[Form 4] ARDELYX, INC. Insider Trading Activity

Rhea-AI Filing Summary

Ardelyx, Inc. (ARDX) reported an insider stock sale by its president and CEO, who is also a director. On 11/21/2025, the executive sold 46,887 shares of common stock at $5.5369 per share. According to the filing, this sale was made under an automatic sell-to-cover feature tied to restricted stock unit (RSU) awards and was done solely to cover withholding taxes due at vesting.

After this transaction, the executive beneficially owns 1,455,363 shares of Ardelyx common stock directly. In addition, 24,364 shares are held in a living trust and 1,000 shares are held in trusts for the executive’s children, both reported as indirect ownership.

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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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)
11/21/2025

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	11/21/2025		S(1)		46,887	D	$5.5369	1,455,363	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	11/25/2025
	** 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 insider transaction did Ardelyx (ARDX) report in this Form 4?

The filing reports that Ardelyx’s president and CEO, who is also a director, sold 46,887 shares of common stock on 11/21/2025.

At what price were the Ardelyx (ARDX) shares sold in the reported transaction?

The 46,887 shares of Ardelyx common stock were sold at a price of $5.5369 per share.

Why did the Ardelyx (ARDX) executive sell 46,887 shares?

The filing states the sale resulted from an automatic sell-to-cover mechanism on RSU vesting and was made solely to cover applicable withholding taxes.

How many Ardelyx (ARDX) shares does the executive own after the transaction?

Following the sale, the executive directly owns 1,455,363 shares of Ardelyx common stock.

What indirect Ardelyx (ARDX) holdings are reported for the executive?

The filing reports 24,364 shares held in a living trust and 1,000 shares held in trusts for the executive’s children as indirect ownership.

Does the Form 4 indicate use of a sell-to-cover feature for Ardelyx (ARDX) RSUs?

Yes. It explains that, under the RSU grant terms, shares were sold automatically upon vesting solely to cover withholding taxes.