akebia's second quarter, 2025 financial results and business updates conference call. Please note that a press release was issued earlier today Thursday, August 7th, detailing our second quarter, 2025 financial results and that release is available on the Investor Sections of our website.

Speaker #3: For your convenience, a replay of today's call will also be available on our website after we conclude. Joining me for today's call, we have John Butler, Chief Executive Officer; Nick Grund, Chief Commercial Officer; and Erik Ostrowski, Chief Financial and Chief Business Officer.

Speaker #3: I'd like to remind everyone that this call includes forward-looking statements. Each forward-looking statement on this call is subject to risks and uncertainties that could cause actual results to differ materially from those described in these statements.

Speaker #3: Additional information describing these risks is included in the financial results press release that we issued on August 7th, as well as in the risk factors and management discussion and analysis section of our most recent annual, and quarterly report filed with the SEC.

Speaker #3: With that, I'd like to introduce our CEO, John Butler.

Speaker #4: Thanks, Mercedes, and thanks to everyone for joining us this morning. Since Zapsco, Badoo staff's approval, and even prior, I've spoken about our goal to make Zapsco's standard of care for patients with anemia due to chronic kidney disease.

Speaker #4: From my perspective, this endeavor has three parts. First, successfully launch Zapsco in dialysis during the Tdap period. Second, continue growth in dialysis post-Tdap, potentially supported by the data creating additional areas of differentiation.

Speaker #4: And third, approval and launch of Zapsco to treat anemia of CKD in patients who are not on dialysis. That's the journey we're on, and I'm proud to report the progress we've made in each area during the second quarter and to date in Q3.

Speaker #4: I continue to be incredibly pleased with the progress of our launch. We generated over $13 million in Zapsco revenue in Q2, with approximately $12 million in demand sales of 55% increase over Q1.

Speaker #4: In Q2, US renal care continued to represent the vast majority of our revenue. And we appreciate their foresight partnership and ongoing commitment to delivering innovative therapies to patients.

Speaker #4: But we have to broaden that access to achieve our goals. While we're pleased with the first two quarters of launch, we really only had access to about $40,000 dialysis patients during those months, through USRC and other smaller dialysis organizations that operationalized the protocol to easily enable prescribing.

Speaker #4: In Q2, we had expected to have broader access at the other two mid-sized dialysis providers, DCI and IRC, the fourth and fifth largest dialysis providers.

Speaker #4: Today, I'm pleased to report that both are now completing their processes to make Zapsco available. As of September, we expected physicians at these dialysis organizations will be able to write a prescription for Zapsco without restriction.

Speaker #4: Bringing the total patients with access to over 75,000. We believe this will enable a significant step up in growth. Even more significant from a volume and patient access perspective, the Vita, one of the largest dialysis providers, is completing preparations for its operational pilot for Zapsco.

Speaker #4: They've placed an initial order and expect patients to receive the drug starting in the middle of August. Upon the successful completion of the pilot, we expect to increase patient access by more than sixfold from 40,000 patients in Q1 and Q2 to at ast 275,000 patients later in Q4.

Speaker #4: Nick will give you more color on all of this launch progress and metrics. The second focus to drive Zapsco to become a standard of care is to enhance the environment for growth post-Tdap.

Speaker #4: I'm very pleased to report the voice trial being conducted in collaboration with USRC has been fully enrolled as of late June. Over 2,100 patients enrolled in only seven months.

Speaker #4: I believe this clearly speaks to investigators' interest in the potential benefits Zapsco may bring to their patients and a desire to prove that dosing when administered during dialysis may be beneficial as well.

Speaker #4: The timing of enrollment completion is important. As it means the study will complete in late 2026, with data available in early '27. Shortly after the end of Tdap.

Speaker #4: A voice is an outcomes trial looking at all-cause mortality and all-cause hospitalization. While its primary endpoint is non-inferiority, its power to demonstrate potential superiority for Badoo staff for all-cause hospitalization.

Speaker #4: We believe any data demonstrating a positive clinical outcome will be critical in establishing Zapsco as the standard of care. We're pleased to have initiated VOCALS, a study looking at dosing of Zapsco three times a week, being performed in 18 Vita dialysis facilities.

Speaker #4: This study will enroll about 350 patients. And important and exciting sub-study will look at characteristics of red blood cells in patients treated with Zapsco.

Speaker #4: A previous study has shown that other 50 PHIs can improve the lifespan of red blood cells. I believe showing a potential positive impact on red blood cell characteristics size, lifespan, oxygen carrying capacity, with Zapsco in a dialysis population can demonstrate the tangible differences a more physiological approach to treating anemia can yield.

Speaker #4: The third area of focus is securing an indication for non-dialysis patients in the Zapsco label. Recall that while the stage four and five non-dialysis population with anemia is roughly the same size as dialysis, about 550 thousand patients, it doesn't have the same pricing complexity that dialysis has in a post-Tdap setting.

Speaker #4: Making it potentially four to five times larger than the $1 billion addressable market size of the dialysis market. We've continued to work to move this initiative forward.

Speaker #4: We completed a Type B median with the FDA in May. The median addressed the single-focused written question to the agency related to the comparator arm for the Ballard's trial in NVD CKD.

Speaker #4: Based on FDA written feedback, we're planning for an active ESA comparator. We believe this design will simplify the pooling data with our prior phase three US PROTECT program.

Speaker #4: We recently submitted a Type C median request to further discuss the study design, statistical analysis, and pooling strategy. And we're working to initiate Ballard by the end of the year.

Speaker #4: The team at Akebia believes strongly that patients not on dialysis would benefit from access to Zapsco and we're working hard toward their goal to gain alignment with the FDA and be in a position to enroll the trial quickly.

Speaker #4: With the launch of Zapsco and continued strong performance of Erixia, we had over $60 million in net product revenue in Q2. The highest level in the history of the company.

Speaker #4: In a moment, Erik will talk you about our strong second quarter financial results and solid financial position. But first, let me turn it over to Nick to give more color on the Zapsco launch and what we're learning in the field.

Speaker #4: Thanks, John. Good morning, folks. As we work to build a new standard of care in treating CKD anemia in dialysis patients, we are taking a comprehensive and long-term view on how to establish a successful brand in a large category.

Speaker #4: To this end, we are rapidly advancing efforts across multiple workstreams, which include building patient access, broadening patient physician prescribing, and continuing physician education. We are making great progress.

Speaker #4: Let me begin with some updates on prescription volumes. During the launch, we are focusing on breadth, the number of physicians prescribing, and depth, the amount they are prescribing.

Speaker #4: We are very pleased to have 725 prescribers right within quarter two. Up from approximately 640 in the first quarter. The prescribers are now writing an average of 13.3 prescriptions each, which is also an increase from the 12 prescriptions we reported in the first quarter.

Speaker #4: The breadth and depth of prescriptions are growing. But there is still more to do. I also want to touch on refills and average doses of Zapsco over time.

Speaker #4: Refills represented greater than 80% of prescriptions in quarter two, and the average dose of those refills is up 28% from the starting dose. We believe this reflects that physicians are getting comfortable treating patients at an optimal therapeutic dose and, as a result, each of our prescriptions becomes more valuable.

Speaker #4: Upon market availability, we had expected the frequency and intensity of dialysis patient care would have resulted in a higher than typical adherence rate for Zapsco.

Speaker #4: As we have now been out in the field since January, we have observed adherence rates consistent with the industry at 70 to 80%. As we saw in our linical trials, some patients, especially those on higher doses of ESAs, experienced a hemoglobin drop on transitioning to 300 milligrams starting dose of Zapsco.

Speaker #4: This is a departure from the experience with today's standard of care, and anemia managers are conditioned to react as quickly as possible to a hemoglobin drop.

Speaker #4: In some cases, anemia managers did not attempt to titrate per the protocol and patients were moved back to their prior ESAs. I am proud of how quickly the Akebia team and our partners reacted to improved adherence.

Speaker #4: We quickly revamped and highlighted our messaging focusing on dosing and titration. We work with existing customers to adjust protocols and we educated dialysis organizations who were developing protocols to consider this in their protocol design.

Speaker #4: We believe our essages on improving adherence are getting out there and taking effect. Our focus ahead is to accelerate growth by increasing utilization and additional DOs by enabling nephrologists with access to right prescriptions.

Speaker #4: I would like to spend a minute providing more detail on our partners. As we have discussed previously, we have commercial contracts in place with all key dialysis organizations, including purchasing organizations, covering nearly 100% of dialysis patients.

Speaker #4: That was step one. We are also supporting dialysis organizations in the creation and operationalization of Zapsco treatment protocols. I will refer to this as prescribing access.

Speaker #4: As John mentioned, we are prescribing access to over 40,000 dialysis patients in the first half of the year, resulting in most of our orders since launch coming from USRC.

Speaker #4: Within the next month, we will have prescribing access to over 75,000 dialysis patients and increase to over 85%, which includes DCI, IRC, and many independent and small dialysis organizations.

Speaker #4: Momentum around protocol development and implementation is picking up further in the third quarter as the Vita physicians will begin prescribing Zapsco as part of its operational pilot at more than 100 dialysis clinics.

Speaker #4: With large complex systems, it always makes sense to do a test run to ensure a smooth rollout. That's exactly what the Vita will maintain.

Speaker #4: Activity around the pilot has already begun as the Vita notified the selected pilot sites ordered product in July to support early pilot prescribing and began training their staff.

Speaker #4: The pilot is expected to conclude within approximately three months, which we believe will increase total prescribing access for Zapsco to over 275,000 dialysis patients and enable the opportunity for a significant uptick in ordering in the fourth quarter of the year within the Vita.

Speaker #4: One additional important note on patient access, in discussions with dialysis organizations with protocols in place and in the view of claims data, we've confirmed that a significant number of Medicare Advantage plans are covering Zapsco.

Speaker #4: As a reminder, patients covered by Medicare fee-for-service represent 35 to 40 percent of dialysis patients and Medicare Advantage, another 35 to 40 percent of patients.

Speaker #4: Therefore, depending on the dialysis organization, the addressable patient population for Zapsco could be doubled and potentially up to 80% of all dialysis patients having reimbursement for Zapsco.

Speaker #4: Looking at the totality of our orts, we're happy with the progress on growing breadth and depth of prescribing, increasing patient access, and physician education.

Speaker #4: We have increased demand 50 to 5 percent quarter over quarter. We expect to meaningfully increase prescribing access from approximately 40,000 patients to over 75,000 patients in the third quarter.

Speaker #4: And we are on track to access the Vita, which we expect to lead to prescribing access to over 275,000 dialysis patients in quarter four.

Speaker #4: We're still in early stages of our goal to build a new standard of care. But we believe we are on track to make our goal a reality.

Speaker #4: Let me now turn it over to Erik.

Speaker #5: Thanks, Nick. We're appy to report another strong quarter driven by the top-line performance of both Zapsco and Erixia. I will now provide an overview of our results as compared to the second quarter of last year.

Speaker #5: Total revenues, which are comprised primarily of net product revenues and also include medicine collaboration and other revenues, were 62.5 million dollars this quarter as compared to 43.6 million dollars in Q2 of last year, representing an increase of 18.9 million dollars.

Speaker #5: Of these amounts, net product revenues increased to 60.5 million dollars this quarter from 41.2 million dollars in Q2 of last year. This was driven by sales of Zapsco, which, as mentioned, were up 13.3 million dollars in quarter.

Speaker #5: As well as by an increase in Erixia sales, which were 47.2 million dollars this quarter as compared to 41.2 million dollars in Q2 of last year.

Speaker #5: As a reminder, Erixia lost IPS facility in March and there is an authorized generic for Erixia on the market, though no generics have been approved by the FDA at this time.

Speaker #5: We are pleased with this quarter's strong Erixia results, though caution future Erixia sales levels are challenging to predict due to the uncertainty around the timing of potential additional generic competition.

Speaker #5: Cost of goods decreased to 9.9 million dollars this quarter as compared to 17 million dollars in Q2 of last year. The key driver of this cause reduction is that we are no longer reporting a $9 million quarterly non-cash amortization charge related to the acquired development product rights for Erixia, which is now fully enterprise.

Speaker #5: Also of note, Zapsco sales in the quarter were derived from pre-launch inventory, which does not include the full cost of manufacturing as a portion those inventory-related costs were previously expensed to R&D prior to Zapsco's FDA approval.

Speaker #5: R&D expenses increased to 11 million dollars this quarter from 7.6 million dollars in Q2 of last year, driven by increased clinical trial activities related to Zapsco as well as our other programs.

Speaker #5: SG&A expenses decreased slightly to 26.6 million dollars this quarter from 26.9 million dollars in Q2 of last year. Turning to the bottom line, we generated 247,000 dollars of net income this quarter as compared to a net loss of 8.6 million dollars in Q2 of last year.

Speaker #5: This quarter's net income was driven by the increase in revenues, which was partially offset by 5.4 million dollars in interest expense related to the D4 settlement royalty liability as well as 7 million dollars in non-cash expense related to the change in fair value of our warrant liability, which was driven by the rease in our stock price in Q2 over the prior quarter.

Speaker #5: Meander Q2 was $137.3 million in cash and cash equivalents. We believe our existing cash resources, along with the cash we expect to generate from product royalties, supply, and license revenues, are sufficient to fund our current operating plans across the facility, including to pursue label expansion for Zapsol and advance our other pipeline programs.

Speaker #5: In closing, our Q2 financials reflect increased uptake of Zapsco and continued resilience of the Erixia revenue stream and careful attention to operating expense. Which resulted in our strengthened financial position.

Speaker #5: As John and Nick mentioned, the team has dedicated significant energy towards continuing to expand both the breadth and depth of Zapsco utilization. And we look forward to discussing the results of these efforts on our next earnings call.

Speaker #5: With that, we welcome questions.

Speaker #2: Thank you. And as a reminder to ask a question, you will need to press star one-one on your telephone. And wait for your name to be announced.

Speaker #2: To withdraw your estion, please press star one-one again. Please stand by. We could probably connect Roster. One moment for our first question. Our first question will come from line of Roger Song from Jeffries.

Speaker #2: Your line is open.

Speaker #6: Hey, guys. Morning. congrats for the quarter and then thank you for taking our estion. now you give us a lot of the good numbers here.

Speaker #6: Just wanna, get a sense of, some of the key metrics here. So first is the patient segment. So in terms the, now home use and the high ESA, what do you see this quarter?

Speaker #6: And how does this change over last quarter? And then also, how do you forward-looking when you have more larger DO coming online including the Vita in 4Q?

Speaker #6: Do you see the patient segment changing similarly for the payer, like you say the Medicare Advantage? It seems to be a significant amount of the patient. Can you quantify that compared to the fee-for-service? And I have a follow-up.

Speaker #6: Thank you.

Speaker #4: Nick, I think that's, that's for you. Yeah. And so when I think about the patient segmentation, it's a great question. And, and, you know, where USRC, who's, who's a vast majority of our prescriptions, their protocol is, is broad.

Speaker #4: They're allowing QD use for both in-center patients and home patients. and we see usage that is, that is very much similar to the market segmentation between them.

Speaker #4: PD, and home patients seeing about 12% of the total scripts. and the remainder being for in-center patients. The second part of that is, is how do we see that moving forward when, when we add on the Vita and others in the fourth and third and fourth quarter?

Speaker #4: when we look at all of the protocols that they're putting in place, whether it be IRC, ECI, or the Vita, they're all broad protocols that allow for our full in-center and home use.

Speaker #4: You know, when physicians taught, think about patient top of mind that will benefit from Zapsco, they go to two important segments first. They go to the home patient where it makes really, really good sense to use, an oral therapy for those patients to avoid, injections as well as consistent visits to the dialysis, unit.

Speaker #4: and they also think about higher dose ESA patients, who have a higher increased mortality and cardiovascular risk associated with those higher doses of ESAs.

Speaker #4: and so we expect to have continued broad uses. It may tip a little bit higher towards the PD section or the home section. but expect consistency moving forward given those broad protocols.

Speaker #4: The second part of your estion was on market access and Medicare Advantage. To date, we're eing about 20% of total prescriptions being filled in the Medicare Advantage segment of the population.

Speaker #4: where 80% is Medicare fee-for-service. But as we look going forward, in our discussions with, again, IRC and ECI and the Vita, they have all indicated to have significant Medicare Advantage contracts already in place that will support Zapsco through additional Tdap coverage.

Speaker #4: and so that, that's a great sign. that means that those populations are growing over our initial expectations of fee-for-service, and they're rowing at a faster rate.

Speaker #4: We always thought they would add Medicare Advantage plans over time. It's happened much earlier than we could have anticipated. I think even with US renal, where they started with mostly a focus fee-for-service, as that Medicare Advantage coverage has grown, they've kind of pushed those patient names out to the dialysis centers as well, right?

Speaker #4: So we, this is the, there's still growth to be had clearly within US renal. That's correct. You know, when I think about US renal, over 80% of US renal care physicians are branded, which is an important metric, especially when new coverage becomes available.

Speaker #4: When that new coverage becomes available, those physicians have the opportunity to treat broader population that is in need of Zapsco, that previously didn't have coverage.

Speaker #4: So, so we're oking forward to continued access increases and reports of driving deeper penetration within all accounts.

Speaker #2: Excellent. Thank you for the detail. just a quick one. and then what, what's the current average dose, dose strengths? you ow, for your prescription because you Zapsco to a see, no, you see, a little bit higher dose.

Speaker #2: Dose level, in the recent, trend. Thank you.

Speaker #4: Yeah. Nick, I think that's which is great. You know, we saw it on our innovate trial, clinical trial that, folks got to approximately an average of 420 milligrams per script.

Speaker #4: ou again. Yeah. And, so as I, I referred to in my script, we're eing, refill scripts being at about a 28% increase, over the 300 milligram starting dose.

Speaker #4: And so that would be, we'll call it a 40% increase or add 25% increase or 28% increase to date. So we see, as people progress through their prescriptions from first prescription to second prescription, third prescription, those doses continue to titrate on.

Speaker #4: as you recall, our label, has people titrating up at 150 milligrams after four weeks, and every four weeks thereafter. Therefore, it's gonna take the second or third refill to get them to the appropriate doses on basis.

Speaker #2: Right.

Speaker #4: And I think, you know, when you had mentioned the, the adherence, changes, I mean, what some providers are doing is actually allowing the titration at, at week two, you know, which we you saw in the, modified trial as well.

Speaker #4: So I mean, the one thing to be aware of as you bring on new dialysis providers, and they bring on more new patients, so we see this step up in patients, you may actually see a bit of a step down in dose because you have more patients at that starting dose.

Speaker #4: That's exactly what we would hope to see. But as they stay on the drug, you ow, they'll titrate to that average dose. And that's viously, as you can see, an important component of, of that growth in the quarter.

Speaker #2: Got it. Makes sense. Congrats again.

Speaker #4: Thanks, Roger.

Speaker #2: Thank you. One moment for our next question. Our xt question comes from line of Julian Harrison from BTIG. Your line open.

Speaker #6: Hi. Good morning. Congrats on the quarter and thank you for taking my questions. On the operationalized protocol, you're expecting from the Vita, is that expected to be implemented in earlier or late fourth quarter?

Speaker #6: Are you able to provide any granularity there? And, and when we start to think about, the other large dialysis organization of comparable size to the Vita, shall also expect that that corresponding protocol to be preceded by a pilot study as well?

Speaker #4: Yeah. A great estion, Julian. Thanks for it. so the Vita operational pilot is, they, they are preparing for it now, right? They ordered the product.

Speaker #4: They're training. The training at the sites, and, you know, we expect in the next couple of weeks, I think it's the, the 18th of the month is when they expect to, to go live.

Speaker #4: with it. So, you know, and then that pilot will last three months. So, you know, it up to three months, obviously, it could go sooner, but I think the ectation should be around the middle November is when they basically open that up to the entire, the Vita network.

Speaker #4: So, you know, a-a-and, and as you mentioned, the other large providers for sending us, of course, and, you know, we continue to, to talk to Fresenius, you know, present them clinical data, et cetera.

Speaker #4: we have not been able to progress yet. I think as the Vita comes on and all of these other providers come on, it becomes more and more difficult for them to keep, access from their physicians and patients for this innovative product.

Speaker #4: my expectation, Nick, and correct me if I'm rong, is they would probably do a similar kind of operational pilot, before they gave broad access.

Speaker #2: Excellent. That, that's very helpful. And then a follow-up, if I may, on non-dialysis dependent CKD, it sounds like ou're very close to finalizing the, the phase three trial design for, for Ballard.

Speaker #2: are, are you able to give us an approximate sense for how soon this label expansion opportunity could come online for Zapsco? What, what, what is the timeline look like after that study starts around year-end?

Speaker #4: So, the, the timeline is gonna be driven significantly by how quickly we can enroll the study, right? I mean, it's an outcome study. We, we still expect, again, all of these details, you ow, are somewhat, you know, to be determined.

Speaker #4: But, the numbers we've been giving in the past, about a 1,500 patient trial, now with an active comparator, versus Zapsco or Badoo staff, it real, and, and doing it strictly in the US with US patients.

Speaker #4: So we can do that pooling of Ballard with the US PROTECT data to enhance the comfort that there isn't an increased baseline risk, which of course we didn't see in the US patients with PROTECT.

Speaker #4: It's really all about how quickly we can, we can enroll and, you know, giving a sense of that before we know what the final, protocol looks like.

Speaker #4: I mean, this is one of the activities that we're doing to prepare, is working on feasibility. You know, how many, sites? How many patients per site?

Speaker #4: and, you know, that will, will help us, to better inform you, but I don't wanna get ahead of, of that data, yet. But, you know, obviously our goal would be to, is to enroll as quickly as possible.

Speaker #2: Excellent. That, that makes a lot of sense. Thank you. And congrats again.

Speaker #4: Thanks so much, Julian.

Speaker #2: Thank you. One moment for our next question. Our next question will come from line of Mazzi Ali Mohamed. From Lyric Partners. Your line is open.

Speaker #7: Thanks for taking our question. This is, Mazzi on for Juan Ruiz. you know, so Erixia revenues actually grew year from year. So I, I guess one question is, with the only one, authorized generic currently in the market, what's your outlook for competitive dynamics over the remainder of 2025?

Speaker #7: And I guess how, how are you thinking positioning for additional generic entrants in the future?

Speaker #4: Nicky, thanks for the question. Nick, maybe you can kind of talk about the market dynamics and why we're, we're eing that growth. Yeah. And the market dynamics, I mean, it's, it's great news for Erixia.

Speaker #4: You know, it's really built on the back of Erixia's 10-year-old product, and physicians are very comfortable with the clinical profile and the benefits of Erixia.

Speaker #4: as we've been kind of working with physicians for the last 10 years. When we think about Erixia pre-bundle, the market at the access for, for Erixia was actually extremely limited in prior years.

Speaker #4: Physicians often had to do a prior authorization; in some cases, they had to do a medical exception, and they didn’t really want to do the work consistently for their patients.

Speaker #4: Now that the bundle has been implemented, access for, for Erixia is actually at, it's one of its greatest points in its history. And so physicians who are very comfortable using the product, understand its benefits in patients, are taking the opportunity with that increased access to put more patients on Erixia.

Speaker #4: which is, which is great news for Erixia. and so when we think that trend continuing, maybe for the AG pieces I'll toss it over to Eric or back to John to, to go into that piece.

Speaker #8: Well, I mean, I ink, you know, as you said, we have one AG on the market. we know exactly how much product we're supplying to, to the address.

Speaker #8: And, you know, that supply agreement really only goes through this year. So we really need to see what happens with the FDA.

Speaker #8: you know, we've always said to be very careful about, you ow, about how we think about the long term with Erixia, because, you know, ultimately we believe that a product will be, will be approved.

Speaker #8: If the same for years, that, you know, the slope of that curve post-generic availability is, isn't necessarily that patent cliff that you always see.

Speaker #8: you know, if you use developers as an example, it takes, it took years before the generics took the, the lion's share of the market.

Speaker #8: Because of the volume that you have to, to manufacture here. But we look at it in a very conservative way. and, you know, maybe I'll, I'll pass that to Eric to talk a little more.

Speaker #9: Yeah. No. totally agree with John. you know, from an internal perspective, you know, due to the reasons, you know, alluded to in the scripts as well in my comments, you know, new generic competition, you know, could come up at any time.

Speaker #9: And so we, budget conservatively and, you know, the longer we go without that incremental, generic, competition is really just upside to our internal.

Speaker #4: Yeah. And when we talk about our, you know, ind of the cash runway, et cetera, of being able to finance our, our pipeline, it's using a very conservative view of where, Erixia lands, over time.

Speaker #4: But we're, four months post, when we had originally planned to have generics available. So we are, we're pleased every day to continue to be able to deliver the product to, to patients.

Speaker #6: Yeah. Thanks for the added color. congrats on the arter.

Speaker #4: Thanks, Nick. Appreciate it.

Speaker #2: Thank you. I'm showing over the questions at this time. I wanna like to turn it back over to John Butler for closing marks.

Speaker #8: Thanks, Victor. And thanks everyone for joining us this morning. We're focused on our goal of making Zapsco a standard of care, retrieving anemia due to CKD.

Speaker #8: We're making important progress across all components of that strategy. Our launch is accelerating. We're executing the studies in dialysis patients of potential benefits. And we're planning to initiate our NVD study, Ballard, this year.

Speaker #8: to continue to build evidence

Speaker #8: Our revenue performance and cash balance allow us to execute this strategy. And advance our early pipeline from a position of financial strength. We look forward to continuing to update you on our progress.

Speaker #8: Have a great day.