Ardelyx, a biopharmaceutical company, reported financial and business developments for the quarter ended March 31, 2024. The company recognized approximately $1.7 million in non-cash interest expense related to deferred royalty obligations, compared to $1.0 million in the same period the previous year. Ardelyx has not received any royalty payments from Kyowa Kirin as of March 31, 2024. The company repaid a $25.0 million principal payment from a 2018 loan and paid a $1.5 million exit fee upon FDA approval of XPHOZAH. Ardelyx entered into a new loan agreement with SLR Investment Corp., securing an additional $50.0 million to support the commercial launch of XPHOZAH. The company's future payment obligations related to the 2022 Loan, excluding interest payments and the final fee, totaled $104.95 million. Ardelyx's commercial products include IBSRELA...Show More

Ardelyx, a biopharmaceutical company, reported financial and business developments for the quarter ended March 31, 2024. The company recognized approximately $1.7 million in non-cash interest expense related to deferred royalty obligations, compared to $1.0 million in the same period the previous year. Ardelyx has not received any royalty payments from Kyowa Kirin as of March 31, 2024. The company repaid a $25.0 million principal payment from a 2018 loan and paid a $1.5 million exit fee upon FDA approval of XPHOZAH. Ardelyx entered into a new loan agreement with SLR Investment Corp., securing an additional $50.0 million to support the commercial launch of XPHOZAH. The company's future payment obligations related to the 2022 Loan, excluding interest payments and the final fee, totaled $104.95 million. Ardelyx's commercial products include IBSRELA for IBS-C and XPHOZAH for reducing serum phosphorus in adults with CKD on dialysis. The company has established commercial agreements for tenapanor, the active ingredient in both products, in Japan, China, and Canada. Ardelyx received FDA approval for XPHOZAH in October 2023 and recognized its first sales in November 2023. The company has suspended further investment in RDX013 and RDX020 and is developing a strategy for its pipeline. Ardelyx has collaboration agreements with Kyowa Kirin, Fosun Pharma, and Knight Therapeutics, with milestones and royalties associated with the development and commercialization of tenapanor.