0001628280-25-021516 | 10-Q | XBRL Viewer

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REVENUE - Schedule of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenues	$ 74,114	$ 46,023
Product sales, net
Disaggregation of Revenue [Line Items]
Total revenues	67,814	43,512
IBSRELA
Disaggregation of Revenue [Line Items]
Total revenues	44,403	28,361
XPHOZAH
Disaggregation of Revenue [Line Items]
Total revenues	23,411	15,151
Licensing revenue
Disaggregation of Revenue [Line Items]
Total revenues	5,020	17
Non-cash royalty revenue related to the sale of future royalties
Disaggregation of Revenue [Line Items]
Total revenues	1,026	368
Product supply revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 254	$ 2,126

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

NET LOSS PER SHARE

Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period and excludes any dilutive effect of stock-based awards. Diluted net loss per common share is computed giving effect to all potential dilutive common shares, including common stock issuable upon exercise of stock options, unvested restricted stock units and ESPP shares issuable pursuant to the current purchase period. As we had net losses for the 2025 and 2024 first quarters, all potential common shares were determined to be anti-dilutive during those periods.

The following table sets forth the computation of net loss per common share:


(in thousands, except per share amounts)	Three Months Ended March 31,
Numerator	2025		2024
Net loss	$	(41,144)	$	(26,518)
Denominator

Weighted average common shares outstanding - basic and diluted	238,624		233,066
Net loss per share of common stock - basic and diluted	$	(0.17)	$	(0.11)

The total numbers of securities that could potentially dilute net income per share in the future that were not considered in the diluted net loss per share calculations because the effect would have been anti-dilutive were as follows:


	Three Months Ended March 31,
(in thousands)	2025	2024
Options to purchase common stock	29,129	26,681

Restricted stock units	10,370	7,024

ESPP shares issuable	213	227
Total	39,712	33,932

LEASES

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

LEASES

The following table provides additional details of our facility leases presented in our condensed balance sheets:


($ in thousands)
Facilities	March 31, 2025			December 31, 2024
Right-of-use assets	$	3,670		$	2,380

Current portion of lease liabilities	1,302			1,562
Operating lease liability, net of current portion	2,505			1,023
Total lease liabilities	$	3,807		$	2,585

Weighted-average remaining term (in years)	2.8			1.8
Weighted-average discount rate	6.0		%	6.5		%

The lease costs, which are included in operating expenses in our condensed statements of operations and comprehensive loss, were as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Operating lease expense	$	977	$	1,046
Cash paid for operating leases	$	1,047	$	1,166

The following table summarizes our undiscounted cash payment obligations for our operating lease liabilities as of March 31, 2025:


(in thousands)	Operating Leases
Remainder of 2025	$	1,145
2026	1,480
2027	1,043
2028	469
2029	21
Thereafter	—
Total undiscounted operating lease payments	4,158
Imputed interest expenses	(351)
Total operating lease liabilities	3,807
Less: Current portion of operating lease liability	(1,302)
Operating lease liability, net of current portion	$	2,505

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES On July 30 and August 12, 2021, two putative securities class action lawsuits were commenced in the U.S. District Court for the Northern District of California naming as defendants Ardelyx and two current officers captioned Strezsak v. Ardelyx, Inc., et al., Case No. 4:21-cv-05868-HSG, and Siegel v. Ardelyx, Inc., et al., Case No. 5:21-cv-06228-HSG (together, the Securities Class Actions). The complaints allege that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the Exchange Act), as amended, and Rule 10b-5 thereunder, by making false and misleading statements and omissions of material fact related to tenapanor. The plaintiffs seek damages and interest, and an award of costs, including attorneys’ fees. On July 19, 2022, the court consolidated the two putative class actions and appointed a lead plaintiff and lead counsel. The lead plaintiff filed a second amended complaint under which the plaintiffs seek to represent all persons who purchased or otherwise acquired Ardelyx securities between March 6, 2020 and July 19, 2021. Defendants filed a motion to dismiss the amended complaint on June 2, 2023. On March 22, 2024, the court granted defendants’ motion to dismiss. The court provided plaintiffs a third opportunity to amend and plaintiffs filed a third amended complaint on April 19, 2024. Defendants filed a motion to dismiss the third amended complaint on June 3, 2024. The case was dismissed with prejudice on September 12, 2024. On October 9, 2024, plaintiff appealed the District Court’s dismissal of the case to the Ninth Circuit. While we believe the plaintiffs’ claims are without merit, we reached a settlement in the case on February 21, 2025 for an immaterial amount and the case was voluntarily dismissed on March 5, 2025. On December 7, 2021 and March 29, 2022, two verified shareholders derivative lawsuits were filed in the U.S. District Court for the Northern District of California purportedly on behalf of Ardelyx against certain of Ardelyx’s executive officers and members of our board of directors, captioned Go v. Raab, et al., Case No. 4:21-cv-09455-HSG, and Morris v. Raab, et al., Case No. 4:22-cv-01988-JSC. The complaints allege that the defendants' violations of Section 14(a) of the Securities Exchange Act of 1934, as amended, breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets for personally making and/or causing Ardelyx to make materially false and misleading statements regarding the Company’s business, operations and prospects. The complaint seeks contribution under Sections 10(b) and 21D of the Securities Exchange Act of 1934 from two executive officers. On January 19, and April 27, 2022, the court granted the parties’ stipulation to stay the Go and Morris actions, respectively, until resolution of the anticipated motion(s) to dismiss in the Securities Class Actions. On October 25, 2022, the parties filed a stipulation to consolidate and stay the Go and Morris actions, and on October 27, 2022, the court consolidated the Go and Morris action and stayed the consolidated action pending resolution of the anticipated motion(s) to dismiss in the Securities Class Action. The Securities Class Action was voluntarily dismissed on March 5, 2025. We believe the plaintiffs’ claims are without merit. On July 17, 2024, in partnership with the AAKP and the NMQF, we filed a lawsuit in the U.S. District Court for the District of Columbia against CMS, claiming that CMS has violated its statutory and regulatory authority under MIPPA, which established the ESRD PPS bundled payment system for dialysis services in 2008. Specifically, the lawsuit claims that moving XPHOZAH, along with all oral-only drugs, into the ESRD PPS is inconsistent with MIPPA’s statutory provision, and contradicts CMS’s own regulations. XPHOZAH and other oral-only drugs, are not administered by dialysis providers and cannot be taken during the delivery of maintenance dialysis. On November 8, 2024, the U.S. District Court for the District of Columbia granted defendants’ Motion to Dismiss and denied plaintiffs Motion for Preliminary Injunction, or in the Alternative, for Expedited Summary Judgment. Following the District Court’s denial of plaintiffs’ Motion to Alter or Amend the Judgment, or in the Alternative, for an Injunction Pending Appeal, plaintiffs filed an Emergency Motion for an Administrative Stay and Injunction Pending Appeal, which was denied by the United States Court of Appeals for the District of Columbia Circuit. Appellants filed an initial brief in the appeal on February 4, 2025; Appellees filed an initial brief on March 6, 2025; and Appellants filed a reply brief March 27, 2025. Both Appellees and Appellants filed a final brief on April 10, 2025. On August 16, 2024, a complaint was filed against us in the U.S. District Court of Massachusetts, captioned Yarborough v. Ardelyx, Inc., et al., No. 24-cv-12119 (D. Mass.). The complaint names the Company, Mike Raab, and Justin Renz as defendants and alleges violations of Sections 10(b) and 20(a) the Exchange Act and Rule 10b-5 promulgated thereunder, related to the our announcement on July 2, 2024 that it had chosen not to file an application for Transitional Drug Add-on Payment Adjustment for XPHOZAH (the “Yarborough Action”). The plaintiffs seek damages and interest, and an award of costs, including attorneys’ fees. The Court appointed Tate Wood as lead plaintiff on October 30, 2024. Lead Plaintiff filed an amended complaint on January 13, 2025, in which he added Susan Rodriguez, Laura Williams and Elizabeth Grammer as additional defendants and removed Justin Renz as a defendant. Lead Plaintiff purports to bring claims on behalf of all those who acquired Ardelyx common stock between February 22, 2024 and July 1, 2024. Defendants filed a motion to dismiss the amended complaint on March 14, 2025. We believe the plaintiff’s claims are without merit. On September 6 and 13, 2024, certain Ardelyx shareholders filed two verified derivative complaints purportedly on behalf of the Company in the United States District Court for the District of Massachusetts alleging violations of Sections 10(b) and/or 14(a) of the Exchange Act, breaches of fiduciary duty, unjust enrichment, waste, and aiding and abetting breaches of fiduciary duty against certain members of our board of directors and management based on substantially the same factual allegations in the Yarborough Action. The complaints seek unspecified damages and corporate governance reforms, as well as costs and attorneys’ fees. On September 25, 2024, the Court consolidated the two derivative actions into the case In re Ardelyx, Inc. Stockholder Derivative Litigation, Case No. 1:24-cv-12302-LTS (D. Mass.). On November 7, 2024, the Court stayed the consolidated derivative action pending resolution of any and all motion(s) to dismiss in the Yarborough Action. We believe the plaintiffs’ claims are without merit. From time to time, we may be involved in legal proceedings arising in the ordinary course of business. As of March 31, 2025, there is no litigation pending that would reasonably be expected to have a material adverse effect on our results of operations and financial condition.

LEASES - Additional Details of Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Right-of-use assets and lease liabilities
Right-of-use assets	$ 3,670	$ 2,380
Current portion of lease liabilities	1,302	1,562
Operating lease liability, net of current portion	2,505	1,023
Total operating lease liabilities	$ 3,807	$ 2,585
Additional details
Weighted-average remaining term (in years)	2 years 9 months 18 days	1 year 9 months 18 days
Weighted-average discount rate	6.00%	6.50%

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Information Regarding Operating Segment

Detailed information regarding our single operating segment’s significant revenues, expenses and operating loss is as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Revenues
Product sales, net	$	67,814	$	43,512
Other revenues(1)	6,300		2,511
Total revenues	74,114		46,023
Less:
Cost of product sales	2,340		1,013
Other cost of revenue	9,963		6,115
Total cost of goods sold	12,303		7,128
Research and development(2)	10,542		7,790
Selling expenses(2)	56,800		34,852
General and administrative expenses(2)	13,904		8,969
Stock-based compensation	12,088		7,616
Other segment expenses(3)	4,826		4,346
Total operating expenses	98,160		63,573
Consolidated loss from operations	(36,349)		(24,678)
Other reconciliation items(4)	(4,795)		(1,840)
Consolidated net loss	$	(41,144)	$	(26,518)

(1)“Other revenues” includes revenues from our collaboration partnerships, including licensing revenue, product supply revenue and non-cash royalty revenue related to the sale of future royalties.

(2)Research and development, selling and general administrative expenses herein do not include certain allocated items, such as stock-based compensation expenses.

(3)“Other segment expenses” primarily consists of allocated facilities, information technology and employee costs of approximately $4.7 million and $3.7 million for the 2025 and 2024 first quarters, respectively.

(4)“Other reconciliation items” includes interest expense, non-cash interest expense related to the sale of future royalties, provision for income taxes and other income, net.

NET LOSS PER SHARE - Anti Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	39,712	33,932
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	29,129	26,681
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	10,370	7,024
ESPP shares issuable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	213	227

REVENUE - Narrative (Details)	3 Months Ended
REVENUE - Narrative (Details)	Mar. 31, 2025	Mar. 31, 2024
Product sales, net \| Gross product revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as percent)	91.50%	94.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INVENTORY (Tables)

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Current Inventory

Inventory consisted of the following:


(in thousands)	March 31, 2025		December 31, 2024
Raw materials	$	40,612	$	30,792
Work in process	60,988		58,685
Finished goods	4,275		1,707
Total	$	105,875	$	91,184
Reported as
Inventory	$	23,776	$	21,173
Inventory, non-current	82,099		70,011
Total	$	105,875	$	91,184

Schedule of Noncurrent Inventory

Inventory consisted of the following:


(in thousands)	March 31, 2025		December 31, 2024
Raw materials	$	40,612	$	30,792
Work in process	60,988		58,685
Finished goods	4,275		1,707
Total	$	105,875	$	91,184
Reported as
Inventory	$	23,776	$	21,173
Inventory, non-current	82,099		70,011
Total	$	105,875	$	91,184

REVENUE

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

Disaggregation of total revenues by nature is as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Product sales, net	$	67,814	$	43,512
Licensing revenue	5,020		17
Non-cash royalty revenue related to the sale of future royalties	1,026		368
Product supply revenue	254		2,126
Total revenues	$	74,114	$	46,023

Product Sales, Net

Total product sales, net was as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Product sales, net
IBSRELA	$	44,403	$	28,361
XPHOZAH	23,411		15,151
Total product sales, net	$	67,814	$	43,512

Product sales, net approximated 91.5% and 94.5% of total revenues in the 2025 and 2024 first quarters, respectively.

Concentrations

Gross product sales from Customers accounting for more than 10% of total revenues were as follows:


	Three Months Ended March 31,
	2025		2024
Customers(1)
BioRidge Pharma, LLC	63.8	%	64.6	%
Cardinal Health	22.2	%	19.2	%
Cencora (formerly AmerisourceBergen Drug Corporation)	18.2	%	21.6	%
McKesson Corporation	16.9	%	16.0	%

(1)The total of the above percentages exceeds 100% as the numerators used in the calculations represent gross product sales for each Customer, as opposed to product sales, net as presented in our condensed statements of operations and comprehensive loss.

GTN Adjustments

The activities and ending reserve balances for each significant category of GTN adjustments on product sales, net, which constitute variable consideration, were as follows:


(in thousands)	Discounts and Chargebacks		Rebates, Wholesaler and GPO Fees		Copay Assistance and Returns		Total
Balance as of December 31, 2024	$	1,643	$	14,475	$	11,170	$	27,288
Provisions(1)	4,143		18,835		5,940		28,918
Credits/payments	(4,681)		(18,405)		(8,334)		(31,420)
Balance as of March 31, 2025	$	1,105	$	14,905	$	8,776	$	24,786

(1) Provisions included approximately $3.8 million of favorable adjustment resulting from changes in prior periods’ estimated product returns for XPHOZAH.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

NET LOSS PER SHARE - Computation of Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator
Net loss	$ (41,144)	$ (26,518)
Denominator
Weighted average common shares outstanding - basic (in shares)	238,624,145	233,065,960
Weighted average common shares outstanding - diluted (in shares)	238,624,145	233,065,960
Net loss per share of common stock - basic (in dollars per share)	$ (0.17)	$ (0.11)
Net loss per share of common stock - diluted (in dollars per share)	$ (0.17)	$ (0.11)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REVENUE - Revenue from Customers as a Percentage of Total Product Revenue, Net (Details) - Gross product revenue - Customer	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
BioRidge Pharma, LLC
Disaggregation of Revenue [Line Items]
Concentration risk (as percent)	63.80%	64.60%
Cardinal Health
Disaggregation of Revenue [Line Items]
Concentration risk (as percent)	22.20%	19.20%
Cencora (formerly AmerisourceBergen Drug Corporation)
Disaggregation of Revenue [Line Items]
Concentration risk (as percent)	18.20%	21.60%
McKesson Corporation
Disaggregation of Revenue [Line Items]
Concentration risk (as percent)	16.90%	16.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Net Loss Per Common Share

The following table sets forth the computation of net loss per common share:


(in thousands, except per share amounts)	Three Months Ended March 31,
Numerator	2025		2024
Net loss	$	(41,144)	$	(26,518)
Denominator

Weighted average common shares outstanding - basic and diluted	238,624		233,066
Net loss per share of common stock - basic and diluted	$	(0.17)	$	(0.11)

Schedule of Anti-Dilutive Securities Not Considered in Diluted Net Loss Per Common Share Calculation


	Three Months Ended March 31,
(in thousands)	2025	2024
Options to purchase common stock	29,129	26,681

Restricted stock units	10,370	7,024

ESPP shares issuable	213	227
Total	39,712	33,932

SEGMENT REPORTING - Schedule of Operating Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) segment	Mar. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	1
Number of segments \| segment	1
Revenues
Total revenues	$ 74,114	$ 46,023
Less:
Total cost of goods sold	12,303	7,128
Total operating expenses	98,160	63,573
Loss before provision for income taxes	(40,285)	(26,397)
Net loss	(41,144)	(26,518)
Reportable Segment
Revenues
Total revenues	74,114	46,023
Less:
Total cost of goods sold	12,303	7,128
Research and development	10,542	7,790
Selling expenses	56,800	34,852
General and administrative expenses	13,904	8,969
Stock-based compensation	12,088	7,616
Other segment expenses	4,826	4,346
Total operating expenses	98,160	63,573
Loss before provision for income taxes	(36,349)	(24,678)
Other reconciliation items	(4,795)	(1,840)
Net loss	(41,144)	(26,518)
Allocated facilities, information technology, and human resources	4,700	3,700
Product sales, net
Revenues
Total revenues	67,814	43,512
Less:
Total cost of goods sold	2,340	1,013
Product sales, net \| Reportable Segment
Revenues
Total revenues	67,814	43,512
Less:
Total cost of goods sold	2,340	1,013
Other cost of revenue
Less:
Total cost of goods sold	9,963	6,115
Other cost of revenue \| Reportable Segment
Revenues
Total revenues	6,300	2,511
Less:
Total cost of goods sold	$ 9,963	$ 6,115

LEASES (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of Additional Details of Leases

The following table provides additional details of our facility leases presented in our condensed balance sheets:


($ in thousands)
Facilities	March 31, 2025			December 31, 2024
Right-of-use assets	$	3,670		$	2,380

Current portion of lease liabilities	1,302			1,562
Operating lease liability, net of current portion	2,505			1,023
Total lease liabilities	$	3,807		$	2,585

Weighted-average remaining term (in years)	2.8			1.8
Weighted-average discount rate	6.0		%	6.5		%

Schedule of Lease Costs

The lease costs, which are included in operating expenses in our condensed statements of operations and comprehensive loss, were as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Operating lease expense	$	977	$	1,046
Cash paid for operating leases	$	1,047	$	1,166

Schedule of Undiscounted Cash Payment Obligations for Operating Lease Liabilities

The following table summarizes our undiscounted cash payment obligations for our operating lease liabilities as of March 31, 2025:


(in thousands)	Operating Leases
Remainder of 2025	$	1,145
2026	1,480
2027	1,043
2028	469
2029	21
Thereafter	—
Total undiscounted operating lease payments	4,158
Imputed interest expenses	(351)
Total operating lease liabilities	3,807
Less: Current portion of operating lease liability	(1,302)
Operating lease liability, net of current portion	$	2,505

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2025	Apr. 24, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-36485
Entity Registrant Name	ARDELYX, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1303944
Entity Address, Address Line One	400 Fifth Avenue
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	510
Local Phone Number	745-1700
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	ARDX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		239,255,212
Entity Central Index Key	0001437402
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Securities Classified as Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Cash and cash equivalents
Fair Value	$ 30,808	$ 64,932
Short-term investments
Amortized Cost	183,126	185,111
Gross Unrealized Gains	56	112
Gross Unrealized Losses	(38)	(55)
Fair Value	183,144	185,168
Total cash, cash equivalents and investments, Amortized Cost	213,934	250,043
Total cash, cash equivalents and investments, Gross Unrealized Gains	56	112
Total cash, cash equivalents and investments, Gross Unrealized Losses	(38)	(55)
Total cash, cash equivalents and investments	213,952	250,100
U.S. treasury securities
Short-term investments
Amortized Cost	72,431	79,720
Gross Unrealized Gains	43	58
Gross Unrealized Losses	(3)	(5)
Fair Value	72,471	79,773
U.S. government-sponsored agency bonds
Short-term investments
Amortized Cost	41,852	45,960
Gross Unrealized Gains	4	29
Gross Unrealized Losses	(26)	(27)
Fair Value	41,830	45,962
Commercial paper
Short-term investments
Amortized Cost	33,026	37,061
Gross Unrealized Gains	2	19
Gross Unrealized Losses	(3)	(15)
Fair Value	33,025	37,065
Corporate bonds
Short-term investments
Amortized Cost	28,077	17,415
Gross Unrealized Gains	7	4
Gross Unrealized Losses	(2)	(6)
Fair Value	28,082	17,413
Asset-backed securities
Short-term investments
Amortized Cost	5,752	2,983
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(3)	0
Fair Value	5,749	2,985
Yankee bonds
Short-term investments
Amortized Cost	1,988	1,972
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	(2)
Fair Value	1,987	1,970
Cash
Cash and cash equivalents
Fair Value	8,318	16,282
Money market funds
Cash and cash equivalents
Fair Value	$ 22,490	$ 48,650

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows:


Level 1 –			Valuations are based on quoted prices in active markets for identical assets or liabilities and readily accessible by us at the reporting date.

Level 2 –			Valuations based on inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 –			Valuations based on unobservable inputs for which there is little or no market data, which require us to develop our own assumptions.

The following table sets forth the fair value of our financial assets that are measured or disclosed on a recurring basis by level within the fair value hierarchy:


	March 31, 2025								December 31, 2024
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	22,490	$	22,490	$	—	$	—	$	48,650	$	48,650	$	—	$	—
U.S. treasury securities	72,471		—		72,471		—		79,773		—		79,773		—
U.S. government-sponsored agency bonds	41,830		—		41,830		—		45,962		—		45,962		—
Commercial paper	33,025		—		33,025		—		37,065		—		37,065		—
Corporate bonds	28,082		—		28,082		—		17,413		—		17,413		—
Asset-backed securities	5,749		—		5,749		—		2,985		—		2,985		—
Yankee bonds	1,987		—		1,987		—		1,970		—		1,970		—
Total	$	205,634	$	22,490	$	183,144	$	—	$	233,818	$	48,650	$	185,168	$	—

Fair Value of Debt

The principal outstanding under our term loans is subject to a variable interest rate and therefore, we believe the carrying amount of the term loan approximates fair value as of March 31, 2025 and December 31, 2024. See Note 8. Borrowing for a description of the Level 2 inputs used to estimate the fair value of the liability.

The carrying value of the deferred royalty obligation related to the sale of future royalties approximates its fair value as of March 31, 2025 and December 31, 2024 and is based on our current estimates of future royalties and commercialization milestones expected to be paid to us by Kyowa Kirin over the life of the agreement. See Note 7. Deferred Royalty Obligation Related to the Sale of Future Royalties for a description of the Level 3 inputs used to estimate the fair value of the liability.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

REVENUE - GTN Adjustments (Details) $ in Thousands	3 Months Ended
REVENUE - GTN Adjustments (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Gross-to-net sales accruals and reserves
Beginning balance	$ 27,288
Provisions	28,918
Credits/payments	(31,420)
Ending balance	24,786
Discounts and Chargebacks
Gross-to-net sales accruals and reserves
Beginning balance	1,643
Provisions	4,143
Credits/payments	(4,681)
Ending balance	1,105
Rebates, Wholesaler and GPO Fees
Gross-to-net sales accruals and reserves
Beginning balance	14,475
Provisions	18,835
Credits/payments	(18,405)
Ending balance	14,905
Copay Assistance and Returns
Gross-to-net sales accruals and reserves
Beginning balance	11,170
Provisions	5,940
Credits/payments	(8,334)
Ending balance	8,776
Copay Assistance and Returns \| XPHOZAH
Gross-to-net sales accruals and reserves
Provisions	$ 3,800

EQUITY INCENTIVE PLANS - Total Unrecognized Stock-Based Compensation Expense, Net of Estimated Forfeitures (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Expense (in thousands)	$ 304
Average Remaining Vesting Period (in years)	5 months 1 day
Stock option grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Expense (in thousands)	$ 64,626
Average Remaining Vesting Period (in years)	2 years 10 months 17 days
RSU grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Expense (in thousands)	$ 79,520
Average Remaining Vesting Period (in years)	3 years 3 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

EQUITY INCENTIVE PLANS - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) $ / shares shares
Board of directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock for services (in shares)	0
ESPP shares issuable
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock under employee stock purchase plan (in shares)	200,000
Purchase price (in dollars per share) \| $ / shares	$ 4.56
Proceeds from ESPP \| $	$ 1.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DEFERRED ROYALTY OBLIGATION RELATED TO THE SALE OF FUTURE ROYALTIES (Tables)

3 Months Ended

Mar. 31, 2025

Advance Royalties [Abstract]

Schedule Of Deferred Royalty Obligation

A summary of financial information related to the HCR Agreement is as follows:


	Three Months Ended March 31,
($ in thousands)	2025			2024
Non-cash interest expense related to the sale of future royalties	$	(2,071)		$	(1,702)
Effective interest rate	32.5		%	33.7		%


(in thousands)	2025		2024
Deferred royalty obligation balance as of January 1,	$	25,527	$	20,179


Non-cash interest expense related to sale of future royalties	2,071		1,702
Royalty distributed to HCR	(1,076)		—

Deferred royalty obligation balance as of March 31,	$	26,522	$	21,881

NATURE OF OPERATIONS (Details)	3 Months Ended
NATURE OF OPERATIONS (Details)	Mar. 31, 2025 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of segments	1

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets
Assets, fair value	$ 205,634	$ 233,818
Level 1
Assets
Assets, fair value	22,490	48,650
Level 2
Assets
Assets, fair value	183,144	185,168
Level 3
Assets
Assets, fair value	0	0
Money market funds
Assets
Assets, fair value	22,490	48,650
Money market funds \| Level 1
Assets
Assets, fair value	22,490	48,650
Money market funds \| Level 2
Assets
Assets, fair value	0	0
Money market funds \| Level 3
Assets
Assets, fair value	0	0
U.S. treasury securities
Assets
Assets, fair value	72,471	79,773
U.S. treasury securities \| Level 1
Assets
Assets, fair value	0	0
U.S. treasury securities \| Level 2
Assets
Assets, fair value	72,471	79,773
U.S. treasury securities \| Level 3
Assets
Assets, fair value	0	0
U.S. government-sponsored agency bonds
Assets
Assets, fair value	41,830	45,962
U.S. government-sponsored agency bonds \| Level 1
Assets
Assets, fair value	0	0
U.S. government-sponsored agency bonds \| Level 2
Assets
Assets, fair value	41,830	45,962
U.S. government-sponsored agency bonds \| Level 3
Assets
Assets, fair value	0	0
Commercial paper
Assets
Assets, fair value	33,025	37,065
Commercial paper \| Level 1
Assets
Assets, fair value	0	0
Commercial paper \| Level 2
Assets
Assets, fair value	33,025	37,065
Commercial paper \| Level 3
Assets
Assets, fair value	0	0
Corporate bonds
Assets
Assets, fair value	28,082	17,413
Corporate bonds \| Level 1
Assets
Assets, fair value	0	0
Corporate bonds \| Level 2
Assets
Assets, fair value	28,082	17,413
Corporate bonds \| Level 3
Assets
Assets, fair value	0	0
Asset-backed securities
Assets
Assets, fair value	5,749	2,985
Asset-backed securities \| Level 1
Assets
Assets, fair value	0	0
Asset-backed securities \| Level 2
Assets
Assets, fair value	5,749	2,985
Asset-backed securities \| Level 3
Assets
Assets, fair value	0	0
Yankee bonds
Assets
Assets, fair value	1,987	1,970
Yankee bonds \| Level 1
Assets
Assets, fair value	0	0
Yankee bonds \| Level 2
Assets
Assets, fair value	1,987	1,970
Yankee bonds \| Level 3
Assets
Assets, fair value	$ 0	$ 0

BORROWING (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The following table presents our long-term borrowing under the 2022 Loan Agreement:


(in thousands)	March 31, 2025		December 31, 2024		Interest rate
Principal
Term A Loan	$	27,500	$	27,500	7.95% + 0.022% + SOFR (subject to a floor of 1.0%)
Term B Loan	22,500		22,500		7.95% + 0.022% + SOFR (subject to a floor of 1.0%)
Term C Loan	50,000		50,000		4.25% + 0.022% + SOFR (subject to a floor of 4.7%)
Term D Loan	50,000		50,000		4.00% + 0.022% + SOFR (subject to a floor of 4.7%)
Total principal	150,000		150,000
Adjustments to principal value
Unamortized discount and debt issuance costs	(1,070)		(1,136)
Accreted value of final fee	2,371		1,989
Total long-term debt	151,301		150,853
Less: Current portion of long-term debt	—		—
Long-term debt, net of current portion	$	151,301	$	150,853

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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+ Details

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	239,201,256	238,015,825
Common stock, shares outstanding (in shares)	239,201,256	238,015,825

LEASES - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Lease Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Lease costs
Operating lease expense	$ 977	$ 1,046
Cash paid for operating leases	$ 1,047	$ 1,166

COLLABORATION AND LICENSING AGREEMENTS

3 Months Ended

Mar. 31, 2025

Collaboration and Licensing Agreements

COLLABORATION AND LICENSING AGREEMENTS

We out-license to external partners for the development of tenapanor and commercialization of tenapanor outside of the U.S. We recognize revenue from our agreements with Kyowa Kirin, Fosun Pharma and Knight as licensing revenue, product supply revenue or non-cash royalty revenue related to the sale of future royalties. See Note 7. Collaboration and Licensing Agreements and “Licensing Revenue Recognition” caption of Note 2. Summary of Significant Accounting Policies of our 2024 Form 10-K for more information on the nature, purpose, significant rights and obligations of the parties, as well as our accounting policies for such revenue streams.

The following table summarizes total revenues by collaboration partner:


	Three Months Ended March 31,
(in thousands)	2025		2024
Licensing revenue

Fosun Pharma	$	5,000	$	—

Knight	20		17
Total licensing revenue	$	5,020	$	17
Product supply revenue
Kyowa Kirin	—		2,126

Knight	254		—
Total supply revenue	$	254	$	2,126
Non-cash royalty revenue related to the sale of future royalties
Kyowa Kirin	$	1,026	$	368

The following table presents changes in our current and non-current deferred revenue balances, which are all attributable to Kyowa Kirin:


	2025				2024
(in thousands)	Current		Non-Current		Current		Non-Current
Deferred revenue balance as of January 1,	$	10,686	$	7,232	$	7,182	$	8,644
Prepaid product supply	227		1,118		732		3,459
Product supply delivered	—		—		(1,328)		—

Deferred revenue balance as of March 31,	$	10,913	$	8,350	$	6,586	$	12,103

Significant developments and updates related to our collaboration and licensing agreements in the 2025 and 2024 first quarters are discussed below.

Kyowa Kirin

In February 2024, Kyowa Kirin announced the launch of tenapanor, marketed as PHOZEVEL®, for patients with CKD with hyperphosphatemia in Japan. In the 2024 first quarter, we began to recognize non-cash royalty revenue related to the sale of future royalties, which was remitted to HCR in accordance with the HCR Agreement.

Fosun Pharma

In February 2025, we announced the approval of an NDA for tenapanor for the control of hyperphosphatemia in adult patients with CKD undergoing hemodialysis by China’s Center for Drug Evaluation of the NMPA. This approval triggered a $5.0 million milestone to us under the terms of the Fosun Agreement, which was recorded as licensing revenue on our condensed statement of operations and comprehensive loss when earned during the 2025 first quarter and was received in April 2025.

AstraZeneca

In connection with the AstraZeneca Termination Agreement, we recognized royalty expense as other cost of revenue in our condensed statements of operations and comprehensive loss of $8.8 million and $4.7 million in the 2025 and 2024 first quarters, respectively. As of March 31, 2025, we have recognized $71.2 million of the total $75.0 million outstanding royalty obligation.

COLLABORATION AND LICENSING AGREEMENTS - Recognized Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 74,114	$ 46,023
Licensing revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	5,020	17
Licensing revenue \| Fosun Agreement \| Fosun Pharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	5,000	0
Licensing revenue \| Knight Agreement \| Knight
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	20	17
Product supply revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	254	2,126
Product supply revenue \| 2017 KKC Agreement \| Kyowa Kirin
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	0	2,126
Product supply revenue \| Knight Agreement \| Knight
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	254	0
Non-cash royalty revenue related to the sale of future royalties
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	1,026	368
Non-cash royalty revenue related to the sale of future royalties \| 2017 KKC Agreement \| Kyowa Kirin
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues	$ 1,026	$ 368

BORROWING - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Accreted value of final fee	$ 2,371	$ 1,989
Long-term debt	151,301	150,853
2022 Term Loan \| Loan Agreement
Debt Instrument [Line Items]
Accreted value of final fee	$ 5,100	$ 5,400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

COMMITMENTS AND CONTINGENCIES (Details)					4 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Sep. 25, 2024 claim	Sep. 13, 2024 claim	Jul. 19, 2022 claim	Aug. 12, 2021 claim defendant	Mar. 29, 2022 claim defendant
Strezsak v. Ardelyx, Inc.
Contingencies [Line Items]
Number of lawsuits			2	2
Number of defendants \| defendant				2
Go v. Raab
Contingencies [Line Items]
Number of lawsuits					2
Number of defendants \| defendant					2
Ardelyx, Inc. Stockholder Derivative Litigation
Contingencies [Line Items]
Number of lawsuits	2	2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2023		232,453,190
Beginning balance at Dec. 31, 2023	$ 166,816	$ 23	$ 1,012,773	$ (846,204)	$ 224
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock purchase plan (in shares)		253,312
Issuance of common stock under employee stock purchase plan	1,038		1,038
Issuance of common stock upon exercise of options (in shares)		701,578
Issuance of common stock upon exercise of options	2,183		2,183
Issuance of common stock upon vesting of restricted stock units (in shares)		551,664
Stock-based compensation	7,616		7,616
Unrealized losses on available-for-sale securities	(244)				(244)
Net loss	(26,518)			(26,518)
Ending balance (in shares) at Mar. 31, 2024		233,959,744
Ending balance at Mar. 31, 2024	150,891	$ 23	1,023,610	(872,722)	(20)
Beginning balance (in shares) at Dec. 31, 2024		238,015,825
Beginning balance at Dec. 31, 2024	173,289	$ 24	1,058,548	(885,340)	57
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock purchase plan (in shares)		222,734
Issuance of common stock under employee stock purchase plan	$ 1,015		1,015
Issuance of common stock upon exercise of options (in shares)	390,000	389,963
Issuance of common stock upon exercise of options	$ 467		467
Issuance of common stock upon vesting of restricted stock units (in shares)		572,734
Stock-based compensation	12,088		12,088
Unrealized losses on available-for-sale securities	(39)				(39)
Net loss	(41,144)			(41,144)
Ending balance (in shares) at Mar. 31, 2025		239,201,256
Ending balance at Mar. 31, 2025	$ 145,676	$ 24	$ 1,072,118	$ (926,484)	$ 18

INVENTORY - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Prepaid commercial manufacturing	$ 17,100	$ 16,400
Prepaid commercial manufacturing, non-current	$ 3,246	$ 0

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Securities Classified as Cash, Cash Equivalents and Short-Term Investments

The following table summarizes our cash, cash equivalents and short-term investments:


	March 31, 2025								December 31, 2024
			Gross Unrealized								Gross Unrealized
(in thousands)	Amortized Cost		Gains		Losses		Fair Value		Amortized Cost		Gains		Losses		Fair Value
Cash and cash equivalents
Cash	$	8,318	$	—	$	—	$	8,318	$	16,282	$	—	$	—	$	16,282
Money market funds	22,490		—		—		22,490		48,650		—		—		48,650
Total cash and cash equivalents	30,808		—		—		30,808		64,932		—		—		64,932
Short-term investments
U.S. treasury securities	$	72,431	$	43	$	(3)	$	72,471	$	79,720	$	58	$	(5)	$	79,773
U.S. government-sponsored agency bonds	41,852		4		(26)		41,830		45,960		29		(27)		45,962
Commercial paper	33,026		2		(3)		33,025		37,061		19		(15)		37,065
Corporate bonds	28,077		7		(2)		28,082		17,415		4		(6)		17,413
Asset-backed securities	5,752		—		(3)		5,749		2,983		2		—		2,985
Yankee bonds	1,988		—		(1)		1,987		1,972		—		(2)		1,970
Total short-term investments	183,126		56		(38)		183,144		185,111		112		(55)		185,168
Total cash, cash equivalents and investments	$	213,934	$	56	$	(38)	$	213,952	$	250,043	$	112	$	(55)	$	250,100

EQUITY INCENTIVE PLANS - Stock Options Activity (Details)	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Number of Shares (in thousands)
Options outstanding balance, beginning (in shares) \| shares	28,085,000
Options granted (in shares) \| shares	4,113,000
Options exercised (in shares) \| shares	(390,000)
Options forfeited or canceled (in shares) \| shares	(821,000)
Options outstanding balance, ending (in shares) \| shares	30,987,000
Options exercisable (in shares) \| shares	15,715,000
Weighted-Average Exercise Price per Share
Options outstanding balance, beginning (in dollars per share) \| $ / shares	$ 5.63
Options granted (in dollars per share) \| $ / shares	5.21
Options exercised (in dollars per share) \| $ / shares	1.20
Options forfeited or canceled (in dollars per share) \| $ / shares	7.91
Options outstanding balance, ending (in dollars per share) \| $ / shares	5.57
Options exercisable (in dollars per share) \| $ / shares	$ 5.45

LEASES - Undiscounted Cash Payment Obligations for Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Undiscounted cash payment obligations
Remainder of 2025	$ 1,145
2026	1,480
2027	1,043
2028	469
2029	21
Thereafter	0
Total undiscounted operating lease payments	4,158
Imputed interest expenses	(351)
Total operating lease liabilities	3,807	$ 2,585
Less: Current portion of operating lease liability	(1,302)	(1,562)
Operating lease liability, net of current portion	$ 2,505	$ 1,023

INVENTORY

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

INVENTORY

Inventory consisted of the following:


(in thousands)	March 31, 2025		December 31, 2024
Raw materials	$	40,612	$	30,792
Work in process	60,988		58,685
Finished goods	4,275		1,707
Total	$	105,875	$	91,184
Reported as
Inventory	$	23,776	$	21,173
Inventory, non-current	82,099		70,011
Total	$	105,875	$	91,184

Prepaid commercial manufacturing with third-party CMOs not included in inventory was $17.1 million and $16.4 million as of March 31, 2025 and December 31, 2024, respectively. There was $3.2 million of prepayments expected to be converted into inventory after 12 months as of March 31, 2025, as compared to zero as of December 31, 2024.

REVENUE (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

Disaggregation of total revenues by nature is as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Product sales, net	$	67,814	$	43,512
Licensing revenue	5,020		17
Non-cash royalty revenue related to the sale of future royalties	1,026		368
Product supply revenue	254		2,126
Total revenues	$	74,114	$	46,023

Total product sales, net was as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Product sales, net
IBSRELA	$	44,403	$	28,361
XPHOZAH	23,411		15,151
Total product sales, net	$	67,814	$	43,512

The following table summarizes total revenues by collaboration partner:


	Three Months Ended March 31,
(in thousands)	2025		2024
Licensing revenue

Fosun Pharma	$	5,000	$	—

Knight	20		17
Total licensing revenue	$	5,020	$	17
Product supply revenue
Kyowa Kirin	—		2,126

Knight	254		—
Total supply revenue	$	254	$	2,126
Non-cash royalty revenue related to the sale of future royalties
Kyowa Kirin	$	1,026	$	368

Schedule of Revenue from Customers as a Percentage of Total Product Revenue, Net

Gross product sales from Customers accounting for more than 10% of total revenues were as follows:


	Three Months Ended March 31,
	2025		2024
Customers(1)
BioRidge Pharma, LLC	63.8	%	64.6	%
Cardinal Health	22.2	%	19.2	%
Cencora (formerly AmerisourceBergen Drug Corporation)	18.2	%	21.6	%
McKesson Corporation	16.9	%	16.0	%

Schedule of Chargebacks, Discounts and Reserve Balances

The activities and ending reserve balances for each significant category of GTN adjustments on product sales, net, which constitute variable consideration, were as follows:


(in thousands)	Discounts and Chargebacks		Rebates, Wholesaler and GPO Fees		Copay Assistance and Returns		Total
Balance as of December 31, 2024	$	1,643	$	14,475	$	11,170	$	27,288
Provisions(1)	4,143		18,835		5,940		28,918
Credits/payments	(4,681)		(18,405)		(8,334)		(31,420)
Balance as of March 31, 2025	$	1,105	$	14,905	$	8,776	$	24,786

(1) Provisions included approximately $3.8 million of favorable adjustment resulting from changes in prior periods’ estimated product returns for XPHOZAH.

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets Measured on a Recurring Basis

The following table sets forth the fair value of our financial assets that are measured or disclosed on a recurring basis by level within the fair value hierarchy:


	March 31, 2025								December 31, 2024
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	22,490	$	22,490	$	—	$	—	$	48,650	$	48,650	$	—	$	—
U.S. treasury securities	72,471		—		72,471		—		79,773		—		79,773		—
U.S. government-sponsored agency bonds	41,830		—		41,830		—		45,962		—		45,962		—
Commercial paper	33,025		—		33,025		—		37,065		—		37,065		—
Corporate bonds	28,082		—		28,082		—		17,413		—		17,413		—
Asset-backed securities	5,749		—		5,749		—		2,985		—		2,985		—
Yankee bonds	1,987		—		1,987		—		1,970		—		1,970		—
Total	$	205,634	$	22,490	$	183,144	$	—	$	233,818	$	48,650	$	185,168	$	—

DEFERRED ROYALTY OBLIGATION RELATED TO THE SALE OF FUTURE ROYALTIES

3 Months Ended

Mar. 31, 2025

Advance Royalties [Abstract]

DEFERRED ROYALTY OBLIGATION RELATED TO THE SALE OF FUTURE ROYALTIES

We and HCR have an agreement in which HCR agreed to pay up to $20.0 million in exchange for royalty payments and commercial milestone payments that we may receive under our Kyowa Kirin Agreement. See Note 8. Deferred Royalty Obligation Related to the Sale of Future Royalties of our 2024 Form 10-K for further discussion on the nature, purpose, significant rights and obligations of the parties, as well as our accounting policies regarding the HCR Agreement.

A summary of financial information related to the HCR Agreement is as follows:


	Three Months Ended March 31,
($ in thousands)	2025			2024
Non-cash interest expense related to the sale of future royalties	$	(2,071)		$	(1,702)
Effective interest rate	32.5		%	33.7		%


(in thousands)	2025		2024
Deferred royalty obligation balance as of January 1,	$	25,527	$	20,179


Non-cash interest expense related to sale of future royalties	2,071		1,702
Royalty distributed to HCR	(1,076)		—

Deferred royalty obligation balance as of March 31,	$	26,522	$	21,881

INVENTORY - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 40,612	$ 30,792
Work in process	60,988	58,685
Finished goods	4,275	1,707
Reported as
Inventory	23,776	21,173
Inventory, non-current	82,099	70,011
Total	$ 105,875	$ 91,184

BORROWING - Schedule of Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Adjustments to principal value
Unamortized discount and debt issuance costs	$ (1,070)	$ (1,136)
Accreted value of final fee	2,371	1,989
Total long-term debt	151,301	150,853
Less: Current portion of long-term debt	0	0
Long-term debt	151,301	150,853
Loan Agreement
Debt Instrument [Line Items]
Total principal	150,000	150,000
Loan Agreement \| Term Loan A
Debt Instrument [Line Items]
Total principal	$ 27,500	27,500
Adjustments to principal value
Interest rate (as percent)	7.95%
Loan Agreement \| Term Loan A \| Secured Overnight Financing Rate (SOFR)
Adjustments to principal value
Floating per annum rate (as percent)	0.022%
Loan Agreement \| Term Loan A \| Floor Rate
Adjustments to principal value
Floating per annum rate (as percent)	1.00%
Loan Agreement \| Term Loan B
Debt Instrument [Line Items]
Total principal	$ 22,500	22,500
Adjustments to principal value
Interest rate (as percent)	7.95%
Loan Agreement \| Term Loan B \| Secured Overnight Financing Rate (SOFR)
Adjustments to principal value
Floating per annum rate (as percent)	0.022%
Loan Agreement \| Term Loan B \| Floor Rate
Adjustments to principal value
Floating per annum rate (as percent)	1.00%
Loan Agreement \| Term Loan C
Debt Instrument [Line Items]
Total principal	$ 50,000	50,000
Adjustments to principal value
Interest rate (as percent)	4.25%
Loan Agreement \| Term Loan C \| Secured Overnight Financing Rate (SOFR)
Adjustments to principal value
Floating per annum rate (as percent)	0.022%
Loan Agreement \| Term Loan C \| Floor Rate
Adjustments to principal value
Floating per annum rate (as percent)	4.70%
Loan Agreement \| Term Loan D
Debt Instrument [Line Items]
Total principal	$ 50,000	$ 50,000
Adjustments to principal value
Interest rate (as percent)	4.00%
Loan Agreement \| Term Loan D \| Secured Overnight Financing Rate (SOFR)
Adjustments to principal value
Floating per annum rate (as percent)	0.022%
Loan Agreement \| Term Loan D \| Floor Rate
Adjustments to principal value
Floating per annum rate (as percent)	4.70%

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Operating activities
Net loss	$ (41,144)	$ (26,518)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization expense	602	435
Non-cash lease expense	923	948
Stock-based compensation	12,088	7,616
Non-cash interest expense	2,136	1,753
Non-cash royalty revenue related to the sale of future royalties	(1,026)	(368)
Other, net	(1,191)	(1,265)
Changes in operating assets and liabilities
Accounts receivable	11,238	(6,131)
Inventory	(14,692)	(29,371)
Prepaid commercial manufacturing	(716)	13,406
Prepaid expenses and other assets	(5,022)	(5,450)
Accounts payable	(2,278)	6,139
Accrued compensation and benefits	(7,772)	(5,870)
Operating lease liabilities	(991)	(1,068)
Accrued and other liabilities	8,043	7,159
Deferred revenue	1,345	2,863
Net cash used in operating activities	(38,457)	(35,722)
Investing activities
Proceeds from maturities and redemptions of investments	34,726	31,602
Purchases of investments	(31,550)	(34,024)
Purchases of property and equipment	(325)	(150)
Net cash provided by (used in) investing activities	2,851	(2,572)
Financing activities
Proceeds from 2022 Loan Agreement, net of issuance costs	0	49,750
Proceeds from issuance of common stock under equity incentive and stock purchase plans	1,482	3,221
Net cash provided by financing activities	1,482	52,971
Net (decrease) increase in cash and cash equivalents	(34,124)	14,677
Cash and cash equivalents at beginning of period	64,932	21,470
Cash and cash equivalents at end of period	30,808	36,147
Supplementary disclosure of cash flow information
Cash paid for interest	2,454	2,095
Cash paid for income taxes	2	1
Supplementary disclosure of non-cash activities
Right-of-use assets obtained in exchange for lease obligations	$ 2,213	$ 0

SEGMENT REPORTING

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

We operate in a single reportable segment. The CODM primarily uses aggregated net loss as reported on the condensed statements of operations and comprehensive loss to measure segment loss, supplemented by certain additional significant expense details reflected in the table below. There have been no changes in the determination of segmentation or the measurements used to determine reported segment loss discussed in our 2024 Form 10-K. See Note 17. Segment Reporting of our 2024 Form 10-K for more discussion on our segment reporting.

Detailed information regarding our single operating segment’s significant revenues, expenses and operating loss is as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Revenues
Product sales, net	$	67,814	$	43,512
Other revenues(1)	6,300		2,511
Total revenues	74,114		46,023
Less:
Cost of product sales	2,340		1,013
Other cost of revenue	9,963		6,115
Total cost of goods sold	12,303		7,128
Research and development(2)	10,542		7,790
Selling expenses(2)	56,800		34,852
General and administrative expenses(2)	13,904		8,969
Stock-based compensation	12,088		7,616
Other segment expenses(3)	4,826		4,346
Total operating expenses	98,160		63,573
Consolidated loss from operations	(36,349)		(24,678)
Other reconciliation items(4)	(4,795)		(1,840)
Consolidated net loss	$	(41,144)	$	(26,518)

(2)Research and development, selling and general administrative expenses herein do not include certain allocated items, such as stock-based compensation expenses.

(4)“Other reconciliation items” includes interest expense, non-cash interest expense related to the sale of future royalties, provision for income taxes and other income, net.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 30,808	$ 64,932
Short-term investments	183,144	185,168
Accounts receivable	46,467	57,705
Inventory	23,776	21,173
Prepaid commercial manufacturing	13,848	16,378
Prepaid expenses and other current assets	14,649	11,096
Total current assets	312,692	356,452
Property and equipment, net	1,665	1,495
Inventory, non-current	82,099	70,011
Prepaid commercial manufacturing, non-current	3,246	0
Right-of-use assets	3,670	2,380
Other assets	6,822	5,416
Total assets	410,194	435,754
Current liabilities
Accounts payable	13,722	16,000
Accrued compensation and benefits	7,168	14,940
Current portion of operating lease liability	1,302	1,562
Deferred revenue	10,913	10,686
Accrued expenses and other current liabilities	42,735	34,642
Total current liabilities	75,840	77,830
Operating lease liability, net of current portion	2,505	1,023
Long-term debt	151,301	150,853
Deferred revenue, non-current	8,350	7,232
Deferred royalty obligation related to the sale of future royalties	26,522	25,527
Total liabilities	264,518	262,465
Commitments and contingencies
Stockholders’ equity
Common stock, $0.0001 par value; 500,000,000 shares authorized; 239,201,256 and 238,015,825 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	24	24
Additional paid-in capital	1,072,118	1,058,548
Accumulated deficit	(926,484)	(885,340)
Accumulated other comprehensive income	18	57
Total stockholders’ equity	145,676	173,289
Total liabilities and stockholders’ equity	$ 410,194	$ 435,754

EQUITY INCENTIVE PLANS (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense Recognized

Stock-based compensation expense recognized for stock options, RSUs and our ESPP is recorded as operating expenses in our condensed statements of operations and comprehensive loss, as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Selling, general and administrative	$	8,484	$	5,646
Research and development	3,604		1,970

Total	$	12,088	$	7,616

Schedule of Total Unrecognized Stock-Based Compensation Expense, Net of Estimated Forfeitures

A summary of our total unrecognized stock-based compensation expense, net of estimated forfeitures, as of March 31, 2025 is as follows:


	Unrecognized Compensation Expense (in thousands)		Average Remaining Vesting Period (in years)
Stock option grants	$	64,626	2.88
RSU grants	$	79,520	3.30
ESPP	$	304	0.42

Schedule of Stock Option Activity

A summary of our stock option activity and related information for the 2025 first quarter is as follows:


	Number of Shares (in thousands)	Weighted-Average Exercise Price per Share
Balance as of December 31, 2024	28,085	$	5.63
Options granted	4,113	$	5.21
Options exercised	(390)	$	1.20
Options forfeited or canceled	(821)	$	7.91
Balance as of March 31, 2025	30,987	$	5.57
Exercisable as of March 31, 2025	15,715	$	5.45

Schedule of Restricted Stock Units Activity

A summary of our RSUs activity and related information for the 2025 first quarter is as follows:


	Number of RSUs (in thousands)	Weighted-Average Grant Date Fair Value Per Share
Non-vested restricted stock units as of December 31, 2024	8,013	$	6.59
Granted	7,093	$	5.21
Vested	(573)	$	6.04
Forfeited	(425)	$	5.79
Non-vested restricted stock units as of March 31, 2025	14,108	$	5.94

COLLABORATION AND LICENSING AGREEMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Fosun Pharma \| Fosun Agreement \| Licensing revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment	$ 5.0
AstraZeneca \| AZ Termination Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost of revenue	8.8	$ 4.7
Aggregate cost of revenue recognized	71.2
Maximum potential payment per agreement	$ 75.0

NATURE OF OPERATIONS	3 Months Ended
NATURE OF OPERATIONS	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONS We are a biopharmaceutical company founded with a mission to discover, develop and commercialize innovative, first-in-class medicines that meet significant unmet medical needs. We developed a unique and innovative platform that enabled the discovery of new biological mechanisms and pathways to develop potent and efficacious therapies that minimize the side effects and drug-drug interactions frequently encountered with traditional, systemically absorbed medicines. The first molecule we discovered and developed was tenapanor, a minimally absorbed, first-in-class, oral, small molecule therapy. Tenapanor, branded as IBSRELA®, is approved in the U.S. for the treatment of adults with IBS-C. Tenapanor, branded as XPHOZAH®, is approved in the U.S. to reduce serum phosphorus in adults with CKD on dialysis as add-on therapy in patients who have an inadequate response to phosphate binders or who are intolerant of any dose of phosphate binder therapy. We operate in one business segment, which is the development and commercialization of biopharmaceutical products. Refer to Note 12. Segment Reporting for further discussion on our segment reporting. Basis of Presentation These condensed financial statements have been prepared in accordance with U.S. GAAP and pursuant to the requirements of the SEC for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted. These condensed financial statements have been prepared on the same basis as our most recent annual financial statements and, in the opinion of management, reflect all normal and recurring adjustments necessary to present fairly our financial position, results of operations, changes in stockholders’ equity and cash flows for the interim periods presented. Certain prior year amounts have been reclassified to conform to the current year presentation. The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto included in our 2024 Form 10-K. The results for the 2025 first quarter are not necessarily indicative of results to be expected for the entire year ending December 31, 2025, or for any other interim period or future year. Refer to the Summary of Abbreviated Terms at the end of this Quarterly Report on Form 10-Q for definitions of terms used throughout the document. Use of Estimates The preparation of financial statements requires management to make estimates, judgments and assumptions. The most significant assumptions are estimates used in our revenue gross-to-net accruals and other assumptions. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could materially differ from those estimates. Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments in this Update provide more transparency about income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted on a prospective basis for annual financial statements that have not yet been issued or made available for issuance. The Company is in the process of evaluating the impact of this new guidance on its disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Topic 220) - Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses, which requires public companies to disclose, in interim and reporting periods, additional information about certain expenses in the financial statements. ASU No. 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is in the process of evaluating the impact of this new guidance on its disclosures.

DEFERRED ROYALTY OBLIGATION RELATED TO THE SALE OF FUTURE ROYALTIES - Schedule (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Non-cash interest expense related to the sale of future royalties	$ (2,071)	$ (1,702)
Deferred Royalty Obligation [Roll Forward]
Deferred royalty obligation balance as of January 1,	25,527
Deferred royalty obligation balance as of March 31,	26,522
Healthcare royalty partners IV, L.P
Deferred Royalty Obligation [Roll Forward]
Deferred royalty obligation balance as of January 1,	25,527	20,179
Non-cash interest expense related to sale of future royalties	2,071	1,702
Royalty distributed to HCR	(1,076)	0
Deferred royalty obligation balance as of March 31,	$ 26,522	$ 21,881
Healthcare royalty partners IV, L.P \| Licensing revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Effective interest rate	32.50%	33.70%

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Narrative (Details) - investment	Mar. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Investment in continuous unrealized loss position for more than one year	0	0

COLLABORATION AND LICENSING AGREEMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Collaboration and Licensing Agreements

Schedule of Revenue

Disaggregation of total revenues by nature is as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Product sales, net	$	67,814	$	43,512
Licensing revenue	5,020		17
Non-cash royalty revenue related to the sale of future royalties	1,026		368
Product supply revenue	254		2,126
Total revenues	$	74,114	$	46,023

Total product sales, net was as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Product sales, net
IBSRELA	$	44,403	$	28,361
XPHOZAH	23,411		15,151
Total product sales, net	$	67,814	$	43,512

The following table summarizes total revenues by collaboration partner:


	Three Months Ended March 31,
(in thousands)	2025		2024
Licensing revenue

Fosun Pharma	$	5,000	$	—

Knight	20		17
Total licensing revenue	$	5,020	$	17
Product supply revenue
Kyowa Kirin	—		2,126

Knight	254		—
Total supply revenue	$	254	$	2,126
Non-cash royalty revenue related to the sale of future royalties
Kyowa Kirin	$	1,026	$	368

Schedule of Deferred Revenue Balances

The following table presents changes in our current and non-current deferred revenue balances, which are all attributable to Kyowa Kirin:


	2025				2024
(in thousands)	Current		Non-Current		Current		Non-Current
Deferred revenue balance as of January 1,	$	10,686	$	7,232	$	7,182	$	8,644
Prepaid product supply	227		1,118		732		3,459
Product supply delivered	—		—		(1,328)		—

Deferred revenue balance as of March 31,	$	10,913	$	8,350	$	6,586	$	12,103

EQUITY INCENTIVE PLANS

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

EQUITY INCENTIVE PLANS

Stock-based Compensation Expense

Stock-based compensation expense recognized for stock options, RSUs and our ESPP is recorded as operating expenses in our condensed statements of operations and comprehensive loss, as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Selling, general and administrative	$	8,484	$	5,646
Research and development	3,604		1,970

Total	$	12,088	$	7,616

A summary of our total unrecognized stock-based compensation expense, net of estimated forfeitures, as of March 31, 2025 is as follows:


	Unrecognized Compensation Expense (in thousands)		Average Remaining Vesting Period (in years)
Stock option grants	$	64,626	2.88
RSU grants	$	79,520	3.30
ESPP	$	304	0.42

Stock Options

A summary of our stock option activity and related information for the 2025 first quarter is as follows:


	Number of Shares (in thousands)	Weighted-Average Exercise Price per Share
Balance as of December 31, 2024	28,085	$	5.63
Options granted	4,113	$	5.21
Options exercised	(390)	$	1.20
Options forfeited or canceled	(821)	$	7.91
Balance as of March 31, 2025	30,987	$	5.57
Exercisable as of March 31, 2025	15,715	$	5.45

Restricted Stock Units

A summary of our RSUs activity and related information for the 2025 first quarter is as follows:


	Number of RSUs (in thousands)	Weighted-Average Grant Date Fair Value Per Share
Non-vested restricted stock units as of December 31, 2024	8,013	$	6.59
Granted	7,093	$	5.21
Vested	(573)	$	6.04
Forfeited	(425)	$	5.79
Non-vested restricted stock units as of March 31, 2025	14,108	$	5.94

Employee Stock Purchase Plan

During the 2025 first quarter, we issued approximately 0.2 million shares of our common stock under the ESPP. The shares were purchased by employees at an average purchase price of $4.56 per share, resulting in proceeds to us of approximately $1.0 million.

Issuance of Common Stock for Services

During the 2025 first quarter, we issued no shares of our common stock to members of the board of directors who elected to receive stock in lieu of their cash fees under our Non-Employee Director Compensation Program.

STOCKHOLDERS’ EQUITY	3 Months Ended
STOCKHOLDERS’ EQUITY	Mar. 31, 2025
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY In January 2023, we filed a registration statement on Form S-3, which became effective in January 2023, containing (i) a base prospectus for the offering, issuance and sale by us of up to a maximum aggregate offering price of $250.0 million of our common stock, preferred stock, debt securities, warrants and/or units, from time to time in one or more offerings; and (ii) a prospectus supplement for the offering, issuance and sale by us of up to a maximum aggregate offering price of $150.0 million of our common stock that may be issued and sold, from time to time, under a sales agreement with Jefferies, deemed to be “at-the-market offerings” (2023 Open Market Sales Agreement). Pursuant to the 2023 Open Market Sales Agreement, Jefferies, as sales agent, may receive a commission of up to 3.0% of the gross sales price for shares of common stock sold under the 2023 Open Market Sales Agreement. In the 2025 first quarter, we completed no sales pursuant to the 2023 Open Market Sales Agreement. As of March 31, 2025, we have completed sales pursuant to the 2023 Open Market Sales Agreement, resulting in the issuance of 16.8 million shares of our common stock and receipt of gross proceeds of $70.0 million at a weighted average sales price of approximately $4.17.

- Definition

The entire disclosure for equity.

+ References

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+ Details

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues
Total revenues	$ 74,114	$ 46,023
Cost of goods sold
Total cost of goods sold	12,303	7,128
Operating expenses
Research and development	14,938	10,579
Selling, general and administrative	83,222	52,994
Total operating expenses	98,160	63,573
Loss from operations	(36,349)	(24,678)
Interest expense	(4,191)	(2,356)
Non-cash interest expense related to the sale of future royalties	(2,071)	(1,702)
Other income, net	2,326	2,339
Loss before provision for income taxes	(40,285)	(26,397)
Provision for income taxes	859	121
Net loss	$ (41,144)	$ (26,518)
Net loss per share of common stock - basic (in dollars per share)	$ (0.17)	$ (0.11)
Net loss per share of common stock - diluted (in dollars per share)	$ (0.17)	$ (0.11)
Shares used in computing net loss per share - basic (in shares)	238,624,145	233,065,960
Shares used in computing net loss per share - diluted (in shares)	238,624,145	233,065,960
Comprehensive loss
Net loss	$ (41,144)	$ (26,518)
Unrealized losses on available-for-sale securities	(39)	(244)
Comprehensive loss	(41,183)	(26,762)
Product sales, net
Revenues
Total revenues	67,814	43,512
Cost of goods sold
Total cost of goods sold	2,340	1,013
Product supply revenue
Revenues
Total revenues	254	2,126
Licensing revenue
Revenues
Total revenues	5,020	17
Non-cash royalty revenue related to the sale of future royalties
Revenues
Total revenues	1,026	368
Other cost of revenue
Cost of goods sold
Total cost of goods sold	$ 9,963	$ 6,115

COLLABORATION AND LICENSING AGREEMENTS - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Current
Beginning balance	$ 10,686
Ending balance	10,913
Non-Current
Beginning balance	7,232
Ending balance	8,350
2017 KKC Agreement
Current
Beginning balance	10,686	$ 7,182
Prepaid product supply	227	732
Product supply delivered	0	(1,328)
Ending balance	10,913	6,586
Non-Current
Beginning balance	7,232	8,644
Prepaid product supply	1,118	3,459
Product supply delivered	0	0
Ending balance	$ 8,350	$ 12,103

STOCKHOLDERS’ EQUITY (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2023	Mar. 31, 2025
2023 Open Market Sales Agreement
Subsidiary, Sale of Stock [Line Items]
Commission on sale of stock per agreement (as percent)	3.00%
Issuance of common stock in at-the-market offering (in shares)		16.8
Gross proceeds		$ 70,000,000.0
Weighted-average sales price per share (in dollars per share)		$ 4.17
Common stock
Subsidiary, Sale of Stock [Line Items]
Maximum aggregate offering price	$ 250,000,000.0
Common stock \| 2023 Open Market Sales Agreement
Subsidiary, Sale of Stock [Line Items]
Maximum aggregate offering price	$ 150,000,000.0

EQUITY INCENTIVE PLANS - Restricted Stock Units Activity (Details) - Restricted stock units shares in Thousands	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Number of RSUs (in thousands)
Non-vested restricted stock units, beginning balance (in shares) \| shares	8,013
Granted (in shares) \| shares	7,093
Vested (in shares) \| shares	(573)
Forfeited (in shares) \| shares	(425)
Non-vested restricted stock units, ending balance (in shares) \| shares	14,108
Weighted-Average Grant Date Fair Value Per Share
Non-vested restricted stock units, beginning balance (in dollars per share) \| $ / shares	$ 6.59
Granted (in dollars per share) \| $ / shares	5.21
Vested (in dollars per share) \| $ / shares	6.04
Forfeited (in dollars per share) \| $ / shares	5.79
Non-vested restricted stock units, ending balance (in dollars per share) \| $ / shares	$ 5.94

EQUITY INCENTIVE PLANS - Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Stock-based Compensation [Line Items]
Stock-based compensation expense	$ 12,088	$ 7,616
Selling, general and administrative
Stock-based Compensation [Line Items]
Stock-based compensation expense	8,484	5,646
Research and development
Stock-based Compensation [Line Items]
Stock-based compensation expense	$ 3,604	$ 1,970

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

The following table summarizes our cash, cash equivalents and short-term investments:


	March 31, 2025								December 31, 2024
			Gross Unrealized								Gross Unrealized
(in thousands)	Amortized Cost		Gains		Losses		Fair Value		Amortized Cost		Gains		Losses		Fair Value
Cash and cash equivalents
Cash	$	8,318	$	—	$	—	$	8,318	$	16,282	$	—	$	—	$	16,282
Money market funds	22,490		—		—		22,490		48,650		—		—		48,650
Total cash and cash equivalents	30,808		—		—		30,808		64,932		—		—		64,932
Short-term investments
U.S. treasury securities	$	72,431	$	43	$	(3)	$	72,471	$	79,720	$	58	$	(5)	$	79,773
U.S. government-sponsored agency bonds	41,852		4		(26)		41,830		45,960		29		(27)		45,962
Commercial paper	33,026		2		(3)		33,025		37,061		19		(15)		37,065
Corporate bonds	28,077		7		(2)		28,082		17,415		4		(6)		17,413
Asset-backed securities	5,752		—		(3)		5,749		2,983		2		—		2,985
Yankee bonds	1,988		—		(1)		1,987		1,972		—		(2)		1,970
Total short-term investments	183,126		56		(38)		183,144		185,111		112		(55)		185,168
Total cash, cash equivalents and investments	$	213,934	$	56	$	(38)	$	213,952	$	250,043	$	112	$	(55)	$	250,100

Realized gains or losses have not been significant and are included in other income, net, in the condensed statements of operations and comprehensive loss.

Unrealized losses as of March 31, 2025 and December 31, 2024 were not material. We determined that none of our available-for-sale securities were other-than-temporarily impaired as of March 31, 2025 and December 31, 2024, and no investment was in a continuous unrealized loss position for more than one year. Therefore, we believe that it is more likely than not that the investments will be held until maturity or a forecasted recovery of fair value.

Based on our procedures under the expected credit loss model, including an assessment of unrealized losses in our portfolio, we concluded that any unrealized losses on our marketable securities were not attributable to credit and, therefore, we have not recorded an allowance for credit losses for these securities as of March 31, 2025 and December 31, 2024.

See “Cash and Cash Equivalents” and “Short-Term Investments” captions of Note 2. Summary of Significant Accounting Policies of our 2024 Form 10-K for more information on our accounting policies for cash, cash equivalents and short-term investments.

NATURE OF OPERATIONS (Policies)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

These condensed financial statements have been prepared in accordance with U.S. GAAP and pursuant to the requirements of the SEC for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted. These condensed financial statements have been prepared on the same basis as our most recent annual financial statements and, in the opinion of management, reflect all normal and recurring adjustments necessary to present fairly our financial position, results of operations, changes in stockholders’ equity and cash flows for the interim periods presented. Certain prior year amounts have been reclassified to conform to the current year presentation.

The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto included in our 2024 Form 10-K. The results for the 2025 first quarter are not necessarily indicative of results to be expected for the entire year ending December 31, 2025, or for any other interim period or future year.

Use of Estimates

The preparation of financial statements requires management to make estimates, judgments and assumptions. The most significant assumptions are estimates used in our revenue gross-to-net accruals and other assumptions. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could materially differ from those estimates.

Recent Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments in this Update provide more transparency about income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted on a prospective basis for annual financial statements that have not yet been issued or made available for issuance. The Company is in the process of evaluating the impact of this new guidance on its disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Topic 220) - Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses, which requires public companies to disclose, in interim and reporting periods, additional information about certain expenses in the financial statements. ASU No. 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is in the process of evaluating the impact of this new guidance on its disclosures.

Fair Value Measurements


Level 1 –			Valuations are based on quoted prices in active markets for identical assets or liabilities and readily accessible by us at the reporting date.

Level 2 –			Valuations based on inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 –			Valuations based on unobservable inputs for which there is little or no market data, which require us to develop our own assumptions.

BORROWING

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

BORROWING

The following table presents our long-term borrowing under the 2022 Loan Agreement:


(in thousands)	March 31, 2025		December 31, 2024		Interest rate
Principal
Term A Loan	$	27,500	$	27,500	7.95% + 0.022% + SOFR (subject to a floor of 1.0%)
Term B Loan	22,500		22,500		7.95% + 0.022% + SOFR (subject to a floor of 1.0%)
Term C Loan	50,000		50,000		4.25% + 0.022% + SOFR (subject to a floor of 4.7%)
Term D Loan	50,000		50,000		4.00% + 0.022% + SOFR (subject to a floor of 4.7%)
Total principal	150,000		150,000
Adjustments to principal value
Unamortized discount and debt issuance costs	(1,070)		(1,136)
Accreted value of final fee	2,371		1,989
Total long-term debt	151,301		150,853
Less: Current portion of long-term debt	—		—
Long-term debt, net of current portion	$	151,301	$	150,853

The total unaccreted final fee was $5.1 million and $5.4 million as of March 31, 2025 and December 31, 2024, respectively.

As of March 31, 2025, our total future payment obligation related to the outstanding balance of the term loans, excluding interest payments, was $151.3 million, which is due on July 1, 2028.

There have been no changes to the principal, maturity, interest rates, interest payment terms and debt covenants since December 31, 2024. See Note 9. Borrowing of our 2024 Form 10-K for additional information regarding our 2022 Loan Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (41,144)	$ (26,518)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

DEFERRED ROYALTY OBLIGATION RELATED TO THE SALE OF FUTURE ROYALTIES - Narrative (Details) $ in Millions	1 Months Ended
	Jun. 30, 2022 USD ($)
Healthcare royalty partners IV, L.P \| License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty payments and commercial milestone payments	$ 20.0