ARDX ARDELYX, INC.

Overview and Growth

In fiscal 2025, ARDELYX, INC. recorded $407.32M of revenue, net loss of $61.60M, and an operating cash outflow of $42.48M. Revenue of $407.32M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 22.1% above fiscal 2024 revenue of $333.62M, marking a year-over-year increase. The company reported diluted EPS of -$0.26, adding a shareholder-level measure to the absolute income figures considered below. The company employed $501.60M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.81x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $367.78M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 90.3% of revenue, showing how much of the top line remained after direct costs. The company recorded an operating loss of $40.98M after the reported operating expense base. Relative to revenue, the operating deficit measured 10.1%, showing the shortfall after operating costs. After all below-operating-line items, the company recorded a net loss of $61.60M for the fiscal year. Measured against revenue, the bottom-line deficit represented 15.1% after all recognized items. The company reported a pretax loss of $60.63M, before the effect of income taxes. Pretax margin was -14.9%, reflecting a pre-tax loss equal to 14.9% of revenue. The reported income-tax provision was $969.00K, the amount recognized between pretax income and the final net-income result. Relative to period-end equity, the net loss represented 36.9%. Relative to total assets, the net loss represented 12.3%. Compared with a $39.14M net loss in fiscal 2024, the current loss increased to $61.60M.

Liquidity and Capital Structure

Total assets were $501.60M, supported by $334.65M of liabilities and $166.95M of shareholder equity. The near-term balance sheet paired $382.32M of current assets with $88.61M of current liabilities at the reporting date. The current ratio was 4.31x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $68.00M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 76.7% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $202.83M, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 1.21x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 40.4%, comparing borrowing with the total asset balance. The liabilities-to-assets relationship was 66.7%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 13.6%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $435.75M in fiscal 2024, the current asset base moved 15.1% and finished higher. Book equity was 3.7% lower than fiscal 2024 equity of $173.29M, showing how shareholder capital changed year over year. Cash and equivalents were 4.7% higher than fiscal 2024 cash of $64.93M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities used $42.48M of cash, resulting in an operating cash outflow for the year. Capital spending of $1.49M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Negative free cash flow was $43.98M, leaving a cash deficit after capital spending and reducing financial flexibility. Free-cash-flow margin was -10.8%, reflecting a cash deficit equal to 10.8% of revenue after capital spending. Relative to total assets, the post-investment cash deficit measured 8.8%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.