RAAB MICHAEL 4

What Happened

• Michael Raab, President & CEO and Director of Ardelyx (ARDX), executed same-day option activity and an open-market sale on June 15, 2026. The filing reports he exercised 20,833 option-derived shares at $0.99 (cost ~$20,625), a separate M-coded disposition of 20,833 shares at $0.00, and sold 41,666 shares in the open market for aggregate proceeds of about $236,346 (weighted average sale price $5.67).

Key Details

• Transaction date: June 15, 2026; Form 4 filed June 17, 2026 (appears timely).
• Open-market sale: 41,666 shares at a weighted average price of $5.67; sale prices ranged $5.625–$5.77 (filing offers to provide breakdown on request). Total proceeds ≈ $236,346.
• Option exercise (M): 20,833 shares acquired at $0.99 (cash paid ≈ $20,625).
• M-coded disposition: 20,833 shares reported disposed at $0.00 (filing does not give further detail on the nature of this disposition).
• Ownership after transaction: Not specified in the provided filing excerpt.
• Notable footnotes: Trades were made pursuant to a 10b5-1 trading plan adopted Nov 7, 2025 (F1). Shares are held in family trusts (F3, F4). The exercised option vests monthly over 48 months starting Jan 6, 2022 (F5). Exhibit 24.1 (Power of Attorney) attached.

Context

• The filing shows both an exercise and a same-day zero-dollar disposition of an equal number of shares plus an open-market sale. This pattern often reflects net settlement or withholding related to option exercises, but the filing itself does not detail the mechanics—only the reported transactions and footnotes. The sale was executed under a 10b5-1 plan, which generally means the trades were pre-authorized.