0001437402-26-000022
SEC filingRevenue grew 27.5% to $94.5M, driven by IBSRELA demand, but net loss persisted at -$37.6M as SG&A and R&D investments outpaced topline gains.
Revenue for the first quarter of 2026 was $94.5 million, a 27.5% increase from $74.1 million in the same period last year. The growth was primarily driven by higher demand for IBSRELA and favorable net price, partially offset by a higher gross-to-net adjustment percentage. The increase in gross-to-net adjustment reflected the prior year favorable impact of a change in previously estimated XPHOZAH product returns, an unfavorable channel mix, and Medicare and Medicaid Inflation Rebate charges.
Management's outlook emphasizes continued investment in IBSRELA growth, maintaining XPHOZAH commercial momentum, and advancing the pipeline. The Phase 3 ACCEL trial for CIC is expected to complete enrollment by end of 2026 with topline data in the second half of 2027. The company also initiated IND-enabling studies for RDX10531, a next-generation NHE3 inhibitor. However, the XPHOZAH revenue outlook remains cautious due to the ESRD PPS headwind. Ardelyx expects to increasingly rely on cash from operations to fund its plan, while maintaining flexibility to access capital markets or debt financing.