Ardelyx, Inc. Reports Employment Inducement Grants

Rhea-AI Summary

On June 28, 2022, Ardelyx, Inc. (Nasdaq: ARDX) announced the granting of stock options and Restricted Stock Units (RSUs) to six new non-executive employees as employment inducements. The options total 332,483 shares, priced at $0.57, the closing stock price on the grant date, while RSUs amount to 83,375 shares. Both stock options and RSUs vest over four years. Ardelyx focuses on developing innovative medicines, including IBSRELA® and XPHOZAH®, with partnerships in Japan, China, and Canada.

Positive

• Attracting talent with substantial stock options and RSUs, totaling 415,858 shares.
• Stock options priced at $0.57 reflect the market value, aligning employee incentives with company performance.
• Developing innovative products, including IBSRELA® and XPHOZAH®, aimed at significant medical needs.

Negative

• None.

WALTHAM, Mass., July 1, 2022 /PRNewswire/ -- Ardelyx, Inc. (Nasdaq: ARDX), a biopharmaceutical company founded with a mission to discover, develop and commercialize innovative first-in-class medicines that meet significant unmet medical needs, today announced that on June 28, 2022, the compensation committee of the company's board of directors granted six new non-executive employees options to purchase an aggregate of 332,483 shares of the company's common stock, and granted an aggregate of 83,375 Restricted Stock Units (RSUs) to eight new non-executive employees. Each stock option has an exercise price per share equal to $0.57 per share, which was the closing trading price of the company's common stock on the date of grant. The stock options and RSUs were granted as inducements material to each employee's decision to enter into employment with Ardelyx, in accordance with Nasdaq Listing Rule 5635(c)(4).

Each stock option vests over four years, with 25% of the shares vesting on the first anniversary of the employee's first date of employment, and the remaining 75% of shares vesting monthly thereafter. Each RSU vests over four years, with 25% vesting on the first company designated quarterly RSU vest date following the first anniversary of the employee's first day of employment, and the remaining 75% of shares vesting quarterly thereafter. Each stock option has a 10-year term, and each option and RSU is subject to the terms and conditions of the company's 2016 Employment Commencement Incentive Plan and the award agreement covering the grant.      

About Ardelyx, Inc.

Ardelyx was founded with a mission to discover, develop and commercialize innovative first-in-class medicines that meet significant unmet medical needs. Ardelyx's first approved product, IBSRELA^® (tenapanor) is available in the United States. Ardelyx is developing XPHOZAH^® (tenapanor), a novel product candidate to control serum phosphorus in adult patients with CKD on dialysis, which has completed three successful Phase 3 trials. Ardelyx has a Phase 2 potassium secretagogue program, RDX013, for the potential treatment of elevated serum potassium, or hyperkalemia, a problem among certain patients with kidney and/or heart disease and an early-stage program in metabolic acidosis, a serious electrolyte disorder in patients with CKD. Ardelyx has established agreements with Kyowa Kirin in Japan, Fosun Pharma in China and Knight Therapeutics in Canada for the development and commercialization of tenapanor in their respective territories.

 

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SOURCE Ardelyx

FAQ

What stock options were granted by Ardelyx on June 28, 2022?

Ardelyx granted options to purchase 332,483 shares at an exercise price of $0.57 per share.

How many RSUs were granted by Ardelyx in July 2022?

Ardelyx granted a total of 83,375 Restricted Stock Units (RSUs) to new employees.

What is the vesting schedule for the stock options granted by Ardelyx?

The stock options vest over four years, with 25% vesting on the first anniversary of employment.

What is Ardelyx's focus in the biopharmaceutical industry?

Ardelyx is committed to developing innovative first-in-class medicines for unmet medical needs.

What are some products being developed by Ardelyx?

Ardelyx is developing IBSRELA® and XPHOZAH®, targeting conditions in CKD patients.