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  4. [Form 4] ARDELYX, INC. Insider Trading Activity

Ardelyx (ARDX) CEO trades shares under 10b5-1 plan, exercises options

Filing Impact
(High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

ARDELYX, INC. President & CEO Michael Raab reported mixed equity activity in company stock. He sold 41,666 shares of common stock on June 15, 2026 at a weighted average price of $5.6724 per share in an open-market transaction made under a Rule 10b5-1 trading plan adopted on November 7, 2025. On the same date, he exercised stock options to acquire 20,833 common shares at an exercise price of $0.99 per share. Following these transactions, he holds 1,699,200 shares of common stock directly, along with additional indirect holdings of 1,000 and 24,364 shares through family trusts, and 311,668 stock options remaining outstanding.

Positive

  • None.

Negative

  • None.
Insider RAAB MICHAEL
Role President & CEO
Sold 41,666 shs ($236K)
Type Security Shares Price Value
Exercise Stock Option (Right to Buy) 20,833 $0.00 --
Exercise Common Stock 20,833 $0.99 $21K
Sale Common Stock 41,666 $5.6724 $236K
holding Common Stock -- -- --
holding Common Stock -- -- --
Holdings After Transaction: Stock Option (Right to Buy) — 311,668 shares (Direct, null); Common Stock — 1,740,866 shares (Direct, null); Common Stock — 24,364 shares (Indirect, Family Trust)
Footnotes (1)
  1. Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on November 7, 2025. Transaction was executed in multiple trades in prices ranging from $5.625 to $5.77, 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. The shares are directly held by Michael G. Raab, Trustee of the Michael G. Raab Living Trust dated July 25, 2012. The shares are owned directly by trusts for the benefit of the Reporting Person's children. 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.
Shares sold 41,666 shares Open-market sale of common stock on June 15, 2026
Sale price $5.6724 per share Weighted average sale price across trades from $5.625–$5.77
Options exercised 20,833 shares Stock options converted into common stock on June 15, 2026
Option exercise price $0.99 per share Exercise price for stock options vesting monthly from January 6, 2022
Direct holdings after transactions 1,699,200 shares Common stock held directly by CEO following June 15, 2026 trades
Indirect family trust holdings 1,000 and 24,364 shares Common stock held by family trusts for CEO and his children
Remaining stock options 311,668 options Stock Option (Right to Buy) position following option exercise
10b5-1 plan adoption date November 7, 2025 Date CEO adopted the trading plan used for June 15, 2026 sale
Rule 10b5-1 trading plan regulatory
"Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on November 7, 2025."
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 with underlying common stock."
vesting in 48 successive, equal monthly installments financial
"The shares subject to the option vest in 48 successive, equal monthly installments on each monthly anniversary of January 6, 2022."
Living Trust financial
"The shares are directly held by Michael G. Raab, Trustee of the Michael G. Raab Living Trust dated July 25, 2012."
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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)
XDirector10% Owner
XOfficer (give title below)Other (specify below)
President & CEO
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/15/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock06/15/2026M(1)20,833A$0.991,740,866D
Common Stock06/15/2026S(1)41,666D$5.6724(2)1,699,200D
Common Stock24,364IFamily Trust(3)
Common Stock1,000IFamily 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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Stock Option (Right to Buy)$0.9906/15/2026M(1)20,833 (5)01/06/2032Common Stock20,833$0311,668D
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 $5.625 to $5.77, 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:
Exhibit 24.1 - Power of Attorney
/s/ Felecia Ettenberg, Attorney-in-Fact for Michael Raab06/17/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did ARDX CEO Michael Raab report on June 15, 2026?

Michael Raab reported both a sale and an option exercise. He sold 41,666 Ardelyx common shares at a weighted average of $5.6724 and exercised options for 20,833 shares at a $0.99 exercise price, updating his direct and indirect holdings.

How many Ardelyx (ARDX) shares did the CEO sell and at what price?

He sold 41,666 Ardelyx common shares. The trades were executed in multiple transactions between $5.625 and $5.77 per share, resulting in a weighted average sale price of $5.6724, as disclosed in the filing’s trade-range footnote.

What stock options did the Ardelyx CEO exercise in this Form 4 filing?

He exercised stock options covering 20,833 Ardelyx common shares. The options had a $0.99 per share exercise price and vest in 48 equal monthly installments from January 6, 2022, contingent on his continued employment or service with the company.

How many Ardelyx shares does CEO Michael Raab hold after these transactions?

After the reported transactions, he holds 1,699,200 Ardelyx common shares directly. In addition, family trusts hold 1,000 and 24,364 shares for his benefit, and 311,668 stock options remain outstanding according to the Form 4 data.

Were the Ardelyx CEO’s share sales made under a Rule 10b5-1 trading plan?

Yes. The filing states the sale transaction was made pursuant to a Rule 10b5-1 trading plan adopted on November 7, 2025. Such plans pre-schedule trades, indicating the timing of this sale was set in advance rather than decided opportunistically.

How are the Ardelyx CEO’s indirect share holdings structured?

Indirect holdings are reported through family-related trusts. One trust is the Michael G. Raab Living Trust dated July 25, 2012, and other trusts hold shares for the benefit of his children, as described in the filing’s ownership footnotes.