Core Insights - IBSRELA achieved 73% revenue growth in 2025, driven by a first-in-class mechanism that addresses 77% of IBS-C patients who remain symptomatic on secretagogues [1] - Management executed a patient-first strategy for XPHOZAH, maintaining access for all appropriate patients despite the loss of Medicare Part D reimbursement [1] - The company strengthened its intellectual property moat with a new formulation patent for IBSRELA and XPHOZAH that extends protection until 2042 [1] Operational Performance - Operational performance was bolstered by a disciplined capital allocation strategy, ending 2025 with a higher cash balance than the prior year despite increased R&D and SG&A spend [1] - Strategic expansion into the Chronic Idiopathic Constipation (CIC) market is intended to align IBSRELA with real-world prescribing habits where physicians manage a continuum of functional gut disorders [1] New Developments - The launch of RDX-10531 (531) leverages internal expertise in NHE3 inhibition to potentially extend the company's reach into new therapeutic areas beyond gastrointestinal health [1]