$ARDX Agree. 17 years is long enough. Raab has been CEO since March 2009. Still no GAAP profit. After Q2 they cut IBSRELA guidance from $410–$430M down to $350–$370M, blaming step edits and tighter prior auth they said no one would have anticipated. Stock dropped ~18% the next day. They already let Susan Rodriguez walk. She was the commercial lead who actually built IBSRELA. After she left, the C-suite kept rotating. CFO Justin Renz is gone. CMO Ed Conner left. CLO Elizabeth Grammer retired. CCO Eric Foster just resigned, effective August 28. That’s a lot of commercial and finance leadership cycling out while the company is still losing money. Share count is the other tell. Weighted average shares were ~104M at year-end 2021. Now it’s ~249M. Dilution has been the gift t
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