Estados financieros detallados de Ardelyx, Inc. (ARDX): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Ardelyx, Inc. registró ingresos de $407.3M en el último ejercicio fiscal, con un CAGR de 5 años del 121.9%.
Márgenes de los últimos 12 meses: margen bruto 94.0%, margen operativo -7.9%, margen neto -12.4%.
Al precio actual de $3.39, ARDX presenta beneficios negativos (P/E no significativo) y un ROE del -36.00%. La capitalización bursátil es de $837M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $24.0M | $42.0M | $2.6M | $5.3M | $7.6M | $10.1M | $52.2M | $124.5M | $333.6M | $407.3M |
| Coste de Ventas | $1.3M | $8.4M | $466000 | $600000 | $145000 | $1.0M | $4.1M | $17.8M | $50.6M | $42.6M |
| Beneficio Bruto | $22.7M | $33.6M | $2.1M | $4.7M | $7.4M | $9.1M | $48.0M | $106.7M | $283.1M | $364.7M |
| I+D | $94.2M | $75.5M | $69.4M | $71.7M | $65.1M | $91.1M | $35.2M | $35.5M | $52.3M | $68.5M |
| Generales y Administrativos | $18.7M | $23.2M | $23.7M | $24.3M | $33.2M | $72.3M | $76.6M | $134.4M | $258.7M | $337.2M |
| Gastos Operativos | $112.9M | $98.7M | $93.1M | $95.9M | $98.2M | $163.4M | $111.8M | $169.9M | $311.0M | $405.7M |
| Beneficio Operativo | -$112.9M | -$65.1M | -$90.9M | -$91.3M | -$90.8M | -$154.3M | -$63.8M | -$63.3M | -$27.9M | -$41.0M |
| EBITDA | -$111.6M | -$60.5M | -$85.1M | -$84.6M | -$85.2M | -$150.9M | -$61.0M | -$55.4M | -$16.7M | -$29.2M |
| Gastos por Intereses | 0 | 0 | $3.5M | $5.7M | $5.1M | $4.5M | $5.1M | $8.9M | $20.1M | $28.4M |
| Beneficio Antes de Impuestos | -$112.4M | -$63.2M | -$91.3M | -$94.6M | -$94.3M | -$158.2M | -$67.2M | -$65.5M | -$38.9M | -$60.6M |
| Impuestos | $29000 | $1.2M | $4000 | $303000 | $2000 | $4000 | $8000 | $547000 | $266000 | $969000 |
| Beneficio Neto | -$112.4M | -$64.3M | -$91.3M | -$94.9M | -$94.3M | -$158.2M | -$67.2M | -$66.1M | -$39.1M | -$61.6M |
| BPA | $-2.80 | $-1.36 | $-1.62 | $-1.47 | $-1.05 | $-1.52 | $-0.42 | $-0.30 | $-0.17 | $-0.26 |
| BPA Diluido | $-2.80 | $-1.36 | $-1.62 | $-1.47 | $-1.05 | $-1.52 | $-0.42 | $-0.30 | $-0.17 | $-0.26 |
| Acciones en Circulación (Diluidas) | $40.1M | $47.4M | $56.2M | $64.5M | $89.6M | $104.2M | $158.7M | $219.3M | $235.2M | $241.0M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $74.6M | $75.4M | $78.8M | $181.1M | $91.0M | $72.4M | $96.1M | $21.5M | $64.9M | $68.0M |
| Inversiones a Corto | $126.2M | $58.6M | $89.3M | $66.4M | $95.5M | $44.3M | $27.8M | $162.8M | $185.2M | $196.7M |
| Cuentas por Cobrar | 0 | $10.8M | $5.1M | $750000 | 0 | $502000 | $7.7M | $22.0M | $57.7M | $71.8M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | $3.3M | $12.4M | $21.2M | $17.7M |
| Activos Corrientes | $204.0M | $149.9M | $177.7M | $252.4M | $195.2M | $133.6M | $153.6M | $246.1M | $356.5M | $382.3M |
| Inmovilizado Material | $9.0M | $8.0M | $5.6M | $7.4M | $4.2M | $15.1M | $10.5M | $6.6M | $3.9M | $7.0M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $213.1M | $157.9M | $183.3M | $259.8M | $201.6M | $149.9M | $190.1M | $297.6M | $435.8M | $501.6M |
| Cuentas por Pagar | $5.6M | $3.9M | $1.1M | $2.2M | $5.6M | $4.3M | $10.9M | $11.1M | $16.0M | $19.2M |
| Deuda a Corto | 0 | 0 | 0 | $3.8M | $6.3M | $32.3M | $26.7M | 0 | 0 | $1.5M |
| Pasivos Corrientes | $19.2M | $17.9M | $17.7M | $22.2M | $28.4M | $52.8M | $65.6M | $50.4M | $77.8M | $88.6M |
| Deuda a Largo | 0 | 0 | $49.2M | $48.8M | $46.6M | 0 | 0 | $49.8M | $150.9M | $206.5M |
| Pasivos Totales | $20.0M | $18.6M | $67.5M | $73.1M | $75.5M | $67.3M | $91.7M | $130.8M | $262.5M | $334.7M |
| Reservas | -$213.9M | -$278.2M | -$365.5M | -$460.5M | -$554.8M | -$712.9M | -$780.1M | -$846.2M | -$885.3M | -$946.9M |
| Patrimonio Neto | $193.2M | $139.3M | $115.8M | $186.7M | $126.1M | $82.6M | $98.3M | $166.8M | $173.3M | $166.9M |
| Deuda Total | 0 | 0 | $49.2M | $57.3M | $55.4M | $45.5M | $36.5M | $56.0M | $153.4M | $211.6M |
| Deuda Neta | -$200.8M | -$134.0M | -$118.9M | -$190.2M | -$131.0M | -$71.2M | -$87.4M | -$128.3M | -$96.7M | -$53.1M |
| Capital Circulante | $184.8M | $132.0M | $160.0M | $230.2M | $166.8M | $80.8M | $88.0M | $195.7M | $278.6M | $293.7M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | -$112.4M | -$64.3M | -$91.3M | -$94.9M | -$94.3M | -$158.2M | -$67.2M | -$66.1M | -$39.1M | -$61.6M |
| Amortizaciones | $1.3M | $2.6M | $2.7M | $2.5M | $1.8M | $1.4M | $1.1M | $1.3M | $2.1M | $3.1M |
| Compensación en Acciones | $5.3M | $9.6M | $9.2M | $9.9M | $10.6M | $12.0M | $10.8M | $13.5M | $37.4M | $49.0M |
| Cambio en Capital Circulante | $12.8M | -$13.7M | $9.4M | $3.0M | -$3.2M | -$11.9M | -$19.6M | -$43.4M | -$49.2M | -$31.4M |
| Flujo de Caja Operativo | -$92.5M | -$65.2M | -$70.3M | -$76.5M | -$81.4M | -$152.6M | -$70.0M | -$89.7M | -$44.8M | -$42.5M |
| Inversiones (CapEx) | -$4.9M | -$2.4M | -$311000 | -$325000 | -$324000 | -$1.9M | -$55000 | -$344000 | -$1.0M | -$1.5M |
| Adquisiciones | 0 | 0 | 0 | -$23.7M | $31.4M | -$52.8M | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$97.4M | -$67.5M | -$70.6M | -$76.8M | -$81.8M | -$154.4M | -$70.1M | -$90.1M | -$45.8M | -$44.0M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +74.8% | -93.8% | +102.6% | +43.4% | +33.4% | +416.6% | +138.6% | +168.1% | +22.1% | |
| Crecimiento Beneficio Neto (anual) | +42.8% | -41.9% | -4.0% | +0.7% | -67.7% | +57.5% | +1.7% | +40.8% | -57.4% | |
| Crecimiento BPA (anual) | +51.4% | -19.1% | +9.3% | +28.6% | -44.8% | +72.4% | +28.6% | +43.3% | -52.9% | |
| Cambio en Acciones (anual) | +18.2% | +18.5% | +14.7% | +38.9% | +16.3% | +52.3% | +38.2% | +7.3% | +2.5% | |
| Crecimiento FCF (anual) | +30.7% | -4.5% | -8.8% | -6.4% | -88.9% | +54.6% | -28.5% | +49.1% | +4.0% | |
| Margen Bruto | 94.6% | 80.0% | 82.1% | 88.6% | 98.1% | 90.1% | 92.1% | 85.7% | 84.8% | 89.5% |
| Margen Operativo | -469.9% | -155.0% | -3488.6% | -1728.1% | -1199.0% | -1528.6% | -122.2% | -50.8% | -8.4% | -10.1% |
| Margen EBITDA | -464.5% | -144.1% | -3263.6% | -1601.4% | -1125.9% | -1494.0% | -116.9% | -44.5% | -5.0% | -7.2% |
| Margen Neto | -467.8% | -153.2% | -3502.0% | -1797.8% | -1245.7% | -1566.5% | -128.9% | -53.1% | -11.7% | -15.1% |
| Margen FCF | -405.4% | -160.8% | -2707.5% | -1454.4% | -1079.9% | -1529.3% | -134.4% | -72.4% | -13.7% | -10.8% |
| Tasa Impositiva Efectiva | -0.0% | -1.9% | -0.0% | -0.3% | -0.0% | -0.0% | -0.0% | -0.8% | -0.7% | -1.6% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $-2.43 | $-1.42 | $-1.26 | $-1.19 | $-0.91 | $-1.48 | $-0.44 | $-0.41 | $-0.19 | $-0.18 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $40.1M | $47.4M | $56.2M | $64.5M | $89.6M | $104.2M | $158.7M | $219.3M | $235.2M | $241.0M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -36.00% |
| Rentabilidad sobre capital invertido | -7.96% |
| Rentabilidad sobre activos | -9.67% |
| Margen bruto | 93.96% |
| Margen operativo | -7.86% |
| Margen neto | -12.35% |
Salud financiera
| Deuda / Patrimonio | 1.72 |
| Ratio corriente | 3.34 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -1.27 | -1.21 | -0.28 | -1.28 | -1.54 | -0.72 | -6.79 | -20.67 | -29.82 | -22.42 |
| P/VC | 0.74 | 0.56 | 0.22 | 0.65 | 1.15 | 1.39 | 4.60 | 8.15 | 6.88 | 8.42 |
| P/V | 5.93 | 1.86 | 9.65 | 22.95 | 19.17 | 11.35 | 8.67 | 10.93 | 3.57 | 3.45 |
| Margen Bruto | 94.6% | 80.0% | 82.1% | 88.6% | 98.1% | 90.1% | 92.1% | 85.7% | 84.8% | 89.5% |
| Margen Operativo | -469.9% | -155.0% | -3488.6% | -1728.1% | -1199.0% | -1528.6% | -122.2% | -50.8% | -8.4% | -10.1% |
| Margen Neto | -467.8% | -153.2% | -3502.0% | -1797.8% | -1245.7% | -1566.5% | -128.9% | -53.1% | -11.7% | -15.1% |
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