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Ardelyx, Inc. Reports Employment Inducement Grants

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Ardelyx, Inc. (Nasdaq: ARDX) announced on April 10, 2023, that its compensation committee granted stock options and Restricted Stock Units (RSUs) to seven new non-executive employees. A total of 238,426 shares in stock options and 89,250 RSUs were awarded, with the exercise price set at $4.26 per share, corresponding to the company's closing stock price on the grant date. The stock options will vest over four years, while the RSUs will also vest over the same period, with varying percentages vesting at specified intervals. This move is in compliance with Nasdaq Listing Rule 5635(c)(4) and is intended to incentivize new employees.

Ardelyx is focused on developing innovative medicines, including its FDA-approved product IBSRELA and ongoing studies for its candidates targeting kidney-related health issues.

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  • Granting stock options and RSUs may enhance employee retention and motivation.
  • Compliance with Nasdaq regulations indicates good governance practices.
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WALTHAM, Mass., April 13, 2023 (GLOBE NEWSWIRE) -- 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 April 10, 2023, the compensation committee of the company’s board of directors granted three new non-executive employees options to purchase an aggregate of 238,426 shares of the company’s common stock, and granted four new non-executive employees an aggregate of 89,250 Restricted Stock Units (RSUs). Each stock option has an exercise price per share equal to $4.26 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 and Canada. 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 lowering compound, 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. For more information, please visit https://ardelyx.com/ and connect with us on Twitter, LinkedIn and Facebook.

Investor and Media Contacts:
Caitlin Lowie
clowie@ardelyx.com

Kimia Keshtbod
kkeshtbod@ardelyx.com


FAQ

What was announced by Ardelyx on April 13, 2023?

Ardelyx announced the grant of stock options and RSUs to new employees.

How many shares were granted in stock options by Ardelyx?

A total of 238,426 shares in stock options were granted.

What is the exercise price for the stock options granted by Ardelyx?

The exercise price is $4.26 per share.

How long will the stock options and RSUs vest for Ardelyx employees?

Both will vest over a period of four years.

What rule did Ardelyx comply with when granting stock options?

Ardelyx complied with Nasdaq Listing Rule 5635(c)(4).

Ardelyx, Inc.

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Biotechnology
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United States of America
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