RAAB MICHAEL 4

What Happened

• Michael Raab, President & CEO and Director of Ardelyx, reported four open-market/private sales on May 21, 2026. He disposed of 14,933; 7,861; 17,926; and 14,028 shares at $6.27 per share, for proceeds of $93,593; $49,269; $112,351; and $87,920 respectively — about $343,133 total. These were sales (not purchases) and were executed solely to cover tax withholding on vested RSUs, not a new investment decision.

Key Details

• Transaction date: 2026-05-21; price per share: $6.27.
• Total shares sold: 54,748; total proceeds: ~$343,133.
• Transaction code: S (sale); footnote indicates these were automatic sell-to-cover transactions to satisfy withholding tax on RSU vesting (see F1).
• Some shares involved are held in trusts: directly by Michael G. Raab as trustee (F2) and trusts for the benefit of his children (F3).
• Filing: Form 4 filed 2026-05-22 (timely, one business day after the reported transactions).

Context

• These were tax-withholding sales tied to RSU vesting (a routine administrative action) rather than discretionary open-market selling for cash or portfolio rebalancing. Such sell-to-cover transactions are common and generally do not by themselves indicate management sentiment about the company’s outlook.