Ryan Maynard: Hi, David. Thanks for the question. This is Ryan. So a couple of things on the runway guidance. First of all, it’s consistent with the guidance that was given at the end of Q3. So that was as well, first half of 2024. And you’re correct. The expectation that is in this very conservative guidance is definitely a conservative haircut both on our own internal projections, as well as the projections of our partner. So, we’re still in the first year of launch. I wanted to be consistent on this guidance, but I wouldn’t look into anything on that map that you’re doing as it relates to our expectations for KORSUVA. As far as your second question on — I’ll pass that to Chris.
Chris Posner: Yes. David, on your second question. I mean, we expected variability. I mean, we’re within the first year of launch. And this is a unique dialysis patient ecosystem. And we did expect some variability. We’ll be truthful here and that what was surprising was FMC’s Q3 strategy with that large purchase, as we mentioned on the Q3 call. I think I used the word pleasantly surprised, too, because this strategy, what they invested in was to activate their entire network certainly shows their commitment. And I do know that their executive team is fully committed to getting this product to patients that are appropriate for it. So that was a surprising part. But, what’s really important to point out is that we’re seeing the fruits of that now.
We’re seeing the acceleration, as we exited Q4, and we’re actually seeing it accelerate even more in the first eight weeks of Q1. It’s actually nearly double than what we saw in coming out of Q4. So, we’re actually quite — we’re quite confident in terms of the future performance of this drug.
David Amsellem: If I may just follow-up. Is it something where we should be at all concerned about the magnitude of the inventory drawdown? I mean, in other words, I guess I’ll ask the question differently. If demand was indeed robust, would we have seen this kind of magnitude of inventory drawdown?
Chris Posner: Well, I mean, — so the question, maybe I’ll phrase it a little differently, if you don’t mind. Should — or would we have expected this to burn down quicker in Q4, essentially, right? I mean, that’s kind of what you’re asking, is this one at a time in a way, right? So, what I’d say to that, David, is that, we are building a market from scratch and this market has many stakeholders, as you know, right? In clinic, dialysis care teams, nephrologists, and their affiliated nurses, and patients. I will tell you, CSL Vifor and their JV partner Fresenius, namely, have done a really strong job at working the elements of the dialysis patient ecosystem. And while all this is happening, you got to remember, there’s — and I’ll speak to Fresenius.
There’s 2,600, plus clinics at Fresenius, and they all have different characteristics, in terms of staffing, how they adopt a product, and some tend to be a little in front of others or a little behind others. But bottom-line is, and I will say the FMC C-suite is putting product on the shelves, and they’re making it available to get it used. And the trends are really encouraging towards the end of Q4, and they’ve accelerated into Q1. So, I think it’s one of time. And we’re seeing really, really positive trends coming out of Q4 and these first eight weeks of Q1 give us even more confidence as we progress forward.
Operator: Our next question comes from AJ Velasquez-Mao with Jefferies.
AJ Velasquez-Mao: This is AJ for Chris. You mentioned that you’re still seeing more clinics come on line and that reorder rates are growing? Could you give us either an — order of magnitude on those rates or some kind of percent capture?
