- Strong omaveloxolone results in Friedreich’s Ataxia (FA) was a surprise and could generate over a billion in sales. Importantly, their Nrf2 activators hold promise to treat many other neurodegenerative indications beyond FA

- Moving forward, attention will shift back to bardoxolone with Alport Syndrome readout expected this quarter, and CTD-PAH by 1H20

- The bear case still centers on hyperfiltration and an abundance of caution given 2012 safety issues in BEACON. Reata appears to have put these issues to rest with its consistent results since 2012

- As Reata continues to validate its MOA, bulls see the platform growing into many other indications, including four others currently being studied in CKD.

- Reata's bardoxolone molecule holds the potential to impact numerous kidney diseases due to its fundamental mechanism of action in reducing inflammation and enhancing energy production in the cell.

- Reata's trial results studying bardoxolone's impact on Alport Syndrome were a strong counter to the bear thesis on hyperfiltration and safety, which had lingered for some time.

- Upside for the stock lies in the potential for bardoxolone to impact several other rare kidney diseases. Bardoxolone has now been validated by numerous trials.

- Risk lies in the early stage of several studies, small sample sizes, and high investor expectations.