Ardelyx (ARDX) Financials

$5.21 +0.07 (+1.36%)

Closing price 08/8/2025 04:00 PM Eastern

Extended Trading

$5.20 0.00 (-0.10%)

As of 08/8/2025 07:53 PM Eastern

Annual Income Statements for Ardelyx

This table shows Ardelyx's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-3.21	18	-112	-64	-91	-95	-94	-158	-67	-66	-39
Consolidated Net Income / (Loss)	-3.21	-30	-112	-64	-91	-95	-94	-158	-67	-66	-39
Net Income / (Loss) Continuing Operations	-3.21	18	-112	-64	-91	-95	-94	-158	-67	-66	-39
Total Pre-Tax Income	-3.15	-30	-112	-63	-91	-95	-94	-158	-67	-66	-39
Total Operating Income	-1.56	-29	-113	-65	-91	-91	-91	-154	-64	-63	-28
Total Gross Profit	32	24	0.00	34	2.14	4.68	7.43	9.10	48	107	283
Total Revenue	32	24	0.00	42	2.61	5.28	7.57	10	52	124	334
Operating Revenue	32	24	0.00	42	2.61	5.28	7.57	10	52	124	334
Total Cost of Revenue	0.00	0.00	0.00	8.40	0.47	0.60	0.15	1.00	4.12	18	51
Operating Cost of Revenue	-	0.00	0.00	8.40	0.47	0.60	0.15	1.00	4.12	18	51
Total Operating Expenses	33	5.36	113	99	93	96	98	163	112	170	311
Selling, General & Admin Expense	7.29	14	19	23	24	24	33	72	77	134	259
Research & Development Expense	26	40	94	75	69	72	65	91	35	36	52
Total Other Income / (Expense), net	-1.58	-0.26	0.51	1.96	-0.35	-3.37	-3.53	-3.82	-3.44	-2.24	-11
Interest Expense	-	-	0.00	-	3.53	5.73	5.10	4.50	5.07	8.87	20
Other Income / (Expense), net	-1.58	-0.26	0.51	1.96	3.19	2.35	1.57	0.69	1.63	6.63	9.17
Income Tax Expense	0.07	-0.03	0.00	1.18	0.00	0.30	0.00	0.00	0.01	0.55	0.27
Basic Earnings per Share	($0.31)	($1.29)	($2.80)	($1.36)	($1.62)	($1.47)	($1.05)	($1.52)	($0.42)	($0.30)	($0.17)
Weighted Average Basic Shares Outstanding	10.25M	22.89M	40.12M	47.44M	56.22M	64.48M	89.58M	104.21M	158.69M	219.33M	235.23M
Diluted Earnings per Share	($0.31)	($1.29)	($2.80)	($1.36)	($1.62)	($1.47)	($1.05)	($1.52)	($0.42)	($0.30)	($0.17)
Weighted Average Diluted Shares Outstanding	10.25M	22.89M	40.12M	47.44M	56.22M	64.48M	89.58M	104.21M	158.69M	219.33M	235.23M
Weighted Average Basic & Diluted Shares Outstanding	10.25M	22.89M	40.12M	47.44M	56.22M	64.48M	89.58M	130.29M	206.49M	232.69M	238.36M

This table shows Ardelyx's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	11	-27	-17	6.63	-29	-27	-16	-0.81	4.65	-41	-19
Consolidated Net Income / (Loss)	11	-27	-17	6.63	-29	-27	-16	-0.81	4.65	-41	-19
Net Income / (Loss) Continuing Operations	11	-27	-17	6.63	-29	-27	-16	-0.81	4.65	-41	-19
Total Pre-Tax Income	11	-27	-17	6.83	-28	-26	-16	-0.77	4.68	-40	-19
Total Operating Income	12	-26	-17	7.40	-28	-25	-14	2.23	8.13	-36	-14
Total Gross Profit	41	9.83	19	49	29	39	64	83	98	62	85
Total Revenue	44	11	22	56	34	46	73	98	116	74	98
Operating Revenue	44	11	22	56	34	46	73	98	116	74	98
Total Cost of Revenue	3.16	1.54	3.49	7.69	5.08	7.13	9.44	16	18	12	12
Operating Cost of Revenue	3.16	1.54	3.49	7.69	5.08	7.13	9.44	16	18	12	12
Total Operating Expenses	29	36	35	41	57	64	77	80	90	98	100
Selling, General & Admin Expense	20	27	27	33	48	53	65	65	76	83	84
Research & Development Expense	9.14	9.09	8.28	8.64	9.52	11	13	15	14	15	16
Total Other Income / (Expense), net	-1.46	-0.70	-0.50	-0.57	-0.48	-1.72	-2.76	-3.00	-3.45	-3.94	-4.68
Interest Expense	1.83	2.00	2.04	2.03	2.81	4.06	4.90	5.28	5.85	6.26	6.58
Other Income / (Expense), net	0.38	1.30	1.55	1.46	2.32	2.34	2.15	2.28	2.41	2.33	1.89
Income Tax Expense	-	0.01	0.00	0.20	0.33	0.12	0.07	0.04	0.04	0.86	0.00
Basic Earnings per Share	$0.12	($0.13)	($0.08)	$0.03	($0.12)	($0.11)	($0.07)	$0.00	$0.01	($0.17)	($0.08)
Weighted Average Basic Shares Outstanding	158.69M	207.02M	214.95M	222.78M	219.33M	233.07M	234.57M	235.91M	235.23M	238.62M	239.93M
Diluted Earnings per Share	$0.12	($0.13)	($0.08)	$0.03	($0.12)	($0.11)	($0.07)	$0.00	$0.01	($0.17)	($0.08)
Weighted Average Diluted Shares Outstanding	158.69M	207.02M	214.95M	227.89M	219.33M	233.07M	234.57M	235.91M	235.23M	238.62M	239.93M
Weighted Average Basic & Diluted Shares Outstanding	206.49M	214.46M	217.86M	232.14M	232.69M	233.98M	235.43M	236.85M	238.36M	239.26M	240.98M

This table details how cash moves in and out of Ardelyx's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	73	-0.28	-32	0.79	3.39	102	-90	-19	24	-75	43
Net Cash From Operating Activities	13	-72	-93	-65	-70	-76	-81	-153	-70	-90	-45
Net Cash From Continuing Operating Activities	13	-72	-93	-65	-70	-76	-81	-153	-70	-90	-45
Net Income / (Loss) Continuing Operations	-3.21	-30	-112	-64	-91	-95	-94	-158	-67	-66	-39
Consolidated Net Income / (Loss)	-3.21	-30	-112	-64	-91	-95	-94	-158	-67	-66	-39
Depreciation Expense	0.30	0.83	1.30	2.64	2.68	2.50	2.54	2.81	1.14	1.29	2.06
Amortization Expense	0.00	0.46	0.45	0.58	-0.65	0.76	0.41	0.28	1.96	4.22	7.40
Non-Cash Adjustments To Reconcile Net Income	3.29	2.70	5.32	9.59	9.53	16	13	5.04	8.79	7.56	45
Changes in Operating Assets and Liabilities, net	13	-46	13	-14	9.46	-0.83	-3.56	-2.52	-15	-37	-61
Net Cash From Investing Activities	-1.86	-3.45	-131	65	-30	23	-31	51	18	-131	-18
Net Cash From Continuing Investing Activities	-1.86	-3.45	-131	65	-30	23	-31	51	18	-131	-18
Purchase of Property, Plant & Equipment	-1.86	-3.45	-4.87	-2.36	-0.31	-0.33	-0.32	-1.87	-0.06	-0.34	-1.01
Purchase of Investments	0.00	0.00	-134	-84	-169	-103	-151	-73	-50	-215	-195
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	0.00	1.80	0.00	0.00
Sale and/or Maturity of Investments	0.00	0.00	7.60	152	139	126	120	126	67	84	178
Net Cash From Financing Activities	61	75	191	0.69	104	155	23	83	75	146	107
Net Cash From Continuing Financing Activities	61	75	191	0.69	104	155	23	83	75	146	107
Repayment of Debt	-0.00	-	-	-	0.00	0.00	-0.13	-19	-33	0.00	0.00
Issuance of Debt	-	0.03	0.00	-	49	-	0.00	0.00	27	22	99
Issuance of Common Equity	61	75	191	0.62	0.49	21	23	103	72	120	8.14
Other Financing Activities, net	-	-	-	0.06	54	135	0.00	-0.11	9.58	3.50	-1.00
Cash Interest Paid	-	-	-	-	3.07	4.92	4.20	3.47	2.90	4.24	11
Cash Income Taxes Paid	0.00	0.07	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.05	0.27

This table details how cash moves in and out of Ardelyx's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	35	-3.65	-62	3.71	-12	15	5.74	5.54	18	-34	59
Net Cash From Operating Activities	14	-45	-15	-21	-8.72	-36	-19	0.50	9.81	-38	-25
Net Cash From Continuing Operating Activities	14	-45	-15	-21	-8.72	-36	-19	0.50	9.81	-38	-25
Net Income / (Loss) Continuing Operations	11	-27	-17	6.63	-29	-27	-16	-0.81	4.65	-41	-19
Consolidated Net Income / (Loss)	11	-27	-17	6.63	-29	-27	-16	-0.81	4.65	-41	-19
Depreciation Expense	0.13	-0.00	0.64	0.29	0.36	0.44	0.57	0.54	0.52	0.60	0.63
Amortization Expense	0.91	1.04	2.87	-0.82	1.13	1.75	1.66	2.01	1.98	2.14	2.29
Non-Cash Adjustments To Reconcile Net Income	9.03	4.05	2.07	6.18	-4.73	22	7.03	0.98	17	11	15
Changes in Operating Assets and Liabilities, net	-6.47	-23	-3.59	-33	23	-33	-12	-2.22	-14	-11	-24
Net Cash From Investing Activities	1.44	-9.78	-59	-33	-30	-2.57	24	2.34	-42	2.85	35
Net Cash From Continuing Investing Activities	1.44	-9.78	-59	-33	-30	-2.57	24	2.34	-42	2.85	35
Purchase of Property, Plant & Equipment	-0.06	-0.01	-0.09	-0.19	-0.04	-0.15	-0.13	-0.14	-0.59	-0.33	-0.65
Purchase of Investments	-6.50	-21	-67	-50	-78	-34	-23	-40	-99	-32	-23
Sale and/or Maturity of Investments	8.00	11	8.25	17	48	32	47	42	58	35	58
Net Cash From Financing Activities	19	51	12	58	26	53	1.61	2.70	49	1.48	50
Net Cash From Continuing Financing Activities	19	51	12	58	26	53	1.61	2.70	49	1.48	50
Issuance of Debt	-	0.00	-	-	22	50	-	-	50	0.00	49
Issuance of Common Equity	19	51	12	58	0.10	3.22	1.61	2.70	0.61	1.48	0.99
Cash Interest Paid	0.82	0.86	0.90	0.94	1.55	2.10	1.94	2.93	4.45	2.45	3.83
Cash Income Taxes Paid	-	0.00	0.02	-	0.03	0.00	0.27	-	-0.01	0.00	0.44

This table presents Ardelyx's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	113	117	213	158	183	260	202	150	190	298	436
Total Current Assets	111	112	204	150	176	252	195	134	154	246	356
Cash & Equivalents	107	107	75	75	79	181	91	72	96	21	65
Short-Term Investments	-	0.00	126	59	89	66	95	44	28	163	185
Accounts Receivable	2.58	-	0.00	11	0.09	-	0.00	0.50	7.73	22	58
Inventories, net	-	-	-	-	-	-	-	0.00	3.28	12	21
Prepaid Expenses	1.21	5.03	3.17	4.94	3.20	3.80	8.20	16	19	27	27
Plant, Property, & Equipment, net	2.13	4.71	8.99	8.03	5.61	3.44	1.94	2.36	1.22	1.01	1.50
Total Noncurrent Assets	0.20	0.20	0.15	0.16	1.35	4.28	4.94	14	35	50	78
Other Noncurrent Operating Assets	0.10	0.10	0.15	0.16	1.35	4.28	2.83	14	35	50	78
Total Liabilities & Shareholders' Equity	113	117	213	158	183	260	202	150	190	298	436
Total Liabilities	53	8.05	20	19	68	73	75	67	92	131	262
Total Current Liabilities	22	7.72	19	18	18	22	28	53	66	50	78
Accounts Payable	3.13	2.78	5.64	3.93	1.15	2.19	5.63	4.28	11	11	16
Accrued Expenses	0.78	2.58	10	11	13	7.25	6.66	7.37	12	15	35
Current Deferred Revenue	16	-	-	-	-	4.54	4.18	0.00	4.21	7.18	11
Current Employee Benefit Liabilities	1.65	2.37	3.16	3.23	2.72	4.45	5.67	5.42	7.55	13	15
Other Current Liabilities	-	-	-	0.00	1.00	2.61	2.12	3.49	3.89	4.44	1.56
Total Noncurrent Liabilities	31	0.32	0.78	0.72	50	51	47	14	26	80	185
Long-Term Debt	-	-	-	0.00	50	49	47	-	0.00	50	151
Noncurrent Deferred Revenue	31	-	-	-	-	-	0.00	4.73	9.03	8.64	7.23
Other Noncurrent Operating Liabilities	0.12	0.32	0.78	0.72	-	2.08	0.41	9.75	17	22	27
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	61	109	193	139	116	187	126	83	98	167	173
Total Preferred & Common Equity	61	109	193	139	116	187	126	83	98	167	173
Total Common Equity	61	109	193	139	116	187	126	83	98	167	173
Common Stock	133	210	407	418	481	647	681	796	879	1,013	1,059
Retained Earnings	-72	-101	-214	-278	-366	-460	-555	-713	-780	-846	-885
Accumulated Other Comprehensive Income / (Loss)	-	0.00	-0.07	-0.05	-0.04	0.02	-0.00	-0.01	-0.05	0.22	0.06

This table presents Ardelyx's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	132	145	217	211	289	342	343	368	410	467
Total Current Assets	114	120	167	162	241	258	263	284	313	352
Cash & Equivalents	53	62	92	30	34	36	42	47	31	90
Short-Term Investments	28	29	38	98	131	166	144	143	183	148
Accounts Receivable	5.62	5.21	12	9.11	43	28	37	53	46	63
Inventories, net	4.53	1.25	4.82	7.62	8.52	9.81	14	11	24	22
Prepaid Expenses	23	23	20	18	24	17	26	29	28	28
Plant, Property, & Equipment, net	1.54	1.29	1.10	1.06	1.12	1.02	1.02	1.03	1.67	2.14
Total Noncurrent Assets	16	24	49	48	47	83	79	83	96	113
Other Noncurrent Operating Assets	16	24	49	48	47	83	79	83	96	113
Total Liabilities & Shareholders' Equity	132	145	217	211	289	342	343	368	410	467
Total Liabilities	79	78	92	88	98	191	196	210	265	327
Total Current Liabilities	49	52	63	62	44	57	62	70	76	82
Accounts Payable	4.29	3.11	11	5.29	7.74	17	11	16	14	22
Accrued Expenses	7.94	7.34	11	12	19	22	27	33	43	41
Current Deferred Revenue	-	4.00	5.55	5.96	4.07	6.59	11	7.27	11	6.28
Current Employee Benefit Liabilities	6.41	7.17	5.07	6.88	8.36	6.73	10	12	7.17	12
Other Current Liabilities	3.69	3.79	4.00	4.11	4.32	4.31	3.55	2.57	1.30	1.18
Total Noncurrent Liabilities	30	26	29	26	55	135	134	139	189	246
Long-Term Debt	-	-	-	-	27	100	100	101	151	201
Noncurrent Deferred Revenue	12	8.56	11	9.24	10	12	9.61	13	8.35	12
Other Noncurrent Operating Liabilities	17	17	17	17	17	23	24	26	29	32
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	53	67	125	123	191	151	147	158	146	140
Total Preferred & Common Equity	53	67	125	123	191	151	147	158	146	140
Total Common Equity	53	67	125	123	191	151	147	158	146	140
Common Stock	821	858	932	947	1,009	1,024	1,036	1,048	1,072	1,085
Retained Earnings	-768	-791	-807	-824	-817	-873	-889	-890	-926	-946
Accumulated Other Comprehensive Income / (Loss)	-0.11	-0.11	-0.02	-0.21	-0.20	-0.02	-0.10	0.19	0.02	-0.04

This table displays calculated financial ratios and metrics derived from Ardelyx's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.32%	-24.02%	-100.00%	0.00%	-93.79%	102.57%	43.36%	33.36%	416.57%	138.61%	168.06%
EBITDA Growth	51.21%	-896.94%	-290.08%	45.82%	-43.02%	0.09%	-0.71%	-74.56%	60.80%	13.36%	81.79%
EBIT Growth	51.00%	-842.17%	-279.05%	43.80%	-38.95%	-1.31%	-0.34%	-72.24%	59.57%	8.82%	66.85%
NOPAT Growth	45.41%	-1,779.09%	-284.14%	42.32%	-39.67%	-0.35%	0.53%	-70.02%	58.69%	0.76%	55.83%
Net Income Growth	51.04%	-821.62%	-279.42%	42.75%	-41.90%	-3.99%	0.66%	-67.70%	57.51%	1.70%	40.76%
EPS Growth	94.67%	-316.13%	-117.05%	51.43%	-19.12%	9.26%	28.57%	-44.76%	72.37%	28.57%	43.33%
Operating Cash Flow Growth	639.76%	-636.24%	-28.81%	29.55%	-7.80%	-8.84%	-6.47%	-87.33%	54.08%	-28.09%	50.06%
Free Cash Flow Firm Growth	-69.75%	-782.12%	-0.70%	15.77%	4.69%	0.57%	-12.90%	-88.12%	59.66%	-58.72%	18.85%
Invested Capital Growth	-31.62%	103.85%	-526.93%	169.55%	-146.57%	-336.34%	-7.89%	84.54%	162.56%	2,759.33%	128.96%
Revenue Q/Q Growth	0.00%	-20.87%	0.00%	0.00%	-94.15%	70.14%	-5.29%	-7.17%	478.95%	-7.31%	32.47%
EBITDA Q/Q Growth	0.00%	-79.22%	-15.10%	41.68%	-79.61%	9.29%	-12.48%	-5.52%	44.97%	-281.40%	79.98%
EBIT Q/Q Growth	0.00%	-79.11%	-14.55%	40.26%	-75.38%	8.29%	-11.45%	-5.27%	43.47%	-206.79%	65.85%
NOPAT Q/Q Growth	0.00%	-78.71%	-14.85%	39.46%	-72.87%	8.55%	-10.73%	-5.20%	42.65%	-173.37%	56.37%
Net Income Q/Q Growth	0.00%	-78.54%	-14.55%	39.15%	-71.22%	7.84%	-10.66%	-4.88%	41.12%	-148.65%	46.08%
EPS Q/Q Growth	0.00%	-187.16%	6.67%	37.90%	-68.75%	10.91%	-5.00%	0.65%	50.59%	-400.00%	43.33%
Operating Cash Flow Q/Q Growth	-52.32%	-32.97%	-5.89%	32.54%	-49.08%	8.71%	-8.61%	-16.74%	43.42%	-34.48%	29.25%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-5.98%	26.61%	-28.26%	9.29%	-2.33%	-24.58%	46.76%	-13.14%	-1.88%
Invested Capital Q/Q Growth	0.00%	144.73%	-6.66%	301.28%	-161.18%	-136.64%	-1,556.94%	79.32%	-59.30%	-39.34%	7.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	0.00%	80.00%	82.13%	88.64%	98.08%	90.10%	92.11%	85.70%	84.85%
EBITDA Margin	-9.00%	-118.05%	0.00%	-142.72%	-3,288.42%	-1,621.87%	-1,139.32%	-1,491.23%	-113.16%	-41.09%	-2.79%
Operating Margin	-4.95%	-122.32%	0.00%	-155.04%	-3,488.57%	-1,728.14%	-1,199.05%	-1,528.63%	-122.24%	-50.84%	-8.38%
EBIT Margin	-9.95%	-123.41%	0.00%	-150.38%	-3,366.32%	-1,683.60%	-1,178.34%	-1,521.83%	-119.11%	-45.51%	-5.63%
Profit (Net Income) Margin	-10.16%	-123.29%	0.00%	-153.19%	-3,502.03%	-1,797.77%	-1,245.71%	-1,566.46%	-128.85%	-53.08%	-11.73%
Tax Burden Percent	102.13%	99.90%	100.00%	101.87%	100.00%	100.32%	100.00%	100.00%	100.01%	100.83%	100.68%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	104.03%	106.44%	105.72%	102.93%	108.17%	115.67%	207.02%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	-4,466.00%	0.00%	0.00%	0.00%	0.00%	-264.67%	-36.78%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	-4,444.10%	0.00%	0.00%	0.00%	0.00%	-245.88%	-20.04%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	4,394.43%	0.00%	0.00%	0.00%	0.00%	214.84%	13.77%
Return on Equity (ROE)	-12.05%	-34.93%	-74.42%	-38.70%	-71.57%	-62.78%	-60.31%	-151.55%	-74.28%	-49.83%	-23.01%
Cash Return on Invested Capital (CROIC)	0.00%	-3,843.81%	0.00%	-1,097.99%	0.00%	0.00%	0.00%	0.00%	-4,206.04%	-451.16%	-115.19%
Operating Return on Assets (OROA)	-4.03%	-25.74%	0.00%	-34.05%	-51.44%	-40.13%	-38.67%	-87.44%	-36.55%	-23.23%	-5.12%
Return on Assets (ROA)	-4.11%	-25.72%	0.00%	-34.68%	-53.51%	-42.85%	-40.89%	-90.00%	-39.54%	-27.10%	-10.67%
Return on Common Equity (ROCE)	0.63%	-34.93%	-74.42%	-38.70%	-71.57%	-62.78%	-60.31%	-151.55%	-74.28%	-49.83%	-23.01%
Return on Equity Simple (ROE_SIMPLE)	-5.30%	-27.20%	-58.19%	-46.18%	-78.83%	-50.86%	-74.79%	-191.44%	-68.35%	-39.60%	-22.58%
Net Operating Profit after Tax (NOPAT)	-1.09	-21	-79	-46	-64	-64	-64	-108	-45	-44	-20
NOPAT Margin	-3.46%	-85.63%	0.00%	-108.53%	-2,442.00%	-1,209.70%	-839.33%	-1,070.04%	-85.57%	-35.59%	-5.86%
Net Nonoperating Expense Percent (NNEP)	-3.13%	-8.44%	-21.67%	-11.21%	-21.91%	-19.67%	-18.35%	-45.11%	-24.86%	-18.80%	-16.75%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-35.69%	-20.45%	-6.04%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	20.00%	17.88%	11.36%	1.92%	9.90%	7.89%	14.30%	15.15%
SG&A Expenses to Revenue	23.04%	56.31%	0.00%	55.31%	909.67%	459.52%	437.89%	716.08%	146.86%	107.99%	77.54%
R&D to Revenue	81.90%	166.01%	0.00%	179.72%	2,661.03%	1,357.26%	859.24%	902.64%	67.49%	28.55%	15.68%
Operating Expenses to Revenue	104.95%	22.32%	0.00%	235.04%	3,570.69%	1,816.78%	1,297.13%	1,618.73%	214.35%	136.54%	93.22%
Earnings before Interest and Taxes (EBIT)	-3.15	-30	-112	-63	-88	-89	-89	-154	-62	-57	-19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2.85	-28	-111	-60	-86	-86	-86	-151	-59	-51	-9.31
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.77	4.32	3.48	2.25	0.96	2.53	4.63	1.50	5.43	8.63	6.93
Price to Tangible Book Value (P/TBV)	5.77	4.32	3.48	2.25	0.96	2.53	4.63	1.50	5.43	8.63	6.93
Price to Revenue (P/Rev)	11.07	19.58	0.00	7.47	42.66	89.40	77.12	12.28	10.24	11.56	3.60
Price to Earnings (P/E)	0.00	25.52	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	3.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	202.19	0.00	33.69	0.00	0.00	0.00	0.00	386.44	40.35	14.88
Enterprise Value to Revenue (EV/Rev)	7.68	15.12	0.00	4.28	0.00	52.00	58.92	3.92	8.38	10.48	3.30
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	18.13	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	23.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.43	0.27	0.40	0.39	0.27	0.30	0.87
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.43	0.26	0.37	0.00	0.00	0.30	0.87
Financial Leverage	-2.54	-1.26	-1.02	-1.01	-0.99	-1.04	-1.07	-1.06	-1.00	-0.87	-0.69
Leverage Ratio	2.93	1.36	1.09	1.12	1.34	1.47	1.48	1.68	1.88	1.84	2.16
Compound Leverage Factor	2.93	1.36	1.09	1.12	1.39	1.56	1.56	1.73	2.03	2.13	4.46
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	30.07%	21.13%	28.71%	28.08%	21.36%	23.00%	46.54%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.50%	2.36%	28.08%	21.36%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	30.07%	20.63%	26.35%	0.00%	0.00%	23.00%	46.54%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	69.93%	78.87%	71.29%	71.92%	78.64%	77.00%	53.46%
Debt to EBITDA	0.00	0.00	0.00	0.00	-0.58	-0.58	-0.59	-0.21	-0.45	-0.97	-16.20
Net Debt to EBITDA	0.00	0.00	0.00	0.00	1.38	2.31	1.60	0.56	1.65	2.63	10.66
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	-0.58	-0.57	-0.54	0.00	0.00	-0.97	-16.20
Debt to NOPAT	0.00	0.00	0.00	0.00	-0.78	-0.78	-0.80	-0.30	-0.60	-1.12	-7.71
Net Debt to NOPAT	0.00	0.00	0.00	0.00	1.86	3.09	2.17	0.78	2.18	3.04	5.07
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	-0.78	-0.76	-0.73	0.00	0.00	-1.12	-7.71
Altman Z-Score	4.23	34.30	18.07	7.61	-2.33	1.34	0.36	-8.22	-2.50	3.20	1.29
Noncontrolling Interest Sharing Ratio	105.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.16	14.51	10.62	8.38	9.95	11.34	6.85	2.53	2.34	4.88	4.58
Quick Ratio	5.10	13.86	10.46	8.10	9.49	11.14	6.56	2.22	2.01	4.09	3.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	10	-69	-70	-59	-56	-56	-63	-118	-48	-76	-61
Operating Cash Flow to CapEx	721.82%	-2,079.91%	-1,901.64%	-2,768.15%	-22,596.14%	-23,533.54%	-25,134.26%	-8,170.92%	0.00%	-26,080.52%	-4,432.15%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	-15.80	-9.70	-12.29	-26.20	-9.38	-8.51	-3.05
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	-19.89	-13.36	-15.97	-33.89	-13.81	-10.11	-2.23
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-19.97	-13.41	-16.03	-34.30	-13.46	-10.15	-2.28
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.40	0.21	0.00	0.23	0.02	0.02	0.03	0.06	0.31	0.51	0.91
Accounts Receivable Turnover	7.01	0.00	0.00	0.00	0.48	0.00	0.00	0.00	12.67	8.36	8.37
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.26	3.01
Fixed Asset Turnover	23.77	7.02	0.00	4.93	0.38	1.17	2.82	4.70	29.10	111.52	266.47
Accounts Payable Turnover	0.00	0.00	0.00	1.76	0.18	0.36	0.04	0.20	0.54	1.62	3.73
Days Sales Outstanding (DSO)	52.06	0.00	0.00	0.00	761.71	0.00	0.00	0.00	28.81	43.65	43.62
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	161.32	121.37
Days Payable Outstanding (DPO)	0.00	0.00	0.00	207.88	1,989.88	1,014.40	9,833.60	1,807.30	670.95	225.59	97.96
Cash Conversion Cycle (CCC)	52.06	0.00	0.00	-207.88	-1,228.16	-1,014.40	-9,833.60	-1,807.30	-642.14	-20.63	67.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-47	1.80	-7.67	5.34	-2.49	-11	-12	-1.81	1.13	32	74
Invested Capital Turnover	-0.77	-1.07	0.00	-35.96	1.83	-0.79	-0.67	-1.50	-154.09	7.44	6.27
Increase / (Decrease) in Invested Capital	-11	49	-9.47	13	-7.82	-8.36	-0.86	9.89	2.94	31	42
Enterprise Value (EV)	243	363	471	180	-7.08	275	446	40	437	1,305	1,102
Market Capitalization	350	470	672	314	111	472	584	124	534	1,439	1,201
Book Value per Share	$3.27	$4.20	$4.08	$2.93	$1.86	$2.97	$1.40	$0.73	$0.52	$0.72	$0.73
Tangible Book Value per Share	$3.27	$4.20	$4.08	$2.93	$1.86	$2.97	$1.40	$0.73	$0.52	$0.72	$0.73
Total Capital	61	109	193	139	166	237	177	115	125	217	324
Total Debt	0.00	0.00	0.00	0.00	50	50	51	32	27	50	151
Total Long-Term Debt	0.00	0.00	0.00	0.00	50	49	47	0.00	0.00	50	151
Net Debt	-107	-107	-201	-134	-118	-197	-138	-84	-97	-134	-99
Capital Expenditures (CapEx)	1.86	3.45	4.87	2.36	0.31	0.33	0.32	1.87	-1.74	0.34	1.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-18	-2.70	-16	-2.14	-9.45	-16	-16	-3.60	-9.20	11	29
Debt-free Net Working Capital (DFNWC)	90	104	185	132	159	231	170	113	115	196	279
Net Working Capital (NWC)	90	104	185	132	159	230	166	81	88	196	279
Net Nonoperating Expense (NNE)	2.12	9.05	33	19	28	31	31	50	23	22	20
Net Nonoperating Obligations (NNO)	-107	-107	-201	-134	-118	-197	-138	-84	-97	-134	-99
Total Depreciation and Amortization (D&A)	0.30	1.29	1.75	3.22	2.03	3.26	2.95	3.09	3.11	5.51	9.46
Debt-free, Cash-free Net Working Capital to Revenue	-56.11%	-11.22%	0.00%	-5.08%	-362.33%	-312.19%	-211.95%	-35.62%	-17.63%	9.18%	8.55%
Debt-free Net Working Capital to Revenue	283.16%	434.15%	0.00%	313.91%	6,085.27%	4,374.65%	2,251.18%	1,120.06%	219.93%	157.26%	83.52%
Net Working Capital to Revenue	283.16%	434.15%	0.00%	313.91%	6,085.27%	4,352.24%	2,196.14%	800.52%	168.72%	157.26%	83.52%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.31)	($1.29)	($2.80)	($1.36)	($1.62)	($1.47)	($1.05)	($1.52)	($0.42)	($0.30)	($0.17)
Adjusted Weighted Average Basic Shares Outstanding	18.60M	34.63M	47.33M	47.60M	62.60M	88.93M	98.68M	104.21M	158.69M	219.33M	235.23M
Adjusted Diluted Earnings per Share	($0.31)	($1.29)	($2.80)	($1.36)	($1.62)	($1.47)	($1.05)	($1.52)	($0.42)	($0.30)	($0.17)
Adjusted Weighted Average Diluted Shares Outstanding	18.60M	34.63M	47.33M	47.60M	62.60M	88.93M	98.68M	104.21M	158.69M	219.33M	235.23M
Adjusted Basic & Diluted Earnings per Share	($0.31)	($1.29)	($2.80)	($1.36)	($1.62)	($1.47)	($1.05)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	10.25M	22.89M	40.12M	47.44M	56.22M	64.48M	89.58M	130.29M	206.49M	232.69M	238.36M
Normalized Net Operating Profit after Tax (NOPAT)	-1.09	-21	-79	-46	-64	-64	-64	-108	-45	-44	-20
Normalized NOPAT Margin	-3.46%	-85.63%	0.00%	-108.53%	-2,442.00%	-1,209.70%	-839.33%	-1,070.04%	-85.57%	-35.59%	-5.86%
Pre Tax Income Margin	-9.95%	-123.41%	0.00%	-150.38%	-3,501.88%	-1,792.03%	-1,245.69%	-1,566.42%	-128.84%	-52.65%	-11.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	-24.83	-15.53	-17.50	-34.13	-12.25	-6.38	-0.93
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	-18.01	-11.16	-12.46	-24.00	-8.80	-4.99	-0.97
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-24.92	-15.58	-17.56	-34.55	-11.90	-6.42	-0.98
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-18.10	-11.21	-12.53	-24.41	-8.45	-5.03	-1.02
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Ardelyx's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4,193.29%	2,329.27%	784.13%	1,030.99%	-22.22%	304.81%	227.86%	74.21%	237.95%	61.04%	33.38%
EBITDA Growth	139.07%	11.33%	55.21%	141.67%	-278.39%	15.05%	19.98%	-15.16%	153.89%	-55.25%	-3.51%
EBIT Growth	135.51%	9.37%	42.33%	141.83%	-305.02%	9.79%	23.83%	-49.03%	141.04%	-52.30%	-8.86%
NOPAT Growth	149.18%	6.27%	36.59%	146.89%	-261.33%	5.32%	18.01%	-78.23%	141.16%	-47.29%	-5.61%
Net Income Growth	129.52%	4.62%	36.44%	128.96%	-369.30%	0.95%	3.90%	-112.20%	116.13%	-55.16%	-15.95%
EPS Growth	138.71%	38.10%	57.89%	121.43%	-200.00%	15.38%	12.50%	-100.00%	108.33%	-54.55%	-14.29%
Operating Cash Flow Growth	136.19%	-62.18%	52.89%	15.57%	-161.03%	20.25%	-31.63%	102.33%	212.53%	-7.66%	-30.64%
Free Cash Flow Firm Growth	126.62%	-140.03%	-81.61%	-61.52%	-651.91%	-9.98%	-34.34%	68.33%	33.78%	-38.69%	-6.51%
Invested Capital Growth	162.56%	3,408.48%	1,517.28%	1,818.32%	2,759.33%	119.57%	170.73%	28.69%	128.96%	72.44%	67.31%
Revenue Q/Q Growth	786.04%	-74.27%	96.44%	152.50%	-39.06%	33.93%	59.10%	34.17%	18.21%	-36.18%	31.77%
EBITDA Q/Q Growth	167.78%	-275.04%	51.23%	172.01%	-390.18%	16.65%	54.06%	176.34%	84.32%	-340.14%	69.37%
EBIT Q/Q Growth	159.11%	-297.81%	39.11%	158.75%	-389.73%	12.96%	48.59%	139.31%	133.29%	-423.01%	63.25%
NOPAT Q/Q Growth	179.28%	-250.25%	36.22%	161.71%	-372.79%	11.82%	44.77%	116.38%	415.91%	-415.52%	60.40%
Net Income Q/Q Growth	146.72%	-350.33%	36.05%	138.72%	-534.48%	7.93%	37.95%	95.08%	674.17%	-985.77%	53.63%
EPS Q/Q Growth	185.71%	-208.33%	38.46%	137.50%	-500.00%	8.33%	36.36%	100.00%	0.00%	-1,800.00%	52.94%
Operating Cash Flow Q/Q Growth	156.18%	-413.60%	67.10%	-45.67%	59.39%	-309.75%	45.70%	102.58%	1,858.08%	-492.02%	34.10%
Free Cash Flow Firm Q/Q Growth	134.29%	-529.68%	9.31%	-20.86%	-17.18%	14.38%	-10.79%	71.51%	-145.02%	-79.32%	14.92%
Invested Capital Q/Q Growth	-59.30%	1,838.82%	3.22%	135.53%	-39.34%	48.88%	27.27%	11.95%	7.93%	12.13%	23.49%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	92.84%	86.48%	84.38%	86.36%	85.23%	84.51%	87.11%	83.99%	84.27%	83.40%	87.30%
EBITDA Margin	30.68%	-208.65%	-51.80%	14.77%	-70.35%	-43.78%	-12.64%	7.19%	11.22%	-42.21%	-9.81%
Operating Margin	27.49%	-229.26%	-74.44%	13.12%	-81.44%	-53.62%	-18.61%	2.27%	7.00%	-49.04%	-14.74%
EBIT Margin	28.34%	-217.80%	-67.51%	15.71%	-74.69%	-48.54%	-15.69%	4.60%	9.07%	-45.91%	-12.80%
Profit (Net Income) Margin	24.21%	-235.49%	-76.66%	11.76%	-83.82%	-57.62%	-22.47%	-0.82%	4.00%	-55.51%	-19.54%
Tax Burden Percent	100.00%	100.05%	100.00%	97.07%	101.17%	100.46%	100.41%	105.61%	99.25%	102.13%	100.01%
Interest Burden Percent	85.44%	108.06%	113.55%	77.09%	110.93%	118.17%	142.68%	-16.97%	44.43%	118.41%	152.59%
Effective Tax Rate	0.00%	0.00%	0.00%	2.93%	0.00%	0.00%	0.00%	0.00%	0.75%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-897.41%	-410.50%	60.97%	-423.97%	-170.45%	-65.22%	6.57%	43.55%	-189.34%	-48.65%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-887.20%	-403.43%	61.52%	-416.02%	-161.49%	-57.80%	8.66%	46.48%	-170.35%	-33.97%
Return on Net Nonoperating Assets (RNNOA)	0.00%	781.67%	355.26%	-48.15%	363.51%	120.53%	39.84%	-5.64%	-31.94%	95.01%	14.55%
Return on Equity (ROE)	-74.28%	-115.74%	-55.23%	12.83%	-60.47%	-49.92%	-25.38%	0.94%	11.61%	-94.33%	-34.09%
Cash Return on Invested Capital (CROIC)	-4,206.04%	-573.89%	-269.19%	-237.96%	-451.16%	-198.48%	-190.37%	-98.65%	-115.19%	-95.47%	-84.88%
Operating Return on Assets (OROA)	8.69%	-79.29%	-32.64%	9.72%	-38.12%	-27.61%	-11.88%	3.52%	8.25%	-44.13%	-12.20%
Return on Assets (ROA)	7.43%	-85.73%	-37.06%	7.27%	-42.78%	-32.78%	-17.01%	-0.63%	3.64%	-53.36%	-18.62%
Return on Common Equity (ROCE)	-74.28%	-115.74%	-55.23%	12.83%	-60.47%	-49.92%	-25.38%	0.94%	11.61%	-94.33%	-34.09%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-52.55%	-45.54%	-13.90%	0.00%	-43.62%	-44.32%	-45.85%	0.00%	-36.91%	0.00%
Net Operating Profit after Tax (NOPAT)	12	-18	-12	7.18	-20	-17	-9.54	1.56	8.06	-25	-10
NOPAT Margin	27.49%	-160.48%	-52.11%	12.73%	-57.01%	-37.53%	-13.03%	1.59%	6.94%	-34.33%	-10.32%
Net Nonoperating Expense Percent (NNEP)	-1.59%	-10.21%	-7.07%	-0.55%	-7.95%	-8.96%	-7.42%	-2.08%	-2.93%	-18.98%	-14.67%
Return On Investment Capital (ROIC_SIMPLE)	9.71%	-	-	-	-9.04%	-	-	-	2.49%	-8.57%	-2.96%
Cost of Revenue to Revenue	7.16%	13.52%	15.62%	13.64%	14.77%	15.49%	12.89%	16.01%	15.73%	16.60%	12.70%
SG&A Expenses to Revenue	44.66%	235.76%	121.73%	57.92%	138.95%	115.15%	88.30%	66.13%	65.51%	112.29%	86.00%
R&D to Revenue	20.69%	79.98%	37.08%	15.32%	27.72%	22.99%	17.43%	15.58%	11.77%	20.16%	16.04%
Operating Expenses to Revenue	65.36%	315.74%	158.81%	73.24%	166.67%	138.13%	105.73%	81.72%	77.28%	132.44%	102.04%
Earnings before Interest and Taxes (EBIT)	13	-25	-15	8.86	-26	-22	-11	4.52	11	-34	-13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	14	-24	-12	8.33	-24	-20	-9.26	7.07	13	-31	-9.58
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.43	7.89	5.90	4.65	8.63	11.23	11.80	10.25	6.93	8.03	6.72
Price to Tangible Book Value (P/TBV)	5.43	7.89	5.90	4.65	8.63	11.23	11.80	10.25	6.93	8.03	6.72
Price to Revenue (P/Rev)	10.24	15.69	8.77	6.62	11.56	10.65	8.26	6.44	3.60	3.24	2.43
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	386.44	40.39	27.68	14.09	40.35	33.06	26.89	22.34	14.88	13.34	8.79
Enterprise Value to Revenue (EV/Rev)	8.38	14.04	7.56	5.59	10.48	10.00	7.85	6.08	3.30	3.06	2.33
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.27	0.21	0.22	0.14	0.30	0.66	0.68	0.64	0.87	1.04	1.44
Long-Term Debt to Equity	0.00	0.00	0.00	0.14	0.30	0.66	0.68	0.64	0.87	1.04	1.44
Financial Leverage	-1.00	-0.88	-0.88	-0.78	-0.87	-0.75	-0.69	-0.65	-0.69	-0.56	-0.43
Leverage Ratio	1.88	1.83	1.95	1.68	1.84	2.02	2.05	1.88	2.16	2.54	2.83
Compound Leverage Factor	1.61	1.97	2.21	1.30	2.04	2.39	2.93	-0.32	0.96	3.00	4.32
Debt to Total Capital	21.36%	17.65%	18.01%	12.47%	23.00%	39.82%	40.55%	38.88%	46.54%	50.95%	59.08%
Short-Term Debt to Total Capital	21.36%	17.65%	18.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	12.47%	23.00%	39.82%	40.55%	38.88%	46.54%	50.95%	59.08%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	78.64%	82.35%	81.99%	87.53%	77.00%	60.18%	59.45%	61.12%	53.46%	49.05%	40.92%
Debt to EBITDA	-0.45	-0.48	-0.65	-2.03	-0.97	-2.10	-2.22	-2.17	-16.20	-7.40	-9.70
Net Debt to EBITDA	1.65	1.85	2.41	10.28	2.63	2.16	1.89	1.93	10.66	3.06	1.78
Long-Term Debt to EBITDA	0.00	0.00	0.00	-2.03	-0.97	-2.10	-2.22	-2.17	-16.20	-7.40	-9.70
Debt to NOPAT	-0.60	-0.62	-0.74	-1.68	-1.12	-2.30	-2.43	-2.25	-7.71	-5.46	-7.13
Net Debt to NOPAT	2.18	2.38	2.74	8.51	3.04	2.37	2.08	2.00	5.07	2.26	1.31
Long-Term Debt to NOPAT	0.00	0.00	0.00	-1.68	-1.12	-2.30	-2.43	-2.25	-7.71	-5.46	-7.13
Altman Z-Score	-1.20	1.76	0.22	2.86	3.55	2.70	2.87	2.68	1.51	0.79	0.32
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.34	2.65	2.63	5.54	4.88	4.53	4.21	4.03	4.58	4.12	4.30
Quick Ratio	2.01	2.26	2.22	4.79	4.09	4.06	3.57	3.46	3.95	3.43	3.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	9.20	-40	-36	-43	-51	-43	-48	-14	-34	-60	-51
Operating Cash Flow to CapEx	25,970.91%	-319,964.29%	-15,846.24%	-11,065.46%	-20,274.42%	-23,814.67%	-14,807.63%	365.69%	1,654.30%	-11,832.92%	-3,898.77%
Free Cash Flow to Firm to Interest Expense	5.02	-19.80	-17.56	-21.37	-18.11	-10.72	-9.83	-2.60	-5.75	-9.63	-7.81
Operating Cash Flow to Interest Expense	7.79	-22.43	-7.21	-10.58	-3.11	-8.80	-3.96	0.09	1.68	-6.14	-3.85
Operating Cash Flow Less CapEx to Interest Expense	7.76	-22.44	-7.26	-10.68	-3.12	-8.84	-3.98	0.07	1.57	-6.19	-3.95
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.36	0.48	0.62	0.51	0.57	0.76	0.77	0.91	0.96	0.95
Accounts Receivable Turnover	12.67	7.64	11.25	5.54	8.36	7.90	9.06	5.22	8.37	9.69	7.74
Inventory Turnover	0.00	1.34	1.47	3.25	2.26	3.20	2.74	3.76	3.01	3.32	3.26
Fixed Asset Turnover	29.10	40.08	63.62	111.43	111.52	150.03	201.92	234.93	266.47	269.53	244.47
Accounts Payable Turnover	0.54	0.72	1.86	2.93	1.62	1.68	3.63	3.17	3.73	3.60	3.60
Days Sales Outstanding (DSO)	28.81	47.79	32.45	65.88	43.65	46.20	40.28	69.90	43.62	37.65	47.16
Days Inventory Outstanding (DIO)	0.00	272.32	248.50	112.33	161.32	114.22	132.98	97.20	121.37	109.99	112.03
Days Payable Outstanding (DPO)	670.95	509.35	196.17	124.68	225.59	216.87	100.64	115.06	97.96	101.51	101.25
Cash Conversion Cycle (CCC)	-642.14	-189.24	84.78	53.53	-20.63	-56.45	72.62	52.03	67.02	46.14	57.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1.13	22	23	53	32	48	61	69	74	83	103
Invested Capital Turnover	-154.09	5.59	7.88	4.79	7.44	4.54	5.01	4.13	6.27	5.52	4.71
Increase / (Decrease) in Invested Capital	2.94	21	24	51	31	26	39	15	42	35	41
Enterprise Value (EV)	437	886	627	751	1,305	1,592	1,648	1,532	1,102	1,108	901
Market Capitalization	534	989	727	889	1,439	1,695	1,734	1,622	1,201	1,170	938
Book Value per Share	$0.52	$0.61	$0.57	$0.88	$0.72	$0.65	$0.63	$0.67	$0.73	$0.61	$0.58
Tangible Book Value per Share	$0.52	$0.61	$0.57	$0.88	$0.72	$0.65	$0.63	$0.67	$0.73	$0.61	$0.58
Total Capital	125	152	150	218	217	251	247	259	324	297	341
Total Debt	27	27	27	27	50	100	100	101	151	151	201
Total Long-Term Debt	0.00	0.00	0.00	27	50	100	100	101	151	151	201
Net Debt	-97	-103	-101	-138	-134	-103	-86	-90	-99	-63	-37
Capital Expenditures (CapEx)	0.06	0.01	0.09	0.19	0.04	0.15	0.13	0.14	0.59	0.33	0.65
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-9.20	0.49	-0.10	33	11	-1.53	15	23	29	23	31
Debt-free Net Working Capital (DFNWC)	115	131	127	198	196	201	201	214	279	237	270
Net Working Capital (NWC)	88	104	100	198	196	201	201	214	279	237	270
Net Nonoperating Expense (NNE)	1.45	8.53	5.48	0.55	9.21	9.24	6.91	2.37	3.42	16	9.00
Net Nonoperating Obligations (NNO)	-97	-103	-101	-138	-134	-103	-86	-90	-99	-63	-37
Total Depreciation and Amortization (D&A)	1.03	1.04	3.51	-0.53	1.49	2.19	2.23	2.55	2.50	2.74	2.92
Debt-free, Cash-free Net Working Capital to Revenue	-17.63%	0.78%	-0.12%	24.28%	9.18%	-0.96%	6.96%	9.21%	8.55%	6.33%	8.13%
Debt-free Net Working Capital to Revenue	219.93%	207.53%	153.84%	147.23%	157.26%	126.36%	95.52%	84.81%	83.52%	65.48%	69.88%
Net Working Capital to Revenue	168.72%	164.90%	121.19%	147.23%	157.26%	126.36%	95.52%	84.81%	83.52%	65.48%	69.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.12	($0.13)	($0.08)	$0.03	($0.12)	($0.11)	($0.07)	$0.00	$0.01	($0.17)	($0.08)
Adjusted Weighted Average Basic Shares Outstanding	158.69M	207.02M	214.95M	222.78M	219.33M	233.07M	234.57M	235.91M	235.23M	238.62M	239.93M
Adjusted Diluted Earnings per Share	$0.12	($0.13)	($0.08)	$0.03	($0.12)	($0.11)	($0.07)	$0.00	$0.01	($0.17)	($0.08)
Adjusted Weighted Average Diluted Shares Outstanding	158.69M	207.02M	214.95M	227.89M	219.33M	233.07M	234.57M	235.91M	235.23M	238.62M	239.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	206.49M	214.46M	217.86M	232.14M	232.69M	233.98M	235.43M	236.85M	238.36M	239.26M	240.98M
Normalized Net Operating Profit after Tax (NOPAT)	8.50	-18	-12	7.18	-20	-17	-9.54	1.56	8.06	-25	-10
Normalized NOPAT Margin	19.24%	-160.48%	-52.11%	12.73%	-57.01%	-37.53%	-13.03%	1.59%	6.94%	-34.33%	-10.32%
Pre Tax Income Margin	24.21%	-235.37%	-76.66%	12.11%	-82.85%	-57.36%	-22.38%	-0.78%	4.03%	-54.36%	-19.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.83	-12.40	-7.38	4.37	-9.15	-5.50	-2.34	0.86	1.80	-5.43	-1.90
NOPAT to Interest Expense	6.62	-9.14	-5.70	3.54	-6.98	-4.26	-1.95	0.30	1.38	-4.06	-1.53
EBIT Less CapEx to Interest Expense	6.80	-12.41	-7.43	4.27	-9.16	-5.54	-2.37	0.83	1.70	-5.49	-2.00
NOPAT Less CapEx to Interest Expense	6.59	-9.14	-5.74	3.44	-7.00	-4.29	-1.97	0.27	1.28	-4.12	-1.63
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Ardelyx (NASDAQ:ARDX) Financial Analysis – Last Four Years Summary

Ardelyx has demonstrated dynamic financial activity over the last several years with notable changes in revenue, earnings, cash flows, and balance sheet strength. Below is a comprehensive analysis highlighting key positive, neutral, and negative trends derived from the quarterly financial statements spanning Q2 2022 through Q2 2025.

Operating Revenue Growth: Ardelyx's operating revenue increased from $2.5 million in Q2 2022 to nearly $98 million in Q2 2025, indicating substantial top-line growth and expanding commercial activities over this period.
Improved Gross Margins: Gross profit expanded significantly from approximately $2.4 million in Q2 2022 to $85.3 million in Q2 2025, reflecting better scaling and cost containment in cost of revenue.
Significant Increase in Cash & Equivalents: The balance sheet shows cash and equivalents grew from $53.4 million at Q2 2022 to $90 million by Q2 2025, improving liquidity.
Increase in Short-Term Investments: Short-term investments rose from $27.6 million at Q2 2022 to $148.4 million at Q2 2025, indicating strong cash management and reserve building.
Equity Financing: Issuance of common equity contributed meaningful cash inflow, e.g., over $50 million in Q1 2023 and continued equity raises through 2024 & 2025, bolstering capital structure.
Debt Financing Activity: The company raised significant long-term debt, increasing from $26.3 million in Q3 2023 to $201.4 million by Q2 2025, suggesting strategic capital access for growth or operations.

Operating Expenses Trend: Operating expenses have consistently outpaced gross profit, with SG&A and R&D expenses increasing alongside revenues, contributing to continued operating losses.
Net Income Losses: Despite top-line growth, Ardelyx reported net losses each quarter from 2023 onward, though losses narrowed from a $41.1 million loss in Q1 2025 to $19.1 million in Q2 2025.
Cash Flow from Operations Negative: Operating cash flow was negative in virtually all quarters, indicating high cash burn consistent with growth and development stage biotech companies.
Balance Sheet Liabilities Expansion: Total liabilities increased notably from $78 million in Q4 2023 to $327 million in Q2 2025, mainly driven by debt and accrued expenses, potentially increasing financial risk.

Sustained Net Losses: The company posted continuing net losses over multiple quarters, including a $19 million loss in Q2 2025, signaling ongoing profitability challenges.
Increasing Interest Expense: Interest expense rose sharply, reaching $6.6 million in Q2 2025 from just $777,000 in Q2 2022, reflecting higher debt levels increasing finance costs.
Negative Operating Cash Flow Trend: Operating cash outflows deepened in Q1 2025 (-$38.5 million) compared to prior periods, reflecting trends that could strain liquidity if not supplemented by financing.
Growing Accrued Expenses and Payables: Current liabilities including accrued expenses rose substantially to $40.8 million in Q2 2025 from $7.9 million in Q2 2022, which may pressure working capital.
Retained Earnings Deeply Negative: Retained earnings worsened to -$945.6 million by Q2 2025, underlining accumulated losses and the necessity for improved profitability or capital raising.

Summary: Ardelyx has experienced strong revenue growth and has built a robust cash and investment base through equity and debt financing. However, the company faces challenges with sustained operating losses, high operating expenses, and rising interest costs. Its growing liabilities and negative cash flow from operations suggest a continued need for financing to sustain growth and operations. Investors should monitor progress toward profitability and cash flow improvement alongside capital structure management.

08/10/25 04:13 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Ardelyx's Financials

When does Ardelyx's fiscal year end?

According to the most recent income statement we have on file, Ardelyx's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Ardelyx's net income changed over the last 10 years?

Ardelyx's net income appears to be on an upward trend, with a most recent value of -$39.14 million in 2024, rising from -$3.21 million in 2014. The previous period was -$66.07 million in 2023. See Ardelyx's forecast for analyst expectations on what’s next for the company.

What is Ardelyx's operating income?

Ardelyx's total operating income in 2024 was -$27.95 million, based on the following breakdown:

Total Gross Profit: $283.06 million
Total Operating Expenses: $311.01 million

How has Ardelyx's revenue changed over the last 10 years?

Over the last 10 years, Ardelyx's total revenue changed from $31.62 million in 2014 to $333.62 million in 2024, a change of 955.0%.

How much debt does Ardelyx have?

Ardelyx's total liabilities were at $262.47 million at the end of 2024, a 100.7% increase from 2023, and a 397.7% increase since 2014.

How much cash does Ardelyx have?

In the past 10 years, Ardelyx's cash and equivalents has ranged from $21.47 million in 2023 to $181.13 million in 2019, and is currently $64.93 million as of their latest financial filing in 2024.

How has Ardelyx's book value per share changed over the last 10 years?

Over the last 10 years, Ardelyx's book value per share changed from 3.27 in 2014 to 0.73 in 2024, a change of -77.6%.

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This page (NASDAQ:ARDX) was last updated on 8/10/2025 by MarketBeat.com Staff

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