ARDELYX, INC. ARDX
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.) | $241.0M | $235.2M | $219.3M | $158.7M | $104.2M | $89.6M | $64.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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