Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-17

Ardelyx, Inc. (ARDX)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$7,796,171
Michael Raab total, FY2025
42nd
CEO pay percentile vs peers
25:1
CEO-to-median pay ratio
93.6%
Say-on-pay support, latest vote
Companies that benchmark against ARDX
13 companies name ARDX as a compensation peer

Each company listed discloses ARDX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ARDX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Raab$797,000$0$2,953,724$3,413,948$627,638$0$3,861$7,796,171
President, Chief Executive Officer and Director
Edward Conner213,01901,574,7751,836,1160003,623,910
Former Chief Medical Officer
Justin Renz464,43401,578,5591,182,722250,425075,5433,551,684
Former Chief Financial and Operations Officer
Susan Hohenleitner120,929330,000735,9492,194,07856,416003,437,372
Chief Financial Officer
John Bishop240,00001,004,9801,148,032116,51003,0002,512,522
Chief Technical and Quality Officer
Elizabeth Grammer527,1260708,002818,313246,69503,4812,303,617
Former Chief Legal and Administrative Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Michael Raab$7,796,171
Edward Conner3,623,910
Justin Renz3,551,684
Susan Hohenleitner3,437,372
John Bishop2,512,522
Elizabeth Grammer2,303,617

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Michael RaabDirector2026-05-15D41,666$6$261,612Common, open-market saleForm 4 ↗
Michael RaabDirector2026-05-15A20,833120,625CommonForm 4 ↗
Michael RaabDirector2026-05-15D20,83300Derivative, Class A CommonForm 4 ↗
Joseph James ReillySee Remarks2026-05-21D2,683616,816CommonForm 4 ↗
Joseph James ReillySee Remarks2026-05-21D1,03666,493CommonForm 4 ↗
John BishopSee Remarks2026-05-21D2,306614,453CommonForm 4 ↗
James Parker BradyChief Human Resources Officer2026-05-21D1,846611,570CommonForm 4 ↗
Eric Duane FosterChief Commercial Officer2026-05-21D3,166619,843CommonForm 4 ↗
Mike KelliherChief Business Officer2026-05-21D1,870611,720CommonForm 4 ↗
Mike KelliherChief Business Officer2026-05-21D2,478615,531CommonForm 4 ↗
Laura A. WilliamsChief Patient Officer2026-05-21D1,50369,420CommonForm 4 ↗
Laura A. WilliamsChief Patient Officer2026-05-21D1,911611,977CommonForm 4 ↗
Michael RaabDirector2026-05-21D14,933693,593CommonForm 4 ↗
Michael RaabDirector2026-05-21D17,9266112,351CommonForm 4 ↗
Laura A. WilliamsChief Patient Officer2026-05-21D2,157613,519CommonForm 4 ↗
Laura A. WilliamsChief Patient Officer2026-05-21D1,41868,887CommonForm 4 ↗
Michael RaabDirector2026-05-21D7,861649,269CommonForm 4 ↗
Eric Duane FosterChief Commercial Officer2026-05-21D2,427615,211CommonForm 4 ↗
Susan HohenleitnerChief Financial Officer2026-05-21D1,45569,119CommonForm 4 ↗
Eric Duane FosterChief Commercial Officer2026-05-21D2,405615,073CommonForm 4 ↗
Mike KelliherChief Business Officer2026-05-21D2,900618,176CommonForm 4 ↗
Michael RaabDirector2026-05-21D14,028687,920CommonForm 4 ↗
Michael RaabDirector2026-06-15D20,83300Derivative, Class A CommonForm 4 ↗
Michael RaabDirector2026-06-15A20,833120,625CommonForm 4 ↗
Michael RaabDirector2026-06-15D41,6666236,346Common, open-market saleForm 4 ↗
William Bertrand, JrDirector2026-06-16A39,71500Derivative, Class A CommonForm 4 ↗
Richard RodgersDirector2026-06-16A26,45500CommonForm 4 ↗
Richard RodgersDirector2026-06-16A39,71500Derivative, Class A CommonForm 4 ↗
David MottDirector2026-06-16A26,45500Common, indirectForm 4 ↗
Onaiza Cadoret-ManierDirector2026-06-16A26,45500CommonForm 4 ↗
Onaiza Cadoret-ManierDirector2026-06-16A39,71500Derivative, Class A CommonForm 4 ↗
Muna BhanjiDirector2026-06-16A26,45500CommonForm 4 ↗
William Bertrand, JrDirector2026-06-16A12,34500CommonForm 4 ↗
William Bertrand, JrDirector2026-06-16A26,45500CommonForm 4 ↗
Robert BazemoreDirector2026-06-16A26,45500CommonForm 4 ↗
Merdad ParseyDirector2026-06-16A26,45500CommonForm 4 ↗
David MottDirector2026-06-16A20,28200Common, indirectForm 4 ↗
David MottDirector2026-06-16A39,71500Derivative, Class A CommonForm 4 ↗
Muna BhanjiDirector2026-06-16A39,71500Derivative, Class A CommonForm 4 ↗
Robert BazemoreDirector2026-06-16A39,71500Derivative, Class A CommonForm 4 ↗
Merdad ParseyDirector2026-06-16A39,71500Derivative, Class A CommonForm 4 ↗
Laura A. WilliamsChief Patient Officer2026-06-18D31,00000Derivative, Class A CommonForm 4 ↗
Laura A. WilliamsChief Patient Officer2026-06-18D81,8986490,487Common, open-market saleForm 4 ↗
Laura A. WilliamsChief Patient Officer2026-06-18A31,000130,690CommonForm 4 ↗
Michael RaabDirector2026-07-15D41,6685210,923Common, open-market saleForm 4 ↗
Michael RaabDirector2026-07-15A20,834120,626CommonForm 4 ↗
Michael RaabDirector2026-07-15D20,83400Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Susan HohenleitnerRSU2025-10-13146,896$735,949
Justin RenzOPTION2025-11-13343,687319,629
Elizabeth GrammerRSU2025-02-25136,680708,002
Susan HohenleitnerOPTION2025-10-13578,1042,194,078
Michael RaabRSU2025-02-25570,2172,953,724
Justin RenzOPTION2025-11-13119,58374,141
Justin RenzOPTION2025-11-1393,967103,364
Edward ConnerOPTION2025-08-08463,2681,836,116
Elizabeth GrammerOPTION2025-02-25205,019818,025
John BishopRSU2025-07-14218,0001,004,980
Michael RaabOPTION2025-02-25855,3263,413,948
Justin RenzRSU2025-02-25136,680708,002
Justin RenzOPTION2025-11-13195,017126,761
Justin RenzOPTION2025-02-25205,019818,313
John BishopOPTION2025-07-14327,0001,148,032
Justin RenzOPTION2025-11-13121,00035,090
Justin RenzOPTION2025-11-13146,755101,261
Edward ConnerRSU2025-08-08302,2601,574,775
Justin RenzRSU2025-11-13109,635474,720
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Susan Hohenleitner$735,949$0$2,194,0780.0%
Justin Renz1,182,72201,578,5590.0%
Elizabeth Grammer708,0020818,0250.0%
Michael Raab2,953,72403,413,9480.0%
Edward Conner1,574,77501,836,1160.0%
John Bishop1,004,98001,148,0320.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael RaabRSU62,500$364,375
Susan HohenleitnerOption578,1045.01
Michael RaabRSU463,3002,701,039
Michael RaabRSU237,4961,384,602
Susan HohenleitnerRSU146,896856,404
Elizabeth GrammerRSU111,051647,427
Elizabeth GrammerRSU63,872372,374
Elizabeth GrammerOption95,0632.75
Michael RaabRSU37,500190,125
John BishopOption327,0004.61
Michael RaabOption315,5758.78
Michael RaabOption304,4172.75
Elizabeth GrammerOption4,0840.99
Michael RaabOption677,1345.18
Elizabeth GrammerOption162,3075.18
Elizabeth GrammerOption85,4178.78
John BishopRSU218,0001,270,940
Elizabeth GrammerRSU19,500113,685
Michael RaabOption14,5840.99
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation program is designed to support our overarching mission as a company: to develop and commercialize innovative medicines that address unmet patient needs.

CEO STI target (% of salary)75%
CEO LTI target (% of salary)
Independent consultantPearl Meyer
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-16137,617,7869,413,395759,62193.6%Passed
20252025-06-18131,263,61311,095,853693,43592.21%Passed
20242024-06-14116,195,3687,710,1251,058,00893.78%Passed
20232023-06-1591,624,10614,569,8311,612,75386.28%Passed
20212021-06-1669,356,2782,313,13642,86796.71%Passed
20202020-06-0966,880,304655,27385,16799.03%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1693.6%a
20252025-06-1892.21%b
20242024-06-1493.78%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not considered votes cast for the foregoing purpose, and will have no effect on the vote for this proposal.”.

b. Approved under the standard stated in the filing — “2), you may vote " FOR ," " AGAINST " or " ABSTAIN ." Abstentions and broker non-votes will have no effect on the vote for this proposal.”.

c. Approved under the standard stated in the filing — “With respect to the approval of the Amended and Restated 2014 Employee Stock Purchase Plan (Proposal 3), you may vote " FOR ," " AGAINST " or " ABSTAIN ." Abstentions and broker non-votes will have no effect on the vote for this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)25 : 1
CEO total compensation$7,796,171
Median employee compensation$311,004
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Merdad ParseyIndependent · Nominating and Corporate Governance · Newly elected$55,000$225,000$223,349$0$0$503,349
David MottIndependent · Board Chair · Audit and Compliance · Compensation and Leadership Development (Chair)112,500149,999149,38700411,886
Richard RodgersIndependent · Audit and Compliance (Chair) · Compensation and Leadership Development77,500149,999149,38700376,886
William Bertrand, JrIndependent · Audit and Compliance · Nominating and Corporate Governance (Chair)70,000149,999149,38700369,386
Robert BazemoreIndependent · Compensation and Leadership Development57,500149,999149,38700356,886
Muna BhanjiIndependent · Compensation and Leadership Development57,500149,999149,38700356,886
Onaiza Cadoret-ManierIndependent · Nominating and Corporate Governance55,000149,999149,38700354,386
Michael RaabEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$299,386
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$485,000
Equity awards (grant-date value)$1,124,994
All other compensation$0
Total cost of the board$1,609,994

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Ardelyx, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Ardelyx, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Ocular Therapeutix, Inc.2025Pravin Dugel$819,200$18,608,000$15,567,000$0$35,946,958
2TG Therapeutics, Inc.2025Michael Weiss875,00023,550,00001,146,25025,571,250
3Rhythm Pharmaceuticals, Inc.2025David Meeker807,6928,274,7857,688,560759,48817,544,525
4BioCryst Pharmaceuticals, Inc.2025Jon Stonehouse728,466011,132,4581,052,63312,951,082
5Vericel Corporation2025Dominick Colangelo860,0003,964,6305,456,287860,00011,156,368
6Mirum Pharmaceuticals, Inc.2025Christopher Peetz755,0003,683,9044,931,3201,057,00010,441,224
7ADMA Biologics, Inc.2025Adam Grossman925,0004,049,9944,049,9981,156,25010,237,326
8MannKind Corporation2025Michael Castagna789,4367,689,4800675,7579,300,485
9Amicus Therapeutics, Inc.2024Bradley Campbell767,3084,990,3652,105,62708,526,943
10Travere Therapeutics, Inc.2025Eric Dube854,2503,314,5203,309,384964,1258,457,151
11Dynavax Technologies Corporation2024Ryan Spencer835,0014,902,1501,824,299641,9078,210,775
12Ardelyx, Inc.2025Michael Raab797,0002,953,7243,413,948627,6387,796,171
13Catalyst Pharmaceuticals, Inc.2024Richard Daly750,0001,267,6015,070,83007,774,160
14Arcutis Biotherapeutics, Inc.2025Todd Franklin Watanabe713,3332,067,1903,848,958579,5847,223,065
15Tarsus Pharmaceuticals, Inc.2025Bobak Azamian726,3332,648,2842,651,487555,7006,617,979
16Evolus, Inc.2025David Moatazedi775,0003,886,5691,296,697429,0006,412,214
17Xencor, Inc.2025Bassil Dahiyat742,8001,552,8922,727,018490,2485,521,205
18Innoviva, Inc.2025Pavel Raifeld600,0002,649,9821,748,88205,400,197
19Ironwood Pharmaceuticals, Inc.2025Thomas McCourt867,568411,6960650,6761,948,390
20Collegium Pharmaceutical, Inc.2025Vikram Karnani875,00000835,4061,715,846

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Ardelyx, Inc.105%Options 50 · RSU 50not disclosedPearl Meyer
ADMA Biologics, Inc.125%RSU 50 · Options 50not disclosedPay Governance LLC
Amicus Therapeutics, Inc.108%Options 33 · RSU 33 · PSU 33Yes — TSR GoalPay Governance
Arcutis Biotherapeutics, Inc.125%not disclosedNoPay Governance
BioCryst Pharmaceuticals, Inc.170%not disclosednot disclosedAon Human Capital Solutions (division of Aon plc)
Catalyst Pharmaceuticals, Inc.105%not disclosednot disclosedMercer LLC (a business of Marsh McLennan)
Collegium Pharmaceutical, Inc.127.3%RSU 70 · PSU 30Yes — relative ranking of the total shareholder return (TSR) of the Company's common stock in 2025, 2026, 2027 and the cumulative three-year performance period (2025-2027) return relative to the TSR of peer companies within the S&P Pharmaceutical Select Industry IndexAlpine Rewards, LLC
Dynavax Technologies Corporation102.5%Options 34 · RSU 33 · PSU 33Yes — Relative Total Stockholder Return (rTSR) ranking vs. Nasdaq Biotechnology IndexAlpine
Evolus, Inc.55%not disclosedNoRadford, an Aon Company
Innoviva, Inc.105%not disclosednot disclosedMeridian
Ironwood Pharmaceuticals, Inc.100%PSU 50 · RSU 50Yes — relative total stockholder return (rTSR)Alpine Rewards LLC
MannKind Corporation107%PSU 55 · RSU 45Yes — Total Stockholder Return (TSR) relative to Russell 3000 Pharmaceutical & Biotechnology IndexMercer LLC
Mirum Pharmaceuticals, Inc.200%not disclosedNoAlpine Rewards
Ocular Therapeutix, Inc.145%not disclosedNoAon
Rhythm Pharmaceuticals, Inc.120%Options 50 · RSU 50NoPay Governance LLC
Tarsus Pharmaceuticals, Inc.108%Options 50 · RSU 50NoPay Governance
TG Therapeutics, Inc.131%RSU 100NoCompensia, Inc.
Travere Therapeutics, Inc.150%not disclosedNoAon
Vericel Corporation100%Options 58 · RSU 42not disclosedFW Cook
Xencor, Inc.110%Options 60 · RSU 40not disclosedAon

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Ardelyx, Inc. in fiscal 2025?
Michael Raab, serving as President, Chief Executive Officer and Director, was the highest-paid executive at Ardelyx, Inc. in fiscal 2025 with total compensation of $7,796,171.
How does Ardelyx, Inc.'s chief executive pay compare to its disclosed peer group?
The CEO pay percentile of disclosed peers was the 42nd percentile.
What is Ardelyx, Inc.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio was 25:1.
How did shareholders vote on Ardelyx, Inc.'s executive compensation?
Shareholders approved the executive compensation plan with 93.6% support in the latest vote.
How much does Ardelyx, Inc. spend in total on board compensation for fiscal 2025?
Total board compensation for fiscal 2025 was $1,609,994.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Michael RaabDEF 14A2026-04-290001140361-26-017800Section “2025 Summary Compensation Table”. As printed: 7,796,171. Filing ↗machine: r2 · c25 · span 677112–677121
2Section 01, Edward ConnerDEF 14A2026-04-290001140361-26-017800Section “2025 Summary Compensation Table”. As printed: 3,623,910. Filing ↗machine: r7 · c25 · span 701198–701207
3Section 01, Justin RenzDEF 14A2026-04-290001140361-26-017800Section “2025 Summary Compensation Table”. As printed: 3,551,684. Filing ↗machine: r11 · c25 · span 721168–721177
4Section 01, Susan HohenleitnerDEF 14A2026-04-290001140361-26-017800Section “2025 Summary Compensation Table”. As printed: 3,437,372. Filing ↗machine: r5 · c25 · span 690962–690971
5Section 01, John BishopDEF 14A2026-04-290001140361-26-017800Section “2025 Summary Compensation Table”. As printed: 2,512,522. Filing ↗machine: r6 · c25 · span 696508–696517
6Section 01, Elizabeth GrammerDEF 14A2026-04-290001140361-26-017800Section “2025 Summary Compensation Table”. As printed: 2,303,617. Filing ↗machine: r8 · c25 · span 706980–706989
7Section 03, Susan Hohenleitner RSUDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r7 · c25 · span 778857–778864
8Section 03, Justin Renz OPTIONDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r23 · c25 · span 856507–856514
9Section 03, Elizabeth Grammer RSUDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r16 · c25 · span 824015–824022
10Section 03, Susan Hohenleitner OPTIONDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r6 · c28 · span 774367–774376
11Section 03, Michael Raab RSUDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r4 · c25 · span 764424–764433
12Section 03, Justin Renz OPTIONDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r24 · c25 · span 861042–861048
13Section 03, Justin Renz OPTIONDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r25 · c25 · span 865572–865579
14Section 03, Edward Conner OPTIONDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r12 · c28 · span 804165–804174
15Section 03, Elizabeth Grammer OPTIONDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r15 · c28 · span 818753–818760
16Section 03, John Bishop RSUDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r10 · c25 · span 794135–794144
17Section 03, Michael Raab OPTIONDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r3 · c28 · span 759200–759209
18Section 03, Justin Renz RSUDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r19 · c25 · span 838539–838546
19Section 03, Justin Renz OPTIONDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r20 · c25 · span 843031–843038
20Section 03, Justin Renz OPTIONDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r18 · c28 · span 834006–834013
21Section 03, John Bishop OPTIONDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r9 · c28 · span 788911–788920
22Section 03, Justin Renz OPTIONDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r22 · c25 · span 852016–852022
23Section 03, Justin Renz OPTIONDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r21 · c25 · span 847523–847530
24Section 03, Edward Conner RSUDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r13 · c25 · span 808665–808674
25Section 03, Justin Renz RSUDEF 14A2026-04-290001140361-26-017800Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t133 · r26 · c25 · span 870104–870111
26Section 07, pay ratioDEF 14A2026-04-290001140361-26-017800Section “CEO Pay Ratio”. As printed: 25 : 1. Filing ↗machine: span 1205748–1205750
27Section 08, Merdad ParseyDEF 14A2026-04-290001140361-26-017800Section “Director Compensation”. As printed: 503,349. Filing ↗machine: t63 · r8 · c13 · span 316383–316390
28Section 08, David MottDEF 14A2026-04-290001140361-26-017800Section “Director Compensation”. As printed: 411,886. Filing ↗machine: t63 · r6 · c13 · span 311260–311267
29Section 08, Richard RodgersDEF 14A2026-04-290001140361-26-017800Section “Director Compensation”. As printed: 376,886. Filing ↗machine: t63 · r7 · c13 · span 313697–313704
30Section 08, William Bertrand, JrDEF 14A2026-04-290001140361-26-017800Section “Director Compensation”. As printed: 369,386. Filing ↗machine: t63 · r3 · c13 · span 303299–303306
31Section 08, Robert BazemoreDEF 14A2026-04-290001140361-26-017800Section “Director Compensation”. As printed: 356,886. Filing ↗machine: t63 · r2 · c13 · span 300856–300863
32Section 08, Muna BhanjiDEF 14A2026-04-290001140361-26-017800Section “Director Compensation”. As printed: 356,886. Filing ↗machine: t63 · r4 · c13 · span 306068–306075
33Section 08, Onaiza Cadoret-ManierDEF 14A2026-04-290001140361-26-017800Section “Director Compensation”. As printed: 354,386. Filing ↗machine: t63 · r5 · c13 · span 308490–308497
34Section 08, Michael RaabDEF 14A2026-04-290001140361-26-017800Section “Director Compensation”. As printed: 0. Filing ↗
35Section 02, Michael Raab 2026-05-15Form 42026-05-190001321402-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Michael Raab 2026-05-15Form 42026-05-190001321402-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Michael Raab 2026-05-15Form 42026-05-190001321402-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Joseph James Reilly 2026-05-21Form 42026-05-220002044416-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Joseph James Reilly 2026-05-21Form 42026-05-220002044416-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, John Bishop 2026-05-21Form 42026-05-220001308911-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, James Parker Brady 2026-05-21Form 42026-05-220002088887-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Eric Duane Foster 2026-05-21Form 42026-05-220002034148-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Mike Kelliher 2026-05-21Form 42026-05-220001987188-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Mike Kelliher 2026-05-21Form 42026-05-220001987188-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Laura A. Williams 2026-05-21Form 42026-05-220001869194-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Laura A. Williams 2026-05-21Form 42026-05-220001869194-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Michael Raab 2026-05-21Form 42026-05-220001321402-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Michael Raab 2026-05-21Form 42026-05-220001321402-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Laura A. Williams 2026-05-21Form 42026-05-220001869194-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Laura A. Williams 2026-05-21Form 42026-05-220001869194-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Michael Raab 2026-05-21Form 42026-05-220001321402-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Eric Duane Foster 2026-05-21Form 42026-05-220002034148-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Susan Hohenleitner 2026-05-21Form 42026-05-220002093095-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Eric Duane Foster 2026-05-21Form 42026-05-220002034148-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Mike Kelliher 2026-05-21Form 42026-05-220001987188-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Michael Raab 2026-05-21Form 42026-05-220001321402-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Michael Raab 2026-06-15Form 42026-06-170001321402-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Michael Raab 2026-06-15Form 42026-06-170001321402-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Michael Raab 2026-06-15Form 42026-06-170001321402-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, William Bertrand, Jr 2026-06-16Form 42026-06-180001291937-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Richard Rodgers 2026-06-16Form 42026-06-180001313397-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Richard Rodgers 2026-06-16Form 42026-06-180001313397-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, David Mott 2026-06-16Form 42026-06-180001219871-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Onaiza Cadoret-Manier 2026-06-16Form 42026-06-180001799355-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Onaiza Cadoret-Manier 2026-06-16Form 42026-06-180001799355-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Muna Bhanji 2026-06-16Form 42026-06-180001846905-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, William Bertrand, Jr 2026-06-16Form 42026-06-180001291937-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, William Bertrand, Jr 2026-06-16Form 42026-06-180001291937-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Robert Bazemore 2026-06-16Form 42026-06-180001620152-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Merdad Parsey 2026-06-16Form 42026-06-180001792150-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, David Mott 2026-06-16Form 42026-06-180001219871-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, David Mott 2026-06-16Form 42026-06-180001219871-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, Muna Bhanji 2026-06-16Form 42026-06-180001846905-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, Robert Bazemore 2026-06-16Form 42026-06-180001620152-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, Merdad Parsey 2026-06-16Form 42026-06-180001792150-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, Laura A. Williams 2026-06-18Form 42026-06-220001869194-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, Laura A. Williams 2026-06-18Form 42026-06-220001869194-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
78Section 02, Laura A. Williams 2026-06-18Form 42026-06-220001869194-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
79Section 02, Michael Raab 2026-07-15Form 42026-07-170001321402-26-000016Insider equity transaction reported since the proxy statement. Filing ↗
80Section 02, Michael Raab 2026-07-15Form 42026-07-170001321402-26-000016Insider equity transaction reported since the proxy statement. Filing ↗
81Section 02, Michael Raab 2026-07-15Form 42026-07-170001321402-26-000016Insider equity transaction reported since the proxy statement. Filing ↗
82Section 06, 2026 voteForm 8-K2026-06-170001437402-26-000029Item 5.07 · say-on-pay result. As reported: 93.6% (votes for as printed: 137,617,786). Filing ↗
83Section 06, 2025 voteForm 8-K2025-06-180001628280-25-032172Item 5.07 · say-on-pay result. As reported: 92.21% (votes for as printed: 131,263,613). Filing ↗
84Section 06, 2024 voteForm 8-K2024-06-170001628280-24-028413Item 5.07 · say-on-pay result. As reported: 93.78% (votes for as printed: 116,195,368). Filing ↗
85Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
86Section 09b board cost (computed)ComputedcomputedCash 485,000 + equity 1,124,994 + all other 0 = 1,609,994, summed across the director compensation table rows.machine: formula: Σ = 1,609,994
87Ocular Therapeutix, Inc., Section 10b CEO totalDEF 14A2026-04-300001104659-26-053176CEO total compensation as printed in Ocular Therapeutix, Inc.'s own proxy. As printed: 35,946,958. Filing ↗machine: t128 · r3 · c15 · span 574379–574389
88TG Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-300001437749-26-014233CEO total compensation as printed in TG Therapeutics, Inc.'s own proxy. As printed: 25,571,250. Filing ↗machine: r4 · c24 · span 404551–404561
89Rhythm Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-290001628280-26-028375CEO total compensation as printed in Rhythm Pharmaceuticals, Inc.'s own proxy. As printed: 17,544,525. Filing ↗machine: r2 · c42 · span 513064–513074
90BioCryst Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-230001628280-26-026822CEO total compensation as printed in BioCryst Pharmaceuticals, Inc.'s own proxy. As printed: 12,951,082. Filing ↗machine: span 512256–512266
91Vericel Corporation, Section 10b CEO totalDEF 14A2026-03-190001308179-26-000094CEO total compensation as printed in Vericel Corporation's own proxy. As printed: 11,156,368. Filing ↗machine: t258 · r1 · c27 · span 627744–627754
92Mirum Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-230001759425-26-000027CEO total compensation as printed in Mirum Pharmaceuticals, Inc.'s own proxy. As printed: 10,441,224. Filing ↗machine: r2 · c21 · span 580200–580210
93ADMA Biologics, Inc., Section 10b CEO totalDEF 14A2026-04-150001140361-26-014799CEO total compensation as printed in ADMA Biologics, Inc.'s own proxy. As printed: 10,237,326. Filing ↗machine: r2 · c25 · span 619659–619670
94MannKind Corporation, Section 10b CEO totalDEF 14A2026-04-070001193125-26-145613CEO total compensation as printed in MannKind Corporation's own proxy. As printed: 9,300,485. Filing ↗machine: t24 · r5 · c27 · span 606612–606621
95Amicus Therapeutics, Inc., Section 10b CEO totalDEF 14A2025-04-240001140361-25-015479CEO total compensation as printed in Amicus Therapeutics, Inc.'s own proxy. As printed: 8,526,943. Filing ↗machine: r2 · c25 · span 736127–736137
96Travere Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-060001438533-26-000027CEO total compensation as printed in Travere Therapeutics, Inc.'s own proxy. As printed: 8,457,151. Filing ↗machine: span 558514–558523
97Dynavax Technologies Corporation, Section 10b CEO totalDEF 14A2025-04-170000930413-25-001273CEO total compensation as printed in Dynavax Technologies Corporation's own proxy. As printed: 8,210,775. Filing ↗
98Ardelyx, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-290001140361-26-017800CEO total compensation as printed in Ardelyx, Inc.'s own proxy. As printed: 7,796,171. Filing ↗machine: r2 · c25 · span 677112–677121
99Catalyst Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2025-04-110001193125-25-079097CEO total compensation as printed in Catalyst Pharmaceuticals, Inc.'s own proxy. As printed: 7,774,160. Filing ↗machine: r3 · c31 · span 285833–285842
100Arcutis Biotherapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-210001787306-26-000028CEO total compensation as printed in Arcutis Biotherapeutics, Inc.'s own proxy. As printed: 7,223,065. Filing ↗machine: r2 · c42 · span 646815–646824
101Tarsus Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-280001819790-26-000028CEO total compensation as printed in Tarsus Pharmaceuticals, Inc.'s own proxy. As printed: 6,617,979. Filing ↗machine: span 448592–448601
102Evolus, Inc., Section 10b CEO totalDEF 14A2026-04-290001570562-26-000059CEO total compensation as printed in Evolus, Inc.'s own proxy. As printed: 6,412,214. Filing ↗machine: span 499358–499367
103Xencor, Inc., Section 10b CEO totalDEF 14A2026-04-270001326732-26-000031CEO total compensation as printed in Xencor, Inc.'s own proxy. As printed: 5,521,205. Filing ↗machine: t32 · r3 · c19 · span 631325–631334
104Innoviva, Inc., Section 10b CEO totalDEF 14A2026-03-240001140361-26-010912CEO total compensation as printed in Innoviva, Inc.'s own proxy. As printed: 5,400,197. Filing ↗machine: t108 · r1 · c25 · span 555478–555487
105Ironwood Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050325CEO total compensation as printed in Ironwood Pharmaceuticals, Inc.'s own proxy. As printed: 1,948,390. Filing ↗machine: t29 · r1 · c48 · span 584182–584191
106Collegium Pharmaceutical, Inc., Section 10b CEO totalDEF 14A2026-04-070001628280-26-024063CEO total compensation as printed in Collegium Pharmaceutical, Inc.'s own proxy. As printed: 1,715,846. Filing ↗machine: r2 · c48 · span 779394–779403
107Section 10a, Ocular Therapeutix, Inc. reciprocityDEF 14A0001104659-26-053176Ocular Therapeutix, Inc. names Ardelyx, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
108Section 10a, Dynavax Technologies Corporation reciprocityDEF 14A0000930413-25-001273Dynavax Technologies Corporation's most recent proxy was read; its disclosed peer group does not include Ardelyx, Inc.. Filing ↗
109Section 10a, BioCryst Pharmaceuticals, Inc. reciprocityDEF 14A0001628280-26-026822BioCryst Pharmaceuticals, Inc. names Ardelyx, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
110Section 10a, Catalyst Pharmaceuticals, Inc. reciprocityDEF 14A0001193125-25-079097Catalyst Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Ardelyx, Inc.. Filing ↗
111Section 10a, Collegium Pharmaceutical, Inc. reciprocityDEF 14A0001628280-26-024063Collegium Pharmaceutical, Inc.'s most recent proxy was read; its disclosed peer group does not include Ardelyx, Inc.. Filing ↗
112Section 10a, MannKind Corporation reciprocityDEF 14A0001193125-26-145613MannKind Corporation's most recent proxy was read; its disclosed peer group does not include Ardelyx, Inc.. Filing ↗
113Section 10a, Mirum Pharmaceuticals, Inc. reciprocityDEF 14A0001759425-26-000027Mirum Pharmaceuticals, Inc. names Ardelyx, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
114Section 10a, Tarsus Pharmaceuticals, Inc. reciprocityDEF 14A0001819790-26-000028Tarsus Pharmaceuticals, Inc. names Ardelyx, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
115Section 10a, Amicus Therapeutics, Inc. reciprocityDEF 14A0001140361-25-015479Amicus Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Ardelyx, Inc.. Filing ↗
116Section 10a, Evolus, Inc. reciprocityDEF 14A0001570562-26-000059Evolus, Inc.'s most recent proxy was read; its disclosed peer group does not include Ardelyx, Inc.. Filing ↗
117Section 10a, TG Therapeutics, Inc. reciprocityDEF 14A0001437749-26-014233TG Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Ardelyx, Inc.. Filing ↗
118Section 10a, Xencor, Inc. reciprocityDEF 14A0001326732-26-000031Xencor, Inc.'s most recent proxy was read; its disclosed peer group does not include Ardelyx, Inc.. Filing ↗
119Section 10a, Rhythm Pharmaceuticals, Inc. reciprocityDEF 14A0001628280-26-028375Rhythm Pharmaceuticals, Inc. names Ardelyx, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
120Section 10a, Vericel Corporation reciprocityDEF 14A0001308179-26-000094Vericel Corporation's most recent proxy was read; its disclosed peer group does not include Ardelyx, Inc.. Filing ↗
121Section 10a, Travere Therapeutics, Inc. reciprocityDEF 14A0001438533-26-000027Travere Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Ardelyx, Inc.. Filing ↗
122Section 10a, Innoviva, Inc. reciprocityDEF 14A0001140361-26-010912Innoviva, Inc.'s most recent proxy was read; its disclosed peer group does not include Ardelyx, Inc.. Filing ↗
123Section 10a, Arcutis Biotherapeutics, Inc. reciprocityDEF 14A0001787306-26-000028Arcutis Biotherapeutics, Inc. names Ardelyx, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
124Section 10a, ADMA Biologics, Inc. reciprocityDEF 14A0001140361-26-014799ADMA Biologics, Inc.'s most recent proxy was read; its disclosed peer group does not include Ardelyx, Inc.. Filing ↗