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Ardelyx, Inc. discovers, develops, and commercializes medicines to treat unmet medical needs in the United States and internationally. The company offers IBSRELA, a minimally absorbed small molecule therapy for the treatment of patients with irritable bowel syndrome with constipation; and XPHOZAH, a phosphate absorption inhibitor to reduce serum phosphorus in adults with chronic kidney disease on dialysis. Ardelyx, Inc. was formerly known as Nteryx, Inc. and changed its name to Ardelyx, Inc. in June 2008. The company was incorporated in 2007 and is headquartered in Waltham, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $407M | $-29M | $-62M | $-44M | -36.9% | 22.1% | 57.4% |
| 2024 | $334M | $-17M | $-39M | $-46M | -22.6% | 168.1% | -40.8% |
| 2023 | $124M | $-55M | $-66M | $-90M | -39.6% | 138.6% | -1.7% |
| 2022 | $52M | $-61M | $-67M | $-70M | -68.3% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 52.16 | 124.46 | 333.62 | 407.32 |
| Operating Revenue | - | 52.16 | 124.46 | 333.62 | 407.32 |
| Cost Of Revenue | - | 4.12 | 17.80 | 50.56 | 39.54 |
| Gross Profit | - | 48.04 | 106.66 | 283.06 | 367.78 |
| Operating Expense | - | 111.80 | 169.94 | 311.01 | 408.76 |
| Research And Development | - | 35.20 | 35.54 | 52.32 | 71.53 |
| Selling General And Administration | - | 76.60 | 134.40 | 258.69 | 337.23 |
| Total Expenses | - | 115.92 | 187.73 | 361.56 | 448.30 |
| Operating Income | - | -63.76 | -63.28 | -27.95 | -40.98 |
| Total Operating Income As Reported | - | -63.76 | -63.28 | -27.95 | -40.98 |
| EBITDA | - | -60.98 | -55.35 | -16.71 | -29.17 |
| Normalized EBITDA | - | -60.98 | -55.35 | -16.71 | -29.17 |
| EBIT | - | -62.13 | -56.65 | -18.78 | -32.23 |
| Interest Expense | - | 5.07 | 8.87 | 20.09 | 28.40 |
| Net Interest Income | - | -5.07 | -8.87 | -20.09 | -28.40 |
| Other Non Operating Income Expenses | - | 1.63 | 6.63 | 9.17 | 8.74 |
| Other Income Expense | - | 1.63 | 6.63 | 9.17 | 8.74 |
| Interest Expense Non Operating | - | 5.07 | 8.87 | 20.09 | 28.40 |
| Net Non Operating Interest Income Expense | - | -5.07 | -8.87 | -20.09 | -28.40 |
| Pretax Income | - | -67.20 | -65.52 | -38.87 | -60.63 |
| Tax Provision | - | 0.01 | 0.55 | 0.27 | 0.97 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -67.21 | -66.07 | -39.14 | -61.60 |
| Net Income From Continuing And Discontinued Operation | - | -67.21 | -66.07 | -39.14 | -61.60 |
| Net Income From Continuing Operation Net Minority Interest | - | -67.21 | -66.07 | -39.14 | -61.60 |
| Net Income | - | -67.21 | -66.07 | -39.14 | -61.60 |
| Net Income Common Stockholders | - | -67.21 | -66.07 | -39.14 | -61.60 |
| Net Income Including Noncontrolling Interests | - | -67.21 | -66.07 | -39.14 | -61.60 |
| Normalized Income | - | -67.21 | -66.07 | -39.14 | -61.60 |
| Diluted NI Availto Com Stockholders | - | -67.21 | -66.07 | -39.14 | -61.60 |
| Basic Average Shares | - | 158.69 | 219.33 | 235.23 | 241.03 |
| Diluted Average Shares | - | 158.69 | 219.33 | 235.23 | 241.03 |
| Reconciled Depreciation | - | 1.14 | 1.29 | 2.06 | 3.06 |
| Reconciled Cost Of Revenue | - | 4.12 | 17.80 | 50.56 | 39.54 |
| General And Administrative Expense | 72.30 | 76.60 | - | - | - |
| Other Gand A | 72.30 | 76.60 | - | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ardelyx, Inc.this co. | ARDX | $1.3B | -21.66 | 7.99 | -36.9% | -50.52 |
| UroGen Pharma Ltd. | URGN | $1.3B | -8.76 | -12.75 | 145.5% | -10.04 |
| Bicara Therapeutics Inc. | BCAX | $1.3B | -9.72 | 3.34 | -34.4% | -8.01 |
| Inhibrx Biosciences, Inc. | INBX | $1.3B | -9.56 | 167.49 | -1752.2% | -10.54 |
| Tandem Diabetes Care, Inc. | TNDM | $1.3B | -6.51 |
| - |
| - |
| - |
| - |
| 8.59 |
| -131.9% |
| -9.55 |
| AdaptHealth Corp. | AHCO | $1.3B | -18.70 | 0.87 | -4.7% | 6.60 |
| BioLife Solutions, Inc. | BLFS | $1.3B | -288.04 | 3.56 | -1.2% | -109.81 |
| Teladoc Health, Inc. | TDOC | $1.3B | -6.59 | 0.95 | -14.5% | 9.83 |
| Enovis Corporation | ENOV | $1.3B | -1.11 | 0.88 | -79.5% | -3.20 |
| Peer Median | - | -9.16 | 2.15 | -24.4% | -8.78 | |