Ardelyx(ARDX) - 2024 Q2 - Quarterly Results

Revenue Performance - IBSRELA generated $35.4 million in net product sales revenue in Q2 2024, reflecting approximately 25% quarter-over-quarter growth compared to Q1 2024[3]. - XPHOZAH recorded $37.1 million in net product sales revenue in Q2 2024, showing significant growth from $15.2 million in Q1 2024[4]. - Total revenue for Q2 2024 was $73.2 million, compared to $22.3 million in Q2 2023, primarily driven by increased net product sales[8]. - The company expects full-year 2024 U.S. net product sales revenue for IBSRELA to be between $140.0 million and $150.0 million[4]. - Total revenues for Q2 2024 reached $73,222,000, a significant increase from $22,333,000 in Q2 2023, representing a growth of 228%[24]. - Product sales, net for IBSRELA amounted to $35,445,000 in Q2 2024, up from $18,309,000 in Q2 2023, reflecting a growth of 94%[24]. - XPHOZAH generated $37,146,000 in product sales for Q2 2024, with no sales reported in Q2 2023[24]. - Total product sales, net for the first half of 2024 reached $116,103,000, compared to $29,664,000 in the same period of 2023, marking a growth of 290%[24]. Expenses and Losses - Research and development expenses for Q2 2024 were $12.8 million, up from $8.3 million in Q2 2023[9]. - Selling, general and administrative expenses increased to $64.7 million in Q2 2024, compared to $27.2 million in Q2 2023, primarily due to commercialization efforts[9]. - The net loss for Q2 2024 was $16.5 million, or $(0.07) per share, compared to a net loss of $17.1 million, or $(0.08) per share, in Q2 2023[9]. - Operating expenses for Q2 2024 totaled $77,416,000, up from $35,468,000 in Q2 2023, indicating a rise of 118%[24]. - The net loss for Q2 2024 was $16,454,000, slightly improved from a net loss of $17,121,000 in Q2 2023[24]. Financial Position - As of June 30, 2024, the company had approximately $186 million in cash and investments, up from $184.3 million at the end of 2023[7]. - Cash and cash equivalents increased to $41,890,000 as of June 30, 2024, compared to $21,470,000 at the end of 2023, showing a growth of 95%[22]. - Long-term debt rose to $100,249,000 as of June 30, 2024, up from $49,822,000 at the end of 2023, reflecting an increase of 101%[22]. - Total assets increased to $343,488,000 as of June 30, 2024, compared to $297,579,000 at the end of 2023, representing a growth of 15%[22]. - Stockholders' equity decreased to $146,990,000 as of June 30, 2024, down from $166,816,000 at the end of 2023, a decline of 12%[22]. Strategic Initiatives - The company is actively working to protect patient access to XPHOZAH amid proposed CMS policy changes that could restrict its use[5]. - Ardelyx continues to expand its sales team to support the growth trajectory of IBSRELA and XPHOZAH[3].