_id
690db07cccc777a4e85d0b85
Ticker
ARDX
Name
Ardelyx Inc
Exchange
NASDAQ
Address
400 Fifth Avenue, Waltham, MA, United States, 02451
Country
USA
Sector
Healthcare
Industry
Biotechnology
Currency
USD
Website
https://www.ardelyx.com
Description
Ardelyx, Inc. discovers, develops, and commercializes medicines to treat unmet medical needs in the United States and internationally. The company offers IBSRELA, a minimally absorbed small molecule therapy for the treatment of patients with irritable bowel syndrome with constipation; and XPHOZAH, a phosphate absorption inhibitor to reduce serum phosphorus in adults with chronic kidney disease on dialysis. The company was formerly known as Nteryx, Inc. and changed its name to Ardelyx, Inc. in June 2008. Ardelyx, Inc. was incorporated in 2007 and is headquartered in Waltham, Massachusetts.
Last Close
5.92
Volume
2818285
Current Price
5.9
Change
-0.33783783783783067
Last Updated
2025-11-28T12:21:27.706Z
Image
data:image/webp;base64,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
Ipo Date
2014-06-19T00:00:00.000Z
Market Cap
1440837632
Next Dividend Date
-
Dividend Frequency
-
Dividend Rate
-
Dividend Yield
0
Sentiment
0.9875
Sentiment Sources
4
Rating
4.6364
Target Price
11.6
Strong Buy
8
Buy
2
Hold
1
Sell
0
Strong Sell
0
Current Quarter
2025-09-30
Revenue
110329000
Cost Of Revenue
1320000
Gross Profit
109009000
Operating Expenses
104341000
Operating Income
4668000
Interest Expense
5796000
Pretax Income
-867000
Net Income
-969000
Eps
-0.004005648303078611
Dividends Per Share
-
Shares Outstanding
242974306
Income Tax Expense
102000
EBITDA
5834000
Operating Margin
4.230981881463623
Total Other Income Expense Net
-5535000
Cash
42715000
Short Term Investments
199990000
Receivables
76610000
Inventories
25172000
Total Current Assets
367985000
Property Plant Equipment
7221000
Total Assets
486170000
Payables
18390000
Short Term Debt
1435000
Long Term Debt
202138000
Total Liabilities
331890000
Equity
154280000
Depreciation
905000
Change In Working Capital
-9244000
Cash From Operations
365000
Capital Expenditures
156000
Cash From Investing
-50509000
Cash From Financing
2814000
Net Change In Cash
-47330000
PE
-
PB
9.251099308400311
ROE
-0.6280788177339901
ROA
-0.19931299751115866
FCF
209000
Fcf Percent
0.0018943342185644752
Piotroski FScore
2
Health Score
12
Deep Value Investing Score
3.5
Defensive Investing Score
5.5
Dividend Investing Score
3
Economic Moat Investing Score
5.3
Garp Investing Score
3.5
Growth Investing Score
3.5
Momentum Investing Score
3
Net Net Investing Score
2.5
Quality Investing Score
3
Value Investing Score
2
Quarters > 0 > quarter
2025-09-30
Quarters > 0 > income Statement > revenue
110329000
Quarters > 0 > income Statement > cost Of Revenue
1320000
Quarters > 0 > income Statement > gross Profit
109009000
Quarters > 0 > income Statement > operating Expenses
104341000
Quarters > 0 > income Statement > operating Income
4668000
Quarters > 0 > income Statement > interest Expense
5796000
Quarters > 0 > income Statement > pretax Income
-867000
Quarters > 0 > income Statement > net Income
-969000
Quarters > 0 > income Statement > eps
-0.004005648303078611
Quarters > 0 > income Statement > dividends Per Share
-
Quarters > 0 > income Statement > shares Outstanding
241908407
Quarters > 0 > income Statement > income Tax Expense
102000
Quarters > 0 > income Statement > EBITDA
5834000
Quarters > 0 > income Statement > operating Margin
4.230981881463623
Quarters > 0 > income Statement > total Other Income Expense Net
-5535000
Quarters > 0 > balance Sheet > cash
42715000
Quarters > 0 > balance Sheet > short Term Investments
199990000
Quarters > 0 > balance Sheet > receivables
76610000
Quarters > 0 > balance Sheet > inventories
25172000
Quarters > 0 > balance Sheet > total Current Assets
367985000
Quarters > 0 > balance Sheet > property Plant Equipment
7221000
Quarters > 0 > balance Sheet > total Assets
486170000
Quarters > 0 > balance Sheet > payables
18390000
Quarters > 0 > balance Sheet > short Term Debt
1435000
Quarters > 0 > balance Sheet > long Term Debt
202138000
Quarters > 0 > balance Sheet > total Liabilities
331890000
Quarters > 0 > balance Sheet > equity
154280000
Quarters > 0 > cash Flow > net Income
-969000
Quarters > 0 > cash Flow > depreciation
905000
Quarters > 0 > cash Flow > change In Working Capital
-9244000
Quarters > 0 > cash Flow > cash From Operations
365000
Quarters > 0 > cash Flow > capital Expenditures
156000
Quarters > 0 > cash Flow > cash From Investing
-50509000
Quarters > 0 > cash Flow > cash From Financing
2814000
Quarters > 0 > cash Flow > net Change In Cash
-47330000
Quarters > 0 > ratios > PE
-0.004005648303078611
Quarters > 0 > ratios > PB
9.251099308400311
Quarters > 0 > ratios > ROE
-0.6280788177339901
Quarters > 0 > ratios > ROA
-0.19931299751115866
Quarters > 0 > ratios > FCF
209000
Quarters > 0 > ratios > Piotroski FScore
2
Quarters > 0 > ratios > fcf Percent
0.0018943342185644752
Quarters > 0 > health Score
12
Quarters > 1 > quarter
2025-06-30
Quarters > 1 > income Statement > revenue
97662000
Quarters > 1 > income Statement > cost Of Revenue
12403000
Quarters > 1 > income Statement > gross Profit
85259000
Quarters > 1 > income Statement > operating Expenses
99654000
Quarters > 1 > income Statement > operating Income
-14395000
Quarters > 1 > income Statement > interest Expense
6575000
Quarters > 1 > income Statement > pretax Income
-19078000
Quarters > 1 > income Statement > net Income
-19079000
Quarters > 1 > income Statement > eps
-0.07951950032461745
Quarters > 1 > income Statement > dividends Per Share
-
Quarters > 1 > income Statement > shares Outstanding
239928570
Quarters > 1 > income Statement > income Tax Expense
1000
Quarters > 1 > income Statement > EBITDA
-11872000
Quarters > 1 > income Statement > operating Margin
-14.739612131637688
Quarters > 1 > income Statement > total Other Income Expense Net
-4683000
Quarters > 1 > balance Sheet > cash
90045000
Quarters > 1 > balance Sheet > short Term Investments
148407000
Quarters > 1 > balance Sheet > receivables
62553000
Quarters > 1 > balance Sheet > inventories
22275000
Quarters > 1 > balance Sheet > total Current Assets
351569000
Quarters > 1 > balance Sheet > property Plant Equipment
7149000
Quarters > 1 > balance Sheet > total Assets
466770000
Quarters > 1 > balance Sheet > payables
21685000
Quarters > 1 > balance Sheet > short Term Debt
1182000
Quarters > 1 > balance Sheet > long Term Debt
201446000
Quarters > 1 > balance Sheet > total Liabilities
327239000
Quarters > 1 > balance Sheet > equity
139531000
Quarters > 1 > cash Flow > net Income
-19079000
Quarters > 1 > cash Flow > depreciation
631000
Quarters > 1 > cash Flow > change In Working Capital
-18929000
Quarters > 1 > cash Flow > cash From Operations
-25342000
Quarters > 1 > cash Flow > capital Expenditures
650000
Quarters > 1 > cash Flow > cash From Investing
34923000
Quarters > 1 > cash Flow > cash From Financing
49656000
Quarters > 1 > cash Flow > net Change In Cash
59237000
Quarters > 1 > ratios > PE
-0.07951950032461745
Quarters > 1 > ratios > PB
10.14526207796117
Quarters > 1 > ratios > ROE
-13.673663916979024
Quarters > 1 > ratios > ROA
-4.087452064185788
Quarters > 1 > ratios > FCF
-25992000
Quarters > 1 > ratios > Piotroski FScore
0
Quarters > 1 > ratios > fcf Percent
-0.26614240953492657
Quarters > 1 > health Score
12
Quarters > 2 > quarter
2025-03-31
Quarters > 2 > income Statement > revenue
74114000
Quarters > 2 > income Statement > cost Of Revenue
12303000
Quarters > 2 > income Statement > gross Profit
61811000
Quarters > 2 > income Statement > operating Expenses
98160000
Quarters > 2 > income Statement > operating Income
-36349000
Quarters > 2 > income Statement > interest Expense
6262000
Quarters > 2 > income Statement > pretax Income
-40285000
Quarters > 2 > income Statement > net Income
-41144000
Quarters > 2 > income Statement > eps
-0.17242188547673326
Quarters > 2 > income Statement > dividends Per Share
-
Quarters > 2 > income Statement > shares Outstanding
238624000
Quarters > 2 > income Statement > income Tax Expense
859000
Quarters > 2 > income Statement > EBITDA
-33421000
Quarters > 2 > income Statement > operating Margin
-49.04471489866962
Quarters > 2 > income Statement > total Other Income Expense Net
-3936000
Quarters > 2 > balance Sheet > cash
30808000
Quarters > 2 > balance Sheet > short Term Investments
183144000
Quarters > 2 > balance Sheet > receivables
46467000
Quarters > 2 > balance Sheet > inventories
23776000
Quarters > 2 > balance Sheet > total Current Assets
312692000
Quarters > 2 > balance Sheet > property Plant Equipment
5335000
Quarters > 2 > balance Sheet > total Assets
410194000
Quarters > 2 > balance Sheet > payables
13722000
Quarters > 2 > balance Sheet > short Term Debt
1302000
Quarters > 2 > balance Sheet > long Term Debt
151301000
Quarters > 2 > balance Sheet > total Liabilities
264518000
Quarters > 2 > balance Sheet > equity
145676000
Quarters > 2 > cash Flow > net Income
-41144000
Quarters > 2 > cash Flow > depreciation
602000
Quarters > 2 > cash Flow > change In Working Capital
-10845000
Quarters > 2 > cash Flow > cash From Operations
-38457000
Quarters > 2 > cash Flow > capital Expenditures
325000
Quarters > 2 > cash Flow > cash From Investing
2851000
Quarters > 2 > cash Flow > cash From Financing
1482000
Quarters > 2 > cash Flow > net Change In Cash
-34124000
Quarters > 2 > ratios > PE
-0.17242188547673326
Quarters > 2 > ratios > PB
9.664471841621133
Quarters > 2 > ratios > ROE
-28.243499272357838
Quarters > 2 > ratios > ROA
-10.030375870929365
Quarters > 2 > ratios > FCF
-38782000
Quarters > 2 > ratios > Piotroski FScore
1
Quarters > 2 > ratios > fcf Percent
-0.5232749547993631
Quarters > 2 > health Score
17
Quarters > 3 > quarter
2024-12-31
Quarters > 3 > income Statement > revenue
116129000
Quarters > 3 > income Statement > cost Of Revenue
18264000
Quarters > 3 > income Statement > gross Profit
97865000
Quarters > 3 > income Statement > operating Expenses
89740000
Quarters > 3 > income Statement > operating Income
8125000
Quarters > 3 > income Statement > interest Expense
5853000
Quarters > 3 > income Statement > pretax Income
4680000
Quarters > 3 > income Statement > net Income
4645000
Quarters > 3 > income Statement > eps
0.019032937783403824
Quarters > 3 > income Statement > dividends Per Share
-
Quarters > 3 > income Statement > shares Outstanding
244050606
Quarters > 3 > income Statement > income Tax Expense
35000
Quarters > 3 > income Statement > EBITDA
11048000
Quarters > 3 > income Statement > operating Margin
6.996529721258256
Quarters > 3 > income Statement > total Other Income Expense Net
-3445000
Quarters > 3 > balance Sheet > cash
64932000
Quarters > 3 > balance Sheet > short Term Investments
185168000
Quarters > 3 > balance Sheet > receivables
57705000
Quarters > 3 > balance Sheet > inventories
21173000
Quarters > 3 > balance Sheet > total Current Assets
356452000
Quarters > 3 > balance Sheet > property Plant Equipment
3875000
Quarters > 3 > balance Sheet > total Assets
435754000
Quarters > 3 > balance Sheet > payables
16000000
Quarters > 3 > balance Sheet > short Term Debt
1562000
Quarters > 3 > balance Sheet > long Term Debt
150853000
Quarters > 3 > balance Sheet > total Liabilities
262465000
Quarters > 3 > balance Sheet > equity
173289000
Quarters > 3 > cash Flow > net Income
4645000
Quarters > 3 > cash Flow > depreciation
515000
Quarters > 3 > cash Flow > change In Working Capital
-6225000
Quarters > 3 > cash Flow > cash From Operations
9810000
Quarters > 3 > cash Flow > capital Expenditures
593000
Quarters > 3 > cash Flow > cash From Investing
-41620000
Quarters > 3 > cash Flow > cash From Financing
49313000
Quarters > 3 > cash Flow > net Change In Cash
17503000
Quarters > 3 > ratios > PE
0.019032937783403824
Quarters > 3 > ratios > PB
8.309232411751468
Quarters > 3 > ratios > ROE
2.680493280012003
Quarters > 3 > ratios > ROA
1.065968413370847
Quarters > 3 > ratios > FCF
9217000
Quarters > 3 > ratios > Piotroski FScore
4
Quarters > 3 > ratios > fcf Percent
0.07936863315795366
Quarters > 3 > health Score
42
Valuation > metrics > PE
-0.004005648303078611
Valuation > metrics > PB
9.251099308400311
Valuation > final Score
20
Valuation > verdict
208.4% Overvalued
Profitability > metrics > ROE
-0.6280788177339901
Profitability > metrics > ROA
-0.2633259507860375
Profitability > metrics > Net Margin
-0.008782822286071659
Profitability > final Score
0
Profitability > verdict
Weak
Risk > metrics > Debt Equity
2.1512185636505055
Risk > metrics > Interest Coverage
0.8053830227743272
Risk > final Score
21
Risk > verdict
High
Liquidity > metrics > Current Ratio
18.561664564943253
Liquidity > metrics > Quick Ratio
17.291954602774275
Liquidity > final Score
100
Liquidity > verdict
Great
Prev Valuations > 0
20
Prev Valuations > 1
20
Prev Valuations > 2
40
Prev Profitabilities > 0
0
Prev Profitabilities > 1
0
Prev Profitabilities > 2
15
Prev Risks > 0
9
Prev Risks > 1
7
Prev Risks > 2
36
Prev Liquidities > 0
100
Prev Liquidities > 1
100
Prev Liquidities > 2
100
Updated At
2025-12-13T00:26:00.247Z
Ardelyx, Inc. discovers, develops, and commercializes medicines to treat unmet medical needs in the United States and internationally. The company offers IBSRELA, a minimally absorbed small molecule therapy for the treatment of patients with irritable bowel syndrome with constipation; and XPHOZAH, a phosphate absorption inhibitor to reduce serum phosphorus in adults with chronic kidney disease on dialysis. The company was formerly known as Nteryx, Inc. and changed its name to Ardelyx, Inc. in June 2008. Ardelyx, Inc. was incorporated in 2007 and is headquartered in Waltham, Massachusetts.
Stock Price
$ 0.00
0% decrease compared to yesterday.
Dividend
Frequency:
Rate:
N/ANext Payout:
N/AWill ARDX stock deliver better than expected guidance - July 2025 PostEarnings & Weekly Breakout Watchlists moha.gov.vn
Read more โShowing 2 of 10
(Last Updated 2025-09-30)
Rating:
STRONG BUY
Target Price:
$11.6
Analyst Picks
Strong Buy
8
Buy
2
Hold
1
Sell
0
Strong Sell
0
Sentiment:
Bullish
(Last Updated 2025-09-30)
Health Score
Price to Book Ratio (P/B)
-
Very High
Low โค 1
High โฅ 3
Return on Equity (ROE)
-
Very Low
Low โค 5%
High โฅ 25%
Return on Assets (ROA)
-
Very Low
Low โค 2%
High โฅ 10%
Free Cash Flow - Revenue % (FCF)
-
Very Low
Low โค 5%
High โฅ 15%
Debt to Equity
-
Very Low
Low โฅ 1
High โค 0.3
* Institutions hold a combined 55.83% of the total shares of Ardelyx Inc
1.
BlackRock Inc(8.6097%)
since
2025/06/30
2.
Vanguard Group Inc(6.6526%)
since
2025/06/30
3.
HHG PLC(6.2486%)
since
2025/06/30
4.
Millennium Management LLC(4.8399%)
since
2025/06/30
5.
Macquarie Group Ltd(4.7545%)
since
2025/06/30
6.
Marshall Wace Asset Management Ltd(4.6687%)
since
2025/06/30
7.
State Street Corp(4.0841%)
since
2025/06/30
8.
Geode Capital Management, LLC(2.3512%)
since
2025/06/30
9.
Bank of America Corp(2.2939%)
since
2025/06/30
10.
Goldman Sachs Group Inc(1.6613%)
since
2025/06/30
11.
Nuveen, LLC(1.4482%)
since
2025/06/30
12.
D. E. Shaw & Co LP(1.0203%)
since
2025/06/30
13.
Morgan Stanley - Brokerage Accounts(0.9725%)
since
2025/06/30
14.
AQR Capital Management LLC(0.9596%)
since
2025/06/30
15.
Rock Springs Capital Management LP(0.9487%)
since
2025/06/30
16.
Citadel Advisors Llc(0.9176%)
since
2025/06/30
17.
Charles Schwab Investment Management Inc(0.9116%)
since
2025/06/30
18.
Northern Trust Corp(0.8802%)
since
2025/06/30
19.
Two Sigma Investments LLC(0.8388%)
since
2025/06/30
20.
JONES FINANCIAL COMPANIES LLLP(0.7649%)
since
2025/06/30
* Investors data is estimated based on stocks listed on Finnton that are currently held by Institution/Fund.
No earnings data available.
(Last Updated 2025-09-30)
(Last Updated 2025-09-30)
Revenue
$ 0
Cost Of Revenue
$ 0
Gross Profit
$ 0
Operating Expenses
$ 0
Operating Income
$ 0
Interest Expense
$ 0
Pretax Income
$ 0
Net Income
$ 0
Income Tax Expense
$ 0
EBITDA
$ 0
Total Other Income Expense Net
$ 0
Earnings Per Share
0
Dividends Per Share
0
Shares Outstanding
0
Operating Margin
0%
(Last Updated 2025-09-30)
Cash
$ 0
Short Term Investments
$ 0
Receivables
$ 0
Inventories
$ 0
Total Current Assets
$ 0
Property Plant Equipment
$ 0
Total Assets
$ 0
Payables
$ 0
Short Term Debt
$ 0
Long Term Debt
$ 0
Total Liabilities
$ 0
Equity
$ 0
(Last Updated 2025-09-30)
Net Income
$ 0
Depreciation
$ 0
Change In Working Capital
$ 0
Cash From Operations
$ 0
Capital Expenditures
$ 0
Cash From Investing
$ 0
Cash From Financing
$ 0
Net Change In Cash
$ 0
Disclaimer: Finnton is a stock screener tool provided for informational and educational purposes only. The data, analysis, and insights offered on this website do not constitute financial, investment, tax, or legal advice. Users are solely responsible for their own investment decisions, and Finnton makes no guarantees regarding the accuracy, completeness, or reliability of the information provided. Past performance is not indicative of future results. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.