Robert Blanks - Jun 23, 2023 Form 4 Insider Report for ARDELYX, INC. (ARDX)

Role
Chief Regulatory and Quality Affairs Officer
Signature
/s/ Elizabeth Grammer, Attorney-in-Fact for Robert Blanks
Stock symbol
ARDX
Transactions as of
Jun 23, 2023
Transactions value $
-$7,043
Form type
4
Date filed
6/27/2023, 06:40 PM
Previous filing
May 25, 2023
Next filing
Aug 23, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ARDX Common Stock Options Exercise $114K +33.3K +12.52% $3.42 299K Jun 23, 2023 Direct F1
transaction ARDX Common Stock Sale -$121K -33.3K -11.13% $3.63 266K Jun 23, 2023 Direct F1, F2

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 -33.3K -100% $0.00* 0 Jun 23, 2023 Common Stock 33.3K $3.42 Direct F1, F3
* 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 relates an option that would have expired on July 18, 2023 and does not result in a reduction of shares held outright by the Reporting Person. The shares acquired upon the exercise of the option were sold pursuant to a Rule 10b5-1 stock trading plan adopted by the Reporting Person on March 24, 2023. accordingly, the Reporting Person had no discretion with regard to the timing of the transaction.
F2 This transaction was executed in multiple trades in prices ranging from $3.62 to $3.70, inclusive. The price reported in Column 4 above reflects the weighted average sales 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.
F3 The option, which was granted on July 18, 2013, and has an expiration date of July 18, 2023, is fully vested and exercisable.

Remarks:

Chief Regulatory and Quality Affairs Officer