Ardelyx (ARDX) financial statements
Ardelyx reported revenue of $407M in fiscal 2025, up 32.8% a year over 8 years.
Net income was -$62M.
Free cash flow was -$44M.
The diluted share count rose 501% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ardelyx's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $42M | $3M | $5M | $8M | $10M | $52M | $124M | $334M | $407M |
| Cost of revenue | — | $8M | $466,000 | $600,000 | $145,000 | $1M | $4M | $18M | $51M | $40M |
| Gross profit | — | $34M | $2M | $5M | $7M | $9M | $48M | $107M | $283M | $368M |
| Research and development | $94M | $75M | $69M | $72M | $65M | $91M | $35M | $36M | $52M | $72M |
| Selling, general and admin | $19M | $23M | $24M | $24M | $33M | $72M | $77M | $134M | $259M | $337M |
| Operating income | -$113M | -$65M | -$91M | -$91M | -$91M | -$154M | -$64M | -$63M | -$28M | -$41M |
| Interest expense | — | — | $4M | $6M | $5M | $5M | $3M | $5M | $13M | $20M |
| Pre-tax income | -$112M | -$63M | -$91M | -$95M | -$94M | -$158M | -$67M | -$66M | -$39M | -$61M |
| Income tax | — | $1M | $4,000 | $303,000 | $2,000 | $4,000 | $8,000 | $547,000 | $266,000 | $969,000 |
| Net income | -$112M | -$64M | -$91M | -$95M | -$94M | -$158M | -$67M | -$66M | -$39M | -$62M |
| EPS (diluted) | -$2.80 | -$1.36 | -$1.62 | -$1.47 | -$1.05 | -$1.52 | -$0.42 | -$0.30 | -$0.17 | -$0.26 |
| Diluted shares | 40M | 47M | 56M | 64M | 90M | 104M | 159M | 219M | 235M | 241M |
| Gross margin | — | 80.0% | 82.1% | 88.6% | 98.1% | 90.1% | 92.1% | 85.7% | 84.8% | 90.3% |
| Operating margin | — | -155.0% | -3488.6% | -1728.1% | -1199.0% | -1528.6% | -122.2% | -50.8% | -8.4% | -10.1% |
| Net margin | — | -153.2% | -3502.0% | -1797.8% | -1245.7% | -1566.5% | -128.9% | -53.1% | -11.7% | -15.1% |
Balance sheet
Fiscal years, from Ardelyx's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $201M | $134M | $168M | $247M | $186M | $117M | $124M | $184M | $250M | $265M |
| Receivables | — | — | — | — | $0 | $502,000 | $8M | $22M | $58M | $72M |
| Inventory | — | — | — | — | — | $0 | $28M | $49M | $91M | $123M |
| Total current assets | $204M | $150M | $176M | $252M | $195M | $134M | $154M | $246M | $356M | $382M |
| Property, plant and equipment | $9M | $8M | $6M | $3M | $2M | $2M | $1M | $1M | $1M | $2M |
| Total assets | $213M | $158M | $183M | $260M | $202M | $150M | $190M | $298M | $436M | $502M |
| Total current liabilities | $19M | $18M | $18M | $22M | $28M | $53M | $66M | $50M | $78M | $89M |
| Total liabilities | $20M | $19M | $68M | $73M | $75M | $67M | $92M | $131M | $262M | $335M |
| Shareholders' equity | $193M | $139M | $116M | $187M | $126M | $83M | $98M | $167M | $173M | $167M |
| Net debt | -$75M | -$75M | -$79M | -$181M | -$91M | -$40M | -$96M | -$21M | -$65M | -$68M |
Cash flow
Fiscal years, from Ardelyx's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$93M | -$65M | -$70M | -$76M | -$81M | -$153M | -$70M | -$90M | -$45M | -$42M |
| Capital spending | $5M | $2M | $311,000 | $325,000 | $324,000 | $2M | $55,000 | $344,000 | $1M | $1M |
| Free cash flow | -$97M | -$68M | -$71M | -$77M | -$82M | -$154M | -$70M | -$90M | -$46M | -$44M |
| Stock-based compensation | $5M | $10M | $9M | $10M | $11M | $12M | $11M | $14M | $37M | $49M |
| Net borrowing | — | — | — | — | -$125,000 | — | — | — | — | — |
| Free cash flow margin | — | -160.8% | -2707.5% | -1454.4% | -1079.9% | -1529.3% | -134.4% | -72.4% | -13.7% | -10.8% |
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Open ARDX in InvestinglyQuestions
What was Ardelyx's revenue in 2025?
$407M in fiscal 2025, from its 10-K filing.
How much free cash flow does Ardelyx generate?
-$44M in fiscal 2025 (operating cash flow minus capital spending).
From Ardelyx's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.