ARDX at a glance
ARDELYX, INC. (ARDX, SEC CIK 1437402) filed its latest 10-K annual report on February 19, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 17, 2026 and Form 4 insider filings as recently as August 25, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), ARDELYX, INC. (ARDX) reported revenue of $407.3 million (up 22.1% from FY2024) and a net loss of $61.6 million. Diluted EPS was -$0.26.
- As of June 30, 2026, 30 institutional investment managers tracked by SignalX reported holding ARDELYX, INC. (ARDX) shares worth $477.1 million in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Kelliher Mike on August 21, 2026 of 3,104 shares at $3.86 per share.
- In the last 90 days, ARDX insiders reported 0 open-market purchases ($0) and 22 open-market sales ($697K) on Form 4, a net sale of $697K.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $407.3M
- +22.1% vs prior year
- Insiders · 90 days
- 0 buys · 22 sells
- Net −$697K
- 13F holders
- 30 funds
- $477.1M · +1 vs prior quarter
- Latest 8-K
- Aug 17, 2026
- Item 8.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Development and commercialization of innovative medicines focused on tenapanor-based therapies for gastrointestinal and kidney diseases
- New emphasis on Phase 3 trial initiation in January 2026 for tenapanor in chronic idiopathic constipation (CIC), targeting a new patient population of 34 million Americans
- Strategic shift: Navigating the 2025 Medicare Part D reimbursement change eliminating coverage for XPHOZAH, focusing on preserving patient access despite revenue impact
- Notable quantitative metric: Cash, cash equivalents, and short-term investments increased 5.8% to $264.7 million as of December 31, 2025, supporting ongoing operations and growth
- Significant IP advancement: Receipt of U.S. Patent No. 12,539,299 in January 2026 extending protection for tenapanor formulations in IBSRELA and XPHOZAH until 2042
Risk Factors
- Regulatory risk: CMS inclusion of XPHOZAH in ESRD PPS on Jan 1, 2025, eliminated Medicare Part D coverage, materially reducing 2025 XPHOZAH revenue
- Geopolitical/macro risk: Foreign price controls in Europe, Canada, Japan, China may limit IBSRELA and XPHOZAH pricing and reduce international revenue
- Operational risk: Dependence on third-party CMOs for manufacturing IBSRELA and XPHOZAH with single-source suppliers risks supply interruptions and regulatory non-compliance
- Competitive risk: Market acceptance and payer coverage pressures for IBSRELA and XPHOZAH amid existing and developing alternative therapies
- Financial risk: Accumulated deficit of $946.9M as of Dec 31, 2025, with continued losses risking cash flow sustainability and reliance on future fundraising
Management Discussion & Analysis
- Total revenue $407.3M, up 22% YoY from $333.6M in 2024; product sales $377.8M, up 18% YoY from $319.2M
- Operating expenses $448.3M, up 24% YoY from $361.6M; cost of sales down 22% to $39.5M vs $50.6M; R&D up 37% to $71.5M; SG&A up 30% to $337.2M
- Best performing segment: IBSRELA sales $274.2M, up 73% YoY; worst: XPHOZAH sales $103.6M, down 36% YoY due to Medicare Part D reimbursement loss
- Cash, cash equivalents, and short-term investments $264.7M vs. $250.1M in 2024; no shares sold under ATM offerings in 2025; debt financing amended with $50M drawn in June 2025 plus $100M available through 2026
- Management outlook: ongoing Phase 3 trial for CIC indication with topline data in H2 2027; advancing next-generation NHE3 inhibitor program; key risk in payor mix and reimbursement changes impacting sales and GTN adjustments (30.2% in 2025 vs 25.6% prior year)
AI summary of the ARDX 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Quarterly revenue $120.877M, up 24% YoY from $97.662M
- IBSRELA sales $86.243M, up 33% YoY; XPHOZAH sales $31.886M, up 27%
- GTN adjustment rate 34.0% vs 31.3% YoY
- Liquid funds $281.830M vs $264.689M; Term F Loan provided $50.0M
- Operating cash use $38.636M vs $63.799M; cash outlook sufficient for at least one year
Risk Factors
- New regulatory trigger: CMS March 27, 2026 guidance expects ESRD facilities to furnish XPHOZAH under bundled payments
- Most material update: June 26, 2026 appellate ruling affirmed dismissal of Ardelyx’s lawsuit challenging XPHOZAH’s ESRD PPS inclusion
- Revenue risk: XPHOZAH Medicare Part D coverage eliminated January 1, 2025, materially reducing 2025 revenue and expected growth
- Operational risk: Third-party manufacturers may lack capacity to meet IBSRELA and XPHOZAH demand
- Financial risk: Accumulated deficit reached $1.0 billion as of June 30, 2026
AI summary of the ARDX 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 8.01: Other Events
- Chief Commercial Officer Eric Foster resigning effective August 28, 2026
- Departure for a new opportunity at a pre-commercial company
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 results announced for quarter ended June 30, 2026
- Full financial results and management commentary contained in Exhibit 99.1
Item 7.01: Regulation FD Disclosure
- Earnings presentation for quarter ended June 30, 2026 furnished as Exhibit 99.2
- Conference call scheduled for August 6, 2026, providing management commentary on quarterly results
Item EX-99.1: Item EX-99.1
- Q2 product revenue $118.1M, up 31% YoY, with IBSRELA $86.2M and XPHOZAH $31.9M
- IBSRELA guidance cut to $350–$370M as payor utilization management pressures near-term growth
Item 2.03: Creation of a Direct Financial Obligation
- $50.0M Term F borrowing received June 29, 2026 for general corporate purposes and strategic flexibility
- Matures July 1, 2030 with interest-only payments permitted through maturity
AI summaries of ARDX 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for ARDX
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Kelliher Mike | Sell | Aug 21, 2026 | 3,104 | $3.86 |
| Reilly Joseph James | Sell | Aug 21, 2026 | 1,110 | $3.86 |
| Brady James Parker | Sell | Aug 21, 2026 | 13,160 | $3.86 |
| Foster Eric Duane | Sell | Aug 21, 2026 | 2,575 | $3.86 |
| Hohenleitner Susan | Sell | Aug 21, 2026 | 1,558 | $3.86 |
| Reilly Joseph James | Sell | Aug 21, 2026 | 2,872 | $3.86 |
| Brady James Parker | Sell | Aug 21, 2026 | 1,976 | $3.86 |
| Foster Eric Duane | Sell | Aug 21, 2026 | 2,598 | $3.86 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $333.6M | $407.3M |
| Operating Income | -$63.3M | -$27.9M | -$41.0M |
| Net Income | -$66.1M | -$39.1M | -$61.6M |
| Op. Margin | - | -8.4% | -10.1% |
| Net Margin | - | -11.7% | -15.1% |
| Balance Sheet | |||
| Total Assets | $297.6M | $435.8M | $501.6M |
| Equity | - | $173.3M | $166.9M |
| ROE | - | -22.6% | -36.9% |
| Per Share | |||
| EPS | $-0.30 | $-0.17 | $-0.26 |
| Cash Flow | |||
| Operating CF | - | -$44.8M | -$42.5M |
| CapEx | - | $1.0M | $1.5M |
Source: XBRL data in ARDELYX, INC. (ARDX)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate ARDX share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 30 | $477.1M |
| Q1 2026 | 29 | $560.6M |
| Q4 2025 | 25 | $508.6M |
| Q3 2025 | 27 | $526.2M |
| Q2 2025 | 26 | $336.4M |
| Q1 2025 | 24 | $266.0M |
| Q4 2024 | 17 | $197.8M |
| Q3 2024 | 13 | $167.5M |
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- State Street Corp−248.2K (-2%)
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Source: 13F-HR filings on SEC EDGAR (aggregated from 191 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
ARDX filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 8-K | Aug 17, 2026 | - | Analysis | - |
| SC 13G | Aug 14, 2026 | - | - | |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 | Analysis | |
| 4 | Jul 17, 2026 | - | - | - |
| 8-K | Jul 2, 2026 | - | Analysis | - |
| 4 | Jun 22, 2026 | - | - | - |
| 4 | Jun 18, 2026 | - | - | - |
| 4 | Jun 18, 2026 | - | - | - |
| 4 | Jun 18, 2026 | - | - | - |
| 4 | Jun 18, 2026 | - | - | - |
| 4 | Jun 18, 2026 | - | - | - |
| 4 | Jun 18, 2026 | - | - | - |
| 4 | Jun 18, 2026 | - | - | - |
| 4 | Jun 17, 2026 | - | - | - |
| 8-K | Jun 17, 2026 | - | Analysis | - |
| 4 | May 22, 2026 | - | - |
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ARDX SEC filings: frequently asked questions
Are ARDX insiders buying or selling?
In the last 90 days, ARDELYX, INC. (ARDX) officers, directors and 10% owners reported no open-market purchases and 22 open-market sales worth $697,120 by 8 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold ARDX stock?
As of June 30, 2026, the largest ARDELYX, INC. (ARDX) holders among the 13F filers tracked by SignalX were BlackRock ($119.9 million), Millennium Management ($70.9 million), State Street Corp ($68.1 million), Vanguard Capital Management LLC ($53.4 million), Vanguard Portfolio Management LLC ($40.9 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was ARDX's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), ARDELYX, INC. (ARDX) reported revenue of $407.3 million (up 22.1% from FY2024) and a net loss of $61.6 million. Diluted EPS was -$0.26. The figures come from the XBRL data in the 10-K.
What are the main risks in ARDX's latest 10-K?
In the 10-K filed February 19, 2026, ARDELYX, INC. (ARDX) flagged: Regulatory risk: CMS inclusion of XPHOZAH in ESRD PPS on Jan 1, 2025, eliminated Medicare Part D coverage, materially reducing 2025 XPHOZAH revenue. Geopolitical/macro risk: Foreign price controls in Europe, Canada, Japan, China may limit IBSRELA and XPHOZAH pricing and reduce international revenue. (AI summary of the Risk Factors section.)
What did ARDX report in its latest 8-K?
ARDELYX, INC. (ARDX) filed an 8-K on August 17, 2026 reporting Item 8.01 (Other Events). Chief Commercial Officer Eric Foster resigning effective August 28, 2026.
What are the latest ARDX SEC filings?
ARDELYX, INC. (ARDX) filed its latest 10-K annual report on February 19, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 17, 2026 and a Form 4 insider filing on August 25, 2026.
What is ARDX's SEC CIK number?
ARDELYX, INC. (ARDX)'s SEC Central Index Key (CIK) is 1437402. EDGAR lists every ARDX filing under that number.
Ask anything about ARDX
The research agent reads ARDX's filings, financials, insider trades and 13F holders, then answers with sources.