Form 144: Proposed sales of 83,333 ARDX shares listed

Morgan Stanley Smith Barney LLC submitted a Form 144 reporting proposed sales of common stock tied to exercises and restricted stock units.

Rhea-AI Filing Summary

Morgan Stanley Smith Barney LLC submitted a Form 144 reporting proposed sales of common stock tied to exercises and restricted stock units. The notice lists proposed sales of 83,333 shares on 02/24/2026 (exercise of stock options) and 83,333 shares from restricted stock units with a grant date of 02/19/2024. The filing also discloses a sale by Michael G. Raab of 45,982 shares on 02/20/2026 for $268,840.52.

Insights

Securities Compliance Analyst

Form 144 lists proposed resale transactions and a recent insider sale.

The filing identifies proposed sales of 83,333 shares tied to an exercise of stock options dated 02/24/2026 and 83,333 shares tied to restricted stock units granted on 02/19/2024. It also records a completed sale of 45,982 shares by Michael G. Raab on 02/20/2026 for $268,840.52.

These entries are procedural disclosures required when holders intend to sell restricted or rule‑144 eligible securities. Timing, broker handling, and whether sales occur as proposed are determined by holder decisions and any applicable plan restrictions.

Corporate Counsel (Equity Transactions)

The notice shows methods and dates associated with potential dispositions, not guarantees of sale execution.

The excerpt explicitly ties one proposed sale to cash exercise and labels plan-derived shares as restricted stock units with their grant date. It lists the broker as Morgan Stanley Smith Barney LLC, indicating the intermediary named for potential transactions.

Regulatory compliance hinges on the holder satisfying Rule 144 conditions and any plan-specific restrictions; subsequent filings would show actual transactions.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does ARDX's Form 144 report about proposed sales?

The filing reports proposed sales of 83,333 shares from an option exercise and 83,333 shares from RSUs. It names Morgan Stanley Smith Barney LLC as the broker and ties the option exercise to 02/24/2026.

Who sold shares recently according to the ARDX filing?

Michael G. Raab sold 45,982 shares on 02/20/2026. The filing shows proceeds of $268,840.52 for that sale and lists an address in Waltham, MA for the reporting person.

How many shares are tied to the reported option exercise in the ARDX notice?

The notice lists 83,333 shares to be sold in connection with an exercise of stock options with the sale date shown as 02/24/2026. The method is labeled as Cash in the excerpt.

Does the Form 144 confirm sales have occurred for the proposed transactions?

No; Form 144 shows proposed sales and one past sale. It lists proposed dispositions of 83,333 and 83,333 shares, while confirming a completed sale of 45,982 shares on 02/20/2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/24/2026 - 04:30 PM Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001321402
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	ARDELYX INC
SEC File Number	001-36485
Address of Issuer	400 Fifth Avenue Suite 210 Waltham MASSACHUSETTS 02451
Phone	5107451700
Name of Person for Whose Account the Securities are To Be Sold	MICHAEL RAAB
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Director
Relationship to Issuer	Officer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	166666	958329.50	245247427	02/24/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	02/24/2026	Exercise of Stock Options	Issuer			83333	02/24/2026	Cash
Common	02/19/2024	Restricted Stock Units	Issuer			83333	02/19/2024	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
MICHAEL G. RAAB 400 Fifth Avenue Suite 210 Waltham MA 02451	Common	02/20/2026	45982	268840.52

144: Remarks and Signature

Remarks	The securities to be sold were and will be received upon the exercise of stock options over the next three months. The dates of acquisition and payment were and will be the dates of exercise/sale. The securities to be sold were acquired upon the vesting of restricted stock units during the period of 02/19/2024 through 02/19/2025.
Date of Notice	02/24/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	11/07/2025
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Michael Raab
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)