Ardelyx : ARDX Analyst Day 2020

Analyst Day

November 12, 2020

Forward-Looking Statements

To the extent that statements contained in this presentation are not descriptions of historical facts regarding Ardelyx, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securities Reform Act of 1995, including statements regarding the potential for Ardelyx's product candidates in treating the diseases and conditions for which they are being developed; Ardelyx's expectation regarding the potential approval of its NDA for tenapanor for the control of serum phosphorus in chronic kidney disease (CKD) patients on dialysis and the expected timing thereof; the commercial potential for tenapanor for the control of serum phosphorus in CKD patients on dialysis, including Ardelyx's expectation regarding the rate of adoption and use of tenapanor, if approved; Ardelyx's expectations regarding the size of the patient population and the size of the market for tenapanor in CKD patients on dialysis, and the potential growth thereof; and Ardelyx's expectations regarding the exhaustion of its current capital resources. Such forward-looking statements involve substantial risks and uncertainties that could cause the development of Ardelyx's product candidates or Ardelyx's future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in research and the clinical development process; the uncertainties associated with the regulatory approval process; and the uncertainties in the drug commercialization process. Ardelyx undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Ardelyx's business in general, please refer to Ardelyx's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 5, 2020, and its future current and periodic reports to be filed with the Securities and Exchange Commission

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Today's Agenda - Welcome!

Progress and Momentum	Mike Raab - CEO, Ardelyx
Impact of Tenapanor	German Hernandez, MD, FASN, FACP - El Paso Kidney Specialists, Texas Tech University
Market Perspective	Jennifer Robinson - President, Spherix Global Insights
Favorable Access Environment	Douglas Paul, PharmD, PhD - VP and Partner, MME
Planning for Commercial Success	Susan Rodriguez - CCO, Ardelyx
Advancing the Ardelyx Pipeline	Jeff Jacobs, PhD - CSO, Ardelyx & David Rosenbaum, PhD - CDO, Ardelyx
Financials and Partnering Strategy	Justin Renz - CFO, Ardelyx
Summary & Closing Remarks	Mike Raab - CEO, Ardelyx
Q&A	All

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Ardelyx Overview

• Tenapanor: First-in-classproduct candidate for the control of serum phosphorus in patients with chronic kidney disease (CKD) on dialysis
• • Three successful statistically significant Phase 3 studies
  • NDA Accepted September 2020
  • PDUFA Date - April 29, 2021
• Large target market
• • ~2.7M phosphate binder prescriptions written per year in U.S.1
  • Accessible with U.S. specialty-focused commercial organization
  • Ex-U.S.commercialization through select collaborations
• Discovery platform fuels additional pipeline programs
• • RDX013: novel approach for hyperkalemia
  • RDX020: novel approach for metabolic acidosis
• Cash of $185M2 supports operations into first half of 2022

	1.	IQVIA 2019 (Retail); Adding estimate for Rxs through dialysis organization specialty pharmacies
4	2.	Cash, cash equivalents and short-term investments as of September 30, 2020