What changed in this filing

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Item 1. Financial Statements

2026-08-06 compared with 2026-04-30 · 176 added, 109 removed, 440 unchanged (39% of the section changed)

3 unchanged sentences

(in thousands, except share and per share amounts)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Current assets

29 unchanged sentences

500,000,000 shares authorized;

246,973,414 and 244,351,501 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

249,147,061 and 244,351,501 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital 1,150,446 1,113,666

4 unchanged sentences

The accompanying notes are an integral part of these condensed financial statements.

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ARDELYX, INC.

1 unchanged sentence

(in thousands, except share and per share amounts)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Product sales, net $ 118,129 $ 90,077 $ 211,502 $ 157,891

22 unchanged sentences

The accompanying notes are an integral part of these condensed financial statements.

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ARDELYX, INC.

1 unchanged sentence

(in thousands, except share amounts)

Three Months Ended March 31, 2026

Common Stock Additional Paid-In Capital

Accumulated Deficit

Accumulated Other Comprehensive Income (Loss)

Total Stockholders’ Equity

Three Months Ended June 30, 2026

Common Stock Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders’ Equity

Shares Amount

Balance as of March 31, 2026 246,973,414 $ 25 $ 1,133,265 $ ( 984,544 ) $ ( 124 ) $ 148,622

Issuance of common stock for services 32,627 — 185 — — 185

Issuance of common stock upon exercise of options 789,428 — 1,680 — — 1,680

Issuance of common stock upon vesting of restricted stock units 1,351,592 — — — — —

Stock-based compensation — — 15,316 — — 15,316

Unrealized losses on available-for-sale securities — — — — ( 69 ) ( 69 )

Net loss — — — ( 16,721 ) — ( 16,721 )

Balance as of June 30, 2026 249,147,061 $ 25 $ 1,150,446 $ ( 1,001,265 ) $ ( 193 ) $ 149,013

Six Months Ended June 30, 2026

Common Stock Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Income (Loss) Total Stockholders’ Equity

Shares Amount

Balance as of December 31, 2025 244,351,501 $ 24 $ 1,113,666 $ ( 946,939 ) $ 198 $ 166,949

Issuance of common stock under employee stock purchase plan 136,480 — 742 — — 742

Issuance of common stock for services 32,627 — 185 — — 185

Issuance of common stock upon exercise of options 1,889,734 1 6,379 — — 6,380

3 unchanged sentences

Net loss — — — ( 54,326 ) — ( 54,326 )

Balance as of June 30, 2026 249,147,061 $ 25 $ 1,150,446 $ ( 1,001,265 ) $ ( 193 ) $ 149,013

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Three Months Ended June 30, 2025

Common Stock Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Income (Loss) Total Stockholders’ Equity

Shares Amount

Balance as of March 31, 2025 239,201,256 $ 24 $ 1,072,118 $ ( 926,484 ) $ 18 $ 145,676

Three Months Ended March 31, 2025

Common Stock Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Income (Loss)

Total Stockholders’ Equity

Issuance of common stock for services 87,256 — 315 — — 315

Issuance of common stock upon exercise of options 391,027 — 988 — — 988

Issuance of common stock upon vesting of restricted stock units 1,085,977 — — — — —

Stock-based compensation — — 11,687 — — 11,687

Unrealized losses on available-for-sale securities — — — — ( 56 ) ( 56 )

Net loss — — — ( 19,079 ) — ( 19,079 )

Balance as of June 30, 2025 240,765,516 $ 24 $ 1,085,108 $ ( 945,563 ) $ ( 38 ) $ 139,531

Six Months Ended June 30, 2025

Common Stock Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Income (Loss) Total Stockholders’ Equity

Shares Amount

1 unchanged sentence

Issuance of common stock under employee stock purchase plan 222,734 — 1,015 — — 1,015

Issuance of common stock for services 87,256 — 315 — — 315

Issuance of common stock upon exercise of options 780,990 — 1,455 — — 1,455

3 unchanged sentences

Net loss — — — ( 60,223 ) — ( 60,223 )

Balance as of March 31, 2025 239,201,256 $ 24 $ 1,072,118 $ ( 926,484 ) $ 18 $ 145,676

Balance as of June 30, 2025 240,765,516 $ 24 $ 1,085,108 $ ( 945,563 ) $ ( 38 ) $ 139,531

The accompanying notes are an integral part of these condensed financial statements.

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ARDELYX, INC.

1 unchanged sentence

(in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Operating activities

22 unchanged sentences

Purchases of property and equipment ( 82 ) ( 975 )

Net cash (used in) provided by investing activities ( 9,995 ) 2,851

Net cash provided by investing activities 12,666 37,774

Financing activities

Proceeds from Loan Agreement, net of costs 81,871 48,668

Repayment of Loan Agreement, including fees ( 33,831 ) —

Proceeds from issuance of common stock under equity incentive plans 7,122 2,470

Net cash provided by financing activities 55,162 51,138

Net decrease in cash and cash equivalents ( 36,790 ) ( 34,124 )

Net increase in cash and cash equivalents 29,192 25,113

Cash and cash equivalents at beginning of period 67,999 64,932

2 unchanged sentences

Cash paid for interest $ 7,745 $ 6,280

Cash (refunded) paid for income taxes $ ( 69 ) $ 2

Supplemental disclosure of non-cash activity

Cash paid for income taxes $ 101 $ 440

Supplemental disclosure of non-cash activities

Right-of-use assets obtained in exchange for lease obligations $ — $ 3,880

Issuance of common stock for services $ 185 $ 315

The accompanying notes are an integral part of these condensed financial statements.

Table of Content s

ARDELYX, INC .

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Tenapanor is a minimally absorbed, small molecule therapy.

In addition, we are building a pipeline which is currently focused on expanding the commercial footprint of tenapanor.

Tenapanor, branded as IBSRELA ® , is approved in the U.S.

for the treatment of adults with irritable bowel syndrome with constipation (IBS-C).

We are seeking to further expand the IBSRELA eligible patient population to include patients with chronic idiopathic constipation (CIC), and have initiated a Phase 3 clinical trial evaluating tenapanor in adult CIC patients.

Tenapanor, branded as XPHOZAH ® , is approved in the U.S.

to reduce serum phosphorus in adults with chronic kidney disease on dialysis as add-on therapy in patients who have an inadequate response to phosphate binders or who are intolerant of any dose of phosphate binder therapy.

We are also developing a next-generation NHE3 inhibitor, RDX10531, which has demonstrated in preclinical models to have improved solubility and potency compared to tenapanor.

to reduce serum phosphorus in adults with chronic kidney disease (CKD) on dialysis as add-on therapy in patients who have an inadequate response to phosphate binders or who are intolerant of any dose of phosphate binder therapy.

We are also developing a next-generation NHE3 inhibitor, RDX10531, which is currently in IND-enabling studies and has demonstrated in preclinical models to have improved solubility and potency compared to tenapanor.

We believe that RDX10531 can have application across multiple therapeutic areas.

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The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto included in our 2025 Form 10-K.

The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for the entire year ending December 31, 2026, or for any other interim period or future year.

The results for the three and six months ended June 30, 2026 are not necessarily indicative of results to be expected for the entire year ending December 31, 2026, or for any other interim period or future year.

Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for definitions of terms used throughout the document.

Critical Accounting Policies and Estimates

Use of Estimates

The preparation of financial statements requires management to make estimates, judgments and assumptions.

The most significant assumptions are estimates used in our revenue gross-to-net accruals and other assumptions.

The most significant assumptions are estimates used in our revenue gross-to-net accruals.

Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances.

Actual results could materially differ from those estimates.

Our critical accounting policies and estimates are discussed in our 2025 Form 10-K.

Concentration of Credit Risk

Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments and accounts receivable.

We are exposed to credit risks in the event of default by the counterparties to the extent of the amount recorded in our balance sheets.

We are exposed to credit risks in the event of default by the counterparties to the extent of the amount recorded in our condensed balance sheets.

Cash, cash equivalents and short-term investments are invested through banks and other financial institutions in the U.S.

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Recent Accounting Pronouncements

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The following table summarizes our cash, cash equivalents and short-term investments:

March 31, 2026 December 31, 2025

Gross Unrealized Gross Unrealized

(in thousands) Amortized Cost Gains Losses Fair Value Amortized Cost Gains Losses Fair Value

June 30, 2026 December 31, 2025

Cost Gross Unrealized Fair

Value Amortized

Cost Gross Unrealized Fair

(in thousands) Gains Losses Gains Losses

Cash and cash equivalents

11 unchanged sentences

Realized gains or losses have not been significant and are included in other income, net in our condensed statements of operations and comprehensive loss.

Unrealized losses as of March 31, 2026 and December 31, 2025 were not material.

All of the short-term available-for-sale securities held as of March 31, 2026 and December 31, 2025 had contractual maturities of less than one year, and no investment was in a continuous unrealized loss position for more than one year.

Unrealized losses as of June 30, 2026 and December 31, 2025 were not material.

All of the short-term available-for-sale securities held as of June 30, 2026 and December 31, 2025 had contractual maturities of less than one year, and no investment was in a continuous unrealized loss position for more than one year.

Therefore, we believe that it is more likely than not that the investments will be held until maturity or a forecasted recovery of fair value.

Based on our procedures under the expected credit loss model, including an assessment of unrealized losses in our portfolio, we concluded that any unrealized losses on our marketable securities were not attributable to credit and, therefore, we have not recorded an allowance for credit losses for these securities as of March 31, 2026 and December 31, 2025.

See “Cash Equivalents” and “Short-Term Investments” captions of Note 2.

Summary of Significant Accounting Policies of our 2025 Form 10-K for more information on our accounting policies for cash equivalents and short-term investments.

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FAIR VALUE MEASUREMENTS

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The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows:

Level 1 – Valuations are based on quoted prices in active markets for identical assets or liabilities and readily accessible by us at the reporting date.

Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the reporting date.

Level 2 – Valuations based on inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities;

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The following table sets forth the fair value of our financial assets that are measured or disclosed on a recurring basis by level within the fair value hierarchy:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in thousands) Total

Level 1 Level 2 Level 3 Total

Level 1 Level 2 Level 3

Fair Value Level 1 Level 2 Level 3 Total

Fair Value Level 1 Level 2 Level 3

Money market funds $ 90,105 $ 90,105 $ — $ — $ 49,430 $ 49,430 $ — $ —

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Fair Value of Debt

The outstanding principal under our 2022 Loan Agreement is subject to a variable interest rate and therefore, we believe the carrying amount of the term loan facility approximated its fair value as of March 31, 2026 and December 31, 2025.

Borrowing for a description of the Level 2 inputs used to estimate the fair value of the liability.

The carrying value of the deferred royalty obligation related to the sale of future royalties approximated its fair value as of March 31, 2026 and December 31, 2025, and is based on our current estimates of future royalties and commercialization milestones expected to be received by HCR over the life of the HCR Agreement.

Deferred Royalty Obligation Related to the Sale of Future Royalties .

The outstanding principal under our Loan Agreement is subject to a variable interest rate based on the one-month SOFR, a readily observable market data (Level 2 input).

Therefore, we believe the carrying amount of the term loan facility approximated its fair value as of June 30, 2026 and December 31, 2025.

Borrowing for more information.

The carrying value of the deferred royalty obligation related to the sale of future royalties approximated its fair value as of June 30, 2026 and December 31, 2025, and is based on our current estimates of future royalties and commercialization milestones expected to be received by HCR over the life of the HCR Agreement.

Deferred Royalty Obligation Related to the Sale of Future Royalties for more information.

Inventory consisted of the following:

(in thousands) March 31, 2026 December 31, 2025

(in thousands) June 30, 2026 December 31, 2025

Raw materials $ 38,554 $ 28,009

5 unchanged sentences

Total $ 138,985 $ 123,107

Prepaid commercial manufacturing with third-party CMOs not included in inventory was $ 18.9 million and $ 14.5 million as of March 31, 2026 and December 31, 2025, respectively.

There were $ 4.2 million prepayments expected to be converted into inventory after 12 months as of March 31, 2026, compared to none as of December 31, 2025.

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Prepaid commercial manufacturing with third-party CMOs not included in inventory was $ 23.2 million and $ 14.5 million as of June 30, 2026 and December 31, 2025, respectively.

There were $ 8.5 million prepayments expected to be converted into inventory after 12 months as of June 30, 2026, compared to none as of December 31, 2025.

Disaggregation of total revenues by nature is as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in thousands)

2026 2025 2026 2025

Product sales, net $ 118,129 $ 90,077 $ 211,502 $ 157,891

5 unchanged sentences

Total product sales, net was as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in thousands)

2026 2025 2026 2025

Product sales, net

6 unchanged sentences

Gross product sales from Customers accounting for more than 10% of total revenues were as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Customers (1)

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(1) The total of the above percentages exceeds 100% as the numerators used in the calculations represent gross product sales for each Customer, as opposed to product sales, net as presented in our condensed statements of operations and comprehensive loss.

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GTN Adjustments

8 unchanged sentences

Credits/payments ( 16,957 ) ( 58,732 ) ( 24,495 ) ( 100,184 )

Balance as of March 31, 2026 $ 2,145 $ 39,413 $ 11,870 $ 53,428

Balance as of June 30, 2026 $ 2,719 $ 46,490 $ 10,162 $ 59,371

(1) Adjustments to prior period provisions recorded in the current period were not material.

5 unchanged sentences

The following table summarizes total revenues by collaboration partner:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in thousands) 2026 2025 2026 2025

Licensing revenue

$ 95 $ — $ 115 $ 5,000

Total licensing revenue

$ 96 $ 20 $ 147 $ 5,040

Product supply revenue

$ 1,976 $ — $ 2,328 $ —

— 6,185 2 6,185

Total supply revenue

$ 1,976 $ 6,185 $ 2,330 $ 6,439

Non-cash royalty revenue related to the sale of future royalties

7 unchanged sentences

Reclassify amounts to be recognized in the next 12 months — — — — — —

Deferred revenue balance as of March 31, $ — $ 3,248 $ 3,248 $ 10,913 $ — $ 10,913

Deferred revenue balance as of June 30, $ — $ 6,738 $ 6,738 $ 6,280 $ — $ 6,280

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The following table presents changes in our non-current deferred revenue balances by collaboration partner:

(in thousands)

Non-current Kyowa Kirin Fosun Pharma Total Kyowa Kirin Fosun Pharma Total

Kyowa Kirin Fosun Pharma Total Kyowa Kirin Fosun Pharma Total

Deferred revenue balance as of January 1, $ 13,699 $ — $ 13,699 $ 7,232 $ — $ 7,232

2 unchanged sentences

Reclassify amounts to be recognized in the next 12 months — — — — — —

Deferred revenue balance as of March 31, $ 13,699 $ — $ 13,699 $ 8,350 $ — $ 8,350

Significant developments and updates related to our collaboration partnerships in the three months ended March 31, 2026 and 2025 are discussed below.

Deferred revenue balance as of June 30, $ 13,699 $ — $ 13,699 $ 12,295 $ — $ 12,295

Significant developments and updates related to our collaboration partnerships in the six months ended June 30, 2026 and 2025 are discussed below.

In March 2026, Fosun Pharma reported the first commercial sales of tenapanor, marketed under the Chinese trade name Wan Ti Le, for patients with CKD on hemodialysis with hyperphosphatemia in China.

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The termination did not have a material effect on our operations or financial results, and we do not expect it to adversely impact our operations or financial results in the future.

In connection with the AstraZeneca Termination Agreement, we recognized royalty expense as cost of sales in our condensed statements of operations and comprehensive loss of $ 8.8 million in the three months ended March 31, 2025.

In connection with the AstraZeneca Termination Agreement, we recognized royalty expense as cost of sales in our condensed statements of operations and comprehensive loss of $ 3.8 million and $ 12.7 million in the three and six months ended June 30, 2025, respectively.

As of the end of the 2025 second quarter, we had fully recognized the maximum $ 75.0 million royalty obligation, which had been fully remitted as of the end of the 2025 third quarter.

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Deferred Royalty Obligation Related to the Sale of Future Royalties of our 2025 Form 10-K for further discussion on the nature, purpose, significant rights and obligations of the parties, as well as our accounting policies regarding the HCR Agreement.

Payments received from HCR are recorded as a deferred royalty obligation on our balance sheets, which is being amortized as non-cash interest expense over the estimated life of the HCR Agreement using the effective interest method.

Payments received from HCR are recorded as a deferred royalty obligation on our condensed balance sheets, which is being amortized as non-cash interest expense over the life of the HCR Agreement using the effective interest method.

The deferred royalty obligation will be effectively repaid over the life of the HCR Agreement as we remit to HCR royalties and commercialization milestones paid to us by Kyowa Kirin.

We periodically assess the estimated amounts and timing of future royalties and commercialization milestone payments from Kyowa Kirin and, to the extent that the amount or timing of such payments is materially different than our original estimates, we prospectively adjust the imputed interest rate and the related amortization of the deferred royalty obligation.

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A summary of financial information related to the HCR Agreement is as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in thousands) 2026 2025 2026 2025

Non-cash interest expense related to the sale of future royalties $ ( 1,267 ) $ ( 2,219 ) $ ( 2,584 ) $ ( 4,290 )

Effective interest rate 20.4 % 32.5 %

($ in thousands) 2026 2025

3 unchanged sentences

Royalty and commercialization milestone payments remitted to HCR ( 2,143 ) ( 2,056 )

Deferred royalty obligation balance as of March 31, $ 25,864 $ 26,522

Deferred royalty obligation balance as of June 30, $ 26,317 $ 27,761

Effective interest rate as of June 30, 19.6 % 33.5 %

The following table presents our outstanding term loans under the Loan Agreement:

(in thousands) March 31, 2026 December 31, 2025 Interest Rates

Term A Loan $ 27,500 $ 27,500 7.95 % + 0.022 % + SOFR (subject to a floor of 1.0 %)

Term B Loan 22,500 22,500 7.95 % + 0.022 % + SOFR (subject to a floor of 1.0 %)

Term C Loan 50,000 50,000 4.25 % + 0.022 % + SOFR (subject to a floor of 4.7 %)

Term D Loan 50,000 50,000 4.00 % + 0.022 % + SOFR (subject to a floor of 4.7 %)

50,000 50,000 4.00 % + 0.022 % + SOFR (subject to a floor of 4.7 %)

(in thousands) June 30, 2026 December 31, 2025

Principal (1)

Term A Loan $ 14,371 $ 27,500

Term B Loan 11,758 22,500

Term C Loan 41,940 50,000

Term D Loan 50,000 50,000

Term E Loan 50,000 50,000

Term F Loan 50,000 —

Term H Loan 31,931 —

Total principal 250,000 200,000

6 unchanged sentences

Long-term debt, net of current portion $ 251,823 $ 202,834

The total unaccreted final fee was $ 5.4 million and $ 5.9 million as of March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026, our total future payment obligation related to the outstanding balance of the term loans, excluding interest payments, was $ 209.9 million, which is due on July 1, 2028.

As of March 31, 2026, there have been no changes to the principal, maturity, interest rates, interest payment terms and debt covenants since December 31, 2025.

Borrowing of our 2025 Form 10-K for additional information regarding our 2022 Loan Agreement.

Effective as of April 28, 2026, we entered into the Sixth Amendment with SLR as collateral agent and the lenders party thereto.

For additional information, refer to Note 15.

Subsequent Events .

(1) The outstanding term loans bear an interest rate at the sum of 4.55 % plus the greater of (a) the one-month SOFR or (b) 3.50 %, and mature on July 1, 2030.

On April 28, 2026, we entered into an amendment to our Loan Agreement (the Sixth Amendment), by and among us, as borrower, SLR, as collateral agent and the lenders party thereto.

Pursuant to the Sixth Amendment, among other things, (i) a portion of $ 200.0 million in outstanding principal previously allocated among the Term A through C Loans (collectively, the Revised Loans) was refinanced with a new Term H Loan;

(ii) the maturity date for the Revised Loans, the Term D Loan and the Term E Loan was extended from July 1, 2028 to July 1, 2030 (the New Maturity Date), which is the maturity date for each other term loan;

(iii) the interest-only payment period for the Revised Loans, the Term D Loan and the Term E Loan was extended until the New Maturity Date, which is the interest-only payment period for each other term loan;

(iv) the interest rate for each term loan will have a collectively reduced interest rate, at the sum of 4.55 % plus the greater of (a) the one-month SOFR reference rate or (b) 3.50 %;

(v) we retained the option to draw the Term F and Term G Loans, each in the amount of $ 50.0 million, at our election by June 30, 2026 and December 20, 2026, respectively;

and (vi) we amended certain negative covenants and other conditions to provide additional flexibility to us.

We concluded that the Sixth Amendment was a modification to the Loan Agreement and we accounted for it accordingly.

On the closing date of the Sixth Amendment, we paid approximately $ 1.9 million in final fees and prepayment premium in connection with the partial repayment of the Term A through C Loans.

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We are obligated to pay a final fee with respect to each of the outstanding amounts under each of the term loans, upon the earliest to occur of (i) the New Maturity Date, (ii) the acceleration of the applicable term loan or (iii) the prepayment, refinancing, substitution or replacement of the applicable term loan.

This final fee is 4.95 % for the Term A through E Loans, 3.45 % for the Term F and Term G Loans and 2.50 % for the Term H Loan.

The total unaccreted final fee was $ 6.0 million and $ 5.9 million as of June 30, 2026 and December 31, 2025, respectively.

We may voluntarily prepay all amounts outstanding under the Revised Loans, the Term D Loan, the Term E Loan and the Term H Loan, subject to a prepayment premium of (i) three percent of the outstanding principal amount of the applicable term loan if prepaid on or after April 28, 2026 through and including April 28, 2027, (ii) two percent of the outstanding principal amount of the applicable term loan if prepaid on or after April 29, 2027 through and including April 28, 2028 or (iii) one percent of the outstanding principal amount of the applicable term loan if prepaid after April 28, 2028 and prior to July 1, 2030.

We may voluntarily prepay all amounts outstanding under the Term F and Term G Loans, subject to a prepayment premium of (i) two percent of the outstanding principal amount of the applicable term loan if prepaid on or after July 1, 2026 through and including June 30, 2027 or (ii) one percent of the outstanding principal amount of the applicable term loan if prepaid after June 30, 2027 and prior to July 1, 2030.

The Loan Agreement contains certain covenants, including a single financial covenant that the sum of our net product revenue, calculated on a trailing six-month basis, plus unrestricted cash and cash equivalents that are subject to a first-priority perfected lien in favor of SLR, shall be greater than or equal to 100 % of the principal amount outstanding under the Loan Agreement.

The outstanding term loans are secured by substantially all of our assets, except for our intellectual property and certain other customary exclusions.

In addition, the Loan Agreement contains subjective clauses to accelerate the maturity of outstanding principal amount in the event that a material adverse change has occurred within our business, operations or financial condition.

On June 29, 2026, we received $ 50.0 million of funding as a result of our draw down of the Term F Loan.

We elected to draw down the Term F Loan for general corporate purposes and to enhance flexibility to support our ongoing strategic initiatives, in line with our capital allocation strategy.

As of June 30, 2026, our total future payment obligation related to the outstanding term loans, excluding interest payments, was $ 260.8 million, which is due on July 1, 2030.

The following table provides additional details of our facility leases presented in our condensed balance sheets:

($ in thousands)

Facilities March 31, 2026 December 31, 2025

Facilities June 30, 2026 December 31, 2025

Right-of-use assets $ 4,065 $ 4,795

5 unchanged sentences

The following table presents the lease costs, which are included in our condensed statements of operations and comprehensive loss, and the supplemental cash flow information related to the leases:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in thousands)

2026 2025 2026 2025

Operating lease expense $ 432 $ 393 $ 864 $ 1,370

Cash paid for operating leases $ 446 $ 340 $ 888 $ 1,387

The following table summarizes our undiscounted cash payment obligations for our operating lease liabilities as of March 31, 2026:

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The following table summarizes our undiscounted cash payment obligations for our operating lease liabilities as of June 30, 2026:

(in thousands)

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and (ii) a prospectus supplement for the offering, issuance and sale of up to a maximum aggregate offering price of $ 100.0 million of our common stock that may be issued and sold from time to time under the 2025 Open Market Sales Agreement, deemed to be “at-the-market offerings.” Pursuant to the 2025 Open Market Sales Agreement, Jefferies, as sales agent, may receive a commission of up to three percent of the gross sales price for shares of our common stock sold under the 2025 Open Market Sales Agreement.

As of March 31, 2026, there have been no sales of our common stock under the 2025 Open Market Sales Agreement.

As of June 30, 2026, there have been no sales of our common stock under the 2025 Open Market Sales Agreement.

EQUITY INCENTIVE PLANS

1 unchanged sentence

Stock-based compensation expense for stock options, RSUs and our ESPP included in our condensed statements of operations and comprehensive loss was as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in thousands)

2026 2025 2026 2025

Selling, general and administrative $ 12,408 $ 9,273 $ 23,964 $ 17,757

1 unchanged sentence

Total $ 15,316 $ 11,687 $ 29,474 $ 23,775

A summary of our total unrecognized stock-based compensation expense, net of estimated forfeitures, as of March 31, 2026 is as follows:

A summary of our total unrecognized stock-based compensation expense, net of estimated forfeitures, as of June 30, 2026 is as follows:

Unrecognized Compensation Expense

4 unchanged sentences

ESPP $ 129 0.2

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Stock Options

A summary of our stock option activity and related information for the three months ended March 31, 2026 is as follows:

A summary of our stock option activity and related information for the six months ended June 30, 2026 is as follows:

Number of Shares

1 unchanged sentence

Weighted-Average Exercise Price

Balance as of December 31, 2025 28,977 $ 5.54

Options granted 2,948 $ 7.71

Options exercised ( 1,100 ) $ 4.27

Options forfeited or canceled ( 1,014 ) $ 9.03

Balance as of March 31, 2026 29,811 $ 5.69

Exercisable as of March 31, 2026 17,718 $ 5.31

Outstanding as of December 31, 2025 28,977 $ 5.54

Granted 3,968 $ 7.29

Exercised ( 1,890 ) $ 3.38

Forfeited or cancelled ( 1,780 ) $ 8.12

Outstanding as of June 30, 2026 29,275 $ 5.76

Exercisable as of June 30, 2026 18,078 $ 5.44

Restricted Stock Units

A summary of our RSU activity and related information for the three months ended March 31, 2026 is as follows:

A summary of our RSU activity and related information for the six months ended June 30, 2026 is as follows:

Number of RSUs

(in thousands) Weighted-Average Grant Date Fair Value

Non-vested restricted stock units as of December 31, 2025 12,583 $ 5.71

Unvested as of December 31, 2025 12,583 $ 5.71

Granted 6,858 $ 7.24

Vested ( 2,769 ) $ 6.09

Forfeited ( 540 ) $ 6.10

Non-vested restricted stock units as of March 31, 2026 15,932 $ 6.28

Forfeited or cancelled ( 1,353 ) $ 6.32

Unvested as of June 30, 2026 15,319 $ 6.27

Employee Stock Purchase Plan

During the three months ended March 31, 2026, we issued approximately 0.1 million shares of our common stock under the ESPP.

During the six months ended June 30, 2026, we issued approximately 0.1 million shares of our common stock under the ESPP.

The shares were purchased by employees at an average purchase price of $ 5.44 per share, resulting in proceeds to us of approximately $ 0.7 million.

Issuance of Common Stock for Services

During the six months ended June 30, 2026, we issued approximately 33 thousand shares of our common stock to members of the board of directors who elected to receive stock in lieu of their cash fees under our Non-Employee Director Compensation Program.

SEGMENT REPORTING

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Segment Reporting of our 2025 Form 10-K for more discussion on our segment reporting.

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Detailed information regarding our single operating segment’s significant revenues, expenses and operating loss is as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in thousands) 2026 2025 2026 2025

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Other revenues (1)

2,748 7,585 3,848 13,885

Total revenues 120,877 97,662 215,350 171,776

Cost of product sales (2)

3,689 3,245 6,564 5,585

Other cost of revenue (3)

2,070 9,158 4,006 19,121

Research and development (4)

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Stock-based compensation 15,316 11,687 29,474 23,775

Total costs and operating expenses 127,266 110,463

Consolidated loss from operations ( 32,793 ) ( 36,349 )

Loss from operations ( 12,425 ) ( 14,395 ) ( 45,218 ) ( 50,744 )

Other reconciliation items (5)

( 4,296 ) ( 4,684 ) ( 9,108 ) ( 9,479 )

Consolidated net loss $ ( 37,605 ) $ ( 41,144 )

Net loss $ ( 16,721 ) $ ( 19,079 ) $ ( 54,326 ) $ ( 60,223 )

(1) Other revenues includes revenues from our collaboration partnerships, including licensing revenue, product supply revenue and non-cash royalty revenue related to the sale of future royalties.

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Diluted net loss per common share is computed giving effect to all potential dilutive common shares, including common stock issuable upon exercise of stock options, unvested restricted stock units and ESPP shares issuable pursuant to the current purchase period.

As we had net losses for the three months ended March 31, 2026 and 2025, all potential common shares were determined to be anti-dilutive during those periods.

As we had net losses for the six months ended June 30, 2026 and 2025, all potential common shares were determined to be anti-dilutive during those periods.

The following table sets forth the computation of net loss per common share:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in thousands, except per share amounts)

2026 2025 2026 2025

Net loss $ ( 16,721 ) $ ( 19,079 ) $ ( 54,326 ) $ ( 60,223 )

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Net loss per share of common stock - basic and diluted $ ( 0.07 ) $ ( 0.08 ) $ ( 0.22 ) $ ( 0.25 )

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The total numbers of securities that could potentially dilute net income per share in the future that were not considered in the diluted net loss per share calculations because the effect would have been anti-dilutive were as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(in thousands) 2026 2025 2026 2025

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4:22-cv-01988-JSC (together, the Go and Morris actions).

The complaints allege that the defendants’ violations of Section 14(a) of the Exchange Act, breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets for personally making and/or causing Ardelyx to make materially false and misleading statements regarding the Company’s business, operations and prospects.

The complaints alleged that the defendants’ violations of Section 14(a) of the Exchange Act, breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets led to personally making and/or caused Ardelyx to make materially false and misleading statements regarding the Company’s business, operations and prospects.

The complaint seeks contribution under Sections 10(b) and 21D of the Exchange Act from two executive officers.

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Oral argument in the case was heard on September 25, 2025.

On June 26, 2026, the United States Court of Appeals affirmed the District Court’s dismissal.

We are not pursuing further litigation on this matter.

On August 16, 2024, a complaint was filed against us in the U.S.

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On March 26, 2026, the Court granted the Parties’ stipulated voluntary dismissal of Plaintiffs’ appeal.

On September 6 and 13, 2024, certain Ardelyx shareholders filed two verified derivative complaints purportedly on behalf of the Company in the United States District Court for the District of Massachusetts alleging violations of Sections 10(b) and/or 14(a) of the Exchange Act, breaches of fiduciary duty, unjust enrichment, waste, and aiding and abetting breaches of fiduciary

duty against certain members of our board of directors and management based on substantially the same factual allegations in the Yarborough Action.

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14(a) of the Exchange Act, breaches of fiduciary duty, unjust enrichment, waste, and aiding and abetting breaches of fiduciary duty against certain members of our board of directors and management based on substantially the same factual allegations in the Yarborough Action.

The complaints seek unspecified damages and corporate governance reforms, as well as costs and attorneys’ fees.

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From time to time, we may be involved in legal proceedings arising in the ordinary course of business.

As of March 31, 2026, there is no litigation pending that would reasonably be expected to have a material adverse effect on our results of operations and financial condition.

SUBSEQUENT EVENTS

On April 28, 2026, we entered into an amendment to our 2022 Loan Agreement (the Sixth Amendment), by and among the Company, as borrower, SLR, as collateral agent and the lenders party thereto.

Pursuant to the Sixth Amendment, among other things, (i) a portion of $ 200.0 million in outstanding principal previously allocated among the outstanding Term A through C Loans (collectively, the Revised Loans) was refinanced with a new Term H Loan;

(ii) the maturity date for the Revised Loans has been extended from July 1, 2028 to July 1, 2030 (the New Maturity Date), which is the maturity date applicable for each other term loan;

(iii) the interest-only payment period for the Revised Loans has been extended until the New Maturity Date;

(iv) the interest rates for the Revised Loans, the Term H Loan, and the Term F and Term G Loans will have a collectively reduced interest rate, at the sum of 4.55 % plus the greater of (a) the 1-month SOFR reference rate or (b) 3.5 %;

(v) the Company will retain the option to draw the Term F and Term G Loans, each in the amount of $ 50.0 million, at the Company’s election by June 30, 2026 and December 20, 2026, respectively;

and (vi) certain negative covenants and other conditions were amended to provide additional flexibility to the Company.

On the closing date of the Sixth Amendment, the Company paid approximately $ 1.9 million in final fees and prepayment fees in connection with the partial paydown of the Term A through C Loans.

The Company is obligated to pay a final fee with respect to each of the outstanding amounts under each of the term loans, upon the earliest to occur of (i) the New Maturity Date, (ii) the acceleration of the applicable term loan or (iii) the prepayment, refinancing, substitution or replacement of the applicable term loan.

This final fee is 4.95 % for the Term A through E loans, 3.45 % for the Term F and Term G Loans and 2.50 % for the new Term H Loan.

As of June 30, 2026, there is no litigation pending that would reasonably be expected to have a material adverse effect on our results of operations and financial condition.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements