Ardelyx's IBSRELA Sales Climb 23% To $96.3 Million, Cutting Its Quarterly Loss To $0.7 Million
The drugmaker held its 2026 revenue and spending forecasts and finished enrolling its constipation trial ahead of schedule.
Ardelyx, which sells the tenapanor drugs IBSRELA and XPHOZAH, said in an 8-K filed Tuesday that its third-quarter net loss narrowed to $0.7 million from $1.0 million a year earlier, as IBSRELA revenue grew 23% to $96.3 million. It left its full-year 2026 forecasts unchanged.
IBSRELA carries the quarter
Total product revenue reached $125.5 million, up 19% from $105.5 million a year earlier. The company credited IBSRELA's growth to more prescribers and more prescriptions.
XPHOZAH sales rose 7% to $29.2 million. Total revenues, which include supply, licensing and royalty income, were $127.7 million against $110.3 million.
CEO Mike Raab said IBSRELA's 23% growth is "the engine driving total product revenue" for the quarter.
Spending grows faster than sales
Research and development expenses were $25.2 million versus $18.1 million, mostly from the late-stage constipation trial. Selling, general and administrative costs were $93.9 million versus $83.6 million, which the company tied to deliberate investments to address access barriers and drive future IBSRELA adoption.
The company posted $4.0 million in operating income for the quarter, but interest expense of $5.9 million kept it in a net loss. That loss included $15.1 million of share-based pay. For the first nine months, the net loss was $55.1 million, against $61.2 million a year earlier.
Cash, cash equivalents and short-term investments stood at $285.3 million on September 30, up from $264.7 million at the end of 2025. Long-term debt was $252.4 million, up from $202.8 million.
Forecasts, patent and trial timeline
Ardelyx, a biopharmaceutical company that discovered and developed tenapanor, reiterated 2026 guidance: $350 million to $370 million of IBSRELA revenue, $110 million to $120 million for XPHOZAH, and operating expenses below $500 million. It also kept its long-term goal of $1 billion in annual IBSRELA revenue, and its earnings presentation points to profitability in 2027.
IBSRELA is approved for adults with irritable bowel syndrome with constipation, and XPHOZAH for lowering phosphorus in adults on dialysis. The company has finished enrolling ACCEL, its late-stage trial of tenapanor in chronic idiopathic constipation, ahead of schedule. The presentation puts the trial at about 700 patients across 110 U.S. sites.
The company also launched direct-to-consumer advertising for IBSRELA, with a goal of reaching more than 10 million people.
The U.S. Patent and Trademark Office will issue a patent on November 10 covering the commercial formulations of both drugs, and ACCEL topline data are expected in the second half of 2027.
