Nefecon is the first potential drug for IgAN, an orphan disease with a blockbuster potential of 4-5 billion USD. The European market is around half the potential of the US and China also appears to be an interesting market, however not an Orphan in China. With Approved priority review from FDA, very good security profile and orphan disease we expect it to be approved on the PDUFA date September 15th. The consensus target price (Base case) is 50 USD and does not include European or Chinese sales with conservative prices on Nefecon. Owner picture: BVF Partners is the largest shareholder with 12,7% of Calliditas. (US specialised biotech fund) Bengt Julander is the founder of the company and holds +10% of the company. Renée CEO owns shares for 5M USD+ Stock: Low volume and almost no free float in USA, since only BVF and other institutional owners hold US shares, arrowstreet capital is short +0,6% of total shares. Currently trading UNDER bear case. Competitors: Omeros, Novartis and is many years behind Calliditas. The first competitor on the horizon is Omeros who are at least two years behind and is not an oral formulation as Nefecon, which significantly impacts the potential sales opportunity. Novartis is another oral drug but is yet to start their Phase 3, likely 4-5 years behind Calliditas. Calliditas has also met all primary endpoints.