Ardelyx, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 3 November 2026: press release. Guidance figures: 4 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Total product revenue rose 19%: Total product sales were $125.5 million, up from $105.5 million a year earlier. The company cited increased demand as the driver. Source
• Operating income positive this quarter: Income from operations was $4.0 million, compared with a loss of $12.4 million in the second quarter. The nine-month loss from operations was $41.2 million. Source
• IBSRELA sales up 23%: IBSRELA revenue was $96.3 million, up 23% year over year. The company attributed the growth to increases in total writers and total prescriptions. Source
• XPHOZAH growth slowed to 7%: XPHOZAH revenue was $29.2 million, up 7% year over year, compared with 27% growth in the second quarter. Source
• ACCEL enrollment finished early: Enrollment in the Phase 3 ACCEL trial of tenapanor for chronic idiopathic constipation in adults is complete, ahead of schedule. Source
• Cash and investments reached $285.3M: Cash, cash equivalents and short-term investments were $285.3 million, up from $264.7 million at December 31, 2025 and $281.8 million at June 30, 2026. Source

“Our third quarter results reflect the strength of the foundation we’ve built,”

Mike Raab, President and Chief Executive Officer of Ardelyx

Guidance

What changed from last quarter

• Guidance kept: IBSRELA full-year 2026 revenue guidance reiterated; the second quarter release had revised it to this range. Source
• Guidance kept: XPHOZAH full-year 2026 revenue guidance reiterated, unchanged from the second quarter release. Source
• Guidance kept: Full-year 2026 operating expense guidance reiterated; the second quarter release had revised it. Source
• Guidance kept: The IBSRELA long-term goal was stated as remaining. The second quarter release said timing was under evaluation; this release gives no timing. Source
• New: ACCEL Phase 3 enrollment completed ahead of schedule. The second quarter release said completion was on track for year-end 2026. Source
• New: A USPTO notice of a patent covering both commercial formulations was announced. It was not in the second quarter release. Source
• New: October real-world data presentations were made at two medical meetings, one for IBSRELA and one for XPHOZAH. Source

Results and growth drivers

• Total product revenue rose 19%: Total product sales were $125.5 million, up from $105.5 million a year earlier. The company cited increased demand as the driver. Source
• Net loss narrowed to $0.7 million: Net loss was $0.7 million, or $(0.00) per share, against $1.0 million a year earlier. Share-based compensation of $15.1 million was included in the net loss. Source
• Operating income positive this quarter: Income from operations was $4.0 million, compared with a loss of $12.4 million in the second quarter. The nine-month loss from operations was $41.2 million. Source

Products: IBSRELA and XPHOZAH

• IBSRELA sales up 23%: IBSRELA revenue was $96.3 million, up 23% year over year. The company attributed the growth to increases in total writers and total prescriptions. Source
• XPHOZAH growth slowed to 7%: XPHOZAH revenue was $29.2 million, up 7% year over year, compared with 27% growth in the second quarter. Source

“IBSRELA year-over-year growth of 23% is the engine driving total product revenue of over $125 million for the quarter.”

Mike Raab, President and Chief Executive Officer of Ardelyx

Costs and operating expenses

• R&D spend rose on ACCEL trial: R&D expense was $25.2 million, up from $18.1 million a year earlier. The company said the increase was primarily for the ACCEL Phase 3 trial; it was $26.1 million in the second quarter. Source
• SG&A up year over year: SG&A expense was $93.9 million, up from $83.6 million a year earlier and below the $101.4 million reported in the second quarter. Source
• Share count higher year over year: Weighted shares used for net loss per share were 250.0 million in the quarter, against 241.9 million a year earlier. Source

Demand and real-world data

• IBS-C real-world data presented: In October the company presented real-world data at the American College of Gastroenterology meeting on gastrointestinal healthcare resource use after adults with IBS-C started IBSRELA. Source
• XPHOZAH phosphate data presented: In October at the American Society of Nephrology Kidney meeting, the company presented real-world data on serum phosphate reductions after XPHOZAH initiation in dialysis adults. Source

“Finally, with over $285 million in cash and investments, and a disciplined capital allocation strategy, we are well positioned to create and deliver significant long-term value.”

Mike Raab, President and Chief Executive Officer of Ardelyx

Pipeline and intellectual property

• ACCEL enrollment finished early: Enrollment in the Phase 3 ACCEL trial of tenapanor for chronic idiopathic constipation in adults is complete, ahead of schedule. Source
• Topline data timing stated: The company is on track to report ACCEL topline data in the second half of 2027. Source
• New patent covers both products: The company says the new patent will cover the commercial formulations of both IBSRELA and XPHOZAH, with an expiration date of December 6, 2041. Source

Balance sheet and cash

• Cash and investments reached $285.3M: Cash, cash equivalents and short-term investments were $285.3 million, up from $264.7 million at December 31, 2025 and $281.8 million at June 30, 2026. Source
• Long-term debt higher than year-end: Long-term debt was $252.4 million at September 30, 2026, against $202.8 million at December 31, 2025. The deferred royalty obligation was $27.2 million. Source
• Inventory and receivables increased: Inventory was $157.6 million and accounts receivable $93.4 million, up from $123.1 million and $71.8 million at December 31, 2025. Source

Strategy and leadership

• Value case tied to IP and cash: The CEO linked long-term value to the tenapanor intellectual property portfolio, the ACCEL trial and the cash position with a disciplined capital allocation strategy. Source
• CEO framed quarter as foundation: The CEO said the third quarter results reflect the strength of the foundation the company has built. Source

Coming up, as management said on 3 November 2026

• Patent issuance on November 10: The company says the USPTO will issue the patent on November 10, 2026, with an expiration date of December 6, 2041. Source
• ACCEL topline data timing: Topline data from the ACCEL Phase 3 trial are expected in the second half of 2027. Source

Figures management reported

Risks management discussed

• Demand: Management is spending to address access barriers to IBSRELA, which it cites as the reason for the SG&A increase. Source

Earlier plans management reported on

• Ahead: The second quarter release said enrollment was on track to complete by year-end 2026. This release says enrollment was completed ahead of schedule. Source
• On track: The company states it is on track to announce ACCEL topline data in the second half of 2027. Source
• Not stated: The IBSRELA revenue range was reiterated. The release does not state progress against it. Source
• Not stated: The goal was stated as remaining. The second quarter release said timing was under evaluation; this release gives no date. Source

Other quarters

• Q2 FY2026 earnings call
• Q1 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.