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- **IBSRELA Breakthrough**: 92% YoY growth to $78.2 million, driven by patient satisfaction (85%+ adherence) and expanded prescriber engagement. ARDX-10531's preclinical success signals a return to pipeline development, with potential in broader NHE3-related indications. - **XPHOZAH Resilience**: 9% QoQ growth amid market turbulence, Ardelyx's ability to maintain stability underscores operational excellence. - **Strategic Reinvestment**: ARDX-10531 leverages existing expertise to diversify revenue streams, aligning with the company's $1 billion peak sales target for IBSRELA. - **Financial Discipline**: Stable gross to net metrics (~31% IBSRELA, ~29% XPHOZAH) reflect Ardelyx's ability to navigate challenges while investing in growth, the company's balance sheet remains strong, supporting future initiatives.

**【Management Opening Remarks】**
- Ardelyx delivered strong Q3 2025 performance with record-high revenue of $110.3 million, driven by 92% YoY growth in IBSRELA and 9% QoQ growth in XPHOZAH. The company announced ARDX-10531, a next-gen NHE3 inhibitor, signaling a return to pipeline development. CEO Michael Raab emphasized the team's ability to balance commercial execution with strategic investments.

**【CEO Commentary】**
- IBSRELA achieved $78.2 million in Q3 revenue, surpassing prior records. The molecule's differentiated mechanism addresses unmet needs in IBS-C, with 75% of patients reporting satisfaction. ARDX-10531 represents a potential expansion into broader therapeutic areas, leveraging Ardelyx's expertise in NHE3 inhibition, the company aims to generate $1 billion in peak sales, the leadership team highlighted disciplined capital allocation and pipeline development.

**【CFO Commentary】**
- Q3 gross to net deductions remained stable at ~31% for IBSRELA and ~29% for XPHOZAH, reflecting strong demand despite market turbulence. The company raised 2025 guidance to $270-275 million in IBSRELA revenue, driven by expanded prescriber engagement and pull-through improvements. The balance sheet remains robust with $242.7 million in cash, supporting future pipeline investments.

**【Q&A Highlights】**
- ARDX-10531's preclinical data demonstrates high potency and solubility, opening opportunities in hypertension, heart failure, and diabetes. The company plans to advance the molecule through Phase 1, aligning with strategic priorities to balance commercial execution with pipeline growth. The team is confident in maintaining momentum despite market challenges, with IBSRELA and XPHOZAH contributing to long-term value creation.

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