Ardelyx reported FY 2025 total revenues of USD 407.32 million (+22%), including product sales, net of USD 377.81 million (+18%), product supply revenue of USD 15.88 million (+36%), licensing revenue of USD 5.09 million (driven primarily by a USD 5.0 million Fosun milestone tied to China NMPA approval for tenapanor in hyperphosphatemia in CKD on hemodialysis), and non-cash royalty revenue related to the sale of future royalties of USD 8.55 million (+217%). FY 2025 IBSRELA product sales, net were USD 274.21 million (+73%), while XPHOZAH product sales, net were USD 103.60 million (-36%), which the company said primarily reflected lower demand and lower net price driven by the loss of XPHOZAH Medicare Part D reimbursement and CMS’ transition of oral-only therapies into the ESRD Prospective Payment System starting Jan. 1, 2025. Total costs and operating expenses were USD 448.30 million (+24%), including cost of sales of USD 39.54 million (-22%), R&D of USD 71.53 million (+37%), and SG&A of USD 337.23 million (+30%); interest expense was USD 20.10 million (+55%). Ardelyx ended FY 2025 with cash, cash equivalents and short-term investments of USD 264.69 million (+6%) and reported net cash used in operating activities of USD 42.48 million (materially unchanged vs. FY 2024). Corporate updates included the June 2025 Fifth Amendment to its 2022 Loan Agreement providing an immediate USD 50.0 million Term E draw and options to draw an additional USD 100.0 million (Term F and Term G), submission of an IND in September 2025 and initiation in January 2026 of the ACCEL Phase 3 trial evaluating tenapanor in chronic idiopathic constipation with topline data expected in H2 2027, and an October 2025 development program announcement for next-generation NHE3 inhibitor RDX10531 with an IND submission targeted for H2 2026.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Ardelyx Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001437402-26-000013), on February 19, 2026, and is solely responsible for the information contained therein.