Ardelyx Inc. (NASDAQ: ARDX) experienced a significant pre-market plunge of 9.50% on Friday. This movement follows a sharp decline in post-market and after-hours trading the previous day.

The sell-off was triggered by the release of the company's fourth-quarter and full-year 2025 financial results. Ardelyx reported quarterly earnings of $0.00 per share, which missed the analyst consensus estimate of $0.01. This result represents a 95% decrease compared to earnings of $0.02 per share from the same period last year.

Although quarterly revenue of $125.2 million surpassed expectations, investor focus shifted to the disappointing bottom line and a concerning annual trend. The biopharmaceutical company's net loss for the full year 2025 widened to $61.6 million, compared to a net loss of $39.1 million in 2024, indicating ongoing challenges in achieving profitability.