Ardelyx Reports 33% Revenue Growth to $97.7 Million in Q2 2025

Ardelyx, Inc. reported significant financial results for the second quarter of 2025, with total revenues reaching $97.7 million, a 33% increase from $73.2 million in the same period of 2024. This growth was primarily driven by a 24% rise in product sales, netting $90.1 million, compared to $72.6 million in the prior year. Notably, sales of IBSRELA, the company's treatment for irritable bowel syndrome with constipation, surged by 84% to $65.0 million, while sales of XPHOZAH, aimed at reducing serum phosphorus in chronic kidney disease patients, decreased by 33% to $25.0 million, largely due to the loss of Medicare Part D reimbursement as of January 1, 2025.

In terms of profitability, Ardelyx reported a net loss of $19.1 million for the quarter, compared to a loss of $16.5 million in Q2 2024. The increase in losses was attributed to higher operating expenses, which rose by 29% to $99.7 million, driven by increased selling, general, and administrative costs associated with the commercialization of its products. The company’s accumulated deficit as of June 30, 2025, stood at $945.6 million, reflecting ongoing investments in growth and development.

Strategically, Ardelyx has made notable advancements, including the approval of tenapanor for hyperphosphatemia in adult patients undergoing hemodialysis in China, which triggered a $5 million milestone payment under its collaboration with Fosun Pharma. Additionally, the company amended its loan agreement with SLR Investment Corp., allowing for an immediate draw of $50 million and the option to access an additional $100 million in senior secured term loans. This financial maneuver is expected to bolster Ardelyx's liquidity as it continues to invest in its product pipeline and commercialization efforts.

Operationally, Ardelyx has seen a rise in its employee headcount, reflecting its commitment to expanding its commercial capabilities. The company reported cash and cash equivalents of $90.0 million as of June 30, 2025, a 39% increase from the previous year, indicating a solid liquidity position to support ongoing operations. However, the company remains cautious about future revenue generation, particularly for XPHOZAH, given the recent changes in Medicare reimbursement policies, which could significantly impact sales.

Looking ahead, Ardelyx anticipates continued challenges in achieving profitability, as it will require additional financing to support the growth of IBSRELA and XPHOZAH and to build its product pipeline. The company emphasized the importance of maintaining market acceptance for its products and securing adequate coverage and reimbursement to drive future revenue. As it navigates these complexities, Ardelyx remains focused on leveraging its innovative therapies to meet significant unmet medical needs in the biopharmaceutical market.