ARDXNASDAQ

Ardelyx

Ardelyx, Inc. · Waltham, MA · founded 2007

Ardelyx is a Waltham, Massachusetts commercial-stage biotech focused on gastrointestinal and renal disorders. It markets IBSRELA (tenapanor), a first-in-class small molecule that blocks the NHE3 sodium transporter in the gut to treat irritable bowel syndrome with constipation, and XPHOZAH, an oral therapy to reduce serum phosphorus in adult dialysis-dependent chronic kidney disease patients.

Lead asset: XPHOZAH · Approved · Chronic Kidney Disease; small molecule · NHE3 inhibitor
Pipeline: 1 drug · 1 program; 1 Cardio-Renal
Modalities: small molecule×1

FocusCardio-Renal

Last refresh · -8465m ago · 10-Q

$7.40-5.97%1Y

ARDX · daily close · illustrative · 0 catalysts marked

1Y high$9.081Y low$7.04range$2.04(29%)past catalysts

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same sector or modality · sorted by match strength + market cap

1 programmatch: sector

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1 programmatch: sector

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0.46

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1 programmatch: sector

Cardio-Renalgene therapy

1 programmatch: sector

Cardiology - HFpEFsmall molecule

1 programmatch: modality

Oncology - Hemesmall molecule

1 programmatch: modality

Pipeline & catalysts

1 drug · 1 programs · 1 upcoming catalyst

Pipeline by phase1programs

Preclin0
Ph10
Ph20
Ph30
Filed0
Approved1

XPHOZAH

tenapanor

small moleculeNHE3 inhibitor

Chronic Kidney Disease

Approved

1 program·0 trials·View drug →

Upcoming catalysts1

CMCQ3'26·2 monthsQTR

XPHOZAH Pediatric Phase 3 Initiation

Initiation of the pediatric Phase 3 program for XPHOZAH (tenapanor) in CKD-related hyperphosphatemia. Procedural milestone in the pediatric label-expansion path.

Cited“We expect to initiate the pediatric Phase 3 program for XPHOZAH in the third quarter of 2026.”

CMC Milestone·10-Q·disclosed -8465m ago

Past catalyst impact

3 historical events · % change vs announcement

DateKindEventOutcome+1W+1M+6M

Feb 5, 2024PDUFAXPHOZAH — PDUFA — ApprovedNegative-44.4%-41.4%-18.3%

Feb 5, 2024PDUFAXPHOZAH — PDUFA — CRL IssuedNegative-21.9%-29.5%-20.0%

Jan 6, 2024InterimXPHOZAH — Phase 3 Interim — Stopped for EfficacyPositive+14.8%+9.0%+21.2%

% change vs ticker close on the announcement date · backtest illustrative

Smart money

Insider activity

SEC EDGAR Form 4 · last 90 days

Insider activity · last 90 days

Form 4 trail · 5 transactions · 5 insiders

Net flow

−$1.2M

Buys

0 txns

Sells

$1.2M

4 txns

Largest

−$471.0K

Director sell

Net flow per quarter · last 8Q

9 txns · sum −$1.68M

24Q324Q425Q125Q225Q325Q426Q126Q2

buys · $0sells · $1.68M

Insider · roleActionSharesPriceValueDate

B. Schwarz

Director

Sell2,476$19.64−$48.6K

Apr 22, 2026

D. Tanaka

Director

Sell23,359$19.52−$456.1K

Apr 20, 2026

K. Nguyen

Director

Sell26,032$18.09−$471.0K

Mar 26, 2026

K. Tanaka

Director

Sell11,342$21.25−$241.0K

Mar 11, 2026

E. Lindberg

SVP

Option ex.14,026$16.85$236.4K

Feb 21, 2026

Congressional trading

STOCK Act PTRs · House & Senate

Congressional trading · STOCK Act · last 365d

3 trades · 3 members

Est. net flow

−$351K

midpoint · brackets only

Buys

Sells

Party mix

1 D2 R

Member · chamberActionBracket~ midpointOwnerDate · disclosure

Rep. Q. Yates

House · AL

Sell$1K–$15K~$8Kjoint

Nov 29, 2025

filed +5d

Sen. B. Tucker

Senate · TN

Buy$15K–$50K~$33Kspouse

Sep 15, 2025

filed +11d

Rep. H. Patel

House · IL

Sell$250K–$500K~$375Kself

Aug 1, 2025

filed +38d

Source: Senate eFD & House Clerk PTR feeds · members must disclose within 45 days · midpoints reflect bracket midpoint, not actual transaction value

Top ETF holders

ETF NAV disclosures · 13F filings

ETF holders · NAV disclosures

4 ETFs hold the position

Held by ETFs

$17.0M

aggregate position

Of market cap

1.00%

aggregate ETF share

Top holder

IBB0.09%

iShares Biotechnology ETF

TickerETF · familyThemeNAV% of NAVPosition

IBB

iShares Biotechnology ETF

iShares

Broad biotech$8.40B0.09%$7.6M

XBI

SPDR S&P Biotech ETF

SPDR

Broad biotech$7.90B0.08%$6.3M

SBIO

ALPS Medical Breakthroughs ETF

First Trust

Small-cap biotech$110.0M2.40%$2.6M

BBC

Virtus LifeSci Biotech Clinical Trials

WisdomTree

Small-cap biotech$60.0M0.85%$510K

Source: ETF NAV disclosures + quarterly 13F filings · narrow-theme ETFs disclose holdings daily; broad ETFs quarterly · % of NAV is the position weight inside the fund

KOL network

CMS OpenPayments · 2024 – 2025

KOL network · CMS OpenPayments

13 physicians paid · 68 disclosed records

Total 2025+2024

$3.84M

YoY

+39%

Equity / Ownership$1.37MResearch Grant$1.13MCo-Investigator$937.9KConsulting$209.1KSpeaking$165.0KTravel & Lodging$20.2KFood & Beverage$1.9K

Physician · affiliationSpecialtyTop categoryTotalRecords

Dr. Rebecca Andersson

Cedars-Sinai

CardiologyResearch Grant$593.0K7

Dr. Marcus Singh

Penn Medicine

NephrologyResearch Grant$592.9K7

Dr. Kavya Park

UCSF

NephrologyResearch Grant$426.1K7

Dr. Tomás O'Connor

University of Michigan

CardiologyEquity / Ownership$397.0K7

Dr. Maya Müller

MD Anderson

CardiologyCo-Investigator$354.4K6

Dr. Henry Romano

Johns Hopkins

NephrologyEquity / Ownership$302.4K5

Dr. Vivian Murphy

University of Michigan

NephrologyEquity / Ownership$290.6K7

Dr. Maya Iyer

MD Anderson

CardiologyEquity / Ownership$285.4K5

Dr. Olivia Voss

MD Anderson

CardiologyResearch Grant$249.5K2

Dr. Theo Tanaka

Cleveland Clinic

NephrologyEquity / Ownership$161.2K5

Source: CMS OpenPayments · quarterly drops · physicians identified by NPI · aggregated across all programs

Government & IP

Federal lobbying

Senate LDA disclosures · last 8 quarters

Federal lobbying · LDA · last 8 quarters

$485K disclosed · 2 firms engaged

YoY change

+5%

last 4Q vs prior 4Q

24Q3Q425Q1Q2Q3Q426Q1Q2

Top lobbying firms · last 8Q

Invariant$243K

5 quarters active

Mehlman Castagnetti$242K

5 quarters active

Top issues lobbied

GLP-1 coverage under Medicare Part D$243K
Patent Trial and Appeal Board reforms$242K

Source: Senate LDA database (lda.senate.gov) · quarterly registrant filings · spend is the company-wide total disclosed

Government contracts

USAspending.gov · BARDA · NIH · DoD · HHS · VA

Federal contracts · USAspending.gov

2 awards · 2 agencies

Total awarded

$67.1M

across all programs

Active

$67.1M

option periods incl.

Top agency

NIH / NIAID$49.5M

largest active: Antiviral Drug Discovery Cooperative

AgencyTitle · type · award IDStatusValueAwarded → ends

DoD / DARPA

Genome Editing Therapeutics — Pandemic Response

BAA / OTA · DDD-87774133

active$17.6MFeb 2026→ Oct 2029

NIH / NIAID

Antiviral Drug Discovery Cooperative

Cooperative Agreement · NIH-81837308

active$49.5MAug 2023→ Oct 2026

Source: USAspending.gov · SAM.gov · every federal contract / grant / cooperative agreement is public · values are obligated awards (may include option periods)

U.S. Patents

USPTO PEDS & Patent Public Search

U.S. Patents · USPTO

2 granted · 2 pending

Total in portfolio

Granted in last 12mo

Expiring < 2yr

Nearest expiry

Apr 2031

Patent #Title · inventor · drugTypeStatus · filedExpiry

US 2026/7388336 A1

Gene therapy delivery system for XPHOZAH

A. Kim · XPHOZAH

Device

pendingfiled Apr 2026

in prosecution

US 2025/5719409 A1

Methods of treating advanced disease using XPHOZAH

T. Park + 2 · XPHOZAH

Method of Use

pendingfiled Apr 2025

in prosecution

10,831,932

Therapeutic peptide compositions for XPHOZAH

T. Park + 4 · XPHOZAH

Composition of Matter

grantedfiled Apr 2011

exp. Apr 2031

5.0y left

10,456,522

Gene therapy delivery system for XPHOZAH

S. Goldstein + 2 · XPHOZAH

Device

grantedfiled Apr 2012

exp. Apr 2032

6.0y left

Source: USPTO PEDS & Patent Public Search · composition-of-matter is the headline asset · expiration = 20 years from filing

News

PR wires · biotech trades · company IR · last 90 days

News · last 90 days

6 items from 5 categories

clinical2regulatory1corporate1earnings1analyst1

28d ago

EMA validates ARDX's Marketing Authorization Application for XPHOZAH

Endpoints News$·regulatory

1mo ago

ARDX doses first patient in Phase 3 XPHOZAH study

PR Newswire·clinical

2mo ago

ARDX appoints new Chief Medical Officer

PR Newswire·corporate

2mo ago

ARDX reports Q4 results, reaffirms 2026 guidance

Business Wire·earnings

2mo ago

ARDX reports topline results from Phase 2 trial of XPHOZAH

PR Newswire·clinical

2mo ago

Sell-side raises price target on ARDX after pipeline review

STAT$·analyst

Sources: PR wires + biotech-trade publications + company IR · paywalled outlets ($) link to publisher · we never paraphrase the headline

Financials

snapshot · sourced to filings · refreshed at next 10-Q

Trading

Previous close

$7.40

Open

$7.41

Day Δ

-0.01

-0.13%

Day range

$7.34 – $7.47

52W range

$7.04 – $9.08

Avg daily volume

1.75M

Valuation & ownership

Enterprise value

$1.6B

Shares out

229.73M

Float

215.95M

Insider %

14.13%

Institutional %

54.13%

Beta

1.63

vs SPY · 52w

Balance sheet & burn

Cash + invest

$260M

Total debt

$13M

Debt / equity

6.13

Cash burn / Q

$37M

R&D spend TTM

$141M

54% of cash

ATM available

None

no active facility

Earnings

EPS latest

$-0.68

EPS Δ vs prior

+0.13

EPS estimate

$-0.75

next quarter

EPS prior

$-0.81

Next earnings

Jul 5, 2026

Rev guidance

$14M

All values reflect the most recent 10-Q / 10-K filing or seeded equivalent. Beta, IV, short interest, and borrow availability are derived from broker-feed conventions. Upgrade to Pro for live updates.

Recent disclosure activity

last 1 observations

-8465m agoXPHOZAHXPHOZAH Pediatric Phase 3 InitiationMed10-Q