Summary by Moomoo AI
Ardelyx reported robust Q3 2024 financial results, with total revenue reaching $98.2 million, up 74% from $56.4 million in Q3 2023. Product sales surged to $92.1 million, driven by IBSRELA sales of $40.6 million and XPHOZAH sales of $51.5 million. The company also recorded $5.3 million in product supply revenue and $0.8 million in non-cash royalty revenue.Operating expenses increased to $80.3 million from $41.3 million year-over-year, primarily due to expanded commercialization efforts for both IBSRELA and XPHOZAH. Research and development expenses rose to $15.3 million, while selling, general and administrative expenses grew to $65.0 million, reflecting increased investments in commercial infrastructure and personnel.The company ended the quarter with $190.4 million in cash, cash equivalents and short-term investments. Notable developments included signing a Commercial Supply Agreement with Hovione and securing a Fourth Amendment to its loan agreement with SLR Investment Corp, providing access to additional capital. The company believes its current financial position will fund operations for at least 12 months.
