ARDX Stock — Ardelyx Inc.: Cash, EV, Pipeline

Share price

$3.42

Market cap

$852.2M

Cash

$281.8M

Enterprise value

$822.2M

Balance sheet

Cash	$281.8M
Debt	$251.8M
Net cash	$30.0M
Enterprise value	$822.2M
Basic shares	249.1M shares
Fully diluted shares	294.6M shares
Fully diluted market cap	$1,007.7M
Cash per share	$1.13

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Oct 13 - Nov 24	Tenapanor 50 MG	Phase 3	Irritable Bowel Syndrome With Constipation (IBS-C)	—
Apr 9 - May 21	Tenapanor 5 mg BID	Phase 3	Chronic Idiopathic Constipation (CIC)	—
Aug 12 - Sep 23	Tenapanor	Phase 3	Irritable Bowel Syndrome With Constipation (IBS-C)	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Tenapanor

Approved · Active Modality: small molecule (minimally absorbed)

Aliases IBSRELA, XPHOZAH, Wan Ti Le

Target NHE3 (sodium/hydrogen exchanger 3)

Partnerships Out-licensed ex-U.S.: Fosun Pharma (China; $5M milestone on NMPA approval, tiered royalties mid-teens to 20%); Knight (Canada license mutually terminated Mar 2026, IBSRELA Canada sales discontinued Mar 31, 2026)

Indications

Irritable bowel syndrome with constipation (IBS-C) (Approved)
Chronic idiopathic constipation (CIC) (Phase 3)
Hyperphosphatemia in adults with CKD on dialysis (as add-on therapy) (Approved)

Catalysts

— end of 2026
— second half of 2027

Status note Most advanced program. Knight Canada termination not related to safety, efficacy or quality. XPHOZAH entered ESRD PPS Jan 1, 2025, losing Medicare Part D coverage. Multiple pediatric trials ongoing which could expand use and add patent life.

RDX10531

Preclinical · Active Modality: small molecule

Target NHE3 (sodium/hydrogen exchanger 3)

Status note Next-generation NHE3 inhibitor in IND-enabling studies; demonstrated improved solubility and potency vs tenapanor in preclinical models; potential for broad applications across multiple therapeutic areas.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Tenapanor 5 mg BID
Lead indication	Chronic Idiopathic Constipation (CIC)
Lead phase	Phase 3
Active trials	3
Collaborator trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07382167	Phase 3	Recruiting	Sponsor	Ardelyx	—	Chronic Idiopathic Constipation (CIC)	—
NCT05905926	Phase 3	Enrolling by invitation	Sponsor	Ardelyx	—	Irritable Bowel Syndrome With Constipation (IBS-C)	—
NCT05643534	Phase 3	Active, not recruiting	Sponsor	Ardelyx	—	Irritable Bowel Syndrome With Constipation (IBS-C)	—
NCT06810167	Phase 3	Active, not recruiting	Collaborator	Massachusetts General Hospital	—	Cystic Fibrosis; Constipation	—
NCT06460038	Phase 2	Recruiting	Collaborator	Cedar Valley Digestive Health Center	—	Synucleinopathy; Parkinson's Disease	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 2 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for Ardelyx on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
ADAR1 Capital Management	11,000	-12,900	0.00%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

ARDX — Ardelyx Inc.