ARDX insider files Form 144 to sell 125,000 shares

ARDX reporting person submitted a Form 144 to sell 125,000 shares of Common Stock.

Rhea-AI Filing Summary

ARDX reporting person submitted a Form 144 to sell 125,000 shares of Common Stock. The notice lists proposed sales tied to option exercises, restricted stock unit vesting, and an employee stock purchase plan. Recent executed 10b5-1 sales by Michael G. Raab totaled 179,748 shares across 03/16/2026–05/21/2026, with proceeds shown per trade.

Insights

Corporate Governance Expert

Form 144 shows planned insider dispositions and prior 10b5-1 executions.

The filing lists 125,000 shares proposed for sale across three grant types: stock option exercise, RSU vesting, and ESPP. This is a routine compliance notice for covered sales under Rule 144 and related plans.

Executed trades by Michael G. Raab on 03/16/2026, 04/15/2026, 05/15/2026, and 05/21/2026 were reported as 10b5-1 sales; timing and proceeds per line are shown in the excerpt.

Key Figures

Proposed shares to sell: 125,000 shares Option exercise amount: 62,500 shares Restricted Stock Units: 58,795 shares +5 more

8 metrics

Proposed shares to sell 125,000 shares Aggregated in the filing across option exercise, RSUs, and ESPP

Option exercise amount 62,500 shares Listed as "Exercise of Stock Options" dated <date>06/15/2026</date>

Restricted Stock Units 58,795 shares Listed with grant date <date>08/19/2024</date>

Employee Stock Purchase Plan 3,705 shares Listed with date <date>02/29/2024</date>

Executed 10b5-1 trades (example) 54,748 shares Trade on <date>05/21/2026</date> with proceeds <b>$343,133.09</b>

Executed 10b5-1 trade (example) 41,666 shares Trade on <date>05/15/2026</date> with proceeds <b>$261,610.40</b>

Executed 10b5-1 trade (example) 41,668 shares Trade on <date>04/15/2026</date> with proceeds <b>$261,954.22</b>

Executed 10b5-1 trade (example) 41,666 shares Trade on <date>03/16/2026</date> with proceeds <b>$243,329.44</b>

Key Terms

10b5-1, Restricted Stock Units, Employee Stock Purchase Plan

3 terms

10b5-1 regulatory

"10b5-1 Sales for MICHAEL G. RAAB 400 Fifth Avenue Suite 210"

A 10b5-1 plan is a pre-set schedule that lets company insiders buy or sell shares according to written instructions made when they do not possess material, nonpublic information. Think of it as a timed automatic payment for stock trades: it helps insiders avoid accusations of trading on secret information and gives outside investors a clearer signal about whether sales are routine or potentially informative about the company’s prospects.

Restricted Stock Units financial

"Restricted Stock Units | Issuer | | | 58795 | 08/19/2024"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Employee Stock Purchase Plan financial

"Employee Stock Purchase Plan | Issuer | | | 3705 | 02/29/2024"

An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.

FAQ

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

What does ARDX's Form 144 report?

It reports a proposed sale of 125,000 common shares by an affiliated person. The form breaks the amount by source: option exercise (62,500), RSUs (58,795), and ESPP (3,705), as shown in the excerpt.

Who executed the recent 10b5-1 sales listed for ARDX?

The excerpt attributes recent 10b5-1 sales to Michael G. Raab. It lists four executed trades totaling 179,748 shares on specific dates in 03/16/2026–05/21/2026 with proceeds per trade.

Are the proceeds from the sales shown in the filing?

Yes; each executed trade lists gross proceeds. Examples include $243,329.44 on 03/16/2026 and $343,133.09 on 05/21/2026, as reported alongside share counts.

Do these entries indicate unlawful conduct or allegations?

No. The entries are routine regulatory notices of proposed and executed sales. They list methods (option exercise, RSU vesting, ESPP) and 10b5-1 plan sales without alleging misconduct.

Does the Form 144 show who receives the cash from the proposed sale?

The filing ties specific shares to the issuer-origin categories (exercise, RSU, ESPP). It does not state a different cash recipient; proceeds treatment beyond per-trade gross amounts is not detailed in the excerpt.

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

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Accepted by SEC EDGAR 06/15/2026 - 04:51 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	6176752739
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	125000	711250.00	247029387	06/15/2026	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	06/15/2026	Exercise of Stock Options	Issuer			62500	06/15/2026	Cash
Common	08/19/2024	Restricted Stock Units	Issuer			58795	08/19/2024	N/A
Common	02/29/2024	Employee Stock Purchase Plan	Issuer			3705	02/29/2024	Cash

* 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	05/21/2026	54748	343133.09
10b5-1 Sales for MICHAEL G. RAAB 400 Fifth Avenue Suite 210 Waltham MA 02451	Common	05/15/2026	41666	261610.40
10b5-1 Sales for MICHAEL G. RAAB 400 Fifth Avenue Suite 210 Waltham MA 02451	Common	04/15/2026	41668	261954.22
10b5-1 Sales for MICHAEL G. RAAB 400 Fifth Avenue Suite 210 Waltham MA 02451	Common	03/16/2026	41666	243329.44

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 08/19/2024 through 02/19/2025 The securities to be sold were acquired upon the purchase of employee stock purchase plan shares during the period of 02/29/2024 through 02/28/2025.
Date of Notice	06/15/2026
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)