Ardelyx, Inc. Reports Employment Inducement Grants

Rhea-AI Summary

On March 9, 2022, Ardelyx, Inc. (Nasdaq: ARDX) announced the grant of stock options and Restricted Stock Units (RSUs) to new non-executive employees. A total of 105,470 options and 71,250 RSUs were allocated to 11 employees. The options have an exercise price of $0.92 per share, equal to the closing stock price on the grant date, and vest over four years. Ardelyx is advancing its innovative drug tenapanor for treating conditions related to chronic kidney disease and has international partnerships for its development. The company plans to launch IBSRELA in Q2 2022.

Positive

• Approval of IBSRELA (tenapanor) expected in Q2 2022.
• Tenapanor has completed three successful Phase 3 trials.
• Established partnerships with Kyowa Kirin, Fosun Pharma, and Knight Therapeutics for global commercialization.

Negative

• None.

WALTHAM, Mass., March 9, 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 March 4, 2022, the compensation committee of the company's board of directors granted ten new non-executive employees options to purchase an aggregate of 105,470 shares of the company's common stock, and granted an aggregate of 71,250 Restricted Stock Units (RSUs) to eleven new non-executive employees. Each stock option has an exercise price per share equal to $0.92 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 grant date, 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 received approval for IBSRELA (tenapanor) with plans to launch in the second quarter of 2022. Ardelyx is developing 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 is also advancing RDX013, a potassium secretagogue, for the potential treatment of elevated serum potassium, or hyperkalemia, a problem among certain patients with kidney and/or heart disease and has 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 March 4, 2022?

Ardelyx granted options to purchase 105,470 shares at an exercise price of $0.92 per share.

What are the vesting terms for the stock options and RSUs at Ardelyx?

Stock options vest over four years, with 25% vesting after one year. RSUs vest similarly over four years.

What is the purpose of the employee inducement grants by Ardelyx?

The grants were provided as inducements for new non-executive employees to join Ardelyx.

When does Ardelyx plan to launch IBSRELA?

Ardelyx plans to launch IBSRELA in the second quarter of 2022.

What is tenapanor being developed for by Ardelyx?

Tenapanor is being developed to control serum phosphorus in adult patients with CKD on dialysis.