Ardelyx Announces Q3 2024 Financial Results and Business Update

Ardelyx, Inc., a biopharmaceutical company listed on Nasdaq as ARDX, reported its financial results for the third quarter ending September 30, 2024, along with a business update. The company, committed to introducing pioneering medicines to address significant unmet medical needs, showcased robust performance led by its key products, IBSRELA and XPHOZAH.

During this period, IBSRELA (tenapanor) recorded impressive sales, bringing in $40.6 million in net product revenue. This figure marks a 15% increase from the previous quarter and a substantial rise from the $22.3 million reported in the same quarter of 2023. Ardelyx attributes this growth to an increasing number of new and refill prescriptions, as well as a higher number of healthcare providers prescribing the medication. The company anticipates that full-year 2024 net product sales revenue for IBSRELA will range between $145 million and $150 million.

The launch of XPHOZAH (tenapanor) also demonstrated significant progress, generating $51.5 million in net product sales revenue during the third quarter of 2024. This figure shows a 39% increase compared to the second quarter of 2024, underscoring the ongoing strong demand for this treatment among dialysis patients with hyperphosphatemia. Ardelyx remains dedicated to ensuring patient access to XPHOZAH, despite upcoming changes in Medicare Part D reimbursement policies.

In his address, Mike Raab, President, and CEO of Ardelyx, emphasized the company's commitment to executing its goals, supporting patient needs, and building for future growth. Raab highlighted the consistent quarter-over-quarter growth in IBSRELA sales, driven by the drug's safety and efficacy profile, as well as positive feedback from patients and healthcare providers. He also noted the clear unmet need among dialysis patients, which continues to drive demand for XPHOZAH.

In terms of corporate developments, Ardelyx announced an amendment to its February 2022 loan agreement with SLR Capital Partners. The company drew $50 million at an interest rate of SOFR plus 4.02% in October 2024, with the option to draw an additional $50 million under similar terms. Additionally, the interest-only period for existing and new tranches was extended to July 1, 2028.

Ardelyx had a notable presence at the 2024 Annual Scientific Meeting for the American College of Gastroenterology (ACG 2024) and the 2024 Annual American Society of Nephrology Kidney Week. The company presented posters featuring data on IBSRELA and XPHOZAH, contributing to the scientific community's understanding of these treatments.

In terms of financial standings, as of September 30, 2024, Ardelyx reported having $190.4 million in cash, cash equivalents, and short-term investments, compared to $184.3 million as of December 31, 2023. In October, the company secured $49.7 million in net proceeds from its term loan with SLR Investment Corp. Total revenue for the third quarter of 2024 was $98.2 million, a significant increase from the $56.4 million reported for the same period in 2023. This growth was primarily driven by higher net product sales revenue for IBSRELA and XPHOZAH.

Research and development expenses for the quarter were $15.3 million, up from $8.6 million in the third quarter of 2023, primarily due to increased medical engagement and pediatric clinical trials. Selling, general, and administrative expenses also rose to $65 million, compared to $32.7 million in the same period of 2023, reflecting costs associated with the ongoing commercialization of IBSRELA and XPHOZAH.

The company reported a net loss of $0.8 million for the third quarter of 2024, with share-based compensation expenses and non-cash interest expenses related to the sale of future royalties contributing to this figure.

Ardelyx continues to focus on solidifying its financial position and advancing its mission to provide innovative treatments to patients in need.