$ARDX

ARDELYX, INC.

CIK:0001437402|SEC Filings

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 120,877	$ 97,662	$ 215,350	$ 171,776
Costs and operating expenses
Cost of sales	5,759	12,403	10,570	24,706
Research and development	26,103	15,666	46,291	30,604
Selling, general and administrative	101,440	83,988	203,707	167,210
Total costs and operating expenses	133,302	112,057	260,568	222,520
Loss from operations	(12,425)	(14,395)	(45,218)	(50,744)
Interest expense	(4,957)	(4,356)	(10,556)	(8,547)
Non-cash interest expense related to the sale of future royalties	(1,267)	(2,219)	(2,584)	(4,290)
Other income, net	2,038	1,892	4,150	4,218
Loss before provision for income taxes	(16,611)	(19,078)	(54,208)	(59,363)
Provision for income taxes	110	1	118	860
Net loss	$ (16,721)	$ (19,079)	$ (54,326)	$ (60,223)
Net loss per share of common stock - basic (in dollars per share)	$ (0.07)	$ (0.08)	$ (0.22)	$ (0.25)
Net loss per share of common stock - diluted (in dollars per share)	$ (0.07)	$ (0.08)	$ (0.22)	$ (0.25)
Shares used in computing net loss per share - basic (in shares)	248,067,253	239,928,570	246,967,275	239,279,962
Shares used in computing net loss per share - diluted (in shares)	248,067,253	239,928,570	246,967,275	239,279,962
Comprehensive loss
Net loss	$ (16,721)	$ (19,079)	$ (54,326)	$ (60,223)
Unrealized losses on available-for-sale securities	(69)	(56)	(391)	(95)
Comprehensive loss	(16,790)	(19,135)	(54,717)	(60,318)
Product sales, net
Revenues
Total revenues	118,129	90,077	211,502	157,891
Product supply revenue
Revenues
Total revenues	1,976	6,185	2,330	6,439
Licensing revenue
Revenues
Total revenues	96	20	147	5,040
Non-cash royalty revenue related to the sale of future royalties
Revenues
Total revenues	$ 676	$ 1,380	$ 1,371	$ 2,406

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (54,326)	$ (60,223)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization expense	1,519	1,233
Non-cash lease expense	730	1,254
Stock-based compensation	29,474	23,775
Non-cash interest expense	3,150	4,425
Non-cash royalty revenue related to the sale of future royalties	(1,371)	(2,406)
Other, net	(1,088)	(2,083)
Changes in operating assets and liabilities
Accounts receivable	(28,504)	(4,848)
Inventory	(15,878)	(32,075)
Prepaid commercial manufacturing	(8,712)	3,638
Prepaid expenses and other assets	(5,486)	(5,917)
Accounts payable	19,175	5,685
Accrued compensation and benefits	(4,544)	(3,126)
Operating lease liabilities	(753)	(1,268)
Accrued and other liabilities	22,446	7,480
Deferred revenue	5,532	657
Net cash used in operating activities	(38,636)	(63,799)
Investing activities
Proceeds from maturities and redemptions of investments	94,510	93,110
Purchases of investments	(81,762)	(54,361)
Purchases of property and equipment	(82)	(975)
Net cash provided by investing activities	12,666	37,774
Financing activities
Proceeds from Loan Agreement, net of costs	81,871	48,668
Repayment of Loan Agreement, including fees	(33,831)	0
Proceeds from issuance of common stock under equity incentive plans	7,122	2,470
Net cash provided by financing activities	55,162	51,138
Net increase in cash and cash equivalents	29,192	25,113
Cash and cash equivalents at beginning of period	67,999	64,932
Cash and cash equivalents at end of period	97,191	90,045
Supplemental disclosure of cash flow information
Cash paid for interest	7,745	6,280
Cash paid for income taxes	101	440
Supplemental disclosure of non-cash activities
Right-of-use assets obtained in exchange for lease obligations	0	3,880
Issuance of common stock for services	$ 185	$ 315

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 97,191	$ 67,999
Short-term investments	184,639	196,690
Accounts receivable	100,352	71,848
Inventory	25,858	17,735
Prepaid commercial manufacturing	14,697	14,479
Prepaid expenses and other current assets	19,189	13,566
Total current assets	441,926	382,317
Property and equipment, net	1,781	2,184
Inventory, non-current	113,127	105,372
Prepaid commercial manufacturing, non-current	8,494	0
Right-of-use assets	4,065	4,795
Other assets	6,501	6,936
Total assets	575,894	501,604
Current liabilities
Accounts payable	38,410	19,235
Accrued compensation and benefits	14,564	19,108
Current portion of operating lease liability	1,545	1,479
Deferred revenue	6,738	1,206
Accrued expenses and other current liabilities	70,963	47,577
Total current liabilities	132,220	88,605
Operating lease liability, net of current portion	2,822	3,641
Long-term debt	251,823	202,834
Deferred revenue, non-current	13,699	13,699
Deferred royalty obligation related to the sale of future royalties	26,317	25,876
Total liabilities	426,881	334,655
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock, $0.0001 par value per share; 500,000,000 shares authorized; 249,147,061 and 244,351,501 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	25	24
Additional paid-in capital	1,150,446	1,113,666
Accumulated deficit	(1,001,265)	(946,939)
Accumulated other comprehensive (loss) income	(193)	198
Total stockholders’ equity	149,013	166,949
Total liabilities and stockholders’ equity	$ 575,894	$ 501,604