Ardelyx Inc.

# Signal Note: Rock Springs Capital Initiates ARDX Position **Thesis**: Rock Springs' $13.4M entry into Ardelyx reflects conviction in tenapanor's commercial trajectory post-FDA approval for hyperphosphatemia in CKD patients (March 2021). The position timing suggests confidence in upcoming label expansion catalysts, likely PHPT (primary hyperparathyroidism) Phase 3 data expected in H2 2024/early 2025, or accelerating hyperphosphatemia adoption as nephrology awareness builds. **Relevance**: As a concentrated healthcare long/short fund, Rock Springs' initiation signals fundamental reassessment of ARDX's risk/reward versus street consensus, potentially indicating undervaluation ahead of near-term clinical/commercial inflection.