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Delivering Medicines that Matter Corporate Presentation January 2025 This presentation is intended for investor purposes only and is not intended for promotional purposes.
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2© 2025 ARDELYX 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 Securities Reform Act of 1995, including Ardelyx’s current expectation for net product sales revenue for IBSRELA® (tenapanor) for the quarter and year ended December 31, 2024; the projected U.S. net product sales revenue for IBSRELA for full year 2025; the peak market share potential for IBSRELA; the annual net sales revenue at peak for IBSRELA; net product sales revenue for XPHOZAH® (tenapanor) for the quarter and year ended December 31, 2024; the annual net sales revenue at peak for XPHOZAH; and the timing of a regulatory decision for tenapanor for hyperphosphatemia in China. Such forward-looking statements involve substantial risks and uncertainties that could cause Ardelyx's future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, uncertainties associated with the commercialization of drugs and uncertainties regarding the FDA and foreign regulatory processes. Ardelyx undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Ardelyx's business in general, please refer to Ardelyx’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on October 31, 2024, and its future current and periodic reports to be filed with the Securities and Exchange Commission. This presentation is intended for investor purposes only and is not intended for promotional purposes.
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3© 2025 ARDELYX Ardelyx Delivers Medicines that Matter • A mission to discover, develop and commercialize innovative, first-in-class medicines for patients with unmet medical needs • $158 million 2024 IBSRELA net product sales (unaudited), ~98% year-over-year growth (unaudited) • Exceptional XPHOZAH launch, finishing with ~$161M in 2024 net product sales revenue (unaudited) • Built a strong financial foundation for future growth, finishing 2024 with ~$250m in cash and investments (unaudited) • Focused on maintaining commercial momentum and strategic pipeline expansion to drive next phase of growth This presentation is intended for investor purposes only and is not intended for promotional purposes.
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4© 2025 ARDELYX This presentation is intended for investor purposes only and is not intended for promotional purposes.
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5© 2025 ARDELYX IBSRELA is Addressing a Critical Unmet Need Among IBS-C patients 1. Quigley EMM, Horn J, Kissous-Hunt M, Crozier RA, Harris LA. Better understanding and recognition of the disconnects, experiences, and needs of patients with irritable bowel syndrome with constipation (BURDEN IBS-C) study: results of an online questionnaire. Adv Ther. 2018;35(7):967-980 5 PERFORMANCE AND EXPECTATIONS 2024 full year IBSRELA net sales product revenue grew by 98% to ~$158 million (unaudited) 2025 full year U.S. IBSRELA net product sales revenue expected to be $240-$250 Million IBSRELA on track to achieve ~10% market share at peak and generate >$1 Billion in net product sales revenue before patent expiration IBSRELA, the only non-secretagogue approved for IBS-C, offers a different mechanism of action to improve the symptoms of IBS-C IBSRELA Works Differently First-in-Class therapy with novel, triple-action MOA to treat constipation and pain of IBS-C Established IBS-C Market With Need For Innovation 77% of patients taking a prescription IBS-C treatment continue to experience residual abdominal and stool-related symptoms1 Targeted Commercial Focus on IBS-C patients currently being managed by high-writing healthcare providers
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6© 2025 ARDELYX Need for a Tolerable, Effective and Different Therapy for Patients with IBS-C 1. IQVIA NPA Audit 2024 numbers include actuals through November with estimated December. Market basket defined as Rx products with indication for treatment of IBS-C which includes Linzess, Amitiza, Trulance, Zelnorm and IBSRELA. Linzess, Amitiza and Trulance are also indicated for CIC. IQVIA NPA audit data reflects all RXs irrespective of indication. IBSRELA is indicated for the treatment of IBS-C and is not indicated for CIC. 2. Quigley EMM, Horn J, Kissous-Hunt M, Crozier RA, Harris LA. Better understanding and recognition of the disconnects, experiences, and needs of patients with irritable bowel syndrome with constipation (BURDEN IBS-C) study: results of an online questionnaire. Adv Ther. 2018;35(7):967-980. 3. Ballou S et al. Clin Gastroenterol Hepatol. 2019;17:2471-2478. IBS-C market is expected to continue to grow This presentation is intended for investor purposes only and is not intended for promotional purposes. 0 1 2 3 4 5 6 7 2020 2021 2022 2023 2024 (Millions) 0 1,000 2,000 3,000 4,000 2020 2021 2022 2023 2024 ($Millions) TRXs for IBS-C Indicated Products $ for IBS-C Indicated Products Significant Unmet need: • 77% of patients taking a prescription IBS-C treatment continue to experience residual abdominal and stool-related symptoms 2 Continued market growth driven by increased diagnosis • TRXs for IBS-C indicated products have grown 21% from 2020 to 20241 With IBS-C there is no “one-size-fits- all” treatment3 • Need for multiple mechanisms drives expansion of IBSRELA market share alongside market growth 6.3 million U.S. TRxs in 2024. 11% growth compared to 20231 $4.0 Billion U.S. IBS-C indicated net product sales in 2024, a 16% increase compared to 20231
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7© 2025 ARDELYX 7© 2024 ARDELYX IBSRELA: A New Class of Therapy * Improvement seen through end of 26-week trial. IBSRELA is a prescription medication that works differently to relieve the constipation, belly pain, and bloating in adults with Irritable Bowel Syndrome with Constipation (IBS-C). IBSRELA provides quick and lasting relief * of IBS-C symptoms Most people taking IBSRELA begin to experience relief from constipation, bloating, belly pain, and discomfort within one week of treatment Additional improvement in abdominal pain happens over the first 3-4 months of treatment Improvements in IBS-C symptoms are typically maintained with continued use of IBSRELA * LOCALLY ACTING NHE3 INHIBITOR NOT A SECRETAGOGUE MINIMALLY ABSORBED
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8© 2025 ARDELYX In Long-Term Phase 3 Trial, Significantly More IBS-C Patients Treated With IBSRELA Were Overall Responders Compared With Placebo1 † Overall responder defined as: a decrease in average weekly worst abdominal pain of ≥30.0% from baseline AND an increase of at least 1 CSBM from baseline, both in the same week, for at least the first 12 weeks of treatment. Secondary Endpoint: Complete Spontaneous Bowel Movements Per Week45 years (Average age) 0.1 per week Complete spontaneous bowel movements (Average weekly) Baseline Characteristics 82% Women Responder Endpoints in T3MPO-2 (26-week Trial) 36.5% of patients treated with IBSRELA were overall responders† Number of complete spontaneous bowel movements were significantly improved for patients treated with IBSRELA. Mean (SD) change from baseline Study week 4.0 3.0 2.0 1.0 0 Tenapanor 50mg BID (IBSRELA) Placebo BID 0 2 4 6 8 10 12 14 16 18 20 22 24 26 IBSRELA 50 mg BID (n=293)Placebo BID (n=300) Percentage of patients Overall responders Abdominal pain responders CSBM responders 23.7 36.5* 38.3 49.8† 33.3 47.4* The most common adverse reactions in IBSRELA-treated patients (incidence ≥2% and greater than placebo) were diarrhea (16% vs 4% placebo), abdominal distention (3% vs <1%), flatulence (3% vs 1%) and dizziness (2% vs <1%) Severe diarrhea was reported in 2.5% of IBSRELA-treated patients. This presentation is intended for investor purposes only and is not intended for promotional purposes.
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9© 2025 ARDELYX IBSRELA Performance and Expectations Significant Peak Annual U.S. Net Product Sales Opportunity 2022 2023 2024 2025 Peak $1B ~$158M (unaudited) $80.1M $15.6M IBSRELA U.S. Net Sales Product Revue (Before patent expiration) This presentation is intended for investor purposes only and is not intended for promotional purposes. $240-$250M IBSRELA still on track to achieve >$1 Billion in annual sales before patent expiration FY 2024 Year-over year net sales increased ~98% to ~$158 million (unaudited) OUTLOOK: FY 2025 Net sales expected to range from $240-$250M, reflecting at least 52% annual growth 9© 2024 ARDELYX
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10© 2025 ARDELYXThis presentation is intended for investor purposes only and is not intended for promotional purposes.
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11© 2025 ARDELYX XPHOZAH: Providing a Much-Needed Therapeutic Benefit for CKD Patients 1. Data on file Specifically blocks phosphorus absorption via the paracellular pathway with one pill BID A different approach to lower phosphorus with the goal of helping patients achieve guideline-established target serum phosphorus levels New Option for Patients • Demonstrated serum phosphorus reduction • Not a phosphate binder • Blocks primary pathway of phosphate absorption • A single 30 mg tablet taken twice daily PERFORMANCE AND EXPECTATIONS 2024 full year XPHOZAH net sales product revenue were ~$161 million (unaudited) XPHOZAH expected to generate $750 million in net product sales revenue before patent expiration ~70% of patients are unable to consistently achieve and maintain target phosphorus levels over a 6-month period1 This presentation is intended for investor purposes only and is not intended for promotional purposes.
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12© 2025 ARDELYX 80% of CKD patients with hyperphosphatemia require Rx treatment2 550,000+ patients with CKD on dialysis in U.S.1 Evaluating serum phosphorus concentrations in a single month may underestimate the magnitude of the problem ~70% of patients are unable to consistently achieve and maintain target phosphorus levels over a 6-month period 5 Monthly serum phosphorus levels 10 8 8 8 8 24 26 23 22 22 31 30 29 30 28 35 36 39 40 42 0 20 40 60 80 100 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 ~42% of patients with CKD on dialysis reported to have serum phosphorus levels >5.5 mg/dL in the most recent month preceding survey 4 <3.5 mg/dL 3.5–4.5 mg/dL 4.6–5.5 mg/dL >5.5 mg/dL Hyperphosphatemia Market In Need of Innovation 1. CDC Chronic Kidney Disease in the United States, 2021. https://www.cdc.gov/kidneydisease/publications-resources/ckd-national-facts.html. 2. US-DOPPS: https://www.dopps.org/DPM/Files/PBINDER_use_c_overallTAB.htm (n = 10,598) 3. Ardelyx market research study conducted by Hawk Partners, April 2023. 4. DOPPS Practice Monitor website. Updated May 2021. Accessed August 28, 2023. http://www.dopps.org/DPM. 5. Data on file 12© 2024 ARDELYXThis presentation is intended for investor purposes only and is not intended for promotional purposes.
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13© 2025 ARDELYX XPHOZAH: A Different Way to Lower Phosphorus • XPHOZAH is the first and only phosphate absorption inhibitor (PAI) • XPHOZAH specifically blocks the primary pathway of phosphate absorption 13© 2024 ARDELYX
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14© 2025 ARDELYX XPHOZAH Met Key Efficacy Endpoints in Three Phase 3 Trials1 *The full analysis set includes patients who completed the RTP and received at least one dose of XPHOZAH or placebo in the RWP, and had at least one post-treatment serum phosphate measurement during the RWP.2 †The prespecified responder population includes a subset of patients from the full analysis set who achieved a serum phosphorus reduction of ≥1.2 mg/dL from baseline to the end of the RTP.2 1. XPHOZAH® (tenapanor) full Prescribing Information. Waltham, MA: Ardelyx, Inc.; 2023. 2. Block GA et al. J Am Soc Nephrol. 2019;30(4):641-652. 3. Block GA et al. Kidney360. 2021:2(10):1600-1610. 4. Pergola PE et al. J Am Soc Nephrol. 2021;32(6):1465-1473. doi:10.1681/ASN.2020101398 Full Analysis Set* Key efficacy endpoint results: • -0.7 mg/dL least squares mean serum phosphorus change between XPHOZAH and placebo by the end of RWP (weeks 26-38) (P=0.002) Prespecified Responder Population † • Primary endpoint result: -1.4 mg/dL difference in least squares mean serum phosphorus change between XPHOZAH and placebo (P<0.001) by week 38 2 A short-term trial (12-week) evaluating XPHOZAH monotherapy (n=219) PHREEDOM 1,2 AMPLIFY 1,4 A long-term trial (52-week) evaluating XPHOZAH monotherapy (n=564) • Primary endpoint result: -0.7 mg/dL difference in least squares mean serum phosphorus change between XPHOZAH and phosphate binder versus phosphate binder alone (P=0.0004) at week 4 1 • Additional efficacy endpoint result: With the addition of XPHOZAH, more patients achieved serum phosphorus concentrations of <5.5 mg/dL compared with phosphate binders alone (P<0.01) 4 A short-term trial (4-week) evaluating XPHOZAH as add-on therapy in patients with an inadequate response to phosphate binders (n=236)Full Analysis Set* Key efficacy endpoint result: • -0.7 mg/dL difference in least squares mean serum phosphorus change between XPHOZAH and placebo (P=0.003) at the end of RWP (weeks 8-12) Prespecified Responder Population † • Primary endpoint result: -0.8 mg/dL difference in least squares mean serum phosphorus change between XPHOZAH and placebo (P=0.01) at end of RWP (weeks 8-12) 2 BLOCK 1,2 This presentation is intended for investor purposes only and is not intended for promotional purposes.
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1 5 77% report initiating a patient on XPHOZAH1 98% of surveyed nephrologists rate XPHOZAH as a moderate or substantial advancement 1 98% of users report a moderate or high level of satisfaction with XPHOZAH 2 Nephrologists Report a High Awareness, Interest and Satisfaction 1. Spherix Launch Dynamix: XPHOZAH in HP (US) December 2024 (n=75). 2. Ardelyx market research study conducted by Hawk Partners, April 2023. Nephrologist Perception of XPHOZAH Compared to Phosphate Binders2 Expected XPHOZAH Performance vs. Phosphate Binders 9% 19% 24% 26% 33% 37% 50% 55% 55% 49% 40% 30% 20% 19% 16% 11% Dosing and administration Patient adherence Mechanism of action Efficacy Tolerability 51% 65% 74% 75% 80% Much Worse Worse Same Better Much Better % of physicians reporting “Better” or “Much Better” (4, 5) Surveyed nephrologists indicate that 32% of patients are candidates for XPHOZAH1
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16© 2025 ARDELYX XPHOZAH Performance and Expectations Substantial Peak Annual U.S. Net Product Sales Opportunity Significant Unmet Patient Needs to Drive Continued Growth • Exceptional launch performance demonstrates need among CKD patients on dialysis with another option to lower and maintain phosphorus levels • ~70% of patients on phosphate binders are unable to consistently achieve and maintain target phosphorus levels over a six-month period 1 • Ardelyx expects continued XPHOZAH growth, driven by significant unmet patient need Ardelyx currently expects that XPHOZAH can generate $750 million in annual net product sales revenue before patent expiration 1. Data on file FY 2024 ~$161 million sales in first full year post-launch (unaudited)
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17© 2025 ARDELYX Corporate Outlook Delivering on our mission for patients and shareholders This presentation is intended for investor purposes only and is not intended for promotional purposes.
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18© 2025 ARDELYX Strong Balance Sheet Supports Execution of Strategic Priorities Ardelyx is a well-funded biopharmaceutical company founded with a mission to discover, develop and commercialize innovative, first-in-class medicines that meet significant unmet medical needs Significant Growth Potential Ardelyx expects aggregate peak revenue for both products to be >$1.75B annually before patent expiration ~$161M U.S. net product sales revenue in 2024 (unaudited) Strong XPHOZAH Launch Sustained in 2024 ~$250M Cash & Investments (unaudited) Strong Cash Position as of Dec 31, 2024 ~$158M U.S. net product sales revenue in 2024 (unaudited) 2025 Full Year U.S. IBSRELA net product sales revenue expected to be $240-$250M Continued IBSRELA Growth in 2024 This presentation is intended for investor purposes only and is not intended for promotional purposes.
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19© 2025 ARDELYX International Expansion Enabled by Key Partners with Opportunities to Extend Both IBS-C and HP Partner for IBSRELA and XPHOZAH in Canada. IBSRELA launched in Q4 2021 PHOZEVEL® approved for hyperphosphatemia in Japan in September 2023. Launched in February 2024. Hyperphosphatemia Partner for IBSRELA and XPHOZAH in China/HK/Macao. Fosun anticipates regulatory decision of XPHOZAH in China in the first half of 2025. IBSRELA approved in Hong Kong in October 2023. Both IBS-C and HP Option to partner and launch IBSRELA and XPHOZAH in EU and ROW This presentation is intended for investor purposes only and is not intended for promotional purposes.
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20© 2025 ARDELYXThis presentation is intended for investor purposes only and is not intended for promotional purposes. Continue delivering strong commercial and financial performance Build a pipeline focused on addressing areas of unmet patient need Execute on XPHOZAH strategy to grow utilization Accelerate IBSRELA growth momentum 2025 Strategic Priorities
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21© 2025 ARDELYX Building a Great Company A Commercial Stage Biopharmaceutical Company with Multiple Value Drivers First-in-Class Products Two FDA approved, first-in-class products, IBSRELA and XPHOZAH Robust Commercial Opportunity Two commercial medicines with an aggregate of >$1.75 Billion in commercial opportunity at peak Differentiated Commercial Strategy Disrupting established markets with novel therapies Solid Financial Structure Strong cash and investments position of ~$250m as of Dec 31, 2024 (unaudited) Long IP Runway Patent protection granted for IBSRELA through August 2033 and XPHOZAH through April 2034 This presentation is intended for investor purposes only and is not intended for promotional purposes.
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22© 2025 ARDELYX Thank you