ABBV - Ardelyx: Speculative Biotech With Minimal Downside Risk For Time Being

• Positive interim response for appeal of XPHOZAH received for CKD-PH patients; Advisory Committee could possibly turn things around for possible FDA approval.
• IBSRELA launched commercially in the United States on April 4, 2022; IBS-C market proven with revenues generated by sales of Linzess and Trulance.
• The global chronic kidney disease market is expected to reach $16.8 billion by 2025.
• Ardelyx had $116.7 million in cash as of December 31, 2021; Received loan of $27.5 million and then potential for additional $22.5 million if XPHOZAH is approved by the FDA.

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