Ardelyx Q1 Revenue Up 38% to $93.4M; IBSRELA Sales Reach $70.1M
Ardelyx posted $93.4M in Q1 revenue, up 38% year-over-year, driven by 58% growth in IBSRELA sales to $70.1M and $23.3M from XPHOZAH. The company holds $238.1M in cash and reiterated 2026 guidance of $410M-$430M for IBSRELA and $110M-$120M for XPHOZAH while advancing Phase 3 CIC and pediatric trials.
1. Q1 2026 Financial Performance
Ardelyx generated $93.4 million in product revenue in Q1 2026, a 38% year-over-year increase led by $70.1 million from IBSRELA and $23.3 million from XPHOZAH. Net loss narrowed to $37.6 million, or $0.15 per share, compared with $41.1 million, or $0.17 per share, a year earlier.
2. Cash Position and 2026 Guidance
The company ended March with $238.1 million in cash, cash equivalents and investments, and reiterated full-year guidance of $410 million to $430 million for IBSRELA sales and $110 million to $120 million for XPHOZAH.
3. Pipeline Advancements
Ardelyx is advancing the Phase 3 ACCEL trial evaluating IBSRELA in chronic idiopathic constipation, targeting enrollment completion by end-2026 and topline data in the second half of 2027. Multiple pediatric trials could extend tenapanor patent life by six months, and next-generation NHE3 inhibitor RDX10531 is in IND-enabling studies.
4. Corporate Updates
Recent corporate moves include a multi-year LPGA partnership on digestive health education, executive appointments of a new Chief Medical Officer and Chief Legal Officer, and refinancing debt with SLR Investment Corp on improved terms.