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Possible new Ardelyx shares

ARDXDilution

Known so far: no new shares from the prospectus covers read · shelf not limited by the baby-shelf rule · not yet read: warrants, converts, ATM.

Shelf room

  • Room today not capped by the baby-shelf rule ($924M float, Jun 30, 2025)
How this is worked out

Shelf room on the S-3ASR of Nov 3, 2025: not limited by the baby-shelf rule, because the $924M public float stated as of Jun 30, 2025 is $75M or more. Sources: S-3ASR Nov 3, 2025, effective Nov 3, 2025 · public float, as of Jun 30, 2025.

What could become new Ardelyx (ARDX) shares: options and RSUs, each with the 10-Q, 10-K, S-3 or 424B filing it comes from.

Ardelyx dilution ladder

Every source of new shares on record, from the filings that created it.

251.4M outstanding; up to 291.5M fully diluted, +16%

  1. Outstandingas of Oct 27, 2026 (10-Q filed Nov 3) · share count on the cover page
    251.4M
  2. Options and RSUs26.9M options, 13.3M RSUs10-Q Nov 3, 2026 · equity note
    +40.2M

Not stated in the filings we read: an ATM program, warrants, convertible notes.

Counts, sizes and prices as stated in each filing; the fully diluted count is arithmetic on them. Dollars become shares only at a price a filing states. Not advice.

Financing terms to know

None found in filings since Nov 3, 2026.

Each term is quoted from the exhibit it comes from; numbers are as stated in the filing. A flag describes a financing term. It is not investment advice.

Shares outstanding

251M

Feb 2025 to Oct 2026: from 238M to 251M.

From the share count on the cover of each 10-Q and 10-K, dated as each cover states.