Ardelyx, Inc. (ARDX): Business Model Canvas [Dec-2025 Updated]

As a former BlackRock analyst, I've seen companies pivot from R&D focus to commercial execution, and Ardelyx, Inc. is right in that sweet spot now, especially with IBSRELA hitting its stride. You can see the commercial momentum clearly in the numbers: they are guiding for $\mathbf{\$270M-\$275M}$ in U.S. net product sales for IBSRELA this year, plus they banked $\mathbf{\$27.4 million}$ from XPHOZAH in Q3 alone, all while holding a solid $\mathbf{\$242.7 million}$ in cash as of Q3 2025. Honestly, understanding how they structure their key activities-like expanding their sales force and managing the tricky Medicare appeals-against their value props for both IBS-C and CKD patients is key to valuing their next move. Dive into the full Business Model Canvas below to see exactly how Ardelyx, Inc. is building this commercial engine.

Ardelyx, Inc. (ARDX) - Canvas Business Model: Key Partnerships

You're mapping out the strategic alliances that power Ardelyx, Inc.'s global reach and financial stability. These partnerships are crucial because they extend the commercial footprint of tenapanor beyond the U.S. market and provide necessary capital to fuel domestic growth for IBSRELA and XPHOZAH.

For international commercialization of tenapanor, Ardelyx relies on established regional partners. Kyowa Kirin handles the commercialization of PHOZEVEL (tenapanor) specifically within Japan for hyperphosphatemia. Over in China, Ardelyx has advanced its presence, as a New Drug Application for tenapanor for hyperphosphatemia has been approved with Fosun Pharma, marking a significant step for that territory.

The Canadian market for IBSRELA (tenapanor) is managed through a partnership with Knight Therapeutics, Inc., which commercializes the product there for the treatment of irritable bowel syndrome with constipation (IBS-C). These agreements allow Ardelyx to access specialized markets without bearing the full cost of establishing local sales forces.

Here's a quick look at the structure of these key international commercial deals:

Domestically, the distribution strategy for XPHOZAH is tightly controlled, relying on a limited network to manage patient access and support. This is a key difference from traditional retail distribution, so you need to track this channel closely. To be fair, this specialized approach helps manage the complexity of reimbursement for a novel therapy.

The financing side of the equation involves a critical relationship with an institutional lender to supplement operating cash flow. This debt facility provides non-dilutive capital, which is always preferable when possible.

Key domestic and financing partnerships include:

• Transition Pharmacy, the ArdelyxAssist specialty pharmacy partner, handles dispensing for XPHOZAH prescriptions in the U.S.; XPHOZAH cannot be filled at traditional retail pharmacies.
• SLR Investment Corp. provides term loan financing; Ardelyx, Inc. drew $48.7 million in net proceeds under this term loan during the second quarter of 2025, as of June 30, 2025.
• As of June 30, 2025, Ardelyx, Inc. maintained a total cash position, cash equivalents, and short-term investments of $238.5 million.

Finance: draft 13-week cash view by Friday.

Ardelyx, Inc. (ARDX) - Canvas Business Model: Key Activities

You're looking at the core engine room of Ardelyx, Inc. as of late 2025. The key activities are heavily weighted toward driving commercial success for the two tenapanor products while simultaneously investing in the next wave of innovation. Here's the breakdown of the hard numbers driving these efforts based on the third quarter of 2025 results.

U.S. Commercialization and Sales Force Expansion for IBSRELA

The commercial engine for IBSRELA, treating Irritable Bowel Syndrome with Constipation (IBS-C), is clearly firing on all cylinders. The sales force expansion completed in late 2024 is paying off handsomely in 2025.

• IBSRELA generated $78.2 million in net product sales revenue in the third quarter of 2025.
• This Q3 2025 revenue represents a 92% increase compared to the same period in 2024.
• Sequentially, Q3 2025 revenue was up 20% over the second quarter of 2025.
• Ardelyx raised its full-year 2025 IBSRELA revenue guidance to be between $270 million and $275 million.
• The company maintains its long-term peak sales expectation for IBSRELA at greater than $1.0 billion in annual U.S. net product sales revenue.

Executing the XPHOZAH Access Strategy Post-Medicare Part D Change

Executing the access strategy for XPHOZAH, used for Chronic Kidney Disease (CKD) with Hyperphosphatemia, is a major activity, especially since the transition of oral-only therapies into the Medicare End-Stage Renal Disease Prospective Payment System on January 1, 2025, which removed Part D coverage.

The team is focused on driving prescription pull-through among nephrologists despite this market headwind. The sequential growth in Q3 shows the access strategy is gaining traction.

Research and Development (R&D) for Pipeline Candidates like RDX10531

Ardelyx, Inc. is actively investing to build out its pipeline beyond the current two products. This involves significant financial commitment to early-stage science.

• R&D expenses for the third quarter ended September 30, 2025, totaled $18.1 million.
• For the full year 2024, R&D expenses were $73.5 million.
• The company announced it began development of RDX10531, a next-generation sodium/hydrogen exchanger 3 (NHE3) inhibitor, in Q3 2025.
• The target for RDX10531 is to support an Investigational New Drug (IND) submission in 2026.

Managing Regulatory and Legal Appeals (e.g., XPHOZAH Medicare Coverage)

The primary regulatory management activity centers on navigating the consequences of the January 1, 2025, Medicare Part D change for XPHOZAH. This requires operationalizing patient support.

The key activity here is managing patient enrollment through the specialty pharmacy partner, Transition Pharmacy, and evaluating eligibility for the Ardelyx patient assistance program for those without affordable access. While specific legal appeal costs aren't itemized, the commercial strategy is directly tied to mitigating this regulatory shift.

Manufacturing and Supply Chain Management for Tenapanor

Supply chain management is a necessary activity, though the reported revenue figures show fluctuations in non-product supply revenue, which can reflect timing or inventory adjustments.

• No product supply revenue was recorded in the third quarter of 2025.
• This compares to $5.3 million in product supply revenue during the third quarter of 2024.
• In the second quarter of 2025, product supply revenue was $6.2 million.

Finance: draft 13-week cash view by Friday.

Ardelyx, Inc. (ARDX) - Canvas Business Model: Key Resources

You're looking at the core assets Ardelyx, Inc. is relying on to drive growth for IBSRELA and XPHOZAH, plus build out the next generation of their pipeline. Honestly, for a commercial-stage biotech, the balance sheet strength and the intellectual property moat are what you look at first.

The financial foundation is solid as of the third quarter of 2025. As of September 30, 2025, Ardelyx, Inc. held total cash, cash equivalents and short-term investments of $242.7 million. This liquidity cushion supports ongoing operations and pipeline investment, especially after achieving positive operating income of $4.7 million in Q3 2025.

The intellectual property surrounding tenapanor is a major resource, protecting the first-in-class mechanism of action. Here's a quick look at the IP landscape for their commercial products:

The clinical data supporting the first-in-class sodium/hydrogen exchanger 3 (NHE3) inhibitor mechanism is critical, particularly for XPHOZAH, which acts locally in the gut to inhibit NHE3, reducing phosphate absorption through the primary pathway. This mechanism is what differentiates it in the hyperphosphatemia treatment paradigm.

On the commercial execution side, Ardelyx, Inc. has invested heavily in its human capital and patient support infrastructure. The company completed a field-based sales team expansion to support IBSRELA momentum, which was a focus area heading into 2025. While the exact current rep count isn't explicitly stated as 124 in the latest reports, the focus on commercial execution is clear, with IBSRELA revenue growing 92% year-over-year in Q3 2025.

The patient access infrastructure is another key asset, designed to mitigate access hurdles, especially following the Medicare Part D coverage change for oral-only therapies on January 1, 2025. You should note the structure of this support:

• ArdelyxAssist™ is an innovative, digital-forward, high-touch patient services program.
• It provides a broad range of access and affordability support for patients.
• The program integrates into medical office work processes and connects patients and healthcare providers.
• For XPHOZAH, prescriptions go to Transition Pharmacy, the ArdelyxAssist specialty pharmacy partner, in Trevose, PA.
• Patients without affordable insurance access are evaluated for eligibility through the Ardelyx patient assistance program.

Also, Ardelyx, Inc. has started development on RDX10531, a next-generation NHE3 inhibitor, targeting an Investigational New Drug (IND) application in 2026, which adds pipeline optionality to these key resources.

Finance: draft 13-week cash view by Friday.

Ardelyx, Inc. (ARDX) - Canvas Business Model: Value Propositions

IBSRELA: A differentiated, first-in-class treatment for IBS-C.

IBSRELA, a first-in-class retainagogue, is approved for Irritable Bowel Syndrome with Constipation (IBS-C) in adults. The commercial momentum is strong, with Q3 2025 revenue reaching $78.2 million, reflecting a 92% year-over-year growth compared to Q3 2024. This performance led Ardelyx, Inc. to raise its full-year 2025 U.S. net product sales revenue guidance for IBSRELA to between $270-275 million. The company still projects peak annual U.S. net sales revenue for IBSRELA to exceed $1.0 billion. Common adverse reactions observed in clinical trials include diarrhea at an incidence of 16% versus 4% for placebo, abdominal distension at 3% versus <1% for placebo, flatulence at 3% versus 1% for placebo, and dizziness at 2% versus <1% for placebo.

XPHOZAH: A novel, non-binder mechanism for hyperphosphatemia in CKD on dialysis.

XPHOZAH is the first and only phosphate absorption inhibitor (PAI) with a differentiated mechanism of action, blocking phosphate absorption locally in the gut via inhibition of the sodium hydrogen exchanger 3 (NHE3), which is the primary pathway. It is administered as a single tablet taken twice daily. Q3 2025 revenue for XPHOZAH was $27.4 million, showing a 9% increase compared to Q2 2025. Real-world study data presented at ASN Kidney Week 2025 showed that patients treated with XPHOZAH experienced an average reduction in serum phosphorus of nearly 1 mg/dL. Specifically, 45.3% of participants achieved a $\ge$1 mg/dL reduction, and 25.1% achieved a $\ge$2 mg/dL reduction. On the tolerability side, the most common side effect reported in clinical trials was diarrhea, occurring in 43-53% of patients. Ardelyx, Inc. expects XPHOZAH to achieve peak annual U.S. net product sales revenue of $750 million.

Simplified treatment option for patients intolerant of phosphate binders.

XPHOZAH is specifically indicated as add-on therapy for adults with chronic kidney disease (CKD) on dialysis who either have an inadequate response to phosphate binders or who are intolerant of any dose of phosphate binder therapy. The Q1 2025 revenue for XPHOZAH was $23.4 million, and the Q3 2025 revenue was $27.4 million. The market context includes a significant access change, as coverage for oral therapies like XPHOZAH is no longer available under Medicare Part D starting January 1, 2025, due to the transition into the Medicare End-Stage Renal Disease Prospective Payment System.

Patient assistance programs to ensure product access regardless of payer.

Ardelyx, Inc. maintains programs to help ensure patients prescribed their medicines can access them. For XPHOZAH, patients who do not have affordable access following the Medicare Part D coverage change are evaluated for eligibility through the Ardelyx patient assistance program. For IBSRELA, the Commercial Copay Program offers significant financial support for eligible commercially insured patients.

• IBSRELA Copay Program: Eligible commercially insured patients may pay as little as $0 per 30-day prescription fill.
• Maximum savings for IBSRELA: Up to $1,968.75 per 30-day supply or up to $5,906.25 for a 90-day supply.
• The IBSRELA Copay Program is not valid for prescriptions reimbursed under Medicaid, a Medicare drug benefit plan, or other federal or state healthcare programs.

Here's the quick math on the combined product performance as of Q3 2025:

What this estimate hides is the impact of the Medicare Part D transition on XPHOZAH revenue, which saw a year-over-year decline in Q3 2025 compared to Q3 2024, despite sequential growth.

Ardelyx, Inc. (ARDX) - Canvas Business Model: Customer Relationships

You're focused on how Ardelyx, Inc. builds and maintains connections with the prescribers and patients who drive their revenue, especially as they push IBSRELA toward its $1 billion peak sales target. The relationships here are multi-faceted, involving direct sales efforts, dedicated patient support, and targeted outreach to high-volume prescribers.

The commitment to the patient relationship is underscored by the appointment of a Chief Patient Officer in April 2025, Laura A. Williams, M.D., M.P.H., signaling a formal structure to support this pillar. This focus is critical, particularly given the adverse event profile for IBSRELA, where severe diarrhea was reported in 2.5% of treated patients in clinical trials.

High-touch support via the ArdelyxAssist patient assistance program

For XPHOZAH, patient access became a more direct relationship challenge following the loss of Medicare Part D coverage for oral-only therapies on January 1, 2025. To manage this, Ardelyx relies on the ArdelyxAssist specialty pharmacy partner. Patients who lack affordable access are evaluated for eligibility to receive XPHOZAH through this dedicated patient assistance program. This support mechanism directly manages the relationship with the patient when financial barriers arise, which is key to maintaining prescription fulfillment, especially as XPHOZAH Q3 2025 revenue was $27.4 million.

Targeted engagement with high-writing healthcare providers (HCPs)

Ardelyx, Inc. has clearly scaled its field presence to deepen relationships with prescribers. The sales force expansion for IBSRELA has been significant, moving from 34 representatives at launch to 124 reps by early 2025. This team targets an estimated 14,000 writers, which includes approximately 5,000 advanced practice providers (APPs) for IBSRELA. The success of this relationship-building is reflected in the accelerating revenue; IBSRELA U.S. net sales revenue was $44.4 million in Q1 2025 and grew to $78.2 million by Q3 2025. The company also added field access managers specifically to improve prior authorization pull-through, a direct tactical effort to support the HCP relationship post-prescription.

Here's a quick look at the scaling of the field force supporting these relationships:

Direct-to-patient marketing to drive patient demand for IBSRELA

Ardelyx, Inc. has actively implemented direct-to-patient marketing efforts to foster a relationship where the patient initiates the conversation with their doctor about IBSRELA. While specific spending figures aren't public, the impact on demand indicators is clear, as IBSRELA revenue nearly doubled year-over-year in Q3 2025 to $78.2 million from $40.6 million in Q3 2024. This suggests the marketing is successfully driving patient awareness and subsequent HCP engagement.

Patient-reported data from late 2025 presentations highlight the positive outcomes driving patient satisfaction, which is a key component of this relationship:

• Patient-reported treatment satisfaction: 88%.
• Reported improvement in constipation: 95%.
• Reported improvement in bloating: 75%.
• Reported improvement in abdominal pain: 84%.
• Percentage saying IBSRELA is better than prior IBS-C drugs: 76%.

Field access manager team to improve prior authorization approvals

The addition of field access managers is a direct investment in removing friction from the HCP-patient relationship at the point of access. This team focuses on prescription pull-through, meaning they help ensure that once an HCP writes a prescription, it is successfully filled. This is a crucial, high-touch support function that directly impacts the perceived ease of prescribing Ardelyx products. The overall commercial execution, including these access support roles, is driving IBSRELA toward its 2025 revenue guidance, which was raised to a range of $270 million to $275 million.

Ardelyx, Inc. (ARDX) - Canvas Business Model: Channels

Ardelyx, Inc. employs a multi-faceted approach to get its commercial products, IBSRELA and XPHOZAH, to the appropriate healthcare providers and ultimately to patients.

The direct commercialization channel relies heavily on the internal U.S. field sales force. This team's expansion was a key driver for recent product uptake. For instance, IBSRELA performance accelerated in the fourth quarter of 2024 following the completion of the company's field-based sales team expansion. The size of this direct sales force grew from 34 representatives at launch to 124 as of a March 2025 presentation. This direct engagement targets approximately 14,000 writers, including 5,000 advanced practice providers. Selling, general and administrative (SG&A) expenses, which cover these commercialization investments, were $84.0 million for the quarter ended June 30, 2025, up from $64.7 million for the same period in 2024. Targeted sales and marketing efforts are credited for record highs in IBSRELA revenue.

For XPHOZAH, the channel is highly specialized due to reimbursement structures. Access is managed through a dedicated specialty pharmacy network. Specifically, prescriptions for XPHOZAH must be sent to Transition Pharmacy in Trevose, Pennsylvania, which serves as the ArdelyxAssist specialty pharmacy partner. This is the exclusive route for dispensing XPHOZAH, as prescriptions cannot be filled through a traditional retail pharmacy. ArdelyxAssist handles the determination of affordable access for patients.

The supply chain for product distribution involves wholesale channels, though specific details on the number of distributors are not publicly detailed for 2025. However, the structure for XPHOZAH is distinct from traditional phosphate binders, which are distributed and paid for by dialysis organizations; XPHOZAH is not distributed or paid for by those organizations.

Patient access is supported through direct outreach, which includes digital and traditional marketing campaigns managed under the SG&A budget. The company also utilizes the Ardelyx patient assistance program to evaluate eligibility for patients who do not have affordable access through their insurance for XPHOZAH.

Here's a look at the scale of the direct commercialization effort and associated revenue performance as of mid-2025:

The company's channel execution is directly tied to sales outcomes:

• IBSRELA U.S. net sales revenue for the first half of 2025 was between $109.4 million ($44.4 million in Q1 and $65.0 million in Q2).
• Ardelyx raised full-year 2025 IBSRELA U.S. net sales revenue guidance to between $270.0 million and $275.0 million.
• XPHOZAH U.S. net sales revenue for Q2 2025 was $25.0 million.
• The long-term peak U.S. net sales revenue target for XPHOZAH remains $750 million annually.

Ardelyx, Inc. (ARDX) - Canvas Business Model: Customer Segments

You're looking at the core groups Ardelyx, Inc. (ARDX) targets with its commercial products, IBSRELA for Irritable Bowel Syndrome with Constipation (IBS-C) and XPHOZAH for hyperphosphatemia in Chronic Kidney Disease (CKD) patients on dialysis. The focus here is on the sheer scale of the patient populations and the professionals who write the prescriptions.

Adult patients with Irritable Bowel Syndrome with Constipation (IBS-C)

This segment is defined by the prevalence of IBS-C and the existing prescription volume for treatments. Ardelyx, Inc. is clearly aiming for significant market penetration here, given the revenue trajectory. The total market size, based on prescription volume, shows a growing base of patients seeking treatment options.

The market for IBS-C indicated drugs saw prescription volume increase from approximately 5,200,000 scripts in 2022 to about 6,300,000 scripts written in 2024. Ardelyx, Inc. has set an ambitious goal for IBSRELA, aiming for a 10% market share to achieve $1 billion in sales before patent expiry. For the full-year 2025, the company raised its revenue guidance for IBSRELA to a range between $270 million and $275 million, up from Q3 2025 revenue of $78.2 million.

Adult patients with Chronic Kidney Disease (CKD) on dialysis and hyperphosphatemia

This segment is rooted in the overall CKD population, with XPHOZAH specifically targeting those on dialysis who need additional phosphate control beyond what their current phosphate binders provide, or who cannot tolerate binders. The total CKD population is large, but the addressable segment for XPHOZAH is more specific.

Chronic kidney disease affects more than 1 in 7 U.S. adults, which is an estimated 35.5 million Americans. More than 808,000 people in the United States are living with End-Stage Kidney Disease (ESKD), with 68% of those on dialysis. Ardelyx, Inc. has a stated long-term sales target for XPHOZAH of $750 million, and the target market for XPHOZAH includes 220,000 non-Medicare patients. XPHOZAH contributed $27.4 million in revenue in Q3 2025, following over $160 million in net product sales revenue in its first full year in 2024.

• CKD Prevalence in U.S. Adults: More than 1 in 7 (approx. 35.5 million).
• Patients on Dialysis (ESKD): 68% of over 808,000 individuals.
• XPHOZAH Target Market (Non-Medicare): 220,000 patients.
• XPHOZAH Q3 2025 Revenue: $27.4 million.

Gastroenterologists and Primary Care Physicians (PCPs) who treat IBS-C

These are the prescribers driving the adoption of IBSRELA. Ardelyx, Inc. has significantly scaled its commercial team to engage this group. You have to know the size of the specialty to gauge the depth of penetration.

As of March 2025, Ardelyx, Inc. had expanded its sales force to 124 representatives, targeting 14,000 writers, which includes 5,000 advanced practice providers. The total number of active gastroenterologists in the U.S. as of 2025 is reported at 22,036. In 2023, these specialists delivered outpatient care to 8,458,462 Medicare Part B beneficiaries. The primary care physician base, which also contributes to prescribing, was estimated at 279,194 in 2022.

Nephrologists and dialysis centers prescribing XPHOZAH

This group consists of specialists managing the complex care of CKD patients, particularly those on dialysis. Their prescribing behavior directly impacts XPHOZAH revenue, which was $27.4 million in Q3 2025. Dialysis centers are also key decision-makers regarding in-center medication protocols.

The estimated number of nephrologists currently practicing in the United States falls between 10,370 and 12,939. Ardelyx, Inc. is focused on driving adoption in the nephrology community, with a stated target of achieving a 30% market share for XPHOZAH. The facilities themselves are regulated under the End-Stage Renal Disease (ESRD) Prospective Payment System (PPS), with CMS finalizing policies for CY 2025 effective January 1, 2025.

• Estimated Practicing U.S. Nephrologists: 10,370 to 12,939.
• XPHOZAH Market Share Target: 30% in the nephrology community.
• ESRD PPS Base Rate (CY 2025): $273.82.

Ardelyx, Inc. (ARDX) - Canvas Business Model: Cost Structure

When looking at the Cost Structure for Ardelyx, Inc. as of late 2025, the focus is clearly on supporting the commercial scale-up of its two key products, IBSRELA and XPHOZAH. You'll see that operating expenses, particularly SG&A, are the dominant cost driver in the quarter.

Here's a quick look at the key operational expenditures reported for the third quarter ended September 30, 2025:

The $83.6 million in SG&A expenses is where the rubber meets the road for commercialization. This figure reflects the ongoing investment required to drive growth for IBSRELA and manage the market dynamics for XPHOZAH. Honestly, this level of spending is expected when you are pushing two commercial assets, especially with IBSRELA revenue growing 92% year-over-year to $78.2 million in the quarter.

Commercialization and marketing investments for IBSRELA and XPHOZAH are embedded within that SG&A number. We can see the impact of this spending on the revenue side, but the direct marketing spend is not broken out separately from the total SG&A. What this estimate hides is the specific split between sales force costs, patient access support, and general overhead.

For product manufacturing and supply costs, which relate to the Cost of Goods Sold (COGS), the search results provided a high-level metric that speaks to the cost efficiency of the products themselves:

• Gross Margin reported was 84.8%.
• Total Product Revenue for Q3 2025 was $105.5 million.

The cost structure also includes deductions taken from gross sales to arrive at net revenue, which you need to factor in when thinking about the true cost of getting the product to the patient:

• IBSRELA Gross to Net Deduction: Approximately 31% in Q3 2025.
• XPHOZAH Gross to Net Deduction: Approximately 29% in Q3 2025.

Finally, you have non-operating costs that impact the bottom line, which are important for a full cost picture. The legal and regulatory environment, specifically related to Medicare coverage changes, directly impacts XPHOZAH revenue, which declined year-over-year following the loss of Medicare Part D coverage effective January 1, 2025. While specific legal costs for the CMS appeal aren't itemized, the financial structure includes other non-cash items:

• Non-cash interest expense related to the sale of future royalties: $2.2 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Ardelyx, Inc. (ARDX) - Canvas Business Model: Revenue Streams

Ardelyx, Inc.'s revenue streams are heavily concentrated on the net product sales of its two commercialized therapies, IBSRELA and XPHOZAH, supplemented by milestone payments and other non-product revenue sources.

The primary driver for the full-year 2025 financial outlook is the performance of IBSRELA, which treats irritable bowel syndrome with constipation (IBS-C). Management has raised the full-year 2025 U.S. net product sales guidance for IBSRELA to a range of $270M-$275M.

The revenue generated from XPHOZAH, indicated for hyperphosphatemia in chronic kidney disease patients on dialysis, showed sequential improvement in the third quarter of 2025. U.S. net product sales for XPHOZAH in Q3 2025 reached $27.4 million, which was up 9% compared to Q2 2025.

To provide a clearer picture of the product revenue performance leading up to late 2025, here is a comparison of the most recent reported quarterly product sales:

Beyond direct product sales, Ardelyx, Inc. captures revenue through contractual agreements with international partners. This includes milestone payments, such as the $5.0 million licensing revenue received from Fosun Pharma in Q1 2025 following an approval in China.

Other revenue streams are less consistent but contribute to the total top line. You can see the breakdown of these non-product revenue components from the first half of 2025:

• Product supply revenue to international partners was $0.3 million in Q1 2025, compared to $2.1 million in Q1 2024.
• Product supply revenue in Q2 2025 was $6.2 million.
• No product supply revenue was recorded in Q3 2025.
• Non-cash royalty revenue related to the sale of future royalties was $1.0 million in Q1 2025.

The company's licensing revenue for Q3 2025 was $25 thousand.