Ardelyx CEO sells 45,982 shares for tax withholding

Rhea-AI Filing Summary

ARDELYX, INC. President & CEO Michael Raab reported open-market sales of a total of 45,982 shares of common stock on February 20, 2026, at prices around $5.70 to $5.87 per share. According to the filing, these sales were executed pursuant to an automatic sell-to-cover feature tied to restricted stock unit vesting and were made solely to cover applicable withholding taxes.

After these transactions, Raab directly holds 1,856,988 shares as trustee of the Michael G. Raab Living Trust dated July 25, 2012, and also has indirect ownership of 24,364 and 1,000 shares through trusts established for his children.

Insider Trade Summary

Net Seller: 45,982 shares

Net Sell 7 txns

Insider RAAB MICHAEL

Role President & CEO

Sold 45,982 shs ($269K)

Type	Security	Shares	Price	Value
Sale	Common Stock	40,401	$5.865	$237K
Sale	Common Stock	5,576	$5.7138	$32K
Sale	Common Stock	2	$5.7004	$11.40
Sale	Common Stock	1	$5.7031	$5.70
Sale	Common Stock	2	$5.7003	$11.40
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 1,856,986 shares (Direct); Common Stock — 25,364 shares (Indirect, Family Trust)

Footnotes (3)

1. F1. 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.
2. F2. The shares are directly held by Michael G. Raab, Trustee of the Michael G. Raab Living Trust dated July 25, 2012.
3. F3. The shares are owned directly by trusts for the benefit of the Reporting Person's children.

FAQ

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

What insider transaction did Ardelyx (ARDX) report for its CEO?

Ardelyx reported that President & CEO Michael Raab sold 45,982 shares of common stock on February 20, 2026. The sales were executed in the open market at prices around $5.70–$5.87 per share to cover withholding taxes on vested restricted stock units.

Why did Ardelyx CEO Michael Raab sell 45,982 ARDX shares?

The filing states the shares were sold under an automatic sell-to-cover provision linked to restricted stock unit awards. The sole purpose was to cover applicable withholding taxes when the RSUs vested, rather than to change Raab’s overall economic exposure to Ardelyx stock.

At what prices were Michael Raab’s Ardelyx (ARDX) shares sold?

Raab’s open-market sales occurred at prices around $5.71 to $5.87 per share. Individual transactions included prices such as $5.8650 and $5.7138, reflecting typical market execution ranges on February 20, 2026, for Ardelyx common stock.

How many Ardelyx shares does Michael Raab hold after the reported sales?

After the reported sales, Raab directly holds 1,856,988 Ardelyx common shares as trustee of his living trust. He also has indirect ownership of 24,364 and 1,000 additional shares through separate trusts established for the benefit of his children.

Were Michael Raab’s Ardelyx stock sales discretionary or automatic?

The filing explains the sales were automatic under a sell-to-cover mechanism built into the original restricted stock unit grants. Shares were sold upon RSU vesting solely to satisfy tax withholding obligations, rather than as discretionary open-market share disposals.

How is Michael Raab’s Ardelyx stock ownership structured after these transactions?

Following the transactions, Raab’s direct ownership is held through the Michael G. Raab Living Trust, where he serves as trustee. Additional shares are owned by trusts established for his children, giving him indirect interests alongside his substantial direct trust-held position.

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

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Accepted by SEC EDGAR 02/23/2026 - 08:45 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).

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 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
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

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	02/20/2026		S(1)		40,401	D	$5.865	1,862,567	D
Common Stock	02/20/2026		S(1)		5,576	D	$5.7138	1,856,991	D
Common Stock	02/20/2026		S(1)		2	D	$5.7004	1,856,989	D
Common Stock	02/20/2026		S(1)		1	D	$5.7031	1,856,988	D
Common Stock	02/20/2026		S(1)		2	D	$5.7003	1,856,986	D
Common Stock								24,364	I	Family Trust(2)
Common Stock								1,000	I	Family Trust(3)

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.

2. The shares are directly held by Michael G. Raab, Trustee of the Michael G. Raab Living Trust dated July 25, 2012.

3. The shares are owned directly by trusts for the benefit of the Reporting Person's children.

	/s/ Elizabeth Grammer, Attorney-in-Fact for Michael Raab	02/23/2026
	** 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.