Ardelyx, a biopharmaceutical company, has reported significant developments in its financial and business operations. The company has successfully managed its borrowing agreements, repaying a $25.0 million principal payment from a 2018 Loan and entering into a new loan agreement in 2022 with SLR Investment Corp. This new agreement provided Ardelyx with a $27.5 million Term A Loan, which was used to repay the 2018 Loan, and an additional $22.5 million Term B Loan funded in October 2023. Furthermore, Ardelyx has the option to draw an additional $50.0 million Term C Loan by March 15, 2024, and up to $50.0 million Term D Loan by December 31, 2026, subject to approval. The company has already drawn the Term C Loan to support the commercial launch of XPHOZAH and received the Term D Loan proceeds...Show More

Ardelyx, a biopharmaceutical company, has reported significant developments in its financial and business operations. The company has successfully managed its borrowing agreements, repaying a $25.0 million principal payment from a 2018 Loan and entering into a new loan agreement in 2022 with SLR Investment Corp. This new agreement provided Ardelyx with a $27.5 million Term A Loan, which was used to repay the 2018 Loan, and an additional $22.5 million Term B Loan funded in October 2023. Furthermore, Ardelyx has the option to draw an additional $50.0 million Term C Loan by March 15, 2024, and up to $50.0 million Term D Loan by December 31, 2026, subject to approval. The company has already drawn the Term C Loan to support the commercial launch of XPHOZAH and received the Term D Loan proceeds in October 2024. The maturity date for these loans has been extended to July 1, 2028. In terms of business development, Ardelyx has received U.S. FDA approval for XPHOZAH, a treatment for serum phosphorus reduction in adults with CKD on dialysis. This approval triggered a $1.5 million 2018 Exit Fee payment to lenders. The company has also achieved a Revenue Milestone, resulting in a $1.0 million 2022 Exit Fee payment. Ardelyx's future plans include the commercial launch of XPHOZAH and continued investment in the commercialization of IBSRELA and XPHOZAH, as well as manufacturing and development costs for tenapanor. The company has also entered into a Commercial Supply Agreement with Hovione for the manufacture of tenapanor API, with a term until December 31, 2030.