Ardelyx, Inc. Reports Employment Inducement Grants

Rhea-AI Summary

Ardelyx, Inc. (ARDX) announced the grant of options to purchase 221,805 shares of common stock and 182,068 Restricted Stock Units (RSUs) to non-executive employees, with an exercise price of $4.38 per share, in accordance with Nasdaq Listing Rule 5635(c)(4). Each stock option vests over four years, and each RSU vests over four years with 25% vesting on the first anniversary of employment.

WALTHAM, Mass., Nov. 21, 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 November 20, 2023, the compensation committee of the company’s board of directors granted fourteen new non-executive employees options to purchase an aggregate of 221,805 shares of the company’s common stock, and granted sixteen new non-executive employees an aggregate of 182,068 Restricted Stock Units (RSUs). Each stock option has an exercise price per share equal to $4.38 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 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 has received approval for 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. (ARDX) announce?

Ardelyx, Inc. (ARDX) announced the grant of options to purchase 221,805 shares of common stock and 182,068 Restricted Stock Units (RSUs) to non-executive employees.

What is the exercise price of the stock options?

The exercise price of the stock options is $4.38 per share.

How do the stock options and RSUs vest?

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.

What is the term of each stock option?

Each stock option has a 10-year term.

What is the purpose of granting the stock options and RSUs?

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).