$ARDX Mike Raab has been CEO since 2009, which is not a career. It’s a hostage situation with stock options. Seventeen years. Two products. Still not profitable. Still collecting ~$8 million. Still telling the room the model is fine if you just squint at 2042 instead of 2033. This year he reiterated $410–430M for IBSRELA like it was carved in marble. Then August arrived and marble became “payer restrictions were not something one would anticipate.” Brother, prior auth is not a meteor. It does not sneak up on a commercial-stage GI company. You just didn’t want to move the number until the quarter moved it for you. Then he pulled the $750M XPHOZAH peak with the same straight face he used to put it on the slide. IBSRELA is still “a billion-dollar drug.” The date of the billion is
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