What changed in this filing

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Item 5. Other Information

2026-04-30 compared with 2025-10-30 · 68 added, 49 removed, 44 unchanged (73% of the section changed)

OTHER INFORMATION

Entry into a Material Definitive Agreement

On April 28, 2026, Ardelyx, Inc.

(the Company) entered into a Sixth Amendment (the Sixth Amendment) to the Loan and Security Agreement, originally dated February 23, 2022, by and among the Company, as borrower, SLR Investment Corp.

(SLR), as collateral agent and the lenders party thereto (as later amended, amended and restated, supplemented or otherwise modified from time to time).

Pursuant to the Sixth Amendment, among other things, (i) a portion of $200.0 million in outstanding principal previously allocated among the outstanding Term A through C Loans (collectively, the Revised Loans) was refinanced with a new Term H Loan;

(ii) the maturity date for the Revised Loans has been extended from July 1, 2028 to July 1, 2030 (the New Maturity Date), which is the maturity date applicable for each other term loan;

(iii) the interest-only payment period for the Revised Loans has been extended until the New Maturity Date;

(iv) the interest rates for the Revised Loans, the Term H Loan, and the Term F and Term G Loans will have a collectively reduced interest rate, at the sum of 4.55% plus the greater of (a) the 1-month SOFR reference rate or (b) 3.5%;

(v) the Company will retain the option to draw the Term F and Term G Loans, each in the amount of $50.0 million, at the Company’s election by June 30, 2026 and December 20, 2026, respectively;

and (vi) certain negative covenants and other conditions were amended to provide additional flexibility to the Company.

On the closing date of the Sixth Amendment, the Company paid approximately $1.9 million in final fees and prepayment fees in connection with the partial paydown of the Term A through C Loans.

The Company is obligated to pay a final fee with respect to each of the outstanding amounts under each of the term loans, upon the earliest to occur of (i) the New Maturity Date, (ii) the acceleration of the applicable term loan or (iii) the prepayment, refinancing, substitution or replacement of the applicable term loan.

This final fee is 4.95% for the Term A through E loans, 3.45% for the Term F and Term G Loans and 2.50% for the new Term H Loan.

The above summary of the material terms of the Sixth Amendment does not purport to be complete and is qualified in its entirety by reference to the Sixth Amendment, a copy of which is filed as Exhibit 10.3 to this Quarterly Report on Form 10-Q and incorporated by reference herein.

Trading Plans

During the three months ended September 30, 2025, no director or Section 16 officer adopted or terminated any Rule 10b5-1 plans or non-Rule 10b5-1 trading arrangements.

Number Incorporated by Reference Filed

Exhibit Description Form Date Number

During the three months ended March 31, 2026, our Section 16 officers and directors adopted or terminated contracts, instructions or written plans for the purchase or sale of our securities as noted below.

Name and Title of Director or Officer Action Date Trading Arrangement Total Shares Available to be Sold Expiration Date

Rule 10b5-1* Non-Rule 10b5-1**

Laura Williams , Chief Patient Officer

March 19, 2026 X 298,382 March 15, 2027

* Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)

** Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)

Incorporated by Reference Filed

Exhibit Description Form Date Number Herewith

3.1 Amended and Restated Certificate of Incorporation.

4 unchanged sentences

8-K 08/04/2025 3.1

Transition and Separation Agreement, dated August 1, 2025, by and between Ardelyx, Inc.

and Justin Renz.

Offer Letter, dated September 23, 2025, by and between Ardelyx, Inc.

and Sue Hohenleitner.

Offer Letter, dated June 29, 2025, by and between Ardelyx, Inc.

and John Bishop.

Offer Letter, dated May 29, 2025, by and between Ardelyx, Inc.

and Edward Conner.

31.1 Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

1 unchanged sentence

32.1* Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Offer Letter, dated February 18, 2026, by and between Ardelyx, Inc.

and Felecia Ettenberg.

Offer Letter, date d March 2 , 2026 , b y and between Ardelyx, Inc.

and Rajani Dinavahi , M .D .

10.3 Sixth Amendment to Loan and Security Agreement, dated April 28 , 202 6 , by and among the Company, SLR Investment Corp., as collateral agent, and the lenders party thereto .

101 The following financial statements, formatted in Inline Extensible Business Reporting Language (XBRL):

(i) Condensed Balance Sheets as of September 30, 2025 and December 31, 2024, (ii) Condensed Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2025 and 2024, (iii) Condensed Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024, (iv) Condensed Statements of Cash Flows for the nine months ended September 30, 2025 and 2024, and (v) Notes to Unaudited Condensed Financial Statements.

(i) Condensed Balance Sheets as of March 31, 2026 and December 31, 2025, (ii) Condensed Statements of Operations and Comprehensive Loss for the three months ended March 31, 2026 and 2025, (iii) Condensed Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2026 and 2025, (iv) Condensed Statements of Cash Flows for the three months ended March 31, 2026 and 2025, and (v) Notes to Unaudited Condensed Financial Statements.

104 Cover Page Interactive Data File, formatted in Inline XBRL and contained in Exhibit 101.

1 unchanged sentence

# Indicates management contract or compensatory plan.

*The certification attached as Exhibit 32.1 that accompanies this Quarterly Report on Form 10-Q, is deemed furnished and not filed with the SEC and is not to be incorporated by reference into any filing of Ardelyx, Inc.

under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.

* The certifications attached as Exhibit 32.1 that accompany this Quarterly Report on Form 10-Q are deemed furnished and not filed with the SEC and are not to be incorporated by reference into any filing of Ardelyx, Inc.

under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Ardelyx, Inc.

October 30, 2025 By:

April 30, 2026 By:

/s/ Joseph Reilly

4 unchanged sentences

Throughout this Quarterly Report on Form 10-Q, we have used terms which are defined below:

340B Program Public Health Service’s 340B Drug Pricing Program GTN gross-to-net

AAKP American Association of Kidney Patients HCR HealthCare Royalty Partners IV, L.P.

ACA Affordable Care Act HCR Agreement Royalty and Sales Milestone Interest Acquisition Agreement

AI Technologies

Artificial intelligence, machine learning and certain automated decision-making technologies

HHS Department of Health and Human Services

AMP average manufacturer price HIPAA Health Insurance Portability and Accountability Act of 1996, as amended, and regulations promulgated thereunder

ANDA abbreviated New Drug Application HRSA Health Resources and Services Administration

2025 Form 10-K

Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 19, 2026

IBS-C irritable bowel syndrome with constipation

API active pharmaceutical ingredient IND Investigational New Drug

AstraZeneca AstraZeneca AB IRA Inflation Reduction Act of 2022

ASU Accounting Standards Update IRB institutional review board

HealthCare Royalty Partners IV, L.P.

340B Program Public Health Service’s 340B Drug Pricing Program HCR Agreement Royalty and Sales Milestone Interest Acquisition Agreement

AAKP American Association of Kidney Patients HHS Department of Health and Human Services

ACA Affordable Care Act HIPAA Health Insurance Portability and Accountability Act of 1996, as amended, and regulations promulgated thereunder

AI Technologies

Artificial intelligence, machine learning and certain automated decision-making technologies

HRSA Health Resources and Services Administration

AMP average manufacturer price IBS-C irritable bowel syndrome with constipation

ANDA abbreviated New Drug Application IND Investigational New Drug

API active pharmaceutical ingredient IRA Inflation Reduction Act of 2022

AstraZeneca AstraZeneca AB IRB Institutional Review Board

ASU Accounting Standards Update IT

information technology

California Consumer Privacy Act, as amended by the California Privacy Rights Act

1 unchanged sentence

current Good Manufacturing Practice

Kyowa Kirin Co., Ltd.

CKD chronic kidney disease Knight

Knight Therapeutics, Inc.

CME Chicago Mercantile Exchange MDRP Medicaid Drug Rebate Program

chronic idiopathic constipation

Kyowa Kirin Co., Ltd.

CKD chronic kidney disease MDRP Medicaid Drug Rebate Program

CME Chicago Mercantile Exchange MIPPA Medicare Improvements for Patients and

Providers Act

CMO contract manufacturing organization METiS METiS Therapeutics, Inc.

1 unchanged sentence

CRO contract research organization

MIPPA Medicare Improvements for Patients and

Providers Act

Chief Operating Decision Maker

OLC Oxylanthanum Carbonate

collectively, major wholesalers, specialty pharmacies and GPOs (IBSRELA) and specialty wholesaler (XPHOZAH)

NCE new chemical entity

EU-US Data Privacy Framework NDA New Drug Application

EEA European Economic Area NH3 sodium hydrogen exchange 3

ESPP Employee Stock Purchase Plan NMPA National Medical Products Administration

ESRD End-Stage Renal Disease NOL net operating loss

ESRD PPS End-Stage Renal Disease Prospective Payment System NMQF National Minority Quality Forum

EU Patent Package European Patent Package Non-FAMP Non-Federal Average Manufacturer Price

collectively, major wholesalers, specialty pharmacies and GPOs (IBSRELA) and specialty wholesaler (XPHOZAH)

NDA New Drug Application

EU-US Data Privacy Framework NHE3

sodium hydrogen exchange 3

EEA European Economic Area NMPA National Medical Products Administration

ESPP Employee Stock Purchase Plan NMQF National Minority Quality Forum

ESRD End-Stage Renal Disease NOL

net operating loss

ESRD PPS End-Stage Renal Disease Prospective Payment System Non-FAMP Non-Federal Average Manufacturer Price

EU Patent Package European Patent Package OLC Oxylanthanum Carbonate

the Securities Exchange Act of 1934, as amended

2 unchanged sentences

FDA Food and Drug Administration RSU restricted stock units

FFDCA Federal Food, Drug, and Cosmetic Act SLR SLR Investment Corp.

FFDCA Federal Food, Drug, and Cosmetic Act SEC

Securities and Exchange Commission

Fosun Pharma Shanghai Fosun Pharmaceutical Industrial Development Co.

SEC Securities and Exchange Commission

SLR Investment Corp.

FSS Federal Supply Schedule SOFR

2 unchanged sentences

TDAPA Transitional Drug Add-on Payment Adjustment

generally accepted accounting principles

UPC European Unified Patent Court

GCP Good Clinical Practice U.S.

GCP Good Clinical Practice UPC European Unified Patent Court

GDPR European Union General Data Protection Regulation U.S.

United States

GDPR European Union General Data Protection Regulation USPTO U.S.

GLP Good Laboratory Practice USPTO U.S.

Patent and Trademark Office

GLP Good Laboratory Practice VA Department of Veterans Affairs

GPO group purchasing organization

GPO group purchasing organization VA Department of Veterans Affairs

GTN gross-to-net

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 5. Other Information