Ardelyx Inc
ARDXHealthcare|Biotechnology|USA
$5.28
-0.10 (-1.77%)
Tangible Book
$0.60
Financials
Financial Snapshot
Market Cap
$1.30B
Enterprise Value
$29.8M
Revenue (TTM)
$427.7M
Net Income (TTM)
$-58.1M
Cash & Equivalents
—
Net Cash/Share
$-0.48
Free Cash Flow (TTM)
$-37.5M
Operating CF (TTM)
$-36.3M
Debt/Equity
1.4
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$9.1M
Monthly Burn
$3.0M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $200.8M | $134.0M | $168.1M | $247.5M | $186.5M | $116.7M | $123.9M | $184.3M | $250.1M | $264.7M | $238.1M | |
| Operating Cash Flow | $-92.5M | $-65.2M | $-70.3M | $-76.5M | $-81.4M | $-152.6M | $-70.0M | $-89.7M | $-44.8M | $-42.5M | $-36.3M | |
| Free Cash Flow | $-97.4M | $-67.5M | $-70.6M | $-76.8M | $-81.8M | $-154.4M | $-70.1M | $-90.1M | $-45.8M | $-44.0M | $-37.5M | |
| Capital Expenditure | $-4.9M | $-2.4M | $-311.0K | $-325.0K | $-324.0K | $-1.9M | $-55.0K | $-344.0K | $-1.0M | $-1.5M | $-1.2M | |
| Financing Cash Flow | $191.2M | $685.0K | $103.6M | $155.5M | $22.8M | $83.0M | $75.3M | $146.3M | $106.6M | $54.5M | $58.5M |
R&D Spending
R&D (TTM)
$76.8M
R&D Intensity
18.0%
R&D Growth YoY
+7.3%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $42.0M | $2.6M | $5.3M | $7.6M | $10.1M | $52.2M | $124.5M | $333.6M | $407.3M | $427.7M | |
| R&D Expense | $94.2M | $75.5M | $69.4M | $71.7M | $65.1M | $91.1M | $35.2M | $35.5M | $52.3M | $71.5M | $76.8M | |
| R&D % of Revenue | — | 179.7% | 2661.0% | 1357.3% | 859.2% | 902.6% | 67.5% | 28.6% | 15.7% | 17.6% | 18.0% | |
| SG&A | $18.7M | $23.2M | $23.7M | $24.3M | $33.2M | $72.3M | $76.6M | $134.4M | $258.7M | $337.2M | $356.3M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $42.0M | $2.6M | $5.3M | $7.6M | $10.1M | $52.2M | $124.5M | $333.6M | $407.3M | $427.7M | |
| Cost of Goods Sold | $0.00 | $8.4M | $466.0K | $600.0K | $145.0K | $1.0M | $4.1M | $17.8M | $50.6M | $39.5M | $32.0M | |
| Gross Profit | $0.00 | $33.6M | $2.1M | $4.7M | $7.4M | $9.1M | $48.0M | $106.7M | $283.1M | $367.8M | $395.6M | |
| R&D | $94.2M | $75.5M | $69.4M | $71.7M | $65.1M | $91.1M | $35.2M | $35.5M | $52.3M | $71.5M | $76.8M | |
| SG&A | $18.7M | $23.2M | $23.7M | $24.3M | $33.2M | $72.3M | $76.6M | $134.4M | $258.7M | $337.2M | $356.3M | |
| Operating Income | $-112.9M | $-65.1M | $-90.9M | $-91.3M | $-90.8M | $-154.3M | $-63.8M | $-63.3M | $-27.9M | $-41.0M | $-37.4M | |
| Interest Expense | $0.00 | $0.00 | $-3.5M | $-5.7M | $-5.1M | $-4.5M | $-5.1M | $-8.9M | $-20.1M | $-28.4M | $-29.1M | |
| Pretax Income | $-112.4M | $-63.2M | $-91.3M | $-94.6M | $-94.3M | $-158.2M | $-67.2M | $-65.5M | $-38.9M | $-60.6M | $-57.9M | |
| Net Income | $-112.4M | $-64.3M | $-91.3M | $-94.9M | $-94.3M | $-158.2M | $-67.2M | $-66.1M | $-39.1M | $-61.6M | $-58.1M | |
| EPS (Diluted) | -2.80 | -1.36 | -1.62 | -1.47 | -1.05 | -1.52 | -0.42 | -0.30 | -0.17 | -0.26 | -0.23 | |
| EBITDA | $-111.1M | $-60.5M | $-85.1M | $-86.4M | $-86.7M | $-150.9M | $-61.0M | $-55.4M | $-16.7M | $-29.2M | $-25.5M | |
| Shares Out. (M) | 40.12 | 47.44 | 56.22 | 64.48 | 89.58 | 104.21 | 158.69 | 219.33 | 235.23 | 241.03 | 245.85 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $74.6M | $75.4M | $78.8M | $181.1M | $91.0M | $72.4M | $96.1M | $21.5M | $64.9M | $68.0M | $31.2M | |
| Marketable Securities | $126.2M | $58.6M | $89.3M | $66.4M | $95.5M | $44.3M | $27.8M | $162.8M | $185.2M | $196.7M | $206.9M | |
| Total Current Assets | $204.0M | $149.7M | $176.4M | $252.1M | $194.7M | $133.6M | $153.6M | $246.1M | $356.5M | $382.3M | $381.9M | |
| Total Assets | $213.1M | $157.9M | $183.3M | $259.8M | $201.6M | $149.9M | $190.1M | $297.6M | $435.8M | $501.6M | $504.5M | |
| Total Current Liabilities | $19.2M | $17.9M | $17.7M | $22.2M | $28.4M | $52.8M | $65.6M | $50.4M | $77.8M | $88.6M | $109.6M | |
| Long-Term Debt | $0.00 | $0.00 | $49.2M | $48.8M | $46.6M | $0.00 | $0.00 | $49.8M | $150.9M | $202.8M | $203.5M | |
| Total Liabilities | $20.0M | $18.6M | $67.5M | $73.1M | $75.5M | $67.3M | $91.7M | $130.8M | $262.5M | $334.7M | $355.9M | |
| Stockholders' Equity | $193.2M | $139.3M | $115.8M | $186.7M | $126.1M | $82.6M | $98.3M | $166.8M | $173.3M | $166.9M | $148.6M | |
| Retained Earnings | $-213.9M | $-278.2M | $-365.5M | $-460.5M | $-554.8M | $-712.9M | $-780.1M | $-846.2M | $-885.3M | $-946.9M | $-984.5M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-92.5M | $-65.2M | $-70.3M | $-76.5M | $-81.4M | $-152.6M | $-70.0M | $-89.7M | $-44.8M | $-42.5M | $-36.3M | |
| Capital Expenditure | $-4.9M | $-2.4M | $-311.0K | $-325.0K | $-324.0K | $-1.9M | $-55.0K | $-344.0K | $-1.0M | $-1.5M | $-1.2M | |
| Free Cash Flow | $-97.4M | $-67.5M | $-70.6M | $-76.8M | $-81.8M | $-154.4M | $-70.1M | $-90.1M | $-45.8M | $-44.0M | $-37.5M | |
| Investing Cash Flow | $-131.1M | $65.3M | $-29.9M | $23.4M | $-31.4M | $50.9M | $18.4M | $-131.2M | $-18.3M | $-9.0M | $-21.8M | |
| Financing Cash Flow | $191.2M | $685.0K | $103.6M | $155.5M | $22.8M | $83.0M | $75.3M | $146.3M | $106.6M | $54.5M | $58.5M | |
| Issuance of Stock | $190.6M | $0.00 | $53.8M | $154.9M | $21.0M | $101.1M | $71.6M | $119.2M | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $49.3M | $0.00 | $0.00 | $0.00 | $27.0M | $22.4M | $99.5M | $48.7M | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $-125.0K | $-19.4M | $-33.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $5.3M | $9.6M | $9.2M | $9.9M | $10.6M | $12.0M | $10.8M | $13.5M | $37.4M | $49.0M | $51.0M | |
| Net Change in Cash | $-32.4M | $785.0K | $3.4M | $102.4M | $-90.1M | $-18.6M | $23.7M | $-74.7M | $43.5M | $3.1M | $401.0K |
Dilution Tracker
Shares outstanding grew 135.9% over 5 years — significant dilution
Shares Outstanding
246M
5-Year Share Growth
+135.9%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 40.12 | 47.44 | 56.22 | 64.48 | 89.58 | 104.21 | 158.69 | 219.33 | 235.23 | 241.03 | 245.85 | |
| YoY Change % | — | 18.2% | 18.5% | 14.7% | 38.9% | 16.3% | 52.3% | 38.2% | 7.3% | 2.5% | 2.0% | |
| Stock Issuance | $190.6M | $0.00 | $53.8M | $154.9M | $21.0M | $101.1M | $71.6M | $119.2M | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $5.3M | $9.6M | $9.2M | $9.9M | $10.6M | $12.0M | $10.8M | $13.5M | $37.4M | $49.0M | $51.0M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 80.0% | 82.1% | 88.6% | 98.1% | 90.1% | 92.1% | 85.7% | 84.8% | 90.3% | 92.5% | |
| Operating Margin % | 0.0% | -155.0% | -3488.6% | -1728.1% | -1199.0% | -1528.6% | -122.2% | -50.8% | -8.4% | -10.1% | -8.8% | |
| Net Margin % | 0.0% | -153.2% | -3502.0% | -1797.8% | -1245.7% | -1566.5% | -128.9% | -53.1% | -11.7% | -15.1% | -13.6% | |
| EBITDA Margin % | 0.0% | -144.1% | -3263.6% | -1636.2% | -1144.8% | -1494.0% | -116.9% | -44.5% | -5.0% | -7.2% | -6.0% | |
| FCF Margin % | 0.0% | -160.8% | -2707.5% | -1454.4% | -1079.9% | -1529.3% | -134.4% | -72.4% | -13.7% | -10.8% | -8.8% | |
| ROE % | -74.4% | -38.7% | -71.6% | -62.8% | -60.3% | -151.6% | -74.3% | -49.8% | -23.0% | -36.2% | -38.5% | |
| ROA % | -68.1% | -34.7% | -53.5% | -42.9% | -40.9% | -90.0% | -39.5% | -27.1% | -10.7% | -13.1% | -12.3% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S3.00
Historical1.79 / 10.99 / 1327.50
Industry Med.9.49
P/B8.77
Historical0.74 / 3.81 / 13.57
Industry Med.2.93
EV/EBITDA-49.95
Historical-76.45 / -4.93 / 0.72
Industry Med.13.02
EV/Revenue2.98
Historical-1.44 / 8.89 / 960.32
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$0.60
Net Current Assets
$0.110
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | 7.46 | 38.91 | 91.52 | 76.12 | 11.34 | 8.66 | 10.93 | 3.58 | 3.45 | 3.00 | |
| PB Ratio | 3.48 | 2.25 | 0.97 | 3.57 | 4.80 | 1.73 | 5.76 | 8.64 | 6.96 | 8.54 | 8.77 | |
| EV/EBITDA | -4.24 | -2.97 | 0.08 | -5.48 | -5.45 | -0.48 | -7.85 | -23.72 | -66.42 | -46.89 | -49.95 | |
| EV/Revenue | 0.00 | 4.28 | -2.68 | 89.71 | 62.40 | 7.13 | 9.17 | 10.55 | 3.33 | 3.36 | 2.98 |
Analyst Estimates & Quality
Altman Z-Score
0.77
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
-2.23
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $543.7M | $740.2M | $985.2M |
| Net Income | $-13.2M | $124.5M | $298.7M |
| EPS | -0.05 | 0.46 | 1.08 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Product sales, net | $377.8M |
| Other revenues | $29.5M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $377.8M |
| Asia Pacific | $29.2M |
| North America | $342.0K |