0001437402-26-000044 | 10-Q | XBRL Viewer

COLLABORATION AND LICENSING AGREEMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Collaboration and Licensing Agreements

Disaggregation of total revenues by nature is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Product sales, net	$	118,129	$	90,077	$	211,502	$	157,891
Product supply revenue	1,976		6,185		2,330		6,439
Licensing revenue	96		20		147		5,040
Non-cash royalty revenue related to the sale of future royalties	676		1,380		1,371		2,406
Total revenues	$	120,877	$	97,662	$	215,350	$	171,776

Total product sales, net was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2026			2025			2026			2025
Product sales, net
IBSRELA	$	86,243		$	65,045		$	156,317		$	109,448
XPHOZAH	31,886			25,032			55,185			48,443
Total product sales, net	$	118,129		$	90,077		$	211,502		$	157,891
Product sales, net as a percentage of total revenues	97.7		%	92.2		%	98.2		%	91.9		%

The following table summarizes total revenues by collaboration partner:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Licensing revenue

Fosun Pharma	$	95	$	—	$	115	$	5,000
Knight	1		20		32		40

Total licensing revenue	$	96	$	20	$	147	$	5,040
Product supply revenue
Fosun Pharma	$	1,976	$	—	$	2,328	$	—
Kyowa Kirin	—		6,185		2		6,185
Knight	—		—		—		254
Total supply revenue	$	1,976	$	6,185	$	2,330	$	6,439
Non-cash royalty revenue related to the sale of future royalties
Kyowa Kirin	$	676	$	1,380	$	1,371	$	2,406

Schedule of Deferred Revenue Balances

The following table presents changes in our current deferred revenue balances by collaboration partner:


	2026						2025
(in thousands) Current	Kyowa Kirin		Fosun Pharma		Total		Kyowa Kirin		Fosun Pharma		Total
Deferred revenue balance as of January 1,	$	—	$	1,206	$	1,206	$	10,686	$	—	$	10,686
Prepaid product supply	—		7,529		7,529		227		—		227
Product supply delivered	—		(1,997)		(1,997)		(4,633)		—		(4,633)
Reclassify amounts to be recognized in the next 12 months	—		—		—		—		—		—
Deferred revenue balance as of June 30,	$	—	$	6,738	$	6,738	$	6,280	$	—	$	6,280

The following table presents changes in our non-current deferred revenue balances by collaboration partner:


	2026						2025
(in thousands) Non-current	Kyowa Kirin		Fosun Pharma		Total		Kyowa Kirin		Fosun Pharma		Total
Deferred revenue balance as of January 1,	$	13,699	$	—	$	13,699	$	7,232	$	—	$	7,232
Prepaid product supply	—		—		—		5,063		—		5,063
Product supply delivered	—		—		—		—		—		—
Reclassify amounts to be recognized in the next 12 months	—		—		—		—		—		—
Deferred revenue balance as of June 30,	$	13,699	$	—	$	13,699	$	12,295	$	—	$	12,295

EQUITY INCENTIVE PLANS - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock for services (in shares)	33
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)	100
Purchase price (in dollars per share) \| $ / shares	$ 5.44
Proceeds from ESPP \| $	$ 0.7

- 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.

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+ Details

- Definition

Number of shares issued during the period as a result of an employee stock purchase plan.

+ References

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+ Details

REVENUE - Schedule of GTN Adjustments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Gross-to-net sales accruals and reserves
Beginning balance	$ 45,423
Provisions	114,132
Credits/payments	(100,184)
Ending balance	59,371
Discounts and Chargebacks
Gross-to-net sales accruals and reserves
Beginning balance	1,693
Provisions	17,983
Credits/payments	(16,957)
Ending balance	2,719
Rebates, Wholesaler and GPO Fees
Gross-to-net sales accruals and reserves
Beginning balance	34,456
Provisions	70,766
Credits/payments	(58,732)
Ending balance	46,490
Copay Assistance and Returns
Gross-to-net sales accruals and reserves
Beginning balance	9,274
Provisions	25,383
Credits/payments	(24,495)
Ending balance	$ 10,162

REVENUE (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

Disaggregation of total revenues by nature is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Product sales, net	$	118,129	$	90,077	$	211,502	$	157,891
Product supply revenue	1,976		6,185		2,330		6,439
Licensing revenue	96		20		147		5,040
Non-cash royalty revenue related to the sale of future royalties	676		1,380		1,371		2,406
Total revenues	$	120,877	$	97,662	$	215,350	$	171,776

Total product sales, net was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2026			2025			2026			2025
Product sales, net
IBSRELA	$	86,243		$	65,045		$	156,317		$	109,448
XPHOZAH	31,886			25,032			55,185			48,443
Total product sales, net	$	118,129		$	90,077		$	211,502		$	157,891
Product sales, net as a percentage of total revenues	97.7		%	92.2		%	98.2		%	91.9		%

The following table summarizes total revenues by collaboration partner:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Licensing revenue

Fosun Pharma	$	95	$	—	$	115	$	5,000
Knight	1		20		32		40

Total licensing revenue	$	96	$	20	$	147	$	5,040
Product supply revenue
Fosun Pharma	$	1,976	$	—	$	2,328	$	—
Kyowa Kirin	—		6,185		2		6,185
Knight	—		—		—		254
Total supply revenue	$	1,976	$	6,185	$	2,330	$	6,439
Non-cash royalty revenue related to the sale of future royalties
Kyowa Kirin	$	676	$	1,380	$	1,371	$	2,406

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Customers(1)
BioRidge Pharma, LLC	76.3	%	61.1	%	80.3	%	62.2	%
Cencora, Inc.	16.0	%	20.5	%	16.5	%	19.5	%
McKesson Corporation	14.4	%	20.7	%	15.0	%	19.1	%
Cardinal Health, Inc.	14.4	%	23.4	%	13.7	%	22.8	%
Caremark, LLC	13.4	%	—	%	12.8	%	—	%

(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.

Schedule of Gross To Net Adjustments of Revenue

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, 2025	$	1,693	$	34,456	$	9,274	$	45,423
Provisions(1)	17,983		70,766		25,383		114,132
Credits/payments	(16,957)		(58,732)		(24,495)		(100,184)
Balance as of June 30, 2026	$	2,719	$	46,490	$	10,162	$	59,371

(1)Adjustments to prior period provisions recorded in the current period were not material.

INVENTORY (Tables)

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Schedule of Current Inventory

Inventory consisted of the following:


(in thousands)	June 30, 2026		December 31, 2025
Raw materials	$	38,554	$	28,009
Work in process	87,037		88,259
Finished goods	13,394		6,839
Total	$	138,985	$	123,107
Reported as
Inventory	$	25,858	$	17,735
Inventory, non-current	113,127		105,372
Total	$	138,985	$	123,107

Schedule of Noncurrent Inventory

Inventory consisted of the following:


(in thousands)	June 30, 2026		December 31, 2025
Raw materials	$	38,554	$	28,009
Work in process	87,037		88,259
Finished goods	13,394		6,839
Total	$	138,985	$	123,107
Reported as
Inventory	$	25,858	$	17,735
Inventory, non-current	113,127		105,372
Total	$	138,985	$	123,107

EQUITY INCENTIVE PLANS (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense Recognized

Stock-based compensation expense for stock options, RSUs and our ESPP included in our condensed statements of operations and comprehensive loss was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Selling, general and administrative	$	12,408	$	9,273	$	23,964	$	17,757
Research and development	2,908		2,414		5,510		6,018

Total	$	15,316	$	11,687	$	29,474	$	23,775

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 June 30, 2026 is as follows:


	Unrecognized Compensation Expense (in thousands)		Average Remaining Vesting Period (in years)
Stock option grants	$	52,092	2.6
RSU grants	$	91,005	2.9
ESPP	$	129	0.2

Schedule of Stock Option Activity

A summary of our stock option activity and related information for the six months ended June 30, 2026 is as follows:


	Number of Shares (in thousands)	Weighted-Average Exercise Price per Share
Outstanding as of December 31, 2025	28,977	$	5.54
Granted	3,968	$	7.29
Exercised	(1,890)	$	3.38
Forfeited or cancelled	(1,780)	$	8.12
Outstanding as of June 30, 2026	29,275	$	5.76
Exercisable as of June 30, 2026	18,078	$	5.44

Schedule of Restricted Stock Units Activity

A summary of our RSU activity and related information for the six months ended June 30, 2026 is as follows:


	Number of RSUs (in thousands)	Weighted-Average Grant Date Fair Value per Share
Unvested as of December 31, 2025	12,583	$	5.71
Granted	6,858	$	7.24
Vested	(2,769)	$	6.09
Forfeited or cancelled	(1,353)	$	6.32
Unvested as of June 30, 2026	15,319	$	6.27

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

6 Months Ended

Jun. 30, 2026

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

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


	June 30, 2026								December 31, 2025
	Amortized Cost		Gross Unrealized				Fair Value		Amortized Cost		Gross Unrealized				Fair Value
(in thousands)			Gains		Losses						Gains		Losses
Cash and cash equivalents
Cash	$	7,086	$	—	$	—	$	7,086	$	18,569	$	—	$	—	$	18,569
Money market funds	90,105		—		—		90,105		49,430		—		—		49,430
Total cash and cash equivalents	97,191		—		—		97,191		67,999		—		—		67,999
Short-term investments
U.S. treasury securities	$	88,142	$	—	$	(75)	$	88,067	$	95,052	$	105	$	—	$	95,157
Commercial paper	46,918		3		(66)		46,855		46,421		32		(3)		46,450
U.S. government-sponsored agency bonds	23,452		—		(30)		23,422		27,330		36		—		27,366
Corporate bonds	21,229		—		(23)		21,206		22,557		25		—		22,582

Yankee bonds	5,091		—		(2)		5,089		5,132		3		—		5,135
Total short-term investments	184,832		3		(196)		184,639		196,492		201		(3)		196,690
Total cash, cash equivalents and investments	$	282,023	$	3	$	(196)	$	281,830	$	264,491	$	201	$	(3)	$	264,689

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

Unrealized losses as of June 30, 2026 and December 31, 2025 were not material. All of the short-term available-for-sale securities held as of June 30, 2026 and December 31, 2025 had contractual maturities of less than one year, 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 June 30, 2026 and December 31, 2025.

See “Cash Equivalents” and “Short-Term Investments” captions of Note 2. Summary of Significant Accounting Policies of our 2025 Form 10-K for more information on our accounting policies for cash equivalents and short-term investments.

SEGMENT REPORTING

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

We operate in a single reportable segment. The Chief Executive Officer is our Chief Operating Decision Maker, who 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 2025 Form 10-K. See Note 17. Segment Reporting of our 2025 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 June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Revenues
Product sales, net	$	118,129	$	90,077	$	211,502	$	157,891
Other revenues(1)	2,748		7,585		3,848		13,885
Total revenues	120,877		97,662		215,350		171,776
Less
Cost of product sales(2)	3,689		3,245		6,564		5,585
Other cost of revenue(3)	2,070		9,158		4,006		19,121
Research and development(4)	23,195		13,251		40,781		24,586
Selling(4)	66,949		57,952		134,344		114,752
General and administrative(4)	22,083		16,764		45,399		34,701
Stock-based compensation	15,316		11,687		29,474		23,775
Loss from operations	(12,425)		(14,395)		(45,218)		(50,744)
Other reconciliation items(5)	(4,296)		(4,684)		(9,108)		(9,479)
Net loss	$	(16,721)	$	(19,079)	$	(54,326)	$	(60,223)

(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)Cost of product sales includes the cost of commercial goods sold to our Customers, such as the cost of materials, third-party contract manufacturing, third-party packaging services, freight, labor costs for personnel involved in the manufacturing process and indirect overhead costs.

(3)Other cost of revenue includes the cost of materials sold to our collaboration partners under product supply agreements, certain costs related to capacity expansion at current and future CMOs and payments due to AstraZeneca. As of the end of the 2025 second quarter, the maximum $75.0 million royalty obligation under the AstraZeneca Termination Agreement had been fully recognized.

(4)Research and development, selling and general and administrative expenses herein do not include stock-based compensation expenses.

(5)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 segment reporting.

+ References

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

BORROWING (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The following table presents our outstanding term loans under the Loan Agreement:


(in thousands)	June 30, 2026		December 31, 2025
Principal(1)
Term A Loan	$	14,371	$	27,500
Term B Loan	11,758		22,500
Term C Loan	41,940		50,000
Term D Loan	50,000		50,000
Term E Loan	50,000		50,000
Term F Loan	50,000		—
Term H Loan	31,931		—
Total principal	250,000		200,000
Adjustments to principal value
Unamortized discount and debt issuance costs	(3,021)		(1,127)
Accreted value of final fee	4,844		3,961
Total long-term debt	251,823		202,834
Less: Current portion of long-term debt	—		—
Long-term debt, net of current portion	$	251,823	$	202,834

(1)The outstanding term loans bear an interest rate at the sum of 4.55% plus the greater of (a) the one-month SOFR or (b) 3.50%, and mature on July 1, 2030.

- 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

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+ Details

LEASES

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

LEASES

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


($ in thousands)
Facilities	June 30, 2026			December 31, 2025
Right-of-use assets	$	4,065		$	4,795

Current portion of lease liabilities	$	1,545		$	1,479
Operating lease liability, net of current portion	2,822			3,641
Total lease liabilities	$	4,367		$	5,120

Weighted-average remaining term (in years)	2.7			3.1
Weighted-average discount rate	5.6		%	5.6		%

The following table presents the lease costs, which are included in our condensed statements of operations and comprehensive loss, and the supplemental cash flow information related to the leases:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Operating lease expense	$	432	$	393	$	864	$	1,370
Cash paid for operating leases	$	446	$	340	$	888	$	1,387

The following table summarizes our undiscounted cash payment obligations for our operating lease liabilities as of June 30, 2026:


(in thousands)	Operating Leases
Remainder of 2026	$	897
2027	1,836
2028	1,402
2029	575
Thereafter	—
Total undiscounted operating lease payments	4,710
Imputed interest expenses	(343)
Total operating lease liabilities	4,367
Less: Current portion of operating lease liability	(1,545)
Operating lease liability, net of current portion	$	2,822

REVENUE

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

REVENUE

Disaggregation of total revenues by nature is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Product sales, net	$	118,129	$	90,077	$	211,502	$	157,891
Product supply revenue	1,976		6,185		2,330		6,439
Licensing revenue	96		20		147		5,040
Non-cash royalty revenue related to the sale of future royalties	676		1,380		1,371		2,406
Total revenues	$	120,877	$	97,662	$	215,350	$	171,776

Product Sales, Net

Total product sales, net was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2026			2025			2026			2025
Product sales, net
IBSRELA	$	86,243		$	65,045		$	156,317		$	109,448
XPHOZAH	31,886			25,032			55,185			48,443
Total product sales, net	$	118,129		$	90,077		$	211,502		$	157,891
Product sales, net as a percentage of total revenues	97.7		%	92.2		%	98.2		%	91.9		%

Concentrations

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Customers(1)
BioRidge Pharma, LLC	76.3	%	61.1	%	80.3	%	62.2	%
Cencora, Inc.	16.0	%	20.5	%	16.5	%	19.5	%
McKesson Corporation	14.4	%	20.7	%	15.0	%	19.1	%
Cardinal Health, Inc.	14.4	%	23.4	%	13.7	%	22.8	%
Caremark, LLC	13.4	%	—	%	12.8	%	—	%

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, 2025	$	1,693	$	34,456	$	9,274	$	45,423
Provisions(1)	17,983		70,766		25,383		114,132
Credits/payments	(16,957)		(58,732)		(24,495)		(100,184)
Balance as of June 30, 2026	$	2,719	$	46,490	$	10,162	$	59,371

(1)Adjustments to prior period provisions recorded in the current period were not material.

- 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

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
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

REVENUE - Schedule of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 120,877	$ 97,662	$ 215,350	$ 171,776
Product sales, net
Disaggregation of Revenue [Line Items]
Total revenues	$ 118,129	$ 90,077	$ 211,502	$ 157,891
Product sales, net \| Gross product revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Product sales, net as a percentage of total revenues	97.70%	92.20%	98.20%	91.90%
IBSRELA
Disaggregation of Revenue [Line Items]
Total revenues	$ 86,243	$ 65,045	$ 156,317	$ 109,448
XPHOZAH
Disaggregation of Revenue [Line Items]
Total revenues	31,886	25,032	55,185	48,443
Product supply revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,976	6,185	2,330	6,439
Licensing revenue
Disaggregation of Revenue [Line Items]
Total revenues	96	20	147	5,040
Non-cash royalty revenue related to the sale of future royalties
Disaggregation of Revenue [Line Items]
Total revenues	$ 676	$ 1,380	$ 1,371	$ 2,406

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		6 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) segment	Jun. 30, 2025 USD ($)
Segment Reporting [Line Items]
Number of reportable segments \| segment			1
Number of segments \| segment			1
Revenues
Total revenues	$ 120,877	$ 97,662	$ 215,350	$ 171,776
Less
Cost of sales	5,759	12,403	10,570	24,706
Stock-based compensation	15,316	11,687	29,474	23,775
Loss before provision for income taxes	(16,611)	(19,078)	(54,208)	(59,363)
Net loss	(16,721)	(19,079)	(54,326)	(60,223)
AstraZeneca \| AZ Termination Agreement
Less
Cost of sales		3,800		12,700
Maximum potential payment per agreement		75,000		75,000
Reportable Segment
Revenues
Total revenues	120,877	97,662	215,350	171,776
Less
Research and development	23,195	13,251	40,781	24,586
Selling	66,949	57,952	134,344	114,752
General and administrative	22,083	16,764	45,399	34,701
Stock-based compensation	15,316	11,687	29,474	23,775
Loss before provision for income taxes	(12,425)	(14,395)	(45,218)	(50,744)
Other reconciliation items	(4,296)	(4,684)	(9,108)	(9,479)
Net loss	(16,721)	(19,079)	(54,326)	(60,223)
Product sales, net
Revenues
Total revenues	118,129	90,077	211,502	157,891
Product sales, net \| Reportable Segment
Revenues
Total revenues	118,129	90,077	211,502	157,891
Less
Cost of sales	3,689	3,245	6,564	5,585
Other cost of revenue \| Reportable Segment
Revenues
Total revenues	2,748	7,585	3,848	13,885
Less
Cost of sales	$ 2,070	$ 9,158	$ 4,006	$ 19,121

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Narrative (Details)	Jun. 30, 2026 USD ($) investment	Dec. 31, 2025 USD ($) investment
Cash and Cash Equivalents [Abstract]
Investment in continuous unrealized loss position for more than one year \| investment	0	0
Allowance for credit loss on available for-sale debt securities \| $	$ 0	$ 0

LEASES - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Lease costs
Operating lease expense	$ 432	$ 393	$ 864	$ 1,370
Cash paid for operating leases	$ 446	$ 340	$ 888	$ 1,387

BORROWING - Schedule of Borrowings (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 29, 2026	Dec. 31, 2025
Adjustments to principal value
Unamortized discount and debt issuance costs	$ (3,021)		$ (1,127)
Accreted value of final fee	4,844		3,961
Total long-term debt	251,823		202,834
Less: Current portion of long-term debt	0		0
Long-term debt	251,823		202,834
Loan Agreement
Debt Instrument [Line Items]
Total principal	$ 250,000		200,000
Adjustments to principal value
Interest rate (as percent)	4.55%
Floating per annum rate (as percent)	3.50%
Loan Agreement \| Term A Loan
Debt Instrument [Line Items]
Total principal	$ 14,371		27,500
Loan Agreement \| Term B Loan
Debt Instrument [Line Items]
Total principal	11,758		22,500
Loan Agreement \| Term C Loan
Debt Instrument [Line Items]
Total principal	41,940		50,000
Loan Agreement \| Term D Loan
Debt Instrument [Line Items]
Total principal	50,000		50,000
Loan Agreement \| Term E Loan
Debt Instrument [Line Items]
Total principal	50,000		50,000
Loan Agreement \| Term F Loan
Debt Instrument [Line Items]
Total principal	50,000	$ 50,000	0
Loan Agreement \| Term H Loan
Debt Instrument [Line Items]
Total principal	$ 31,931		$ 0

EQUITY INCENTIVE PLANS - Schedule of Total Unrecognized Stock-Based Compensation Expense, Net of Estimated Forfeitures (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Expense (in thousands)	$ 129
Average Remaining Vesting Period (in years)	2 months 12 days
Stock option grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Expense (in thousands)	$ 52,092
Average Remaining Vesting Period (in years)	2 years 7 months 6 days
RSU grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Expense (in thousands)	$ 91,005
Average Remaining Vesting Period (in years)	2 years 10 months 24 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

+ Details

LEASES - Schedule of Undiscounted Cash Payment Obligations for Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Undiscounted cash payment obligations
Remainder of 2026	$ 897
2027	1,836
2028	1,402
2029	575
Thereafter	0
Total undiscounted operating lease payments	4,710
Imputed interest expenses	(343)
Total operating lease liabilities	4,367	$ 5,120
Less: Current portion of operating lease liability	(1,545)	(1,479)
Operating lease liability, net of current portion	$ 2,822	$ 3,641

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (54,326)	$ (60,223)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization expense	1,519	1,233
Non-cash lease expense	730	1,254
Stock-based compensation	29,474	23,775
Non-cash interest expense	3,150	4,425
Non-cash royalty revenue related to the sale of future royalties	(1,371)	(2,406)
Other, net	(1,088)	(2,083)
Changes in operating assets and liabilities
Accounts receivable	(28,504)	(4,848)
Inventory	(15,878)	(32,075)
Prepaid commercial manufacturing	(8,712)	3,638
Prepaid expenses and other assets	(5,486)	(5,917)
Accounts payable	19,175	5,685
Accrued compensation and benefits	(4,544)	(3,126)
Operating lease liabilities	(753)	(1,268)
Accrued and other liabilities	22,446	7,480
Deferred revenue	5,532	657
Net cash used in operating activities	(38,636)	(63,799)
Investing activities
Proceeds from maturities and redemptions of investments	94,510	93,110
Purchases of investments	(81,762)	(54,361)
Purchases of property and equipment	(82)	(975)
Net cash provided by investing activities	12,666	37,774
Financing activities
Proceeds from Loan Agreement, net of costs	81,871	48,668
Repayment of Loan Agreement, including fees	(33,831)	0
Proceeds from issuance of common stock under equity incentive plans	7,122	2,470
Net cash provided by financing activities	55,162	51,138
Net increase in cash and cash equivalents	29,192	25,113
Cash and cash equivalents at beginning of period	67,999	64,932
Cash and cash equivalents at end of period	97,191	90,045
Supplemental disclosure of cash flow information
Cash paid for interest	7,745	6,280
Cash paid for income taxes	101	440
Supplemental disclosure of non-cash activities
Right-of-use assets obtained in exchange for lease obligations	0	3,880
Issuance of common stock for services	$ 185	$ 315

NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2026

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 six months ended June 30, 2026 and 2025, 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:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2026		2025		2026		2025
Numerator
Net loss	$	(16,721)	$	(19,079)	$	(54,326)	$	(60,223)
Denominator

Weighted average common shares outstanding - basic and diluted	248,067		239,929		246,967		239,280
Net loss per share of common stock - basic and diluted	$	(0.07)	$	(0.08)	$	(0.22)	$	(0.25)

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 June 30,		Six Months Ended June 30,
(in thousands)	2026	2025	2026	2025
Options to purchase common stock	29,725	30,618	29,717	29,878

Restricted stock units	15,734	13,600	15,601	11,993

ESPP shares issuable	161	188	152	199
Total	45,620	44,406	45,470	42,070

EQUITY INCENTIVE PLANS - Schedule of Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Stock-based Compensation [Line Items]
Stock-based compensation	$ 15,316	$ 11,687	$ 29,474	$ 23,775
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense
Stock-based Compensation [Line Items]
Stock-based compensation	2,908	2,414	5,510	6,018
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Stock-based Compensation [Line Items]
Stock-based compensation	$ 12,408	$ 9,273	$ 23,964	$ 17,757

COLLABORATION AND LICENSING AGREEMENTS - Schedule of Recognized Revenue (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 120,877	$ 97,662		$ 215,350	$ 171,776
Licensing revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	96	20		147	5,040
Licensing revenue \| Fosun Pharma \| Fosun Pharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	95	0	$ 5,000	115	5,000
Licensing revenue \| Knight \| Knight
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	1	20		32	40
Product supply revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	1,976	6,185		2,330	6,439
Product supply revenue \| Fosun Pharma \| Fosun Pharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	1,976	0		2,328	0
Product supply revenue \| Kyowa Kirin \| Kyowa Kirin
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	0	6,185		2	6,185
Product supply revenue \| Knight \| Knight
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	0	0		0	254
Non-cash royalty revenue related to the sale of future royalties
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	676	1,380		1,371	2,406
Non-cash royalty revenue related to the sale of future royalties \| Kyowa Kirin \| Kyowa Kirin
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 676	$ 1,380		$ 1,371	$ 2,406

BORROWING

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

BORROWING

The following table presents our outstanding term loans under the Loan Agreement:


(in thousands)	June 30, 2026		December 31, 2025
Principal(1)
Term A Loan	$	14,371	$	27,500
Term B Loan	11,758		22,500
Term C Loan	41,940		50,000
Term D Loan	50,000		50,000
Term E Loan	50,000		50,000
Term F Loan	50,000		—
Term H Loan	31,931		—
Total principal	250,000		200,000
Adjustments to principal value
Unamortized discount and debt issuance costs	(3,021)		(1,127)
Accreted value of final fee	4,844		3,961
Total long-term debt	251,823		202,834
Less: Current portion of long-term debt	—		—
Long-term debt, net of current portion	$	251,823	$	202,834

(1)The outstanding term loans bear an interest rate at the sum of 4.55% plus the greater of (a) the one-month SOFR or (b) 3.50%, and mature on July 1, 2030.

On April 28, 2026, we entered into an amendment to our Loan Agreement (the Sixth Amendment), by and among us, as borrower, SLR, as collateral agent and the lenders party thereto. Pursuant to the Sixth Amendment, among other things, (i) a portion of $200.0 million in outstanding principal previously allocated among the Term A through C Loans (collectively, the Revised Loans) was refinanced with a new Term H Loan; (ii) the maturity date for the Revised Loans, the Term D Loan and the Term E Loan was extended from July 1, 2028 to July 1, 2030 (the New Maturity Date), which is the maturity date for each other term loan; (iii) the interest-only payment period for the Revised Loans, the Term D Loan and the Term E Loan was extended until the New Maturity Date, which is the interest-only payment period for each other term loan; (iv) the interest rate for each term loan will have a collectively reduced interest rate, at the sum of 4.55% plus the greater of (a) the one-month SOFR reference rate or (b) 3.50%; (v) we retained the option to draw the Term F and Term G Loans, each in the amount of $50.0 million, at our election by June 30, 2026 and December 20, 2026, respectively; and (vi) we amended certain negative covenants and other conditions to provide additional flexibility to us. We concluded that the Sixth Amendment was a modification to the Loan Agreement and we accounted for it accordingly.

On the closing date of the Sixth Amendment, we paid approximately $1.9 million in final fees and prepayment premium in connection with the partial repayment of the Term A through C Loans.

We are obligated to pay a final fee with respect to each of the outstanding amounts under each of the term loans, upon the earliest to occur of (i) the New Maturity Date, (ii) the acceleration of the applicable term loan or (iii) the prepayment, refinancing, substitution or replacement of the applicable term loan. This final fee is 4.95% for the Term A through E Loans, 3.45% for the Term F and Term G Loans and 2.50% for the Term H Loan. The total unaccreted final fee was $6.0 million and $5.9 million as of June 30, 2026 and December 31, 2025, respectively.

We may voluntarily prepay all amounts outstanding under the Revised Loans, the Term D Loan, the Term E Loan and the Term H Loan, subject to a prepayment premium of (i) three percent of the outstanding principal amount of the applicable term loan if prepaid on or after April 28, 2026 through and including April 28, 2027, (ii) two percent of the outstanding principal amount of the applicable term loan if prepaid on or after April 29, 2027 through and including April 28, 2028 or (iii) one percent of the outstanding principal amount of the applicable term loan if prepaid after April 28, 2028 and prior to July 1, 2030.

We may voluntarily prepay all amounts outstanding under the Term F and Term G Loans, subject to a prepayment premium of (i) two percent of the outstanding principal amount of the applicable term loan if prepaid on or after July 1, 2026 through and including June 30, 2027 or (ii) one percent of the outstanding principal amount of the applicable term loan if prepaid after June 30, 2027 and prior to July 1, 2030.

The Loan Agreement contains certain covenants, including a single financial covenant that the sum of our net product revenue, calculated on a trailing six-month basis, plus unrestricted cash and cash equivalents that are subject to a first-priority perfected lien in favor of SLR, shall be greater than or equal to 100% of the principal amount outstanding under the Loan Agreement. The outstanding term loans are secured by substantially all of our assets, except for our intellectual property and certain other customary exclusions. In addition, the Loan Agreement contains subjective clauses to accelerate the maturity of outstanding principal amount in the event that a material adverse change has occurred within our business, operations or financial condition.

On June 29, 2026, we received $50.0 million of funding as a result of our draw down of the Term F Loan. We elected to draw down the Term F Loan for general corporate purposes and to enhance flexibility to support our ongoing strategic initiatives, in line with our capital allocation strategy.

As of June 30, 2026, our total future payment obligation related to the outstanding term loans, excluding interest payments, was $260.8 million, which is due on July 1, 2030.

- 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 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Paragraph 1
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-Topic 210
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EQUITY INCENTIVE PLANS - Schedule of Restricted Stock Units Activity (Details) - Restricted stock units shares in Thousands	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Number of RSUs (in thousands)
Unested restricted stock units, beginning balance (in shares) \| shares	12,583
Granted (in shares) \| shares	6,858
Vested (in shares) \| shares	(2,769)
Forfeited or cancelled (in shares) \| shares	(1,353)
Unvested restricted stock units, ending balance (in shares) \| shares	15,319
Weighted-Average Grant Date Fair Value per Share
Unvested restricted stock units, beginning balance (in dollars per share) \| $ / shares	$ 5.71
Granted (in dollars per share) \| $ / shares	7.24
Vested (in dollars per share) \| $ / shares	6.09
Forfeited or cancelled (in dollars per share) \| $ / shares	6.32
Unvested restricted stock units, ending balance (in dollars per share) \| $ / shares	$ 6.27

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 120,877	$ 97,662	$ 215,350	$ 171,776
Costs and operating expenses
Cost of sales	5,759	12,403	10,570	24,706
Research and development	26,103	15,666	46,291	30,604
Selling, general and administrative	101,440	83,988	203,707	167,210
Total costs and operating expenses	133,302	112,057	260,568	222,520
Loss from operations	(12,425)	(14,395)	(45,218)	(50,744)
Interest expense	(4,957)	(4,356)	(10,556)	(8,547)
Non-cash interest expense related to the sale of future royalties	(1,267)	(2,219)	(2,584)	(4,290)
Other income, net	2,038	1,892	4,150	4,218
Loss before provision for income taxes	(16,611)	(19,078)	(54,208)	(59,363)
Provision for income taxes	110	1	118	860
Net loss	$ (16,721)	$ (19,079)	$ (54,326)	$ (60,223)
Net loss per share of common stock - basic (in dollars per share)	$ (0.07)	$ (0.08)	$ (0.22)	$ (0.25)
Net loss per share of common stock - diluted (in dollars per share)	$ (0.07)	$ (0.08)	$ (0.22)	$ (0.25)
Shares used in computing net loss per share - basic (in shares)	248,067,253	239,928,570	246,967,275	239,279,962
Shares used in computing net loss per share - diluted (in shares)	248,067,253	239,928,570	246,967,275	239,279,962
Comprehensive loss
Net loss	$ (16,721)	$ (19,079)	$ (54,326)	$ (60,223)
Unrealized losses on available-for-sale securities	(69)	(56)	(391)	(95)
Comprehensive loss	(16,790)	(19,135)	(54,717)	(60,318)
Product sales, net
Revenues
Total revenues	118,129	90,077	211,502	157,891
Product supply revenue
Revenues
Total revenues	1,976	6,185	2,330	6,439
Licensing revenue
Revenues
Total revenues	96	20	147	5,040
Non-cash royalty revenue related to the sale of future royalties
Revenues
Total revenues	$ 676	$ 1,380	$ 1,371	$ 2,406

INVENTORY

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

INVENTORY

Inventory consisted of the following:


(in thousands)	June 30, 2026		December 31, 2025
Raw materials	$	38,554	$	28,009
Work in process	87,037		88,259
Finished goods	13,394		6,839
Total	$	138,985	$	123,107
Reported as
Inventory	$	25,858	$	17,735
Inventory, non-current	113,127		105,372
Total	$	138,985	$	123,107

Prepaid commercial manufacturing with third-party CMOs not included in inventory was $23.2 million and $14.5 million as of June 30, 2026 and December 31, 2025, respectively. There were $8.5 million prepayments expected to be converted into inventory after 12 months as of June 30, 2026, compared to none as of December 31, 2025.

EQUITY INCENTIVE PLANS - Schedule of Stock Options Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2026
Number of Shares (in thousands)
Outstanding balance, beginning (in shares)	28,977,000
Granted (in shares)	3,968,000
Exercised (in shares)	(1,890,000)
Forfeited or cancelled (in shares)	(1,780,000)
Outstanding balance, ending (in shares)	29,275,000
Exercisable (in shares)	18,078,000
Weighted-Average Exercise Price per Share
Outstanding balance, beginning (in dollars per share)	$ 5.54
Granted (in dollars per share)	7.29
Exercised (in dollars per share)	3.38
Forfeited or cancelled (in dollars per share)	8.12
Outstanding balance, ending (in dollars per share)	5.76
Exercisable (in dollars per share)	$ 5.44

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 97,191	$ 67,999
Short-term investments	184,639	196,690
Accounts receivable	100,352	71,848
Inventory	25,858	17,735
Prepaid commercial manufacturing	14,697	14,479
Prepaid expenses and other current assets	19,189	13,566
Total current assets	441,926	382,317
Property and equipment, net	1,781	2,184
Inventory, non-current	113,127	105,372
Prepaid commercial manufacturing, non-current	8,494	0
Right-of-use assets	4,065	4,795
Other assets	6,501	6,936
Total assets	575,894	501,604
Current liabilities
Accounts payable	38,410	19,235
Accrued compensation and benefits	14,564	19,108
Current portion of operating lease liability	1,545	1,479
Deferred revenue	6,738	1,206
Accrued expenses and other current liabilities	70,963	47,577
Total current liabilities	132,220	88,605
Operating lease liability, net of current portion	2,822	3,641
Long-term debt	251,823	202,834
Deferred revenue, non-current	13,699	13,699
Deferred royalty obligation related to the sale of future royalties	26,317	25,876
Total liabilities	426,881	334,655
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock, $0.0001 par value per share; 500,000,000 shares authorized; 249,147,061 and 244,351,501 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	25	24
Additional paid-in capital	1,150,446	1,113,666
Accumulated deficit	(1,001,265)	(946,939)
Accumulated other comprehensive (loss) income	(193)	198
Total stockholders’ equity	149,013	166,949
Total liabilities and stockholders’ equity	$ 575,894	$ 501,604

STOCKHOLDERS’ EQUITY	6 Months Ended
STOCKHOLDERS’ EQUITY	Jun. 30, 2026
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY In November 2025, we filed an automatic shelf registration statement on Form S-3ASR, which became effective upon filing, containing (i) a base prospectus, which covers the offering, issuance and sale from time to time in one or more offerings of our common stock, preferred stock, debt securities, warrants and/or units; and (ii) a prospectus supplement for the offering, issuance and sale of up to a maximum aggregate offering price of $100.0 million of our common stock that may be issued and sold from time to time under the 2025 Open Market Sales Agreement, deemed to be “at-the-market offerings.” Pursuant to the 2025 Open Market Sales Agreement, Jefferies, as sales agent, may receive a commission of up to three percent of the gross sales price for shares of our common stock sold under the 2025 Open Market Sales Agreement. As of June 30, 2026, there have been no sales of our common stock under the 2025 Open Market Sales Agreement.

- Definition

The entire disclosure for equity.

+ References

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+ Details

NATURE OF OPERATIONS (Policies)

6 Months Ended

Jun. 30, 2026

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 on the condensed statements of operations and comprehensive loss to include the “cost of product sales” and the “other cost of revenue” captions within the “cost of sales” caption. Certain prior year amounts have also been reclassified to conform to the current year presentation in Note 12. Segment Reporting. These reclassifications had no effect on the previously reported results of operations.

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 2025 Form 10-K. The results for the three and six months ended June 30, 2026 are not necessarily indicative of results to be expected for the entire year ending December 31, 2026, 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. 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.

Concentration of Credit Risk

Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments and accounts receivable. We are exposed to credit risks in the event of default by the counterparties to the extent of the amount recorded in our condensed balance sheets. Cash, cash equivalents and short-term investments are invested through banks and other financial institutions in the U.S.

Recent Accounting Pronouncements

Recent Accounting Pronouncement Not Yet Adopted

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 annual reporting periods, additional information about certain expenses in the financial statements. The new disclosure requirements are effective for the Company’s annual periods beginning January 1, 2027, and interim periods beginning January 1, 2028, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is in the process of evaluating the impact of this new guidance on its disclosures.

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 based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access 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.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

COLLABORATION AND LICENSING AGREEMENTS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Mar. 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues		$ 120,877	$ 97,662		$ 215,350	$ 171,776
Cost of sales		5,759	12,403		10,570	24,706
Licensing revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues		96	20		147	5,040
Fosun Pharma \| Fosun Pharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Threshold percentage of net sales for tiered royalties	20.00%
Fosun Pharma \| Fosun Pharma \| Licensing revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues		$ 95	0	$ 5,000	$ 115	5,000
AstraZeneca \| AZ Termination Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost of sales			3,800			12,700
Maximum potential payment per agreement			$ 75,000			$ 75,000

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

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:


	June 30, 2026								December 31, 2025
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	90,105	$	90,105	$	—	$	—	$	49,430	$	49,430	$	—	$	—
U.S. treasury securities	88,067		—		88,067		—		95,157		—		95,157		—
Commercial paper	46,855		—		46,855		—		46,450		—		46,450		—
U.S. government-sponsored agency bonds	23,422		—		23,422		—		27,366		—		27,366		—
Corporate bonds	21,206		—		21,206		—		22,582		—		22,582		—

Yankee bonds	5,089		—		5,089		—		5,135		—		5,135		—
Total	$	274,744	$	90,105	$	184,639	$	—	$	246,120	$	49,430	$	196,690	$	—

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS


Level 1 –			Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access 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:


	June 30, 2026								December 31, 2025
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	90,105	$	90,105	$	—	$	—	$	49,430	$	49,430	$	—	$	—
U.S. treasury securities	88,067		—		88,067		—		95,157		—		95,157		—
Commercial paper	46,855		—		46,855		—		46,450		—		46,450		—
U.S. government-sponsored agency bonds	23,422		—		23,422		—		27,366		—		27,366		—
Corporate bonds	21,206		—		21,206		—		22,582		—		22,582		—

Yankee bonds	5,089		—		5,089		—		5,135		—		5,135		—
Total	$	274,744	$	90,105	$	184,639	$	—	$	246,120	$	49,430	$	196,690	$	—

Fair Value of Debt

The outstanding principal under our Loan Agreement is subject to a variable interest rate based on the one-month SOFR, a readily observable market data (Level 2 input). Therefore, we believe the carrying amount of the term loan facility approximated its fair value as of June 30, 2026 and December 31, 2025. See Note 8. Borrowing for more information.

The carrying value of the deferred royalty obligation related to the sale of future royalties approximated its fair value as of June 30, 2026 and December 31, 2025, and is based on our current estimates of future royalties and commercialization milestones expected to be received by HCR over the life of the HCR Agreement. See Note 7. Deferred Royalty Obligation Related to the Sale of Future Royalties for more information.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

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 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ 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, 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 for services (in shares)		87,256
Issuance of common stock for services	315		315
Issuance of common stock upon exercise of options (in shares)		780,990
Issuance of common stock upon exercise of options	1,455		1,455
Issuance of common stock upon vesting of restricted stock units (in shares)		1,658,711
Stock-based compensation	23,775		23,775
Unrealized losses on available-for-sale securities	(95)				(95)
Net loss	(60,223)			(60,223)
Ending balance (in shares) at Jun. 30, 2025		240,765,516
Ending balance at Jun. 30, 2025	139,531	$ 24	1,085,108	(945,563)	(38)
Beginning balance (in shares) at Mar. 31, 2025		239,201,256
Beginning balance at Mar. 31, 2025	145,676	$ 24	1,072,118	(926,484)	18
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for services (in shares)		87,256
Issuance of common stock for services	315		315
Issuance of common stock upon exercise of options (in shares)		391,027
Issuance of common stock upon exercise of options	988		988
Issuance of common stock upon vesting of restricted stock units (in shares)		1,085,977
Stock-based compensation	11,687		11,687
Unrealized losses on available-for-sale securities	(56)				(56)
Net loss	(19,079)			(19,079)
Ending balance (in shares) at Jun. 30, 2025		240,765,516
Ending balance at Jun. 30, 2025	139,531	$ 24	1,085,108	(945,563)	(38)
Beginning balance (in shares) at Dec. 31, 2025		244,351,501
Beginning balance at Dec. 31, 2025	166,949	$ 24	1,113,666	(946,939)	198
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock purchase plan (in shares)		136,480
Issuance of common stock under employee stock purchase plan	742		742
Issuance of common stock for services (in shares)		32,627
Issuance of common stock for services	$ 185		185
Issuance of common stock upon exercise of options (in shares)	1,890,000	1,889,734
Issuance of common stock upon exercise of options	$ 6,380	$ 1	6,379
Issuance of common stock upon vesting of restricted stock units (in shares)		2,736,719
Stock-based compensation	29,474		29,474
Unrealized losses on available-for-sale securities	(391)				(391)
Net loss	(54,326)			(54,326)
Ending balance (in shares) at Jun. 30, 2026		249,147,061
Ending balance at Jun. 30, 2026	149,013	$ 25	1,150,446	(1,001,265)	(193)
Beginning balance (in shares) at Mar. 31, 2026		246,973,414
Beginning balance at Mar. 31, 2026	148,622	$ 25	1,133,265	(984,544)	(124)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for services (in shares)		32,627
Issuance of common stock for services	185		185
Issuance of common stock upon exercise of options (in shares)		789,428
Issuance of common stock upon exercise of options	1,680		1,680
Issuance of common stock upon vesting of restricted stock units (in shares)		1,351,592
Stock-based compensation	15,316		15,316
Unrealized losses on available-for-sale securities	(69)				(69)
Net loss	(16,721)			(16,721)
Ending balance (in shares) at Jun. 30, 2026		249,147,061
Ending balance at Jun. 30, 2026	$ 149,013	$ 25	$ 1,150,446	$ (1,001,265)	$ (193)

LEASES - Schedule of Additional Details of Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Right-of-use assets and lease liabilities
Right-of-use assets	$ 4,065	$ 4,795
Current portion of lease liabilities	1,545	1,479
Operating lease liability, net of current portion	2,822	3,641
Total operating lease liabilities	$ 4,367	$ 5,120
Additional details
Weighted-average remaining term (in years)	2 years 8 months 12 days	3 years 1 month 6 days
Weighted-average discount rate	5.60%	5.60%

COLLABORATION AND LICENSING AGREEMENTS

6 Months Ended

Jun. 30, 2026

Collaboration and Licensing Agreements

COLLABORATION AND LICENSING AGREEMENTS

We have out-licensed to external partners for the development and commercialization of tenapanor outside of the U.S. We recognize revenue from our collaboration partnerships 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 “Collaboration and Licensing Revenue” caption of Note 2. Summary of Significant Accounting Policies of our 2025 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 June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Licensing revenue

Fosun Pharma	$	95	$	—	$	115	$	5,000
Knight	1		20		32		40

Total licensing revenue	$	96	$	20	$	147	$	5,040
Product supply revenue
Fosun Pharma	$	1,976	$	—	$	2,328	$	—
Kyowa Kirin	—		6,185		2		6,185
Knight	—		—		—		254
Total supply revenue	$	1,976	$	6,185	$	2,330	$	6,439
Non-cash royalty revenue related to the sale of future royalties
Kyowa Kirin	$	676	$	1,380	$	1,371	$	2,406

The following table presents changes in our current deferred revenue balances by collaboration partner:


	2026						2025
(in thousands) Current	Kyowa Kirin		Fosun Pharma		Total		Kyowa Kirin		Fosun Pharma		Total
Deferred revenue balance as of January 1,	$	—	$	1,206	$	1,206	$	10,686	$	—	$	10,686
Prepaid product supply	—		7,529		7,529		227		—		227
Product supply delivered	—		(1,997)		(1,997)		(4,633)		—		(4,633)
Reclassify amounts to be recognized in the next 12 months	—		—		—		—		—		—
Deferred revenue balance as of June 30,	$	—	$	6,738	$	6,738	$	6,280	$	—	$	6,280

The following table presents changes in our non-current deferred revenue balances by collaboration partner:


	2026						2025
(in thousands) Non-current	Kyowa Kirin		Fosun Pharma		Total		Kyowa Kirin		Fosun Pharma		Total
Deferred revenue balance as of January 1,	$	13,699	$	—	$	13,699	$	7,232	$	—	$	7,232
Prepaid product supply	—		—		—		5,063		—		5,063
Product supply delivered	—		—		—		—		—		—
Reclassify amounts to be recognized in the next 12 months	—		—		—		—		—		—
Deferred revenue balance as of June 30,	$	13,699	$	—	$	13,699	$	12,295	$	—	$	12,295

Significant developments and updates related to our collaboration partnerships in the six months ended June 30, 2026 and 2025 are discussed below.

Fosun Pharma

In March 2026, Fosun Pharma reported the first commercial sales of tenapanor, marketed under the Chinese trade name Wan Ti Le, for patients with CKD on hemodialysis with hyperphosphatemia in China. Pursuant to the terms of the license and manufacturing services agreements with Fosun Pharma, we are eligible to receive reimbursement of cost plus a reasonable overhead for the supply of product and tiered royalties on net sales ranging from the mid-teens to 20%.

In February 2025, we announced the NDA approval by China’s Center for Drug Evaluation of the NMPA for tenapanor in the control of serum phosphorus in adult patients with CKD on hemodialysis. This approval triggered a $5.0 million milestone to us, which was recorded as licensing revenue in our condensed statements of operations and comprehensive loss in the 2025 first quarter.

Knight - Former Collaboration Partner

Effective as of March 13, 2026, we entered into a termination agreement with Knight, pursuant to which we and Knight agreed to mutually terminate our exclusive license agreement for the development, commercialization and distribution of tenapanor in Canada for hyperphosphatemia and IBS-C. The decision was not related to any concerns regarding the safety, efficacy or quality of the product. Sales of IBSRELA in Canada were discontinued effective March 31, 2026. The termination did not have a material effect on our operations or financial results, and we do not expect it to adversely impact our operations or financial results in the future.

AstraZeneca

In connection with the AstraZeneca Termination Agreement, we recognized royalty expense as cost of sales in our condensed statements of operations and comprehensive loss of $3.8 million and $12.7 million in the three and six months ended June 30, 2025, respectively. As of the end of the 2025 second quarter, we had fully recognized the maximum $75.0 million royalty obligation, which had been fully remitted as of the end of the 2025 third quarter.

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Schedule of Securities Classified as Cash, Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and cash equivalents
Fair Value	$ 97,191	$ 67,999
Short-term investments
Amortized Cost	184,832	196,492
Gross Unrealized Gains	3	201
Gross Unrealized Losses	(196)	(3)
Fair Value	184,639	196,690
Total cash, cash equivalents and investments, Amortized Cost	282,023	264,491
Total cash, cash equivalents and investments, Gross Unrealized Gains	3	201
Total cash, cash equivalents and investments, Gross Unrealized Losses	(196)	(3)
Total cash, cash equivalents and investments	281,830	264,689
U.S. treasury securities
Short-term investments
Amortized Cost	88,142	95,052
Gross Unrealized Gains	0	105
Gross Unrealized Losses	(75)	0
Fair Value	88,067	95,157
Commercial paper
Short-term investments
Amortized Cost	46,918	46,421
Gross Unrealized Gains	3	32
Gross Unrealized Losses	(66)	(3)
Fair Value	46,855	46,450
U.S. government-sponsored agency bonds
Short-term investments
Amortized Cost	23,452	27,330
Gross Unrealized Gains	0	36
Gross Unrealized Losses	(30)	0
Fair Value	23,422	27,366
Corporate bonds
Short-term investments
Amortized Cost	21,229	22,557
Gross Unrealized Gains	0	25
Gross Unrealized Losses	(23)	0
Fair Value	21,206	22,582
Yankee bonds
Short-term investments
Amortized Cost	5,091	5,132
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(2)	0
Fair Value	5,089	5,135
Cash
Cash and cash equivalents
Fair Value	7,086	18,569
Money market funds
Cash and cash equivalents
Fair Value	$ 90,105	$ 49,430

NET LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

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:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2026		2025		2026		2025
Numerator
Net loss	$	(16,721)	$	(19,079)	$	(54,326)	$	(60,223)
Denominator

Weighted average common shares outstanding - basic and diluted	248,067		239,929		246,967		239,280
Net loss per share of common stock - basic and diluted	$	(0.07)	$	(0.08)	$	(0.22)	$	(0.25)

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


	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2026	2025	2026	2025
Options to purchase common stock	29,725	30,618	29,717	29,878

Restricted stock units	15,734	13,600	15,601	11,993

ESPP shares issuable	161	188	152	199
Total	45,620	44,406	45,470	42,070

DEFERRED ROYALTY OBLIGATION RELATED TO THE SALE OF FUTURE ROYALTIES

6 Months Ended

Jun. 30, 2026

Advance Royalties [Abstract]

DEFERRED ROYALTY OBLIGATION RELATED TO THE SALE OF FUTURE ROYALTIES

We and HCR have an agreement in which HCR paid $15.0 million in exchange for royalty and commercialization 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 2025 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.

Payments received from HCR are recorded as a deferred royalty obligation on our condensed balance sheets, which is being amortized as non-cash interest expense over the life of the HCR Agreement using the effective interest method. The deferred royalty obligation will be effectively repaid over the life of the HCR Agreement as we remit to HCR royalties and commercialization milestones paid to us by Kyowa Kirin. We periodically assess the estimated amounts and timing of future royalties and commercialization milestone payments from Kyowa Kirin and, to the extent that the amount or timing of such payments is materially different than our original estimates, we prospectively adjust the imputed interest rate and the related amortization of the deferred royalty obligation.

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Non-cash interest expense related to the sale of future royalties	$	(1,267)	$	(2,219)	$	(2,584)	$	(4,290)


($ in thousands)	2026			2025
Deferred royalty obligation balance as of January 1,	$	25,876		$	25,527

Non-cash interest expense related to the sale of future royalties	2,584			4,290
Royalty and commercialization milestone payments remitted to HCR	(2,143)			(2,056)
Deferred royalty obligation balance as of June 30,	$	26,317		$	27,761
Effective interest rate as of June 30,	19.6		%	33.5		%

LEASES (Tables)

6 Months Ended

Jun. 30, 2026

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	June 30, 2026			December 31, 2025
Right-of-use assets	$	4,065		$	4,795

Current portion of lease liabilities	$	1,545		$	1,479
Operating lease liability, net of current portion	2,822			3,641
Total lease liabilities	$	4,367		$	5,120

Weighted-average remaining term (in years)	2.7			3.1
Weighted-average discount rate	5.6		%	5.6		%

Schedule of Lease Costs

The following table presents the lease costs, which are included in our condensed statements of operations and comprehensive loss, and the supplemental cash flow information related to the leases:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Operating lease expense	$	432	$	393	$	864	$	1,370
Cash paid for operating leases	$	446	$	340	$	888	$	1,387

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 June 30, 2026:


(in thousands)	Operating Leases
Remainder of 2026	$	897
2027	1,836
2028	1,402
2029	575
Thereafter	—
Total undiscounted operating lease payments	4,710
Imputed interest expenses	(343)
Total operating lease liabilities	4,367
Less: Current portion of operating lease liability	(1,545)
Operating lease liability, net of current portion	$	2,822

BORROWING - Narrative (Details) - USD ($) $ in Thousands		6 Months Ended
BORROWING - Narrative (Details) - USD ($) $ in Thousands	Apr. 28, 2026	Jun. 30, 2026	Jun. 29, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Accreted value of final fee		$ 4,844		$ 3,961
Total future payment obligation		260,800
Loan Agreement
Debt Instrument [Line Items]
Total principal		$ 250,000		200,000
Interest rate (as percent)		4.55%
Floating per annum rate (as percent)		3.50%
2022 Term Loan \| Loan Agreement
Debt Instrument [Line Items]
Total principal	$ 200,000
Interest rate (as percent)	4.55%
Floating per annum rate (as percent)	3.50%
Accreted value of final fee		$ 6,000		5,900
Loan agreement, covenant, sum of net product revenue and unrestricted cash as percentage of outstanding loan balance, calculation period (in months)		6 months
Loan agreement covenant, sum of net product revenue and unrestricted cash as percentage of outstanding loan balance, minimum		100.00%
Term Loan 2022 A, B, C \| Loan Agreement
Debt Instrument [Line Items]
Accreted value of final fee	$ 1,900
Term A Loan \| Loan Agreement
Debt Instrument [Line Items]
Total principal		$ 14,371		27,500
Final fee due upon maturity, acceleration, prepayment, or termination (as percent)	4.95%
Term B Loan \| Loan Agreement
Debt Instrument [Line Items]
Total principal		11,758		22,500
Final fee due upon maturity, acceleration, prepayment, or termination (as percent)	4.95%
Term C Loan \| Loan Agreement
Debt Instrument [Line Items]
Total principal		41,940		50,000
Final fee due upon maturity, acceleration, prepayment, or termination (as percent)	4.95%
Term D Loan \| Loan Agreement
Debt Instrument [Line Items]
Total principal		50,000		50,000
Final fee due upon maturity, acceleration, prepayment, or termination (as percent)	4.95%
Term E Loan \| Loan Agreement
Debt Instrument [Line Items]
Total principal		50,000		50,000
Final fee due upon maturity, acceleration, prepayment, or termination (as percent)	4.95%
Term H Loan \| Loan Agreement
Debt Instrument [Line Items]
Total principal		31,931		0
Final fee due upon maturity, acceleration, prepayment, or termination (as percent)	2.50%
Term Loans 2022 A, B, C, D, E, and H \| Loan Agreement \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Prepayment premium (as percent)	3.00%
Term Loans 2022 A, B, C, D, E, and H \| Loan Agreement \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Prepayment premium (as percent)	2.00%
Term Loans 2022 A, B, C, D, E, and H \| Loan Agreement \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Prepayment premium (as percent)	1.00%
Term Loan 2022 F And G \| Loan Agreement \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Prepayment premium (as percent)	2.00%
Term Loan 2022 F And G \| Loan Agreement \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Prepayment premium (as percent)	1.00%
Term F Loan \| Loan Agreement
Debt Instrument [Line Items]
Total principal		$ 50,000	$ 50,000	$ 0
Term loan face amount	$ 50,000
Final fee due upon maturity, acceleration, prepayment, or termination (as percent)	3.45%
Term G Loan \| Loan Agreement
Debt Instrument [Line Items]
Term loan face amount	$ 50,000
Final fee due upon maturity, acceleration, prepayment, or termination (as percent)	3.45%

COLLABORATION AND LICENSING AGREEMENTS - Schedule of Current Deferred Revenue (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
(in thousands) Current
Beginning balance	$ 1,206	$ 10,686
Prepaid product supply	7,529	227
Product supply delivered	(1,997)	(4,633)
Reclassify amounts to be recognized in the next 12 months	0	0
Ending balance	6,738	6,280
(in thousands) Non-current
Beginning balance	13,699	7,232
Prepaid product supply	0	5,063
Product supply delivered	0	0
Reclassify amounts to be recognized in the next 12 months	0	0
Ending balance	13,699	12,295
Kyowa Kirin \| Kyowa Kirin
(in thousands) Current
Beginning balance	0	10,686
Prepaid product supply	0	227
Product supply delivered	0	(4,633)
Reclassify amounts to be recognized in the next 12 months	0	0
Ending balance	0	6,280
(in thousands) Non-current
Beginning balance	13,699	7,232
Prepaid product supply	0	5,063
Product supply delivered	0	0
Reclassify amounts to be recognized in the next 12 months	0	0
Ending balance	13,699	12,295
Fosun Pharma \| Fosun Pharma
(in thousands) Current
Beginning balance	1,206	0
Prepaid product supply	7,529	0
Product supply delivered	(1,997)	0
Reclassify amounts to be recognized in the next 12 months	0	0
Ending balance	6,738	0
(in thousands) Non-current
Beginning balance	0	0
Prepaid product supply	0	0
Product supply delivered	0	0
Reclassify amounts to be recognized in the next 12 months	0	0
Ending balance	$ 0	$ 0

EQUITY INCENTIVE PLANS

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

EQUITY INCENTIVE PLANS

Stock-Based Compensation Expense

Stock-based compensation expense for stock options, RSUs and our ESPP included in our condensed statements of operations and comprehensive loss was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Selling, general and administrative	$	12,408	$	9,273	$	23,964	$	17,757
Research and development	2,908		2,414		5,510		6,018

Total	$	15,316	$	11,687	$	29,474	$	23,775

A summary of our total unrecognized stock-based compensation expense, net of estimated forfeitures, as of June 30, 2026 is as follows:


	Unrecognized Compensation Expense (in thousands)		Average Remaining Vesting Period (in years)
Stock option grants	$	52,092	2.6
RSU grants	$	91,005	2.9
ESPP	$	129	0.2

Stock Options

A summary of our stock option activity and related information for the six months ended June 30, 2026 is as follows:


	Number of Shares (in thousands)	Weighted-Average Exercise Price per Share
Outstanding as of December 31, 2025	28,977	$	5.54
Granted	3,968	$	7.29
Exercised	(1,890)	$	3.38
Forfeited or cancelled	(1,780)	$	8.12
Outstanding as of June 30, 2026	29,275	$	5.76
Exercisable as of June 30, 2026	18,078	$	5.44

Restricted Stock Units

A summary of our RSU activity and related information for the six months ended June 30, 2026 is as follows:


	Number of RSUs (in thousands)	Weighted-Average Grant Date Fair Value per Share
Unvested as of December 31, 2025	12,583	$	5.71
Granted	6,858	$	7.24
Vested	(2,769)	$	6.09
Forfeited or cancelled	(1,353)	$	6.32
Unvested as of June 30, 2026	15,319	$	6.27

Employee Stock Purchase Plan

During the six months ended June 30, 2026, we issued approximately 0.1 million shares of our common stock under the ESPP. The shares were purchased by employees at an average purchase price of $5.44 per share, resulting in proceeds to us of approximately $0.7 million.

Issuance of Common Stock for Services

During the six months ended June 30, 2026, we issued approximately 33 thousand 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 (Details) - Open Market Sales Agreement 2025, At The Market Offering - USD ($)	1 Months Ended	6 Months Ended
	Nov. 30, 2025	Jun. 30, 2026
Subsidiary, Sale of Stock [Line Items]
Maximum aggregate offering price	$ 100,000,000.0
Commission on sale of stock per agreement (as percent)	3.00%
Issuance of common stock in at-the-market offering (in shares)		0

- Definition

Number of new stock issued during the period.

+ References

+ Details

NET LOSS PER SHARE - Schedule of Computation of Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator
Net loss	$ (16,721)	$ (19,079)	$ (54,326)	$ (60,223)
Denominator
Weighted average common shares outstanding - basic (in shares)	248,067,253	239,928,570	246,967,275	239,279,962
Weighted average common shares outstanding - diluted (in shares)	248,067,253	239,928,570	246,967,275	239,279,962
Net loss per share of common stock - basic (in dollars per share)	$ (0.07)	$ (0.08)	$ (0.22)	$ (0.25)
Net loss per share of common stock - diluted (in dollars per share)	$ (0.07)	$ (0.08)	$ (0.22)	$ (0.25)

- Definition

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

+ References

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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.

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+ Details

- Definition

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

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES On December 7, 2021 and March 29, 2022, two verified shareholder 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 (together, the Go and Morris actions). The complaints alleged that the defendants’ violations of Section 14(a) of the Exchange Act, breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets led to personally making and/or caused 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 Exchange Act from two executive officers. On January 19, 2022 and April 27, 2022, the court granted the parties’ stipulation to stay the Go and Morris actions, respectively, until resolution of the motion(s) to dismiss in the lawsuits 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). 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 actions and stayed the consolidated action pending resolution of the anticipated motion(s) to dismiss in the Securities Class Action. The Securities Class Actions were voluntarily dismissed on March 5, 2025. The court dismissed the Go and Morris actions on April 30, 2025. 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 on March 27, 2025. Both Appellees and Appellants filed a final brief on April 10, 2025. Oral argument in the case was heard on September 25, 2025. On June 26, 2026, the United States Court of Appeals affirmed the District Court’s dismissal. We are not pursuing further litigation on this matter. 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, Michael Raab, and Justin Renz as defendants and alleges violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder, related to 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. The 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. The 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. Plaintiffs filed a response on May 13, 2025. Defendants filed a reply in support of their motion to dismiss on June 23, 2025. A hearing on the motion to dismiss was held on September 25, 2025, and on December 24, 2025, the Court granted defendants’ motion to dismiss and issued an order dismissing the case with prejudice. On January 21, 2026, Plaintiffs appealed the District Court’s decisions to the United States Court of Appeals for the First Circuit. On March 26, 2026, the Court granted the Parties’ stipulated voluntary dismissal of Plaintiffs’ appeal. 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. On April 9, 2026, the Court dismissed the consolidated derivative action pursuant to the parties’ stipulation of dismissal. From time to time, we may be involved in legal proceedings arising in the ordinary course of business. As of June 30, 2026, there is no litigation pending that would reasonably be expected to have a material adverse effect on our results of operations and financial condition.

INVENTORY - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Prepaid commercial manufacturing	$ 23,200	$ 14,500
Prepaid commercial manufacturing, non-current	$ 8,494	$ 0

NET LOSS PER SHARE - Schedule of Anti Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	45,620	44,406	45,470	42,070
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)	29,725	30,618	29,717	29,878
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)	15,734	13,600	15,601	11,993
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)	161	188	152	199

REVENUE - Schedule of Revenue Concentrations (Details) - Gross product revenue - Customer	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
BioRidge Pharma, LLC
Disaggregation of Revenue [Line Items]
Concentration risk (as percent)	76.30%	61.10%	80.30%	62.20%
Cencora, Inc.
Disaggregation of Revenue [Line Items]
Concentration risk (as percent)	16.00%	20.50%	16.50%	19.50%
McKesson Corporation
Disaggregation of Revenue [Line Items]
Concentration risk (as percent)	14.40%	20.70%	15.00%	19.10%
Cardinal Health, Inc.
Disaggregation of Revenue [Line Items]
Concentration risk (as percent)	14.40%	23.40%	13.70%	22.80%
Caremark, LLC
Disaggregation of Revenue [Line Items]
Concentration risk (as percent)	13.40%	0.00%	12.80%	0.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- 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
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+ Details

NATURE OF OPERATIONS (Details)	6 Months Ended
NATURE OF OPERATIONS (Details)	Jun. 30, 2026 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1
Number of reportable segments	1

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Jul. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
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	617
Local Phone Number	675-2739
Title of 12(b) Security	Common Stock, par value $0.0001 per share
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		249,187,572
Entity Central Index Key	0001437402
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

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

6 Months Ended

Jun. 30, 2026

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:


	June 30, 2026								December 31, 2025
	Amortized Cost		Gross Unrealized				Fair Value		Amortized Cost		Gross Unrealized				Fair Value
(in thousands)			Gains		Losses						Gains		Losses
Cash and cash equivalents
Cash	$	7,086	$	—	$	—	$	7,086	$	18,569	$	—	$	—	$	18,569
Money market funds	90,105		—		—		90,105		49,430		—		—		49,430
Total cash and cash equivalents	97,191		—		—		97,191		67,999		—		—		67,999
Short-term investments
U.S. treasury securities	$	88,142	$	—	$	(75)	$	88,067	$	95,052	$	105	$	—	$	95,157
Commercial paper	46,918		3		(66)		46,855		46,421		32		(3)		46,450
U.S. government-sponsored agency bonds	23,452		—		(30)		23,422		27,330		36		—		27,366
Corporate bonds	21,229		—		(23)		21,206		22,557		25		—		22,582

Yankee bonds	5,091		—		(2)		5,089		5,132		3		—		5,135
Total short-term investments	184,832		3		(196)		184,639		196,492		201		(3)		196,690
Total cash, cash equivalents and investments	$	282,023	$	3	$	(196)	$	281,830	$	264,491	$	201	$	(3)	$	264,689

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Revenues
Product sales, net	$	118,129	$	90,077	$	211,502	$	157,891
Other revenues(1)	2,748		7,585		3,848		13,885
Total revenues	120,877		97,662		215,350		171,776
Less
Cost of product sales(2)	3,689		3,245		6,564		5,585
Other cost of revenue(3)	2,070		9,158		4,006		19,121
Research and development(4)	23,195		13,251		40,781		24,586
Selling(4)	66,949		57,952		134,344		114,752
General and administrative(4)	22,083		16,764		45,399		34,701
Stock-based compensation	15,316		11,687		29,474		23,775
Loss from operations	(12,425)		(14,395)		(45,218)		(50,744)
Other reconciliation items(5)	(4,296)		(4,684)		(9,108)		(9,479)
Net loss	$	(16,721)	$	(19,079)	$	(54,326)	$	(60,223)

(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.

(4)Research and development, selling and general and administrative expenses herein do not include stock-based compensation expenses.

(5)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

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

DEFERRED ROYALTY OBLIGATION RELATED TO THE SALE OF FUTURE ROYALTIES - Narrative (Details) $ in Millions	Jun. 30, 2026 USD ($)
Healthcare royalty partners IV, L.P \| License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment	$ 15.0

NATURE OF OPERATIONS	6 Months Ended
NATURE OF OPERATIONS	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONS We are a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative medicines that meet significant unmet medical needs. We currently market two therapies from the active ingredient tenapanor, a sodium/hydrogen exchanger (NHE3) inhibitor that was discovered and developed by Ardelyx. NHE3 is an antiporter expressed on the apical surface of the small and large intestines. Tenapanor is a minimally absorbed, small molecule therapy. In addition, we are building a pipeline which is currently focused on expanding the commercial footprint of tenapanor. Tenapanor, branded as IBSRELA®, is approved in the U.S. for the treatment of adults with irritable bowel syndrome with constipation (IBS-C). We are seeking to further expand the IBSRELA eligible patient population to include patients with chronic idiopathic constipation (CIC), and have initiated a Phase 3 clinical trial evaluating tenapanor in adults with CIC. Tenapanor, branded as XPHOZAH®, is approved in the U.S. to reduce serum phosphorus in adults with chronic kidney disease (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 are also developing a next-generation NHE3 inhibitor, RDX10531, which is currently in IND-enabling studies and has demonstrated in preclinical models to have improved solubility and potency compared to tenapanor. We believe that RDX10531 can have application across multiple therapeutic areas. We operate in one business segment, which is the development and commercialization of biopharmaceutical products. Refer to Note 12. Segment Reporting for further segment reporting information. 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 on the condensed statements of operations and comprehensive loss to include the “cost of product sales” and the “other cost of revenue” captions within the “cost of sales” caption. Certain prior year amounts have also been reclassified to conform to the current year presentation in Note 12. Segment Reporting. These reclassifications had no effect on the previously reported results of operations. 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 2025 Form 10-K. The results for the three and six months ended June 30, 2026 are not necessarily indicative of results to be expected for the entire year ending December 31, 2026, 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. 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. Concentration of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments and accounts receivable. We are exposed to credit risks in the event of default by the counterparties to the extent of the amount recorded in our condensed balance sheets. Cash, cash equivalents and short-term investments are invested through banks and other financial institutions in the U.S. Recent Accounting Pronouncements Recent Accounting Pronouncement Not Yet Adopted 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 annual reporting periods, additional information about certain expenses in the financial statements. The new disclosure requirements are effective for the Company’s annual periods beginning January 1, 2027, and interim periods beginning January 1, 2028, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is in the process of evaluating the impact of this new guidance on its disclosures.

COMMITMENTS AND CONTINGENCIES (Details)			4 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Sep. 25, 2024 claim	Sep. 13, 2024 claim	Mar. 29, 2022 claim defendant
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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
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-Section 50
-Paragraph 9
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

6 Months Ended

Jun. 30, 2026

Advance Royalties [Abstract]

Schedule of Financial Information Related to HCR Agreement

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Non-cash interest expense related to the sale of future royalties	$	(1,267)	$	(2,219)	$	(2,584)	$	(4,290)


($ in thousands)	2026			2025
Deferred royalty obligation balance as of January 1,	$	25,876		$	25,527

Non-cash interest expense related to the sale of future royalties	2,584			4,290
Royalty and commercialization milestone payments remitted to HCR	(2,143)			(2,056)
Deferred royalty obligation balance as of June 30,	$	26,317		$	27,761
Effective interest rate as of June 30,	19.6		%	33.5		%

INVENTORY - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 38,554	$ 28,009
Work in process	87,037	88,259
Finished goods	13,394	6,839
Reported as
Inventory	25,858	17,735
Inventory, non-current	113,127	105,372
Total	$ 138,985	$ 123,107

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
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)	249,147,061	244,351,501
Common stock, shares outstanding (in shares)	249,147,061	244,351,501

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

DEFERRED ROYALTY OBLIGATION RELATED TO THE SALE OF FUTURE ROYALTIES - Schedule of Financial Information Related to HCR Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Non-cash interest expense related to the sale of future royalties	$ (1,267)	$ (2,219)	$ (2,584)	$ (4,290)
Deferred Royalty Obligation [Roll Forward]
Deferred royalty obligation balance as of January 1,			25,876
Deferred royalty obligation balance as of June 30,	26,317		26,317
Healthcare royalty partners IV, L.P
Deferred Royalty Obligation [Roll Forward]
Deferred royalty obligation balance as of January 1,			25,876	25,527
Non-cash interest expense related to the sale of future royalties			2,584	4,290
Royalty and commercialization milestone payments remitted to HCR			(2,143)	(2,056)
Deferred royalty obligation balance as of June 30,	$ 26,317	$ 27,761	$ 26,317	$ 27,761
Healthcare royalty partners IV, L.P \| Licensing revenue
Deferred Royalty Obligation [Roll Forward]
Effective interest rate	19.60%	33.50%	19.60%	33.50%

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Assets	$ 184,639	$ 196,690
Total	274,744	246,120
Level 1
Assets
Total	90,105	49,430
Level 2
Assets
Total	184,639	196,690
Level 3
Assets
Total	0	0
Money market funds
Assets
Money market funds	90,105	49,430
Money market funds \| Level 1
Assets
Money market funds	90,105	49,430
Money market funds \| Level 2
Assets
Money market funds	0	0
Money market funds \| Level 3
Assets
Money market funds	0	0
U.S. treasury securities
Assets
Assets	88,067	95,157
U.S. treasury securities \| Level 1
Assets
Assets	0	0
U.S. treasury securities \| Level 2
Assets
Assets	88,067	95,157
U.S. treasury securities \| Level 3
Assets
Assets	0	0
Commercial paper
Assets
Assets	46,855	46,450
Commercial paper \| Level 1
Assets
Assets	0	0
Commercial paper \| Level 2
Assets
Assets	46,855	46,450
Commercial paper \| Level 3
Assets
Assets	0	0
U.S. government-sponsored agency bonds
Assets
Assets	23,422	27,366
U.S. government-sponsored agency bonds \| Level 1
Assets
Assets	0	0
U.S. government-sponsored agency bonds \| Level 2
Assets
Assets	23,422	27,366
U.S. government-sponsored agency bonds \| Level 3
Assets
Assets	0	0
Corporate bonds
Assets
Assets	21,206	22,582
Corporate bonds \| Level 1
Assets
Assets	0	0
Corporate bonds \| Level 2
Assets
Assets	21,206	22,582
Corporate bonds \| Level 3
Assets
Assets	0	0
Yankee bonds
Assets
Assets	5,089	5,135
Yankee bonds \| Level 1
Assets
Assets	0	0
Yankee bonds \| Level 2
Assets
Assets	5,089	5,135
Yankee bonds \| Level 3
Assets
Assets	$ 0	$ 0