ARDELYX, INC. ARDX

Healthcare SIC 2834 - Pharmaceutical Preparations NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Pharmaceutical Preparation Manufacturing derived Nasdaq

We are a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative medicines that meet significant unmet medical needs. We currently market two therapies from the active ingredient tenapanor, a sodium/hydrogen exchanger (NHE3) inhibitor that was discovered and developed by Ardelyx. NHE3 is an antiporter expressed on the apical surface of the small and large intestines. Tenapanor is a minimally absorbed, first-in-class, oral, small molecule therapy.

Tenapanor, branded as IBSRELA®, is approved in the U.S. for the treatment of adults with irritable bowel syndrome with constipation. We believe that IBSRELA can bring meaningful benefit to the approximately 13 million Americans who suffer from the symptoms of IBS-C, many of whom continue to experience symptoms despite intervention with other therapies. We are seeking to further expand the IBSRELA eligible patient population to include patients with chronic idiopathic constipation (CIC), and have initiated a Phase 3 clinical trial evaluating tenapanor in adult CIC patients.

Last close 3.08 2026-10-23
Market cap $767.5M 2026-06-30 share count
52-week range 3.02 - 8.40

Valuation FY2025 figures against the last close

P/S1.9x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.26

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Asia Pacific
  • Other
Revenue by geography, 3 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 377.8M (92.8%) 93% United States Asia Pacific, FY2025: 29.2M (7.2%) 7% Other, FY2025: 342K (0.1%) FY2024 United States, FY2024: 319.2M (95.7%) 96% Asia Pacific, FY2024: 14.3M (4.3%) 4% Other, FY2024: 78K (0.0%) FY2023 United States, FY2023: 83.3M (66.9%) 67% Asia Pacific, FY2023: 41.1M (33.0%) 33% Other, FY2023: 59K (0.0%)
Region FY2025FY2024FY2023
United States $377.8M $319.2M $83.3M
Asia Pacific $29.2M $14.3M $41.1M
Other $342.0K $78.0K $59.0K

As the company reported it, from the “Revenue - Geographic Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $407.3M$333.6M$124.5M$52.2M$10.1M$7.6M$5.3M$2.6M$42.0M—
Cost of revenue $39.5M$50.6M$17.8M$4.1M$1.0M$145.0K$600.0K$466.0K$8.4M—
Gross profit $367.8M$283.1M$106.7M$48.0M$9.1M$7.4M$4.7M$2.1M$33.6M—
R&D $71.5M$52.3M$35.5M$35.2M$91.1M$65.1M$71.7M$69.4M$75.5M$94.2M
SG&A $337.2M$258.7M$134.4M$76.6M$72.3M$33.2M$24.3M$23.7M$23.2M$18.7M
Total operating expenses $448.3M$361.6M$187.7M$111.8M$163.4M$98.4M$96.5M$93.6M$98.7M$112.9M
Operating income -$41.0M-$27.9M-$63.3M-$63.8M-$154.3M-$90.8M-$91.3M-$90.9M-$65.1M-$112.9M
Interest expense $20.1M$13.0M$5.0M$3.4M$4.5M$5.1M$5.7M$3.5M——
Pre-tax income -$60.6M-$38.9M-$65.5M-$67.2M-$158.2M-$94.3M-$94.6M-$91.3M-$63.2M-$112.4M
Income tax $969.0K$266.0K$547.0K$8.0K$4.0K$2.0K$303.0K$4.0K$1.2M—
Net income -$62.0M-$39.0M-$66.0M-$67.0M-$158.0M-$94.3M-$94.9M-$91.3M-$64.3M-$112.4M
EPS, basic -0.26-0.17-0.30-0.42-1.52-1.05-1.47———
EPS, diluted -0.26-0.17-0.30-0.42-1.52-1.05-1.47-1.62-1.36-2.80
Shares, diluted (wtd. avg.) 241.0M235.2M219.3M158.7M104.2M89.6M64.5M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $68.0M$64.9M$21.5M$96.1M$72.4M$91.0M$181.1M$78.8M$75.4M$74.6M
Short-term investments $196.7M$185.2M$162.8M$27.8M$44.3M$95.5M$66.4M$89.3M$58.6M$126.2M
Receivables $71.8M$57.7M$22.0M$7.7M$502.0K$0————
Inventory $123.1M$91.2M$49.5M$28.3M——————
Total current assets $382.3M$356.5M$246.1M$153.6M$133.6M$194.7M$252.1M$176.4M$149.7M$204.0M
Property, plant and equipment $2.2M$1.5M$1.0M$1.2M$2.4M$1.9M$3.4M$5.6M$8.0M$9.0M
Total assets $501.6M$435.8M$297.6M$190.1M$149.9M$201.6M$259.8M$183.3M$157.9M$213.1M
Accounts payable $19.2M$16.0M$11.1M$10.9M$4.3M$5.6M$2.2M$1.1M$3.9M$5.6M
Total current liabilities $88.6M$77.8M$50.4M$65.6M$52.8M$28.4M$22.2M$17.7M$17.9M$19.2M
Long-term debt $202.8M$150.9M$49.8M$26.7M$32.3M$50.8M$50.0M$52.0M——
Total liabilities $334.7M$262.5M$130.8M$91.7M$67.3M$75.5M$73.1M$67.5M$18.6M$20.0M
Retained earnings -$946.9M-$885.3M-$846.2M-$780.1M-$712.9M-$554.8M-$460.5M-$365.5M-$278.2M-$213.9M
Total equity $166.9M$173.3M$166.8M$98.3M$82.6M$126.1M$186.7M$115.8M$139.3M$193.2M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$42.5M-$44.8M-$89.7M-$70.0M-$152.6M-$81.4M-$76.5M-$70.3M-$65.2M-$92.5M
Depreciation and amortisation $3.1M$2.1M$1.3M$1.1M$2.8M$2.5M$2.5M$2.7M$2.6M$1.3M
Stock-based compensation $49.0M$37.4M$13.5M$10.8M$12.0M$10.6M$9.9M$9.2M$9.6M$5.3M
Capital expenditure $1.5M$1.0M$344.0K$55.0K$1.9M$324.0K$325.0K$311.0K$2.4M$4.9M
Investing cash flow -$9.0M-$18.3M-$131.2M$18.4M$50.9M-$31.4M$23.4M-$29.9M$65.3M-$131.1M
Financing cash flow $54.5M$106.6M$146.3M$75.3M$83.0M$22.8M$155.5M$103.6M$685.0K$191.2M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-017800.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M Net income, FY2016: -112.4M Revenue, FY2017: 42M Gross profit, FY2017: 33.6M Net income, FY2017: -64.3M Revenue, FY2018: 2.6M Gross profit, FY2018: 2.1M Net income, FY2018: -91.3M Revenue, FY2019: 5.3M Gross profit, FY2019: 4.7M Net income, FY2019: -94.9M Revenue, FY2020: 7.6M Gross profit, FY2020: 7.4M Net income, FY2020: -94.3M Revenue, FY2021: 10.1M Gross profit, FY2021: 9.1M Net income, FY2021: -158M Revenue, FY2022: 52.2M Gross profit, FY2022: 48M Net income, FY2022: -67M Revenue, FY2023: 124.5M Gross profit, FY2023: 106.7M Net income, FY2023: -66M Revenue, FY2024: 333.6M Gross profit, FY2024: 283.1M Net income, FY2024: -39M Revenue, FY2025: 407.3M Gross profit, FY2025: 367.8M Net income, FY2025: -62M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $42.0M $2.6M $5.3M $7.6M $10.1M $52.2M $124.5M $333.6M $407.3M
Gross profit — $33.6M $2.1M $4.7M $7.4M $9.1M $48.0M $106.7M $283.1M $367.8M
Net income -$112.4M -$64.3M -$91.3M -$94.9M -$94.3M -$158.0M -$67.0M -$66.0M -$39.0M -$62.0M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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BMY BRISTOL MYERS SQUIBB CO $125.59B 17.8x -0.2%