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ARDX

Ardelyx, Inc.

ARDX

Ardelyx, Inc. • NASDAQ
$5.80 ▼ -2.19% (-0.13)
Market Cap $1.39 B
52w High $6.78
52w Low $3.21
Dividend Yield 0%
P/E -25.22
Volume 1.06M
Outstanding Shares 239.47M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $110.329M ▲ $104.341M ▲ $-969K ▲ -0.878% ▲ $-0.004 ▲ $5.834M ▲
Q2-2025 $97.662M ▲ $99.654M ▲ $-19.079M ▲ -19.536% ▲ $-0.08 ▲ $-11.872M ▲
Q1-2025 $74.114M ▼ $98.16M ▲ $-41.144M ▼ -55.514% ▼ $-0.17 ▼ $-33.421M ▼
Q4-2024 $116.129M ▲ $89.74M ▲ $4.645M ▲ 4% ▲ $0.02 ▲ $11.048M ▲
Q3-2024 $98.241M $80.28M $-809K -0.823% $-0.003 $5.059M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $242.705M ▲ $486.17M ▲ $331.89M ▲ $154.28M ▲
Q2-2025 $238.452M ▲ $466.77M ▲ $327.239M ▲ $139.531M ▼
Q1-2025 $213.952M ▼ $410.194M ▼ $264.518M ▲ $145.676M ▼
Q4-2024 $250.1M ▲ $435.754M ▲ $262.465M ▲ $173.289M ▲
Q3-2024 $190.402M $367.863M $209.566M $158.297M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-969K ▲ $365K ▲ $-50.509M ▼ $2.814M ▼ $-47.33M ▼ $209K ▲
Q2-2025 $-19.079M ▲ $-25.342M ▲ $34.923M ▲ $49.656M ▲ $59.237M ▲ $-25.992M ▲
Q1-2025 $-41.144M ▼ $-38.457M ▼ $2.851M ▲ $1.482M ▼ $-34.124M ▼ $-38.782M ▼
Q4-2024 $4.645M ▲ $9.81M ▲ $-41.62M ▼ $49.313M ▲ $17.503M ▲ $9.217M ▲
Q3-2024 $-809K $501K $2.341M $2.697M $5.539M $364K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
License
License
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Product
Product
 $110.00M ▲$70.00M ▼$90.00M ▲$110.00M ▲
Product IBSRELA
Product IBSRELA
 $50.00M ▲$0 ▼$70.00M ▲$80.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Ardelyx’s income statement shows a company moving from a pure R&D story toward a real commercial business. Revenue, while still modest in an absolute sense, has grown meaningfully over the last few years as its products launch and gain traction. Gross margins are healthy, which is typical for successful biotech products and suggests good pricing power once volumes scale. Losses from operations and net income are still negative but have been shrinking steadily, indicating better cost control and early operating leverage as sales grow. The main message: the business is not yet profitable, but the direction of travel is clearly toward smaller losses and potential breakeven if product uptake continues to improve.

Balance Sheet

Balance Sheet The balance sheet shows a company that has strengthened its asset base while still carrying a moderate level of financial risk. Total assets have expanded, reflecting the build-out of the commercial organization and possibly higher receivables and other working-capital items as sales rise. Equity has been rebuilt compared with earlier years, though it has recently flattened, signaling that dilution and/or accumulated losses have stabilized for now. Debt has increased, which provides extra funding but also raises future obligations and interest burden. Cash has recovered from a weak point but is not abundant, so balance-sheet flexibility is better than it was recently but still not fully comfortable for a company that is not yet cash-flow positive.

Cash Flow

Cash Flow Cash flow remains negative but is moving in the right direction. The company continues to burn cash in its day-to-day operations, reflecting ongoing R&D, commercial launch expenses, and general overhead. That said, the yearly cash outflow from operations has been narrowing, which aligns with the improving income statement. Capital spending is minimal, so free cash flow basically mirrors operating cash flow, meaning the main driver of cash use is the core business rather than heavy investment in buildings or equipment. Ardelyx still depends on external financing or existing cash reserves to fund operations, but the trend suggests it is slowly working toward a more self-sustaining profile if revenue keeps scaling.

Competitive Edge

Competitive Edge Ardelyx occupies a focused niche in kidney and gastrointestinal-related conditions, with a distinctive approach that gives it a real, though not unassailable, competitive edge. Its lead compound, tenapanor, is first-in-class and gut-restricted, which differentiates it from traditional systemically absorbed therapies. Having two approved products built on the same core mechanism—IBSRELA and XPHOZAH—provides leverage across two separate but meaningful markets: irritable bowel syndrome with constipation and phosphate management in dialysis patients. Regulatory approvals and clinical data create a high barrier for would-be imitators. At the same time, Ardelyx competes against larger pharmaceutical companies and entrenched standard-of-care treatments, so market access, physician education, and payer coverage will be critical in turning its scientific edge into durable commercial strength.

Innovation and R&D

Innovation and R&D Innovation is the heart of Ardelyx’s story. The company has successfully translated its gut-restricted therapy concept into approved products, which is a significant milestone many small biotechs never reach. Its science centers on modulating a specific transporter in the gut, offering a novel way to treat systemic conditions while limiting side effects. The pipeline, including a next-generation NHE3 inhibitor and potential new uses for tenapanor, suggests there is still room to expand the franchise. Ongoing R&D spending is a double-edged sword: it pressures profitability today but is essential to defend the company’s lead and open new indications and geographies. Ardelyx has also demonstrated resilience and regulatory savvy by navigating setbacks and ultimately securing multiple approvals, which is an intangible but important R&D asset.

Summary

Overall, Ardelyx looks like a biotech transitioning from early-stage development into the commercial growth phase. Revenues are climbing and losses are narrowing, but the company is not yet self-funding and still relies on a mix of cash reserves and debt. Its balance sheet is stronger than in the past but carries more leverage, which heightens the importance of successful product commercialization. The main strengths lie in its first-in-class mechanism, differentiated products, intellectual property, and proven ability to win regulatory approvals. Key risks include execution on sales growth, ongoing cash burn, competition from established therapies, and dependence on a relatively small product portfolio built around one core mechanism. The future trajectory will largely depend on how fast IBSRELA and XPHOZAH can scale, how well Ardelyx can manage its expenses, and whether its R&D engine can extend the platform into new indications or next-generation compounds.

NEWS

November 7, 2025 · 4:05 PM UTC

Real-World Evidence Studies of XPHOZAH® (tenapanor) Demonstrate Patient Satisfaction and Reduction in Serum Phosphate with XPHOZAH in Data Presented at ASN Kidney Week

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November 5, 2025 · 8:00 AM UTC

Ardelyx to Participate at the Jefferies Global Healthcare Conference in London

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November 4, 2025 · 8:00 AM UTC

Ardelyx President and Chief Executive Officer Mike Raab to Participate in the Wedbush Rewind American Society of Nephrology 2025 Investor Conference

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October 30, 2025 · 4:01 PM UTC

Ardelyx Reports Third Quarter 2025 Financial Results and Provides Corporate Update

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October 28, 2025 · 8:01 AM UTC

Ardelyx Presents Data that Continues to Support the Benefits of IBSRELA® (tenapanor) at the American College of Gastroenterology's 2025 Annual Meeting

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