Financial Data and Key Metrics Changes - In Q2 2025, the company generated $16 million in net revenue, representing a 99% increase compared to Q2 2024 [5] - Approximately 20,200 doses of Furosex were filled, marking a 117% increase over Q2 2024 and a 45% increase over Q1 2025 [6] - The gross to net discount for Furosex in Q2 2025 was approximately 27%, with an anticipated increase to around 30% in Q3 2025 [15][16] - The company ended Q2 2025 with $40.8 million in cash and cash equivalents, down from $75.5 million at the end of 2024 [16] Business Line Data and Key Metrics Changes - The majority of the increase in doses shipped came from cardiology, while nephrology had just started to contribute [6] - The company launched Feroxix into nephrology in late April 2025, with a faster uptake observed compared to the cardiology launch [7] - The number of unique prescribers reached approximately 4,700, with expectations for steady growth as the company expands further into nephrology [12] Market Data and Key Metrics Changes - The growing number of Part D patients reaching their out-of-pocket maximums positively impacted Q2 performance [8] - The company anticipates continued growth in the IDN business segment, which has been performing above internal expectations [9][14] Company Strategy and Development Direction - The company remains optimistic about Furosex's future, particularly with the expanded CKD indication, favorable Part D dynamics, and the launch of the auto injector [11] - The proposed ambulatory specialty model by CMS is expected to enhance the management of heart failure and could provide a significant tailwind for Furosex [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing commercialization and marketing of Furosex, highlighting key growth drivers such as nephrology uptake and IDN business advancements [6][9] - The company is focused on reaching profitability and is evaluating impacts of tariffs, FX fluctuations, and increased COGS [34] Other Important Information - The company is on track for the submission of its sNDA for the auto injector in the current quarter, which is expected to significantly reduce COGS [10] Q&A Session Summary Question: Can you talk about the growth in cardiology and Class IV heart failure patients? - Management noted that fill rates increased in Q2 and anticipate continued growth in Q3 and Q4, driven by lower co-pays [21][22] Question: What are the early learnings from the CKD launch? - The nephrology launch is progressing well, with faster adoption rates compared to cardiology, and nephrologists tend to write larger prescriptions [25][33] Question: Can you provide details on the CKD launch trajectory and cash runway? - The majority of doses shipped in Q2 were for heart failure, with nephrology expected to have a meaningful impact starting in Q3. The company has access to additional capital if needed [31][34] Question: What is the timeline for the ASM program and its implementation? - The ASM program is anticipated to roll out in January 2027, with data collection starting then and implementation affecting payments in 2028 [37][39] Question: How has the Medicare Part D redesign impacted the business? - The redesign has shifted from a headwind to a tailwind, contributing to significant growth in new prescriptions written [42][44]