Ardelyx CEO sells shares after option exercise

Rhea-AI Filing Summary

ARDELYX, INC. President & CEO Michael Raab exercised stock options and sold shares in a planned transaction. He exercised options for 20,834 shares of common stock at an exercise price of $0.99 per share, then sold 41,668 common shares at a weighted average price of $6.2867 per share pursuant to a Rule 10b5-1 trading plan adopted on November 7, 2025. After these transactions, he holds 1,795,614 shares directly, plus additional indirect holdings of 24,364 and 1,000 shares held in family trusts.

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 5 txns

Insider RAAB MICHAEL

Role President & CEO

Sold 41,668 shs ($262K)

Approx. gross sale proceeds $262K

Approx. exercise cost $21K

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	20,834	$0.00	$0.00
Exercise	Common Stock	20,834	$0.99	$21K
Sale	Common Stock	41,668	$6.2867	$262K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option (Right to Buy) — 353,334 contracts (Direct); Common Stock — 1,795,614 shares (Direct); Common Stock — 25,364 shares (Indirect, Family Trust)

Footnotes (5)

1. F1. Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on November 7, 2025.
2. F2. Transaction was executed in multiple trades in prices ranging from $6.21 to $6.46, 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. F3. The shares are directly held by Michael G. Raab, Trustee of the Michael G. Raab Living Trust dated July 25, 2012.
4. F4. The shares are owned directly by trusts for the benefit of the Reporting Person's children.
5. F5. 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.

Key Figures

Options Exercised: 20,834 shares Option Exercise Price: $0.99 per share Shares Sold: 41,668 shares +5 more

8 metrics

Options Exercised 20,834 shares Stock options exercised on April 15, 2026

Option Exercise Price $0.99 per share Exercise price for 20,834 options

Shares Sold 41,668 shares Open-market sale on April 15, 2026

Weighted Average Sale Price $6.2867 per share Sales executed between $6.21 and $6.46

Direct Holdings After Transaction 1,795,614 shares Common stock held directly after April 15, 2026

Indirect Trust Holdings 24,364 shares and 1,000 shares Common stock held via family trusts

Option Expiration Date January 6, 2032 Expiration of exercised stock option grant

Vesting Schedule 48 monthly installments Option vests monthly from January 6, 2022

Key Terms

Rule 10b5-1 trading plan, Stock Option (Right to Buy), weighted average sale price, Family Trust, +1 more

5 terms

Rule 10b5-1 trading plan financial

"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.

Stock Option (Right to Buy) financial

"security_title: "Stock Option (Right to Buy)""

weighted average sale price financial

"The price reported in Column 4 above reflects the weighted average sale price."

Family Trust financial

"nature_of_ownership: "Family Trust""

vesting financial

"the shares subject to the option vest in 48 successive, equal monthly installments"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did ARDX CEO Michael Raab report on this Form 4?

Michael Raab exercised options for 20,834 Ardelyx shares at $0.99 and sold 41,668 common shares at a weighted average price of $6.2867. These moves combined an option exercise with an open-market sale on the same date.

Was the ARDX CEO’s sale of 41,668 shares pre-planned under a Rule 10b5-1 plan?

Yes. The filing states the transaction was made pursuant to a Rule 10b5-1 trading plan adopted on November 7, 2025. Such plans pre-schedule trades, making the timing more routine and less discretionary for the insider.

What prices were received for the ARDX shares sold by Michael Raab?

The 41,668 Ardelyx shares were sold at a weighted average price of $6.2867 per share. A footnote explains the trades occurred in multiple executions between $6.21 and $6.46, and detailed breakdowns are available upon request.

How many ARDX shares does Michael Raab hold after these transactions?

Following the reported transactions, Michael Raab holds 1,795,614 Ardelyx shares directly. He also has indirect holdings through family trusts totaling 24,364 shares in one trust and 1,000 shares in another, according to the filing disclosures.

What are the key terms of the ARDX stock options exercised by the CEO?

The exercised options covered 20,834 Ardelyx shares at an exercise price of $0.99 per share and expire on January 6, 2032. A footnote notes the option vests in 48 equal monthly installments starting January 6, 2022, subject to continued service.

How are the ARDX CEO’s indirect shareholdings structured?

Indirect Ardelyx holdings are reported as shares owned by trusts for the benefit of Michael Raab’s children. The filing lists 24,364 shares and 1,000 shares held through family trusts, indicating these are separate from his direct personal holdings.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 04/17/2026 - 04:04 PM Learn about SEC filing dates

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^*

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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/15/2026		M(1)		20,834	A	$0.99	1,837,282	D
Common Stock	04/15/2026		S(1)		41,668	D	$6.2867(2)	1,795,614	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)	$0.99	04/15/2026		M(1)			20,834	(5)	01/06/2032	Common Stock	20,834	$0	353,334	D

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 $6.21 to $6.46, 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:

	/s/ Elizabeth Grammer, Attorney-in-Fact for Michael Raab	04/17/2026
	** 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).
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)