Slide 1: Delivering Medicines that Matter
Delivering Medicines that Matter Corporate Presentation August 2025 This presentation is intended for investor purposes only and is not intended for promotional purposes.
Slide 2: Forward-Looking Statements
Forward-Looking Statements To the extent that statements contained in this presentation are not descriptions of historical facts regarding Ardelyx, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securi
Slide 3: Ardelyx Delivers Medicines that Matter
Ardelyx Delivers Medicines that Matter • A mission to discover, develop and commercialize innovative, first-in-class medicines for patients with unmet medical needs • $65.0M Q2 2025 IBSRELA net sales revenue • $25.0M Q2 2025 XPHOZAH net sales revenue. • Built a strong financial foundation for future
Slide 4: This presentation is intended for investor purposes only and is not intended for promotional
This presentation is intended for investor purposes only and is not intended for promotional purposes. © 2025 ARDELYX 4
Slide 5: IBSRELA is Addressing a Critical Unmet Need for Patients with IBS-C
IBSRELA is Addressing a Critical Unmet Need for Patients with IBS-C Established IBS-C Market With IBSRELA Works Differently Targeted Commercial Focus Need For Innovation First-in-class therapy with on IBS-C patients currently being 77% of patients taking a prescription different mechanism of action
Slide 6: Need for a Differentiated Therapy for Patients with IBS-C
Need for a Differentiated Therapy for Patients with IBS-C TRxs for IBS-C Indicated Products 7 6 Significant unmet need: 5 4 6.3 million • 77% of patients taking a prescription (Millions) 3 U.S. TRxs in 2024. IBS-C treatment continue to 2 11% growth compared to 20231 experience residual abdominal and
Slide 7: IBSRELA: A Different Class of Therapy
IBSRELA: A Different Class of Therapy IBSRELA is a prescription medication IBSRELA provides quick and lasting relief* that works differently to relieve the of IBS-C symptoms constipation, belly pain, and bloating in People taking IBSRELA typically begin to adults with Irritable Bowel Syndrome expe
Slide 8: Significantly More IBS-C Patients Treated With IBSRELA Were Overall Responders Compared With Placebo
In Long-Term Phase 3 Trial (T3MPO-2), Significantly More IBS-C Patients Treated With IBSRELA Were Overall Responders Compared With Placebo1 Responder Endpoints in T3MPO-2 (26-week Trial) Baseline Characteristics 36.5% Percentage of patients 49.8† 47.4* 36.5* 38.3 33.3 of patients treated The most co
Slide 9: IBSRELA Performance and Expectations
IBSRELA Performance and Expectations Significant Peak Annual U.S. Net Product Sales Opportunity FY 2024 Year-over year net sales increased IBSRELA U.S. Net Sales $1B* ~98% to $158.3 million Product Revue OUTLOOK: FY 2025 Net sales expected to range from $250-$260M, reflecting >55% annual growth $250
Slide 10: This presentation is intended for investor purposes only and is not intended for promotional
This presentation is intended for investor purposes only and is not intended for promotional purposes. © 2025 ARDELYX 10
Slide 11: XPHOZAH: Providing a Much-Needed Therapy for Patients on Dialysis
XPHOZAH: Providing a Much-Needed Therapy for Patients on Dialysis Specifically blocks phosphorus absorption via the paracellular pathway with one pill BID Different Option for Patients on Dialysis • First-in-class phosphate absorption inhibitor that blocks primary pathway of absorption ~70% of patie
Slide 12: Hyperphosphatemia Market In Need of Innovation
Hyperphosphatemia Market In Need of Innovation 550,000+ 80% patients with CKD on dialysis in U.S.1 of patients with hyperphosphatemia on dialysis are on a phosphate binder2 Evaluating serum phosphorus concentrations in a single month may underestimate Monthly serum phosphorus levels the magnitude of
Slide 13: XPHOZAH: A Different Way to Lower Phosphorus
XPHOZAH: A Different Way to Lower Phosphorus • XPHOZAH is the first and only phosphate absorption inhibitor (PAI) • XPHOZAH specifically blocks the primary pathway of phosphate absorption This presentation is intended for investor purposes only and is not intended for promotional purposes. © 2024 20
Slide 14: XPHOZAH Met Key Efficacy Endpoints in Three Phase 3 Trials
XPHOZAH Met Key Efficacy Endpoints in Three Phase 3 Trials1 BLOCK 1,2 PHREEDOM 1,2 AMPLIFY 1,4 A short-term trial (12-week) evaluating A long-term trial (52-week) evaluating A short-term trial (4-week) evaluating XPHOZAH monotherapy (n=219) XPHOZAH monotherapy (n=564) XPHOZAH as add-on therapy in pa
Slide 15: Nephrologists Report a High Awareness, Interest and Satisfaction
Nephrologists Report a High Awareness, Interest and Satisfaction 96% of surveyed nephrologists rate 93% report initiating a patient on 97% of users report a moderate or high level of XPHOZAH as a moderate or XPHOZAH1 satisfaction with XPHOZAH2 substantial advancement1 Nephrologist Perception of XPHO
Slide 16: XPHOZAH Performance and Expectations
XPHOZAH Performance and Expectations Substantial Peak Annual U.S. Net Product Sales Opportunity Significant Unmet Patient Needs Will Drive Continued Growth • ~70% of patients on phosphate binders are unable to consistently achieve and maintain target phosphorus levels over a six-month period1 • Exce
Slide 17: Corporate Outlook
Corporate Outlook Delivering on our mission for patients and shareholders This presentation is intended for investor purposes only and is not intended for promotional purposes. © 2025 ARDELYX 17
Slide 18: Strong Balance Sheet Supports Execution of Strategic Priorities
Strong Balance Sheet Supports Execution of Strategic Priorities Ardelyx is a well-funded biopharmaceutical company founded with a mission to discover, develop and commercialize innovative, first-in-class medicines that meet significant unmet medical needs Significant Growth Significant IBSRELA Encou
Slide 19: International Expansion Enabled by Key Partners with Opportunities to Extend
International Expansion Enabled by Key Partners with Opportunities to Extend Both IBS-C and HP Hyperphosphatemia Partner for IBSRELA and XPHOZAH PHOZEVEL® approved for in Canada. hyperphosphatemia in Japan in September 2023. IBSRELA launched in Q4 2021 Launched in February 2024. Both IBS-C and HP Pa
Slide 20: Corporate Strategic Priorities
Accelerate IBSRELA growth momentum Corporate Execute on XPHOZAH strategy to grow utilization Strategic Priorities Build a pipeline focused on addressing areas of unmet patient need Continue delivering strong commercial and financial performance This presentation is intended for investor purposes onl
Slide 21: Building a Great Company
Building a Great Company A Commercial Stage Biopharmaceutical Company with Multiple Value Drivers First-in-Class Products Differentiated Long IP Runway Two FDA approved, Commercial Strategy Patent protection granted for first-in-class products, Disrupting established IBSRELA through August 2033 and
Slide 22: Thank you
Thank you This presentation is intended for investor purposes only and is not intended for promotional purposes. © 2025 ARDELYX 22