16 Annual Report

THE GATEWAY TO BETTER HEALTH

We are committed to bringing effective medicines with distinct safety and dosing advantages to underserved patients by using the gut as the gateway to better health.

A message from our CEO

Mike Raab, CEO

When we look back at the performance of the company in 2016, it is clear that our successes were the result of years of hard work and our long-standing commitment to our vision of dramatically enhancing the way patients with cardiorenal and gastrointestinal (GI) diseases are treated. The achievements of 2016 have paved the path toward our goal of becoming a leading, fully integrated, revenue-generating biotechnology company.

Full Stockholder Letter

2016
A Year In Review

42
EMPLOYEES
joined in 2016,
nearly doubling
staff to 100+

Multiple
PHASE 3
TRIALS UNDERWAY

3
BUSINESS
PORTFOLIOS

(Cardiorenal,
GI and Discovery)

$201M
MILLION IN CASH*
WITH $0 DEBT
12/31/16

2K+
PATIENTS TREATED WITH TENAPANOR;
19 CLINICAL TRIALS

*Cash, cash equivalents and short-term investments

Bi-Coastal TEAM WITH ACCESS TO TOP TALENT

One Company.
Three Components.

As we prepare for potential commercialization of our late-stage programs, we've established three unique business portfolios to streamline our efforts as an integrated company. Across each of these portfolios remains our underlying approach to developing medicines - using the gut as the gateway to better health.

Our Patients
DRIVE US FORWARD

We are a passionate team with strong culture built on integrity.
We don’t come to work just to do a job, we come to make a difference.

OUR CULTURE

Deliver
2021

2016 was an important stepping stone as we work to deliver on our 2021 vision. We plan to work tirelessly in an effort to achieve our goals.

Independent, fully integrated, revenue-generating biotech company

Profitable cardiorenal business

Double-digit growth in GI business

Approval in 4+ cardiorenal and GI diseases

Robust pipeline of 4 Phase 2 assets with 1 IND filing per year

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