Peter Greenleaf: Thanks, Stacy.
Operator: Thank you. Our next question comes from the line of Ed Arce with HC Wainwright & Company. Please proceed with your question.
Ed Arce: Hi. Thanks for taking my questions. I have three. First, I wanted to ask about the share repurchase. If you could, you tell us what expectations you have for the timeline on the decision for exemptive relief, and is that something, if that decision comes in, is that something that you would announce publicly?
Peter Greenleaf: Well, why don’t I start, and if I miss anything, Joe can jump in here. The exemptive relief, I don’t know that we have an exact timeline for when we’ll get a read back from the Canadian authorities on that. But without the exemptive relief, we have up to 5% of our market cap that we have the ability to initiate without that exemptive relief. So as mentioned on the call, at or around the 21st of February is when we would have the ability to be in market, if we so chose. And at that point, we would not need the exemptive relief to at least do up to 5% of our market cap. After that would be how we expand above if we get that exemptive relief. Joe, did I miss anything?
Joe Miller: To answer your second question around that, Ed, we would also announce that exemptive relief was granted if and when it was granted.
Ed Arce: Okay. Great. Secondly, just in terms of the growth drivers, you’ve been consistent over a number of quarters on how educating physicians and activating the patient is really critical here and I’m wondering as you work through the dynamic of this market in getting both patients and physicians even more importantly changing the paradigm of the way they treat. Maybe talk about some of the more recent wins that you see and changes in attitudes and perspectives and what is currently working right now?
Peter Greenleaf: Well, as we mentioned on the call, although we didn’t give the exact numbers, I can tell you we’ve seen significant improvement in both depth of prescriptions and breadth of prescriptions. So we’re going deeper and we’re going wider. So I think our ability to impact our 8 to 10 deciles, our sales force’s ability has been there. And even in addition, the broader message of more aggressive treatment, novel therapies like LUPKYNIS is getting out to the broader base of physicians. I would also point to, Ed, the progress that we’ve seen on persistency, both with improvements at 12 months and sort of a stabilization out to 18 months and 24 months. I think those are both directly correlated to the data that’s been out, that we put into the marketplace, that we produce through the extension study and through the biopsy extension as well or the biopsy sub-study and our commercial execution.
We look forward to continuing to sharpen the edges of those results with more specifics, but I can tell you there’s been progress on every front.
Ed Arce: Okay. Great. And then last question, if I may. You know, given the streamlined focus here on commercial execution of LUPKYNIS, I’m wondering, you know, post the reduction in cost structure and headcount, as you look towards the second half of the year, could you perhaps share any commentary on achieving near-term profitability and any growth profit growth and profitability over time? Thanks.
Peter Greenleaf : Yes, you want to jump on that, Joe?
Joe Miller : Sure. Yes. Thanks, Ed. We — as you know, we don’t provide long-term guidance. We’ve indicated that on an annualized operating expense basis. We cut about $55 million to $60 million over the next 12 months, of which approximately 75% of that will be recognized in at least 2024. We do believe that with these reduced operating expenses and our focus on commercial execution, the time this growth specifically, we expect significant cash flows going forward on a go-forward basis. We will — we obviously update you going forward on profitability. Some of this is tied to the timing around the restructuring charge as well as the share buyback plan. So, further insights will come in the future. But for now, we’ve kind of guided to a $55 million to $60 million OpEx savings on an annualized basis.
Ed Arce: Thanks for taking my questions.
Peter Greenleaf: Thanks, Ed.
Operator: Thank you. We have reached the end of the question-and-answer session. I’ll now turn the call back over to Peter Greenleaf for closing remarks.
Peter Greenleaf: Thank you very much. I want to thank everybody for their time today, and we look forward to coming up on future quarters reporting our results and keeping you updated on our plans. Thank you very much for joining us today. Have a great day.
Operator: And this concludes today’s conference, and you may disconnect your lines at this time. Thank you for your participation.
