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ARDELYX, INC. (ARDX) Annual Reports

Q: Where can I read ARDELYX, INC. (ARDX) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

ARDELYX, INC. is listed on Nasdaq, classified by the SEC under Pharmaceutical Preparations (SIC 2834). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： Nasdaq
Fiscal year end： 12/31
SEC CIK： 1437402 →

Website：Official site ↗

Financial Highlights

FY2026 Q2 (quarterly, ended 2026-06-30)
	Current	Prior year	YoY
Revenue	$120.9M	$97.7M	+23.8%
Operating income	$-12.4M	$-14.4M	+13.7%
Net income	$-16.7M	$-19.1M	+12.4%
EPS (diluted)	$-0.07	$-0.08	+12.5%

Company guidance
	Period	Range
Revenue	FY2026	$350M – $370M

Figures are the company’s own outlook as stated in its earnings release, not analyst estimates.

Source: SEC EDGAR (XBRL company facts); guidance from Form 8-K Exhibit 99.1

Financial history

Revenue & profit

Quarterly · In mn (USD)

Revenue 121 mn Net income -16.7 mn

Show table：Income statement

Item	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Revenue	5.41	6.56	7.29	6.59	8.49	8.55	9.14	7.60	6.34	5.88	18.1	0	0	—	—	—	—	—	—	—	42.0	2.32	0.03	0.17	0.09	—	0.02	3.01	2.25	1.21	1.84	2.71	1.81	6.58	1.31	1.17	1.03	0.47	2.53	4.99	44.2	11.4	22.3	56.4	34.4	46.0	73.2	98.2	116	74.1	97.7	110	125	94.5	121
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—	24.0	—	—	—	—	—	—	—	33.6	1.86	0.03	0.17	0.09	—	0.02	2.41	2.25	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	-8.80	—	-0.85	-0.89	-0.72	-0.46	2.75	0.08	-3.93	-3.49	9.06	-18.1	-16.9	-23.5	-28.7	-29.2	-31.5	-28.4	-26.4	-21.2	11.0	-17.7	-22.1	-23.7	-27.4	-25.5	-24.8	-22.1	-18.9	-21.8	-24.2	-17.2	-27.6	-32.0	-44.8	-42.2	-35.3	-27.8	-26.2	-21.9	12.1	-26.1	-16.6	7.40	-28.0	-24.7	-13.6	2.23	8.13	-36.4	-14.4	4.67	5.10	-32.8	-12.4
Net income	-9.78	-0.47	-0.89	-0.93	-4.27	-3.07	3.75	0.07	-3.97	-3.50	9.01	-18.1	-17.0	-23.5	-28.6	-29.0	-31.3	-28.0	-25.7	-20.7	10.1	-17.0	-22.3	-24.1	-27.9	-26.1	-25.5	-23.5	-19.8	-22.4	-25.0	-18.1	-28.9	-33.1	-45.2	-43.6	-36.2	-28.1	-26.9	-22.9	10.7	-26.8	-17.1	6.63	-28.8	-26.5	-16.4	-0.81	4.64	-41.1	-19.1	-0.97	-0.41	-37.6	-16.7

Balance sheet

Quarterly · In mn (USD)

Total assets 576 mn Total liabilities 427 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Current assets	—	—	—	—	41.8	—	122	116	111	102	144	133	112	176	150	234	204	178	154	134	150	135	222	199	176	154	127	111	252	229	212	194	195	205	186	153	134	114	114	120	154	167	162	241	246	258	263	284	356	313	352	368	382	382	442
Total assets	—	—	—	—	42.9	—	123	118	113	105	148	138	117	181	155	241	213	188	164	143	158	143	229	207	183	166	138	119	260	235	217	199	202	210	205	171	150	129	132	145	190	217	211	289	298	342	343	368	436	410	467	486	502	505	576
Current liabilities	—	—	—	—	17.1	—	27.3	19.4	21.5	19.9	5.55	12.6	7.72	12.5	14.1	17.6	19.2	19.3	18.4	15.7	17.9	13.2	15.6	15.6	17.7	20.8	16.3	17.7	22.2	23.4	33.6	16.5	28.4	41.8	57.8	68.8	52.8	47.8	48.7	52.0	65.6	63.1	61.7	43.5	50.4	56.9	62.4	70.5	77.8	75.8	81.7	83.4	88.6	110	132
Total liabilities	—	—	—	—	50.2	—	60.6	54.4	52.7	47.4	5.93	12.9	8.05	12.8	14.8	18.4	20.0	20.1	19.1	16.5	18.6	13.9	65.1	65.2	67.5	74.3	69.4	70.3	73.1	67.6	71.0	67.2	75.5	79.5	87.4	89.4	67.3	65.2	78.6	77.8	91.7	91.6	88.0	98.2	131	191	197	210	262	265	327	332	335	356	427
Equity	-57.4	—	—	—	-63.5	—	62.9	63.3	60.7	58.0	142	125	109	168	141	223	193	168	145	127	139	129	163	141	116	91.8	68.6	49.2	187	168	146	131	126	131	118	81.4	82.6	64.2	53.0	66.9	98.3	125	123	191	167	151	147	158	173	146	140	154	167	149	149

Cash flow

Quarterly · In mn (USD)

Operating -6.40 mn Investing 22.7 mn Financing 49.7 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Operating	22.0	—	-8.90	-0.2	10.9	-1.12	24.0	-5.68	-3.79	-8.21	-30.2	-11.8	-21.6	-16.3	-24.9	-24.8	-26.6	-26.8	-23.9	-19.2	4.70	-6.80	-18.0	-27.0	-18.4	-16.9	-27.8	-20.6	-11.1	-24.9	-19.0	-19.9	-17.6	-44.2	-34.3	-34.6	-39.5	-27.6	-31.3	-25.4	14.3	-44.8	-14.7	-21.5	-8.72	-35.7	-19.4	0.5	9.81	-38.5	-25.3	0.37	20.9	-32.2	-6.40
Investing	-0.13	—	-0.26	-0.02	0	-0.09	-0.64	-0.09	-1.03	-1.05	-1.26	-0.68	-0.45	-0.2	-0.29	-71.3	-59.2	23.0	16.3	14.8	11.2	-1.13	-61.0	10.1	22.2	30.0	25.4	23.4	-55.5	-50.9	13.4	9.59	-3.57	2.49	8.23	18.1	22.1	2.33	15.5	-0.83	1.44	-9.78	-59.2	-32.7	-29.6	-2.57	23.5	2.34	-41.6	2.85	34.9	-50.5	3.78	-9.99	22.7
Financing	0.27	—	—	0	0	—	61.2	0	0.07	0.3	74.7	0	0.01	81.1	0.19	110	0.03	0.41	0.02	0.25	0.01	0.3	103	0.19	0	0.2	0.01	0.21	155	0.59	0.2	0.8	21.2	34.8	28.7	5.00	14.5	-0.06	22.1	34.5	18.8	50.9	11.5	57.9	26.0	53.0	1.61	2.70	49.3	1.48	49.7	2.81	0.56	5.44	49.7
Cash at period end	32.9	—	23.8	23.5	34.4	33.2	118	112	107	98.3	142	129	107	172	147	160	74.6	71.2	63.6	59.5	75.4	67.8	91.8	75.0	78.8	92.0	89.6	92.7	181	106	100	91.0	91.0	84.1	86.8	75.3	72.4	47.1	53.4	61.6	96.1	92.5	30.1	33.8	21.5	36.1	41.9	47.4	64.9	30.8	90.0	42.7	68.0	31.2	97.2

Profitability

Quarterly · %

Gross margin 100.0% Operating margin -10.3% Net margin -13.8%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	80.0%	80.0%	100.0%	98.8%	100.0%	—	100.0%	80.1%	100.0%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	-162.8%	—	-11.7%	-13.4%	-8.5%	-5.4%	30.1%	1.1%	-62.0%	-59.3%	49.9%	—	—	—	—	—	—	—	—	—	26.1%	-762.3%	-73846.7%	-13797.7%	-32207.1%	—	-137933.3%	-733.1%	-837.7%	-1794.6%	-1318.5%	-632.5%	-1528.1%	-486.3%	-3414.5%	-3600.7%	-3427.9%	-5941.7%	-1037.8%	-438.8%	27.5%	-229.3%	-74.4%	13.1%	-81.4%	-53.6%	-18.6%	2.3%	7.0%	-49.0%	-14.7%	4.2%	4.1%	-34.7%	-10.3%
Net margin	-180.9%	-7.2%	-12.2%	-14.2%	-50.3%	-35.9%	41.1%	1.0%	-62.6%	-59.5%	49.6%	—	—	—	—	—	—	—	—	—	24.1%	-733.6%	-74303.3%	-14026.7%	-32778.8%	—	-141483.3%	-781.3%	-879.6%	-1844.4%	-1359.3%	-667.5%	-1596.2%	-503.7%	-3441.7%	-3715.9%	-3521.3%	-5998.1%	-1066.4%	-459.1%	24.2%	-235.5%	-76.7%	11.8%	-83.8%	-57.6%	-22.5%	-0.8%	4.0%	-55.5%	-19.5%	-0.9%	-0.3%	-39.8%	-13.8%

Returns & leverage

Quarterly · %

ROE -38.6% ROA -10.7% Debt ratio 74.1%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
ROE	—	—	—	—	—	—	-7.2%	-5.5%	—	-6.3%	1.6%	-17.6%	-34.9%	-43.9%	-61.7%	-56.4%	-74.4%	-69.7%	-79.9%	-60.5%	-38.7%	-36.0%	-32.4%	-39.8%	-71.6%	-91.0%	-89.3%	-108.1%	-62.8%	-70.2%	-84.3%	-94.4%	-60.3%	-70.4%	-95.0%	-141.8%	-151.6%	-157.0%	-158.1%	-153.9%	-74.3%	-69.5%	-63.7%	-20.6%	-49.8%	-47.6%	-48.2%	-41.5%	-23.0%	-36.3%	-39.4%	-36.2%	-36.2%	-39.5%	-38.6%
ROA	—	—	—	—	-15.3%	—	-3.7%	-3.0%	-4.1%	-3.5%	1.2%	-13.0%	-25.7%	-34.7%	-57.5%	-51.7%	-68.1%	-63.5%	-71.4%	-55.0%	-34.7%	-32.3%	-25.4%	-30.5%	-53.5%	-65.0%	-56.5%	-63.2%	-42.9%	-45.4%	-51.0%	-53.6%	-40.9%	-47.2%	-59.4%	-81.7%	-90.0%	-90.1%	-80.1%	-72.3%	-39.5%	-38.0%	-32.7%	-12.2%	-27.1%	-23.5%	-23.5%	-22.1%	-10.7%	-14.3%	-13.9%	-13.2%	-13.1%	-12.7%	-10.7%
Debt ratio	—	—	—	—	117.1%	—	49.1%	46.2%	46.5%	45.0%	4.0%	9.4%	6.9%	7.1%	9.5%	7.6%	9.4%	10.7%	11.7%	11.5%	11.8%	9.7%	28.5%	31.6%	36.8%	44.7%	50.3%	58.8%	28.1%	28.7%	32.7%	33.9%	37.4%	37.8%	42.6%	52.3%	44.9%	50.4%	59.7%	53.8%	48.3%	42.2%	41.7%	33.9%	43.9%	55.9%	57.2%	57.0%	60.2%	64.5%	70.1%	68.3%	66.7%	70.5%	74.1%

EPS

Quarterly · US$

EPS US$-0.07

Show table：EPS

Item	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
EPS（US$）	—	—	-0.81	-0.81	—	-2.44	0.18	0.00	-0.21	-0.19	0.42	-0.70	-0.65	—	-0.83	—	—	-0.59	-0.54	-0.44	0.21	—	—	—	—	—	—	—	-1.47	-0.25	-0.28	-0.20	-0.32	-0.34	-0.45	-0.42	-0.31	-0.21	-0.19	-0.14	0.11	-0.13	-0.08	0.03	-0.13	-0.11	-0.07	0.00	0.02	-0.17	-0.08	0.00	-0.01	-0.15	-0.07

Revenue & profit

Year-to-date · In mn (USD)

Revenue 215 mn Net income -54.3 mn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In mn (USD)

Total assets 576 mn Total liabilities 427 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In mn (USD)

Operating -38.6 mn Investing 12.7 mn Financing 55.2 mn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Gross margin 82.1% Operating margin -21.0% Net margin -25.2%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE -38.6% ROA -10.7% Debt ratio 74.1%

EPS

Year-to-date · US$

EPS US$-0.22

Revenue & profit

Annual · In mn (USD)

Revenue 407 mn Net income -61.6 mn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	28.9	31.6	24.0	—	—	2.61	—	7.57	10.1	52.2	124	334	407
Gross profit	—	—	—	—	—	2.14	—	—	—	—	—	—	—
Operating income	—	-1.56	-29.4	-113	-65.1	-91.0	-91.3	-90.8	-154	-63.8	-63.3	-27.9	-41.0
Net income	-6.56	-3.21	-29.6	-112	-64.3	-91.3	-94.9	-94.3	-158	-67.2	-66.1	-39.1	-61.6

Balance sheet

Annual · In mn (USD)

Total assets 502 mn Total liabilities 335 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Current assets	41.8	111	112	204	150	176	252	195	134	154	246	356	382
Total assets	42.9	113	117	213	158	183	260	202	150	190	298	436	502
Current liabilities	17.1	21.5	7.72	19.2	17.9	17.7	22.2	28.4	52.8	65.6	50.4	77.8	88.6
Total liabilities	50.2	52.7	8.05	20.0	18.6	67.5	73.1	75.5	67.3	91.7	131	262	335
Equity	-63.5	60.7	109	193	139	116	187	126	82.6	98.3	167	173	167

Cash flow

Annual · In mn (USD)

Operating -42.5 mn Investing -8.96 mn Financing 54.5 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating	—	13.4	-71.8	-92.5	-65.2	-70.3	-76.5	-81.4	-153	-70.0	-89.7	-44.8	-42.5
Investing	—	-1.86	-3.45	-131	65.3	-29.9	23.4	-31.4	51.0	18.4	-131	-18.3	-8.96
Financing	—	—	75.0	191	0.69	104	155	22.8	83.0	75.3	146	107	54.5
Cash at period end	34.4	107	107	74.6	75.4	78.8	181	91.0	72.4	96.1	21.5	64.9	68.0

Profitability

Annual · %

Gross margin 82.1% Operating margin -10.1% Net margin -15.1%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Gross margin	—	—	—	—	—	82.1%	—	—	—	—	—	—	—
Operating margin	—	-5.0%	-122.3%	—	—	-3488.6%	—	-1199.0%	-1528.6%	-122.2%	-50.8%	-8.4%	-10.1%
Net margin	-22.7%	-10.2%	-123.3%	—	—	-3502.0%	—	-1245.7%	-1566.5%	-128.8%	-53.1%	-11.7%	-15.1%

Returns & leverage

Annual · %

ROE -36.2% ROA -13.1% Debt ratio 66.7%

Show table：Returns & leverage

Item	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
ROE	—	—	-34.9%	-74.4%	-38.7%	-71.6%	-62.8%	-60.3%	-151.6%	-74.3%	-49.8%	-23.0%	-36.2%
ROA	-15.3%	-4.1%	-25.7%	-68.1%	-34.7%	-53.5%	-42.9%	-40.9%	-90.0%	-39.5%	-27.1%	-10.7%	-13.1%
Debt ratio	117.1%	46.5%	6.9%	9.4%	11.8%	36.8%	28.1%	37.4%	44.9%	48.3%	43.9%	60.2%	66.7%

EPS

Annual · US$

EPS US$-0.26

Show table：EPS

Item	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
EPS（US$）	—	-2.47	-1.12	—	-1.36	—	—	-1.05	-1.52	-0.43	-0.31	-0.16	-0.26

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	10-K
2025	Open full text →
2024	Open full text →
2023	Open full text →

10-K: annual report of a US domestic issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read ARDELYX, INC. (ARDX) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 3 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

Source: US Securities and Exchange Commission (SEC) EDGAR. This site indexes public filings and links to them; it hosts no copies, offers no investment advice, and makes no warranty as to timeliness or completeness.
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