Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

A summary of our stock option activity and related information for the year ended December 31, 2025 is as follows:


	Number of Shares (in thousands)	Weighted-Average Exercise Price per Share		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2024	28,085	$	5.63

Options granted	9,011	$	5.08
Options exercised	(1,880)	$	2.20
Options forfeited or canceled	(6,239)	$	6.29


Balance as of December 31, 2025	28,977	$	5.54	6.4	$	37,405
Vested and expected to vest as of December 31, 2025	28,977	$	5.54	6.4	$	37,405
Exercisable as of December 31, 2025	18,133	$	5.43	5.1	$	28,181

Schedule of Valuation Assumptions for Stock Options

The estimated grant date fair value of employee stock options was calculated using the Black-Scholes option-pricing model, based on the following weighted-average assumptions:


	Year Ended December 31,
	2025		2024		2023
Expected term (in years)	4.0		5.4		5.1
Expected volatility	77.6	%	100.8	%	97.6	%
Risk-free interest rate	3.1	%	4.0	%	3.8	%
Dividend yield	—	%	—	%	—	%

Schedule of Restricted Stock Units Activity

A summary of our RSUs activity and related information for the year ended December 31, 2025 is as follows:


	Number of RSUs (in thousands)	Weighted-Average Grant Date Fair Value per Share
Non-vested restricted stock units as of December 31, 2024	8,013	$	6.59
Granted	11,291	$	5.15
Vested	(4,070)	$	5.75
Forfeited	(2,651)	$	5.93
Non-vested restricted stock units as of December 31, 2025	12,583	$	5.71
Restricted stock units exercisable (vested and deferred) as of December 31, 2025	21

Schedule of Valuation Assumptions for Employee Stock Purchase Plan

The following table illustrates the weighted-average assumptions for the Black-Scholes option-pricing model used in determining the fair value of ESPP purchase rights granted to our employees:


	Year Ended December 31,
	2025		2024		2023
Expected term (in years)	0.5		0.5		0.5
Expected volatility	72.6	%	82.8	%	86.0	%
Risk-free interest rate	4.2	%	5.0	%	5.3	%
Dividend yield	—	%	—	%	—	%

Schedule of Stock-Based Compensation Recognized

Stock-based compensation expense for stock options, RSUs and our ESPP included in our statements of operations and comprehensive loss was as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Selling, general and administrative	$	38,650	$	27,791	$	9,952
Research and development	10,312		9,590		3,578
Total	$	48,962	$	37,381	$	13,530

Schedule of Total Unrecognized Stock-Based Compensation Expense, Net of Estimated Forfeitures

A summary of our total unrecognized stock-based compensation expense, net of estimated forfeitures, as of December 31, 2025 is as follows:


	Unrecognized Compensation Expense (in thousands)		Average Remaining Vesting Period (in years)
Stock option grants	$	46,330	2.53
RSU grants	$	67,104	2.88
ESPP	$	107	0.17

ARDELYX, INC. 10-K