ARDX

MKT CAP:$1B

Ardelyx, Inc.

Market Cap

$1B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$6.02-$0.13 (-2.11%)

Apr 22, 2026

Company Details

Ardelyx, Inc., a biopharmaceutical company, discovers, develops, and commercializes medicines to treat gastrointestinal and cardiorenal therapeutic areas in the United States and internationally. The company's lead product candidate is tena...

CEO

Michael G. Raab

IPO Date

Jun 19, 2014

Website

www.ardelyx.com

Key Metrics TTM

Revenue

$407M

+22.1% YoY

Net Income

-$62M

EPS (Diluted)

-$0.26

Free Cash Flow

-$44M

Revenue / Share

$1.67

Gross Margin

90.3%

Operating Margin

-10.1%

Net Margin

-15.1%

FCF Margin

-10.8%

P/S

3.5x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 19, 2026

$407M+22.1%EPS -$0.26

Q4 2025

Feb 19, 2026

$125M+7.8%EPS -$0.00

Q3 2025

Oct 30, 2025

$110M+12.3%EPS -$0.00

Q2 2025

Aug 4, 2025

$98M+33.4%EPS -$0.08

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$468.0K	$383.0K	-$28M
Q2 22	$3M	$2M	-$26M
Q3 22	$5M	$4M	-$22M
Q4 22	$44M	$41M	$12M
Q1 23	$11M	$10M	-$26M
Q2 23	$22M	$19M	-$17M
Q3 23	$56M	$49M	$7M
Q4 23	$34M	$29M	-$28M
Q1 24	$46M	$38M	-$25M
Q2 24	$73M	$63M	-$14M
Q3 24	$98M	$83M	$2M
Q4 24	$116M	$98M	$8M
Q1 25	$74M	$62M	-$36M
Q2 25	$98M	$85M	-$14M
Q3 25	$110M	$109M	$5M
Q4 25	$125M	$112M	$5M

Valuation

Quarter	P/S	P/E
Q1 22	34.8x	—
Q2 22	16.6x	—
Q3 22	28.6x	—
Q4 22	10.8x	—
Q1 23	16.1x	—
Q2 23	8.9x	—
Q3 23	7.0x	—
Q4 23	15.3x	—
Q1 24	10.9x	—
Q2 24	8.4x	—
Q3 24	6.4x	—
Q4 24	3.7x	—
Q1 25	3.2x	—
Q2 25	2.4x	—
Q3 25	3.4x	—
Q4 25	3.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$28M	-$28M
Q2 22	-$31M	-$32M
Q3 22	-$25M	-$25M
Q4 22	$14M	$14M
Q1 23	-$45M	-$45M
Q2 23	-$15M	-$15M
Q3 23	-$21M	-$22M
Q4 23	-$9M	-$9M
Q1 24	-$36M	-$36M
Q2 24	-$19M	-$20M
Q3 24	$501.0K	$364.0K
Q4 24	$10M	$9M
Q1 25	-$38M	-$39M
Q2 25	-$25M	-$26M
Q3 25	$365.0K	$209.0K
Q4 25	$21M	$21M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$473.0K
Q3 22	$0
Q4 22	$55.0K
Q1 23	$14.0K
Q2 23	$93.0K
Q3 23	$194.0K
Q4 23	$43.0K
Q1 24	$150.0K
Q2 24	$131.0K
Q3 24	$137.0K
Q4 24	$593.0K
Q1 25	$325.0K
Q2 25	$650.0K
Q3 25	$156.0K
Q4 25	$361.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-92.9%	-26.7%
Q2 22	+92.4%	-37.7%
Q3 22	+325.1%	-38.1%
Q4 22	+4193.3%	-11.8%
Q1 23	+2329.3%	+32.4%
Q2 23	+784.1%	+35.5%
Q3 23	+1031.0%	+82.4%
Q4 23	-22.2%	+94.6%
Q1 24	+304.8%	+88.9%
Q2 24	+227.9%	+122.9%
Q3 24	+74.2%	+96.0%
Q4 24	+237.9%	+73.2%
Q1 25	+61.0%	+56.2%
Q2 25	+33.4%	+29.0%
Q3 25	+12.3%	+10.1%
Q4 25	+7.8%	+11.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	795.3%
Q2 22	$3M	128.8%
Q3 22	$2M	37.1%
Q4 22	$2M	4.4%
Q1 23	$3M	25.6%
Q2 23	$3M	14.3%
Q3 23	$3M	6.2%
Q4 23	$4M	11.4%
Q1 24	$8M	16.5%
Q2 24	$11M	14.7%
Q3 24	$9M	9.3%
Q4 24	$10M	8.5%
Q1 25	$12M	16.3%
Q2 25	$12M	12.0%
Q3 25	$13M	11.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$9M	$19M	—
Q2 22	$10M	$19M	—
Q3 22	$7M	$19M	—
Q4 22	$9M	$20M	—
Q1 23	$9M	—	$27M
Q2 23	$8M	—	$27M
Q3 23	$9M	—	$33M
Q4 23	$10M	—	$48M
Q1 24	$10M	—	$53M
Q2 24	$12M	—	$65M
Q3 24	$15M	—	$65M
Q4 24	$14M	—	$76M
Q1 25	$15M	—	$83M
Q2 25	$16M	—	$84M
Q3 25	$18M	—	$84M
Q4 25	$23M	—	$86M

Revenue Segments

Quarter	License	Product
Q1 22	$4.0K	$450.0K
Q3 22	$9.0K	$5M
Q4 22	$35M	$9M
Q1 23	$12.0K	$11M
Q3 23	$32M	$22M
Q4 23	$4M	$31M
Q1 25	$5M	$68M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$47M	$43M	$90M
Q2 22	$53M	$28M	$81M
Q3 22	$62M	$29M	$91M
Q4 22	$96M	$28M	$124M
Q1 23	$92M	$38M	$130M
Q2 23	$30M	$98M	$128M
Q3 23	$34M	$131M	$165M
Q4 23	$21M	$163M	$184M
Q1 24	$36M	$166M	$203M
Q2 24	$42M	$144M	$186M
Q3 24	$47M	$143M	$190M
Q4 24	$65M	$185M	$250M
Q1 25	$31M	$183M	$214M
Q2 25	$90M	$148M	$238M
Q3 25	$43M	$200M	$243M
Q4 25	$68M	$197M	$265M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	131M	+13.6%	+34.7%
Q2 22	146M	+11.2%	+45.5%
Q3 22	165M	+13.4%	+58.5%
Q4 22	194M	+17.4%	+68.2%
Q1 23	207M	+6.8%	+58.1%
Q2 23	215M	+3.8%	+47.7%
Q3 23	228M	+6.0%	+38.0%
Q4 23	232M	+1.9%	+19.8%
Q1 24	233M	+0.3%	+12.6%
Q2 24	235M	+0.6%	+9.1%
Q3 24	236M	+0.6%	+3.5%
Q4 24	244M	+3.5%	+5.1%
Q1 25	239M	-2.2%	+2.4%
Q2 25	240M	+0.5%	+2.3%
Q3 25	242M	+0.8%	+2.5%
Q4 25	244M	+0.7%	-0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$5.4K	86
Q2 22	$29.4K	86
Q3 22	$58.0K	86
Q4 22	$332.2K	133
Q1 23	$85.5K	133
Q2 23	$167.9K	133
Q3 23	$424.0K	133
Q4 23	$128.7K	267
Q1 24	$172.4K	267
Q2 24	$274.2K	267
Q3 24	$367.9K	267
Q4 24	$294.0K	395
Q1 25	$187.6K	395
Q2 25	$247.2K	395
Q3 25	$279.3K	395
Q4 25	$256.1K	489

Revenue / Employee