Revenue: As of FY2026 Q2, the actual value is USD 120.88 M, missing the estimate of USD 121.64 M.

EPS: As of FY2026 Q2, the actual value is USD -0.07.

EBIT: As of FY2026 Q2, the actual value is USD -9.506 M.

Ardelyx, Inc. reported its financial results for the second quarter of 2026, which ended on June 30, 2026.

Total Product Revenue

Ardelyx, Inc. achieved total product revenue of $118.1 million for the second quarter of 2026, marking a 31% growth year-over-year compared to $90.077 million in Q2 2025. This was the largest revenue quarter in the company’s history. For the six months ended June 30, 2026, total product sales, net, were $211,502 thousand, up from $157,891 thousand for the same period in 2025.

Segment Revenue

• IBSRELA Revenue: Revenue from IBSRELA was $86.2 million for Q2 2026, representing a 33% year-over-year increase from $65.0 million in Q2 2025.
• XPHOZAH Revenue: XPHOZAH revenue grew 27% year-over-year to $31.9 million in Q2 2026, compared to $25.0 million in Q2 2025.

Total Revenues

Total revenues, including product supply, licensing, and non-cash royalty revenue, were $120,877 thousand for the three months ended June 30, 2026, compared to $97,662 thousand for the same period in 2025. For the six months ended June 30, 2026, total revenues were $215,350 thousand, up from $171,776 thousand for the six months ended June 30, 2025.

Costs and Operating Expenses

• Cost of sales: Cost of sales for the three months ended June 30, 2026, was $5,759 thousand, down from $12,403 thousand in Q2 2025. For the six months ended June 30, 2026, cost of sales was $10,570 thousand, compared to $24,706 thousand for the same period in 2025.
• Research and development expenses: R&D expenses for Q2 2026 were $26.1 million, a 67% increase from $15.7 million in Q2 2025. For the six months ended June 30, 2026, R&D expenses totaled $46,291 thousand, up from $30,604 thousand for the six months ended June 30, 2025.
• Selling, general and administrative expenses: SG&A expenses totaled $101.4 million in Q2 2026, an increase of 21% from $84.0 million in Q2 2025. For the six months ended June 30, 2026, SG&A expenses were $203,707 thousand, compared to $167,210 thousand for the same period in 2025.
• Total operating expenses: Combined operating expenses for Q2 2026 were $127.5 million, an increase of 28% from $99.7 million in Q2 2025. Total costs and operating expenses for the three months ended June 30, 2026, were $133,302 thousand, compared to $112,057 thousand for the same period in 2025. For the six months ended June 30, 2026, total costs and operating expenses were $260,568 thousand, versus $222,520 thousand for the prior year period.

Net Loss

Ardelyx, Inc. reported a net loss of - $16.7 million for Q2 2026, representing a -12% change compared to a net loss of - $19.1 million in Q2 2025. The loss from operations for the three months ended June 30, 2026, was - $12,425 thousand, an improvement from - $14,395 thousand in Q2 2025. For the six months ended June 30, 2026, the net loss was - $54,326 thousand, compared to - $60,223 thousand for the same period in 2025. The net loss for Q2 2026 included $15.3 million in share-based compensation expense, which was up 31% from $11.7 million in Q2 2025.

Cash Position

As of June 30, 2026, Ardelyx, Inc. had $281.8 million in cash, cash equivalents, and investments, an increase from $264.7 million as of December 31, 2025. Cash and cash equivalents specifically were $97,191 thousand on June 30, 2026, up from $67,999 thousand on December 31, 2025. Short-term investments were $184,639 thousand on June 30, 2026, a decrease from $196,690 thousand on December 31, 2025. Long-term debt increased to $251,823 thousand on June 30, 2026, from $202,834 thousand on December 31, 2025. This cash position included a $50 million debt drawdown on June 29, 2026.

Other Financial Metrics

• Interest expense: Interest expense for the three months ended June 30, 2026, was - $4,957 thousand, compared to - $4,356 thousand in Q2 2025. For the six months ended June 30, 2026, it was - $10,556 thousand, compared to - $8,547 thousand for the same period in 2025.
• Non-cash interest expense related to the sale of future royalties: This expense was - $1,267 thousand for Q2 2026, down from - $2,219 thousand in Q2 2025. For the six months ended June 30, 2026, it was - $2,584 thousand, compared to - $4,290 thousand for the prior year period.
• Other income, net: Other income, net, was $2,038 thousand for Q2 2026, compared to $1,892 thousand in Q2 2025. For the six months ended June 30, 2026, it was $4,150 thousand, versus $4,218 thousand for the same period in 2025.
• Loss before provision for income taxes: This loss was - $16,611 thousand for Q2 2026, compared to - $19,078 thousand in Q2 2025. For the six months ended June 30, 2026, it was - $54,208 thousand, compared to - $59,363 thousand for the prior year period.
• Provision for income taxes: The provision for income taxes was $110 thousand for Q2 2026, compared to $1 thousand in Q2 2025. For the six months ended June 30, 2026, it was $118 thousand, versus $860 thousand for the same period in 2025.

Outlook and Guidance

Ardelyx, Inc. revised its full-year 2026 revenue guidance for IBSRELA to be between $350 million and $370 million, while reiterating XPHOZAH’s full-year 2026 revenue guidance between $110 million and $120 million. The company also revised its operating expense guidance to be below $500 million and anticipates moving towards profitability in 2027. Ardelyx, Inc. maintains its conviction in achieving $1 billion in annual IBSRELA revenue, with the timing under evaluation, and expects its cash balance to grow year-over-year.