Core Insights - Ardelyx, Inc. achieved significant commercial progress in 2025, generating approximately $378 million in product revenue, representing an 18% year-over-year growth [1][5] - IBSRELA, a key product, generated $274 million in revenue in 2025, reflecting a 73% growth compared to 2024, and is expected to reach $410-430 million in 2026 [1][5] - The long-term outlook for IBSRELA anticipates revenue reaching $1 billion by 2029 [1][5] Financial Highlights - Total product revenue for 2025 was approximately $378 million, with IBSRELA contributing $274 million and XPHOZAH generating $104 million [5] - IBSRELA's revenue for the fourth quarter of 2025 was approximately $87 million, while XPHOZAH's revenue for the same period was about $28 million [5] - The company had $265 million in cash, cash equivalents, and investments as of December 31, 2025, which supports further investments in commercial products and pipeline advancement [5] Financial Guidance and Outlook - IBSRELA's revenue for 2026 is projected to be between $410 million and $430 million, indicating at least a 50% growth compared to 2025 [5] - XPHOZAH's revenue for 2026 is expected to be between $110 million and $120 million [5] - A Phase 3 clinical trial for IBSRELA in chronic idiopathic constipation has commenced, with completion expected in the second half of 2027 [5] - A Notice of Allowance for a patent extending intellectual property protection for IBSRELA and XPHOZAH has been received, with an expiration date of December 6, 2041 [5]

Financial Performance & Expectations - Ardelyx reported $44.4 million in net sales revenue for IBSRELA and $23.4 million for XPHOZAH in Q1 2025[5] - The company finished Q1 2025 with $214.0 million in cash and investments[5] - Ardelyx anticipates U S IBSRELA net product sales revenue to be between $240 million and $250 million for the full year 2025[9, 64] - IBSRELA is projected to achieve approximately 10% market share at its peak, generating over $1 billion in net product sales revenue before its patent expires[9, 36] - XPHOZAH is expected to generate $750 million in annual net product sales revenue before its patent expires[41, 62] - Ardelyx expects aggregate peak revenue for both products to be greater than $175 billion annually before patent expiration[65, 76] Market Overview & Clinical Data - The U S IBS-C indicated net product sales reached $40 billion in 2024, representing a 16% increase compared to 2023[14] - TRxs for IBS-C indicated products have grown 21% from 2020 to 2024[15] - Approximately 70% of patients on phosphate binders are unable to consistently achieve and maintain target phosphorus levels over a 6-month period[39, 44, 62] - In a long-term Phase 3 trial, 365% of IBSRELA-treated patients were overall responders, compared to placebo[26, 27] - 96% of surveyed nephrologists rate XPHOZAH as a moderate or substantial advancement[57]