ARDELYX, INC.

For the period ended Dec 31, 2025. Filed Feb 19, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 19, 2026

ARDX$2.93+1.7%Stored close · as of Nov 9, 2026

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Contents

Statements of Operations and Comprehensive Loss

(in thousands, except share and per share amounts)

	Year Ended December 31,
	2025	2024	2023
Revenues
Product sales, net	$377,808	$319,196	$82,526
Product supply revenue	15,879	11,649	6,121
Licensing revenue	5,088	78	35,809
Non-cash royalty revenue related to the sale of future royalties	8,545	2,692	—
Total revenues	407,320	333,615	124,456
Costs and operating expenses
Cost of sales	39,537	50,556	17,795
Research and development	71,527	52,317	35,536
Selling, general and administrative	337,233	258,692	134,401
Total costs and operating expenses	448,297	361,565	187,732
Loss from operations	(40,977)	(27,950)	(63,276)
Interest expense	(20,102)	(13,006)	(4,950)
Non-cash interest expense related to the sale of future royalties	(8,296)	(7,088)	(3,924)
Other income, net	8,745	9,174	6,630
Loss before provision for income taxes	(60,630)	(38,870)	(65,520)
Provision for income taxes	969	266	547
Net loss	$(61,599)	$(39,136)	$(66,067)
Net loss per share of common stock - basic and diluted	$(0.26)	$(0.17)	$(0.30)
Shares used in computing net loss per share - basic and diluted	241,033,750	235,232,927	219,331,253
Comprehensive loss
Net loss	$(61,599)	$(39,136)	$(66,067)
Unrealized gains (losses) on available-for-sale securities	141	(167)	278
Comprehensive loss	$(61,458)	$(39,303)	$(65,789)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.