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Ardelyx, Inc. has a significant shareholder group led by investment entities affiliated with Millennium. Integrated Core Strategies (US) LLC reports beneficial ownership of 12,030,115 shares of Ardelyx common stock, representing 4.8% of the class, all with shared voting and dispositive power and no sole power. Millennium Management LLC, Millennium Group Management LLC and Israel A. Englander each report beneficial ownership of 14,200,773 shares, or 5.7% of the outstanding common stock, again entirely on a shared basis for both voting and dispositive power and with no sole authority. The filing explains that these securities are held by entities over which Millennium Management LLC and related managers exercise voting control and investment discretion, and it includes language stating that this structure should not, by itself, be construed as an admission of beneficial ownership by Millennium Management LLC, Millennium Group Management LLC or Mr. Englander.
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 reported record second-quarter 2026 results, with total product revenue of $118.1 million for the quarter ended June 30, 2026, a 31% year-over-year increase driven by strong demand for IBSRELA and XPHOZAH. IBSRELA generated $86.2 million, up 33%, and XPHOZAH $31.9 million, up 27%.
The company recorded a net loss of $16.7 million, or $(0.07) per share, compared with a net loss of $19.1 million, or $(0.08) per share, a year earlier. As of June 30, 2026, cash, cash equivalents and short-term investments totaled $281.8 million, including a $50 million debt drawdown on June 29, 2026.
Full-year 2026 IBSRELA revenue guidance was revised to $350–$370 million from $410–$430 million, while XPHOZAH guidance of $110–$120 million was reiterated and operating expense guidance was lowered to below $500 million. Ardelyx maintains its $1 billion long-term IBSRELA revenue goal, is advancing the Phase 3 ACCEL trial in chronic idiopathic constipation with top-line data expected in the second half of 2027, and continues development of next-generation NHE3 inhibitor RDX10531.
Ardelyx, Inc. President & CEO Michael Raab reported several stock transactions. On July 15, 2026 he sold 41,668 common shares at a weighted average of $5.062 per share, in trades ranging from $5.03 to $5.12, under a Rule 10b5-1 trading plan adopted on November 7, 2025. He also exercised stock options for 20,834 shares at an exercise price of $0.99 per share, leaving 1,720,034 directly held common shares, trust holdings of 24,364 shares in the Michael G. Raab Living Trust and 1,000 shares in trusts for his children, and 290,834 remaining stock options at a $0.99 exercise price expiring January 6, 2032.
Ardelyx, Inc. drew a new $50.0 million Term F Loan under its existing loan and security agreement with SLR Investment Corp. and other lenders to fund general corporate purposes and support strategic initiatives. The loan matures on July 1, 2030 and carries interest at 4.55% plus the greater of the 1‑month SOFR reference rate or 3.5%. Ardelyx is permitted to make interest‑only payments on this loan until maturity. The agreement includes customary events of default that could make the debt immediately due and allow the lenders to enforce on collateral, including the company’s cash, with default interest of an additional 4.0% per annum during any default period.
Ardelyx, Inc. Chief Patient Officer Laura A. Williams reported an open-market sale of 81,898 shares of common stock at a weighted average price of $5.989 per share. The sale was made pursuant to a Rule 10b5-1 trading plan adopted on March 19, 2026, and the trades occurred in a price range from $5.97 to $6.0086. Following the sale, Williams directly holds 378,195 shares of Ardelyx common stock. On the same date, she also exercised a stock option to acquire 31,000 shares at an exercise price of $0.99 per share, reducing the outstanding option grant tied to those shares.
ARDELYX, INC. director Merdad Parsey reported equity compensation awards rather than open-market trades. He received 26,455 restricted stock units, each convertible into one share of common stock upon vesting, granted under the company’s Non-Employee Director Compensation Program.
He was also granted an option for 39,715 shares of common stock at an exercise price of $5.67 per share, expiring in 2036. The option vests in equal monthly installments over 12 months, with any unvested portion vesting in full at the next annual stockholder meeting, subject to continued service. Following these awards, he directly holds 83,746 shares of common stock.
Laura A. Williams submitted a notice of proposed sale under Form 144 for Common Stock. The filing lists 31,000 shares tied to an exercise of stock options dated 06/18/2026 and 50,898 shares associated with Restricted Stock Units dated 11/19/2022. The filing also discloses prior sales of 6,989 shares on 05/21/2026 for $43,803.56. The broker of record is Morgan Stanley Smith Barney LLC.
ARDELYX director Richard J. Rodgers received new equity awards as part of the Non-Employee Director Compensation Program. He acquired 26,455 restricted stock units and a stock option for 39,715 shares at $5.67 per share, bringing his direct holdings to 439,998 common shares.
The RSUs convert into one share each upon vesting. The option vests monthly over 12 months and any unvested portion accelerates at the next annual stockholder meeting, subject to his continued service.
ARDELYX, INC. director David M. Mott reported equity awards under the company’s Non-Employee Director Compensation Program. He received two grants of Common Stock totaling 46,737 shares at no cash cost and a stock option for 39,715 shares at an exercise price of $5.67 per share, expiring on June 16, 2036. Footnotes explain that some shares are held for entities associated with New Enterprise Associates and that restricted stock units and the option vest over time, with acceleration tied to the next annual stockholders’ meeting.