Ardelyx (ARDX) CEO sells 41,668 shares, exercises stock options

Rhea-AI Filing Summary

Ardelyx, Inc. President & CEO Michael Raab reported several stock transactions. On July 15, 2026 he sold 41,668 common shares at a weighted average of $5.062 per share, in trades ranging from $5.03 to $5.12, under a Rule 10b5-1 trading plan adopted on November 7, 2025. He also exercised stock options for 20,834 shares at an exercise price of $0.99 per share, leaving 1,720,034 directly held common shares, trust holdings of 24,364 shares in the Michael G. Raab Living Trust and 1,000 shares in trusts for his children, and 290,834 remaining stock options at a $0.99 exercise price expiring January 6, 2032.

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 5 txns

Insider RAAB MICHAEL

Role President & CEO

Sold 41,668 shs ($211K)

Approx. gross sale proceeds $211K

Approx. exercise cost $21K

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy) F1, F5	20,834	$0.00	--
Exercise	Common Stock F1	20,834	$0.99	$21K
Sale	Common Stock F1, F2	41,668	$5.062	$211K
holding	Common Stock F3	--	--	--
holding	Common Stock F4	--	--	--

Holdings After Transaction: Stock Option (Right to Buy) — 290,834 shares (Direct); Common Stock — 1,678,366 shares (Direct); Common Stock — 25,364 shares (Indirect, Family Trust)

Footnotes (5)

1. F1. Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on November 7, 2025.
2. F2. Transaction was executed in multiple trades in prices ranging from $5.03 to $5.12, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.
3. F3. The shares are directly held by Michael G. Raab, Trustee of the Michael G. Raab Living Trust dated July 25, 2012.
4. F4. The shares are owned directly by trusts for the benefit of the Reporting Person's children.
5. F5. The option becomes exercisable as it vests and the shares subject to the option vest in 48 successive, equal monthly installments on each monthly anniversary of January 6, 2022, subject to the Reporting Person's continued employment or service relationship with the Issuer on each such vesting date.

Key Figures

Shares sold: 41,668 shares Sale price: $5.062 per share Options exercised: 20,834 shares +5 more

8 metrics

Shares sold 41,668 shares Common stock sale on July 15, 2026

Sale price $5.062 per share Weighted average price; trades ranged from $5.03 to $5.12

Options exercised 20,834 shares Stock options exercised at $0.99 on July 15, 2026

Exercise price $0.99 per share Exercise price of the stock options involved in the transaction

Direct common holdings 1,720,034 shares Directly held Ardelyx common stock after reported transactions

Remaining options 290,834 options Stock options at $0.99 expiring January 6, 2032

Living trust holdings 24,364 shares Shares held by the Michael G. Raab Living Trust

Children’s trust holdings 1,000 shares Shares held by trusts for the benefit of Michael Raab’s children

Key Terms

Rule 10b5-1 trading plan, weighted average sale price, Stock Option (Right to Buy), vesting in 48 successive, equal monthly installments

4 terms

Rule 10b5-1 trading plan regulatory

"Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average sale price financial

"The price reported in Column 4 above reflects the weighted average sale price."

Stock Option (Right to Buy) financial

""Stock Option (Right to Buy)" reported as a derivative security transaction."

vesting in 48 successive, equal monthly installments financial

"the shares subject to the option vest in 48 successive, equal monthly installments"

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/17/2026 - 04:09 PM Accepted by SEC EDGAR 07/17/2026 - 04:09 PM Learn about SEC filing dates

FAQ

What insider transactions did Ardelyx (ARDX) CEO Michael Raab report?

Michael Raab reported selling 41,668 Ardelyx common shares at a weighted average of $5.062 per share on July 15, 2026, and exercising stock options for 20,834 shares at an exercise price of $0.99 per share on the same date.

Were Michael Raab’s Ardelyx (ARDX) share sales made under a Rule 10b5-1 plan?

Yes. A footnote states the transactions were made pursuant to a Rule 10b5-1 trading plan adopted by Michael Raab on November 7, 2025, indicating the sale timing was pre-arranged rather than discretionary at the time of execution.

How many Ardelyx (ARDX) shares does Michael Raab hold after these transactions?

After the reported transactions, Michael Raab holds 1,720,034 Ardelyx common shares directly, plus 24,364 shares in the Michael G. Raab Living Trust and 1,000 shares in trusts for his children, in addition to remaining stock options reported in the filing.

At what prices were Michael Raab’s Ardelyx (ARDX) shares sold?

The sale of 41,668 shares was executed in multiple trades at prices ranging from $5.03 to $5.12 per share. The Form 4 reports a weighted average sale price of $5.062 per share for this transaction.

What are the key terms of Michael Raab’s Ardelyx (ARDX) stock options involved here?

Raab exercised options for 20,834 shares at an exercise price of $0.99 per share. After this, 290,834 options at $0.99 remain, expiring on January 6, 2032, with shares vesting in 48 equal monthly installments from January 6, 2022.

How are Michael Raab’s Ardelyx (ARDX) trust holdings structured?

The Form 4 shows 24,364 Ardelyx shares held by the Michael G. Raab Living Trust dated July 25, 2012, where he is trustee, and 1,000 shares held by trusts established for the benefit of his children, both reported as indirect ownership.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

RAAB MICHAEL

(Last) (First) (Middle)

C/O ARDELYX, INC.

400 FIFTH AVENUE, SUITE 210

(Street)

WALTHAM MASSACHUSETTS 02451

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/15/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/15/2026		M(1)		20,834	A	$0.99	1,720,034	D
Common Stock	07/15/2026		S(1)		41,668	D	$5.062(2)	1,678,366	D
Common Stock								24,364	I	Family Trust(3)
Common Stock								1,000	I	Family Trust(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$0.99	07/15/2026		M(1)			20,834	(5)	01/06/2032	Common Stock	20,834	$0	290,834	D

Explanation of Responses:

1. Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on November 7, 2025.

2. Transaction was executed in multiple trades in prices ranging from $5.03 to $5.12, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

3. The shares are directly held by Michael G. Raab, Trustee of the Michael G. Raab Living Trust dated July 25, 2012.

4. The shares are owned directly by trusts for the benefit of the Reporting Person's children.

5. The option becomes exercisable as it vests and the shares subject to the option vest in 48 successive, equal monthly installments on each monthly anniversary of January 6, 2022, subject to the Reporting Person's continued employment or service relationship with the Issuer on each such vesting date.

Remarks:

	/s/ Felecia Ettenberg, Attorney-in-Fact for Michael Raab	07/17/2026
	** 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 4 (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.
* Form 4: SEC 1474 (03-26)