NASDAQ:TVTX Travere Therapeutics Q3 2024 Earnings Report $18.33 +0.70 (+3.97%) Closing price 04/25/2025 04:00 PM EasternExtended Trading$19.38 +1.05 (+5.70%) As of 04/25/2025 07:36 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Earnings HistoryForecast Travere Therapeutics EPS ResultsActual EPS-$0.70Consensus EPS -$0.71Beat/MissBeat by +$0.01One Year Ago EPS-$1.17Travere Therapeutics Revenue ResultsActual Revenue$62.90 millionExpected Revenue$60.87 millionBeat/MissBeat by +$2.03 millionYoY Revenue Growth+69.60%Travere Therapeutics Announcement DetailsQuarterQ3 2024Date10/31/2024TimeBefore Market OpensConference Call DateThursday, October 31, 2024Conference Call Time8:30AM ETUpcoming EarningsTravere Therapeutics' Q1 2025 earnings is scheduled for Thursday, May 1, 2025, with a conference call scheduled at 4:30 PM ET. Check back for transcripts, audio, and key financial metrics as they become available.Q1 2025 Earnings ReportConference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Quarterly Report (10-Q)SEC FilingEarnings HistoryCompany ProfilePowered by Travere Therapeutics Q3 2024 Earnings Call TranscriptProvided by QuartrOctober 31, 2024 ShareLink copied to clipboard.There are 16 speakers on the call. Operator00:00:00Good morning, and welcome to the Travere Therapeutics Third Quarter 2024 Financial Results Conference Call. Today's call is being recorded. At this time, I would like to turn the conference over to Nivi Narra, Vice President of Corporate Communications and Investor Relations. Please go ahead, ma'am. Speaker 100:00:22Thank you, Shelly. Good morning, and welcome to Terea Therapeutics' 3rd quarter 2024 financial results and corporate update call. Thank you all for joining. Today's call will be led by our President and Chief Executive Officer, Doctor. Eric Dube. Speaker 100:00:35Eric will be joined in the prepared remarks by Doctor. Jule Enrich, our Chief Medical Officer Peter Heermont, our Chief Commercial Officer and Chris Klein, our Chief Financial Officer. Doctor. Bill Rohe, Senior Vice President of Research and Development will join us for the Q and A session. Before we begin, I'd like to remind everyone that statements made during this call regarding matters that are not historical facts are forward looking statements within the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Speaker 100:01:04Forward looking statements are not guarantees of performance. They involve known and unknown risks, uncertainties and assumptions that may cause actual results, performance and achievements to differ materially from those expressed or implied by the statement. Please see the forward looking statement disclaimer on the company's press release issued earlier today as well as the Risk Factors section in our Forms 10Q and 10 ks filed with the SEC. In addition, any forward looking statements represent our views only. As of the date such statements are made, October 31, 2024, Entravure specifically disclaims any obligation to update such statements to reflect future information, events or circumstances. Speaker 100:01:41With that, let me now turn the call over to Eric. Speaker 200:01:46Thank you, Nivi, and good morning, everyone. Our team has delivered another exceptional quarter, advancing our leadership position in rare nephrology with the full approval of Filspari for IgA nephropathy and the ongoing commercial launch. As you will hear shortly from Peter, our commercial team's execution resulted in continued strength in demand, more than 30% growth in net sales over last quarter and a recent acceleration in new patient start forms following full approval and the draft Codigo guidelines. Our vision for PILSPARRI to become foundational care in IgAN is clear and we are making great progress towards achieving this. As we look ahead, there are tangible growth drivers that we believe will enable us to reach significantly more patients with IgAN. Speaker 200:02:34These include the full approval label, which now provides the ability to educate the nephrology community on the incredibly strong 2 year data. The updated draft Codigo guidelines, which should drive nephrologists to treat more ambitiously and use Vilspari as foundational care and the growing body of data providing further support for earlier treatment with Vilspari and paving the way for use in combination with other medicines. I am pleased to share with you, we also recently submitted an sNDA to modify the frequency of liver monitoring in the silspari REMS. If this modification is approved, it represents another step forward in improving access for patients as it would align their liver monitoring with regular schedule of lab work while maintaining patient safety as a key priority. Moving beyond IgAN, the recent recommendations of the Parasol Group offer new hope to the FSGS community. Speaker 200:03:33As a reminder, there are currently no medicines approved and few in development for this progressive rare kidney disease. Specifically, we were very pleased that this group of experts, including representatives from FDA, aligned around a potential proteinuria based clinical trial endpoint for FSGS. Jule will touch on this shortly. But when we look at the data from our DUET and DUPLEX studies, 2 of the largest prospective controlled studies ever completed in FSGS, we see a statistically superior reduction in proteinuria with sparsentan compared to maximum dose standard of care across multiple proteinuria thresholds and time points. We now have a meeting with FDA scheduled where we look forward to reviewing these data in the context of the Paracel findings with the goal of establishing a path to an sNDA submission for an FSGS indication. Speaker 200:04:29We anticipate being able to provide an update on our discussions by our Q4 earnings call. In parallel, we are working diligently in preparation of an sNDA filing. If we are able to submit, we would anticipate a potential full approval for sparsentan in FSGS next year. Lastly, we're continuing to expand access to Vilspari outside of the U. S. Speaker 200:04:54With our partners CSL Vifor and Renalis Pharma. Under CSL Vifor's leadership, Valspari has now launched in 2 key European markets, Germany and Austria, and recently received temporary marketing approval in Switzerland. We look forward to continued progress as they launch in other countries. Speaker 300:05:12Now, let me turn the Speaker 200:05:13call over to Jula. Jula? Speaker 400:05:16Thank you, Eric. I'm pleased to provide a medical perspective following the full approval of Vilspari and the increasing confidence we hear from nephrologists about Vilspari's role as a foundational treatment for patients with IgA nephropathy. This confidence is rooted in Vilspari's compelling clinical profile as the only kidney targeted medicine, which blocks 2 pathologic processes, Endothelin 1 and Angiotensin 2. These two pathways work together to amplify inflammation and kidney injury in IgA nephropathy. Our growing scientific evidence demonstrates that VILFARI as the only dual endothelin and angiotensin receptor antagonist significantly reduces proteinuria and preserves kidney function for patients with IgA nephropathy. Speaker 400:06:11We just attended ASN Kidney Week in San Diego, the largest worldwide gathering of nephrologists. During Kidney Week, we presented important new data supporting the use of VILFARI in a broad population of IgA nephropathy patients at risk of disease progression. Data supporting the use of Vilspari early in treatment as well as early data paving the way for potential combination use with other medication. I'll briefly highlight some of these data sets. First is the SPARTAN study of newly diagnosed RAS inhibitor naive patients with IgA nephropathy, which showed that Safari reduced proteinuria up to nearly 70% with approximately 60% of patients in the study achieving complete remission through 24 weeks. Speaker 400:07:02And eGFR was stable throughout the measurement period. Also as part of SPARTAN, we examined initial human mechanistic data, which demonstrates that Safari reduces an important inflammatory biomarker called urinary CD163. This biomarker is recognized as highly predictive of IgAN disease progression. The magnitude of CD163 reduction that was seen with ZILFARI has only previously been seen with a systemic immunosuppressive. These clinical data are consistent with our preclinical models and support the kidney targeted anti inflammatory mechanism of VILSPARI. Speaker 400:07:47They're also promising given VILSPARI is the only non immunosuppressive treatment available for patients with IgA nephropathy. We look forward to presenting more data from Spartan on how VILSARI impacts important pathologic processes that cause kidney inflammation and injury in patients with IgAN at upcoming meetings. We also presented promising data in patients from PROTECT with lower ranges of proteinuria, less than 1 gram per gram, and showed treatment with Valspara's reduced proteinuria and preserved kidney function similarly to patients with higher ranges of proteinuria. This is especially important given the recent draft KDIGO guidelines calling for physicians to diagnose and treat all patients above 0.5 grams per day or even 0.3 grams per day. Uniquely, we also showed encouraging data on patient reported outcomes that suggest that treatment with VILSPARI versus ervosartan can improve a patient's burden of kidney disease. Speaker 400:08:48Lastly in IgAN, consistent with the growing approach of using multiple treatment options for patients with IgA nephropathy, we presented compelling efficacy and safety data in combination with SGLT2 inhibitors and immunosuppressant, both from real world use as well as from our open label extension study. We expect this will provide nephrologists with even greater confidence in using FELPHARI as foundational care. In a late breaking session at ASN, we also presented exciting new data in high risk subgroups of genetic FSGS patients who were historically the most difficult to treat. The data demonstrated that sparsentan was able to deliver a rapid and sustained proteinuria reduction in high risk patients with genetic FSGS, including only a sparsentan treated patient achieving complete remission and low rates of the kidney failure composite endpoint compared to irbesartan. The efficacy of sparsentan in patients with genetic FSGS was consistent with the overall DUPLEX population, which is promising given the subgroup of FSGS patients is typically resistant to treatment. Speaker 400:10:03From a regulatory perspective, we have submitted an sNDA for a modification to our REMS for FOSPARI and IgA nephropathy to request a change in our liver monitoring frequency from monthly in the 1st year to quarterly. We remain confident in the safety profile of Vilspari, especially given increased patient exposure from our clinical trials and commercial use, which continue to demonstrate no change in the low rates of asymptomatic LFT elevations and no cases of drug induced liver injury. Thus, we believe we now have the data to support the proposed change to the liver monitoring frequency within our REMS and have aligned with the FDA on the presentation of the data package for them to consider the request. Quarterly monitoring of liver function is what was used in our clinical trials and it aligns well to the regular testing IgAN patients undergo with their nephrologists. We have requested priority review of this REMS submission with the potential for this modification to occur in the first half of next year. Speaker 400:11:09Let me now turn to FSGS to discuss the recent data from the Parasol initiative as well as our plans for a potential sNDA submission for sparsentan and FSGS. The Parasol group held their public workshop in early October and we were encouraged by the input of the patient community, thought leaders, regulators and industry who came together with a common goal to identify a path forward for medicines to be approved for the FSGS community. During the workshop, participants heard firsthand from patients and family members, stories of perseverance and of hope for a better future, such as an 8 year old's wish to leave the hospital to attend his sister's 3rd birthday. These compelling stories are a consummate reminder that the data reviewed at Parasol are from people living with a rare kidney disease with no approved treatment option. In our view, the Parasol meeting was a success as the consensus from the workshop, which reviewed comprehensive analyses for more than 20 databases encompassing over 1600 children and adults with FSGS represent a potential new path forward for regulatory approval in FSGS. Speaker 400:12:26I'll walk through some of the key findings from the parasol work and how we believe data from our sparsentan program align. First, due to the relapsing and remitting nature of FSGS, there is clearly too much variability in eGFR measurements, streaming a feasible endpoint for regulatory approval. This was evident in our DUPLEX dataset, the largest randomized study run-in FSGS to date. 2nd, reduction in proteinuria over 24 months is strongly associated with a reduction in the risk of kidney failure in FSGS patients, including responder definitions based on thresholds of proteinuria that are both biologically plausible and strongly supported by epidemiologic data. We have seen this response consistently across both our Phase 2 DUET and Phase 3 DUPLEX studies. Speaker 400:13:20In DUET, we saw significantly more patients achieve the modified partial remission endpoint with sparsentan versus irbesartan. And in the open label extension portion of the study, with approximately 4 years of follow-up on sparsentan, 43% of patients achieved complete remission. Among those patients who achieved complete remission with sparsentan, which was roughly an 80% reduction in proteinuria over time, they had a significantly slower rate of loss of kidney function, approximately 1 ml per minute per year and negligible rates of kidney failure. In DUPLEX, Firstentgen demonstrated statistically significant and clinically meaningful treatment effects on the modified pressure remission endpoint at 36 weeks and this treatment effect was durable to 2 years. And as published in the New England Journal of Medicine and its supplement, we see that multiple pre specified thresholds of proteinuria from 1.5 grams per gram down to 0.3 grams per gram or complete remission, farsentan demonstrated a statistically significant treatment effect versus ervosartan. Speaker 400:14:34Notably, the magnitude of the treatment effect became even stronger as the proteinuria threshold got more stringent. And while DUPLEX was not powered to show statistically significant treatment effects on heart outcomes, the rates of kidney failure were nearly double with ervastatin versus sparsentan, with a meaningful 42% reduced risk of kidney failure. 3rd, there needs to be clear biologic possibility for how a potential therapy works to reduce proteinuria and or preserve kidney function. With proteinuria as an indicator of podocyte injury, it is in the mechanistic pathway leading to kidney failure in FSGS. And in our preclinical data, some of which was recently featured in the Journal of Clinical Investigation Insights, farsentan led to improvements in podocyte number, glomerular hemodynamics, cell functions and tissue repair, resulting in reduced proteinuria and preserved kidney function. Speaker 400:15:35Most importantly, FDA was a key stakeholder in the Parasol initiative and through these findings, proteinuria is now expected to be used as a validated surrogate endpoint for full approval in FSGS going forward. These data were again presented at ASN Kidney Week and were received with enthusiasm and support from the community. Overall, we believe that our data from DUET and DUPLEX align very well with the conclusions from the Parafel group. Our next step will be to discuss our data with the FDA to understand their perspective now in the context of the Paracel work and a potential path forward for an FSGS indication. As Eric mentioned, we now have a meeting scheduled with the FDA and we're preparing a robust briefing book that will align with the recent Parasol work to discuss the potential for filing an sNDA for sparsentan in FSGS. Speaker 400:16:32In parallel, we are preparing the sNDA so that we will be in a position to move quickly following our FDA interaction. I'll now briefly touch on pegzabatamase as it remains the only development program that has the potential to be disease modifying for the HCU community who deserves better treatment. While we recently announced a voluntary pause in enrollment in our Phase III HARMONY study due to necessary commercial scale up process improvements, we continue to have the utmost confidence in the program and in our team's ability to restart enrollment as quickly as possible. We are grateful for the continued support of the HCU community and our supply partners. Overall, we've made incredible progress with ZILFARI and its path to foundational positioning in IgA nephropathy. Speaker 400:17:24And we look forward to our upcoming regulatory engagement on the potential to deliver sparsentan to patients with FSGS. Let me now hand the call over to Peter for the commercial update. Peter? Speaker 500:17:36Thank you, Zula, and good morning, everyone. During the Q3, we continued our strong and focused launch execution of Filspari for IgA nephropathy, while also preparing to build upon our success with full approval and to draft QIDEO guidelines. And I couldn't be more pleased with the strong results driven by our talented and dedicated teams. From a demand perspective, we continued our strong growth trajectory and again added more than 500 new patient start forms during the Q3. This is particularly noteworthy given that we encountered some seasonality as is typical during the summer holidays as well as the fact that we took our field force out of the field for an entire week to train them on the new label after full approval on September 5. Speaker 500:18:26And I'm very encouraged with the upward inflection in new patient start forms in the weeks following full approval. As we highlighted prior to approval, we anticipated that demand would increase as physician prescriptions target to more of their patients and new physicians will write prescriptions for the first time. And we are seeing clear evidence of this coming through, which provides added confidence to our outlook. We also demonstrated continuing efficiencies in our fulfillment process, while maintaining high patient compliance and persistency rates. This has resulted in $35,600,000 in net product sales of Filspari in the 3rd quarter, representing more than a 30% growth quarter over quarter growth. Speaker 500:19:14With our execution, we continue to outperform the most recent brand and product launches prior to Filspari on all core launch metrics, and we are on track to outperform these benchmarks on net revenue in the 1st full year of launch. We are even more excited about the opportunity ahead of us. As I outlined during our iGain full approval call last month, Filspiri's new label is allowing us to further accelerate Filspiri's growth trajectory for two reasons. One, we can now leverage the full potential of Filspari in our physician communication and educational initiatives. This is important because under accelerated approval, we were limited in our commercial communication efforts to discussing only proteinuria. Speaker 500:20:03But now with full approval in our compelling label, we can discuss how Filspirus rapid and sustained proteinuria reduction translates into superior long term kidney function preservation relative to active comparator and maximally dosed herbazartone. And this kidney preservation benefit accrued year over year over the course of the 2 year measurement period supporting long term use of filsparin. And 2, the new indication statement supports broader use of filspari in any adult patients with IgA nephropathy who is at risk of progression. As a reminder, the full approval significantly expands the eligible patient population beyond the accelerated approval indication statement that guided physician to generally use sales priority only in patients at or above 1.5 gram per gram. With our broader indication and the exciting data that was presented at ASN last week, showing that patients below 1 gram per gram also benefit from TILSPIRE, we are eager to reach these patients who can upgrade their foundational treatments. Speaker 500:21:18These messages resonate well with nephrologists and are representative of what we heard from the broad community of key opinion leaders and community physicians at ASM last week. And as I mentioned earlier, we are very encouraged by the demand uptake we are seeing in the 1st month post full approval. The recently published draft KDIGO guidelines are already being referenced by nephrologists and expected to build further momentum. These draft guidelines emphasize the urgency to diagnose and treat patients earlier and more aggressively. More specifically, they call for every IgAN patient who isn't in remission to be treated with a kidney targeted medicine and highlight that fealspar is the only medicine to have shown superiority over in trial up titrated rods in addition. Speaker 500:22:16Before handing the call over to Chris, let me share an eye again story that exemplifies why we are so excited about the impact that Filspari is having on patients. His patients recently shared in one of our national broadcast that he looks forward to taking Filspari every morning because he is in complete remission and feeling great. He described receiving his lab results as akin to getting an A plus on a school report card. While this is the result of only one patient and may not reflect typical results, we hear similar stories regularly. And these are the types of stories that motivate our teams every day. Speaker 500:23:00As we know, there are so many more people living with IgA nephropathy who can benefit from a treatment that has shown superiority over maximally dosed RAS inhibition. And how FilSpa is convenient, once daily, oral, kidney targeted and non immunosuppressive profile provides new hope. With our strong new label, the draft PDU guidelines and focused execution, we are confident in our ability to reach these patients, accelerating our growth trajectory and establishing filspari as the foundational treatment option for IgA nephropathy patients. Let me now turn the call over to Chris for the financial update. Chris? Speaker 300:23:46Thank you, Peter, and good morning. During the Q3, our execution led to a significant increase in net product sales and disciplined investments in the areas we believe will drive growth. Net product sales for the Q3 of 2024 grew to 61,000,000 dollars compared to $33,900,000 for the same period in 2023. This increase of approximately 80% is attributable to strong performance in the ongoing U. S. Speaker 300:24:09Launch of TELsparri and IgA nephropathy. During the quarter, we also recognized $1,900,000 of license and collaboration revenue, which results in $62,900,000 in total revenue reported for the period compared to $37,100,000 in the same period in 2023. Research and development expenses for the Q3 of 2024 were $51,700,000 compared to $60,600,000 for the same period in 2023. On a non GAAP adjusted basis, R and D expenses were $48,400,000 for the Q3 of 2024 compared to $53,800,000 for the same period in 2023. Selling, general and administrative expenses for the Q3 of 2024 were $65,600,000 compared to $67,800,000 for the same period in 2023. Speaker 300:24:54On a non GAAP adjusted basis, SG and A expenses were $49,700,000 for the Q3 of 2024, compared to $51,800,000 for the same period in 2023. The decline in year over year operating expenses is attributable to the restructuring enacted at the end of 2023 and reduced clinical expenses as the sparsentan Phase 3 studies advance towards completion. Importantly, we continue to invest in evidence generation to support FOSPHAR A in IgA nephropathy and potentially FSGS as well as continue to invest in commercial efforts in IgA nephropathy now with full approval and draft KDIGO guidelines in hand. Total other income net for the Q3 of 2024 was $1,300,000 compared to $3,400,000 in the same period of 2023. The difference is largely attributable to a decrease in interest income. Speaker 300:25:39Net loss including from discontinued operations from the Q3 of 2024 was $54,800,000 or $0.70 per basic share compared to net income of $150,700,000 or $1.97 per basic share for the same period in 2023. On non GAAP adjusted basis, net loss including from discontinued operations for the Q3 of 2024 was $35,600,000 or $0.46 per basic share compared to net income of $173,500,000 or $2.27 per basic share for the same period in 2023. The difference is largely attributable to a gain related to the sale of the bile acid products, which was recorded in the Q3 of 2023. As of September 30, 2024, the company had cash, cash equivalents and marketable securities of $277,400,000 continued growth in Filspari sales, measured investments, including shifting some of our investments and pegdebatinates beyond 2025, we continue to expect our cash used to decline over time. We also anticipate multiple incoming milestone payments from CSL V4 upon conversion of Filspar to full approval in Europe and market access achievements, all of which continues to position our balance sheet to support current operations into 2028. Speaker 300:26:47I'll end with one administrative note. Alongside the filing of our 10 Q today, we're also filing a new ATM agreement with the SEC. This is a housekeeping measure as our previous ATM, which had been in place in 2020, did not transfer over to the new shelf registration that was filed in August. With that, I'll now turn it over to Eric for his closing comments. Eric? Speaker 200:27:06Thank you, Chris. I could not be prouder of the execution and performance of our organization. The underlying dynamics of our Filspari launch are strong and have created positive momentum for growth moving forward as a foundational therapy in IGN. As our near term opportunities for growth in 2025 and beyond hold great promise for the rare kidney community. Now, let me turn the call over to Nivy for Q and A. Speaker 200:27:29Nivy? Speaker 100:27:31Thank you, Eric. Operator, we can now open up the line for Q and A. Operator00:27:35Thank Our first question is coming from the line of Joseph Schwartz with Leerink Partners. Your line is open. Speaker 600:28:23Great. Good morning, everyone. This is Will on for Joe today. Thanks for taking our question and congrats on the great quarter here. So just one for us on PSF metrics. Speaker 600:28:32We saw that very minor dip in numbers between the 2nd Q3. And as Peter mentioned, it seems like this could be chalked up to summer seasonality and taking the sales force out for a week in September. But are there other dynamics here that we should appreciate? And how have things been trending now early in Q4? Any additional color here would be helpful. Speaker 600:28:52Thank you. Speaker 200:28:54Thanks, Will. Well, let me first say that I am incredibly impressed with what we've seen and I'll ask Peter to talk about the dynamics, particularly what we've seen since full approval. Peter? Speaker 500:29:06Yes. Thanks, Eric, and thank you, Will, for the question. Let me start to say that I'm really pleased how we have continued our growth trajectory during the accelerated approval period and how we have outperformed recent ran and frothy benchmarks. To the point and what I mentioned in the prepared remarks, in Q3, we saw some typical summer seasonality And we also took the teams out of the field for a week for training for full approval. So I'm actually really pleased with a continuation of strong growth over 500 patient start forms. Speaker 500:29:38But I'm mostly excited about the opportunity ahead of us and how we will accelerate momentum based on the full approval. And to what I said in the prepared remarks, the demand uptake we are seeing in the 1st month after full approval is really encouraging and allows us to end the year strongly. Speaker 600:29:57Great. Thank you so much. Operator00:30:04Our next question is from the line of Vamil Divan with Guggenheim Securities. Your line is open. Speaker 700:30:13Hi, it's Arsenio on for Vamil. Congrats on all your progress and thank you for taking our questions. In regard to Parasol recommendations and FSGS, how much do you feel the discussions with the FDA will focus on killing specific proteinuria thresholds at certain time points and perhaps reanalyzing the data that way versus considering the totality of data more holistically and focusing more on the mechanistic rationale and the biological feasibility arguments? Speaker 200:30:46Great. Thank you so much for the question. Bill, I'll turn that over to you. Speaker 800:30:50Yes. Thank you for the question. And I think it's a good one. I think you hit on the elements of what's important. Certainly based on Parasol, the agency has said publicly that proteinuria can be used as a validated surrogate for full approval in FSGS. Speaker 800:31:11But the agency will always look at the full data in the submission. So totality is important in parallel with hitting proteinuria targets. And I think additionally, as you noted, the biologic plausibility is key to the entire story that your reduction in proteinuria in the case of sparsentan is due to the biology and the pathology of FSGS. It's a podocyte driven disease and the only way you can reduce proteinuria is to make that cell healthier and sparsentan achieves that. We have clinical data, we have preclinical data that support that. Speaker 800:31:53So all in all, you hit on 3 very key elements of this mission. And I don't know how they will weight them, but we're confident that we have very strong data across that whole space. Speaker 200:32:05Yes. Thank you, Bill. The only thing that I would add is that's the opportunity that we have to speak with them and why we're eager to meet with them here soon to be able to understand what specifically information do they want. That said, as we take a step back, we're very confident in the data that we generated in our programs. Speaker 700:32:26Thank you. I'll get back in the queue. Speaker 500:32:29Thank you. Operator00:32:34Our next question is coming from the line of Anupam Rama with JPMorgan. Your line is open. Speaker 800:32:42Hey, guys. Thanks so much for taking the question. Congrats on all the progress at ASN and in the quarter. Can you give us a sense of the scope of the additional data you've provided on liver monitoring sort of beyond the clinical experience? I'm assuming that package includes all of the data from FSGS and IGAN clinical trial work, but correct me if Speaker 300:33:05I'm wrong there. Thanks so much. Speaker 200:33:08Thanks so much, Anupam. So Bill, why don't you take that question as well? Speaker 800:33:13Yes. Thanks for the question. It does. Your supposition is accurate. We pulled the data from the ongoing clinical trials, the open label extensions for both DUET, Duplex and PROTECT. Speaker 800:33:31So that's an increasing body of data as well as the data that we're gaining from all of the commercial experience. So we have a substantial body of data and all of that was pooled. Importantly, what we've seen is in both the trial extensions as well as in the real world, the commercial experience, we see the same thing that we saw in the trials that low levels of LFT elevation and no evidence of, Hy's law or liver failure events or liver injury. So having that consistent story with a much larger body of evidence was the basis on which we built our submission to go back and change the REMS frequency to match that, that hits the cadence that patients and their nephrologists see their nephrologists on a quarterly basis. Speaker 300:34:29Thanks so much for taking our question. Speaker 200:34:33Thank you. Operator00:34:37Our next question is coming from the line of Tyler Van Buren with P. B. Collin. Your line is open. Speaker 900:34:45Hi there. Thanks for taking my question. This is Greg Wiesner on for Tyler from TD Cowen. I'm curious to get some insight on what you will propose during the Type C meeting and what are the key questions you would need to ask of the FDA? Thank you. Speaker 200:35:00Great. Thanks so much for the question, Greg. Bill, back to you. Speaker 800:35:04Yes. Well, I think we leverage the discussions that have been had at Paracel, where the agency has suggested a threshold of proteinuria reduction so that you have a treatment effect for both the control and the treatment arm sparsentan versus ervosartan in our case. They haven't suggested or they haven't nailed down a specific endpoint. What they've said is you need to make a proposal and come in and talk to us. But with their presentation, they have spoken the most about the value of 0.7 gram per gram per day, patients that get below that. Speaker 800:35:48So they think that's a reasonable spot to think about when you picture what will go in and propose to the agency. And the question really is, here's our proposal, here's how we're going to analyze the data. What else do you need to see in the submission, so that we're aligned with the agency and we make sure our filing has everything in it that they need for their review. Speaker 900:36:14Okay, great. Thank you. Very helpful and congrats on a successful quarter. Speaker 200:36:20Thanks, Craig. Speaker 700:36:20Thank you. Operator00:36:24The next question The next question is coming from the line of Maury Raycroft with Jefferies. Your line is open. Speaker 1000:36:30Hi, good morning. This is Farzin on for Maury. Congrats on the progress as well. Following up on the FSGS Type C meeting, are you going to include any data from the open level extension? And then do you also on the post hoc analysis, like what would be considered like sufficient? Speaker 1000:36:49Like is the pre specified data already good enough or any post hoc work would be needed? Speaker 200:36:56Okay. Thanks so much, Farzin, for the question. Bill? Speaker 800:36:59Yes. Well, the short answer for the open label extension data is yes. That will be included, from both the ongoing DUET open label as well as DUPLEX, so from both studies. As far as post hoc analysis, we have threshold proteinuria cut points that were pre specified and we looked at those as part of the statistical analysis plan and looked at in addition to FPRE or the modified partial remission, we looked at 1.5 gram per gram, 1, 0.5 and 0.3. The agents so that brackets around the target that the agency would has seemed to align around. Speaker 800:37:50We're not doing a lot of post hoc analysis ahead of that meeting. So we will go in with the data that we have and work with them on what additional analyses they want to see in that submission and get that aligned so that we have in the file everything they need to complete their review. Speaker 200:38:11Yes. Thank you, Bill. And I'll point you all to our corporate presentation, which is posted on our website. If you look at Slide 29, you can see very nicely laid out the treatment effect across those different pre specified thresholds, clearly showing a benefit in superiority for sparsentan over erbesartan and FSGS. Thanks, Bill. Speaker 500:38:36Thank you. Speaker 200:38:39Thanks, Farzal. Operator00:38:41The next question is coming from Greg Harrison with Scotiabank. Your line is open. Speaker 1100:38:47Good morning, everyone, and congrats on the quarter. This is Joe Thomas on for Greg. Just one kind of on the patient and physician education front. Can you maybe comment on any ongoing efforts or opportunities you might have to help patients be getting diagnosed earlier and treated earlier based on the recent PDGOT draft guideline update? Thank you. Speaker 200:39:08Thanks, Joe. Peter? Speaker 500:39:15Yes, I think the presentation that Jola mentioned earlier in the prepared remarks tells about the benefit that sales power has also with patients with lower patimelian levels. And think what I'm hearing from physicians, especially coming back from ASM, where we had many conversation with thought leaders as well as community physicians, is there is like a higher urgency and a call to action to treat patients earlier and more aggressively. And I think Credigo really helps there. And I think we have the data now also in hand to show that Filspiri acts consistently across different patient populations. Speaker 300:39:53Thank you. Thanks, Peter. Operator00:39:58Our next question is coming from Jason Zumansky with Bank of America. Your line is open. Speaker 1200:40:05Hi, good morning. This is Dina Ramanain on for Jason Zimansky. Congrats on the progress this quarter and thank you for taking our question. So it might be a little bit too premature to speak to FilSparri's upside in FSGS, could you discuss what the broader opportunity might look like? Is this something you anticipate needing to build the market? Speaker 1200:40:33Or do you think dynamics are likely to quickly shift? And maybe what sort of challenges is a new entrant likely to face given the lack of approved therapies, especially given the potential shift in trial endpoints? Thank you. Speaker 200:40:51Thanks, Dana, for the question. Peter, why don't I turn that over to you? And then, Julep, if there's anything further that you'd like to add on how physicians are thinking about FSGS. Peter? Speaker 500:41:02Yes. Thanks, Dhehat. Well, we are really excited about the opportunity for FSGS in the U. S. In particular, we the market may be slightly smaller in IGA nephropathy. Speaker 500:41:13We anticipate about 15,000 to 30,000 patients as directly addressable for Vilspari. But to the point you're making, this is a patient population that is served by basically the same prescriber group as we have for IgA nephropathy. So it's basically the same call point. And if we would get like a full approval, I am expecting that we will have a rapid uptake since the brand name of Filspiri is so well established as well as the clinical profile. And many of the physicians have already the experience with Filspiri in IGA nephropathy and they have seen the rapid and sustained proteinuria benefit in their patients. Speaker 500:41:48So I think the opportunity is real and we're really excited about it. And as I said, we have a strong position that we can build upon. Speaker 400:41:59And let me just add to that. Remember, FSGS is a patient population with a really high unmet need. They have symptomatic disease. They might wake up one day, be very swollen. And there's really almost nothing that is effective and safe for these patients. Speaker 400:42:16They get treated with immunosuppressive and if they have genetic disease that doesn't work for them. So there is a high unmet need, particularly for non immunosuppressive therapy that can reduce their proteinuria and help their symptomatology as well. So to Peter's point, it's the same physicians who are treating IgAN and FSGS. So we do believe that there is a significant unmet need here that we can address with TILspari. Speaker 200:42:43Vina, thanks so much for the question. And certainly, we recognize that there's additional education and outreach. But as you would have heard from Jule and Peter, there's a high recognition and certainly brand awareness. We expect to be first if approved and certainly the leader in the new standard of care within FSGS. So more to come there, but certainly a tremendous opportunity for us to serve this community. Speaker 1200:43:11Appreciate all the color. Thank you. Operator00:43:16Our next question is coming from Laura Chico with Wedbush Securities. Your line is open. Speaker 1200:43:24Good morning. Thanks very much for taking the question. I had one on FSGS. There was some commentary at the Parasol meeting earlier this month and it's just coming out of ASN now. I'm wondering if you have any thoughts on whether groups like Codigo would consider making an update to FSGS treatment guidelines in response to the observational data that Parasol presented. Speaker 1200:43:42Thanks very much. Speaker 200:43:45Thanks, Laura. Jula, I'll turn that one over to you. Speaker 400:43:49Well, it's certainly a potential. They typically do update if there's new treatment or there's change and where we want to target the thresholds for. There was just recently an update to those guidelines, but I would anticipate if we get full approval for sparsentan and FSGS, then that would be an appropriate time for them to make an update. Thanks very much. Speaker 300:44:15Thanks, Laura. Operator00:44:18Our next question is coming from Yigal Nochomovitz with Citi. Your line is open. Speaker 1300:44:25Hi, this is Reina on for Yigal. Thanks for taking my question. I just wanted to ask if you could comment on any compliance or adherence metrics for Filspari with regard to the monthly REMS monitoring and how you might expect this rate of compliance to change with the reduction Speaker 400:44:41in frequency for the liver monitoring? Speaker 200:44:45Thank you, Rina. Peter, I'll turn that over to you. Speaker 500:44:50Yes. Thanks for the question. What we are seeing is that the compliance as well as the persistency rates of Filspari are really high. And I think that speaks to that patients experience that this product works for them. This is a patient population that historically has seen very little innovation. Speaker 500:45:06Many of the patients, every time they see their physicians, they hear you're not yet to the targets. And for the first time with feldsparity, they are actually reaching targets and some of those patients are in full remission, which is really encouraging for patients. And I think that's also the explanation for the high compliance and the persistency rates. Speaker 200:45:31We would expect certainly that with not just the lab values, but also the support and the education that these patients have, including as part of the REMS, we'd be very thoughtful around if there is a modification to less frequent monitoring that we would ensure that these patients still have the right level of support and engagement from us and from their clinicians. Speaker 1300:45:56Thank you for taking my question. Congrats on the quarter. Speaker 300:46:00Thanks Frank. Operator00:46:04Our next question is coming from Mohit Bansal with Wells Fargo. Your line is open. Speaker 1400:46:10Hi, this is Sadia Rahman on for Mohit. Thanks for taking our question. So a question on the IgAN launch, given the Codigo update recommending lower targeted proteinuria levels, Wondering if you're seeing that payers are willing to reimburse for patients that start below 1 gram, given that your trial enrolled patients that were above that. Has there been any resistance there from payers? Thank you. Speaker 200:46:44Thanks for the question. Peter, I'll turn that over to you. And it might also be helpful to talk about how these patients are at risk based on the RADAR data to frame. Peter, go ahead. Speaker 500:46:55Yes. Maybe Eric to that last point, maybe it's good to start at. Like patients according to the RADAR registry data set, patients reach even 0.5 gram per gram of spasmodiumuria, there is still like a 22% chance that they progress to dialysis or kidney failure by within 10 years. So this is a progressive disease. Payers are also recognizing the progressive nature of the disease, and we have invested quite a bit in education for payers as well on this aspect. Speaker 500:47:30On your specific question with regards to like how quickly are payers adopting new guidelines as well as our new label, well, we have an active accounting that is focusing on this. I'm really pleased with the progress we are making with payers. Some of the authorization criteria are already being updated. But the majority that's the reality is early in the year, early in 2025. But we're seeing good uptake and we also start to see that patients with lower proteinuria levels are being treated with CILsparin now. Speaker 400:48:02Thank you. Speaker 500:48:04Thank you. Operator00:48:07Our next question is coming from Alex Thompson with Stifel. Your line is open, Alex. Speaker 1500:48:14Hi. This is Charles NGI on for Alex. Thanks for taking my question and congrats on all the progress this quarter. I guess on our end, just wanted to ask about your current expectations for LOE in iGAN and how you see those changing in the near future? Speaker 200:48:30Sure. Thanks Charles for the question. So our current planning assumption for LOE with sparsentan is into 2,033. We were very pleased to announce that we have an additional term for orphan drug exclusivity that was associated with the full approval in IGAN. That would take us to September 31 sorry, September of 2,031. Speaker 200:48:55So we are very pleased to have both of those layers of protection, but our current base assumption is into 2,033. Speaker 1500:49:04Thank you. Speaker 200:49:06Thank you. Operator00:49:11Our next question is coming from Vamil Divan with Guggenheim Securities. Your line is open. Speaker 700:49:20Thank you. It's Ashimi on for Vamil. In regards to FULXBIRIS IGAM launch, could you comment on your view for the uptake with community based nephrologists versus academic thought leaders now versus when you first launched? And in other words, do you feel that your message is getting out to a broader group of nephrologists now? Speaker 200:49:43Arseniy, thanks for the question. Peter, I'll turn that over to you. Speaker 500:49:48Let me rephrase the question. I think the question is like, what is the update that you're seeing with thought leaders, academia, relative to the community physicians. So what we have seen is and I think it's good to go ahead. Speaker 700:50:04Yes. And essentially how that changed now under full approval versus when you first launched? Speaker 500:50:11Yes. How would it change? I mean, it's purely days. I mean, we are now 4, 5 weeks post full approval, but I can give you like a broader sense on how uptake has been pushed for SPARI so far. And I think it's good to realize also that you have to cast a broad net to reach all the patients. Speaker 500:50:27And what we have said is, we are planning to reach about 6,000 nephrologists out of the universe of about 10,000 nephrologists in the U. S. To be able to get to about 85% of the patient population. So the majority of those patients are residing in the community and that's what we also see in the prescription patterns that the majority comes from the community. Having said that, I'm really encouraged with the strong feedback that we get from academia and thought leaders about the profile of Filspari and in particular where Filspari is being positioned. Speaker 500:51:02I think the recent Caddigo guidelines really outlining that you have to target the kidney as well as the immune system really resonates with physician. And what I'm hearing is that physicians really feel that, Filspar is well positioned to be that foundational care targeting the kidney with a broad utility for a broad patient population. So hopefully that answers your question. Speaker 700:51:29Yes. Thank you. Operator00:51:35Ladies and gentlemen, this concludes the question and answer session of today's conference call. I'll now hand the call back over to Nibi. Speaker 100:51:46Great. Thank you everyone for joining us for our Q3 2024 financial results call. We look forward to providing additional updates on our progress. Have a great rest of your day.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallTravere Therapeutics Q3 202400:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsPress Release(8-K)Quarterly report(10-Q) Travere Therapeutics Earnings HeadlinesCantor Fitzgerald Reiterates Overweight Rating for Travere Therapeutics (NASDAQ:TVTX)April 25 at 3:25 AM | americanbankingnews.comTravere Therapeutics to Report First Quarter 2025 Financial ResultsApril 24 at 7:28 PM | finance.yahoo.comURGENT: Someone's Moving Gold Out of London...People who don’t understand the gold market are about to lose a lot of money. Unfortunately, most so-called “gold analysts” have it all wrong… They tell you to invest in gold ETFs - because the popular mining ETFs will someday catch fire and close the price gap with spot gold. April 27, 2025 | Golden Portfolio (Ad)Scotiabank Remains a Buy on Travere Therapeutics (TVTX)April 11, 2025 | markets.businessinsider.comTravere Therapeutics (TVTX) Receives a Buy from Wells FargoApril 10, 2025 | markets.businessinsider.comTravere Therapeutics (TVTX) Receives a Buy from GuggenheimApril 5, 2025 | markets.businessinsider.comSee More Travere Therapeutics Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Travere Therapeutics? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Travere Therapeutics and other key companies, straight to your email. Email Address About Travere TherapeuticsTravere Therapeutics (NASDAQ:TVTX), a biopharmaceutical company, identifies, develops, and delivers therapies to people living with rare kidney and metabolic diseases. Its products include FILSPARI (sparsentan), a once-daily, oral medication designed to target two critical pathways in the disease progression of IgA Nephropathy (endothelin 1 and angiotensin-II); and Thiola and Thiola EC (tiopronin tablets) for the treatment of cystinuria, a rare genetic cystine transport disorder that causes high cystine levels in the urine and the formation of recurring kidney stones. The company's clinical-stage programs consist of Sparsentan, a novel investigational product candidate, which has been granted Orphan Drug Designation for the treatment of focal segmental glomerulosclerosis in the U.S. and Europe; and Pegtibatinase (TVT-058), a novel investigational human enzyme replacement candidate being evaluated for the treatment of classical homocystinuria. It has a cooperative research and development agreement with National Institutes of Health's National Center for Advancing Translational Sciences and Alagille Syndrome Alliance for the identification of potential small molecule therapeutics for Alagille syndrome. The company was formerly known as Retrophin, Inc. and changed its name to Travere Therapeutics, Inc. in November 2020. 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There are 16 speakers on the call. Operator00:00:00Good morning, and welcome to the Travere Therapeutics Third Quarter 2024 Financial Results Conference Call. Today's call is being recorded. At this time, I would like to turn the conference over to Nivi Narra, Vice President of Corporate Communications and Investor Relations. Please go ahead, ma'am. Speaker 100:00:22Thank you, Shelly. Good morning, and welcome to Terea Therapeutics' 3rd quarter 2024 financial results and corporate update call. Thank you all for joining. Today's call will be led by our President and Chief Executive Officer, Doctor. Eric Dube. Speaker 100:00:35Eric will be joined in the prepared remarks by Doctor. Jule Enrich, our Chief Medical Officer Peter Heermont, our Chief Commercial Officer and Chris Klein, our Chief Financial Officer. Doctor. Bill Rohe, Senior Vice President of Research and Development will join us for the Q and A session. Before we begin, I'd like to remind everyone that statements made during this call regarding matters that are not historical facts are forward looking statements within the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Speaker 100:01:04Forward looking statements are not guarantees of performance. They involve known and unknown risks, uncertainties and assumptions that may cause actual results, performance and achievements to differ materially from those expressed or implied by the statement. Please see the forward looking statement disclaimer on the company's press release issued earlier today as well as the Risk Factors section in our Forms 10Q and 10 ks filed with the SEC. In addition, any forward looking statements represent our views only. As of the date such statements are made, October 31, 2024, Entravure specifically disclaims any obligation to update such statements to reflect future information, events or circumstances. Speaker 100:01:41With that, let me now turn the call over to Eric. Speaker 200:01:46Thank you, Nivi, and good morning, everyone. Our team has delivered another exceptional quarter, advancing our leadership position in rare nephrology with the full approval of Filspari for IgA nephropathy and the ongoing commercial launch. As you will hear shortly from Peter, our commercial team's execution resulted in continued strength in demand, more than 30% growth in net sales over last quarter and a recent acceleration in new patient start forms following full approval and the draft Codigo guidelines. Our vision for PILSPARRI to become foundational care in IgAN is clear and we are making great progress towards achieving this. As we look ahead, there are tangible growth drivers that we believe will enable us to reach significantly more patients with IgAN. Speaker 200:02:34These include the full approval label, which now provides the ability to educate the nephrology community on the incredibly strong 2 year data. The updated draft Codigo guidelines, which should drive nephrologists to treat more ambitiously and use Vilspari as foundational care and the growing body of data providing further support for earlier treatment with Vilspari and paving the way for use in combination with other medicines. I am pleased to share with you, we also recently submitted an sNDA to modify the frequency of liver monitoring in the silspari REMS. If this modification is approved, it represents another step forward in improving access for patients as it would align their liver monitoring with regular schedule of lab work while maintaining patient safety as a key priority. Moving beyond IgAN, the recent recommendations of the Parasol Group offer new hope to the FSGS community. Speaker 200:03:33As a reminder, there are currently no medicines approved and few in development for this progressive rare kidney disease. Specifically, we were very pleased that this group of experts, including representatives from FDA, aligned around a potential proteinuria based clinical trial endpoint for FSGS. Jule will touch on this shortly. But when we look at the data from our DUET and DUPLEX studies, 2 of the largest prospective controlled studies ever completed in FSGS, we see a statistically superior reduction in proteinuria with sparsentan compared to maximum dose standard of care across multiple proteinuria thresholds and time points. We now have a meeting with FDA scheduled where we look forward to reviewing these data in the context of the Paracel findings with the goal of establishing a path to an sNDA submission for an FSGS indication. Speaker 200:04:29We anticipate being able to provide an update on our discussions by our Q4 earnings call. In parallel, we are working diligently in preparation of an sNDA filing. If we are able to submit, we would anticipate a potential full approval for sparsentan in FSGS next year. Lastly, we're continuing to expand access to Vilspari outside of the U. S. Speaker 200:04:54With our partners CSL Vifor and Renalis Pharma. Under CSL Vifor's leadership, Valspari has now launched in 2 key European markets, Germany and Austria, and recently received temporary marketing approval in Switzerland. We look forward to continued progress as they launch in other countries. Speaker 300:05:12Now, let me turn the Speaker 200:05:13call over to Jula. Jula? Speaker 400:05:16Thank you, Eric. I'm pleased to provide a medical perspective following the full approval of Vilspari and the increasing confidence we hear from nephrologists about Vilspari's role as a foundational treatment for patients with IgA nephropathy. This confidence is rooted in Vilspari's compelling clinical profile as the only kidney targeted medicine, which blocks 2 pathologic processes, Endothelin 1 and Angiotensin 2. These two pathways work together to amplify inflammation and kidney injury in IgA nephropathy. Our growing scientific evidence demonstrates that VILFARI as the only dual endothelin and angiotensin receptor antagonist significantly reduces proteinuria and preserves kidney function for patients with IgA nephropathy. Speaker 400:06:11We just attended ASN Kidney Week in San Diego, the largest worldwide gathering of nephrologists. During Kidney Week, we presented important new data supporting the use of VILFARI in a broad population of IgA nephropathy patients at risk of disease progression. Data supporting the use of Vilspari early in treatment as well as early data paving the way for potential combination use with other medication. I'll briefly highlight some of these data sets. First is the SPARTAN study of newly diagnosed RAS inhibitor naive patients with IgA nephropathy, which showed that Safari reduced proteinuria up to nearly 70% with approximately 60% of patients in the study achieving complete remission through 24 weeks. Speaker 400:07:02And eGFR was stable throughout the measurement period. Also as part of SPARTAN, we examined initial human mechanistic data, which demonstrates that Safari reduces an important inflammatory biomarker called urinary CD163. This biomarker is recognized as highly predictive of IgAN disease progression. The magnitude of CD163 reduction that was seen with ZILFARI has only previously been seen with a systemic immunosuppressive. These clinical data are consistent with our preclinical models and support the kidney targeted anti inflammatory mechanism of VILSPARI. Speaker 400:07:47They're also promising given VILSPARI is the only non immunosuppressive treatment available for patients with IgA nephropathy. We look forward to presenting more data from Spartan on how VILSARI impacts important pathologic processes that cause kidney inflammation and injury in patients with IgAN at upcoming meetings. We also presented promising data in patients from PROTECT with lower ranges of proteinuria, less than 1 gram per gram, and showed treatment with Valspara's reduced proteinuria and preserved kidney function similarly to patients with higher ranges of proteinuria. This is especially important given the recent draft KDIGO guidelines calling for physicians to diagnose and treat all patients above 0.5 grams per day or even 0.3 grams per day. Uniquely, we also showed encouraging data on patient reported outcomes that suggest that treatment with VILSPARI versus ervosartan can improve a patient's burden of kidney disease. Speaker 400:08:48Lastly in IgAN, consistent with the growing approach of using multiple treatment options for patients with IgA nephropathy, we presented compelling efficacy and safety data in combination with SGLT2 inhibitors and immunosuppressant, both from real world use as well as from our open label extension study. We expect this will provide nephrologists with even greater confidence in using FELPHARI as foundational care. In a late breaking session at ASN, we also presented exciting new data in high risk subgroups of genetic FSGS patients who were historically the most difficult to treat. The data demonstrated that sparsentan was able to deliver a rapid and sustained proteinuria reduction in high risk patients with genetic FSGS, including only a sparsentan treated patient achieving complete remission and low rates of the kidney failure composite endpoint compared to irbesartan. The efficacy of sparsentan in patients with genetic FSGS was consistent with the overall DUPLEX population, which is promising given the subgroup of FSGS patients is typically resistant to treatment. Speaker 400:10:03From a regulatory perspective, we have submitted an sNDA for a modification to our REMS for FOSPARI and IgA nephropathy to request a change in our liver monitoring frequency from monthly in the 1st year to quarterly. We remain confident in the safety profile of Vilspari, especially given increased patient exposure from our clinical trials and commercial use, which continue to demonstrate no change in the low rates of asymptomatic LFT elevations and no cases of drug induced liver injury. Thus, we believe we now have the data to support the proposed change to the liver monitoring frequency within our REMS and have aligned with the FDA on the presentation of the data package for them to consider the request. Quarterly monitoring of liver function is what was used in our clinical trials and it aligns well to the regular testing IgAN patients undergo with their nephrologists. We have requested priority review of this REMS submission with the potential for this modification to occur in the first half of next year. Speaker 400:11:09Let me now turn to FSGS to discuss the recent data from the Parasol initiative as well as our plans for a potential sNDA submission for sparsentan and FSGS. The Parasol group held their public workshop in early October and we were encouraged by the input of the patient community, thought leaders, regulators and industry who came together with a common goal to identify a path forward for medicines to be approved for the FSGS community. During the workshop, participants heard firsthand from patients and family members, stories of perseverance and of hope for a better future, such as an 8 year old's wish to leave the hospital to attend his sister's 3rd birthday. These compelling stories are a consummate reminder that the data reviewed at Parasol are from people living with a rare kidney disease with no approved treatment option. In our view, the Parasol meeting was a success as the consensus from the workshop, which reviewed comprehensive analyses for more than 20 databases encompassing over 1600 children and adults with FSGS represent a potential new path forward for regulatory approval in FSGS. Speaker 400:12:26I'll walk through some of the key findings from the parasol work and how we believe data from our sparsentan program align. First, due to the relapsing and remitting nature of FSGS, there is clearly too much variability in eGFR measurements, streaming a feasible endpoint for regulatory approval. This was evident in our DUPLEX dataset, the largest randomized study run-in FSGS to date. 2nd, reduction in proteinuria over 24 months is strongly associated with a reduction in the risk of kidney failure in FSGS patients, including responder definitions based on thresholds of proteinuria that are both biologically plausible and strongly supported by epidemiologic data. We have seen this response consistently across both our Phase 2 DUET and Phase 3 DUPLEX studies. Speaker 400:13:20In DUET, we saw significantly more patients achieve the modified partial remission endpoint with sparsentan versus irbesartan. And in the open label extension portion of the study, with approximately 4 years of follow-up on sparsentan, 43% of patients achieved complete remission. Among those patients who achieved complete remission with sparsentan, which was roughly an 80% reduction in proteinuria over time, they had a significantly slower rate of loss of kidney function, approximately 1 ml per minute per year and negligible rates of kidney failure. In DUPLEX, Firstentgen demonstrated statistically significant and clinically meaningful treatment effects on the modified pressure remission endpoint at 36 weeks and this treatment effect was durable to 2 years. And as published in the New England Journal of Medicine and its supplement, we see that multiple pre specified thresholds of proteinuria from 1.5 grams per gram down to 0.3 grams per gram or complete remission, farsentan demonstrated a statistically significant treatment effect versus ervosartan. Speaker 400:14:34Notably, the magnitude of the treatment effect became even stronger as the proteinuria threshold got more stringent. And while DUPLEX was not powered to show statistically significant treatment effects on heart outcomes, the rates of kidney failure were nearly double with ervastatin versus sparsentan, with a meaningful 42% reduced risk of kidney failure. 3rd, there needs to be clear biologic possibility for how a potential therapy works to reduce proteinuria and or preserve kidney function. With proteinuria as an indicator of podocyte injury, it is in the mechanistic pathway leading to kidney failure in FSGS. And in our preclinical data, some of which was recently featured in the Journal of Clinical Investigation Insights, farsentan led to improvements in podocyte number, glomerular hemodynamics, cell functions and tissue repair, resulting in reduced proteinuria and preserved kidney function. Speaker 400:15:35Most importantly, FDA was a key stakeholder in the Parasol initiative and through these findings, proteinuria is now expected to be used as a validated surrogate endpoint for full approval in FSGS going forward. These data were again presented at ASN Kidney Week and were received with enthusiasm and support from the community. Overall, we believe that our data from DUET and DUPLEX align very well with the conclusions from the Parafel group. Our next step will be to discuss our data with the FDA to understand their perspective now in the context of the Paracel work and a potential path forward for an FSGS indication. As Eric mentioned, we now have a meeting scheduled with the FDA and we're preparing a robust briefing book that will align with the recent Parasol work to discuss the potential for filing an sNDA for sparsentan in FSGS. Speaker 400:16:32In parallel, we are preparing the sNDA so that we will be in a position to move quickly following our FDA interaction. I'll now briefly touch on pegzabatamase as it remains the only development program that has the potential to be disease modifying for the HCU community who deserves better treatment. While we recently announced a voluntary pause in enrollment in our Phase III HARMONY study due to necessary commercial scale up process improvements, we continue to have the utmost confidence in the program and in our team's ability to restart enrollment as quickly as possible. We are grateful for the continued support of the HCU community and our supply partners. Overall, we've made incredible progress with ZILFARI and its path to foundational positioning in IgA nephropathy. Speaker 400:17:24And we look forward to our upcoming regulatory engagement on the potential to deliver sparsentan to patients with FSGS. Let me now hand the call over to Peter for the commercial update. Peter? Speaker 500:17:36Thank you, Zula, and good morning, everyone. During the Q3, we continued our strong and focused launch execution of Filspari for IgA nephropathy, while also preparing to build upon our success with full approval and to draft QIDEO guidelines. And I couldn't be more pleased with the strong results driven by our talented and dedicated teams. From a demand perspective, we continued our strong growth trajectory and again added more than 500 new patient start forms during the Q3. This is particularly noteworthy given that we encountered some seasonality as is typical during the summer holidays as well as the fact that we took our field force out of the field for an entire week to train them on the new label after full approval on September 5. Speaker 500:18:26And I'm very encouraged with the upward inflection in new patient start forms in the weeks following full approval. As we highlighted prior to approval, we anticipated that demand would increase as physician prescriptions target to more of their patients and new physicians will write prescriptions for the first time. And we are seeing clear evidence of this coming through, which provides added confidence to our outlook. We also demonstrated continuing efficiencies in our fulfillment process, while maintaining high patient compliance and persistency rates. This has resulted in $35,600,000 in net product sales of Filspari in the 3rd quarter, representing more than a 30% growth quarter over quarter growth. Speaker 500:19:14With our execution, we continue to outperform the most recent brand and product launches prior to Filspari on all core launch metrics, and we are on track to outperform these benchmarks on net revenue in the 1st full year of launch. We are even more excited about the opportunity ahead of us. As I outlined during our iGain full approval call last month, Filspiri's new label is allowing us to further accelerate Filspiri's growth trajectory for two reasons. One, we can now leverage the full potential of Filspari in our physician communication and educational initiatives. This is important because under accelerated approval, we were limited in our commercial communication efforts to discussing only proteinuria. Speaker 500:20:03But now with full approval in our compelling label, we can discuss how Filspirus rapid and sustained proteinuria reduction translates into superior long term kidney function preservation relative to active comparator and maximally dosed herbazartone. And this kidney preservation benefit accrued year over year over the course of the 2 year measurement period supporting long term use of filsparin. And 2, the new indication statement supports broader use of filspari in any adult patients with IgA nephropathy who is at risk of progression. As a reminder, the full approval significantly expands the eligible patient population beyond the accelerated approval indication statement that guided physician to generally use sales priority only in patients at or above 1.5 gram per gram. With our broader indication and the exciting data that was presented at ASN last week, showing that patients below 1 gram per gram also benefit from TILSPIRE, we are eager to reach these patients who can upgrade their foundational treatments. Speaker 500:21:18These messages resonate well with nephrologists and are representative of what we heard from the broad community of key opinion leaders and community physicians at ASM last week. And as I mentioned earlier, we are very encouraged by the demand uptake we are seeing in the 1st month post full approval. The recently published draft KDIGO guidelines are already being referenced by nephrologists and expected to build further momentum. These draft guidelines emphasize the urgency to diagnose and treat patients earlier and more aggressively. More specifically, they call for every IgAN patient who isn't in remission to be treated with a kidney targeted medicine and highlight that fealspar is the only medicine to have shown superiority over in trial up titrated rods in addition. Speaker 500:22:16Before handing the call over to Chris, let me share an eye again story that exemplifies why we are so excited about the impact that Filspari is having on patients. His patients recently shared in one of our national broadcast that he looks forward to taking Filspari every morning because he is in complete remission and feeling great. He described receiving his lab results as akin to getting an A plus on a school report card. While this is the result of only one patient and may not reflect typical results, we hear similar stories regularly. And these are the types of stories that motivate our teams every day. Speaker 500:23:00As we know, there are so many more people living with IgA nephropathy who can benefit from a treatment that has shown superiority over maximally dosed RAS inhibition. And how FilSpa is convenient, once daily, oral, kidney targeted and non immunosuppressive profile provides new hope. With our strong new label, the draft PDU guidelines and focused execution, we are confident in our ability to reach these patients, accelerating our growth trajectory and establishing filspari as the foundational treatment option for IgA nephropathy patients. Let me now turn the call over to Chris for the financial update. Chris? Speaker 300:23:46Thank you, Peter, and good morning. During the Q3, our execution led to a significant increase in net product sales and disciplined investments in the areas we believe will drive growth. Net product sales for the Q3 of 2024 grew to 61,000,000 dollars compared to $33,900,000 for the same period in 2023. This increase of approximately 80% is attributable to strong performance in the ongoing U. S. Speaker 300:24:09Launch of TELsparri and IgA nephropathy. During the quarter, we also recognized $1,900,000 of license and collaboration revenue, which results in $62,900,000 in total revenue reported for the period compared to $37,100,000 in the same period in 2023. Research and development expenses for the Q3 of 2024 were $51,700,000 compared to $60,600,000 for the same period in 2023. On a non GAAP adjusted basis, R and D expenses were $48,400,000 for the Q3 of 2024 compared to $53,800,000 for the same period in 2023. Selling, general and administrative expenses for the Q3 of 2024 were $65,600,000 compared to $67,800,000 for the same period in 2023. Speaker 300:24:54On a non GAAP adjusted basis, SG and A expenses were $49,700,000 for the Q3 of 2024, compared to $51,800,000 for the same period in 2023. The decline in year over year operating expenses is attributable to the restructuring enacted at the end of 2023 and reduced clinical expenses as the sparsentan Phase 3 studies advance towards completion. Importantly, we continue to invest in evidence generation to support FOSPHAR A in IgA nephropathy and potentially FSGS as well as continue to invest in commercial efforts in IgA nephropathy now with full approval and draft KDIGO guidelines in hand. Total other income net for the Q3 of 2024 was $1,300,000 compared to $3,400,000 in the same period of 2023. The difference is largely attributable to a decrease in interest income. Speaker 300:25:39Net loss including from discontinued operations from the Q3 of 2024 was $54,800,000 or $0.70 per basic share compared to net income of $150,700,000 or $1.97 per basic share for the same period in 2023. On non GAAP adjusted basis, net loss including from discontinued operations for the Q3 of 2024 was $35,600,000 or $0.46 per basic share compared to net income of $173,500,000 or $2.27 per basic share for the same period in 2023. The difference is largely attributable to a gain related to the sale of the bile acid products, which was recorded in the Q3 of 2023. As of September 30, 2024, the company had cash, cash equivalents and marketable securities of $277,400,000 continued growth in Filspari sales, measured investments, including shifting some of our investments and pegdebatinates beyond 2025, we continue to expect our cash used to decline over time. We also anticipate multiple incoming milestone payments from CSL V4 upon conversion of Filspar to full approval in Europe and market access achievements, all of which continues to position our balance sheet to support current operations into 2028. Speaker 300:26:47I'll end with one administrative note. Alongside the filing of our 10 Q today, we're also filing a new ATM agreement with the SEC. This is a housekeeping measure as our previous ATM, which had been in place in 2020, did not transfer over to the new shelf registration that was filed in August. With that, I'll now turn it over to Eric for his closing comments. Eric? Speaker 200:27:06Thank you, Chris. I could not be prouder of the execution and performance of our organization. The underlying dynamics of our Filspari launch are strong and have created positive momentum for growth moving forward as a foundational therapy in IGN. As our near term opportunities for growth in 2025 and beyond hold great promise for the rare kidney community. Now, let me turn the call over to Nivy for Q and A. Speaker 200:27:29Nivy? Speaker 100:27:31Thank you, Eric. Operator, we can now open up the line for Q and A. Operator00:27:35Thank Our first question is coming from the line of Joseph Schwartz with Leerink Partners. Your line is open. Speaker 600:28:23Great. Good morning, everyone. This is Will on for Joe today. Thanks for taking our question and congrats on the great quarter here. So just one for us on PSF metrics. Speaker 600:28:32We saw that very minor dip in numbers between the 2nd Q3. And as Peter mentioned, it seems like this could be chalked up to summer seasonality and taking the sales force out for a week in September. But are there other dynamics here that we should appreciate? And how have things been trending now early in Q4? Any additional color here would be helpful. Speaker 600:28:52Thank you. Speaker 200:28:54Thanks, Will. Well, let me first say that I am incredibly impressed with what we've seen and I'll ask Peter to talk about the dynamics, particularly what we've seen since full approval. Peter? Speaker 500:29:06Yes. Thanks, Eric, and thank you, Will, for the question. Let me start to say that I'm really pleased how we have continued our growth trajectory during the accelerated approval period and how we have outperformed recent ran and frothy benchmarks. To the point and what I mentioned in the prepared remarks, in Q3, we saw some typical summer seasonality And we also took the teams out of the field for a week for training for full approval. So I'm actually really pleased with a continuation of strong growth over 500 patient start forms. Speaker 500:29:38But I'm mostly excited about the opportunity ahead of us and how we will accelerate momentum based on the full approval. And to what I said in the prepared remarks, the demand uptake we are seeing in the 1st month after full approval is really encouraging and allows us to end the year strongly. Speaker 600:29:57Great. Thank you so much. Operator00:30:04Our next question is from the line of Vamil Divan with Guggenheim Securities. Your line is open. Speaker 700:30:13Hi, it's Arsenio on for Vamil. Congrats on all your progress and thank you for taking our questions. In regard to Parasol recommendations and FSGS, how much do you feel the discussions with the FDA will focus on killing specific proteinuria thresholds at certain time points and perhaps reanalyzing the data that way versus considering the totality of data more holistically and focusing more on the mechanistic rationale and the biological feasibility arguments? Speaker 200:30:46Great. Thank you so much for the question. Bill, I'll turn that over to you. Speaker 800:30:50Yes. Thank you for the question. And I think it's a good one. I think you hit on the elements of what's important. Certainly based on Parasol, the agency has said publicly that proteinuria can be used as a validated surrogate for full approval in FSGS. Speaker 800:31:11But the agency will always look at the full data in the submission. So totality is important in parallel with hitting proteinuria targets. And I think additionally, as you noted, the biologic plausibility is key to the entire story that your reduction in proteinuria in the case of sparsentan is due to the biology and the pathology of FSGS. It's a podocyte driven disease and the only way you can reduce proteinuria is to make that cell healthier and sparsentan achieves that. We have clinical data, we have preclinical data that support that. Speaker 800:31:53So all in all, you hit on 3 very key elements of this mission. And I don't know how they will weight them, but we're confident that we have very strong data across that whole space. Speaker 200:32:05Yes. Thank you, Bill. The only thing that I would add is that's the opportunity that we have to speak with them and why we're eager to meet with them here soon to be able to understand what specifically information do they want. That said, as we take a step back, we're very confident in the data that we generated in our programs. Speaker 700:32:26Thank you. I'll get back in the queue. Speaker 500:32:29Thank you. Operator00:32:34Our next question is coming from the line of Anupam Rama with JPMorgan. Your line is open. Speaker 800:32:42Hey, guys. Thanks so much for taking the question. Congrats on all the progress at ASN and in the quarter. Can you give us a sense of the scope of the additional data you've provided on liver monitoring sort of beyond the clinical experience? I'm assuming that package includes all of the data from FSGS and IGAN clinical trial work, but correct me if Speaker 300:33:05I'm wrong there. Thanks so much. Speaker 200:33:08Thanks so much, Anupam. So Bill, why don't you take that question as well? Speaker 800:33:13Yes. Thanks for the question. It does. Your supposition is accurate. We pulled the data from the ongoing clinical trials, the open label extensions for both DUET, Duplex and PROTECT. Speaker 800:33:31So that's an increasing body of data as well as the data that we're gaining from all of the commercial experience. So we have a substantial body of data and all of that was pooled. Importantly, what we've seen is in both the trial extensions as well as in the real world, the commercial experience, we see the same thing that we saw in the trials that low levels of LFT elevation and no evidence of, Hy's law or liver failure events or liver injury. So having that consistent story with a much larger body of evidence was the basis on which we built our submission to go back and change the REMS frequency to match that, that hits the cadence that patients and their nephrologists see their nephrologists on a quarterly basis. Speaker 300:34:29Thanks so much for taking our question. Speaker 200:34:33Thank you. Operator00:34:37Our next question is coming from the line of Tyler Van Buren with P. B. Collin. Your line is open. Speaker 900:34:45Hi there. Thanks for taking my question. This is Greg Wiesner on for Tyler from TD Cowen. I'm curious to get some insight on what you will propose during the Type C meeting and what are the key questions you would need to ask of the FDA? Thank you. Speaker 200:35:00Great. Thanks so much for the question, Greg. Bill, back to you. Speaker 800:35:04Yes. Well, I think we leverage the discussions that have been had at Paracel, where the agency has suggested a threshold of proteinuria reduction so that you have a treatment effect for both the control and the treatment arm sparsentan versus ervosartan in our case. They haven't suggested or they haven't nailed down a specific endpoint. What they've said is you need to make a proposal and come in and talk to us. But with their presentation, they have spoken the most about the value of 0.7 gram per gram per day, patients that get below that. Speaker 800:35:48So they think that's a reasonable spot to think about when you picture what will go in and propose to the agency. And the question really is, here's our proposal, here's how we're going to analyze the data. What else do you need to see in the submission, so that we're aligned with the agency and we make sure our filing has everything in it that they need for their review. Speaker 900:36:14Okay, great. Thank you. Very helpful and congrats on a successful quarter. Speaker 200:36:20Thanks, Craig. Speaker 700:36:20Thank you. Operator00:36:24The next question The next question is coming from the line of Maury Raycroft with Jefferies. Your line is open. Speaker 1000:36:30Hi, good morning. This is Farzin on for Maury. Congrats on the progress as well. Following up on the FSGS Type C meeting, are you going to include any data from the open level extension? And then do you also on the post hoc analysis, like what would be considered like sufficient? Speaker 1000:36:49Like is the pre specified data already good enough or any post hoc work would be needed? Speaker 200:36:56Okay. Thanks so much, Farzin, for the question. Bill? Speaker 800:36:59Yes. Well, the short answer for the open label extension data is yes. That will be included, from both the ongoing DUET open label as well as DUPLEX, so from both studies. As far as post hoc analysis, we have threshold proteinuria cut points that were pre specified and we looked at those as part of the statistical analysis plan and looked at in addition to FPRE or the modified partial remission, we looked at 1.5 gram per gram, 1, 0.5 and 0.3. The agents so that brackets around the target that the agency would has seemed to align around. Speaker 800:37:50We're not doing a lot of post hoc analysis ahead of that meeting. So we will go in with the data that we have and work with them on what additional analyses they want to see in that submission and get that aligned so that we have in the file everything they need to complete their review. Speaker 200:38:11Yes. Thank you, Bill. And I'll point you all to our corporate presentation, which is posted on our website. If you look at Slide 29, you can see very nicely laid out the treatment effect across those different pre specified thresholds, clearly showing a benefit in superiority for sparsentan over erbesartan and FSGS. Thanks, Bill. Speaker 500:38:36Thank you. Speaker 200:38:39Thanks, Farzal. Operator00:38:41The next question is coming from Greg Harrison with Scotiabank. Your line is open. Speaker 1100:38:47Good morning, everyone, and congrats on the quarter. This is Joe Thomas on for Greg. Just one kind of on the patient and physician education front. Can you maybe comment on any ongoing efforts or opportunities you might have to help patients be getting diagnosed earlier and treated earlier based on the recent PDGOT draft guideline update? Thank you. Speaker 200:39:08Thanks, Joe. Peter? Speaker 500:39:15Yes, I think the presentation that Jola mentioned earlier in the prepared remarks tells about the benefit that sales power has also with patients with lower patimelian levels. And think what I'm hearing from physicians, especially coming back from ASM, where we had many conversation with thought leaders as well as community physicians, is there is like a higher urgency and a call to action to treat patients earlier and more aggressively. And I think Credigo really helps there. And I think we have the data now also in hand to show that Filspiri acts consistently across different patient populations. Speaker 300:39:53Thank you. Thanks, Peter. Operator00:39:58Our next question is coming from Jason Zumansky with Bank of America. Your line is open. Speaker 1200:40:05Hi, good morning. This is Dina Ramanain on for Jason Zimansky. Congrats on the progress this quarter and thank you for taking our question. So it might be a little bit too premature to speak to FilSparri's upside in FSGS, could you discuss what the broader opportunity might look like? Is this something you anticipate needing to build the market? Speaker 1200:40:33Or do you think dynamics are likely to quickly shift? And maybe what sort of challenges is a new entrant likely to face given the lack of approved therapies, especially given the potential shift in trial endpoints? Thank you. Speaker 200:40:51Thanks, Dana, for the question. Peter, why don't I turn that over to you? And then, Julep, if there's anything further that you'd like to add on how physicians are thinking about FSGS. Peter? Speaker 500:41:02Yes. Thanks, Dhehat. Well, we are really excited about the opportunity for FSGS in the U. S. In particular, we the market may be slightly smaller in IGA nephropathy. Speaker 500:41:13We anticipate about 15,000 to 30,000 patients as directly addressable for Vilspari. But to the point you're making, this is a patient population that is served by basically the same prescriber group as we have for IgA nephropathy. So it's basically the same call point. And if we would get like a full approval, I am expecting that we will have a rapid uptake since the brand name of Filspiri is so well established as well as the clinical profile. And many of the physicians have already the experience with Filspiri in IGA nephropathy and they have seen the rapid and sustained proteinuria benefit in their patients. Speaker 500:41:48So I think the opportunity is real and we're really excited about it. And as I said, we have a strong position that we can build upon. Speaker 400:41:59And let me just add to that. Remember, FSGS is a patient population with a really high unmet need. They have symptomatic disease. They might wake up one day, be very swollen. And there's really almost nothing that is effective and safe for these patients. Speaker 400:42:16They get treated with immunosuppressive and if they have genetic disease that doesn't work for them. So there is a high unmet need, particularly for non immunosuppressive therapy that can reduce their proteinuria and help their symptomatology as well. So to Peter's point, it's the same physicians who are treating IgAN and FSGS. So we do believe that there is a significant unmet need here that we can address with TILspari. Speaker 200:42:43Vina, thanks so much for the question. And certainly, we recognize that there's additional education and outreach. But as you would have heard from Jule and Peter, there's a high recognition and certainly brand awareness. We expect to be first if approved and certainly the leader in the new standard of care within FSGS. So more to come there, but certainly a tremendous opportunity for us to serve this community. Speaker 1200:43:11Appreciate all the color. Thank you. Operator00:43:16Our next question is coming from Laura Chico with Wedbush Securities. Your line is open. Speaker 1200:43:24Good morning. Thanks very much for taking the question. I had one on FSGS. There was some commentary at the Parasol meeting earlier this month and it's just coming out of ASN now. I'm wondering if you have any thoughts on whether groups like Codigo would consider making an update to FSGS treatment guidelines in response to the observational data that Parasol presented. Speaker 1200:43:42Thanks very much. Speaker 200:43:45Thanks, Laura. Jula, I'll turn that one over to you. Speaker 400:43:49Well, it's certainly a potential. They typically do update if there's new treatment or there's change and where we want to target the thresholds for. There was just recently an update to those guidelines, but I would anticipate if we get full approval for sparsentan and FSGS, then that would be an appropriate time for them to make an update. Thanks very much. Speaker 300:44:15Thanks, Laura. Operator00:44:18Our next question is coming from Yigal Nochomovitz with Citi. Your line is open. Speaker 1300:44:25Hi, this is Reina on for Yigal. Thanks for taking my question. I just wanted to ask if you could comment on any compliance or adherence metrics for Filspari with regard to the monthly REMS monitoring and how you might expect this rate of compliance to change with the reduction Speaker 400:44:41in frequency for the liver monitoring? Speaker 200:44:45Thank you, Rina. Peter, I'll turn that over to you. Speaker 500:44:50Yes. Thanks for the question. What we are seeing is that the compliance as well as the persistency rates of Filspari are really high. And I think that speaks to that patients experience that this product works for them. This is a patient population that historically has seen very little innovation. Speaker 500:45:06Many of the patients, every time they see their physicians, they hear you're not yet to the targets. And for the first time with feldsparity, they are actually reaching targets and some of those patients are in full remission, which is really encouraging for patients. And I think that's also the explanation for the high compliance and the persistency rates. Speaker 200:45:31We would expect certainly that with not just the lab values, but also the support and the education that these patients have, including as part of the REMS, we'd be very thoughtful around if there is a modification to less frequent monitoring that we would ensure that these patients still have the right level of support and engagement from us and from their clinicians. Speaker 1300:45:56Thank you for taking my question. Congrats on the quarter. Speaker 300:46:00Thanks Frank. Operator00:46:04Our next question is coming from Mohit Bansal with Wells Fargo. Your line is open. Speaker 1400:46:10Hi, this is Sadia Rahman on for Mohit. Thanks for taking our question. So a question on the IgAN launch, given the Codigo update recommending lower targeted proteinuria levels, Wondering if you're seeing that payers are willing to reimburse for patients that start below 1 gram, given that your trial enrolled patients that were above that. Has there been any resistance there from payers? Thank you. Speaker 200:46:44Thanks for the question. Peter, I'll turn that over to you. And it might also be helpful to talk about how these patients are at risk based on the RADAR data to frame. Peter, go ahead. Speaker 500:46:55Yes. Maybe Eric to that last point, maybe it's good to start at. Like patients according to the RADAR registry data set, patients reach even 0.5 gram per gram of spasmodiumuria, there is still like a 22% chance that they progress to dialysis or kidney failure by within 10 years. So this is a progressive disease. Payers are also recognizing the progressive nature of the disease, and we have invested quite a bit in education for payers as well on this aspect. Speaker 500:47:30On your specific question with regards to like how quickly are payers adopting new guidelines as well as our new label, well, we have an active accounting that is focusing on this. I'm really pleased with the progress we are making with payers. Some of the authorization criteria are already being updated. But the majority that's the reality is early in the year, early in 2025. But we're seeing good uptake and we also start to see that patients with lower proteinuria levels are being treated with CILsparin now. Speaker 400:48:02Thank you. Speaker 500:48:04Thank you. Operator00:48:07Our next question is coming from Alex Thompson with Stifel. Your line is open, Alex. Speaker 1500:48:14Hi. This is Charles NGI on for Alex. Thanks for taking my question and congrats on all the progress this quarter. I guess on our end, just wanted to ask about your current expectations for LOE in iGAN and how you see those changing in the near future? Speaker 200:48:30Sure. Thanks Charles for the question. So our current planning assumption for LOE with sparsentan is into 2,033. We were very pleased to announce that we have an additional term for orphan drug exclusivity that was associated with the full approval in IGAN. That would take us to September 31 sorry, September of 2,031. Speaker 200:48:55So we are very pleased to have both of those layers of protection, but our current base assumption is into 2,033. Speaker 1500:49:04Thank you. Speaker 200:49:06Thank you. Operator00:49:11Our next question is coming from Vamil Divan with Guggenheim Securities. Your line is open. Speaker 700:49:20Thank you. It's Ashimi on for Vamil. In regards to FULXBIRIS IGAM launch, could you comment on your view for the uptake with community based nephrologists versus academic thought leaders now versus when you first launched? And in other words, do you feel that your message is getting out to a broader group of nephrologists now? Speaker 200:49:43Arseniy, thanks for the question. Peter, I'll turn that over to you. Speaker 500:49:48Let me rephrase the question. I think the question is like, what is the update that you're seeing with thought leaders, academia, relative to the community physicians. So what we have seen is and I think it's good to go ahead. Speaker 700:50:04Yes. And essentially how that changed now under full approval versus when you first launched? Speaker 500:50:11Yes. How would it change? I mean, it's purely days. I mean, we are now 4, 5 weeks post full approval, but I can give you like a broader sense on how uptake has been pushed for SPARI so far. And I think it's good to realize also that you have to cast a broad net to reach all the patients. Speaker 500:50:27And what we have said is, we are planning to reach about 6,000 nephrologists out of the universe of about 10,000 nephrologists in the U. S. To be able to get to about 85% of the patient population. So the majority of those patients are residing in the community and that's what we also see in the prescription patterns that the majority comes from the community. Having said that, I'm really encouraged with the strong feedback that we get from academia and thought leaders about the profile of Filspari and in particular where Filspari is being positioned. Speaker 500:51:02I think the recent Caddigo guidelines really outlining that you have to target the kidney as well as the immune system really resonates with physician. And what I'm hearing is that physicians really feel that, Filspar is well positioned to be that foundational care targeting the kidney with a broad utility for a broad patient population. So hopefully that answers your question. Speaker 700:51:29Yes. Thank you. Operator00:51:35Ladies and gentlemen, this concludes the question and answer session of today's conference call. I'll now hand the call back over to Nibi. Speaker 100:51:46Great. Thank you everyone for joining us for our Q3 2024 financial results call. We look forward to providing additional updates on our progress. Have a great rest of your day.Read morePowered by