RAAB MICHAEL 4

What Happened

• Michael Raab, President & CEO and a director of Ardelyx (ARDX), exercised options to acquire 20,833 shares at $0.99 per share (cost ~$20,625) on March 16, 2026. On the same day he sold 41,666 shares in an open-market transaction at a weighted average price of $5.84 for total proceeds of $243,329. The filing also reports 20,833 shares disposed at $0.00 in connection with the derivative transaction (reported as such in the filing).

Key Details

• Transaction date: 2026-03-16.
• Option exercise: 20,833 shares acquired at $0.99 each (total ~$20,625).
• Derivative surrender/cancellation: 20,833 shares reported disposed at $0.00 (related to the exercise).
• Open-market sale: 41,666 shares sold at a weighted average price of $5.84 (prices ranged $5.79–$5.92) for $243,329 (footnote provides per-trade price breakdown on request).
• Plan: Sale executed pursuant to a 10b5-1 trading plan adopted by Raab on November 7, 2025.
• Shares owned after transaction: not specified in the provided filing summary.
• Filing timeliness: Report filed March 18, 2026 for trades on March 16, 2026 (appears timely).
• Other notes from filing: 1,128 ESPP shares acquired Feb 27, 2026; some shares are held in trusts (Michael G. Raab Living Trust and trusts for his children). The reported option vests monthly over 48 installments beginning Jan 6, 2022.

Context

• This was an exercise of options combined with an open-market sale executed under a pre-arranged 10b5-1 plan. The presence of a 10b5-1 plan indicates the sales were pre-scheduled and are often routine; it does not by itself indicate a change in insider sentiment. The zero-dollar disposition reported for 20,833 shares reflects shares surrendered/used in connection with the option exercise as reported in the Form 4 (not a market sale).