Ardelyx, Inc. · NASDAQ:ARDX
Ardelyx — Investor Presentation (August 2026)
30 slides from Ardelyx's investor presentation, August 2026
Slide 1: Delivering Medicines that Matter
Delivering Medicines that Matter Corporate Presentation August 2026 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: Determined to Make a Difference
Determined to Make a Difference With a vision of a healthier tomorrow for patients, Ardelyx is dedicated to improving the lives of patients by developing and commercializing first-in- class, innovative medicines that advance patient care. CONFIDENTIAL 3
Slide 4: Q1 Demonstrated Strength of Fundamentals Driving Business
Q1 Demonstrated Strength of Fundamentals Driving Business Grew IBSRELA Demand YoY $86.2M 33% Q2 2026 Revenue YoY Growth Maintained XPHOZAH Momentum $31.9M 27% Q2 2026 Revenue YoY Growth This presentation is intended for investor purposes only and is not intended for promotional purposes. © 2026 ARDE
Slide 5: Key Value Drivers to Deliver Sustainable Significant Growth
Key Value Drivers to Deliver Sustainable Significant Growth Differentiated Commercial Strategy Pipeline for Future Growth Successful Commercial Long IP Runway Enterprise Track Record of Successful Drug Prudent Financial Development & Approval Value Stewardship Drivers This presentation is intended f
Slide 6: 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 Building an innovative pipeline Continue delivering of medicines for Build and expand our pipeline of innovative strong financial patients to address medi
Slide 7: Momentum Driven by Unique Commercial Strategy Centered on Innovation
Momentum Driven by Unique Commercial Strategy Centered on Innovation of IBSRELA and XPHOZAH Product Positioning and Dedicated Sales Teams Aligned Marketing Strategy in to Maximize HCP Outreach Areas of High Unmet Need First-in-Class Therapies for Patients Concentrated Target with Limited Options Inn
Slide 8: IBSRELA
This presentation This presentation is intendedisfor intended investorfor investor purposes purposes only only and is not and is for intended notpromotional intended forpurposes. promotional purposes. © 2026 ARDELYX 8
Slide 9: Growing market for IBS-C Indicated Products with High Unmet Need
Growing market for IBS-C Indicated Products with High Unmet Need TRxs for IBS-C Indicated Products (Millions) Key Take-Aways 8 Significant unmet need 6 • 77% of patients taking a prescription IBS-C treatment 4 6.9 Million continue to experience residual abdominal and stool- related symptoms2 2 U.S.
Slide 10: IBSRELA: A Differentiated Medicine for IBS-C
IBSRELA: A Differentiated Medicine for IBS-C IBSRELA provides quick and lasting IBSRELA is a prescription medication with a relief* of IBS-C symptoms differentiated mechanism of action that ✓ People taking IBSRELA typically begin to works to relieve the constipation, belly pain experience relief fro
Slide 11: In Long-Term Phase 3 Trial (T3MPO-2), IBSRELA Patients Were More Often Overall Responders
In Long-Term Phase 3 Trial (T3MPO-2), Significantly More IBS-C Patients Treated With IBSRELA Were Overall Responders Compared With Placebo Responder Endpoints in T3MPO-2 (26-week Trial) Baseline Characteristics Percentage of patients 49.8† 47.4* 36.5% 36.5* 38.3 33.3 of patients treated The most com
Slide 12: Strategy to Grow IBSRELA
Strategy to Grow IBSRELA Strong Commercial Drivers to Address Payor Hurdles and Accelerate IBSRELA Demand Performance • Expanded dedicated team FRMs • Help HCPs navigate prior authorization criteria and step edits Q2 2026 Revenue • Reinforce driving scripts through IPN to increase fulfillment and im
Slide 13: XPHOZAH
This presentation is intended for investor purposes only and is not intended for promotional purposes. © 2026 ARDELYX 13
Slide 14: Hyperphosphatemia Market in Need of Innovation
Hyperphosphatemia Market in Need of Innovation Key Take-Aways • Evaluating serum phosphorus 35 36 39 40 42 concentrations in a single month may underestimate the magnitude of the problem 31 30 29 30 28 • ~70% of patients on a binder are unable to consistently achieve and 24 26 23 22 22 maintain targ
Slide 15: XPHOZAH: A Different Way to Lower Phosphorus
XPHOZAH: A Different Way to Lower Phosphorus XPHOZAH is the first and only phosphate absorption inhibitor (PAI) that specifically blocks the primary pathway of phosphate absorption in adults who have an inadequate response to phosphate binders or are intolerant of any dose of phosphate binder therap
Slide 16: 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 17: XPHOZAH Differentiation is Driving Momentum in High Unmet-Need Market
XPHOZAH Differentiation is Driving Momentum in High Unmet-Need Market Significant Unmet Need Q2 2026 Highlights Key Commercial Drivers & Initiatives Q2 2026 Revenue ✓ Optimize and enhance $31.9M +27% YoY commercial approach ✓ Refined deployment of ✓ Increased Total Dispenses sales organization by 33
Slide 18: Build a pipeline focused on addressing areas of unmet patient need
Build a pipeline focused on addressing areas of unmet patient need This presentation is intended for investor purposes only and is not intended for promotional purposes. © 2026 ARDELYX 18
Slide 19: 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 20: Durable 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 21: 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 22: 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 23: 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 Human NHE3 Inhibition Solubility in Mammalian Cells Initial Rate of Fluorescence 1000 8 W
Slide 24: Financial Performance
Financial Performance This presentation is intended for investor purposes only and is not intended for promotional purposes. © 2026 ARDELYX 24
Slide 25: Second Quarter 2026 Financial Highlights
Second Quarter 2026 Financial Highlights $ in millions, excluding EPS Q2 2026 Q2 2025 % Change Financially Strong IBSRELA Revenue $ 86.2 $ 65.0 33 % XPHOZAH Revenue $ 31.9 $ 25.0 27 % $281.8M Total Product Revenue $ 118.1 $ 90.1 31 % Cash & Investments2 as of June 30, 2026 R&D Expenses $ 26.1 $ 15.7
Slide 26: Corporate Outlook
Corporate Outlook FY 2026 Financial Guidance Previous Guidance Updated Guidance $ in millions IBSRELA Revenue $410-430 $350-370 XPHOZAH Revenue $110-120 Reiterated Represents annual growth >30% at midpoint Operating Expenses up to $520 Below $500 Longer-Term Guidance • Committed to providing guidanc
Slide 27: Capital Allocation Strategy
Capital Allocation Strategy Disciplined investment for durable growth Priority 1 Priority 2 Priority 3 Accelerate IBSRELA Fund pipeline opportunities Maintain financial strength o Commercial investment to grow IBS-C o CIC Phase 3 (ACCEL) —anticipate o Cash balance anticipated to grow YoY opportunity
Slide 28: 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 China/HK/Macao hyperphosphatemia in Japan in Wan Ti Le approved for September 2023 hyperphosphatemia in China in Launched in Febr
Slide 29: Building a Great Company
Building a Great Company A Commercial Stage, Patient-Centric Biopharmaceutical Company with Multiple Value Drivers First-in-Class Products Strong Cash Position Two FDA approved, first-in-class Strong cash and investments position products, IBSRELA and XPHOZAH of $281.8M as of Jun 30, 2026 Robust Com
Slide 30: Thank you
Thank you This presentation is intended for investor purposes only and is not intended for promotional purposes. © 2026 ARDELYX 30