Slide 1: Q4 and Full Year 2025 Earnings Call
Q4 and Full Year 2025 Earnings Call February 19, 2026 This presentation is intended for investor purposes only and is not intended for promotional purposes.
Slide 2: Introduction
Introduction Caitlin Lowie VP, Investor Relations This presentation is intended for investor purposes only and is not intended for promotional purposes. Q4 and Full Year 2025 Earnings 2
Slide 3: 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 4: Participants
Participants Mike Raab Eric Foster Laura Williams, MD, MPH Sue Hohenleitner, CPA, CMA Caitlin Lowie President & Chief Commercial Officer Chief Patient Officer & Chief Financial Officer VP, Investor Relations Chief Executive Officer Interim Chief Medical Officer This presentation is intended for inve
Slide 5: Opening Remarks
Opening Remarks Mike Raab President and CEO This presentation is intended for investor purposes only and is not intended for promotional purposes. Q4 and Full Year 2025 Earnings 5
Slide 6: Successfully Delivered on Our 2025 Priorities
Successfully Delivered on Our 2025 Priorities Accelerated IBSRELA growth momentum Executed on XPHOZAH strategy $274.2M 73% $103.6M 9% 2025 FY Revenue YoY Growth 2025 FY Revenue YoY Total Dispense Growth Built a pipeline focused on addressing Delivered strong financial performance areas of unmet pati
Slide 7: Well-Positioned to Execute on Our 2026 Strategic Priorities
Well-Positioned to Execute on Our 2026 Strategic Priorities 2026 Strategic Priorities Significantly Maintain grow IBSRELA XPHOZAH demand momentum Supported by the right leadership, Further advance a Continue delivering team, strategy pipeline of innovative strong financial and urgency medicines perf
Slide 8: Commercial Update
Commercial Update Eric Foster Chief Commercial Officer This presentation is intended for investor purposes only and is not intended for promotional purposes. Q4 and Full Year 2025 Earnings 8
Slide 9: This presentation is intended for investor
This presentation This presentation is intended is intended for investor for investor purposespurposes only and isonly and is notforintended not intended for promotional promotional purposes. purposes. Q4 and Full Year 2025 Earnings 9
Slide 10: 2025 IBSRELA Highlights
2025 IBSRELA Highlights Strong Commercial Performance Large and Growing Market Significant Unmet Need Full Year 2025 Revenue TRxs for IBS-C Indicated Products1 (Millions) $274.2M +73% YOY 11% growth Q4 2025 Revenue 6.9 $86.6M +61% YOY 77% Q4 Highlights: of patients taking a prescription • Highest de
Slide 11: IBSRELA Value Proposition Unlocks Significant Growth Potential
IBSRELA Value Proposition Unlocks Significant Growth Potential Significant Long-Term Growth Potential Growth Drivers Annual Revenue Opportunity $1B* Growing market with high IBS-C unmet medical need Differentiated product with strong value Continued proposition for IBS-C growth until loss of S
Slide 12: This This presentation presentation is is intended
This Thispresentation presentationisisintended intendedfor forinvestor investorpurposes purposesonly onlyand andisisnot notintended intendedfor forpromotional promotionalpurposes. purposes. Q4 and Full Year 2025 Earnings 12
Slide 13: XPHOZAH Differentiation is Driving Momentum in High Unmet-Need Market
XPHOZAH Differentiation is Driving Momentum in High Unmet-Need Market 2025 Success Metrics Growth Drivers Significant Unmet Need 2025 Revenue Q4 2025 Revenue Targeted sales execution $103.6M $27.8M Broaden reach via cross- channel engagement 2025 Total Dispense Growth vs 2024 Continued evidenc
Slide 14: Development Update
Development Update Laura Williams, MD, MPH Chief Patient Officer and Interim Chief Medical Officer This presentation is intended for investor purposes only and is not intended for promotional purposes. Q4 and Full Year 2025 Earnings 14
Slide 15: Our Development Pipeline
Our Development Pipeline Building a pipeline of important medicines to address areas of unmet patient need PRODUCT DISEASE PRECLINICAL PHASE I PHASE II PHASE III APPROVED Irritable Bowel Syndrome with Constipation (IBS-C) Chronic Idiopathic Constipation (CIC) End Stage Renal Disease on Dialysis with
Slide 16: Evaluating Tenapanor in Patients with Chronic Idiopathic Constipation (CIC)
Evaluating Tenapanor in Patients with Chronic Idiopathic Constipation (CIC) This presentation is intended for investor purposes only and is not intended for promotional purposes. Q4 and Full Year Q4 2025 Earnings 16
Slide 17: Durable Complete Spontaneous Bowel Movement (CSBM) Responder Rates
Durable Complete Spontaneous Bowel Movement (CSBM) Responder Rates Confidence in Success Based on Data from IBS-C Clinical Development Program (T3MPO Studies) Durable CSBM Responder Rate (%) Durable CSBM Responder • Change in mean weekly Complete Spontaneous Bowel Placebo Tenapanor Movement (CSBM) o
Slide 18: ACCEL Phase 3 Trial Evaluating Safety and Efficacy of Tenapanor for CIC
ACCEL Phase 3 Trial Evaluating Safety and Efficacy of Tenapanor for CIC 26-week multi-center, randomized, double-blinded, placebo-controlled study Primary Endpoint: Durable CSBM response achieving the weekly CSBM response1 for ≥9 out of the first 12 weeks of the RTP2, including ≥3 of the last 4 week
Slide 19: Advancing RDX10531, a Next Generation NHE3 Inhibitor
Advancing RDX10531, a Next Generation NHE3 Inhibitor This presentation is intended for investor purposes only and is not intended for promotional purposes. Q4 and Full Year Q4 2025 Earnings 19
Slide 20: Ardelyx Has the Only Approved Modulator of This Pathway on the Market
Ardelyx Has the Only Approved Modulator of This Pathway on the Market • NHE3 is an antiporter expressed on the apical surface of the small and large intestines and kidney, and is responsible for absorbing the majority of ingested sodium, maintaining fluid and pH balance • Preclinical data demonstrat
Slide 21: RDX10531 Solubility and Potency is Several-fold Higher than Tenapanor
RDX10531 Solubility and Potency is Several-fold Higher than Tenapanor RDX10531 is a highly soluble and potent inhibitor of NHE3 relative to tenapanor Solubility Potency: Human NEH3 Inhibition in Mammalian Cells Initial Rate of Fluorescence 1000 8 Water Tenapanor (Run 1) FaSSIF pH 6.5 Tenapanor (Run
Slide 22: Financial Performance
Financial Performance Sue Hohenleitner, CPA, CMA Chief Financial Officer This presentation is intended for investor purposes only and is not intended for promotional purposes. Q4 and Full Year 2025 Earnings 22
Slide 23: Fourth Quarter and Full Year 2025 and 2024 Financial Highlights
Fourth Quarter and Full Year 2025 and 2024 Financial Highlights $ in millions, excluding EPS FY 2025 FY 2024 % Change Q4 2025 Q4 2024 % Change IBSRELA Revenue $274.2 $158.3 73% $86.6 $53.8 61% XPHOZAH Revenue $103.6 $160.9 -36% $27.8 $57.2 -51% Other Revenue $29.5 $14.4 105% $10.8 $5.1 112% Total Re
Slide 24: Poised to Deliver Meaningful Growth in 2026 and Beyond
Poised to Deliver Meaningful Growth in 2026 and Beyond Supported by strong IBSRELA momentum and disciplined investments to drive long-term value creation 2026 Financial Guidance Long-Term IBSRELA Growth Expectations YoY Change 38% CAGR Guidance Range* $ in millions at low end of range $1B* Product R
Slide 25: Closing Remarks
Closing Remarks Mike Raab President and CEO This presentation is intended for investor purposes only and is not intended for promotional purposes. Q4 and Full Year 2025 Earnings 25
Slide 26: Q&A
Q&A This presentation is intended for investor purposes only and is not intended for promotional purposes. Q4 and Full Year 2025 Earnings 26
Slide 27: Thank You
Thank You This presentation is intended for investor purposes only and is not intended for promotional purposes.