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Ardelyx (ARDX) has filed an 8-K detailing three material events.

Item 2.02 鈥� Results of Operations: Q2-25 financial results were released separately as Exhibit 99.1; the filing itself contains no revenue, EPS or guidance figures.

Item 5.02 鈥� Executive Transition: CFO/COO Justin Renz will leave the role on the earlier of 31 Dec 2025 or 30 days after a new CFO begins. Under an August 1, 2025 Transition Agreement he will (i) remain on current salary, benefits and 2025 bonus eligibility (individual component fixed at 100%) through the separation date and (ii) receive change-in-control severance and a 12-month post-separation option exercise window, subject to customary release and compliance conditions.

Item 5.03 鈥� Governance Changes: The Board adopted Second Amended & Restated Bylaws effective August 1. Key revisions tighten shareholder proposal procedures (record-holder requirement, 67% solicitation threshold, nominee cap), update quorum language, drop physical shareholder-list production, introduce a forum-selection clause and make other technical edits.

No other business, transactions or financial statements were reported.

The Vanguard Group has filed a Schedule 13G reporting a passive ownership position in Atomera Inc. (ATOM) as of 30 June 2025.

The filing discloses 1,620,488 common shares beneficially owned, equal to 5.27 % of Atomera鈥檚 outstanding stock. Vanguard holds 0 shares with sole voting power and 28,506 shares with shared voting power, while possessing 1,581,400 shares with sole dispositive power and 39,088 shares with shared dispositive power. The investment adviser filed under Rule 13d-1(b), confirming the stake is held in the ordinary course of business on behalf of clients rather than for control purposes. No other single client owns more than 5 % through Vanguard.

The disclosure lifts Atomera鈥檚 visible institutional ownership, potentially supporting trading liquidity and market credibility, but it conveys no activist intent or immediate governance influence.

Ardelyx, Inc. (ARDX) has amended its February 2022 Loan & Security Agreement for the fifth time, securing an immediate $50 million senior secured term loan ("Term E") and gaining access to an additional $100 million of committed capital in two optional $50 million tranches ("Term F" and "Term G").

Key economics include: (1) Term E pricing at 4.00% plus 0.022% plus 1-month SOFR, with a SOFR floor of 4.70%; (2) optional Term F/G pricing at SOFR + 4.95%, floored at 3.50%; (3) interest-only payments until maturity鈥擩uly 1, 2028 for Term E and July 1, 2030 for Term F/G. The company paid a $250k draw fee for Term E and a $1.0 million facility fee for the incremental loans.

The facility remains collateralized and carries back-end fees of 4.95% (Term E) and 3.45% (Term F/G) of principal, payable upon maturity, acceleration, or prepayment. No changes were disclosed to covenants or security packages.

Investment view: The amendment immediately bolsters liquidity and provides flexible growth or runway capital through 2026, but materially increases secured debt capacity and locks in high floating-rate interest costs. Investors should weigh the near-term cash benefit against potential future leverage and interest-expense drag.

Millennium Management LLC, along with affiliated entities, has reported acquiring a significant stake in Ardelyx. According to the Schedule 13G filing dated June 28, 2025, the reporting persons collectively own 12,099,947 shares, representing a 5.1% ownership in the company.

The reporting persons include:

• Millennium Management LLC (Delaware)
• Millennium Group Management LLC (Delaware)
• Israel A. Englander (United States)

All three parties share voting and dispositive power over the reported shares, with no sole voting or dispositive power. The securities were not acquired for the purpose of changing or influencing control of Ardelyx. The shares are held by entities subject to voting control and investment discretion by Millennium Management LLC and/or other investment managers controlled by Millennium Group Management LLC and Mr. Englander.

Ardelyx Director Robert B. Bazemore reported two significant equity transactions on June 18, 2025:

• Acquired 41,551 Restricted Stock Units (RSUs) at $0, convertible to common stock on a 1:1 basis upon vesting. These RSUs were granted under the company's Non-Employee Director Compensation Program.
• Received a stock option grant for 54,059 shares with an exercise price of $3.61 per share, expiring June 18, 2035. The option vests monthly at 1/12th of shares, with potential accelerated vesting at the next annual stockholder meeting.

Following these transactions, Bazemore directly owns 41,551 shares of common stock (through RSUs) and options for 54,059 shares. These grants represent standard non-employee director compensation and align the director's interests with shareholders through equity-based compensation.

Ardelyx, Inc. (ARDX) 鈥� Form 4 insider transaction filed 06/23/2025

Board member Richard J. Rodgers reported routine, compensation-related equity grants dated 06/18/2025 under Ardelyx鈥檚 Non-Employee Director Compensation Program:

• 21,468 common shares issued in lieu of cash fees, increasing his direct holdings to 371,992 shares.
• 41,551 restricted stock units (RSUs); each RSU converts 1-for-1 to common stock as it vests, bringing total directly held shares to 413,543 on a fully delivered basis.
• 54,059 stock options with a $3.61 exercise price, 10-year term (expiring 06/18/2035). Vesting is 1/12 monthly with full acceleration at the next annual meeting if service continues.

No sales were reported and all awards were granted at $0 cost to the director. Transactions reflect standard annual director compensation and represent a small, immaterial dilution to existing shareholders.

On 18 June 2025, Ardelyx, Inc. (ARDX) filed a Form 4 disclosing that director Merdad Parsey received 15,235 shares of the company鈥檚 common stock. The shares were issued at a price of $0 under the company鈥檚 Non-Employee Director Compensation Program, reflecting the director鈥檚 election to take equity instead of cash fees. Following the transaction, Parsey鈥檚 direct beneficial ownership stands at 57,291 shares. No sales, dispositions, or derivative security activities were reported, and the filing contains no additional financial metrics.

Director David M. Mott of Ardelyx reported multiple equity transactions on June 18, 2025:

• Acquired 31,163 shares of common stock at $0 through the Non-Employee Director Compensation Program (elected stock instead of cash)
• Received 41,551 Restricted Stock Units (RSUs) under the same program
• Granted stock options to purchase 54,059 shares at $3.61 per share, expiring June 18, 2035

Following these transactions, Mott directly owns 2,969,585 shares, including 87,566 shares held for entities associated with New Enterprise Associates. The stock options vest monthly at 1/12th of shares, with full acceleration at the next annual stockholder meeting. The RSUs convert 1:1 to common stock upon vesting.

Ardelyx Director Onaiza Cadoret-Manier received new equity compensation grants on June 18, 2025, as part of the company's Non-Employee Director Compensation Program. The transactions include:

• 41,551 Restricted Stock Units (RSUs) acquired at $0, bringing total direct ownership to 151,701 shares
• 54,059 Stock Options granted with an exercise price of $3.61, expiring June 18, 2035

The stock options vest monthly at 1/12th of shares, with accelerated vesting at the next annual stockholder meeting for any unvested portions. The RSUs convert to common stock on a 1:1 basis upon vesting. These grants represent standard non-employee director compensation rather than open market transactions, indicating continued board service commitment.