Welcome to our dedicated page for Ardelyx SEC filings (Ticker: ARDX), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Ardelyx, Inc. filings document a commercial-stage biopharmaceutical company with U.S. product revenue from IBSRELA and XPHOZAH and development activity centered on tenapanor and NHE3 inhibition. Form 8-K reports cover quarterly operating results, preliminary product sales, cash and investment updates, Regulation FD presentation materials, and other material-event disclosures tied to the company’s commercial and clinical programs.
Ardelyx proxy materials describe annual meeting proposals, director elections, say-on-pay matters, auditor ratification, executive compensation, board structure, and stockholder voting mechanics. Additional current reports record officer appointments, executive transitions, transition and separation agreements, compensatory arrangements, governance matters, and disclosure controls relevant to the company’s public-company reporting obligations.
Ardelyx reported full-year 2025 revenue of $407.3 million, up from $333.6 million in 2024, driven by strong growth in its IBSRELA and XPHOZAH franchises. IBSRELA revenue rose to $274.2 million, a 73% increase from $158.3 million, while XPHOZAH revenue was $103.6 million, down from $160.9 million.
The company posted a 2025 net loss of $61.6 million, or $(0.26) per share, compared with a net loss of $39.1 million in 2024, as R&D expenses grew to $71.5 million and SG&A reached $337.2 million. Cash, cash equivalents and short-term investments were $264.7 million as of December 31, 2025.
For 2026, Ardelyx guides to product revenue of $520–$550 million, including IBSRELA revenue of $410–$430 million and XPHOZAH revenue of $110–$120 million, with operating expenses up to $520 million. The company is advancing a Phase 3 ACCEL trial for tenapanor in chronic idiopathic constipation and preparing an IND submission in the second half of 2026 for next‑generation NHE3 inhibitor RDX10531.
The Vanguard Group filed an amended ownership report showing it holds a significant stake in Ardelyx Inc common stock. Vanguard reports beneficial ownership of 18,979,483 shares, representing 7.81% of the outstanding common stock.
Vanguard has no sole voting or dispositive power over these shares, but reports shared voting power over 1,958,646 shares and shared dispositive power over 18,979,483 shares. The filing states the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of Ardelyx.
The filing also notes that, following an internal realignment effective January 12, 2026, certain Vanguard subsidiaries or business divisions that pursue the same investment strategies may report beneficial ownership separately from The Vanguard Group.
Ardelyx, Inc. reported that Senior Vice President of Finance Joseph James Reilly received new equity awards on January 23, 2026. He was granted 46,200 restricted stock units (RSUs), which each convert into one share of common stock upon vesting, at a grant price of $0. He also received a stock option for 69,360 shares of common stock at an exercise price of $7.77 per share, with the option vesting in 48 equal monthly installments starting January 23, 2026, conditioned on continued service. Following these awards, he beneficially owns 156,781 shares of Ardelyx common stock, which includes 1,667 shares acquired through the company’s employee stock purchase plan on August 31, 2025.
Ardelyx, Inc. reported that Chief Business Officer Mike Kelliher received new equity awards on January 23, 2026. He was granted 103,080 restricted stock units, each convertible into one share of common stock upon vesting. He also received a stock option for 154,625 shares of common stock at an exercise price of $7.77 per share, vesting in 48 equal monthly installments starting January 23, 2026, subject to continued service. Following these awards, he directly beneficially owned 374,261 shares of Ardelyx common stock.
Ardelyx, Inc. chief financial officer Susan Hohenleitner reported equity awards consisting of common stock and stock options. On January 23, 2026, she received 85,670 shares of common stock at a price of $0, described as restricted stock units that convert into one share of common stock per unit upon vesting. Following this grant, she beneficially owned 232,566 shares of Ardelyx common stock directly.
On the same date, she was also granted a stock option for 128,505 shares with an exercise price of $7.77 per share and an expiration date of January 23, 2036. The option becomes exercisable as it vests in 48 equal monthly installments starting on January 23, 2026, conditioned on her continued employment or service with Ardelyx.
Ardelyx, Inc. Chief Commercial Officer Eric Duane Foster reported new equity awards and updated his share holdings. On January 23, 2026, he received 137,945 shares of Common Stock for no cash consideration in the form of restricted stock units, each RSU converting into one share upon vesting. Following this grant, he beneficially owned 436,409 shares of Common Stock, which include 2,780 shares previously purchased under the Ardelyx Employee Stock Purchase Plan on August 31, 2025. He was also granted a stock option for 206,915 shares of Common Stock with a $7.77 exercise price, vesting in 48 equal monthly installments beginning on January 23, 2026, contingent on his continued employment.
Ardelyx, Inc. President and CEO Michael Raab reported new equity awards in the form of restricted stock units and stock options. On January 23, 2026, he received 446,220 RSUs at a price of $0, each RSU convertible into one share of common stock upon vesting. On the same date, he was granted a stock option for 669,330 shares of common stock at an exercise price of $7.77 per share, which vests in 48 equal monthly installments starting January 23, 2026, subject to continued service. Following these grants, Raab directly holds 1,902,968 shares of Ardelyx common stock, with additional indirect holdings of 24,364 shares and 1,000 shares through family trusts.
Ardelyx, Inc. reported an equity compensation grant to its Chief Human Resources Officer effective January 23, 2026. The officer received 99,455 restricted stock units (RSUs), with each RSU settling into one share of common stock upon vesting, increasing the officer’s directly held common stock to 265,455 shares. On the same date, the officer was also granted a stock option for 149,185 shares of common stock at an exercise price of $7.77 per share. The option vests in 48 equal monthly installments starting from January 23, 2026, conditioned on continued employment or service, and will remain exercisable until January 23, 2036.
Ardelyx Chief Patient Officer receives new equity awards. Laura A. Williams reported a grant of 82,695 shares of Ardelyx common stock on January 23, 2026, issued at $0 per share as restricted stock units that convert 1-for-1 into common stock when they vest. She also received a stock option for 124,040 shares of common stock at an exercise price of $7.77 per share, granted at no cost. The option vests in 48 equal monthly installments starting January 23, 2026, conditioned on her continued employment or service. Following these transactions, Williams directly beneficially owned 444,258 shares of Ardelyx common stock.
Ardelyx, Inc. reported an equity award to executive John E. Bishop, its Chief Technical and Quality Officer. On January 23, 2026, he received 124,330 shares of Common Stock in the form of restricted stock units, at a price of $0 per share, bringing his directly held Common Stock to 342,330 shares after the grant. He was also granted a stock option for 186,500 shares of Common Stock with an exercise price of $7.77 per share. The option vests in 48 equal monthly installments beginning on January 23, 2026, subject to his continued employment or service, and is exercisable through January 23, 2036.