[Form 4] Ardelyx, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Mike Kelliher, Chief Business Officer and Director of Ardelyx, Inc. (ARDX), reported a sale of common stock on 08/21/2025. An automatic sell-to-cover executed upon the vesting of restricted stock units resulted in the disposition of 5,417 shares at $5.9317 per share to satisfy tax withholding. After the transaction, Kelliher beneficially owned 276,741 shares, reported as direct ownership. The Form 4 was filed as a single reporting person and signed by an attorney-in-fact on 08/28/2025.

Positive

• Insider retains a significant direct ownership stake of 276,741 shares after the transaction
• Disposal was an automatic sell-to-cover tied to RSU vesting, indicating tax withholding purpose rather than voluntary cash sale

Negative

• Reportable disposition of 5,417 shares on 08/21/2025, reducing the insider's share count
• Sale price per share was $5.9317, reflecting the transaction price realized for the disposed shares

Insights

Corporate Governance Expert

TL;DR Routine sell-to-cover after RSU vesting; maintains substantial direct ownership.

The reported transaction is a common administrative disposition used to satisfy tax withholding obligations when restricted stock units vest. Such sales do not indicate a discretionary cash-sale decision by the insider and are routinely disclosed on Form 4. The filing shows the reporting person retains 276,741 shares after the transaction, which supports alignment with shareholders. No additional transactions or derivative positions were reported.

Securities Analyst

TL;DR Small, non-dispositive sale relative to total holdings; no material change to insider stake.

The sale of 5,417 shares at $5.9317 appears solely to cover tax withholding tied to RSU vesting. The transaction reduced holdings modestly but left the reporting person with 276,741 shares directly beneficially owned. This Form 4 contains no option exercises, grants, or additional cash-sale indications beyond the stated sell-to-cover, suggesting minimal immediate market impact.

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).

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^*

Kelliher Mike

(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 Business 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)		5,417	D	$5.9317	276,741	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 Mike Kelliher	08/28/2025
	** 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 Mike Kelliher (ARDX) report on Form 4?

He reported a sale of 5,417 shares on 08/21/2025 executed as an automatic sell-to-cover tied to RSU vesting.

Why were the shares sold according to the filing?

The filing states the shares were sold solely to cover applicable withholding taxes upon RSU vesting.

How many Ardelyx shares does Kelliher own after the transaction?

The Form 4 shows 276,741 shares beneficially owned following the reported transaction.

At what price were the sold shares reported?

The shares were sold at a reported price of $5.9317 per share.

Who filed and signed the Form 4 for Mike Kelliher?

The Form 4 was filed by one reporting person and signed by Elizabeth Grammer, Attorney-in-Fact on 08/28/2025.