NEW YORK, Aug. 21, 2024 /PRNewswire/ --Why: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of all purchasers of securities of Ardelyx, Inc. (NASDAQ: ARDX) between October 31, 2023 and July 1, 2024, both dates inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 15, 2024.So What: If you purchased Ardelyx securities during the Class Period ...

LOS ANGELES, Aug. 21, 2024 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Ardelyx, Inc. (“Ardelyx” or “the Company”) (NASDAQ: ARDX) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. Investors who purchased the Company’s securities between October 31, 2023 and July 1, 2024, inclusive (the “Class Period”), ar ...

NEW YORK, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Ardelyx, Inc. (“Ardelyx” or the “Company”) (NASDAQ: ARDX) in the United States District Court for the District of Massachusetts on behalf of all persons and entities who purchased or otherwise acquired Ardelyx securities between October 31, 2023 and July 1, 2024, both dates inclusive (the “Class Period”). Investors have unt ...

NEW YORK, Aug. 20, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of all purchasers of securities of Ardelyx, Inc. (NASDAQ: ARDX) between October 31, 2023 and July 1, 2024, both dates inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 15, 2024. SO WHAT: If you purchased Ardelyx securities during the Class ...

ATLANTA, Aug. 19, 2024 (GLOBE NEWSWIRE) -- A shareholder class action lawsuit has been filed Ardelyx, Inc. (“Ardelyx” or the “Company”) (NASDAQ: ARDX). The lawsuit alleges that Defendants indicated that Ardelyx would apply to include its product, XPHOZAH, in the Transitional Drug Add-on Payment Adjustment (“TDAPA”) when, in fact, Ardelyx had not yet reached a firm decision concerning whether or not to apply to include XPHOZAH in TDAPA, and could not, in fact, decide whether or not to submit such an applicat ...

SAN DIEGO, Aug. 18, 2024 (GLOBE NEWSWIRE) -- Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Ardelyx, Inc. (NASDAQ: ARDX) securities between October 31, 2023 and July 1, 2024. Ardelyx is a biotechnology company focused on developing and commercializing therapies for, among other things, patients with chronic kidney disease (“CKD”). For more information, submit a form, email attorney Aaron Dumas, Jr., or give us ...

Ardelyx, Inc. (NASDAQ:ARDX) Q2 2024 Earnings Conference Call August 1, 2024 4:30 PM ET Company Participants Caitlin Lowie - Vice President of Corporate Communications & Investor Relations Michael Raab - President & Chief Executive Officer Susan Rodriguez - Chief Commercial Officer Justin Renz - Chief Financial Officer & Chief Operations Officer Conference Call Participants Louise Chen - Cantor Fitzgerald Yigal Nochomovitz - Citi Dennis Ding - Jefferies Laura Chico - Wedbush Roanna Ruiz - Leerink Partners Ry ...

Ardelyx (ARDX) reported $73.22 million in revenue for the quarter ended June 2024, representing a year-over-year increase of 227.9%. EPS of -$0.07 for the same period compares to -$0.08 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $55.73 million, representing a surprise of +31.38%. The company delivered an EPS surprise of +30.00%, with the consensus EPS estimate being -$0.10.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and ...

Ardelyx (ARDX) came out with a quarterly loss of $0.07 per share versus the Zacks Consensus Estimate of a loss of $0.10. This compares to loss of $0.08 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 30%. A quarter ago, it was expected that this biotechnology company would post a loss of $0.13 per share when it actually produced a loss of $0.11, delivering a surprise of 15.38%.Over the last four quarters, the company has surpa ...

Financial Performance and Revenue Growth - Total revenue for Q2 2024 increased by 228% to $73.2 million compared to Q2 2023, driven by strong product sales[152] - Product sales for IBSRELA increased by 94% to $35.4 million in Q2 2024 compared to Q2 2023, driven by increased demand[153] - XPHOZAH contributed $37.1 million in product sales in Q2 2024, following its launch in Q4 2023[153] - Cost of product sales increased by $913 million (186%) for the three months and $1,554 million (180%) for the six months ended June 30, 2024, compared to the same periods in 2023, primarily due to increased net product sales of IBSRELA and XPHOZAH[157] - Other cost of revenue increased by $5,034 million (168%) for the three months and $9,984 million (240%) for the six months ended June 30, 2024, driven by increased payments to AstraZeneca under the AstraZeneca Termination Agreement[158] - Non-cash royalty revenue of $599,000 in Q2 2024 is attributable to royalties from Kyowa Kirin for sales of PHOZEVEL in Japan[155] Product Development and Approvals - IBSRELA, a first-in-class NHE3 inhibitor, was first sold in the U.S. in March 2022[124] - XPHOZAH, a phosphate absorption inhibitor, was approved by the U.S. FDA on October 17, 2023, and first sold in the U.S. in November 2023[126][127] - XPHOZAH was granted orphan drug designation by the U.S. FDA for pediatric hyperphosphatemia in November 2023[129] - XPHOZAH received FDA approval in October 2023, triggering a $3.0 million milestone payment received in Q1 2024[136] - Kyowa Kirin approved tenapanor for hyperphosphatemia in Japan, resulting in $30.0 million in milestone payments and an additional $5.0 million under the HCR Agreement, received in October 2023[177] Partnerships and Collaborations - Ardelyx has commercial agreements with Kyowa Kirin in Japan, Fosun Pharma in China, and Knight in Canada for tenapanor[130][131] - Knight paid Ardelyx a $2.3 million non-refundable payment in March 2018 and may pay up to CAD 22.2 million in milestones[132] - Kyowa Kirin paid Ardelyx $30.0 million upfront and may pay up to $55.0 million in milestones, with $35.0 million received as of June 30, 2024[133] - Fosun Pharma paid Ardelyx a $12.0 million upfront license fee and triggered a $2.0 million milestone payment in July 2023[135] - Fosun Pharma received approval for tenapanor in Hong Kong, potentially entitling the company to up to $113.0 million in milestones, with $8.0 million recognized as revenue by June 30, 2024[136] - The company received a $10.0 million upfront payment and a $5.0 million milestone payment from HCR under the HCR Agreement, recorded as a deferred royalty obligation[148] Financial Position and Cash Flow - Ardelyx's accumulated deficit as of June 30, 2024, is $889.2 million[121] - Cash and cash equivalents increased by $20,420 million (95%) to $41,890 million as of June 30, 2024, compared to December 31, 2023[172] - The company sold 16.8 million shares of common stock under the 2023 Open Market Sales Agreement, receiving gross proceeds of $70.0 million at a weighted average sales price of $4.17 per share[173] - The company entered into a Third Amendment to the 2022 Loan Agreement, allowing it to draw an additional $50.0 million of committed capital by March 15, 2024 (Term C Loan) and up to $50.0 million of uncommitted capital (Term D Loan), with the interest-only period extended to December 31, 2026[176] - The company's accumulated deficit as of June 30, 2024, is $889.2 million, with primary cash sources including stock sales, collaboration partnerships, and loan agreements[178] - Cash flow from operating activities decreased by $4.4 million (7%) in the six months ended June 30, 2024, compared to the same period in 2023, primarily due to adjustments in net loss reconciliation and changes in operating assets and liabilities[185] - Cash flow from investing activities increased by $89.9 million (130%) in the six months ended June 30, 2024, compared to the same period in 2023, driven by the timing of investment maturities and purchases[186] - Cash flow from financing activities decreased by $7.9 million (13%) in the six months ended June 30, 2024, compared to the same period in 2023, largely due to the absence of proceeds from the 2021 Open Market Sales Agreement, offset by $49.8 million from the Term C Loan[187] - As of June 30, 2024, the company had $186.0 million in cash, cash equivalents, and short-term investments, consisting of bank deposits, money market funds, and high-quality fixed-income instruments[189] Operating Expenses and Costs - Total operating expenses increased by $41,948 million (118%) for the three months and $69,625 million (98%) for the six months ended June 30, 2024, compared to the same periods in 2023[160] - Research and development expenses increased by $4,480 million (54%) for the three months and $5,966 million (34%) for the six months ended June 30, 2024, primarily due to increased engagement with scientific communities and clinical trial activities[162] - Selling, general and administrative expenses increased by $37,468 million (138%) for the three months and $63,659 million (118%) for the six months ended June 30, 2024, driven by the commercialization of IBSRELA and XPHOZAH[163] - Interest expense increased by $2,251 million (209%) for the three months and $3,579 million (170%) for the six months ended June 30, 2024, due to a larger loan balance and higher variable interest rates[165] - Non-cash interest expense related to the sale of future royalties increased by $608 million (63%) for the three months and $1,341 million (69%) for the six months ended June 30, 2024[168] - Other income, net increased by $599 million (39%) for the three months and $1,636 million (57%) for the six months ended June 30, 2024, due to higher investment income[170] Market and Patient Data - Approximately 550,000 adult patients with CKD on dialysis in the U.S., with 80% treated with phosphate-lowering therapies[126] - 70% of patients treated with phosphate binders were unable to maintain phosphorus levels ≤5.5 mg/dL over six months[126] Royalties and Licensing Agreements - AstraZeneca is entitled to 10% royalties on net sales of tenapanor and 20% of non-royalty revenue, with $40.2 million recognized as other cost of revenue to date[143] - Non-cash royalty revenue of $599,000 in Q2 2024 is attributable to royalties from Kyowa Kirin for sales of PHOZEVEL in Japan[155] Inventory and Cost of Goods Sold - Cost of goods sold for Q2 2024 would have been $1.2 million higher if certain material and production costs had not been previously expensed[142] - The company had $19.6 million of inventory on hand as of June 30, 2024, previously expensed as R&D, which will not be reported as cost of goods sold in future periods[142] Loan Agreements and Interest Rates - The company's 2022 Loan Agreement bears interest at a floating rate of 7.95% plus the greater of 1.00% or 0.022% plus the 1-month CME Term SOFR rate, with a hypothetical 100 basis point increase in SOFR raising interest expense by $0.3 million for the six months ended June 30, 2024[190] Foreign Currency Risk - The company is exposed to foreign currency risk due to transactions denominated in Swiss francs and euros, though it does not use derivative financial instruments for speculative purposes[191] - The company had no open forward foreign currency exchange contracts as of June 30, 2024[192]