Ardelyx
Commercializes IBSRELA and XPHOZAH from a gut-local NHE3 inhibition platform.
Something off on this page? Send us feedback.
Profile
Markets U.S. tenapanor products: IBSRELA for adults with IBS-C and XPHOZAH for dialysis patients needing additional phosphorus control. Operations are U.S.-centered, with ex-U.S. rights handled through partners and XPHOZAH shaped by dialysis reimbursement rules.
Built around tenapanor, a minimally absorbed NHE3 inhibitor, the business markets IBSRELA for adults with IBS-C and XPHOZAH for adults with chronic kidney disease on dialysis who need additional serum-phosphorus control after phosphate binders fall short or are not tolerated.
Operations run as a single reportable segment, with product revenue primarily from U.S. sales. Outside the United States, tenapanor rights are handled through partners in Canada, Japan, and China rather than a direct global commercial buildout.
Execution depends on gastroenterology access for IBSRELA, dialysis-market reimbursement for XPHOZAH, and continued development of tenapanor in chronic idiopathic constipation plus the preclinical RDX10531 program. XPHOZAH is structurally tied to ESRD PPS treatment.
Company facts
Key statistics
Year to date −38.0% · Average volume (30d) 4.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 7, 2026 | H.C. Wainwright | Reiterate | Buy | $18 | $13 | |
| Mar 12, 2026 | Williams Trading | Target | $17 | |||
| Feb 20, 2026 | H.C. Wainwright | Target | $11 | $18 | ||
| Jan 27, 2026 | Jefferies | Target | $8 | $15 | ||
| Jan 9, 2026 | BTIG | Reiterate | Buy | $14 | $17 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.07 | −$0.07 | −7.0% | $121.0M | $120.9M | −0.1% | −17.86% |
| Apr 30, 2026Q1 FY26 | −$0.13 | −$0.15 | −15.4% | $92.8M | $94.5M | +1.8% | +8.69% |
| Feb 19, 2026Q4 FY25 | $0.02 | $0.02 | 0.0% | $118.0M | $125.2M | +6.1% | −14.99% |
| Oct 30, 2025Q3 FY25 | −$0.06 | $0.00 | +93.3% | $119.1M | $110.3M | −7.3% | +20.96% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $74.1M | $97.7M | $110.3M | $125.2M | $94.5M | $120.9M | |
| Gross profit | $61.2M | $84.6M | $105.4M | $113.4M | $89.7M | $115.1M | |
| Operating income | −$36.3M | −$14.4M | $4.7M | $5.1M | −$32.8M | −$12.4M | |
| Net income | −$41.1M | −$19.1M | −$969.0K | −$407.0K | −$37.6M | −$16.7M | |
| Diluted EPS | −$0.17 | −$0.08 | −$0.00 | −$0.00 | −$0.15 | −$0.07 | |
| Gross margin | 82.6% | 86.7% | 95.6% | 90.6% | 94.9% | 95.2% | |
| Operating margin | -49.0% | -14.7% | 4.2% | 4.1% | -34.7% | -10.3% |
Fiscal years (4-quarter sums)FY21 $10.1M · FY22 $52.2M · FY23 $124.5M · FY24 $333.6M · FY25 $407.3M
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $281.8M · Total debt $256.2M · Total assets $575.9M · Shareholders' equity $149.0M
Dividends
No dividends on record.
Ownership
Shares outstanding 247.03M · Float 237.16M · 96.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 23.50M | 9.51% | 13F | Aug 7, 2026 |
| Integrated Core Strategies (US) LLC | 17.72M | 7.20% | 13G | Apr 27, 2026 |
| Rubric Capital Management LP | 16.20M | 6.56% | 13G | Aug 14, 2026 |
| Millennium Management LLC | 13.90M | 5.63% | 13F | Aug 14, 2026 |
| State Street Corp | 13.36M | 5.41% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Eric Duane Foster | officer: Chief Commercial Officer | −8,562 | $3.86 |
| Aug 21, 2026 | James Parker Brady | officer: Chief Human Resources Officer | −15,136 | $3.86 |
| Aug 21, 2026 | John E. Bishop | officer: See Remarks | −19,750 | $3.86 |
| Aug 21, 2026 | Joseph James Reilly | officer: See Remarks | −3,982 | $3.86 |
| Aug 21, 2026 | Susan Hohenleitner | officer: Chief Financial Officer | −1,558 | $3.86 |
Peers
- Ironwood Pharmaceuticals
LINZESS economics and market leadership across IBS-C/CIC
- AbbVie
Large-pharma commercial force behind LINZESS/Constella
- Bausch Health
TRULANCE pressure in adult IBS-C and CIC
- Akebia Therapeutics
Auryxia ferric-citrate binder in CKD dialysis care
- Sanofi (ADR)
Sevelamer/Renvela class pressure in dialysis phosphate care
- Teva (ADR)
Generic lubiprostone alternative in the IBS-C basket
- Unicycive Therapeutics
Near-term OLC phosphate-binder threat, pending FDA review
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ardelyx | $3.84 | +0.75% | $941.2M | — | — | 2.1 | +23.8% |
| Ironwood Pharmaceuticals | $4.12 | −0.06% | $679.9M | 5.4 | 3.5 | 1.7 | +32.6% |
| AbbVie | $255.80 | +0.13% | $451.38B | 72.0 | 16.8 | 7.0 | +10.2% |
| Bausch Health | $6.32 | 0.00% | $2.36B | — | 1.4 | 0.2 | +11.2% |
| Akebia Therapeutics | $0.8897 | +1.13% | $235.7M | — | — | 1.1 | −21.4% |
| Sanofi (ADR) | $44.83 | +0.02% | $107.62B | 78.9 | — | 1.9 | +11.2% |
| Teva (ADR) | $36.30 | −0.36% | $42.44B | 60.7 | 12.9 | 2.5 | −0.8% |
| Unicycive Therapeutics | $5.32 | +1.14% | $140.6M | — | — | — | — |
| Median | 66.4 | 8.2 | 1.8 | +10.7% |