Ardelyx Reports First Quarter 2026 Financial Results and Provides Business Update

Published

Q1 2026 total product revenue of $93.4 million, reflecting 38% growth year-over-year

IBSRELA Q1 2026 revenue growth of 58% year-over-year to $70.1 million; Reiterating guidance of $410-$430 million 

Strong financial position with $238.1 million in cash, cash equivalents and investments as of March 31, 2026

Conference call scheduled for 4:30 PM Eastern Time

WALTHAM, Mass., April 30, 2026 (GLOBE NEWSWIRE) -- Ardelyx Inc. (Nasdaq: ARDX), (“Ardelyx” or the “Company”) a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative medicines that meet significant unmet medical needs, today reported financial results for the first quarter ended March 31, 2026, and provided a business update.

“In the first quarter of 2026, Ardelyx continued our strong commercial execution which coupled with our strengthening cash position allows us to conduct multiple IBSRELA clinical trials, advance development of our next-generation NHE3 inhibitor, RDX10531, and purposefully explore various avenues to build a significant and sustainable pipeline of important medicines,” said Mike Raab, President and Chief Executive Officer of Ardelyx. “IBSRELA is the cornerstone for the company we’re building and is on the path to becoming a blockbuster by achieving at least one billion dollars in revenue in 2029 with continued strong growth thereafter. We are in a position of financial strength, providing flexibility to allocate capital across the business, accelerate commercial momentum, and drive intrinsic long-term value for the Company, our patients, and our shareholders.”

Product RevenueRevenue for IBSRELA® (tenapanor) during the first quarter of 2026 was $70.1 million, reflecting year-over-year growth of approximately 58%. The growth was driven by increases across key demand indicators, including total writers and new and refill prescriptions and continued improvement to prescription pull-through.

Revenue for XPHOZAH® (tenapanor) during the first quarter of 2026 was $23.3 million driven by a strong increase in paid prescriptions. 

2026 Revenue GuidanceArdelyx reiterates its full-year 2026 revenue guidance:

  • IBSRELA revenue between $410.0 and $430.0 million
  • XPHOZAH revenue between $110.0 and $120.0 million

Advancing a Pipeline of Important Medicines

  • IBSRELA is being evaluated for the treatment of chronic idiopathic constipation (CIC) in adults in a Phase 3 clinical trial, ACCEL. In January 2026, the Company dosed the first patient in ACCEL and has initiated all pre-identified sites. The Company expects to complete enrollment by the end of 2026 with topline data read out in the second half of 2027.
  • IBSRELA is also being evaluated in multiple pediatric clinical trials which could potentially provide six months of additional patent life for tenapanor.
  • RDX10531, the Company’s next-generation NHE3 inhibitor is currently being tested in IND-enabling studies. If successful, RDX10531 has potential for broad applications across multiple therapeutic areas.

Other Corporate Developments

  • In February, Ardelyx announced a multi-year partnership with the LPGA to serve as an official corporate pharmaceutical marketing partner, focusing on digestive health education and patient empowerment throughout the 2026 season.
  • In April, the Company expanded its executive leadership team with the appointment of Rajani Dinavahi, M.D. as Chief Medical Officer and Felecia W. Ettenberg, Esq. as Chief Legal Officer.
  • In April, the Company and SLR Investment Corp refinanced their existing debt, resulting in better overall terms. Morgan Stanley & Co. LLC acted as financial advisor to Ardelyx. 
  • The Company’s abstracts containing additional tenapanor data were accepted for poster presentations at the upcoming Digestive Disease Week conference (May 2-5, 2026) and National Kidney Foundation’s Spring Clinical Meeting (May 6-10, 2026).

First Quarter 2026 Financial Results

  • Cash Position: As of March 31, 2026, the Company had total cash, cash equivalents and short-term investments of $238.1 million, compared to total cash, cash equivalents and short-term investments of $264.7 million as of December 31, 2025.
  • Revenues: Total product revenue for the quarter ended March 31, 2026 was $93.4 million, compared to $67.8 million for the quarter ended March 31, 2025, reflecting 38% growth, driven by increased demand.
  • R&D Expenses: Research and development expenses were $20.2 million for the quarter ended March 31, 2026, compared to $14.9 million for the quarter ended March 31, 2025. The increase was primarily related to investments in the ACCEL Phase 3 trial for CIC.
  • SG&A Expenses: Selling, general and administrative expenses were $102.3 million for the quarter ended March 31, 2026, compared to $83.2 million for the quarter ended March 31, 2025. The increase was related to ongoing investments to drive adoption of IBSRELA.
  • Net Loss: Net loss for the quarter ended March 31, 2026 was $37.6 million, or $(0.15) per share, compared to net loss of $41.1 million, or $(0.17) per share, for the quarter ended March 31, 2025. The net loss for the first quarter of 2026 included share-based compensation expense of $14.2 million.

Conference Call DetailsThe company will host a conference call today, April 30, 2026, at 4:30 PM ET to discuss today’s announcement. To participate in the conference call, please dial (877) 346-6112 (domestic) or +1 (848) 280-6350 (international) and ask to be joined into the Ardelyx call. A webcast of the call can also be accessed by visiting the Investor page of the company's website, https://ardelyx.com/, and will be available on the website following the call.

IMPORTANT SAFETY INFORMATION (IBSRELA)

WARNING: RISK OF SERIOUS DEHYDRATION IN PEDIATRIC PATIENTSIBSRELA is contraindicated in patients less than 6 years of age; in nonclinical studies in young juvenile rats administration of tenapanor caused deaths presumed to be due to dehydration. Avoid use of IBSRELA in patients 6 years to less than 12 years of age. The safety and effectiveness of IBSRELA have not been established in patients less than 18 years of age.

CONTRAINDICATIONS

  • IBSRELA is contraindicated in patients less than 6 years of age due to the risk of serious dehydration.
  • IBSRELA is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction.

WARNINGS AND PRECAUTIONSRisk of Serious Dehydration in Pediatric Patients

  • IBSRELA is contraindicated in patients below 6 years of age. The safety and effectiveness of IBSRELA in patients less than 18 years of age have not been established. In young juvenile rats (less than 1 week old; approximate human age equivalent of less than 2 years of age), decreased body weight and deaths occurred, presumed to be due to dehydration, following oral administration of tenapanor. There are no data available in older juvenile rats (human age equivalent 2 years to less than 12 years).
  • Avoid the use of IBSRELA in patients 6 years to less than 12 years of age. Although there are no data in older juvenile rats, given the deaths in younger rats and the lack of clinical safety and efficacy data in pediatric patients, avoid the use of IBSRELA in patients 6 years to less than 12 years of age.

Diarrhea Diarrhea was the most common adverse reaction in two randomized, double-blind, placebo-controlled trials of IBS-C. Severe diarrhea was reported in 2.5% of IBSRELA-treated patients. If severe diarrhea occurs, suspend dosing and rehydrate patient.

MOST COMMON ADVERSE REACTIONS The most common adverse reactions in IBSRELA-treated patients (incidence ≥2% and greater than placebo) were: diarrhea (16% vs 4% placebo), abdominal distension (3% vs

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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