ARDELYX, INC.
ARDX · Pharmaceutical Preparations · 247.0M shares · +36%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$14M (gross $20K, SBC $14M)
Reference price $5.99 · est. market cap ~$1.5B — last insider sale, 2026-06-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C54Commercial pharma (Ibsrela/Xphozah) growing toward profitability, with operating near-breakeven and cash burn.
Strengths
- Strong growth, high gross margin — revenue +22%, gross margin 90%
- Adequate liquidity — current ratio 4.3 (53rd)
Risks
- Operating/net losses — operating margin -10%, ROE -37%
- Cash burn — FCF -$44M
- Leverage — D/E 1.2 (85th)
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Net lossNet loss (net margin -15.1%)
- Cash burnNegative free cash flow (-44.0M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +36%/yr over 4y (dilution, book value/share -41%)
- Strong balance sheetStrong balance sheet — $265M cash & investments, ~24 quarters of runway
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$2M, last 6mo) Form 4 ↗
- Insider sellingInsider selling — 50 open-market sale(s) by 8 insider(s) (cluster of 8 insiders, ~$3M, last 6mo) Form 4 ↗
- Revenue declineRevenue -24.6% YoY
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
90.3%
Operating margin
-10.1%
Net margin
-15.1%
Return on equity
-36.9%
Return on assets
-12.3%
ROIC
-8.8%
Revenue growth (QoQ)
-24.6%
Debt / equity
1.2×
Current ratio
4.3×
Free cash flow
-$44M
EBITDA
-$38M
Tangible book value
$167M
Cash & investments
$265M
Cash runway
24q
Stock comp / revenue
12.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-18 | Williams Laura A | Option exercise | 31K | $0.99 |
| 2026-06-18 | Williams Laura A | Sell | 82K | $5.99 |
| 2026-06-16 | Cadoret-Manier Onaiza | Grant | 26K | — |
| 2026-06-16 | Parsey Merdad | Grant | 26K | — |
| 2026-06-16 | Bazemore Robert B | Grant | 26K | — |
| 2026-06-16 | Rodgers Richard J | Grant | 26K | — |
| 2026-06-16 | Bertrand William C JR | Grant | 12K | — |
| 2026-06-16 | Bertrand William C JR | Grant | 26K | — |
| 2026-06-16 | MOTT DAVID M | Grant | 26K | — |
| 2026-06-16 | MOTT DAVID M | Grant | 20K | — |
| 2026-06-16 | Bhanji Muna | Grant | 26K | — |
| 2026-06-15 | RAAB MICHAEL | Option exercise | 21K | $0.99 |
| 2026-06-15 | RAAB MICHAEL | Sell | 42K | $5.67 |
| 2026-05-21 | Reilly Joseph James | Sell | 2.7K | $6.27 |
| 2026-05-21 | Hohenleitner Susan | Sell | 1.5K | $6.27 |
| 2026-05-21 | Brady James Parker | Sell | 1.8K | $6.27 |
| 2026-05-21 | Reilly Joseph James | Sell | 1.0K | $6.27 |
| 2026-05-21 | Foster Eric Duane | Sell | 3.2K | $6.27 |
| 2026-05-21 | Foster Eric Duane | Sell | 2.4K | $6.27 |
| 2026-05-21 | Foster Eric Duane | Sell | 2.4K | $6.27 |
| 2026-05-21 | Kelliher Mike | Sell | 2.9K | $6.27 |
| 2026-05-21 | Kelliher Mike | Sell | 1.9K | $6.27 |
| 2026-05-21 | Kelliher Mike | Sell | 2.5K | $6.27 |
| 2026-05-21 | Williams Laura A | Sell | 1.5K | $6.27 |
| 2026-05-21 | Williams Laura A | Sell | 2.2K | $6.27 |
| 2026-05-21 | Williams Laura A | Sell | 1.9K | $6.27 |
| 2026-05-21 | Williams Laura A | Sell | 1.4K | $6.27 |
| 2026-05-21 | RAAB MICHAEL | Sell | 15K | $6.27 |
| 2026-05-21 | RAAB MICHAEL | Sell | 7.9K | $6.27 |
| 2026-05-21 | RAAB MICHAEL | Sell | 18K | $6.27 |
| 2026-05-21 | RAAB MICHAEL | Sell | 14K | $6.27 |
| 2026-05-21 | Bishop John E | Sell | 2.3K | $6.27 |
| 2026-05-15 | RAAB MICHAEL | Option exercise | 21K | $0.99 |
| 2026-05-15 | RAAB MICHAEL | Sell | 42K | $6.28 |
| 2026-04-15 | RAAB MICHAEL | Option exercise | 21K | $0.99 |
| 2026-04-15 | RAAB MICHAEL | Sell | 42K | $6.29 |
| 2026-03-16 | RAAB MICHAEL | Option exercise | 21K | $0.99 |
| 2026-03-16 | RAAB MICHAEL | Sell | 42K | $5.84 |
| 2026-02-24 | RAAB MICHAEL | Option exercise | 21K | $0.99 |
| 2026-02-24 | RAAB MICHAEL | Sell | 42K | $6.25 |
| 2026-02-20 | Williams Laura A | Sell | 7.2K | $5.87 |
| 2026-02-20 | Foster Eric Duane | Sell | 1 | $5.70 |
| 2026-02-20 | Williams Laura A | Sell | 984 | $5.71 |
| 2026-02-20 | Hohenleitner Susan | Sell | 1.8K | $5.87 |
| 2026-02-20 | Hohenleitner Susan | Sell | 247 | $5.71 |
| 2026-02-20 | Brady James Parker | Sell | 2.2K | $5.87 |
| 2026-02-20 | Brady James Parker | Sell | 309 | $5.71 |
| 2026-02-20 | Kelliher Mike | Sell | 8.4K | $5.87 |
| 2026-02-20 | Kelliher Mike | Sell | 1.2K | $5.71 |
| 2026-02-20 | Kelliher Mike | Sell | 2 | $5.71 |
| 2026-02-20 | RAAB MICHAEL | Sell | 40K | $5.87 |
| 2026-02-20 | RAAB MICHAEL | Sell | 5.6K | $5.71 |
| 2026-02-20 | RAAB MICHAEL | Sell | 2 | $5.70 |
| 2026-02-20 | RAAB MICHAEL | Sell | 1 | $5.70 |
| 2026-02-20 | RAAB MICHAEL | Sell | 2 | $5.70 |
| 2026-02-20 | Foster Eric Duane | Sell | 9.2K | $5.87 |
| 2026-02-20 | Foster Eric Duane | Sell | 1 | $5.71 |
| 2026-02-20 | Foster Eric Duane | Sell | 1.3K | $5.71 |
| 2026-02-20 | MOTT DAVID M | Buy | 333K | $5.84 |
| 2026-02-20 | Bishop John E | Sell | 2.8K | $5.87 |
| 2026-02-20 | Bishop John E | Sell | 386 | $5.71 |
| 2026-02-20 | Bishop John E | Sell | 1 | $5.70 |
| 2026-02-20 | Reilly Joseph James | Sell | 4.4K | $5.87 |
| 2026-02-20 | Reilly Joseph James | Sell | 602 | $5.71 |
| 2026-02-20 | Reilly Joseph James | Sell | 2 | $5.70 |
| 2026-01-23 | Kelliher Mike | Grant | 103K | — |
| 2026-01-23 | Reilly Joseph James | Grant | 46K | — |
| 2026-01-23 | RAAB MICHAEL | Grant | 446K | — |
| 2026-01-23 | Hohenleitner Susan | Grant | 86K | — |
| 2026-01-23 | Foster Eric Duane | Grant | 138K | — |
| 2026-01-23 | Brady James Parker | Grant | 99K | — |
| 2026-01-23 | Williams Laura A | Grant | 83K | — |
| 2026-01-23 | Bishop John E | Grant | 124K | — |
| 2026-01-08 | Williams Laura A | Sell | 50K | $6.98 |
| 2026-01-08 | Williams Laura A | Option exercise | 50K | $0.99 |
| 2025-11-21 | GRAMMER ELIZABETH A | Sell | 6.0K | $5.54 |
| 2025-11-21 | RAAB MICHAEL | Sell | 47K | $5.54 |
| 2025-11-21 | Kelliher Mike | Sell | 5.6K | $5.54 |
| 2025-11-21 | Williams Laura A | Sell | 6.4K | $5.54 |
| 2025-11-21 | Foster Eric Duane | Sell | 5.8K | $5.54 |
| 2025-11-21 | Reilly Joseph James | Sell | 11K | $5.54 |
| 2025-08-26 | Williams Laura A | Option exercise | 50K | $0.99 |
| 2025-08-26 | Williams Laura A | Sell | 50K | $6.12 |
| 2025-08-26 | Williams Laura A | Sell | 30K | $6.12 |
| 2025-08-21 | Kelliher Mike | Sell | 5.4K | $5.93 |
| 2025-08-21 | Williams Laura A | Sell | 6.3K | $5.93 |
| 2025-08-21 | Renz Justin A | Sell | 7.0K | $5.93 |
| 2025-08-21 | RAAB MICHAEL | Sell | 46K | $5.93 |
| 2025-08-21 | GRAMMER ELIZABETH A | Sell | 5.8K | $5.93 |
| 2025-08-21 | Foster Eric Duane | Sell | 15K | $5.93 |
| 2025-06-18 | Bazemore Robert B | Grant | 42K | — |
| 2025-06-18 | Rodgers Richard J | Grant | 21K | — |
| 2025-06-18 | Rodgers Richard J | Grant | 42K | — |
| 2025-06-18 | Parsey Merdad | Grant | 15K | — |
| 2025-06-18 | MOTT DAVID M | Grant | 31K | — |
| 2025-06-18 | MOTT DAVID M | Grant | 42K | — |
| 2025-06-18 | Cadoret-Manier Onaiza | Grant | 42K | — |
| 2025-06-18 | Bhanji Muna | Grant | 42K | — |
| 2025-06-18 | Bertrand William C JR | Grant | 19K | — |
| 2025-06-18 | Bertrand William C JR | Grant | 42K | — |
| 2025-06-16 | MOTT DAVID M | Buy | 200K | $3.63 |
| 2025-06-09 | MOTT DAVID M | Buy | 200K | $3.69 |
| 2025-05-20 | Renz Justin A | Sell | 7.2K | $4.08 |
| 2025-05-20 | Williams Laura A | Sell | 6.4K | $4.08 |
| 2025-05-20 | RAAB MICHAEL | Sell | 47K | $4.08 |
| 2025-05-20 | Kelliher Mike | Sell | 15K | $4.08 |
| 2025-05-20 | GRAMMER ELIZABETH A | Sell | 6.0K | $4.08 |
| 2025-05-20 | Foster Eric Duane | Sell | 2.5K | $4.08 |
| 2025-05-15 | MOTT DAVID M | Buy | 100K | $3.29 |
| 2025-05-02 | MOTT DAVID M | Buy | 381K | $4.22 |
| 2025-05-02 | RAAB MICHAEL | Option exercise | 21K | $0.99 |
| 2025-05-02 | RAAB MICHAEL | Sell | 42K | $4.25 |
| 2025-04-28 | Parsey Merdad | Grant | 42K | — |
| 2025-04-04 | RAAB MICHAEL | Option exercise | 21K | $0.99 |
| 2025-04-04 | RAAB MICHAEL | Sell | 42K | $4.59 |
| 2025-03-07 | RAAB MICHAEL | Option exercise | 21K | $0.99 |
| 2025-03-07 | RAAB MICHAEL | Sell | 42K | $5.36 |
| 2025-02-25 | GRAMMER ELIZABETH A | Grant | 137K | — |
| 2025-02-25 | Williams Laura A | Grant | 105K | — |
| 2025-02-25 | Renz Justin A | Grant | 137K | — |
| 2025-02-25 | RAAB MICHAEL | Grant | 570K | — |
| 2025-02-25 | Kelliher Mike | Grant | 137K | — |
| 2025-02-25 | Foster Eric Duane | Grant | 137K | — |
| 2025-02-24 | MOTT DAVID M | Buy | 78K | $5.00 |
| 2025-02-20 | Williams Laura A | Sell | 4.9K | $5.62 |
| 2025-02-20 | Renz Justin A | Sell | 5.2K | $5.62 |
| 2025-02-20 | RAAB MICHAEL | Sell | 23K | $5.62 |
| 2025-02-20 | GRAMMER ELIZABETH A | Sell | 4.3K | $5.62 |
| 2025-01-31 | RAAB MICHAEL | Option exercise | 21K | $0.99 |
| 2025-01-31 | RAAB MICHAEL | Sell | 42K | $5.36 |
| 2025-01-21 | MOTT DAVID M | Buy | 199K | $4.99 |
| 2025-01-16 | Rodgers Richard J | Option exercise | 100K | $0.55 |
| 2025-01-07 | RAAB MICHAEL | Option exercise | 21K | $0.99 |
| 2025-01-07 | RAAB MICHAEL | Sell | 42K | $5.31 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-17 | Exec/director changeShareholder vote | filing ↗ |
| 2026-04-30 | ResultsReg FDExhibits | filing ↗ |
| 2026-02-19 | ResultsReg FDExhibits | filing ↗ |
| 2026-01-08 | ResultsOtherExhibits | filing ↗ |
| 2025-12-17 | Exec/director changeOtherExhibits | filing ↗ |
| 2025-10-30 | ResultsExhibits | filing ↗ |
| 2025-10-14 | Exec/director change | filing ↗ |
| 2025-08-04 | ResultsExec/director change5.03Exhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-17 | 2026-06-16 | 0001437402-26-000029 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001437402-26-000022 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001437402-26-000021 ↗ |
| 10-K | 2026-02-19 | 2025-12-31 | 0001437402-26-000013 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0001437402-26-000012 ↗ |
| 8-K | 2026-01-08 | 2026-01-08 | 0001437402-26-000003 ↗ |
| 8-K | 2025-12-17 | 2025-12-17 | 0001437402-25-000021 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0001437402-25-000018 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0001437402-25-000016 ↗ |
| 8-K | 2025-10-14 | 2025-10-13 | 0001437402-25-000008 ↗ |
| 8-K | 2025-08-04 | 2025-08-01 | 0001628280-25-037441 ↗ |
| 10-Q | 2025-08-04 | 2025-06-30 | 0001628280-25-037464 ↗ |