Ardelyx, Inc.
- Open
- 3.76
- Day high
- 3.83
- Day low
- 3.73
- Prev close
- 3.76
- Volume
- 3.9M
- Mkt cap
- $981M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 6.6
- P/S
- 2.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.4M over the last 3 months (0 open-market buys, 24 sales)
- 🏛Institutions accumulating (13F)
Ardelyx, Inc. (ARDX) is a Healthcare company listed on NASDAQ. The stock is down 42% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 24 sales (SEC Form 4). Drillr has 1 published research article covering ARDX.
Ardelyx, Inc. (ARDX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ARDX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $-0.07 | $-0.07 | -7.0% | $121M | -0.1% |
| Apr 30, 2026 | $-0.13 | $-0.15 | -15.4% | $94M | +1.8% |
| Feb 19, 2026 | $0.02 | $-0.00 | -108.4% | $125M | +16.8% |
| Oct 30, 2025 | $-0.06 | $-0.00 | +93.3% | $110M | -7.3% |
| May 1, 2025 | $-0.10 | $-0.17 | -70.0% | $74M | -10.0% |
| Feb 20, 2025 | $0.02 | $0.02 | +0.0% | $116M | +55.8% |
| Oct 31, 2024 | $-0.05 | $-0.00 | +93.1% | $98M | -9.5% |
| Aug 1, 2024 | $-0.10 | $-0.07 | +30.0% | $73M | +33.1% |
| May 2, 2024 | $-0.13 | $-0.11 | +15.4% | $46M | +26.4% |
| Feb 22, 2024 | $-0.09 | $-0.12 | -33.3% | $34M | +0.4% |
| Aug 2, 2023 | $-0.12 | $-0.08 | +33.3% | $22M | +35.3% |
| May 3, 2023 | $-0.11 | $-0.13 | -18.2% | $11M | +7.3% |
ARDX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 25, 2026 | Reilly Joseph Jamesofficer: See Remarks | Sell | 2,872 | $3.86 |
| Aug 25, 2026 | Brady James Parkerofficer: Chief Human Resources Officer | Sell | 1,976 | $3.86 |
| Aug 25, 2026 | Brady James Parkerofficer: Chief Human Resources Officer | Sell | 13,160 | $3.86 |
| Aug 25, 2026 | Foster Eric Duaneofficer: Chief Commercial Officer | Sell | 2,598 | $3.86 |
| Aug 25, 2026 | Kelliher Mikeofficer: Chief Business Officer | Sell | 2,002 | $3.86 |
| Aug 25, 2026 | RAAB MICHAELdirector, officer: President & CEO | Sell | 8,411 | $3.86 |
| Aug 25, 2026 | RAAB MICHAELdirector, officer: President & CEO | Sell | 15,976 | $3.86 |
| Aug 25, 2026 | Williams Laura Aofficer: Chief Patient Officer | Sell | 2,430 | $3.86 |
| Aug 25, 2026 | Foster Eric Duaneofficer: Chief Commercial Officer | Sell | 3,389 | $3.86 |
| Aug 25, 2026 | Bishop John Eofficer: See Remarks | Sell | 2,469 | $3.86 |
| Aug 25, 2026 | Kelliher Mikeofficer: Chief Business Officer | Sell | 3,104 | $3.86 |
| Aug 25, 2026 | Foster Eric Duaneofficer: Chief Commercial Officer | Sell | 2,575 | $3.86 |
| Aug 25, 2026 | RAAB MICHAELdirector, officer: President & CEO | Sell | 19,178 | $3.86 |
| Aug 25, 2026 | Williams Laura Aofficer: Chief Patient Officer | Sell | 1,734 | $3.86 |
| Aug 25, 2026 | Bishop John Eofficer: See Remarks | Sell | 17,281 | $3.86 |
Source: ARDX SEC Form 4 filings, latest Aug 25, 2026. For informational purposes only — not investment advice.
See the full ARDX insider & 13F page →ARDX research & analysis
Ardelyx, Inc. company profile
Overview
Ardelyx, Inc. (NASDAQ:ARDX) is a biopharmaceutical company founded in 2007 and headquartered in Waltham, Massachusetts. Originally incorporated as Nteryx, Inc., the company changed its name to Ardelyx in June 2008 and went public in 2014. Ardelyx has evolved from a development-stage biotechnology company into a commercial-stage organization with two FDA-approved products addressing unmet medical needs in gastrointestinal and kidney-related conditions. The company has successfully transitioned from years of research and development losses to achieving profitability in 2024, marking a significant milestone in its corporate evolution.
Business
Ardelyx operates in the specialized biopharmaceutical sector, focusing on developing and commercializing medicines that target gastrointestinal and cardiorenal therapeutic areas. The company's business centers around small molecule drugs that work by inhibiting specific transporters in the intestines, representing a novel approach to treating systemic conditions through gastrointestinal mechanisms. The company's commercial portfolio consists of two primary products. IBSRELA (tenapanor) is an FDA-approved treatment for irritable bowel syndrome with constipation (IBS-C), a chronic gastrointestinal disorder affecting millions of patients who experience abdominal pain and infrequent bowel movements. Unlike traditional treatments that work systemically, IBSRELA works locally in the gut by blocking sodium absorption, which increases water content in the intestines and promotes bowel movements while reducing abdominal pain. Based on recent earnings data, IBSRELA generated approximately $158 million in net sales during 2024, representing roughly 47% of total product revenue. XPHOZAH (tenapanor) represents the same underlying drug molecule but is formulated and approved for a different indication - controlling elevated phosphorus levels (hyperphosphatemia) in adult patients with chronic kidney disease on dialysis. When kidneys fail, they cannot properly filter phosphorus from the blood, leading to dangerous accumulation that can cause bone disease and cardiovascular complications. XPHOZAH works by preventing phosphorus absorption in the intestines, offering an alternative to traditional phosphate binders. XPHOZAH contributed approximately $161 million in net sales during 2024, representing about 48% of total product revenue. The company also maintains a development pipeline including RDX013, a potassium secretagogue for treating hyperkalemia (elevated potassium levels) in patients with kidney and heart disease, and RDX020, an early-stage program targeting metabolic acidosis in chronic kidney disease patients. Additionally, Ardelyx receives milestone and royalty payments from international partnerships, contributing the remaining 5% of revenues.
Revenue model
Ardelyx generates revenue through direct product sales of its two commercialized drugs in the United States, supplemented by partnership agreements in international markets. The company sells IBSRELA and XPHOZAH directly to wholesalers, specialty pharmacies, and healthcare providers, operating with typical pharmaceutical industry gross margins exceeding 90%. The primary customers for IBSRELA are gastroenterologists and primary care physicians treating IBS-C patients, while XPHOZAH targets nephrologists managing dialysis patients with hyperphosphatemia. Both products command premium pricing - IBSRELA at approximately $1,500 per month and XPHOZAH at similar levels - reflecting their positioning as specialized therapies addressing significant unmet medical needs. International revenue streams include milestone payments and potential future royalties from partnerships with Kyowa Kirin in Japan, Fosun Pharmaceutical in China, and Knight Therapeutics in Canada for tenapanor development and commercialization in their respective territories. Several factors significantly impact Ardelyx's profitability margins. Positive factors include the company's ability to leverage the same underlying drug molecule (tenapanor) across multiple indications, creating operational efficiencies in manufacturing and regulatory processes. The specialized nature of both target conditions allows for premium pricing with limited direct competition. Growing awareness among physicians and patients about these conditions expands the addressable market. Negative factors pose more substantial risks to margins. The most significant challenge is Medicare reimbursement policy, particularly the potential inclusion of oral phosphate therapies like XPHOZAH in Medicare's bundled payment system, which could severely impact access and pricing. Approximately 60% of XPHOZAH patients are covered by Medicare, making this a critical business risk. Additionally, the company faces substantial ongoing commercial expenses, with selling, general and administrative costs exceeding $80 million quarterly to support its expanded sales forces. Generic competition, though not immediate given patent protection, represents a long-term margin compression risk. Healthcare policy changes, insurance coverage decisions, and the need for continuous investment in patient access programs also pressure profitability.
Risks & safety
Ardelyx presents a moderate margin of safety with strong liquidity but faces significant business model risks that could impact long-term viability. **Liquidity and Solvency:** - Strong cash position of $214 million as of Q1 2025, providing substantial runway - Current ratio of 4.1x indicates excellent short-term liquidity coverage - Total debt-to-equity ratio of 1.06x is manageable for a commercial-stage biotech - Free cash flow turned positive in Q4 2024 ($9.2 million) after years of cash burn - Operating cash flow of -$38.5 million in Q1 2025 shows continued investment in growth **Valuation Metrics:** - Trading at 8.0x price-to-book ratio, elevated for a profitable company - EV/EBITDA of -8.9x (negative due to Q1 loss) complicates traditional valuation - Forward revenue multiples appear reasonable given 61% year-over-year growth - Market cap of approximately $880 million against $334 million in 2024 revenue **Other Considerations:** - Medicare reimbursement risk represents single largest threat to business model - Patent expiration timeline limits long-term revenue visibility - Dependence on two products creates concentration risk - Regulatory approval history demonstrates execution capability but also highlights development risks
Recent development
Over the past several years, Ardelyx has executed a strategic transformation from a development-stage biotechnology company to a commercial organization with two successful product launches. The most significant development was the November 2023 launch of XPHOZAH following FDA approval, which immediately became a major revenue contributor generating $161 million in its first full year of sales. The company substantially expanded its commercial infrastructure, growing its sales force from 64 representatives to 124 territories for IBSRELA and deploying a 60-representative team for XPHOZAH. This commercial expansion supported IBSRELA's continued growth trajectory, with the product nearly doubling its sales from $80 million in 2023 to $158 million in 2024. A critical strategic challenge emerged with Medicare's proposal to include oral phosphate therapies in its bundled payment system, potentially eliminating coverage for approximately 60% of XPHOZAH patients. Ardelyx responded with a multi-pronged approach including filing a lawsuit against the Centers for Medicare & Medicaid Services, supporting the bipartisan Kidney Patient Act in Congress, and developing comprehensive patient assistance programs to maintain access. The company has also begun exploring portfolio expansion opportunities, establishing a corporate development team to evaluate potential acquisitions in gastrointestinal and renal adjacent therapeutic areas. This represents a shift from pure organic growth to potential inorganic expansion, leveraging the company's strong cash position and commercial capabilities. Recent financial milestones include achieving profitability in Q4 2024 with net income of $4.6 million, marking the first profitable quarter in the company's history. The company has also strengthened its balance sheet by accessing additional debt financing and maintaining strong cash reserves to support continued growth investments.
ARDX company profile · for informational purposes only — not investment advice.
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