[Form 3] ARDELYX, INC. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Ardelyx (ARDX) insider ownership update: Chief Medical Officer Edward R. Conner filed an initial statement of beneficial ownership. He reports 302,260 shares of Common Stock (footnoted as RSUs that settle one-for-one upon vesting) held directly.

He also holds a stock option for 463,268 shares of Common Stock at an exercise price of $5.21, with an expiration date of 08/08/2035. Vesting is scheduled so that 25% vests on 08/08/2026, and the remainder vests in 36 equal monthly installments, subject to continued service. The filing was made by one reporting person in the capacity of Chief Medical Officer.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Conner Edward R.

(Last) (First) (Middle)

C/O ARDELYX, INC.

400 FIFTH AVENUE, SUITE 210

(Street)

WALTHAM MA 02451

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/01/2025

3. Issuer Name and Ticker or Trading Symbol
ARDELYX, INC. [ ARDX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Medical Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	302,260(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	(2)	08/08/2035	Common Stock	463,268	$5.21	D

Explanation of Responses:

1. Restricted stock units ("RSUs"). The Reporting Person is entitled to receive one (1) shares of Common Stock for each one (1) RSU upon the vesting thereof.

2. Twenty Five Percent (25%) of the shares subject to the option vest on August 8, 2026 and the remaining shares subject to the option vest in 36 successive, equal monthly installments thereafter, subject to the Reporting Person's continued employment or service relationship with the Issuer on each such vesting date.

Remarks:

Exhibit 24.1 - Power of Attorney

	/s/ Elizabeth Grammer, Attorney-in-Fact for Edward R. Conner	10/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did ARDX disclose in this Form 3 filing?

The Chief Medical Officer reported 302,260 shares of Common Stock (from RSUs) and a stock option for 463,268 shares at $5.21 per share, expiring 08/08/2035.

Who is the reporting person in ARDX’s filing and what is their role?

The reporting person is Edward R. Conner, serving as Chief Medical Officer of Ardelyx.

How do the reported RSUs convert for ARDX?

Each RSU converts into one share of Common Stock upon vesting, per the filing’s explanation.

What is the vesting schedule for the ARDX stock option?

25% of the option vests on 08/08/2026, with the balance vesting in 36 equal monthly installments, subject to continued service.

What is the exercise price and expiration for the ARDX option?

The stock option has an exercise price of $5.21 and an expiration date of 08/08/2035.

Is the ARDX filing made by one or multiple reporting persons?

It is a Form filed by one reporting person, as indicated in the filing.