1. Like a specialized Amgen focusing on kidney and heart-related diseases.

2. Similar to Eli Lilly or Novo Nordisk, but concentrating on treatments for chronic kidney disease.

• Xphozah (tenapanor): A phosphate absorption inhibitor indicated for the control of serum phosphorus in adult patients with chronic kidney disease (CKD) on dialysis.
• Ibsrela (tenapanor): A sodium-hydrogen exchanger 3 (NHE3) inhibitor approved for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults.

Ardelyx (ARDX) sells primarily to other companies, specifically pharmaceutical wholesalers, who then distribute the company's products (such as IBSRELA and XPHOZAH) to pharmacies, hospitals, and other healthcare providers.

Its major customers in the pharmaceutical distribution chain typically include:

• McKesson Corporation (Symbol: MCK)
• Cencora, Inc. (formerly AmerisourceBergen Corporation) (Symbol: COR)
• Cardinal Health, Inc. (Symbol: CAH)

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Mike Raab, President & Chief Executive Officer

Mike Raab has served as Ardelyx's President and Chief Executive Officer since March 2009. He has over three decades of experience in the biotechnology and pharmaceutical industries. Prior to Ardelyx, Mike was a partner at New Enterprise Associates (NEA), one of the world's largest venture capital firms, specializing in healthcare investments, indicating a background in managing companies backed by private equity-like firms. Before joining NEA in 2002, he spent 15 years in commercial and operating leadership roles, including Senior Vice President, Therapeutics and General Manager of the Renal Division at Genzyme Corporation, where he was instrumental in the worldwide launch of therapies for Gaucher disease and oversaw the sales growth of sevelamer.

Sue Hohenleitner, Chief Financial Officer

Sue Hohenleitner was appointed Chief Financial Officer of Ardelyx, effective November 4, 2025. She brings over 30 years of experience in corporate finance, strategic planning, investor relations, and operations. Before joining Ardelyx, Ms. Hohenleitner had a 28-year career at Johnson & Johnson, where she most recently served as Vice President and Chief Financial Officer of Johnson & Johnson Innovative Medicine North America, overseeing financial strategies for a $36 billion commercial business. During her tenure at J&J, she led multiple finance organizations across various functions, including supply chain, innovation, commercial, business development, and investor relations, and played a key role in acquisition deals that resulted in successful commercial launches.

Eric Foster, Chief Commercial Officer

Eric Foster has served as Ardelyx's Chief Commercial Officer since August 2024. He brings over two decades of commercial experience in biotech and pharmaceuticals, with a focus on rare disease and specialty markets. Prior to Ardelyx, he was Senior Vice President and U.S. General Manager at Horizon Therapeutics, which was acquired by Amgen. At Horizon, he established new market strategies and transformed pricing and access strategies, leading to record growth. His career also includes leadership roles at GlaxoSmithKline and sales and market access positions at Johnson & Johnson.

Elizabeth Grammer, Esq., Chief Legal & Administrative Officer

Elizabeth Grammer has served as Ardelyx's Chief Legal and Administrative Officer since 2020, having previously been General Counsel since May 2014 and holding various legal roles at the company since early 2010. She has over 30 years of experience representing and advising privately held and publicly traded life sciences companies, providing strategic leadership in legal, corporate governance, intellectual property, human resources, and compliance operations. Prior to Ardelyx, Ms. Grammer served as Vice President and General Counsel of Trine Pharmaceuticals and General Counsel of GelTex Pharmaceuticals. She began her career in law firms, focusing on emerging life sciences companies.

Edward Conner, MD, Chief Medical Officer

Edward Conner, MD, has served as Ardelyx's Chief Medical Officer since August 2025. He is a seasoned biopharmaceutical executive with over two decades of experience in advancing innovative therapies through clinical development and regulatory approval across numerous therapeutic areas. Dr. Conner joined Ardelyx from Third Harmonic Bio, where he also served as Chief Medical Officer. His previous leadership roles include Chief Medical Officer and Senior Vice President at Sangamo Therapeutics, Vice President at Ultragenyx Pharmaceutical, Senior Medical Director at BioMarin Pharmaceutical, and Medical Director at Genentech.

Ardelyx (ARDX) has two main commercial products: IBSRELA (tenapanor) and XPHOZAH (tenapanor).

• IBSRELA (tenapanor) for Irritable Bowel Syndrome with Constipation (IBS-C):
  • Ardelyx expects IBSRELA to achieve greater than $1.0 billion in annual U.S. net product sales revenue at peak.
  • The global Irritable Bowel Syndrome (IBS) treatment market is projected to grow from USD 1.96 billion in 2024 to approximately USD 3.41 billion by 2034.
• XPHOZAH (tenapanor) for hyperphosphatemia in adult patients with chronic kidney disease (CKD) on dialysis:
  • Ardelyx expects XPHOZAH to achieve $750 million in annual U.S. net product sales revenue at peak.
  • The global hyperphosphatemia treatment market size was valued at USD 1.33 billion in 2024 and is projected to reach USD 3.07 billion by 2035. Other estimates for the global hyperphosphatemia treatment market include USD 2.6 billion in 2024, growing to USD 5.6 billion in 2034, or USD 5.15 billion in 2024, projected to reach USD 8.5 billion by 2035. The market also reached USD 3.71 billion in 2025 and is forecast to advance to USD 4.44 billion by 2030.
  • The U.S. hyperphosphatemia treatment market reached USD 1,052.6 million in 2024. North America, which includes the U.S., led the global hyperphosphatemia treatment market in 2024, capturing the largest revenue share of 39.8%.

Ardelyx (ARDX) is anticipated to drive future revenue growth over the next 2-3 years through several key factors, primarily focusing on the continued commercial success of its two approved products and advancements in its pipeline.

1. Continued Growth of IBSRELA (tenapanor): IBSRELA, a treatment for irritable bowel syndrome with constipation (IBS-C), is expected to be a significant revenue driver. The company reported substantial year-over-year and sequential growth in IBSRELA revenue in Q3 2025, reaching $78.2 million, a 92% increase compared to Q3 2024. Ardelyx has raised its full-year 2025 revenue guidance for IBSRELA to a range of $270 million to $275 million, reflecting sustained demand from patients and effective commercial execution. Management anticipates IBSRELA to achieve over $1 billion in annual U.S. net product sales at peak.
2. Growing Adoption and Market Penetration of XPHOZAH (tenapanor): XPHOZAH, approved for hyperphosphatemia in chronic kidney disease patients on dialysis, is also projected to contribute to revenue growth. Despite challenges related to Medicare Part D coverage changes in 2025, XPHOZAH demonstrated sequential revenue growth of 9% from Q2 to Q3 2025, reaching $27.4 million. Ardelyx is focused on ensuring patient access and strengthening clinical conviction among nephrologists to drive its adoption. The company has set a long-term peak sales target of $750 million for XPHOZAH.
3. Advancement of Pipeline through RDX10531: Ardelyx is investing in its pipeline with the development of RDX10531, a next-generation NHE3 inhibitor. The company announced plans for an Investigational New Drug (IND) submission to the FDA in 2026, signaling a commitment to future growth through new product launches and potential expansion into multiple therapeutic areas. This pipeline development underscores Ardelyx's strategy to build on its leadership in NHE3 inhibition.
4. International Partnerships and Licensing Agreements: While the primary focus remains on the U.S. market for its key products, Ardelyx has engaged in international partnerships. For instance, its drug was approved in China with Fosun Pharma, which includes milestone payments and royalties on sales, and it has a partnership with Knight Therapeutics in Canada for IBS-C. These partnerships represent opportunities for additional revenue streams through product supply and licensing, contributing to long-term growth.

Share Repurchases

• Ardelyx's reported buyback yield was 0.00% for 2024, 2023, 2022, and 2021, suggesting no significant share repurchases during these years.

Share Issuance

• In 2025, Ardelyx undertook an at-the-market offering of its common stock for up to an aggregate amount of $100 million.
• An additional 10,000,000 shares of common stock became available for issuance under the 2014 Equity Incentive Award Plan in November 2025, following stockholder approval in June 2025.

Inbound Investments

• In June 2025, Ardelyx drew $48.7 million in net proceeds through a term loan with SLR Investment Corp.
• In July 2025, the company amended its loan agreement, drawing the remaining $50 million tranche and securing an option to draw an additional $100 million in debt, structured as two $50 million tranches.
• These debt facilities feature interest-only payments until maturity.

Outbound Investments

• Ardelyx has not made any significant outbound investments or acquisitions in recent years.

Capital Expenditures

• Ardelyx reported capital expenditures of $0.65 million for the three months ended June 2025.
• Annual capital expenditures were $1.01 million in 2024, $0.34 million in 2023, and $1.87 million in 2021.
• The company's capital allocation supports investments in innovation and long-term growth.