Ardelyx Announces Employment Inducement Grants

On May 30, 2024, Ardelyx Inc. (Nasdaq: ARDX), a biopharmaceutical company focused on developing and commercializing innovative medicines, disclosed that its board of directors' compensation committee awarded stock options and Restricted Stock Units (RSUs) to new non-executive employees. Specifically, on May 23, 2024, 10 new non-executive employees received options to purchase a combined total of 210,000 shares of the company's common stock. Additionally, 13 new non-executive employees were granted a collective 179,050 RSUs. The stock options were issued at an exercise price of $7.44 per share, which was the closing trading price on the grant date.

The stock options and RSUs serve as significant inducements for employees to join Ardelyx, aligning with Nasdaq Listing Rule 5635(c)(4). The vesting schedule for each stock option spans four years: 25% of the shares vest on the first anniversary of the employee's initial employment date, with the remaining 75% vesting monthly thereafter. Similarly, each RSU also vests over four years, with 25% vesting on the first company-designated quarterly RSU vest date after the first anniversary of employment, and the remaining 75% vesting quarterly thereafter. Both stock options and RSUs are governed by the terms and conditions set forth in the company’s 2016 Employment Commencement Incentive Plan and the associated award agreements.

Ardelyx Inc. is committed to discovering, developing, and marketing innovative, first-in-class medicines that address significant unmet medical needs. In the U.S., the company has two commercial products: IBSRELA® (tenapanor) and XPHOZAH® (tenapanor). Beyond the U.S., Ardelyx has collaborations to develop and commercialize tenapanor. Kyowa Kirin manages the commercial distribution of PHOZEVEL® (tenapanor) for hyperphosphatemia in Japan. In China, a New Drug Application for tenapanor for hyperphosphatemia is under review with Fosun Pharma. Knight Therapeutics handles the commercialization of IBSRELA in Canada.

Ardelyx’s mission and strategic partnerships underscore its dedication to bringing pioneering treatments to patients with significant medical needs.