Ardelyx, Inc. Reports Employment Inducement Grants

Rhea-AI Summary

Ardelyx, Inc. (Nasdaq: ARDX) has announced the granting of stock options and Restricted Stock Units (RSUs) to new non-executive employees as employment inducements. On July 25, 2023, the company's compensation committee approved:

• Options to purchase 100,216 shares of common stock for three new employees
• 51,000 RSUs for four new employees

The stock options have an exercise price of $3.44 per share, matching the closing trading price on the grant date. Both stock options and RSUs vest over four years, with specific vesting schedules. These grants were made in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to the company's 2016 Employment Commencement Incentive Plan.

Positive

• Ardelyx is attracting new talent with competitive equity compensation packages
• The company is utilizing stock options and RSUs as retention tools for new employees

Negative

• None.

WALTHAM, Mass., July 27, 2023 (GLOBE NEWSWIRE) -- Ardelyx, Inc. (Nasdaq: ARDX), a biopharmaceutical company founded with a mission to discover, develop and commercialize innovative, first-in-class medicines that meet significant unmet medical needs, today announced that on July 25, 2023, the compensation committee of the company’s board of directors granted three new non-executive employees options to purchase an aggregate of 100,216 shares of the company’s common stock, and granted four new non-executive employees an aggregate of 51,000 Restricted Stock Units (RSUs). Each stock option has an exercise price per share equal to $3.44 per share, which was the closing trading price of the company’s common stock on the date of grant. The stock options and RSUs were granted as inducements material to each employee’s decision to enter into employment with Ardelyx, in accordance with Nasdaq Listing Rule 5635(c)(4).

Each stock option vests over four years, with 25% of the shares vesting on the first anniversary of the employee’s first date of employment, and the remaining 75% of shares vesting monthly thereafter. Each RSU vests over four years, with 25% vesting on the first company designated quarterly RSU vest date following the first anniversary of the employee’s first day of employment and the remaining 75% of shares vesting quarterly thereafter. Each stock option has a 10-year term and each option and RSU is subject to the terms and conditions of the company’s 2016 Employment Commencement Incentive Plan and the award agreement covering the grant.

About Ardelyx, Inc.
Ardelyx was founded with a mission to discover, develop and commercialize innovative, first-in-class medicines that meet significant unmet medical needs. Ardelyx’s first approved product, IBSRELA^® (tenapanor) is available in the United States and Canada. Ardelyx is developing XPHOZAH^® (tenapanor), a novel product candidate to control serum phosphorus in adult patients with chronic kidney disease on dialysis, which has completed three successful Phase 3 trials. Ardelyx has a Phase 2 potassium lowering compound, RDX013, for the potential treatment of elevated serum potassium, or hyperkalemia, a problem among certain patients with kidney and/or heart disease and an early-stage program in metabolic acidosis, a serious electrolyte disorder in patients with CKD. Ardelyx has established agreements with Kyowa Kirin in Japan, Fosun Pharma in China and Knight Therapeutics in Canada for the development and commercialization of tenapanor in their respective territories. For more information, please visit https://ardelyx.com/ and connect with us on Twitter, LinkedIn and Facebook.

Investor and Media Contacts:
Caitlin Lowie
clowie@ardelyx.com

Kimia Keshtbod
kkhestbod@ardelyx.com

 

FAQ

How many shares of Ardelyx (ARDX) stock options were granted to new employees?

Ardelyx granted options to purchase an aggregate of 100,216 shares of the company's common stock to three new non-executive employees.

What was the exercise price for the Ardelyx (ARDX) stock options granted on July 25, 2023?

The stock options granted by Ardelyx on July 25, 2023, have an exercise price of $3.44 per share, which was the closing trading price of the company's common stock on the date of grant.

How many Restricted Stock Units (RSUs) did Ardelyx (ARDX) grant to new employees?

Ardelyx granted an aggregate of 51,000 Restricted Stock Units (RSUs) to four new non-executive employees.

What is the vesting schedule for the stock options and RSUs granted by Ardelyx (ARDX)?

Both stock options and RSUs vest over four years. For stock options, 25% vest on the first employment anniversary, with the remaining 75% vesting monthly. For RSUs, 25% vest on the first quarterly vest date after the first employment anniversary, with the remaining 75% vesting quarterly.