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Ardelyx

ARDX Lead: Approved 5 Biotech Distilled articles ↓ 22 filings & releases ↓ Cash $46.3M (Sep 30, 2026) ↓ 5 verdicts ↓ 2 timing quotes ↓
GI/HepatologyRenal Small Molecule

Market cap $724M 251.4M shares (10-Q, Oct 27, 2026) × $2.88 close Nov 6, 2026

Most recent annual filing: 2026-02-19

Catalyst timeline

5 trackedQuarter catalyst calendar →
  1. RDX10531 IND filing2H 2026RDX10531 IND filing, 2H 2026, notable
  2. Tenapanor ACCEL enrollment doneby the end of 2026Tenapanor ACCEL enrollment done, by the end of 2026, notable
  3. U.S. 12,788,750 formulation patent litigationNov 10, 2026U.S. 12,788,750 formulation patent litigation, Nov 10, 2026, routine
  4. Tenapanor ACCEL Ph3 topline2H 2027Tenapanor ACCEL Ph3 topline, 2H 2027, thesis-defining
  5. IBSRELA CIC sNDA filing2H 2027IBSRELA CIC sNDA filing, 2H 2027, material

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (4 active programs)

Capital (as filed)

Cash
$46.3M cash and cash equivalents · Sep 30, 2026 (10-Q)
Short-term investments
$239M Sep 30, 2026
Operating cash flow
$2.2M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$285M cash per the update of Nov 3, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (5)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (5 calls)

Every verdict Biotech Distilled has published on Ardelyx, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-07-01 Watch Ardelyx (ARDX) — Scientific Deep Dive for IBSRELA, XPHOZAH, and the Tenapanor Pipeline IBSRELA is a real growing franchise but the 2033 composition-of-matter cliff, CMS-impaired XPHOZAH, thin pipeline, and absence of specialist conviction capital cap terminal value below a Buy.
  2. 2026-07-02 Watch UPDATE: Ardelyx (ARDX) - $50M Debt Draw, No Dilution Debt draw extends runway to 2030 without dilution but does not change the 2033 patent cliff or XPHOZAH bundle headwinds; watch list maintained.
  3. 2026-08-07 Avoid UPDATE: Ardelyx (ARDX) - The Guidance Cut Nobody Priced IBSRELA guidance cut ~15% and $1B target date removed in a single quarter, XPHOZAH peak guidance withdrawn, and payer headwinds confirmed as structural — the thesis ceiling stopped being theoretical.
  4. 2026-08-17 Avoid UPDATE: Ardelyx (ARDX) - The Commercial Chief Walks CCO resignation 11 days after the guidance cut leaves the payer-access counteroffensive leaderless at the worst possible moment, reinforcing the structural nature of the headwind.
  5. 2026-11-04 Avoid UPDATE: Ardelyx (ARDX) - Half the Test, Passed GTN improved to 31.7% meeting one of two stated conditions, but no CCO successor named and new securities litigation filed; both conditions must be met before upgrading.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (2 quotes from 2 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (22)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Jul 23, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

8 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)