Ardelyx Reports Third Quarter 2026 Financial Results and Provides Business Update

Ardelyx maintained its full-year outlook as quarterly net loss narrowed, while research and commercial expenses increased.

Rhea-AI Summary

Ardelyx (Nasdaq: ARDX) reported third-quarter 2026 product revenue of $125.5 million, up 19% from the same quarter last year. IBSRELA revenue rose 23% to $96.3 million, while XPHOZAH revenue increased 7% to $29.2 million. Net loss narrowed to $737,000 from $969,000, although operating income fell to $4.023 million from $4.668 million.

Cash, cash equivalents and short-term investments totaled $285.3 million at September 30, versus $264.7 million at year-end 2025. Ardelyx reiterated 2026 revenue guidance of $350–$370 million for IBSRELA and $110–$120 million for XPHOZAH, with operating expenses below $500 million. Enrollment in the Phase 3 ACCEL trial for chronic idiopathic constipation finished ahead of schedule; the company expects initial results in the second half of 2027. A patent covering both commercial formulations is scheduled to issue November 10, 2026, with expiration December 6, 2041.

14 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 11 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointIBSRELA Q3 revenue increased 23% year over year to $96.3 million.
• Moderate pointXPHOZAH Q3 revenue increased 7% year over year to $29.2 million.
• Moderate pointNine-month revenue increased to $343.005 million from $282.105 million in 2025.
• Moderate pointNine-month net loss narrowed to $55.063 million from $61.192 million; loss per share improved to $(0.22) from $(0.25).
• Moderate pointNine-month cost of sales declined to $15.109 million from $28.688 million in 2025.

9 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.2026 IBSRELA revenue guidance reiterated at $350–$370 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 XPHOZAH revenue guidance reiterated at $110–$120 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 operating expense guidance reiterated below $500 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.IBSRELA long-term annual revenue guidance remains $1 billion.
• Minor pointCash, cash equivalents and short-term investments rose to $285.3 million from $264.7 million at year-end 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.ACCEL Phase 3 enrollment completed ahead of schedule; initial results remain expected in the second half of 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.Formulation patent covering IBSRELA and XPHOZAH is scheduled to issue November 10, 2026, expiring December 6, 2041.
• Minor pointQ3 net loss narrowed to $737,000 from $969,000 a year earlier; loss per share remained $(0.00).
• Minor pointQ3 non-cash royalty-related interest expense declined to $1.502 million from $2.188 million a year earlier.

Negative

• Moderate pointLong-term debt increased to $252.360 million at September 30 from $202.834 million at year-end 2025.
• Moderate pointNine-month research and development expenses increased to $71.490 million from $48.671 million in 2025.
• Moderate pointNine-month selling, general and administrative expenses increased to $297.601 million from $250.822 million in 2025.
• Minor pointQ3 research and development expenses increased to $25.199 million from $18.067 million a year earlier.
• Minor pointQ3 selling, general and administrative expenses increased to $93.894 million from $83.612 million a year earlier.

6 minor points

• Minor pointQ3 operating income declined to $4.023 million from $4.668 million a year earlier.
• Minor pointQ3 cost of sales increased to $4.539 million from $3.982 million a year earlier.
• Minor pointQ3 non-cash royalty revenue declined to $604,000 from $4.789 million a year earlier.
• Minor pointQ3 interest expense increased to $5.880 million from $5.796 million a year earlier.
• Minor pointQ3 share-based compensation expense totaled $15.1 million.
• Minor pointDeferred royalty obligation increased to $27.215 million at September 30 from $25.876 million at year-end 2025.

News Explained

As of September 30, 2026, Ardelyx reported long-term debt of $252,360 thousand and a separate deferred royalty obligation related to the sale of future royalties of $27,215 thousand.

Argus 15 min delay 16 alerts

+7.92% vs previous close $3.27 last price 1.4x rel. volume Open Argus

Details

Market move: ARDX +7.92% vs previous close. Q3 2026 earnings report

+10.0% Peak in 10 min

$3.00 – $3.50 Day Range

$844.27M Mkt Cap at Last Price

On Nov 3, the day this news came out, the latest delayed price for ARDX is 7.92% above the previous close. Argus tracked a peak move of +10.0% during the session. Our momentum scanner has recorded 16 alerts for this stock so far that day. The latest delayed price is $3.27.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Total product revenue: $125.5 million IBSRELA revenue: $96.3 million XPHOZAH revenue: $29.2 million +5 more

Total product revenue

$125.5 million

Q3 2026; up 19% year-over-year

IBSRELA revenue

$96.3 million

Q3 2026; up 23% year-over-year

XPHOZAH revenue

$29.2 million

Q3 2026; up 7% year-over-year

Cash, cash equivalents and investments

$285.3 million

As of September 30, 2026

IBSRELA 2026 revenue guidance

$350–$370 million

Full-year 2026 guidance reiterated

XPHOZAH 2026 revenue guidance

$110–$120 million

Full-year 2026 guidance reiterated

Operating expense guidance

Below $500 million

Full-year 2026 guidance reiterated

ACCEL topline data timing

Second half of 2027

Phase 3 trial evaluating tenapanor for CIC

Previous Earnings Reports

1 past event · Latest: Aug 06

Same Type 1 event

1. Aug 06

   Q2 earnings

   24h Move

   -17.9%

   Q2 reported $118.1 million in product revenue and reduced IBSRELA guidance to $350–$370 million.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

phase 3 clinical trial, chronic idiopathic constipation, serum phosphate, contraindicated, +1 more

5 terms

phase 3 clinical trial medical

"completed enrollment ahead of schedule in its Phase 3 clinical trial"

A phase 3 clinical trial is a large-scale study that tests a new medical treatment or drug to determine if it is safe and effective for widespread use. It often involves hundreds or thousands of participants and compares the new treatment to existing options or a placebo. For investors, the results of this phase are crucial, as successful outcomes can lead to regulatory approval and commercial success, while failures may halt development.

chronic idiopathic constipation medical

"treatment of chronic idiopathic constipation (CIC) in adults"

Chronic idiopathic constipation is a long-lasting condition where a person has infrequent or difficult bowel movements and no identifiable medical cause; “idiopathic” means doctors cannot find a specific underlying disease. It matters to investors because it represents a sizable, persistent patient population and a steady market for treatments, diagnostics and clinical trials—think of it as a common plumbing problem that creates ongoing demand for better tools and services.

serum phosphate medical

"showing reductions in serum phosphate following XPHOZAH initiation"

The concentration of inorganic phosphate ions dissolved in blood serum, usually reported in milligrams per deciliter (mg/dL) or millimoles per liter (mmol/L). It indicates the amount of circulating phosphate available for cellular functions and bone mineralization and is regulated by kidneys, parathyroid hormone, vitamin D, and fibroblast growth factor 23; abnormal values commonly reflect altered kidney handling, hormonal disorders, or recent intake and can prompt further clinical or laboratory evaluation.

contraindicated medical

"IBSRELA is contraindicated in patients less than 6 years of age"

An instruction that a drug, treatment, device, or procedure should not be used in a particular situation because it could harm the patient or make the therapy ineffective. For investors, contraindications matter because they narrow who can safely use a product, affect labeling and regulatory approval, limit market size, and raise potential liability — like a clear “do not use” warning that reduces the pool of customers and revenue potential.

share-based compensation financial

"included share-based compensation expense of $15.1 million"

Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Q3 2026 total product revenue of $125.5 million, reflecting 19% growth year-over-year

IBSRELA Q3 2026 revenue growth of 23% year-over-year to $96.3 million

Strong financial position with $285.3 million in cash, cash equivalents and investments as of September 30, 2026

Enrollment completed ahead of schedule in Phase 3 Clinical Trial in CIC

Conference call scheduled for 4:30 PM Eastern Time

WALTHAM, Mass., Nov. 03, 2026 (GLOBE NEWSWIRE) -- Ardelyx Inc. (Nasdaq: ARDX), (“Ardelyx” or the “Company”) a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative medicines that meet significant unmet medical needs, today reported financial results for the third quarter ended September 30, 2026, and provided a business update.

“Our third quarter results reflect the strength of the foundation we’ve built,” said Mike Raab, President and Chief Executive Officer of Ardelyx. “IBSRELA year-over-year growth of 23% is the engine driving total product revenue of over $125 million for the quarter. With our robust tenapanor intellectual property portfolio, and our fully enrolled Phase 3 ACCEL trial for CIC, the value of IBSRELA continues to strengthen. Finally, with over $285 million in cash and investments, and a disciplined capital allocation strategy, we are well positioned to create and deliver significant long-term value.”

Product Revenue
Revenue for IBSRELA^® (tenapanor) during the third quarter of 2026 was $96.3 million, reflecting year-over-year growth of 23%. The growth was driven by increases in total writers and total prescriptions.

Revenue for XPHOZAH^® (tenapanor) during the third quarter of 2026 was $29.2 million, reflecting year-over-year growth of 7%.

2026 Full-Year Guidance and Outlook

• Full-year 2026 revenue guidance for IBSRELA reiterated to be between $350 and $370 million.
• Full-year 2026 revenue guidance for XPHOZAH reiterated to be between $110 and $120 million.
• Full-year 2026 operating expense guidance reiterated to be below $500 million.
• IBSRELA long-term guidance of achieving $1 billion in annual revenue remains.

Pipeline Updates

• The Company has completed enrollment ahead of schedule in its Phase 3 clinical trial, ACCEL, evaluating tenapanor for the treatment of chronic idiopathic constipation (CIC) in adults. The Company is on track to announce topline data in the second half of 2027.
  

Corporate Updates

• The United States Patent and Trademark Office notified the Company that on November 10, 2026, they will issue U.S. Patent No. 12,788,750 titled, “Oral Formulation of a Therapeutic Compound”, with an expiration date of December 6, 2041. This patent will cover the Company’s commercial formulations of both IBSRELA and XPHOZAH.
• In October at the American College of Gastroenterology annual scientific meeting, the Company presented real world data showing that gastrointestinal-related healthcare resource utilization dropped after adults with IBS-C started IBSRELA.
• Also in October, at the American Society of Nephrology Kidney meeting, the Company presented real-world data showing reductions in serum phosphate following XPHOZAH initiation in adults on dialysis with or without phosphate binders.
  

Third Quarter 2026 Financial Results

• Cash Position: As of September 30, 2026, the Company had total cash, cash equivalents and short-term investments of $285.3 million, compared to total cash, cash equivalents and short-term investments of $264.7 million as of December 31, 2025.
• Revenues: Total product revenue for the quarter ended September 30, 2026 was $125.5 million, compared to $105.5 million for the quarter ended September 30, 2025, reflecting 19% growth, driven by increased demand.
• R&D Expenses: Research and development expenses were $25.2 million for the quarter ended September 30, 2026, compared to $18.1 million for the quarter ended September 30, 2025. The increase was primarily related to investments in the ACCEL Phase 3 trial for CIC.
• SG&A Expenses: Selling, general and administrative expenses were $93.9 million for the quarter ended September 30, 2026, compared to $83.6 million for the quarter ended September 30, 2025. The increase was related to deliberate investments to address the access barriers and drive future adoption of IBSRELA.
• Net Loss: Net loss for the quarter ended September 30, 2026 was $0.7 million, or $(0.00) per share, compared to net loss of $1.0 million, or $(0.00) per share, for the quarter ended September 30, 2025. The net loss for the third quarter of 2026 included share-based compensation expense of $15.1 million.
  

Conference Call Details
The company will host a conference call today, November 3, 2026, at 4:30 PM ET to discuss today’s announcement. To participate in the conference call, please dial (877) 346-6112 (domestic) or +1 (848) 280-6350 (international) and ask to be joined into the Ardelyx call. A webcast of the call can also be accessed by visiting the Investor page of the company’s website, https://ardelyx.com/, and will be available on the website following the call.

IMPORTANT SAFETY INFORMATION (IBSRELA)

WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTS
IBSRELA is contraindicated in patients less than 6 years of age; in nonclinical studies in young juvenile rats administration of tenapanor caused deaths presumed to be due to dehydration. Avoid use of IBSRELA in patients 6 years to less than 12 years of age. The safety and effectiveness of IBSRELA have not been established in patients less than 18 years of age.

CONTRAINDICATIONS

• IBSRELA is contraindicated in patients less than 6 years of age due to the risk of serious dehydration.
• IBSRELA is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction.

WARNINGS AND PRECAUTIONS
Risk of Serious Dehydration in Pediatric Patients

• IBSRELA is contraindicated in patients below 6 years of age. The safety and effectiveness of IBSRELA in patients less than 18 years of age have not been established. In young juvenile rats (less than 1 week old; approximate human age equivalent of less than 2 years of age), decreased body weight and deaths occurred, presumed to be due to dehydration, following oral administration of tenapanor. There are no data available in older juvenile rats (human age equivalent 2 years to less than 12 years).
• Avoid the use of IBSRELA in patients 6 years to less than 12 years of age. Although there are no data in older juvenile rats, given the deaths in younger rats and the lack of clinical safety and efficacy data in pediatric patients, avoid the use of IBSRELA in patients 6 years to less than 12 years of age.

Diarrhea
Diarrhea was the most common adverse reaction in two randomized, double-blind, placebo-controlled trials of IBS-C. Severe diarrhea was reported in 2.5% of IBSRELA-treated patients. If severe diarrhea occurs, suspend dosing and rehydrate patient.

MOST COMMON ADVERSE REACTIONS
The most common adverse reactions in IBSRELA-treated patients (incidence ≥2% and greater than placebo) were: diarrhea (16% vs 4% placebo), abdominal distension (3% vs <1%), flatulence (3% vs 1%) and dizziness (2% vs <1%).

INDICATION
IBSRELA (tenapanor) is indicated for the treatment of Irritable Bowel Syndrome with Constipation (IBS-C) in adults.

Please see full Prescribing Information, including Boxed Warning, for additional risk information.

IMPORTANT SAFETY INFORMATION (XPHOZAH)

CONTRAINDICATIONS
XPHOZAH is contraindicated in:

• Pediatric patients under 6 years of age
• Patients with known or suspected mechanical gastrointestinal obstruction

WARNINGS AND PRECAUTIONS
Diarrhea
Patients may experience severe diarrhea. Treatment with XPHOZAH should be discontinued in patients who develop severe diarrhea.

MOST COMMON ADVERSE REACTIONS
Diarrhea, which occurred in 43-53% of patients, was the only adverse reaction reported in at least 5% of XPHOZAH-treated patients with CKD on dialysis across trials. The majority of diarrhea events in the XPHOZAH-treated patients were reported to be mild-to-moderate in severity and resolved over time, or with dose reduction. Diarrhea was typically reported soon after initiation but could occur at any time during treatment with XPHOZAH. Severe diarrhea was reported in 5% of XPHOZAH-treated patients in these trials.

INDICATION
XPHOZAH (tenapanor), 30 mg BID, is indicated to reduce serum phosphorus in adults with chronic kidney disease (CKD) on dialysis as add-on therapy in patients who have an inadequate response to phosphate binders or who are intolerant of any dose of phosphate binder therapy.

For additional safety information, please see full Prescribing Information.

About Ardelyx
Ardelyx is a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative medicines that meet significant unmet medical needs. Ardelyx has two commercial products approved in the United States, IBSRELA^® (tenapanor) and XPHOZAH^® (tenapanor). The company’s pipeline includes the Phase 3 development of IBSRELA for chronic idiopathic constipation (CIC) and RDX10531, a next-generation NHE3 inhibitor with potential application across multiple therapeutic areas. Ardelyx works with partners to develop and commercialize its products outside of the United States. For more information, please visit https://ardelyx.com/ and connect with us on X (formerly known as Twitter), LinkedIn and Facebook.

Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Ardelyx, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securities Reform Act of 1995, including Ardelyx’s current expectations regarding: the long term potential for Ardelyx’s existing commercial products; our efforts towards profitability; opportunities for continued IBSRELA growth, including our expectation for achieving $1 billion in annual revenue; our U.S. net product sales revenue and operating expense guidance for full year 2026; our capital allocation strategy; the scope and duration of our intellectual property protection; and our expectations and timing regarding pipeline development activities, including the expected topline readout of the Phase 3 ACCEL trial. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control, that could cause actual outcomes or results to differ materially from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, Ardelyx’s ability to successfully commercialize IBSRELA and XPHOZAH; coverage and reimbursement decisions by government and commercial payors, including prior authorization and step-edit requirements; market acceptance of our products and the effectiveness of our commercial initiatives; competition, including from generic products; Ardelyx’s ability to achieve its financial guidance and long-term revenue expectations and reach profitability when anticipated; the timing, progress and results of clinical trials, including the ACCEL trial; the risk that real-world analyses may not predict future results or outcomes in broader patient populations; Ardelyx’s ability to obtain, maintain and enforce its intellectual property rights; reliance on third-party manufacturers and suppliers; and uncertainties regarding U.S. and foreign regulatory processes. Forward-looking statements speak only as of the date of this press release, and Ardelyx undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Ardelyx’s business in general, please refer to Ardelyx’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 3, 2026, and its future current and periodic reports to be filed with the Securities and Exchange Commission.

Investor Contact:
Lisa Caperelli
SVP, Investor Relations & Corporate Communications
lcaperelli@ardelyx.com

Ardelyx, Inc. Condensed Balance Sheets (Unaudited) (in thousands)
	September 30, 2026			December 31, 2025
Assets
Cash and cash equivalents	$	46,317		$	67,999
Short-term investments		239,021			196,690
Accounts receivable		93,441			71,848
Prepaid commercial manufacturing		17,161			14,479
Inventory		157,559			123,107
Property and equipment, net		1,570			2,184
Right-of-use assets		3,692			4,795
Prepaid and other assets		28,764			20,502
Total assets	$	587,525		$	501,604
Liabilities and stockholders’ equity
Accounts payable	$	33,657		$	19,235
Accrued compensation and benefits		17,592			19,108
Current portion of operating lease liability		1,579			1,479
Deferred revenue		19,196			14,905
Accrued expenses and other liabilities		71,880			51,218
Long-term debt		252,360			202,834
Deferred royalty obligation related to the sale of future royalties		27,215			25,876
Total stockholders’ equity		164,046			166,949
Total liabilities and stockholders’ equity	$	587,525		$	501,604

Ardelyx, Inc. Condensed Statements of Operations (Unaudited) (in thousands, except share and per share amounts)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenues
Product sales, net
IBSRELA	$	96,286			$	78,158			$	252,603			$	187,606
XPHOZAH		29,169				27,357				84,354				75,800
Total product sales, net		125,455				105,515				336,957				263,406
Product supply revenue		1,380				—				3,710				6,439
Licensing revenue		216				25				363				5,065
Non-cash royalty revenue related to the sale of future royalties		604				4,789				1,975				7,195
Total revenues		127,655				110,329				343,005				282,105
Costs and operating expenses
Cost of sales(1)		4,539				3,982				15,109				28,688
Research and development		25,199				18,067				71,490				48,671
Selling, general and administrative		93,894				83,612				297,601				250,822
Total costs and operating expenses		123,632				105,661				384,200				328,181
Income (loss) from operations		4,023				4,668				(41,195	)			(46,076	)
Interest expense		(5,880	)			(5,796	)			(16,436	)			(14,343	)
Non-cash interest expense related to the sale of future royalties		(1,502	)			(2,188	)			(4,086	)			(6,478	)
Other income, net		2,712				2,449				6,862				6,667
Loss before provision for income taxes		(647	)			(867	)			(54,855	)			(60,230	)
Provision for income taxes		90				102				208				962
Net loss	$	(737	)		$	(969	)		$	(55,063	)		$	(61,192	)
Net loss per share of common stock - basic and diluted	$	(0.00	)		$	(0.00	)		$	(0.22	)		$	(0.25	)
Shares used in computing net loss per share - basic and diluted		250,007,187				241,908,407				247,991,715				240,165,744
(1) Prior year amounts have been reclassified to conform to the current year presentation.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Ardelyx's third-quarter 2026 product sales?

Ardelyx recorded $125.5 million in third-quarter 2026 product revenue, up 19% year over year. IBSRELA contributed $96.3 million, growing 23%, and XPHOZAH contributed $29.2 million, growing 7%.

When does Ardelyx expect results from the ACCEL Phase 3 trial?

Ardelyx expects initial ACCEL results in the second half of 2027. Enrollment finished ahead of schedule in the Phase 3 trial evaluating tenapanor for adults with chronic idiopathic constipation.

Why did Ardelyx's research and commercial expenses increase in the third quarter of 2026?

Ardelyx attributed higher research expenses primarily to the ACCEL Phase 3 trial and higher selling, general and administrative expenses to investments addressing access barriers and supporting future IBSRELA adoption.