Biopharma & Life Sciences

Ardelyx Executive Compensation (FY25)

Name: Ardelyx (ARDX) executive compensation
Creator: Velarion
License: https://intel.velarion.ai/terms

ARDX · Executive and director compensation, fiscal 2022 to 2025

Chief executive, fiscal 2025

◇

Michael Raab

Median of the other named officers

$3,437,372

5 officers, excluding the chief executive

Latest say-on-pay support

June 16, 2026

Chief executive pay ratio

◇

To the median employee

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Data as of October 22, 2026Latest filing (8-K): June 17, 2026

11 filings cited on this page

Method: intel.velarion.ai/methodology

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281 figures on this page: 275 cited to the filing that reported them, 6 calculated from figures it prints. See the citations

Frequently asked questions

Answers drawn from the data on this page.

Who is Ardelyx's chief executive and what were they paid?

Michael Raab was paid $7,796,171 in total compensation as President, Chief Executive Officer and Director for fiscal 2025. Raab's total moved 18.8% lower from the $9,606,165 reported for fiscal 2024.

What was Ardelyx's say-on-pay result?

The say-on-pay proposal drew 93.6% of votes cast for or against in favor at the meeting held June 16, 2026 for fiscal 2025.

Which companies are in Ardelyx's peer group?

The disclosed peer group includes ADMA Biologics, Inc., Amicus Therapeutics, Inc., Arcutis Biotherapeutics, Inc., BioCryst Pharmaceuticals, Inc. and Catalyst Pharmaceuticals, Inc., among others.

What is Ardelyx's chief executive pay ratio?

The company reported a chief executive pay ratio of 25:1 for fiscal 2025, against median employee compensation of $311,004.

Executive compensation

Every element reported for each named executive officer, by fiscal year.

Fiscal 2022

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Michael Raab President, Chief Executive Officer and Director	◇	◇	◇	◇	◇	—	—	◇
Laura Williams Chief Medical Officer	◇	◇	◇	◇	◇	—	—	◇
Susan Rodriguez Chief Commercial Officer	◇	◇	◇	◇	◇	—	—	◇

Fiscal 2023

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Michael Raab President, Chief Executive Officer and Director	◇	◇	◇	◇	—	—	◇	◇
Elizabeth Grammer Chief Legal and Administrative Officer	◇	◇	◇	◇	—	—	◇	◇
Laura Williams Chief Medical Officer	◇	◇	◇	◇	—	—	—	◇

Fiscal 2024

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Michael Raab President, Chief Executive Officer and Director	◇	—	◇	◇	◇	—	◇	◇
Michael Kelliher EVP, Corporate Development and Strategy	◇	—	◇	◇	◇	—	—	◇
Justin Renz Chief Financial and Operations Officer	◇	—	◇	◇	◇	—	◇	◇
Elizabeth Grammer Chief Legal and Administrative Officer	◇	—	◇	◇	◇	—	◇	◇
Laura Williams Chief Medical Officer	◇	—	◇	◇	◇	—	—	◇

Fiscal 2025

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Michael Raab President, Chief Executive Officer and Director	◇	—	◇	◇	◇	—	◇	◇
Edward Conner Former Chief Medical Officer Departed during or after this year	◇	—	◇	◇	—	—	—	◇
Justin Renz Former Chief Financial and Operations Officer Departed during or after this year	◇	—	◇	◇	◇	—	◇	◇
Susan Hohenleitner Chief Financial Officer	◇	◇	◇	◇	◇	—	—	◇
John Bishop Chief Technical and Quality Officer	◇	—	◇	◇	◇	—	◇	◇
Elizabeth Grammer Former Chief Legal and Administrative Officer Departed during or after this year	◇	—	◇	◇	◇	—	◇	◇

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.

Fiscal 2025

Officer	Award	Grant date	Threshold units	Target units	Units granted	Maximum units	Exercise price	Grant date fair value
Edward Conner	OPTION	◇	—	—	◇	—	◇	◇
Edward Conner	RSU	◇	—	—	◇	—	—	◇
Elizabeth Grammer	RSU	◇	—	—	◇	—	—	◇
Elizabeth Grammer	OPTION	◇	—	—	◇	—	◇	◇
John Bishop	RSU	◇	—	—	◇	—	—	◇
John Bishop	OPTION	◇	—	—	◇	—	◇	◇
Justin Renz	OPTION	◇	—	—	◇	—	◇	◇
Justin Renz	OPTION	◇	—	—	◇	—	◇	◇
Justin Renz	OPTION	◇	—	—	◇	—	◇	◇
Justin Renz	OPTION	◇	—	—	◇	—	◇	◇
Justin Renz	OPTION	◇	—	—	◇	—	◇	◇
Justin Renz	RSU	◇	—	—	◇	—	—	◇
Justin Renz	OPTION	◇	—	—	◇	—	◇	◇
Justin Renz	RSU	◇	—	—	◇	—	—	◇
Justin Renz	OPTION	◇	—	—	◇	—	◇	◇
Michael Raab	OPTION	◇	—	—	◇	—	◇	◇
Michael Raab	RSU	◇	—	—	◇	—	—	◇
Susan Hohenleitner	OPTION	◇	—	—	◇	—	◇	◇
Susan Hohenleitner	RSU	◇	—	—	◇	—	—	◇

Fiscal 2023, 2024 are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.

As disclosed at fiscal 2025 year end

Officer	Award	Unvested units	Market value of unvested units	Exercise price	Expires
Michael Raab	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	Option	◇	—	◇	1/16/2034
	Option	◇	—	◇	1/5/2033
	Option	◇	—	◇	2/25/2035
	Option	◇	—	◇	1/6/2032
Susan Hohenleitner	Option	◇	—	◇	10/13/2035
	RSU	◇	◇	—	—
Elizabeth Grammer	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	Option	◇	—	◇	1/5/2033
	Option	◇	—	◇	1/6/2032
	Option	◇	—	◇	2/25/2035
	Option	◇	—	◇	1/16/2034
	RSU	◇	◇	—	—
John Bishop	Option	◇	—	◇	7/14/2035
	RSU	◇	◇	—	—

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.

Elizabeth Grammer

Former Chief Legal and Administrative Officer · Terms as announced by the company

Severance base	◇
Benefits continuation	◇

John Bishop

Chief Technical and Quality Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing

Severance multiple	◇
Severance base	◇
Change-in-control multiple	◇
Benefits continuation on change in control	◇
Benefits continuation	◇
Non-solicit period	◇

Michael Raab

President, Chief Executive Officer and Director · Terms as described in the company’s compensation discussion · citing a 2026 filing

Severance base	◇
Change-in-control multiple	◇
Benefits continuation on change in control	◇
Benefits continuation	◇
Non-solicit period	◇

Director compensation

What each non-employee director was paid.

Fiscal 2025

Director	Fees earned in cash	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Merdad Parsey	◇	◇	◇	—	—	—	◇
David Mott Board chair	◇	◇	◇	—	—	—	◇
Richard Rodgers	◇	◇	◇	—	—	—	◇
William Bertrand, Jr	◇	◇	◇	—	—	—	◇
Robert Bazemore	◇	◇	◇	—	—	—	◇
Muna Bhanji	◇	◇	◇	—	—	—	◇
Onaiza Cadoret-Manier	◇	◇	◇	—	—	—	◇

Michael Raab served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.

Earlier years are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.

Board cash retainer	◇
Board equity retainer	◇
Board chair premium	◇
Audit committee chair	◇
Audit committee member	◇
Compensation committee chair	◇
Compensation committee member	◇
Nominating and governance chair	◇
Nominating and governance member	◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.

Fiscal 2025

ADMA Biologics, Inc. ADMA
Amicus Therapeutics, Inc. FOLD
Arcutis Biotherapeutics, Inc. ARQT
BioCryst Pharmaceuticals, Inc. BCRX
Catalyst Pharmaceuticals, Inc. CPRX
Collegium Pharmaceutical, Inc. COLL
Dynavax Technologies Corporation DVAX
Evolus, Inc. EOLS
Innoviva, Inc. INVA
Ironwood Pharmaceuticals, Inc. IRWD
MannKind Corporation MNKD
Mirum Pharmaceuticals, Inc. MIRM
Ocular Therapeutix, Inc. OCUL
Rhythm Pharmaceuticals, Inc. RYTM
Tarsus Pharmaceuticals, Inc. TARS
TG Therapeutics, Inc. TGTX
Travere Therapeutics, Inc. TVTX
Vericel Corporation VCEL
Xencor, Inc. XNCR

Say-on-pay history

Shareholder support for the compensation program, by year.

Year	Meeting	Support	Votes for	Votes against	Abstentions
2025	June 16, 2026	=	◇	◇	◇
2024	June 18, 2025	=	◇	◇	◇
2023	June 14, 2024	=	◇	◇	◇
2022	June 15, 2023	=	◇	◇	◇
2020	June 16, 2021	=	◇	◇	◇
2019	June 9, 2020	=	◇	◇	◇

Chief executive pay ratio

As calculated and reported by the company.

Ratio

◇

Median employee compensation

◇

Chief executive total compensation

◇

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Sample answer — “What is the CEO’s total compensation?”

- Michael Raab (President, Chief Executive Officer and Director), FY2025 total compensation $7,796,171 (base salary $797,000) [exec_comp, SEC accession 0001140361-26-017800, filed 2026-04-29]

What this page does not include

Everything above is a fact Ardelyx disclosed, and it is free. Everything below is our analysis of those facts, and it is not.

Peer benchmarking

Where Ardelyx sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.

Executive Compensation Report — $1,500

Written compensation analysis

A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.

Executive Compensation Report — $1,500

Board and governance analysis

Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.

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Realizable pay

What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.

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Adviser switching and vote outcomes

Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.

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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.

281 figures on this page: 275 cited to the filing that reported them, 6 calculated from figures it prints.

275 cited to the filing

6 calculated from the filing

Documents cited

8-K, filed June 17, 2026
0001437402-26-000029
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed April 29, 2026
0001140361-26-017800
2025 Director Compensation Table · 2025 Summary Compensation Table · CEO Pay Ratio · Compensation Discussion and Analysis · and 2 more sections
EX-10, filed December 17, 2025
0001437402-25-000021
Exhibit
8-K, filed June 18, 2025
0001628280-25-032172
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed April 30, 2025
0001140361-25-016522
Executive Compensation Tables
8-K, filed June 17, 2024
0001628280-24-028413
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed April 29, 2024
0001140361-24-023095
8-K, filed June 20, 2023
0001628280-23-022681
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed April 26, 2023
0001140361-23-020573
8-K, filed June 21, 2021
0001628280-21-012532
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed June 10, 2020
0001558370-20-007400

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Velarion, “Ardelyx executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/ARDX (accessed 2026).

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11 filings cited on this page

Method: intel.velarion.ai/methodology

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Cite this data

APA

Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854

BibTeX

@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}

Ardelyx Executive Compensation (FY25)

The paid brief on Ardelyx

More on Ardelyx

Frequently asked questions

Executive compensation

Equity awards granted

Outstanding awards

Severance and change in control

Director compensation

Director fee schedule

Disclosed peer group

Say-on-pay history

Chief executive pay ratio

Velarion Pro: every company page, peer tools and exports, one seat

What this page does not include

Citations

Documents cited

The paid brief for Ardelyx

Biopharma & Life Sciences rankings

Peers Ardelyx discloses

Terms on this page