Laura A. Williams - 26 Aug 2025 Form 4 Insider Report for ARDELYX, INC. (ARDX)

Role: Chief Patient Officer
Signature: /s/ Elizabeth Grammer, Attorney-in-Fact for Laura A. Williams
Issuer symbol: ARDX
Transactions as of: 26 Aug 2025
Net transactions value: -$440,180
Form type: 4
Filing time: 28 Aug 2025, 19:30:25 UTC
Previous filing: 25 Aug 2025
Next filing: 25 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Williams Laura A	Chief Patient Officer	C/O ARDELYX, INC., 400 FIFTH AVENUE, SUITE 210, WALTHAM	/s/ Elizabeth Grammer, Attorney-in-Fact for Laura A. Williams	26 Aug 2025	0001869194

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ARDX	Common Stock	Options Exercise	$49,500	+50,000	+13%	$0.9900	446,322	26 Aug 2025	Direct
transaction	ARDX	Common Stock	Sale	$306,050	-50,000	-11%	$6.12	396,322	26 Aug 2025	Direct	F1
transaction	ARDX	Common Stock	Sale	$183,630	-30,000	-7.6%	$6.12	366,322	26 Aug 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ARDX	Stock Option (Right to Buy)	Options Exercise	$0	-50,000	-31%	$0.000000	112,000	26 Aug 2025	Common Stock	50,000	$0.9900	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id	Content
F1	This transaction was executed in multiple trades in prices ranging from $6.04 to $6.20, 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.
F2	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.

Content

This transaction was executed in multiple trades in prices ranging from $6.04 to $6.20, 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.

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.