RAAB MICHAEL 4

What Happened

• Michael Raab, President & CEO (and Director) of Ardelyx, exercised 20,834 option shares at $0.99 per share (total cost $20,626) on July 15, 2026, and sold 41,668 shares in an open-market transaction that generated $210,923 in proceeds. The filing also shows a derivative disposition of 20,834 shares at $0.00 (see Key Details for explanation).
• The sale was executed under a pre-established 10b5-1 trading plan (see footnote). Sales are routine insider liquidity events and do not by themselves indicate company performance.

Key Details

• Transaction date: July 15, 2026; Form 4 filed July 17, 2026 (timely filing).
• Option exercise: 20,834 shares exercised at $0.99 each — total exercise cost reported $20,626.
• Open-market sale: 41,668 shares sold, weighted-average sale price $5.06, proceeds $210,923. Trades occurred in a price range of $5.03–$5.12 (footnote F2).
• Derivative disposition: 20,834 shares reported disposed at $0.00 (footnote indicates these shares are related to the option exercise/vesting mechanics).
• Sale executed pursuant to a 10b5-1 trading plan adopted November 7, 2025 (F1).
• Some shares are held in trusts (F3, F4). Option vesting schedule: options vest monthly in 48 equal installments beginning Jan 6, 2022, subject to continued service (F5).
• Shares owned after the transactions: not specified in the information provided in this summary.

Context

• The filing shows an exercise of options followed by an open-market sale of shares; when exercises and sales occur together, it can reflect a cashless or simultaneous exercise/sell to cover costs or realize proceeds. The Form 4 notes the transaction was completed under a 10b5-1 plan, which typically pre-specifies sales to avoid insider trading concerns.
• This is a routine insider liquidity event for a named executive; factual details above should be considered alongside other company and insider ownership disclosures.