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Ardelyx cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.2M in Q3 2026 · −$16.0M over twelve months

Operating cash flow$2.2M
Free cash flow+$2.2M
Cash conversion cycle2345 days

Analysis

In Q3 2026, Ardelyx generated $2.2M of operating cash flow. That is $2.0M more than in Q3 2025 ($209K).

Over the twelve months to Sep 30, 2026, operating cash flow was −$15.5M; the largest uses were other investing ($37.1M), other financing ($33.8M), operating cash flow ($15.5M); besides operations, cash came from net borrowing (+) / repaid (−) ($81.9M), shares issued ($8.6M); the cash balance rose by $3.6M.

Operating cash flow was $2.2M against net income of −$737K. The largest differences: inventory −$18.6M, stock-based pay +$15.1M, receivables +$6.9M.

Its cash conversion cycle was 2345 days (receivables 70 + inventory 3005 − payables 730).

Free cash flow

Ardelyx: free cash flow by quarterArdelyx: free cash flow by quarter$9.2MQ4 2024−$38.8MQ1 2025−$26.0MQ2 2025$209KQ3 2025$20.6MQ4 2025−$32.3MQ1 2026−$6.4MQ2 2026$2.2MQ3 2026
Operating cash flow less capital spending.
Ardelyx: operating cash flow against capital spendingArdelyx: operating cash flow against capital spendingOperating cash flowCapital spending$9.8M$593KQ4 2024−$38.5M$325KQ1 2025−$25.3M$650KQ2 2025$365K$156KQ3 2025$21.0M$361KQ4 2025−$32.2M$69KQ1 2026−$6.4M$13KQ2 2026$2.2M$0Q3 2026
Latest (Q3 2026): Operating cash flow $2.2M, Capital spending $0.

Capital allocation, year by year

Ardelyx: where the cash came from (up) and went (down), by fiscal yearArdelyx: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$153MFY2021: Net borrowing −$19.4MFY2021: Shares issued $103MFY2021: Capital spending −$1.9M$103MFY2021FY2022: Operating cash flow −$70.0MFY2022: Net borrowing −$6.1MFY2022: Shares issued $71.8MFY2022: Asset sales $1.8MFY2022: Capital spending −$55K$73.6MFY2022FY2023: Operating cash flow −$89.7MFY2023: Net borrowing $22.4MFY2023: Shares issued $120MFY2023: Capital spending −$344K$143MFY2023FY2024: Operating cash flow −$44.8MFY2024: Net borrowing $99.5MFY2024: Shares issued $8.1MFY2024: Capital spending −$1.0M$108MFY2024FY2025: Operating cash flow −$42.5MFY2025: Net borrowing $48.7MFY2025: Shares issued $5.8MFY2025: Capital spending −$1.5M$54.5MFY2025
Over these 5 years operating cash flow totalled −$400M; the largest uses were operating cash flow ($400M) and net borrowing ($25.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$285M
Debt$252M
Net cash$33.0M
Cash runwaymore than 10 years

Ardelyx is burning cash: its operations consume cash, a free cash flow of −$16.0M a year at the current rate against $285M of cash and investments: a runway of more than ten years at that rate before any new financing.

Where the cash came from and went

Ardelyx: sources (+) and uses (−) of cash, Q3 2026Ardelyx: sources (+) and uses (−) of cash, Q3 2026Other investing−$54.0MCash drawn (+) / kept (−)$50.9MOperating cash flow$2.2MShares issued$959K
Ardelyx: sources (+) and uses (−) of cash, TTM to Q3 2026Ardelyx: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$81.9MOther investing−$37.1MOther financing−$33.8MOperating cash flow−$15.5MShares issued$8.6MCash drawn (+) / kept (−)−$3.6MCapital spending−$443K

From profit to cash

Ardelyx: net income to operating cash flow, Q3 2026Ardelyx: net income to operating cash flow, Q3 2026Net income−$737KDepreciation & amortization$621KStock-based pay$15.1MReceivables$6.9MInventory−$18.6MPayables−$4.8MAccrued liabilities−$1.5MEmployee-related liabilities$3.0MDeferred revenue−$1.2MPrepaid and other assets−$3.2MOperating cash flow$2.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20267030057302345
Q2 20266921105261652
Q1 20267423494441979
Q4 2025551070160965
Q3 20255829184632513
Q2 202551841130761
Q1 202563721109675
Q4 20244444480408

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$2.2M——$959K$50.9M$2.2M
Q2 2026−$6.4M−$13K—$1.7M−$66.0M−$6.4M
Q1 2026−$32.2M−$69K—$5.4M$36.8M−$32.3M
Q4 2025$21.0M−$361K—$557K−$25.3M$20.6M
Q3 2025$365K−$156K—$2.8M$47.3M$209K
Q2 2025−$25.3M−$650K$48.7M$988K−$59.2M−$26.0M
Q1 2025−$38.5M−$325K—$1.5M$34.1M−$38.8M
Q4 2024$9.8M−$593K$49.7M$612K−$17.5M$9.2M

Ardelyx: income statement and cash flow

Ardelyx, Q3 2026: revenue $128M (+16% year over year), operating margin 3.2%. The chart follows the revenue to costs, profit and cash.

Ardelyx: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.