Ardelyx, Inc. delivered strong financial performance in the fourth quarter and full year 2025, driven by significant growth in IBSRELA sales. Total revenues reached $125.2 million in Q4, up from $116.1 million the prior year, while full-year revenues climbed 22% to $407.3 million.
Product Revenue Highlights
IBSRELA generated $86.6 million in Q4 revenues, marking 61% year-over-year growth and an 11% increase from Q3 2025. For the full year, IBSRELA sales soared 73% to $274.2 million. XPHOZAH contributed $27.8 million in Q4, down from the previous year, with full-year sales at $103.6 million.
Net product sales totaled $114.4 million in Q4 and $377.8 million for the year. Other revenues, including product supply and licensing, added $10.8 million in Q4 and $29.5 million annually.
Financial Position and Expenses
The company reported a full-year net loss of $61.6 million, or $0.26 per share, compared to $39.1 million the prior year. Cash, cash equivalents, and short-term investments stood at $264.7 million as of December 31, 2025, up from $250.1 million a year earlier.
Research and development expenses rose to $71.5 million for the year, while selling, general, and administrative costs increased to $337.2 million.
2026 Guidance and Long-Term Outlook
Ardelyx projects IBSRELA revenues between $410 million and $430 million in 2026, representing at least 50% growth over 2025. XPHOZAH is expected to generate $110 million to $120 million. The company anticipates IBSRELA reaching $1 billion in annual revenues by 2029, with continued expansion thereafter.
Pipeline and Business Developments
Ardelyx dosed the first patient in its Phase 3 ACCEL trial evaluating tenapanor for chronic idiopathic constipation, with enrollment completion targeted for late 2026 and topline data in the second half of 2027. Development of next-generation NHE3 inhibitor RDX10531 advances, with an IND filing planned for the second half of 2026.
A new U.S. patent for oral tenapanor formulations extends protection to 2042. Recent data presentations at medical conferences underscored IBSRELA’s benefits and XPHOZAH’s real-world efficacy.
Presentation materials from the earnings call are available on the company’s investor relations website.
