Ardelyx, Inc.
ardelyx.comWhat Do They Do?
Markets IBSRELA for adults with irritable bowel syndrome with constipation and XPHOZAH for adults with chronic kidney disease on dialysis, and develops additional medicines.
10-K for FY2025, filed Feb 19, 2026We are a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative medicines that meet…View ↗
Tenapanor, branded as IBSRELA®, is approved in the U.S. for the treatment of adults with irritable bowel syndrome with constipation. We…View ↗
Tenapanor, branded as XPHOZAH®, is approved in the U.S. to reduce serum phosphorus in adults with chronic kidney disease on dialysis as…View ↗
In addition to commercializing IBSRELA and XPHOZAH, we are also developing a next-generation NHE3 inhibitor that we believe can have…View ↗
How Do They Make Money?
For product sales, customers are mainly wholesalers, group purchasing organizations and specialty pharmacies; payment terms are generally 30 to 60 days. License partners pay upfront fees, milestone amounts and sales royalties, and pay fees for supplied drug.
10-K for FY2025, filed Feb 19, 2026Products are primarily sold to wholesalers, GPOs and specialty pharmacies, and to a lesser extent, directly to retailers, hospitals…View ↗
Discounts and chargebacks: We offer prompt pay discounts to our Customers for payment within a specified period, generally approximating…View ↗
Our collaboration and licensing arrangements may include the grant of licenses for use of our intellectual property and manufacturing…View ↗
We have entered into collaboration agreements with third parties for the development and commercialization of tenapanor for certain…View ↗
$407.3M
-
10-K for FY2025, filed Feb 19, 2026
$407.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product sales, net
Sold outright
10-K for FY2025, filed Feb 19, 2026 |
93%
FY2022: 30%
|
Product sales, net, FY2025
$377.8M Sources
|
Sold outright |
|
Product supply revenue
|
3.9%
FY2022: 2.9%
|
Product supply revenue, FY2025
$15.9M Sources
|
|
|
Licensing revenue
|
1.3%
FY2022: 67%
|
Licensing revenue, FY2025
$5.1M Sources
|
|
|
Non-cash royalty revenue related to the sale of future royalties
|
2.1%
FY2022: 0.0%
|
Non-cash royalty revenue related to the sale of future royalties, FY2025
$8.5M Sources
|
Who Are Their Customers?
Ardelyx sells mainly to wholesalers, group purchasing organizations and specialty pharmacies, and to a lesser extent directly to retailers, hospitals, clinics and government agencies.
10-K for FY2025, filed Feb 19, 2026Products are primarily sold to wholesalers, GPOs and specialty pharmacies, and to a lesser extent, directly to retailers, hospitals…View ↗
Do Revenues Turn Into Profits?
No. It lost $61.6M in FY2025.
10-K for FY2025, filed Feb 19, 2026
−$41MView ↗
10-K for FY2025, filed Feb 19, 2026
−$61.6MView ↗
10-K for FY2025, filed Feb 19, 2026
−$44MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
−$16.7MView ↗
- ▼ −12% (Loss)
- vs −$19.1M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
Growing. Revenue grew 40.3x in 4 years, from $10.1M in FY2021 to $407.3M in FY2025, about 152% a year.
XPHOZAH reached the market
The older report described XPHOZAH as a product in development; the latest report describes it as an approved, marketed medicine for adults with chronic kidney disease on dialysis.
10-K for FY2022, filed Mar 2, 2023 10-K for FY2025, filed Feb 19, 2026XPHOZAH (tenapanor) is a first-in-class medicine being developed for the control of serum phosphorus, or hyperphosphatemia, in adult…View ↗
XPHOZAH was approved by the FDA in October 2023. XPHOZAH is a first-in-class phosphate absorption inhibitor approved in the U.S. to reduce…View ↗
Who Do They Compete With?
Competes with Alebund Pharmaceutical (Hong Kong), Vidasym, Taisho Pharmaceutical, and Unicycive Therapeutics
10-K for FY2025, filed Feb 19, 2026In addition to the currently available phosphate binders, we are aware of at least four phosphate binders in development, including AP-301…View ↗
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