ARDELYX, INC.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 19, 2026
ARDX$2.93+1.7%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities | |||
| Net loss | $(61,599) | $(39,136) | $(66,067) |
| Adjustments to reconcile net loss to net cash used in operating activities | |||
| Depreciation and amortization expense | 3,059 | 2,063 | 1,292 |
| Non-cash lease expense | 1,947 | 4,008 | 3,624 |
| Stock-based compensation | 48,962 | 37,381 | 13,530 |
| Non-cash interest expense | 8,958 | 7,400 | 4,220 |
| Non-cash royalty revenue related to the sale of future royalties | (8,545) | (2,692) | — |
| Other, net | (3,913) | (4,664) | (2,930) |
| Changes in operating assets and liabilities | |||
| Accounts receivable | (14,143) | (35,674) | (14,298) |
| Inventory | (31,923) | (41,697) | (21,141) |
| Prepaid commercial manufacturing | 1,899 | 6,782 | (9,593) |
| Prepaid expenses and other assets | (4,293) | (4,543) | (6,035) |
| Accounts payable | 3,235 | 4,862 | 279 |
| Accrued compensation and benefits | 4,168 | 2,343 | 5,049 |
| Operating lease liabilities | (1,827) | (4,588) | (3,928) |
| Accrued and other liabilities | 14,545 | 21,254 | 3,691 |
| Deferred revenue | (3,013) | 2,092 | 2,590 |
| Net cash used in operating activities | (42,483) | (44,809) | (89,717) |
| Investing activities | |||
| Proceeds from maturities and redemptions of investments | 211,456 | 177,854 | 84,321 |
| Purchases of investments | (218,923) | (195,161) | (215,225) |
| Purchases of property and equipment | (1,492) | (1,011) | (344) |
| Net cash used in investing activities | (8,959) | (18,318) | (131,248) |
| Financing activities | |||
| Proceeds from issuance of common stock in at the market offering, net of issuance costs | — | — | 119,236 |
| Proceeds from 2022 Loan Agreement, net of costs | 48,668 | 99,451 | 22,386 |
| Proceeds from the sale of future royalties, net of issuance costs | — | — | 5,000 |
| Proceeds from issuance of common stock under equity incentive plans | 5,841 | 8,138 | 1,173 |
| Payments of the previously outstanding exit fees | — | (1,000) | (1,500) |
| Net cash provided by financing activities | 54,509 | 106,589 | 146,295 |
| Net increase (decrease) in cash and cash equivalents | 3,067 | 43,462 | (74,670) |
| Cash and cash equivalents at beginning of period | 64,932 | 21,470 | 96,140 |
| Cash and cash equivalents at end of period | $67,999 | $64,932 | $21,470 |
| Supplementary disclosure of cash flow information | |||
| Cash paid for interest | $15,717 | $11,408 | $4,240 |
| Cash paid for income taxes | $485 | $266 | $51 |
| Supplementary disclosure of non-cash activities | |||
| Right-of-use assets obtained in exchange for lease obligations | $4,362 | $1,010 | $339 |
| Issuance of common stock for services | $315 | $257 | $337 |
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