ARDX Stock — Ardelyx Inc.: Cash, EV, Pipeline

What they do

We are a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative medicines that meet significant unmet medical needs. We currently market two therapies from the active ingredient tenapanor, a sodium/hydrogen exchanger (NHE3) inhibitor that was discovered and developed by Ardelyx.

Source: 10-K FY2025 via SEC EDGAR

Share price

$3.09

Market cap

$776.5M

Cash

$285.3M

Enterprise value

$743.5M

Balance sheet

Cash	$285.3M
Debt	$252.4M
Net cash	$33.0M
Enterprise value	$743.5M
Basic shares	251.4M shares
Fully diluted shares	297.1M shares
Fully diluted market cap	$918.0M
Cash per share	$1.14
Quarterly burn	$6.4M
Cash runway	44.6 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-10.

Share structure

Common

249.2M

Pre-funded warrants

0.0M

Options

29.3M

RSUs

15.3M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

3.3M

FDSO

297.1M

Cap table as of 2026-07-30.

Price history

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Next catalyst

Tenapanor 50 MG · Now - Nov 24, 2026 Now · Phase 3 · Irritable Bowel Syndrome With Constipation (IBS-C)

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Nov 24, 2026 Now	Tenapanor 50 MG	Phase 3	Irritable Bowel Syndrome With Constipation (IBS-C)	2H 2027 Est. Jul 1, 2027 · PCD + 6 wks (Jul 1-Jul 1)
Apr 9 - May 21 in 5 mo	Tenapanor 5 mg BID	Phase 3	Chronic Idiopathic Constipation (CIC)	2H 2027 Est. Jul 1, 2027 · PCD + 6 wks (Jul 1-Jul 1)
Aug 12 - Sep 23 in 58 mo	Tenapanor	Phase 3	Irritable Bowel Syndrome With Constipation (IBS-C)	2H 2027 Est. Sep 30, 2027 · half midpoint

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Tenapanor

Approved · Active Modality: small molecule (minimally absorbed)

Aliases IBSRELA, XPHOZAH, Wan Ti Le

Target NHE3 (sodium/hydrogen exchanger 3)

Partnerships Out-licensed ex-U.S.: Fosun Pharma (China; $5M milestone on NMPA approval, tiered royalties mid-teens to 20%); Knight (Canada license mutually terminated Mar 2026, IBSRELA Canada sales discontinued Mar 31, 2026)

Indications

Irritable bowel syndrome with constipation (IBS-C) (Approved)
Chronic idiopathic constipation (CIC) (Phase 3)
Hyperphosphatemia in adults with CKD on dialysis (as add-on therapy) (Approved)

Catalysts

— end of 2026
— second half of 2027

Status note Most advanced program. Knight Canada termination not related to safety, efficacy or quality. XPHOZAH entered ESRD PPS Jan 1, 2025, losing Medicare Part D coverage. Multiple pediatric trials ongoing which could expand use and add patent life.

RDX10531

Preclinical · Active Modality: small molecule

Target NHE3 (sodium/hydrogen exchanger 3)

Status note Next-generation NHE3 inhibitor in IND-enabling studies; demonstrated improved solubility and potency vs tenapanor in preclinical models; potential for broad applications across multiple therapeutic areas.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Tenapanor
Lead indication	Irritable Bowel Syndrome With Constipation (IBS-C)
Lead phase	Phase 3
Active trials	3
Collaborator trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07382167	Phase 3	Recruiting	Sponsor	Ardelyx	—	Chronic Idiopathic Constipation (CIC)	2H 2027 Est. Jul 1, 2027 · PCD + 6 wks (Jul 1-Jul 1)
NCT05905926	Phase 3	Enrolling by invitation	Sponsor	Ardelyx	—	Irritable Bowel Syndrome With Constipation (IBS-C)	2H 2027 Est. Sep 30, 2027 · half midpoint
NCT05643534	Phase 3	Active, not recruiting	Sponsor	Ardelyx	—	Irritable Bowel Syndrome With Constipation (IBS-C)	2H 2027 Est. Jul 1, 2027 · PCD + 6 wks (Jul 1-Jul 1)
NCT06810167	Phase 3	Active, not recruiting	Collaborator	Massachusetts General Hospital	—	Cystic Fibrosis; Constipation	2H 2027 Est. Jul 1, 2027 · PCD + 6 wks (Jul 1-Jul 1)
NCT06460038	Phase 2	Recruiting	Collaborator	Cedar Valley Digestive Health Center	—	Synucleinopathy; Parkinson's Disease	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 2 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for Ardelyx on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
ADAR1 Capital Management	11,000	-12,900	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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ARDX — Ardelyx Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

ARDX — Ardelyx Inc.