Every 10-Q that Ardelyx, Inc. (ARDX) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow ARDX and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ARDX filings page.
Ardelyx, Inc. reported strong top-line growth but remained unprofitable. For the six months ended June 30, 2026, total revenues were $215,350 (in thousands), up 25% year over year, driven by product sales, net of $211,502 (in thousands). Net loss narrowed to $54,326 (in thousands), or $0.22 per share, versus $60,223 (in thousands), or $0.25 per share, a year earlier.
IBSRELA generated $156,317 (in thousands) and XPHOZAH $55,185 (in thousands) in product sales for the first half, reflecting higher demand and pricing. Gross-to-net adjustments increased, lifting the GTN percentage to 35.0% for the half. Cost of sales fell 57% as AstraZeneca royalty costs ended, while research and development and selling, general and administrative expenses rose on CIC Phase 3 trial spending and commercialization support.
Liquidity remained solid, with $281,830 (in thousands) in cash, cash equivalents and short-term investments and $250,000 (in thousands) of term debt outstanding under a loan facility now maturing July 1, 2030 after an April 2026 amendment. Ardelyx continues to emphasize risks from ongoing losses, heavy reliance on IBSRELA and XPHOZAH, and the inclusion of XPHOZAH in the ESRD PPS, which eliminated Medicare Part D coverage and, according to the company, has had a negative and material impact on XPHOZAH revenue and will result in a materially lower pace of revenue growth.
Ardelyx, Inc. reported higher Q1 2026 revenue but remains unprofitable as it invests heavily in commercialization and pipeline growth. Total revenues reached $94.5 million, up from $74.1 million, driven mainly by product sales.
Net product sales were $93.4 million, led by IBSRELA at $70.1 million (up 58%) and XPHOZAH at $23.3 million, roughly flat year over year. The company recorded a net loss of $37.6 million, slightly improved from $41.1 million, as operating expenses grew to support marketing and R&D. Ardelyx ended the quarter with $238.1 million in cash, cash equivalents and short-term investments and $203.5 million of long-term debt, and later refinanced its loan facility to extend maturities and lower interest rates.
Ardelyx reported Q3 results with total revenues of $110,329 thousand. Product sales, net were $105,515 thousand, led by IBSRELA at $78,158 thousand (up 92% year over year), while XPHOZAH contributed $27,357 thousand and reflected lower demand and price following its inclusion in the ESRD Prospective Payment System.
Operating expenses were $101,679 thousand. Net loss was $969 thousand. The quarter included $4,789 thousand of non-cash royalty revenue from Japan partner Kyowa Kirin, including a commercialization milestone of approximately $3.4 million tied to a ¥500.0 million trigger.
Cash, cash equivalents and short-term investments were $242,705 thousand as of September 30, 2025. Long-term debt was $202,138 thousand after drawing a $50,000 thousand Term E Loan on June 30, 2025, with options for an additional $100,000 thousand in committed term loans. Shares outstanding were 242,971,838 as of September 30, 2025.
Ardelyx (ARDX) Q2-25 10-Q highlights
Total revenue rose 33% YoY to $97.7 m, driven by 84% growth in IBSRELA sales to $65.0 m. XPHOZAH sales fell 33% to $25.0 m after Medicare moved the drug into the ESRD PPS bundle on 1 Jan 25. Six-month revenue reached $171.8 m (+44%).
Gross margin remained high; cost of goods sold was $12.4 m (12.7% of revenue). Operating expenses climbed 29% to $99.7 m as SG&A spending supporting commercial expansion hit $84.0 m; R&D was $15.7 m. Net loss widened to $19.1 m (-$0.08/sh) versus -$16.5 m (-$0.07/sh) a year earlier; six-month loss totalled $60.2 m.
Balance sheet: cash, equivalents and short-term investments stand at $238.5 m. On 30 Jun 25 Ardelyx drew a new $50 m Term E loan, lifting total debt to $201.4 m; another $100 m is available through 2026. Interest-only payments run to Jul-28, but the blended rate on existing tranches is SOFR + 4–8% plus fees.
Other items: a $5 m milestone from Fosun (China NDA approval) booked in Q1. Non-cash royalty revenue from Kyowa Kirin (Japan) was $1.4 m. The $75 m AstraZeneca termination royalty is now fully amortized. Litigation over CMS bundling of XPHOZAH continues; oral arguments are scheduled for Sep-25.
Liquidity runway is solid, but profitability depends on sustaining IBSRELA momentum and offsetting XPHOZAH reimbursement headwinds.