Ardelyx (ARDX) CEO granted 669,330 stock options and RSUs

Rhea-AI Filing Summary

Ardelyx, Inc. President and CEO Michael Raab reported new equity awards in the form of restricted stock units and stock options. On January 23, 2026, he received 446,220 RSUs at a price of $0, each RSU convertible into one share of common stock upon vesting. On the same date, he was granted a stock option for 669,330 shares of common stock at an exercise price of $7.77 per share, which vests in 48 equal monthly installments starting January 23, 2026, subject to continued service. Following these grants, Raab directly holds 1,902,968 shares of Ardelyx common stock, with additional indirect holdings of 24,364 shares and 1,000 shares through family trusts.

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

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

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 MA 02451

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
01/23/2026

4. 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 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	01/23/2026		A		446,220(1)	A	$0	1,902,968(2)	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)	$7.77	01/23/2026		A		669,330		(5)	01/23/2036	Common Stock	669,330	$0	669,330	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. Includes the purchase of 1,385 shares under the Ardelyx Employee Stock Purchase Plan on August 31, 2025.

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 23, 2026, subject to the Reporting Person's continued employment or service relationship with the Issuer on each such vesting date.

	/s/ Elizabeth Grammer, Attorney-in-Fact for Michael Raab	01/26/2026
	** 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).
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FAQ

What insider transactions did ARDX President & CEO Michael Raab report?

On January 23, 2026, Michael Raab reported receiving 446,220 restricted stock units at $0 and a stock option for 669,330 shares of Ardelyx common stock with an exercise price of $7.77 per share.

How many Ardelyx (ARDX) stock options were granted to the CEO?

Michael Raab was granted a stock option covering 669,330 shares of Ardelyx common stock at an exercise price of $7.77 per share.

What are the vesting terms of Michael Raab's new Ardelyx stock options?

The 669,330-share stock option vests in 48 successive, equal monthly installments on each monthly anniversary of January 23, 2026, subject to his continued employment or service with Ardelyx.

What did the restricted stock unit grant to the Ardelyx CEO represent?

The grant of 446,220 RSUs entitles Michael Raab to receive one share of Ardelyx common stock for each RSU upon vesting, with the grant reported at a price of $0.

How many Ardelyx shares does Michael Raab own after these grants?

After the reported transactions, Michael Raab directly owns 1,902,968 shares of Ardelyx common stock and indirectly holds 24,364 shares and 1,000 shares through family trusts.

Were any of the reported Ardelyx insider transactions sales of stock?

No. The Form 4 shows acquisitions of 446,220 RSUs and a stock option for 669,330 shares, with no reported stock sales in this filing.