Ardelyx is a commercial-stage biopharmaceutical company that sells two FDA-approved drugs, both based on tenapanor, a first-in-class NHE3 inhibitor that acts locally in the gut. IBSRELA treats irritable bowel syndrome with constipation (IBS-C) in adults and is the primary revenue driver, with management targeting over $1B in peak annual sales. Ardelyx has positioned IBSRELA as the preferred option for patients who remain symptomatic on existing secretagogue therapies like Linzess, rather than competing for first-line share. XPHOZAH treats hyperphosphatemia in chronic kidney disease patients on dialysis, and represents the first new mechanism in phosphate management in roughly 50 years. Both products are sold in the U.S. through a specialty sales force targeting concentrated groups of high-prescribing gastroenterologists and nephrologists. Revenue is driven by prescription volume, pull-through rates, patient retention, and gross-to-net deductions. A key headwind for XPHOZAH is that Medicare, which covers roughly 60% of dialysis patients, bundled XPHOZAH into its dialysis payment system in 2025, eliminating standalone reimbursement. Ardelyx is now focused on the remaining non-Medicare dialysis population for XPHOZAH growth. Ardelyx also earns modest licensing and product supply revenue from international partners in Japan, Canada, and China. The company's pipeline includes a Phase 3 trial of tenapanor in chronic idiopathic constipation (data expected in 2027) and a next-generation NHE3 inhibitor, RDX10531, targeting an IND submission in 2026.