ARDELYX, INC. — Director's Dealing 2021

Dec 27, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARDELYX, INC. (ARDX)
CIK: 0001437402
Period of Report: 2021-12-09

Reporting Person: SANDELL SCOTT D (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-12-09	Common Stock	S	397124	$1.5129	Disposed	7689277	Indirect
2021-12-09	Common Stock	S	127826	$1.5129	Disposed	2476756	Indirect
2021-12-09	Common Stock	S	144533	$1.5129	Disposed	2798066	Indirect
2021-12-14	Common Stock	S	593612	$1.2441	Disposed	7095665	Indirect
2021-12-14	Common Stock	S	191074	$1.2441	Disposed	2285682	Indirect
2021-12-14	Common Stock	S	216049	$1.2441	Disposed	2582017	Indirect
2021-12-15	Common Stock	S	888185	$1.1431	Disposed	6207480	Indirect
2021-12-15	Common Stock	S	323167	$1.1431	Disposed	2258850	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	47	Indirect
Common Stock	47	Indirect

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.50 to $1.58, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote (1) to this Form 4.

F2: The Reporting Person is a manager of NEA 12 GP, LLC, which is the sole general partner of NEA Partners 12, Limited Partnership ("NEA Partners 12"). NEA Partners 12 is the sole general partner of New Enterprise Associates 12, Limited Partnership ("NEA 12"), which is the direct beneficial owner of the securities. The Reporting Person disclaims beneficial ownership, within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise of such portion of the NEA 12 securities in which the Reporting Person has no pecuniary interest.

F3: The Reporting Person is a manager of NEA 15 GP, LLC ("NEA 15 GP"), which is the sole general partner of NEA Partners 15, L.P. ("NEA Partners 15"). NEA Partners 15 is the sole general partner of New Enterprise Associates 15, L.P. ("NEA 15"), the direct beneficial owner of the securities. The Reporting Person disclaims beneficial ownership within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise of such portion of the NEA 15 securities in which the Reporting Person has no pecuniary interest.

F4: The Reporting Person is a manager of NEA 15 GP, which is the sole general partner of NEA Partners 15-OF, L.P. ("NEA Partners 15-OF"). NEA Partners 15-OF is the sole general partner of NEA 15 Opportunity Fund, L.P. ("NEA 15-OF"), the direct beneficial owner of the securities. The Reporting Person disclaims beneficial ownership within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise of such portion of the NEA 15-OF securities in which the Reporting Person has no pecuniary interest.

F5: The securities are directly held by Genevieve P. Hardigg, as trustee of the Jennifer Ayer Sandell Rising River Trust, dated December 20, 2012 (the "Jennifer Ayer Sandell Rising River Trust"). The Reporting Person disclaims beneficial ownership within the meaning of Section 16 of the 1934 Act, as amended, or otherwise of such portion of the Jennifer Ayer Sandell Rising River Trust securities in which the Reporting Person has no pecuniary interest.

F6: The securities are directly held by Genevieve P. Hardigg, as trustee of the Scott Sandell Rising River Trust, dated December 20, 2012 (the "Scott Sandell Rising River Trust"). The Reporting Person disclaims beneficial ownership within the meaning of Section 16 of the 1934 Act, as amended, or otherwise of such portion of the Scott Sandell Rising River Trust securities in which the Reporting Person has no pecuniary interest.