RAAB MICHAEL 4

What Happened Michael G. Raab, President & CEO and a director of Ardelyx, Inc. (ARDX), sold a total of 45,982 shares on 2026-02-20 in multiple open-market/private-sale transactions. The largest lot was 40,401 shares at $5.87 each ($236,952); another lot was 5,576 shares at $5.71 ($31,860); plus small lots of 2, 1 and 2 shares at $5.70 (totaling $28). Aggregate proceeds were about $268,840. These sales were reported as dispositions (code S) and include sell-to-cover activity for RSU tax withholding.

Key Details

• Transaction date: 2026-02-20. Prices: $5.87 (40,401 sh), $5.71 (5,576 sh), $5.70 (small lots).
• Total shares sold: 45,982; total proceeds: ~$268,840.
• Footnotes: F1 = automatic sell-to-cover tied to vesting of RSUs to cover withholding taxes; F2 = some shares directly held by Raab as trustee of his living trust; F3 = some shares owned by trusts for the benefit of his children.
• Filing date: 2026-02-23 (timely—filed within the Form 4 reporting window).
• Shares owned after the transaction: not specified in the provided summary filing.

Context These sales were mainly sell-to-cover actions related to RSU vesting (tax withholding), which are routine and do not necessarily signal a change in insider sentiment. Code reference: S = Sale; F (as used in the footnote) relates to tax-withholding/sell-to-cover. Purchases typically convey clearer bullish signals than routine tax-related sales.