[Form 4] Ardelyx, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Ardelyx, Inc. insider Justin A. Renz, the company's Chief Financial Officer, reported a sale of 7,037 shares of ARDX common stock on 08/21/2025 at an average price of $5.9317 per share. After the transaction, Mr. Renz beneficially owned 409,052 shares. The filing states the sale was an automatic "sell-to-cover" triggered when restricted stock units vested, executed solely to satisfy withholding tax obligations. The Form 4 was signed by an attorney-in-fact on 08/25/2025.

Insights

Corporate Governance Expert

TL;DR: Routine sell-to-cover for tax withholding on RSU vesting; no indication of voluntary market-timed disposition.

The transaction is disclosed as an automatic sell-to-cover tied to the vesting of restricted stock units, which is a common equity compensation mechanic that reduces share count without reflecting a discretionary sale. The reported sale of 7,037 shares at $5.9317 resulted from withholding requirements and left the reporting officer with 409,052 shares, indicating continued substantial ownership and alignment with shareholders. No pledging, option exercises for cash, or additional derivative activity is reported.

Securities Analyst

TL;DR: Transaction is routine and non-material to corporate capital structure; monitor for future discretionary trades.

From an investor-impact perspective, the disclosed sale was executed to satisfy tax obligations and does not necessarily signal a change in insider sentiment. The remaining beneficial ownership of 409,052 shares suggests retained exposure to company performance. The filing contains no other transactions or derivative positions to indicate broader insider liquidity or hedging activity.

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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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^*

Renz Justin 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 Financial Officer

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)		7,037	D	$5.9317	409,052	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:

	/s/ Elizabeth Grammer, Attorney-in-Fact for Justin Renz	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 Ardelyx (ARDX) insider Justin Renz sell on 08/21/2025?

He sold 7,037 shares of ARDX common stock on 08/21/2025 at an average price of $5.9317 per share.

Why were the ARDX shares sold by the CFO?

The sale was an automatic sell-to-cover tied to the vesting of restricted stock units to satisfy applicable withholding taxes.

How many ARDX shares does Justin Renz beneficially own after the transaction?

Following the reported transaction, he beneficially owned 409,052 shares.

Was the sale reported as part of a Rule 10b5-1 plan or other planned trading program?

The Form 4 indicates the sale resulted from a sell-to-cover on RSU vesting; it does not indicate execution under a Rule 10b5-1 plan.

When was the Form 4 signed and filed for this transaction?

The signature on the Form 4 is dated 08/25/2025 and records the transaction date as 08/21/2025.