ARDXARDELYX, INC.

Pharmaceutical Preparations

Revenue: $407M; 22% YoY
Operating margin: -10.1%; 20% YoY
EBITDA: −$38M; 46% YoY
Market cap: $755M
Employees: 489; $833K revenue each
Net debt / EBITDA: —; $155M net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
12% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$833K · 67th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 42nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$755M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
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

Filed	Filer	Form	Stake	Intent
Dec 29, 2021	New Enterprise Associates 12, Limited Partnership	SC 13D/A	5.1%	Active
Jun 18, 2020	New Enterprise Associates 12, Limited Partnership	SC 13D/A	9.1%	Passive

Insider trading

Open-market buys, 12 mo: $2M · 1
Open-market sells, 12 mo: $4M · 78
Net: −$2M

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