ARDXARDELYX, INC.
Pharmaceutical Preparations
- Revenue
- $407M
- 22% YoY
- Operating margin
- -10.1%
- 20% YoY
- EBITDA
- −$38M
- 46% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- $155M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired12% of revenueOver 10% of revenue
- Payouts exceed cash flowClear-0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $10M | $52M | $124M | $334M | $407M | 22% |
| Operating income | −$154M | −$64M | −$63M | −$28M | −$41M | 47% |
| Net income | −$158M | −$67M | −$66M | −$39M | −$62M | 59% |
| Operating cash flow | −$153M | −$70M | −$90M | −$45M | −$42M | 5.2% |
| Capex | $2M | $55K | $344K | $1M | $1M | 48% |
| Stock-based comp | $12M | $11M | $14M | $37M | $49M | 31% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $8M | $8M | 90 | 81 |
| FY2024 | $10M | $5M | 78 | 81 |
| FY2023 | $4M | $10M | 96 | 80 |
| FY2022 | $2M | $4M | 44 | 78 |
| FY2021 | $4M | $39K | 17 | 71 |