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.
Eric Duane Foster submitted a notice of proposed sale of 28,415 shares of Common Stock following vesting of restricted stock units on 02/19/2026. The filing also discloses a prior sale of 5,814 shares on 11/21/2025 and lists Morgan Stanley Smith Barney LLC as the broker.
ARDX insider filing notifies a proposed resale of 51,100 shares of common stock through Morgan Stanley Smith Barney LLC, dated 02/20/2026. The filing also lists 108,840 shares issued on 02/19/2026 upon vesting of restricted stock units for services rendered. The filing records a prior sale by Michael Raab of 46,887 shares on 11/21/2025 for $259,608.63.
ARDX submitted a Form 144 notice relating to Common Stock tied to the vesting of restricted stock units. The excerpt shows 5,355 shares associated with vesting on 02/19/2026, with broker Morgan Stanley Smith Barney LLC listed.
Ardelyx filed a Form 144 notice to sell 7,771 shares of common stock following the vesting of restricted stock units on 02/19/2026. The filing lists Morgan Stanley Smith Barney LLC as the broker and indicates the shares relate to services rendered.
ARDX submitted a Form 144 notice regarding Common Stock. The filing lists a 3,000 share entry associated with a broker and a separate 6,216 share item tied to the vesting of restricted stock units dated 02/19/2026.
The broker named is Morgan Stanley Smith Barney LLC; the vesting is shown as for services rendered.
Ardelyx, Inc. filed its Form 10-K describing a commercial-stage biopharma business built around tenapanor, marketed as IBSRELA for IBS‑C and XPHOZAH for dialysis patients with hyperphosphatemia. The company is expanding tenapanor into chronic idiopathic constipation through the Phase 3 ACCEL trial and advancing a next‑generation NHE3 inhibitor, RDX10531.
The filing highlights that XPHOZAH’s inclusion in the ESRD Prospective Payment System on January 1, 2025 eliminated Medicare Part D coverage, causing a negative and material impact on 2025 XPHOZAH revenue and pointing to slower future growth. Ardelyx reports cash, cash equivalents and short‑term investments of $264.7 million and $200 million of term debt outstanding as of December 31, 2025, plus an unused at‑the‑market equity program of up to $100 million. Management emphasizes ongoing losses since inception, reliance on growing IBSRELA and XPHOZAH sales, and potential need for additional financing while it continues to invest in commercialization and pipeline development.
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.