Ardelyx Inc (ARDX)

[Whalatane]

Well if the trial is considered a failure there probably won't be a capital raise. If successful I expect the hedge funds currently providing capital will exercise their warrants .
Not an expert in the field but think this is what will happen if trial succeeds

The key points on how warrants provide cash to companies:
Companies issue warrants along with other securities like stocks or bonds to make the offering more attractive to investors.
Warrants give the holder the right, but not obligation, to purchase a set number of the company's shares at a fixed strike price within a certain time period.
If the market price of the stock rises above the strike price before expiration, warrant holders are incentivized to exercise their warrants by paying the strike price to the company.
The cash paid by investors to exercise the warrants provides capital directly to the issuing company in exchange for newly issued shares.
However, if warrants are not exercised before expiration, the company does not receive any cash proceeds from the unexercised warrants.
So in summary, warrants act as a future source of potential capital for companies, but the cash is only received when and if the warrants are actually exercised by investors before expiry.

Also https://ih.advfn.com/stock-market/NASDAQ/unicycive-therapeutics-UNCY/stock-news/93487624/unicycive-announces-50-million-private-placement

Kiwi