[Form 4] Ardelyx, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Ardelyx Director Muna Bhanji reported two equity compensation grants on June 18, 2025:

• 41,551 Restricted Stock Units (RSUs) awarded at $0, bringing total direct common stock ownership to 137,353 shares
• 54,059 Stock Options granted with a strike price of $3.61, exercisable until June 18, 2035

The equity awards were issued under Ardelyx's Non-Employee Director Compensation Program. The stock options vest monthly at 1/12th of shares, with accelerated vesting at the next annual stockholder meeting if unvested portions remain. The RSUs convert 1:1 to common stock upon vesting. This Form 4 filing indicates standard board compensation rather than open market transactions, reflecting ongoing director compensation arrangements.

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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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).

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^*

Bhanji Muna

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2025

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	06/18/2025		A		41,551(1)	A	$0	137,353	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)	$3.61	06/18/2025		A		54,059(2)		(3)	06/18/2035	Common Stock	54,059	$0	54,059	D

Explanation of Responses:

1. Restricted stock units ("RSUs"). The Reporting Person is entitled to receive one (1) shares of Common Stock for each one (1) RSU upon the vesting thereof. The RSUs were issued pursuant to the Issuer's Non-Employee Director Compensation Program.

2. The option was issued pursuant to the Issuer's Non-Employee Director Compensation Program.

3. The option vests with respect to 1/12th of the shares subject thereto on each monthly anniversary of the grant date, which vesting will accelerate in full on the date of the next annual stockholder's meeting to the extent unvested as of such date, subject to continued service through each applicable vesting date.

Remarks:

	/s/ Elizabeth Grammer, Attorney-in-Fact for Muna Bhanji	06/23/2025
	** 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

How many ARDX shares did Director Muna Bhanji receive on June 18, 2025?

Director Muna Bhanji received 41,551 restricted stock units (RSUs) of ARDX common stock on June 18, 2025, as part of the company's Non-Employee Director Compensation Program. Following this transaction, Bhanji beneficially owned 137,353 shares directly.

What stock options were granted to ARDX director Muna Bhanji in June 2025?

On June 18, 2025, Muna Bhanji was granted stock options to purchase 54,059 shares of ARDX common stock at an exercise price of $3.61 per share. These options expire on June 18, 2035 and were issued under the company's Non-Employee Director Compensation Program.

What is the vesting schedule for ARDX Director Bhanji's June 2025 stock options?

The stock options vest 1/12th monthly from the grant date, with accelerated full vesting at the next annual stockholder's meeting if any portions remain unvested at that time, subject to continued service through each applicable vesting date.

What is the total value of ARDX stock compensation granted to Director Bhanji in June 2025?

On June 18, 2025, Director Bhanji received two forms of equity compensation: 41,551 RSUs and stock options for 54,059 shares at a $3.61 exercise price. Both the RSUs and options were granted at $0 cost to Bhanji as part of ARDX's Non-Employee Director Compensation Program.