Ardelyx, Inc. (NASDAQ:ARDX) Q2 2023 Earnings Call Transcript

Mike Raab: Sure. Justin?

Justin Renz: Yes, thank you. So, we sold approximately 3 million shares in the second quarter to both useful platform, $11.6 million as we discussed in our prepared remarks or any during — 5.8 capital raising ideas. They are open minded too. Not like these portions as well as we continuing for our options about both business development that and other non-accurate solutions. So, I mean it’s certainly a tool in our tool box but we’re going to be patient in the park or as we try to-date and previous quarters that we demonstrated in the last quarter.

Laura Chico: Thanks very much, guys.

Operator: Thank you. And the next question comes from Matt Kaplan with Ladenburg Thalmann.

Matthew Kaplan: Hi, good morning guys and congrats on the to our results for the quarter, nice results. Just want to dive in a little more to your preparation for the XPHOZAH launch. And going into the October 17th that is the key. Just a little bit more color in terms of how you’re thinking about a buildout of that sales team and will it look like the it’s rather team or in terms of size and give us a little bit more color as you prep for.

Mike Raab: Sure, Susan?

Susan Rodriguez: Yes, hi Matt. We are as we mentioned in our narrative, we have mobilized to prepare for the launch of XPHOZAH, we have the capability to ramp up on the marketing, distribution, payer engagement patient services. Your question on the salesforce, we are fielding a dedicated nephrology salesforce and on this market as need. So, as we have noted around the IBS-C market, has a very concentrated number of doctors with around 8000 HCPs accounting for the majority of hyperphosphatemia script. So, to really reach that target group, we’re fielding a group of about 60 which we believe really will develop a very establish a strong salesforce presence for XPHOZAH with a dedicated nephrology salesforce across the country.

So, it really is a salesforce comparable inside to our salesforce. However it is dedicated to the nephrology co-point and we are experiencing a really high level of interest to where interviewing you know that do those process we see with very seasoned sales people with coming in with nephrology experience and establish relationship. They were quite enthusiastic about launching this dedicated team. And we will be prepared to be able to watch it as quickly as possible upon the approval of XPHOZAH in the fourth quarter.

Mike Raab: And Matt, the thing I would add to that is if you recall before the CRL, we have an extensive disease awareness campaign and in an organization it was foot on the ground doing that. And what’s been remarkable is to see the continuing awareness that has built even since then and the anticipation for it. So, and we’re enthusiastic about what we’re going to be launching into.

Matthew Kaplan: Okay, that’s helpful. And then a follow-on to that is I guess why should the XPHOZAH launch look like, the IBSRELA launch or why should it look different given I guess given what you just said Mike in terms of the level of awareness, et cetera. What should our expectations be in and kind of the trajectory ever want.

Mike Raab: And so, I think what we’ll do is hold on that. We will spend some more time more dedicated time with everyone as we are closer to the PDUFA date telling you more about our expectations and how that’s going to look. Yes, I think we’re still gathering perspectives on it. We think it’s going to be made a positive response to launch but quantifying that at this stage is probably premature.

Matthew Kaplan: Okay thanks, fair enough. And last question in terms of the PDUFA launch. I think in your prepared remarks, Justin, you mentioned incremental increase in SG&A, can you just go over that again and how would you think about that.