Ardelyx, Inc. Reports Employment Inducement Grants

Rhea-AI Summary

Ardelyx, Inc. granted new non-executive employees stock options and RSUs as inducements for employment, with specific terms and conditions. The options have an exercise price of $8.69 per share, while the RSUs vest over four years. This move aligns with Nasdaq Listing Rule 5635(c)(4) and the company's Employment Commencement Incentive Plan.

WALTHAM, Mass., March 12, 2024 (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 March 9, 2024, the compensation committee of the company’s board of directors granted nine new non-executive employees options to purchase an aggregate of 207,038 shares of the company’s common stock, and granted twelve new non-executive employees an aggregate of 157,450 Restricted Stock Units (RSUs). Each stock option has an exercise price equal to $8.69 per share, which was the closing trading price of the company’s common stock on the last trading date preceding the date of grant, which was a non-trading day. 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 has two commercial products approved in the United States, IBSRELA^® (tenapanor) and XPHOZAH^® (tenapanor) as well as early-stage pipeline candidates. Ardelyx has agreements for the development and commercialization of tenapanor outside of the U.S. Kyowa Kirin commercializes PHOZEVEL^® (tenapanor) for hyperphosphatemia in Japan. A New Drug Application for tenapanor for hyperphosphatemia has been submitted in China with Fosun Pharma. Knight Therapeutics commercializes IBSRELA in Canada. For more information, please visit https://ardelyx.com/ and connect with us on X (formerly known as Twitter), LinkedIn and Facebook.

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

 

FAQ

What did Ardelyx, Inc. announce regarding employee compensation on March 9, 2024?

Ardelyx, Inc. announced that the compensation committee granted nine new non-executive employees options to purchase 207,038 shares of the company's common stock and granted twelve new non-executive employees 157,450 Restricted Stock Units (RSUs).

What is the exercise price of the stock options granted to employees?

The exercise price of the stock options granted to employees is $8.69 per share.

How do the stock options and RSUs vest for employees?

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% 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% vesting quarterly thereafter.

Under which Nasdaq Listing Rule were the stock options and RSUs granted to employees?

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).

What is the term of the stock options granted to employees?

Each stock option has a 10-year term.