A Business at a Glance
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ARDELYX, INC.
ARDX
$1.2B
Mkt Cap
$5.03
-1.95%
ARDELYX, INC. (ARDX) has a 5-year average return on invested capital (ROIC) of -47.1%. This is below average and may indicate limited pricing power.
ARDELYX, INC. (ARDX) has a market capitalization of $1.2B. It is classified as a small-cap stock.
ARDELYX, INC. (ARDX) does not currently pay a regular dividend.
ARDELYX, INC. (ARDX) operates in the Pharmaceutical Preparations industry, within the Healthcare sector.
ARDELYX, INC. (ARDX) reported annual revenue of $407 million in its most recent fiscal year, based on SEC EDGAR filings.
ARDELYX, INC. (ARDX) has a net profit margin of -15.1%. The company is currently unprofitable.
ARDELYX, INC. (ARDX) generated $-44 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
ITEM 1. BUSINESS 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. NHE3 is an antiporter expressed on the apical surface of the small and large intestines. Tenapanor is a minimally absorbed, first-in-class, oral, small molecule therapy. Tenapanor, branded as IBSRELA®, is approved in the U.S. for the treatment of adults with irritable bowel syndrome with constipation. We believe that IBSRELA can bring meaningful benefit to the approximately 13 million Americans who suffer from the symptoms of IBS-C, many of whom continue to experience symptoms despite intervention with other therapies.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 428M | 407M | 334M | 124M | 52M | - |
| Net Income | -58M | -62M | -39M | -66M | -67M | -158M |
| EPS | $-0.24 | $-0.26 | $-0.17 | $-0.30 | $-0.42 | $-1.52 |
| Free Cash Flow | -37M | -44M | -46M | -90M | -70M | -154M |
| ROIC | -10.8% | -17.8% | -14.5% | -38.7% | -56.0% | -108.4% |
| Gross Margin | - | 90.3% | 84.8% | 85.7% | 92.1% | - |
| Debt/Equity | 1.37 | 1.25 | 0.89 | 0.34 | 0.37 | 0.55 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -37M | -41M | -28M | -63M | -64M | -154M |
| Operating Margin | -8.7% | -10.1% | -8.4% | -50.8% | -122.2% | - |
| ROE | -39.1% | -36.2% | -23.0% | -49.8% | -74.3% | -151.6% |
| Shares Outstanding | 247M | 237M | 230M | 220M | 160M | 104M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 32M | 24M | N/A | 42M | N/A | N/A | N/A | N/A | 52M | 124M | 334M | 407M | 428M |
| Gross Margin | N/A | 100.0% | N/A | 80.0% | N/A | N/A | N/A | N/A | 92.1% | 85.7% | 84.8% | 90.3% | N/A |
| R&D | 26M | 40M | 94M | 75M | 69M | 72M | 65M | 91M | 35M | 36M | 52M | 72M | 77M |
| SG&A | 7.3M | 14M | 19M | 23M | 24M | 24M | 33M | 72M | 77M | 134M | 259M | 337M | 356M |
| EBIT | -1.6M | -29M | -113M | -65M | -91M | -91M | -91M | -154M | -64M | -63M | -28M | -41M | -37M |
| Op. Margin | -4.9% | -122.3% | N/A | -155.0% | N/A | N/A | N/A | N/A | -122.2% | -50.8% | -8.4% | -10.1% | -8.7% |
| Net Income | -3.2M | -30M | -112M | -64M | -91M | -95M | -94M | -158M | -67M | -66M | -39M | -62M | -58M |
| Net Margin | -10.2% | -123.3% | N/A | -153.2% | N/A | N/A | N/A | N/A | -128.9% | -53.1% | -11.7% | -15.1% | -13.6% |
| Non-Recurring | 0 | -65K | 0 | 0 | 0 | 0 | 0 | 6.2M | 1.3M | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -1.4% | -34.9% | -58.2% | -38.7% | -59.5% | -53.8% | -45.6% | -108.4% | -56.0% | -38.7% | -14.5% | -17.8% | -10.8% |
| ROE | 229.8% | -34.9% | -58.2% | -38.7% | -71.6% | -62.8% | -60.3% | -151.6% | -74.3% | -49.8% | -23.0% | -36.2% | -39.1% |
| ROA | -4.1% | -25.7% | -52.7% | -34.7% | -53.5% | -42.9% | -40.9% | -90.0% | -39.5% | -27.1% | -10.7% | -13.1% | -11.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 13M | -72M | -93M | -65M | -70M | -76M | -81M | -153M | -70M | -90M | -45M | -42M | -36M |
| Free Cash Flow | 12M | -75M | -97M | -68M | -71M | -77M | -82M | -154M | -70M | -90M | -46M | -44M | -37M |
| Owner Earnings | 11M | -75M | -99M | -82M | -82M | -89M | -95M | -167M | -82M | -105M | -84M | -95M | -91M |
| CapEx | 1.9M | 3.5M | 4.9M | 2.4M | 311K | 325K | 324K | 1.9M | 55K | 344K | 1.0M | 1.5M | 1.2M |
| Maint. CapEx | 300K | 800K | 1.3M | 7.6M | 2.7M | 2.5M | 2.5M | 2.8M | 1.1M | 1.3M | 2.1M | 3.1M | 3.4M |
| Growth CapEx | 1.6M | 2.7M | 3.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 300K | 800K | 1.3M | 7.6M | 2.7M | 2.5M | 2.5M | 2.8M | 1.1M | 1.3M | 2.1M | 3.1M | 3.4M |
| CapEx/OCF | 13.9% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.7M | 2.6M | 5.3M | 9.6M | 9.2M | 9.9M | 11M | 12M | 11M | 14M | 37M | 49M | 51M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 125K | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | -195M | -374M | -189M | -100M | -110M | -181M | -107M | -79M | 124M |
| Cash & Equiv. | 107M | 107M | 75M | 75M | 79M | 181M | 91M | 72M | 96M | 21M | 65M | 68M | 79M |
| Long-Term Debt | N/A | N/A | N/A | N/A | 52M | 50M | 51M | 32M | 27M | 50M | 151M | 203M | 204M |
| Debt/Equity | 0.87 | 0.07 | 0.10 | 0.13 | 0.45 | 0.29 | 0.42 | 0.55 | 0.37 | 0.34 | 0.89 | 1.25 | 1.37 |
| Interest Coverage | N/A | N/A | N/A | N/A | -25.7 | -15.9 | -17.8 | -34.3 | -18.8 | -12.8 | -2.1 | -2.0 | -2.0 |
| Equity | 61M | 109M | 193M | 139M | 116M | 187M | 126M | 83M | 98M | 167M | 173M | 167M | 149M |
| Total Assets | 113M | 117M | 213M | 158M | 183M | 260M | 202M | 150M | 190M | 298M | 436M | 502M | 505M |
| Total Liabilities | 53M | 8.0M | 20M | 19M | 68M | 73M | 75M | 67M | 92M | 131M | 262M | 335M | 356M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -72M | -101M | -214M | -278M | -366M | -460M | -555M | -713M | -780M | -846M | -885M | -947M | -985M |
| Working Capital | 90M | 104M | 185M | 132M | 159M | 230M | 166M | 81M | 88M | 196M | 279M | 294M | 272M |
| Current Assets | 111M | 112M | 204M | 150M | 176M | 252M | 195M | 134M | 154M | 246M | 356M | 382M | 382M |
| Current Liabilities | 22M | 7.7M | 19M | 18M | 18M | 22M | 28M | 53M | 66M | 50M | 78M | 89M | 110M |
| Per Share Data | |||||||||||||
| EPS | -0.31 | -1.29 | -2.80 | -1.36 | -1.62 | -1.47 | -1.05 | -1.52 | -0.42 | -0.30 | -0.17 | -0.26 | -0.24 |
| Owner EPS | 1.10 | -3.28 | -2.47 | -1.74 | -1.46 | -1.38 | -1.05 | -1.61 | -0.51 | -0.47 | -0.37 | -0.40 | -0.37 |
| Book Value | 5.85 | 4.74 | 4.81 | 2.94 | 2.05 | 2.89 | 1.40 | 0.79 | 0.61 | 0.76 | 0.75 | 0.70 | 0.60 |
| Cash Flow/Share | 1.29 | -3.13 | -2.31 | -1.38 | -1.25 | -1.18 | -0.91 | -1.47 | -0.44 | -0.41 | -0.19 | -0.18 | -0.22 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 10.4M | 23.0M | 40.1M | 47.3M | 56.4M | 64.6M | 89.8M | 104.1M | 160.0M | 220.2M | 230.2M | 236.9M | 247.0M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -21.2 |
| P/FCF | 19.3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 12.2 | 8.2 | N/A | 2.3 | 0.9 | 2.6 | 4.9 | 1.3 | 4.1 | 8.5 | 6.9 | 8.1 | 8.4 |
| Price/Sales | 20.3 | 33.8 | N/A | 9.3 | N/A | N/A | N/A | N/A | 3.2 | 7.0 | 4.7 | 3.0 | 2.9 |
| FCF Yield | 1.6% | -8.5% | N/A | -21.5% | -71.2% | -16.0% | -13.4% | -144.1% | -17.5% | -6.4% | -3.8% | -3.2% | -3.0% |
| Market Cap | 742M | 888M | 0 | 315M | 99M | 481M | 612M | 107M | 402M | 1.4B | 1.2B | 1.4B | 1.2B |
| Avg. Price | 18.58 | 17.16 | 0.00 | 8.27 | 4.51 | 3.76 | 6.42 | 4.56 | 1.06 | 3.94 | 6.74 | 5.12 | 5.03 |
| Year-End Price | 21.44 | 18.77 | 0.00 | 6.65 | 1.76 | 7.45 | 6.82 | 1.03 | 2.51 | 6.42 | 5.21 | 5.74 | 5.03 |
ARDELYX, INC. passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 88.2%.
ARDELYX, INC. (ARDX) has a debt-to-equity ratio of 1.25. This indicates moderate leverage.
ARDELYX, INC. (ARDX) reported earnings per share (EPS) of $-0.26 in its most recent fiscal year.
ARDELYX, INC. (ARDX) has a return on equity (ROE) of -36.2%. A negative ROE may indicate losses or negative equity.
ARDELYX, INC. (ARDX) has a 5-year average gross margin of 88.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 14 years of financial data for ARDELYX, INC. (ARDX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ARDELYX, INC. (ARDX) has a book value per share of $0.70, based on its most recent annual SEC filing.