AI-extracted from the 10-Q filed 2026-08-06 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Q2 revenue of $120.9M grew 24% YoY, driven by IBSRELA +33% and XPHOZAH +27%, though net loss widened to $16.7M amid R&D spending for CIC trial and pipeline expansion.
Biggest Revenue Drivers
Product sales, net$118.1M+31% YoY
Higher demand driven by continued increase in awareness and prescriber experience, and to a lesser extent, higher net price.
Other revenues$2.7M-64% YoY
Includes licensing revenue, product supply revenue, and non-cash royalty revenue from collaboration partners.
Biggest Revenue Drivers
Total revenue: $120.9M+24% YoY
Product sales, net$118.1M+31% YoY
Higher demand driven by continued increase in awareness and prescriber experience, and to a lesser extent, higher net price.
Within Product sales, net
IBSRELA$86.2M+33% YoY
Higher demand driven by continued increase in awareness and prescriber experience, and to a lesser extent, higher net price.
XPHOZAH$31.9M+27% YoY
Higher demand and net price.
Other revenues$2.7M-64% YoY
Includes licensing revenue, product supply revenue, and non-cash royalty revenue from collaboration partners.
Largest Expense Items
Selling, general and administrative$101.4M+21% YoY
Increased commercialization and administrative costs to support IBSRELA net sales growth, increased headcount, and incremental stock-based compensation.
Research and development$26.1M+67% YoY
Increased clinical trial activities including Phase 3 CIC trial, engagement with medical and scientific communities, and increased headcount for pipeline expansion.
Cost of sales$5.8M-54% YoY
Lower AstraZeneca royalty obligations (fully recognized by end of Q2 2025); partially offset by higher product sales volume.
Margins: Gross margin on product sales improved materially as AstraZeneca royalty payments fully ceased in Q2 2025; however, operating margin remained negative at -10.3% due to elevated R&D spending for the CIC Phase 3 trial (ACCEL) and SG&A increases to support IBSRELA commercial growth.
Watch Items from the Filing
XPHOZAH revenue severely impacted by January 1, 2025 inclusion in ESRD PPS, eliminating Medicare Part D coverage. Company lost appeal on June 26, 2026; continuing lack of Part D coverage expected to result in 'materially lower pace of revenue growth' vs. pre-PPS expectations.
Three customers (BioRidge Pharma, Cencora, McKesson) represent 76.3%, 16.0%, and 14.4% of gross product sales respectively; significant concentration risk in distribution channel.
GTN adjustment percentage increased to 34.0% in Q2 2026 from 31.3% YoY, driven by unfavorable channel mix and Medicare/Medicaid Inflation Rebate charges, indicating pricing pressure.
Company drew $50M Term F Loan on June 29, 2026; total debt now $250M with maturity July 1, 2030. Financial covenant requires net product revenue plus restricted cash ≥100% of outstanding principal.
Accumulated deficit of $1.0B as of June 30, 2026; company remains dependent on continued IBSRELA/XPHOZAH revenue growth to achieve and sustain cash flow positivity.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Bazemore Robert BDirectorGrant or award · Jun 16, 2026
Bertrand William C JRDirectorGrant or award · Jun 16, 2026
About ARDELYX, INC. (ARDX): stock profile, AI score and financials
ARDELYX, INC. (ARDX) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores ARDX at 41.7/100 on a composite quality score built from its SEC filings, placing it at rank #2,039 of 2,925 stocks — the bottom half of the AI-ranked universe. ARDX scores in the top quartile across revenue growth (93.3). Areas of concern include balance sheet strength (16.4) and free cash flow (21.4), which score below median versus the broader universe. Shareholder dilution risk is elevated at 14.0/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), ARDELYX, INC. reports quarterly revenue of $120.9M, net income of $-16.7M, an operating margin of -10.3%. Top institutional holders of ARDX by reported 13-F value include BlackRock, Rubric Capital Management, MILLENNIUM MANAGEMENT, based on the most recent SEC filings. ARDX trades on the Nasdaq exchange and files with the SEC under CIK 1437402. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate ARDX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for ARDELYX, INC. directly from SEC EDGAR.