There will be two alternative IgAN therapies on the US market by the last week of February 2023 as the FDA gives the green light to Sparsentan. This is a tougher situation for the queue (the 3rd and 4th to the market behind Tarpeyo and FILSPARI) but no change in threat to Calliditas at this stage. We regard any adverse share price reaction as a buying opportunity on the back of this approval.