Ardelyx, Inc. Reports Employment Inducement Grants

Rhea-AI Summary

Ardelyx, Inc. (Nasdaq: ARDX) announced on Sept. 26, 2022, that its compensation committee granted options for 56,250 shares and 26,000 Restricted Stock Units (RSUs) to four new non-executive employees. Each stock option has an exercise price of $1.13 per share, equal to the trading price on the date of grant. The options and RSUs serve as inducements for employment, with vesting schedules over four years. Ardelyx's work includes innovative treatments for unmet medical needs such as IBSRELA and candidates like XPHOZAH for CKD patients.

Positive

• Inducement grants of options and RSUs may enhance employee retention and attract talent.
• Successful Phase 3 trials for XPHOZAH could lead to significant future revenue.

Negative

• None.

WALTHAM, Mass., Sept. 30, 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 September 26, 2022, the compensation committee of the company's board of directors granted four new non-executive employees options to purchase an aggregate of 56,250 shares of the company's common stock, and an aggregate of 26,000 Restricted Stock Units (RSUs).  Each stock option has an exercise price per share equal to $1.13 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 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 was the date of the Ardelyx employment inducement grants?

The employment inducement grants were announced on September 26, 2022.

How many shares were granted as options to new employees?

A total of 56,250 shares were granted as options to new employees.

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

The exercise price of the stock options is $1.13 per share.

What is XPHOZAH and its significance for Ardelyx?

XPHOZAH is a treatment candidate for CKD patients and has completed three successful Phase 3 trials, indicating potential for future revenue.