Ardelyx (ARDX) CEO sells 41,666 shares in 10b5-1 trade, exercises options
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
ARDELYX, INC. President & CEO Michael Raab reported an open-market sale and an option exercise involving the company’s common stock. He sold 41,666 shares on May 15, 2026 at a weighted average price of $6.2788 per share under a pre-arranged Rule 10b5-1 trading plan.
On the same date he exercised 20,833 stock options at a strike price of $0.99 per share, receiving the underlying common shares. After these transactions he held 1,814,447 shares of common stock directly and 332,501 stock options, plus indirect holdings of 1,000 and 24,364 shares through family trusts.
Positive
- None.
Negative
- None.
Insights
CEO executes planned sale and option exercise, retains large equity stake.
Ardelyx CEO Michael Raab sold 41,666 shares at a weighted average of $6.2788 on May 15, 2026, while exercising 20,833 options at $0.99. The sale was made under a pre-established Rule 10b5-1 trading plan, indicating it was pre-planned rather than opportunistic.
Following these moves, he directly holds 1,814,447 common shares and 332,501 options, plus indirect interests via family trusts. The transactions look like routine liquidity and compensation management rather than a major change in exposure, so they are best viewed as neutral for investors.
Insider Trade Summary 10b5-1
Net Seller: 41,666 shares ($261,612)
Net Sell
5 txns
Insider
RAAB MICHAEL
Role
President & CEO
Sold
41,666 shs ($262K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option (Right to Buy) | 20,833 | $0.00 | -- |
| Exercise | Common Stock | 20,833 | $0.99 | $21K |
| Sale | Common Stock | 41,666 | $6.2788 | $262K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option (Right to Buy) — 332,501 shares (Direct, null);
Common Stock — 1,816,447 shares (Direct, null);
Common Stock — 24,364 shares (Indirect, Family Trust)
Footnotes (1)
- Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on November 7, 2025. Transaction was executed in multiple trades in prices ranging from $6.21 to $6.39, 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. The shares are directly held by Michael G. Raab, Trustee of the Michael G. Raab Living Trust dated July 25, 2012. The shares are owned directly by trusts for the benefit of the Reporting Person's children. 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
Shares sold: 41,666 shares
Sale price: $6.2788 per share
Options exercised: 20,833 shares
+5 more
8 metrics
Shares sold
41,666 shares
Open-market sale on May 15, 2026
Sale price
$6.2788 per share
Weighted average sale price
Options exercised
20,833 shares
Stock options converted to common stock
Option strike price
$0.99 per share
Exercise price of stock options
Direct shares after transactions
1,814,447 shares
Common stock directly held after May 15, 2026
Options outstanding after exercise
332,501 options
Stock options remaining from January 6, 2022 grant
Indirect trust holding 1
1,000 shares
Family trust holding for reporting person
Indirect trust holding 2
24,364 shares
Trusts for benefit of reporting person’s children
Key Terms
Rule 10b5-1 trading plan, weighted average sale price, Stock Option (Right to Buy), vest, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"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.
weighted average sale price financial
"The price reported in Column 4 above reflects the weighted average sale price."
Stock Option (Right to Buy) financial
"Stock Option (Right to Buy) with underlying security title Common Stock."
vest financial
"the shares subject to the option vest in 48 successive, equal monthly installments"
A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.
expiration date financial
"Stock Option (Right to Buy) with expiration date of 2032-01-06."
The expiration date is the deadline after which a financial contract, such as an option or a futures agreement, is no longer valid or can be exercised. It matters to investors because it determines the timeframe during which they can take action or benefit from the contract, similar to how a coupon or a food item has a limited period of usefulness. Once the expiration date passes, the contract loses its value or ability to be used.
FAQ
What insider transactions did Ardelyx (ARDX) CEO Michael Raab report?
Michael Raab reported selling 41,666 Ardelyx common shares and exercising 20,833 stock options. The sale occurred at a weighted average price of $6.2788 per share, while the options were exercised at a $0.99 strike price as part of his equity compensation.
Was the Ardelyx CEO’s May 2026 stock sale pre-planned?
Yes. The filing states the sale was made under a Rule 10b5-1 trading plan adopted on November 7, 2025. Such plans schedule trades in advance, which helps separate routine liquidity management from discretionary, market-timed insider selling activity.
What stock options did the Ardelyx CEO exercise in this Form 4?
He exercised 20,833 stock options with a $0.99 exercise price into common stock. Following this exercise, 332,501 options remained outstanding from that grant, which vests in 48 equal monthly installments starting January 6, 2022, subject to continued service.