Ardelyx (NASDAQ: ARDX) shares preliminary 2025 IBSRELA, XPHOZAH sales and cash

Rhea-AI Filing Summary

Ardelyx, Inc. reported preliminary, unaudited product sales for 2025. U.S. net product sales revenue of IBSRELA® (tenapanor) was approximately $87 million in the fourth quarter and approximately $274 million for the full year ended December 31, 2025. U.S. net product sales revenue of XPHOZAH® (tenapanor) was approximately $28 million in the fourth quarter and approximately $104 million for the full year.

The company also indicated it had approximately $265 million in cash, cash equivalents, and short-term investments as of December 31, 2025, on an unaudited basis. All figures are preliminary, may be adjusted during the audit process, and have not been audited or reviewed by Ernst & Young LLP.

Insights

Biopharma financial analyst

Ardelyx pre-announces strong 2025 product sales and cash balance, all unaudited.

Ardelyx disclosed preliminary 2025 commercial performance for its two tenapanor products. IBSRELA® generated approximately $87 million in U.S. net product sales in Q4 and about $274 million for the full year ended December 31, 2025. XPHOZAH® contributed approximately $28 million in Q4 and about $104 million for the same full-year period, highlighting growing contribution from both brands.

The company also reported holding around $265 million in cash, cash equivalents, and short-term investments as of December 31, 2025, which provides a meaningful liquidity cushion based on the disclosed revenue scale. Management emphasized that these numbers are unaudited and may change once year-end financial statements are prepared. Ernst & Young LLP has not performed assurance procedures on these figures, so investors will need the upcoming audited statements to confirm the final results.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 8, 2026

ARDELYX, INC.

(Exact name of registrant as specified in its charter)

Delaware			001-36485			26-1303944
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification Number)

400 FIFTH AVE., SUITE 210, WALTHAM, MASSACHUSETTS 02451

(Address of principal executive offices, including Zip Code)

Registrant’s telephone number, including area code: (510) 745-1700

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

ARDX

The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

Item 2.02    Results of Operations and Financial Condition.

On January 8, 2026, Ardelyx, Inc. (the “Company”) announced:

•Unaudited U.S. net product sales revenue of IBSRELA® (tenapanor) of approximately $87 million for the fourth quarter ended December 31, 2025, and approximately $274 million for the full year ended December 31, 2025.

•Unaudited U.S. net product sales revenue of XPHOZAH® (tenapanor) of approximately $28 million for the fourth quarter ended December 31, 2025, and approximately $104 million for the full year ended December 31, 2025.

The Company also announced that as of December 31, 2025, it had cash, cash equivalents, and short-term investments of approximately $265 million, unaudited.

These amounts are preliminary and are subject to adjustment in connection with preparation of audited financial statements. As a result, these amounts may differ materially from the amounts that will be reflected in the Company’s financial statements for the year ended December 31, 2025.

The preliminary financial data included in this Current Report on Form 8-K has been prepared by, and is the responsibility of, the Company’s management. Ernst & Young LLP has not audited, reviewed, examined, compiled, nor applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, Ernst & Young LLP does not express an opinion or any other form of assurance with respect thereto.

Item 8.01    Other Events.

The information set forth in Item 2.02 is incorporated into this Item 8.01 by reference.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 8, 2026			ARDELYX, INC.
			By:			/s/ Susan Hohenleitner
						Susan Hohenleitner
						Chief Financial Officer

FAQ

What preliminary 2025 sales did Ardelyx (ARDX) report for IBSRELA?

Ardelyx reported unaudited U.S. net product sales revenue of IBSRELA® of approximately $87 million for the fourth quarter and approximately $274 million for the full year ended December 31, 2025.

What preliminary 2025 sales did Ardelyx (ARDX) report for XPHOZAH?

The company reported unaudited U.S. net product sales revenue of XPHOZAH® of approximately $28 million for the fourth quarter and approximately $104 million for the full year ended December 31, 2025.

How much cash and investments did Ardelyx (ARDX) have at year-end 2025?

Ardelyx stated that as of December 31, 2025, it had approximately $265 million in cash, cash equivalents, and short-term investments, on an unaudited basis.

Are Ardelyx’s reported 2025 figures audited or final?

No. The company noted that all the sales and cash figures are preliminary and unaudited and may change during preparation of its audited financial statements for the year ended December 31, 2025.

Did Ardelyx’s independent auditor review these preliminary numbers?

Ardelyx disclosed that Ernst & Young LLP has not audited, reviewed, examined, compiled, or applied agreed-upon procedures to the preliminary financial data and does not express any opinion or assurance on it.

Which products drove Ardelyx’s reported 2025 revenues?

The preliminary 2025 revenues disclosed relate to U.S. net product sales of IBSRELA® (tenapanor) and XPHOZAH® (tenapanor).