Core Viewpoint - Ardelyx reported a quarterly loss of $0.17 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.10, marking a 70% earnings surprise [1] - The company posted revenues of $74.11 million for the quarter, missing the Zacks Consensus Estimate by 8.14%, but showing growth from $46.02 million a year ago [2] Financial Performance - Over the last four quarters, Ardelyx has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is -$0.08 on revenues of $87.7 million, and for the current fiscal year, it is -$0.20 on revenues of $364.02 million [7] Market Position - Ardelyx shares have increased by approximately 8.6% since the beginning of the year, contrasting with a -5.3% decline in the S&P 500 [3] - The Zacks Industry Rank for Medical - Drugs is in the top 23% of over 250 Zacks industries, indicating a favorable outlook for the sector [8] Future Outlook - The sustainability of Ardelyx's stock price movement will depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The estimate revisions trend for Ardelyx is currently mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market [6]

Financial Data and Key Metrics Changes - The company reported total revenues of $74.1 million for Q1 2025, a 61% increase compared to $46 million in Q1 2024 [20] - Net sales revenue for IBSRELA was $44.4 million, reflecting a 57% increase year-over-year [20] - Exposa generated net sales revenue of $23.4 million, up approximately 55% from $15.2 million in the same quarter last year [21] - The company recorded a net loss of approximately $41.1 million or $0.17 per share, compared to a net loss of $26.5 million or $0.11 per share in the prior year [24] Business Line Data and Key Metrics Changes - IBSRELA experienced strong prescription demand, with one of the highest prescription demand quarters to date during Q1 [7] - Exposa grew by 30% year-over-year when excluding a one-time gross to net adjustment for return reserve release [9][15] - The gross to net deduction for IBSRELA was 34.8%, expected to improve throughout the year [21] Market Data and Key Metrics Changes - The IBS C market traditionally contracts in Q1, which was observed this year, but the company remains optimistic about recovery in subsequent quarters [12][30] - The dialysis market is undergoing significant disruption due to the loss of Medicare Part D coverage for phosphate-lowering therapies, impacting Exposa's market dynamics [10] Company Strategy and Development Direction - The company is focused on executing its strategic priorities, driving strong commercial execution for IBSRELA, and navigating access complexities for Exposa [11] - The company aims to achieve peak annual net sales revenue of over $1 billion for IBSRELA and $750 million for Exposa [25][92] - The company is building a pipeline to unlock long-term growth while maintaining a commitment to patient-centric innovation [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of IBSRELA and Exposa, citing strong demand and effective commercial strategies [6][20] - The company is closely monitoring market dynamics and will provide updates as the landscape evolves [10] - Management emphasized the importance of building clinical conviction among healthcare providers and enhancing patient access [8][17] Other Important Information - The company received a $5 million milestone payment from a partner in China following the approval of a cannabinoid for hyperphosphatemia [23] - Research and development expenses increased to $14.9 million, reflecting greater engagement with scientific and medical communities [23] Q&A Session Summary Question: Expectations for the IBS C market improvement in Q2 - Management expects the IBS C market to improve as the year progresses, despite the traditional contraction seen in Q1 [30] Question: Clarification on return reserve and its impact on sales - The return reserve was deemed unnecessary due to zero returns and limited bottles in distribution, leading to modest improvements in gross to net going forward [29] Question: Insights on the contraction in Q1 and its comparison to previous years - The market has consistently contracted in Q1, but the company is pleased with its performance relative to others in the market [35][36] Question: Long-term gross to net targets and updates on the China launch - The long-term guidance for gross to net is expected to be around 30% plus or minus 5% [40] Question: Discrepancy between reported revenue and script data - Management acknowledged fluctuations in scripts and emphasized the importance of focusing on guidance rather than individual quarter performance [48][50] Question: Updates on the Patient Assistance Program and commercial trends - The Patient Assistance Program has been effective in helping patients access Exposa, and the company is focused on driving non-Medicare business [75][78] Question: Strategy for expanding Exposa uptake in non-Medicare channels - The strategy involves focusing on Medicaid and commercial channels, with a closed distribution system to manage patient access effectively [108]

Financial Data and Key Metrics Changes - The company reported total revenues of $74.1 million for Q1 2025, a 61% increase compared to $46 million in Q1 2024 [19] - Net sales revenue for IBSRELA was $44.4 million, reflecting a 57% increase year-over-year [19] - Exposa generated net sales revenue of $23.4 million, up approximately 55% from $15.2 million in the same quarter last year [19][21] - The company recorded a net loss of approximately $41.1 million or $0.17 per share, compared to a net loss of $26.5 million or $0.11 per share in the prior year [23] Business Line Data and Key Metrics Changes - IBSRELA experienced strong prescription demand, with one of the highest prescription demand quarters to date [6] - Exposa grew by 30% year-over-year when excluding a one-time gross to net adjustment for return reserve release [7][21] - The gross to net deduction for IBSRELA was 34.8%, expected to improve throughout the year [20] Market Data and Key Metrics Changes - The IBS C market traditionally contracts in Q1, which was observed this year, but the company remains optimistic about recovery in subsequent quarters [31] - The dialysis market is undergoing significant disruption due to the loss of Medicare Part D coverage for phosphate-lowering therapies, impacting Exposa's market dynamics [8] Company Strategy and Development Direction - The company is focused on driving strong commercial execution for IBSRELA and navigating access complexities for Exposa [10] - The strategic imperatives include raising awareness of IBSRELA and positioning it as a first-line treatment for appropriate patients [13] - The company aims to achieve peak annual net sales revenue of over $1 billion for IBSRELA and $750 million for Exposa [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of IBSRELA and Exposa, citing strong patient demand and effective commercial strategies [5][10] - The company is closely monitoring market dynamics and will provide further updates as the landscape evolves [9] - Management remains committed to building long-term value for shareholders despite current market challenges [10] Other Important Information - The company received a $5 million milestone payment from a partner in China following the approval of a cannabinoid for hyperphosphatemia [22] - Research and development expenses increased to $14.9 million, reflecting greater engagement with scientific and medical communities [22] Q&A Session Summary Question: Expectations for the IBS C market improvement in Q2 - Management expects the IBS C market to improve as the year progresses, based on strong prescription demand observed in Q1 [31][32] Question: Details on the return reserve and its impact - The return reserve was deemed unnecessary due to zero returns and limited bottles in distribution, leading to modest improvements in gross to net going forward [29][30] Question: Insights on the Q1 contraction and its differences from previous years - The contraction is consistent with historical trends, but the company remains optimistic about future growth [35][37] Question: Long-term gross to net targets and updates on the China launch - Long-term guidance for gross to net is expected to be around 30% plus or minus 5% [40] Question: Discrepancies between reported revenue and script data for IBSRELA - Management acknowledged fluctuations in scripts and emphasized the importance of focusing on guidance rather than individual quarter performance [48][50] Question: Metrics for assessing the expanded field force's impact - Key metrics include increases in activity, new riders, and new/refill prescriptions, all of which showed positive trends in Q1 [56][57] Question: Updates on the Kidney Patient Act and potential external asset acquisitions - The Kidney Patient Act is viewed as a call option, and the company is actively pursuing external assets in renal and GI spaces [102][104]

Revenue Performance - Total revenues for Q1 2025 reached $74.1 million, a 61% increase from $46.0 million in Q1 2024[79] - Product sales, net for IBSRELA were $44.4 million, up 57% from $28.4 million in Q1 2024, while XPHOZAH sales were $23.4 million, a 55% increase from $15.2 million[79] - The gross product sales for Q1 2025 were $96.7 million, a 55% increase from $62.5 million in Q1 2024, with GTN adjustments totaling $28.9 million[85] - Licensing revenue increased significantly to $5.0 million in Q1 2025, compared to $17,000 in Q1 2024, primarily due to a $5.0 million milestone from the Fosun Agreement[83] - The company received a $5.0 million milestone payment in Q1 2025 following the NDA approval for tenapanor in China, recorded as licensing revenue[77] Operating Expenses - Total operating expenses rose to $98.2 million in Q1 2025, a 54% increase from $63.6 million in Q1 2024, driven by higher selling, general, and administrative costs[87] - Research and development expenses increased by 41% to $14.9 million in Q1 2025, up from $10.6 million in Q1 2024, largely due to increased employee-related expenses[90] - Cost of goods sold for Q1 2025 was $12.3 million, a 73% increase from $7.1 million in Q1 2024, reflecting higher product sales[87] - The increase in selling, general, and administrative expenses was attributed to commercialization efforts for IBSRELA and XPHOZAH, including a $2.8 million rise in stock-based compensation[91] Cash Flow and Liquidity - As of March 31, 2025, the company had cash and cash equivalents of $30.8 million, down 53% from $64.9 million on December 31, 2024[95] - Total liquid funds decreased by 14% to $214.0 million from $250.1 million[95] - Net cash used in operating activities increased by 8% to $38.5 million in Q1 2025 compared to $35.7 million in Q1 2024[100] - Net cash provided by financing activities decreased by 97% to $1.5 million in Q1 2025 from $53.0 million in Q1 2024[100] - The company has drawn $150.0 million from a total of $200.0 million available under the 2022 Loan Agreement as of March 31, 2025[97] - The company reported a net decrease in cash and cash equivalents of $34.1 million in Q1 2025, compared to an increase of $14.7 million in Q1 2024[100] - The company expects its available cash and short-term investments will be sufficient to fund operations for at least one year from the issuance of the financial statements[98] Interest Expense - Interest expense increased to $4.2 million in Q1 2025, up 78% from $2.4 million in Q1 2024, due to a higher loan balance from the Term D Loan[92] - A hypothetical increase in one-month CME Term SOFR of 100 basis points would increase interest expense by approximately $0.4 million for Q1 2025[106] Share Issuance - The company completed sales resulting in the issuance of 16.8 million shares and gross proceeds of $70.0 million at an average price of approximately $4.17[96] Investment Strategy - The company maintains its excess cash in high-quality, short-term investments, minimizing exposure to interest rate risk[105]

Revenue Performance - Ardelyx reported total revenue of $74.1 million for Q1 2025, reflecting a 61% year-over-year growth[2] - IBSRELA net product sales revenue reached $44.4 million in Q1 2025, showing a significant year-over-year growth of approximately 57%[5] - XPHOZAH net product sales revenue was $23.4 million in Q1 2025, with a 30% growth compared to the same period in 2024, excluding a $3.8 million release of prior periods' estimated product returns[6] - Total revenues for the three months ended March 31, 2025, were $74,114 million, a 61.1% increase from $46,023 million in the same period of 2024[27] - Total product sales, net, reached $67,814 million, up 55.8% from $43,512 million year-over-year[27] - Licensing revenue surged to $5,020 million, compared to just $17 million in the same quarter of 2024[27] Financial Position - The company ended Q1 2025 with $214.0 million in cash, cash equivalents, and investments, down from $250.1 million at the end of 2024[8] Sales Forecast - Ardelyx expects full-year 2025 U.S. net product sales revenue for IBSRELA to be between $240.0 million and $250.0 million[5] Expenses - Research and development expenses for Q1 2025 were $14.9 million, up from $10.6 million in Q1 2024, reflecting increased engagement with the scientific community[12] - Selling, general and administrative expenses rose to $83.2 million in Q1 2025, compared to $53.0 million in Q1 2024, primarily due to commercialization costs[12] - Research and development expenses increased to $14,938 million, a 41.1% rise compared to $10,579 million in the prior year[27] - Selling, general and administrative expenses rose significantly to $83,222 million, up 57.5% from $52,994 million in the previous year[27] - Total cost of goods sold was $12,303 million, up from $7,128 million, reflecting a 72.5% increase year-over-year[27] Net Loss - The net loss for Q1 2025 was $41.1 million, or $(0.17) per share, compared to a net loss of $26.5 million, or $(0.11) per share, in Q1 2024[12] - The net loss for the quarter was $41,144 million, compared to a net loss of $26,518 million in the same quarter of 2024[27] - Net loss per share of common stock was $0.17, compared to $0.11 in the prior year[27] - The company reported a loss from operations of $36,349 million, an increase from a loss of $24,678 million in the same period last year[27] Leadership Changes - Ardelyx appointed Merdad Parsey, M.D. Ph.D., to its Board of Directors and Laura A. Williams, M.D., M.P.H., as the first Chief Patient Officer in April 2025[8] Milestone Payment - The company received a $5.0 million milestone payment from Fosun Pharma following the approval of tenapanor in China for hyperphosphatemia[8]

Financial Performance - Company reported total revenue of $74.1 million for Q1 2025, reflecting a 61% increase year-over-year from $46.0 million in Q1 2024 [9][30] - IBSRELA net product sales revenue was $44.4 million, showing a significant year-over-year growth of approximately 57% from $28.4 million in Q1 2024 [4][9] - XPHOZAH net product sales revenue reached $23.4 million, which is a 54% increase from $15.2 million in Q1 2024 [5][9] - Company ended Q1 2025 with $214.0 million in cash, cash equivalents, and investments, down from $250.1 million at the end of 2024 [7] Strategic Focus - Company aims to accelerate commercial growth for IBSRELA and deepen the adoption of XPHOZAH while building a pipeline of innovative therapies [3] - Management emphasizes maintaining disciplined financial performance to support long-term potential and value creation [3] Corporate Developments - In April 2025, company appointed Merdad Parsey, M.D. Ph.D., to its Board of Directors and Laura A. Williams, M.D., M.P.H., as the first Chief Patient Officer [8] - Company received a $5.0 million milestone payment from Fosun Pharma following the approval of tenapanor in China for hyperphosphatemia [10] Operating Expenses - Research and development expenses for Q1 2025 were $14.9 million, up from $10.6 million in Q1 2024 [14] - Selling, general and administrative expenses increased to $83.2 million from $53.0 million in the same period last year, primarily due to commercialization costs [14] Net Loss - Company reported a net loss of $41.1 million for Q1 2025, compared to a net loss of $26.5 million in Q1 2024 [14][30] - Net loss per share was $(0.17) for Q1 2025, compared to $(0.11) for Q1 2024 [30]

Core Insights - Ardelyx, Inc. has appointed Merdad Parsey, M.D., Ph.D. to its board of directors, enhancing its leadership team with a veteran biotech expert [1][2] Company Overview - Ardelyx is focused on discovering, developing, and commercializing innovative, first-in-class medicines to address significant unmet medical needs [4] - The company has two commercial products approved in the U.S.: IBSRELA® (tenapanor) and XPHOZAH® (tenapanor), along with early-stage pipeline candidates [4] - Ardelyx has international agreements for the development and commercialization of tenapanor, including partnerships with Kyowa Kirin in Japan and Fosun Pharma in China [4] Leadership Experience - Dr. Parsey brings over 25 years of experience in the pharmaceutical and biopharma industries, having held various clinical development and leadership roles [2][3] - His recent position was Chief Medical Officer at Gilead Sciences from 2019 until his retirement in 2025 [2] - Dr. Parsey has also served in senior roles at Genentech and as CEO of 3-V Biosciences, contributing to his extensive expertise in clinical strategy and development [2] Educational Background - Dr. Parsey holds a B.S. in microbiology and biochemistry, an M.D., and a Ph.D. in immunology from the University of Maryland [3] - He completed his internal medicine residency at Stanford University and a fellowship in pulmonary and critical care at the University of Colorado [3]

Core Insights - Ardelyx, Inc. is set to present data on its first-in-class retainagogue, IBSRELA (tenapanor), at the Digestive Disease Week Conference, highlighting its approval for treating irritable bowel syndrome with constipation (IBS-C) in adults [1] Company Overview - Ardelyx is focused on discovering, developing, and commercializing innovative medicines that address significant unmet medical needs [11] - The company has two commercial products approved in the U.S.: IBSRELA (tenapanor) and XPHOZAH (tenapanor) [11] - Ardelyx has international agreements for the development and commercialization of tenapanor, including partnerships with Kyowa Kirin in Japan and Fosun Pharma in China [11] Product Information - IBSRELA (tenapanor) acts as a locally acting inhibitor of the sodium/hydrogen exchanger 3 (NHE3), which helps retain luminal water content, accelerating intestinal transit time and resulting in softer stool consistency [4] - The drug has been shown to reduce abdominal pain by decreasing visceral hypersensitivity and intestinal permeability in animal models [4] - IBSRELA is indicated for the treatment of IBS-C in adults, with a significant patient population of approximately 12 million affected in the U.S. [5][10] Clinical Data Presentation - Ardelyx will sponsor a Product Theater at the conference, focusing on integrating a different mechanism of action into the treatment of IBS-C, featuring clinical considerations and data from two Phase 3 clinical trials [3]

Financial Data and Key Metrics Changes - The company reported total revenues of $333.6 million for the full year 2024, a significant increase from $124.5 million in 2023, driven by strong growth in product sales [37] - In Q4 2024, total revenues reached $116.1 million, with IBSRELA net product sales of $53.8 million, nearly double the same period in 2023, and an increase of over 32% quarter-over-quarter [38] - The company finished 2024 with a cash position of $250.1 million, up from $184.3 million at the end of 2023, bolstered by operating cash flows and a term loan draw [43] Business Line Data and Key Metrics Changes - IBSRELA experienced over 32% growth quarter-over-quarter in Q4 2024, with notable increases in new and repeat prescriptions [17][38] - XPHOZAH generated $57.2 million in net product sales in Q4 2024, an 11% increase over Q3, reflecting continued demand for the medication [38] - For the full year 2024, IBSRELA net product sales totaled $158.3 million, compared to $80.1 million in 2023, while XPHOZAH's annual sales reached $160.9 million, up from $2.5 million in the prior year [38][39] Market Data and Key Metrics Changes - The company noted a 60-40 split between Medicare and non-Medicare patients for XPHOZAH in 2024, with ongoing efforts to maintain access for patients despite changes in coverage [106] - The management emphasized the importance of ensuring patient access to XPHOZAH, particularly in light of the elimination of Medicare Part D coverage [26][29] Company Strategy and Development Direction - The company aims to achieve over $1 billion in annual net product sales for IBSRELA before patent expiry, with a 2025 revenue guidance of $240 million to $250 million [44] - XPHOZAH is expected to reach $750 million in annual net sales prior to patent expiry, with a focus on addressing the unmet needs of CKD patients [45] - The company is investing in expanding its sales force and enhancing patient services to drive growth for both IBSRELA and XPHOZAH [22][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the challenging reimbursement environment while ensuring patient access to medications [9][11] - The company is committed to maintaining strong commercial execution and building a robust pipeline for future growth [12][50] - Management highlighted the importance of patient engagement and education in driving demand for IBSRELA and XPHOZAH [20][21] Other Important Information - The company plans to increase SG&A expenses by approximately $10 million per quarter in 2025 to support growth initiatives [47] - The royalty obligation to AstraZeneca is expected to be fully satisfied in 2025, which may improve gross margins in the latter half of the year [48] Q&A Session Summary Question: Regarding IBSRELA guidance and growth expectations - Management acknowledged the conservative revenue guidance for IBSRELA, citing the need to assess market dynamics before adjusting expectations [54][56] Question: Clarification on XPHOZAH's peak sales timeline - Management confirmed that the $750 million peak sales estimate includes the extension of Hatch-Waxman [58] Question: Expectations for licensing new products - Management indicated that potential licensing opportunities are to be determined, with a focus on building the pipeline [60] Question: Current prescribing habits for XPHOZAH - Management noted that most physicians are aware of the reimbursement dynamics, and efforts are ongoing to reinforce prescribing habits [90][91] Question: Retention of patients on XPHOZAH therapy - Management confirmed that patients previously covered by Medicare Part D are now accessing XPHOZAH through the patient assistance program [79] Question: Impact of SLR term loan on operations - Management stated that the term loan provides strategic flexibility to support business growth and infrastructure [81] Question: Factors influencing XPHOZAH's peak sales potential - Management emphasized the importance of maintaining access for patients and the effectiveness of the ArdelyxAssist program [96] Question: Strategies for IBSRELA to reach $1 billion sales goal - Management highlighted ongoing sales force expansion and enhanced patient marketing efforts as key strategies [126]

Financial Performance - The company has incurred losses each year since its inception in October 2007, with an accumulated deficit of $885.3 million as of December 31, 2024[105]. - The company generated limited revenue from product sales and may never achieve profitability for a full fiscal year[113]. - The net loss for 2024 was $39.136 million, a reduction from a net loss of $66.067 million in 2023, indicating improved financial performance[374]. - Total revenues for 2024 reached $333.615 million, a significant increase of 168% compared to $124.456 million in 2023[374]. - Product sales, net, surged to $319.196 million in 2024, up from $82.526 million in 2023, reflecting a growth of 287%[374]. - The net loss for the year ended December 31, 2024, was $39,136,000, a significant improvement from a net loss of $66,067,000 in 2023, and $67,207,000 in 2022[379]. - Net cash used in operating activities decreased to $44,809,000 in 2024 from $89,717,000 in 2023, indicating improved operational efficiency[379]. Product Development and Commercialization - The company began commercializing its first product, IBSRELA, in March 2022, and XPHOZAH in November 2023[105]. - The ability to generate product revenue from IBSRELA and XPHOZAH will depend on market size, pricing, and reimbursement availability[114]. - The company faces uncertainties regarding the market acceptance and commercial success of both IBSRELA and XPHOZAH[116]. - The company is dependent on the regulatory approval and market acceptance of IBSRELA and XPHOZAH, with potential adverse side effects impacting commercial success[126]. - The company relies on third-party manufacturers for IBSRELA and XPHOZAH, and any disruptions in their supply could materially harm commercialization efforts[133]. Financing and Capital Requirements - The company will require additional financing to support the growth of IBSRELA and XPHOZAH and to build a product pipeline[111]. - The company has drawn a total of $150 million from the loan agreement, with an option to draw an additional $50 million by June 30, 2025[141]. - The company’s future funding requirements will depend on various factors, including product revenue generation and collaboration partnerships[112]. - The company recorded total reductions to gross product sales for variable consideration amounting to $109.9 million during 2024[369]. - The total estimate of reserves for variable consideration was $27.3 million as of December 31, 2024[369]. Regulatory and Compliance Risks - The company is subject to ongoing regulatory obligations and continued regulatory review for its products IBSRELA and XPHOZAH, which may result in significant additional expenses[186]. - The company must comply with complex regulations regarding the promotion of its products for unapproved uses, which could lead to substantial fines or sanctions if violated[198]. - The company is subject to interest rate risk through its borrowings under the 2022 Loan Agreement, which bear interest at SOFR plus a spread based on its public debt rating[354]. - The company may incur significant costs to comply with new laws and regulations, which could increase operating expenses[166]. Market and Competitive Landscape - The company may face substantial competition in the biotechnology and pharmaceutical industries, with competitors potentially developing products faster or more successfully[143]. - IBSRELA competes with three main prescription products for IBS-C: Linzess, Amitiza, and Trulance, along with generic lubiprostone and over-the-counter treatments[144]. - XPHOZAH is indicated for reducing serum phosphorus in adults with CKD on dialysis, with various phosphate binders available in the U.S. market[145]. - There are at least four phosphate binders currently in development, which may pose additional competition for XPHOZAH[146]. Intellectual Property and Legal Risks - The company relies on a combination of legal measures to protect its intellectual property, but these measures provide only limited protection against competitors[222]. - The success of the company depends on its ability to obtain and enforce patents, and failure to do so could harm its competitive position and profitability[221]. - The company may face significant legal costs and damages if accused of infringing third-party patents, which could delay product development and commercialization[230]. - The company may encounter substantial costs in enforcing patent rights in foreign jurisdictions, which could divert attention from other business aspects[249]. Operational Challenges - The company may experience difficulties in managing growth due to limited managerial, operational, and financial resources[149]. - The company faces risks related to attracting and retaining qualified personnel, which is critical for achieving development and commercial objectives[156]. - The company may face challenges in maintaining relationships with single-source manufacturers, which could expose it to supply chain risks[137]. - The company has experienced significant volatility in its stock price, influenced by various factors including regulatory actions and market conditions[258]. Financial Position and Cash Management - As of December 31, 2024, the company had cash, cash equivalents, and short-term investments totaling $250.1 million[353]. - Cash and cash equivalents rose significantly to $64.932 million in 2024, up from $21.470 million in 2023, marking an increase of 203%[372]. - Total current assets increased to $356.452 million in 2024, compared to $246.111 million in 2023, representing a growth of 45%[372]. - The company does not currently intend to pay dividends on its common stock for the foreseeable future, relying instead on stock price appreciation for shareholder returns[275].