RAAB MICHAEL 4

What Happened

• Michael Raab, President & CEO and a director of Ardelyx (ARDX), exercised options and sold shares on May 15, 2026. The filing shows an exercise/conversion entry for 20,833 shares acquired at $0.99 (cost $20,625) and a matching 20,833-share derivative disposition at $0.00 (likely surrendered to cover withholding or exercise costs). Separately, 41,666 shares were sold in the open market at a weighted average price of $6.28 for aggregate proceeds of $261,612. The sale was executed under a 10b5-1 trading plan.

Key Details

• Transaction date: May 15, 2026; Form 4 filed May 19, 2026 (no late filing flag indicated).
• Open‑market sale: 41,666 shares at a weighted avg price of $6.28; proceeds ≈ $261,612. Trades ranged $6.21–$6.39 (per footnote).
• Option exercise/derivative entries: 20,833 shares acquired at $0.99 (paid $20,625) and 20,833 shares reported disposed at $0.00 (derivative).
• Holdings after transaction: not specified in the filing. Footnotes note shares are held by the Michael G. Raab Living Trust (F3) and trusts for the benefit of his children (F4).
• Footnotes of note: sale executed pursuant to a 10b5‑1 plan adopted Nov 7, 2025 (F1); price range/wt. avg disclosure (F2); option vesting schedule (48 equal monthly installments from Jan 6, 2022) (F5).
• The reporting person has committed to provide a breakdown of shares sold at each price in the stated range upon request (F2).

Context

• The filing shows an option exercise (derivative code M) and simultaneous sales; the paired acquired/disposed derivative entries plus the open‑market sale are consistent with a cashless or net settlement pattern (some exercised shares surrendered to cover taxes/costs and the remainder sold). Sales under a 10b5‑1 plan are typically preplanned and do not by themselves indicate CEO sentiment. All statements above are factual descriptions from the Form 4.