S1P Modulating Agents

A compound of formula (I):

• wherein:
• A1 is —CH═ or —N═;
• A2 is —CH═ or —N═;
• A3 is —CH2—, —CH═, or —N═;
• A4 is —CH2—, —CH═, or —N═;
• A5 is —CH2—, —CH═, or —N—;
• A6 is —CH═ or —N═;
• W is —O—, ═CR5—, or —CHR5—;
• R5 is hydrogen, halo, alkyl, or haloalkyl;
• Cy is a 4- to 7-membered cycloalkyl group, a 4- to 7-membered cycloalkenyl group, or Cy is a 4- to 7-membered heterocycloalkyl group having 1 heteroatom which is O;
• wherein Cy is optionally substituted by one to four R1;
• each R1, independently, is halo, alkyl, haloalkyl, hydroxyalkyl, cycloalkyl, trialkylsilyl, alkoxy, cycloalkoxy, alkoxyalkyl, cycloalkoxyalkyl, or aryl, or two R1, taken together, are C1 to C5 alkylene;
• L1 is —C(O)— or —C(R3)2—;
• each R3, independently, is hydrogen, alkyl, or haloalkyl;
• x is 0, 1, 2, 3, 4, or 5;
• y is 0, 1, 2, 3, 4, or 5;
• wherein the sum of x and y is 4 or 5;
• each Ra and each R1), independently, is hydrogen, halo, hydroxy, —CO2Rc, alkyl, or aryl;
• R2 is —(CH2)nCO2Rc, wherein n is 0 or 1;
• R1 is hydrogen, alkyl, haloalkyl, cycloalkyl, or aryl;
• provided that the compound is not 1-((2-(trans-4-tert-butylcyclohexyloxy)naphthalen-6-yl)methyl)piperidine-4-carboxylic acid, 1-((2-(trans-4-tert-butylcyclohexyloxy)naphthalen-6-yl)methyl)piperidine-3R-carboxylic acid, or 1-((2-(trans-4-tert-butylcyclohexyloxy)naphthalen-6-yl)methyl)piperidine-3S-carboxylic acid;
• or a pharmaceutically acceptable salt thereof.