Ardelyx officer reports RSU sell-to-cover; 305,890 shares remain

Rhea-AI Filing Summary

Elizabeth A. Grammer, Chief Legal and Administrative Officer of Ardelyx, Inc. (ARDX), reported the disposition of 5,841 shares of the issuer's common stock on 08/21/2025. The sale was executed at $5.9317 per share under code S(1) and is described as an automatic sell-to-cover tied to the vesting of restricted stock units to satisfy withholding taxes. Following the transaction, Ms. Grammer beneficially owned 305,890 shares, held directly. The form is signed by the reporting person on 08/25/2025.

Positive

• Transaction disclosed as sell-to-cover tied to RSU vesting, indicating administrative tax withholding rather than discretionary liquidation
• Form properly signed and filed, showing compliance with Section 16 reporting requirements
• Post-transaction ownership remains substantial at 305,890 shares, indicating continued insider alignment

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine sell-to-cover of vested RSUs by an officer; minimal signal on company fundamentals.

The filing documents a small-scale disposition (5,841 shares) executed specifically to cover tax withholding upon RSU vesting, indicating the transaction was administrative rather than a discretionary cash sale. The per-share price of $5.9317 provides a concrete execution level. The post-transaction direct beneficial ownership of 305,890 shares remains material for insider alignment but the reported sale size relative to total holdings suggests this was not a material liquidation.

Corporate Governance Expert

TL;DR: Compliance-focused insider reporting consistent with equity compensation mechanics; no governance red flags.

The Form 4 attributes the sale to an automatic sell-to-cover under RSU award terms, which is a common mechanism to satisfy tax obligations and is disclosed appropriately. The reporting person is identified as an officer (Chief Legal and Administrative Officer) and the form is duly signed, indicating proper procedural compliance with Section 16 reporting requirements.

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
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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^*

GRAMMER ELIZABETH A

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2025

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	08/21/2025		S(1)		5,841	D	$5.9317	305,890	D

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

Explanation of Responses:

1. Pursuant to an automatic sell-to-cover imposed by the terms of the initial grant of the restricted stock units ("RSUs") awards, the shares were sold upon the vesting of the RSUs solely to cover applicable withholding taxes.

Remarks:

Chief Legal and Administrative Officer

	/s/ Elizabeth Grammer	08/25/2025
	** 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 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.

FAQ

What did Elizabeth A. Grammer report on the Form 4 for ARDX?

She reported the sale of 5,841 shares of Ardelyx common stock on 08/21/2025 at $5.9317 per share.

Why were the ARDX shares sold by the reporting person?

The sale was an automatic sell-to-cover upon RSU vesting to satisfy applicable withholding taxes.

How many ARDX shares does Elizabeth Grammer own after the reported transaction?

Following the transaction she beneficially owned 305,890 shares, held directly.

What is Elizabeth Grammer's role at Ardelyx according to the filing?

The filing identifies her as an Officer with the remark: Chief Legal and Administrative Officer.

When was the Form 4 signed by the reporting person?

The Form 4 is signed by Elizabeth Grammer on 08/25/2025.