Ardelyx (ARDX) Q3 2025 earnings summary

Executive summary

• Achieved $110.3 million in total Q3 2025 revenue, up 12% year-over-year, driven by strong IBSRELA performance and steady XPHOZAH growth.

• IBSRELA posted record revenue of $78.2 million, a 92% increase year-over-year, with full-year guidance raised to $270–$275 million.

• XPHOZAH generated $27.4 million in Q3 revenue, up 9% sequentially but down year-over-year due to Medicare Part D changes.

• Advanced pipeline with initiation of RDX10531, a next-generation NHE3 inhibitor, and planned IND submission in 2026.

• Leadership changes included new CFO, CMO, and CTO appointments.

Financial highlights

• Total Q3 2025 revenue was $110.3 million, up from $98.2 million in Q3 2024.

• Net product sales for Q3: $105.5 million (IBSRELA: $78.2 million, XPHOZAH: $27.4 million).

• Net loss for Q3 2025 was ~$1 million, or $(0.00) per share.

• Cash, cash equivalents, and short-term investments totaled $242.7 million as of September 30, 2025.

• R&D expenses were $18.1 million; SG&A expenses rose to $83.6 million.

Outlook and guidance

• Raised full-year 2025 IBSRELA revenue guidance to $270–$275 million, reflecting strong demand.

• XPHOZAH expected to continue contributing to growth, with long-term peak guidance of $750 million.

• Available liquidity expected to fund operations for at least one year from the financial statement issuance date.

• Confident in achieving $1 billion peak revenue for IBSRELA, driven by second-line positioning and unmet patient need.

• IND submission for RDX10531 planned for 2026.