Juan Kim

Juan Kim, on behalf of Yigal from Citigroup Inc., first asked for additional color on Ardelyx's future patent strategy and other layers of protection for tenapanor. He then inquired about the long-term XPHOZAH growth post-2026, considering potential adjustments in Medicare base rates for phosphate binders.

Answer

CEO Mike Raab stated that Ardelyx's job is to continuously strengthen its intellectual property, highlighting the importance of the recently issued formulation patent (Orange Book listed, expiring 2042) and ongoing efforts for other IP. Regarding XPHOZAH, he clarified that Ardelyx does not benefit from Medicare base rate adjustments for phosphate binders, as they chose not to participate in that segment. The focus remains on Medicaid and commercial patients, ensuring access for all appropriate patients, which drove 41% growth in the non-Medicare segment and 9% overall dispense growth in 2025.