NET LOSS PER SHARE

9 Months Ended

Sep. 30, 2025

Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period and excludes any dilutive effect of stock-based awards. Diluted net loss per common share is computed giving effect to all potential dilutive common shares, including common stock issuable upon exercise of stock options, unvested restricted stock units and ESPP shares issuable pursuant to the current purchase period. As we had net losses for the nine months ended September 30, 2025 and 2024, all potential common shares were determined to be anti-dilutive during those periods.

The following table sets forth the computation of net loss per common share:


(in thousands, except per share amounts)	Three Months Ended September 30,				Nine Months Ended September 30,
Numerator	2025		2024		2025		2024
Net loss	$	(969)	$	(809)	$	(61,192)	$	(43,781)
Denominator

Weighted average common shares outstanding - basic and diluted	241,908		235,911		240,166		234,516
Net loss per share of common stock - basic and diluted	$	(0.00)	$	(0.00)	$	(0.25)	$	(0.19)

The total numbers of securities that could potentially dilute net income per share in the future that were not considered in the diluted net loss per share calculations because the effect would have been anti-dilutive were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2025	2024	2025	2024
Options to purchase common stock	30,064	28,296	29,940	27,584

Restricted stock units	13,536	8,257	12,510	7,753

ESPP shares issuable	157	224	174	231
Total	43,757	36,777	42,624	35,568

ARDELYX, INC. 10-Q