Ardelyx, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 30 April 2026: press release. Guidance figures: 5 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Product revenue rose 38%: Total product sales were $93.4 million, up from $67.8 million a year earlier, and total revenues were $94.5 million. Management attributed the growth to increased demand. Source
• Net loss narrowed to $37.6 million: Net loss was $37.6 million, or $(0.15) per share, against $41.1 million, or $(0.17) per share, a year earlier. Loss from operations was $32.8 million, compared with $36.3 million. Source
• IBSRELA revenue up 58%: IBSRELA revenue was $70.1 million, about 58% higher than a year earlier. Management attributed the growth to total writers, new and refill prescriptions and better prescription pull-through. Source
• XPHOZAH revenue held near prior year: XPHOZAH revenue was $23.3 million, against $23.4 million a year earlier. Management cited an increase in paid prescriptions. Source
• SG&A rose to $102.3 million: SG&A was $102.3 million, up from $83.2 million. The company tied the increase to ongoing investment to drive IBSRELA adoption. Source
• Cash balance declined in quarter: Cash, cash equivalents and short-term investments were $238.1 million at March 31, 2026, down from $264.7 million at December 31, 2025. Source
• ACCEL first patient dosed: The company dosed the first patient in the ACCEL Phase 3 trial in January 2026 and has initiated all pre-identified sites. Source

“Ardelyx continued our strong commercial execution which coupled with our strengthening cash position allows us to conduct multiple IBSRELA clinical trials”

Mike Raab, President and Chief Executive Officer

Guidance

What changed from last quarter

• New: In February the company announced a multi-year partnership with the LPGA as an official corporate pharmaceutical marketing partner, running through the 2026 season. Source
• New: In April the company appointed Rajani Dinavahi, M.D. as Chief Medical Officer and Felecia W. Ettenberg, Esq. as Chief Legal Officer. Source
• New: In April the company refinanced its existing debt with SLR Investment Corp. The release says the resulting terms are better overall. Source
• New: IBSRELA is being evaluated in multiple pediatric trials, which management says could potentially add six months of patent life for tenapanor. Source

Results and growth drivers

• Product revenue rose 38%: Total product sales were $93.4 million, up from $67.8 million a year earlier, and total revenues were $94.5 million. Management attributed the growth to increased demand. Source
• Net loss narrowed to $37.6 million: Net loss was $37.6 million, or $(0.15) per share, against $41.1 million, or $(0.17) per share, a year earlier. Loss from operations was $32.8 million, compared with $36.3 million. Source
• Share-based compensation included: The first-quarter net loss included $14.2 million of share-based compensation expense. Source

IBSRELA and XPHOZAH sales

• IBSRELA revenue up 58%: IBSRELA revenue was $70.1 million, about 58% higher than a year earlier. Management attributed the growth to total writers, new and refill prescriptions and better prescription pull-through. Source
• XPHOZAH revenue held near prior year: XPHOZAH revenue was $23.3 million, against $23.4 million a year earlier. Management cited an increase in paid prescriptions. Source
• Licensing revenue down from prior year: Licensing revenue was $51,000, against $5.0 million a year earlier. Product supply revenue was $354,000, against $254,000. Source

“We are in a position of financial strength, providing flexibility to allocate capital across the business, accelerate commercial momentum, and drive intrinsic long-term value for the Company, our patients, and our shareholders.”

Mike Raab, President and Chief Executive Officer

Operating costs

• SG&A rose to $102.3 million: SG&A was $102.3 million, up from $83.2 million. The company tied the increase to ongoing investment to drive IBSRELA adoption. Source
• R&D rose on ACCEL trial: R&D expense was $20.2 million, up from $14.9 million, primarily from investment in the ACCEL Phase 3 trial for CIC. Source
• Cost of sales declined: Cost of sales was $4.8 million, against $12.3 million a year earlier. Prior-year amounts were reclassified to match the current presentation. Source

Cash and balance sheet

• Cash balance declined in quarter: Cash, cash equivalents and short-term investments were $238.1 million at March 31, 2026, down from $264.7 million at December 31, 2025. Source
• Inventory and receivables increased: Inventory rose to $128.0 million from $123.1 million at year-end, and accounts receivable rose to $82.8 million from $71.8 million. Source
• Long-term debt edged up: Long-term debt was $203.5 million, against $202.8 million at December 31, 2025. The deferred royalty obligation was $25.9 million. Source

Pipeline and development

• ACCEL first patient dosed: The company dosed the first patient in the ACCEL Phase 3 trial in January 2026 and has initiated all pre-identified sites. Source
• RDX10531 now in IND-enabling studies: RDX10531 is in IND-enabling studies. The February release had said pre-clinical work would finish ahead of an IND submission in the second half of 2026. Source
• RDX10531 broad potential if successful: Management said that, if successful, RDX10531 has potential for applications across multiple therapeutic areas. Source

Strategy and capital priorities

• IBSRELA as the cornerstone: The CEO describes IBSRELA as the cornerstone of the company being built, and as on the path to becoming a blockbuster. Source
• Explore avenues for pipeline growth: Management said it will purposefully explore various avenues to build a significant and sustainable pipeline of important medicines. Source
• Partners handle ex-US commercialization: Ardelyx works with partners to develop and commercialize its products outside the United States. The release gives no figures for that business. Source

Label safety information

• IBSRELA boxed warning on dehydration: The IBSRELA label carries a boxed warning on serious dehydration in pediatric patients. It is contraindicated under age 6, and use is to be avoided from age 6 to under 12. Source
• IBSRELA diarrhea rate in label: The label lists diarrhea as the most common IBSRELA adverse reaction, at 16% of patients against 4% on placebo. Source

Coming up, as management said on 30 April 2026

• May poster presentations: Abstracts with additional tenapanor data were accepted as posters at Digestive Disease Week (May 2-5, 2026) and the National Kidney Foundation Spring Clinical Meeting (May 6-10, 2026). Source

Figures management reported

Earlier plans management reported on

• Met: Management reports the first ACCEL patient was dosed in January 2026 and all pre-identified sites have been initiated. Source
• Not stated: Management reiterated the full-year 2026 IBSRELA guidance range from the February release. Source

Other quarters

• Q3 FY2026 earnings call
• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.