Ardelyx, Inc. Files Q3 2024 10-Q

TL;DR

**ARDELYX Q3 2024 10-Q FILED - FINANCIALS OUT**

AI Summary

Ardelyx, Inc. filed a 10-Q for the period ending September 30, 2024. The company reported revenue from product sales and licensing, with specific figures for the third quarter and year-to-date periods. Ardelyx is a biopharmaceutical company focused on developing and commercializing innovative therapeutics.

Why It Matters

This filing provides investors with an update on Ardelyx's financial performance and operational status for the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a biopharmaceutical company, Ardelyx faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 2024-09-30 — Reporting Period End (Quarterly financial data pertains to this date.)
• 2024-10-31 — Filing Date (Date the 10-Q was officially submitted.)

Key Players & Entities

• ARDELYX, INC. (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241031 (date) — Filing Date
• FREMONT, CA (location) — Business Address

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 ARDX The Nasdaq Global Market Indicat

Filing Documents

• ardx-20240930.htm (10-Q) — 1655KB
• exhibit102-xhovionecommerc.htm (EX-10.2) — 287KB
• exhibit105-xardelyxxfourth.htm (EX-10.5) — 128KB
• exhibit106-xericfosteroffe.htm (EX-10.6) — 16KB
• ardx-20240930xex311.htm (EX-31.1) — 10KB
• ardx-20240930xex312.htm (EX-31.2) — 10KB
• ardx-20240930xex321.htm (EX-32.1) — 6KB
• ardx-20240930_g1.jpg (GRAPHIC) — 74KB
• image_0.jpg (GRAPHIC) — 48KB
• 0001628280-24-044551.txt ( ) — 8527KB
• ardx-20240930.xsd (EX-101.SCH) — 58KB
• ardx-20240930_cal.xml (EX-101.CAL) — 67KB
• ardx-20240930_def.xml (EX-101.DEF) — 255KB
• ardx-20240930_lab.xml (EX-101.LAB) — 682KB
• ardx-20240930_pre.xml (EX-101.PRE) — 469KB
• ardx-20240930_htm.xml (XML) — 1062KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements: 2 Condensed Balance Sheets (unaudited) 2 Condensed Statements of Operations and Comprehensive Income ( Loss ) (unaudited) 3 Condensed Statements of Changes in Stockholders' Equity (unaudited) 4 Condensed Statements of Cash Flows (unaudited) 6 Notes to Condensed Financial Statements (unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 31

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 69

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 70

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 70

Other Information

Item 5. Other Information 70

Exhibits

Item 6. Exhibits 71

Signatures

Signatures 72 1 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ARDELYX, INC. CONDENSED BALANCE SHEETS (in thousands, except share and per share amounts) September 30, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 47,429 $ 21,470 Short-term investments 142,973 162,829 Accounts receivable 53,195 22,031 Inventory 11,378 12,448 Prepaid commercial manufacturing 16,663 18,925 Prepaid expenses and other current assets 12,460 8,408 Total current assets 284,098 246,111 Inventory, non-current 73,780 37,039 Prepaid commercial manufacturing, non-current — 4,235 Right-of-use assets 3,625 5,589 Property and equipment, net 1,028 1,009 Other assets 5,332 3,596 Total assets $ 367,863 $ 297,579 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 15,824 $ 11,138 Accrued compensation and benefits 11,541 12,597 Current portion of operating lease liability 2,567 4,435 Deferred revenue 7,272 7,182 Accrued expenses and other current liabilities 33,295 15,041 Total current liabilities 70,499 50,393 Operating lease liability, net of current portion 1,218 1,725 Long-term debt 100,707 49,822 Deferred revenue, non-current 12,770 8,644 Deferred royalty obligation related to the sale of future royalties 24,372 20,179 Total liabilities 209,566 130,763 Commitments and contingencies (Note 14) Stockholders' equity: Common stock, $ 0.0001 par value; 500,000,000 shares authorized; 236,890,431 and 232,453,190 shares issued and outstanding as of September 30, 2024 and December 31, 2023 24 23 Additional paid-in capital 1,048,073 1,012,773 Accumulated deficit ( 889,985 ) ( 846,204 ) Accumulated other comprehensive income 185 224 Total stockholders' equity 158,297 166,816 Total liabilities and stockholders' equity $ 367,863 $ 297,579 The accompanying notes are an integral part of these condensed financial statements. 2 Table of Contents ARDELYX, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Una

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