aibioArdelyx draws $50.0 million term loan from SLR Investment Corp.
Tickers ARDX
Ardelyx drew a $50.0 million Term F Loan from SLR Investment Corp. on June 29, 2026. The loan matures July 1, 2030 at 4.55% plus the greater of 1-month SOFR or 3.5%, and in a default the agent can reach the company's cash.
Key facts
- Company
- Ardelyx, Inc. (NASDAQ: ARDX)
- News type
- Debt Financing
- Primary source
- Ardelyx, Inc. (2026-06-29)
Ardelyx, Inc. received $50.0 million on June 29, 2026 under a loan the filing calls the Term F Loan. The company's Form 8-K, dated June 29, 2026 and signed July 2, 2026 by Chief Financial Officer Susan Hohenleitner, says the draw was made under a loan and security agreement the company signed in February 2022 with SLR Investment Corp. SLR acts as collateral agent for the lenders named in the agreement. The 8-K refers to those lenders without naming them. The agreement has been amended in August 2022, February 2023, October 2023, October 2024, June 2025 and April 2026. The filing names no placement agent or advisor for the draw.
Why the company drew the money
According to the 8-K, the company elected to draw the Term F Loan for general corporate purposes and to add flexibility to support its strategic initiatives. The filing says the draw is in line with the company's capital allocation strategy. It does not say which initiatives the money will fund, and it does not put a figure on any of them.
Terms of the loan
The Term F Loan matures on July 1, 2030. It bears interest at 4.55% plus the greater of the 1-month SOFR reference rate or 3.5%, so the index carries a floor. The 8-K says the company may make interest-only payments until the maturity date.
The agreement lists customary events of default. An event of default lets the agent accelerate the debt and exercise remedies against the company and the collateral, which the filing says includes the company's cash. Defaults include a failure to pay, a covenant breach that is not cured within the cure period for certain covenants, a material adverse change that certain lenders determine has occurred, bankruptcy-type legal proceedings, an inability to pay debts as they fall due, and a default on third-party contracts that would let a creditor accelerate. During an event of default, an additional 4.0% a year default rate applies to all obligations under the agreement.
The business behind the loan
The company's 10-K, filed February 19, 2026, describes Ardelyx as a commercial-stage biopharmaceutical company. It markets two therapies from tenapanor, a first-in-class oral NHE3 inhibitor that the company says it discovered and developed. IBSRELA is approved in the United States for adults with irritable bowel syndrome with constipation. XPHOZAH is approved to reduce serum phosphorus in adults with chronic kidney disease on dialysis, as add-on therapy for patients who respond inadequately to phosphate binders or cannot tolerate them.
The company says its Phase 3 trial of tenapanor in adults with chronic idiopathic constipation began in January 2026, with enrollment expected throughout 2026 and topline data in the second half of 2027, so the trial has produced no efficacy results yet. It names Linzess, Trulance and generic lubiprostone as competitors to IBSRELA. It says it has incurred losses in each year since its inception in October 2007, and it has funded operations partly through loan agreements with SLR and the sale of future royalties and commercialization milestones to HCR.
Losses and cash use
The company reports research and development expense of $71.5 million for 2025, up from $52.3 million for 2024. Its net loss was $61.6 million for 2025, against $39.1 million for 2024. Cash used in operations was $42.5 million for 2025, down from $44.8 million for 2024. The net loss grew while the cash burn shrank, and the 10-K business section does not explain the gap.
At the end of 2024 the company held $64.9 million in cash and cash equivalents, and $185.2 million in short-term investments. The 8-K gives no current cash balance, so the $50.0 million draw cannot be measured against cash on hand.
What comes next
The loan is interest-only until its July 1, 2030 maturity, according to the 8-K. The filing does not describe any further draws under the agreement. The filing does not say what would trigger the lender-determined material adverse change test.