[Form 4] Ardelyx, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Laura A. Williams, Chief Patient Officer of Ardelyx, Inc. (ARDX), reported multiple transactions on 08/26/2025 executed pursuant to a written plan under Rule 10b5-1. The filing shows an acquisition of 50,000 shares of common stock at $0.99 and two dispositions totaling 80,000 shares sold at a weighted average price of $6.121 (trades ranged $6.04–$6.20). Following these transactions, Ms. Williams beneficially owned 366,322 shares of common stock. The Form 4 also discloses a stock option with a $0.99 exercise price covering 50,000 shares that vests in 48 equal monthly installments beginning January 6, 2022, and expires January 6, 2032. The form is signed by an attorney-in-fact for Ms. Williams.

Positive

• Transactions executed under a checked 10b5-1 plan, indicating a pre-established written plan for sales
• Clear disclosure of vesting schedule for the stock option: 48 equal monthly installments beginning January 6, 2022
• Reporting includes footnote offering trade-level price details for transparency about the sale price range

Negative

• Insider sold 80,000 shares, reducing beneficial ownership from 446,322 pre-sales to 366,322 post-transactions
• Weighted average sale price $6.121 may represent realized liquidity that could be viewed as material by some investors

Insights

Financial Analyst

TL;DR: Insider exercised options and sold shares under a 10b5-1 plan, net holdings modestly reduced but substantial ownership remains.

The reported activity shows a contemporaneous exercise/acquisition of 50,000 shares at $0.99 and the sale of 80,000 shares at a weighted average of $6.121, leaving 366,322 shares beneficially owned. The presence of a 10b5-1 plan checkbox indicates the sales were executed under a pre-established written plan. For investors, these transactions represent routine insider liquidity rather than an unexpected change in control or strategy; the insider retains significant equity exposure while realizing proceeds from partial sales.

Compliance/Risk Analyst

TL;DR: Reporting adheres to Form 4 disclosure; transactions were documented and signed by an attorney-in-fact.

The Form 4 discloses the transaction codes and price ranges and includes a footnote offering to produce trade-level details, which supports transparency. The filing indicates the option vests monthly over 48 installments and the derivative position and post-transaction beneficial ownership are clearly stated. The document is properly signed by an attorney-in-fact, and the 10b5-1 plan indicator is checked, which is relevant for assessing the affirmative defense to insider trading allegations.

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^*

Williams Laura 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)
	Chief Patient Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/26/2025

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	08/26/2025		M		50,000	A	$0.99	446,322	D
Common Stock	08/26/2025		S		50,000	D	$6.121(1)	396,322	D
Common Stock	08/26/2025		S		30,000	D	$6.121(1)	366,322	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
Stock Option (Right to Buy)	$0.99	08/26/2025		M			50,000	(2)	01/06/2032	Common Stock	50,000	$0	112,000	D

Explanation of Responses:

1. This transaction was executed in multiple trades in prices ranging from $6.04 to $6.20, 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.

2. 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/ Elizabeth Grammer, Attorney-in-Fact for Laura A. Williams	08/26/2025
	** 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 transactions did Laura A. Williams report on Form 4 for ARDX?

The Form 4 reports acquisition of 50,000 common shares at $0.99 and sales of 50,000 and 30,000 shares at a weighted average price of $6.121 on 08/26/2025.

Were the sales executed under a 10b5-1 plan in the ARDX Form 4?

Yes. The filer checked the box indicating the transactions were made pursuant to a contract, instruction, or written plan intended to satisfy the Rule 10b5-1(c) affirmative defense.

How many ARDX shares does Ms. Williams beneficially own after the reported trades?

Following the reported transactions, Ms. Williams beneficially owns 366,322 shares of ARDX common stock.

What derivative holdings did the Form 4 disclose for Ms. Williams?

The filing discloses a stock option to purchase 50,000 shares at a $0.99 exercise price that vests in 48 equal monthly installments and expires on 01/06/2032.

Who signed the Form 4 for Laura A. Williams?

The Form 4 is signed by Elizabeth Grammer, Attorney-in-Fact for Laura A. Williams on 08/26/2025.