ARDELYX, INC. — Director's Dealing 2025

Apr 9, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARDELYX, INC. (ARDX)
CIK: 0001437402
Period of Report: 2025-04-04

Reporting Person: RAAB MICHAEL (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-04-04	Common Stock	M	20833	$0.99	Acquired	1657253	Direct
2025-04-04	Common Stock	S	41666	$4.5877	Disposed	1615587	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-04-04	Stock Option (Right to Buy)	$0.99	M	20833	Disposed	2032-01-06	Common Stock (20833)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	24364	Indirect
Common Stock	1000	Indirect

Footnotes

F1: Transaction was made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on September 4, 2024.

F2: Reflects the adjusted total which includes the purchase of 1,282 shares under the Ardelyx Employee Stock Purchase Plan in February 2025.

F3: Transaction was executed in multiple trades in prices ranging from $4.45 to $4.68, inclusive. The price reported in Column 4 above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F4: The shares are directly held by Michael G. Raab, Trustee of the Michael G. Raab Living Trust dated July 25, 2012.

F5: The shares are owned directly by trusts for the benefit of the Reporting Person's children.

F6: The option becomes exercisable as it vests and the shares subject to the option vest in 48 successive, equal monthly installments on each monthly anniversary of January 6, 2022, subject to the Reporting Person's continued employment or service relationship with the Issuer on each such vesting date.