Document:

EX-10.1

 Exhibit 10.1 
  

			
	CONFIDENTIAL	 	EXECUTION COPY

 TERMINATION AGREEMENT 

This Termination Agreement (the “Termination Agreement”) is entered into as of the 2nd day of June, 2015 by and between
AstraZeneca AB (publ), a Swedish corporation with corporate identity no. 556011-7482 and a place of business at 431 83 Mölndal, Sweden (“AstraZeneca”) and Ardelyx, Inc., a Delaware corporation having its principal
place of business at 34175 Ardenwood Boulevard, Fremont, California, United States of America 94555 (“Ardelyx”). Ardelyx and AstraZeneca are sometimes referred to herein individually as a “Party” and
collectively as the “Parties.” 
 RECITALS 

Whereas, AstraZeneca and Ardelyx are parties to that certain License Agreement dated as of October 4, 2012, as amended by
Amendment Number One to License Agreement dated as December 23, 2013 (together, the “License Agreement”). 

Whereas, under the License Agreement, Ardelyx granted AstraZeneca a worldwide, exclusive license to its proprietary compounds known as
NHE3 inhibitors, including its lead compound known as either RDX5791, AZD1722 or tenapanor. 
 Whereas, AstraZeneca has determined
that it no longer desires to continue its activities under the License Agreement, and the Parties wish to set forth the terms and conditions of the termination of the License Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements set forth below, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE 1. 

DEFINITIONS AND CONSTRUCTION 

1.1 Undefined Capitalized Terms. The capitalized terms used, but not defined in this Termination Agreement shall have the meanings
assigned in the License Agreement. 
 1.2 New Definitions. The following terms shall have the following meanings in this Termination
Agreement: 
 “AZ Non-Clinical Work” shall have the meaning assigned in Section 3.2. 

“Clinical Trial Material” or “CTM” shall have the meaning assigned in Section 4.1(a). 

“CTM Transfer Price” shall have the meaning described in Section 4.1(c). 

“Initial Deliverables” shall have the meaning assigned in Section 4.2. 

“Licensee” shall mean (i) any Person to which Ardelyx grants a license to Exploit the Licensed Compounds or Licensed
Products; provided, that, a Licensee shall not include (a) any Person that is an Affiliate of Ardelyx, (b) any Person that is a Distributor, or (c) any Person that (x) is granted a license to Exploit the Licensed Compounds or
Licensed Products solely to enable such Person to provide contract research or development services or contract manufacturing services for Ardelyx or it Affiliates, and (y) does not have the right to

  
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 distribute, market or
sell the Licensed Product, and (ii) any Person to which Ardelyx completes a sale of assets that includes all rights to Exploit the Licensed Compounds and Licensed Products. 

“MSA” shall have the meaning described in Section 4.1(b). 

“Partnering Revenue” shall mean the following forms of consideration received by Ardelyx or any of its Affiliates from a
Licensee in respect of Licensed Products: 
 (a) any upfront or any license maintenance fee attributable to the Licensed Products; 

(b) any milestone payments (including development, regulatory and sales-based milestone payments) attributable to the Licensed Products; 

(c) amounts paid in the form of a profit share solely to the extent that any such payment represents a sharing of actual profit from sales of
a Licensed Product, and not a reimbursement for Ardelyx’s costs and expenses incurred in connection with the Exploitation of the Licensed Product; 

(d) payments for the supply of Licensed Products (excluding the portion of such payments that reimburses Ardelyx for its cost of goods for
such Licensed Products or any component thereof); 
 (e) payments for performance of research or development activities associated with
Licensed Products (excluding the portion of such payments that reimburses Ardelyx for its actual cost of performing such research or development activities); and 

(f) any consideration received by Ardelyx or any of its Affiliates for equity or debt securities issued by Ardelyx or any of its Affiliates to
a Licensee (excluding the amount equal to the fair market value of such securities, which shall be determined by the method used to determine the amount paid by such Licensee or if no such method is specified, the average closing price of such
securities for the twenty (20) Business Days preceding the date of issuance to such Licensee). 
 “Royalties” shall
have the meaning assigned in Section 3.1(ii). 
 “Termination Effective Date” shall have the meaning assigned in
Section 2.1. 
 1.3 Construction. Except where the context requires otherwise, whenever used in this Termination Agreement, the
singular includes the plural, the plural includes the singular, the use of any gender is applicable to all genders and the word “or” has the inclusive meaning represented by the phrase “and/or”. Whenever this Termination
Agreement refers to a number of days, unless otherwise specified, such number refers to calendar days. The term “including” or “includes” as used in this Termination Agreement means including, without limiting the
generality of any description preceding such term. The article, section, and subsection headings contained in this Termination Agreement are for the purposes of convenience only and are not intended to define or limit the contents of such articles,
sections, and subsections. The wording of this Termination Agreement shall be deemed to be the wording mutually chosen by the Parties and no rule of strict construction shall be applied against any Party. 

  
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ARTICLE 2. 
 GENERAL
PROVISIONS REGARDING TERMINATION 
 2.1 Termination Date. Pursuant to Section 5.2(a)(i) of the License Agreement,
AstraZeneca hereby terminates the License Agreement effective as of June 2, 2015 (the “Termination Effective Date”). Ardelyx waives its right to receive thirty (30) days notice of termination, and accepts
AstraZeneca’s notice of termination under Section 5.2(a)(i) and agrees that the effective date of termination shall be June 2,2015. 

2.2 Consequences of Termination. The Parties agree that the termination is an AZ Triggered Termination, and the Parties further agree
that the AZ Triggered Termination is not a termination for material safety concerns. The rights and obligations of the Parties following the termination of the License Agreement shall be governed by the surviving provisions of the License Agreement
as set forth in Section 14.7 of the License Agreement and Section 14.3, except to the extent that any provisions of the License Agreement are explicitly modified, clarified or deleted as set forth in this Termination Agreement. 

2.3 Sole Program Know-How. The Parties acknowledge that certain formulation work conducted by, or on behalf of AstraZeneca under the
License Agreement, the results of which is Sole Program Know-How under the License Agreement, may give rise to a patentable invention. AstraZeneca has elected not pursue its right, under Section 11.4(a) of the License Agreement, to file a
Patent covering or claiming such Sole Program Know-How, and has given Ardelyx reasonable notice to that effect as required by Section 11.4(e) of the License Agreement. The rights granted to Ardelyx under Section 11.4(e) of the License
Agreement shall survive termination of the License Agreement; provided that the timeframe during which Ardelyx may elect to file the relevant Patent shall be extended until December 31, 2015. During such time, AstraZeneca agrees not to take any
actions that would impact upon Ardelyx’s ability to obtain patent protection for any invention arising from the formulation work conducted by AstraZeneca. 

ARTICLE 3. 

CLARIFICATIONS AND MODIFICATIONS OF SECTION 14.3 

3.1 General. Section 14.3 shall continue in full force and effect except for the following clarifications, modifications and
deletions: 
 (i) Section 14.3(a). Section 14.3(a) shall apply, and in addition, the licenses and rights granted to
AstraZeneca to the Licensed Technology shall continue to the extent and for so long as is necessary to permit AstraZeneca to satisfy its obligations under this Termination Agreement. 

(ii) Section 14.3(c). The royalty consideration for the exclusive worldwide license grant to Ardelyx described in
Section 14.3(c)(i), and the non-exclusive worldwide license described in Section 14.3(c)(ii), shall be the payments described in Section 14.3(m) subsections (iii) and (iv) (as amended by Section 3.1(vi) below) (the
“Royalties”). At such time as the Royalties have been paid in full, the exclusive license granted in Section 14.3(c)(i) and non-exclusive license granted in Section 14.3(c)(ii) shall be fully paid licenses to Ardelyx. The
non-exclusive license set forth in Section 14.3(c)(iii) is not a royalty-bearing license and as such is fully paid as of the Termination Effective Date. 

  
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 (iii)
Section 14.3(h). In addition to the obligations set forth in Section 14.3(h), within twenty (20) days of the Termination Effective Date, AstraZeneca shall provide Ardelyx with a list of and a copy of each
agreement described in subsections (i) through (iii) of Section 14.3(h), in order to enable Ardelyx to determine the agreements, if any, with respect to which it will request assignment under Section 14.3(h). Notwithstanding the
above, in lieu of providing a copy of those agreements described in subsections (i) through (iii) of Section 14.3(h) that AstraZeneca determines are not assignable to Ardelyx and may not be disclosed to Ardelyx due to the
confidentiality restrictions contained therein, AstraZeneca shall list them on a schedule to be delivered to Ardelyx within twenty (20) days of the Termination Effective Date. 

(iv) Section 14.3(j). In addition to the obligations set forth in Section 14.3(j), within twenty (20) days of the
Termination Effective Date, AstraZeneca shall provide Ardelyx with a list and a copy of each Third Party license described in Section 14.3(j) in order to enable Ardelyx to determine the Third Party licenses, if any, with respect to which it
will request assignment under Section 14.3(j). If AstraZeneca has not entered into any Third Party licenses described in Section 14.3(j), AstraZeneca shall provide Ardelyx with such written confirmation that no such Third Party licenses
have been obtained. 
 (v) Section 14.3(1). In addition to the obligations set forth in Section 14.3(1) and in order to
facilitate Ardelyx’s knowledge of AZ Product Data, AstraZeneca shall, on or before September 30, 2015, provide Ardelyx with (a) copies of the electronic databases upon which the AZ Product Data is stored in such format as may be
mutually agreed and acceptable to both Parties (which, with respect to raw data may include the deliver of paper documentation instead of electronic transfer if necessary), and (b) a list of all planned or currently in progress reports that
will not be included in the electronic databases upon which the AZ Product Data is stored. 
 (vi) Section 14.3(m).
Section 14.3(m) shall be amended and restated to read in full as follows: 
 (m) In consideration of the licenses granted under
Section 14.3(c) and any other rights granted under the above provisions in this Section 14.3, Ardelyx shall pay to AstraZeneca (i) an upfront payment of fifteen million U.S. dollars (U.S. $15,000,000) within ten (10) days of the
Termination Effective Date; (ii) royalty payments, calculated in accordance with Section 9.5 of the License Agreement, but as if all Net Sales by Ardelyx or its Affiliates or licensees in the Territory were Net Sales by AstraZeneca;
provided, however, that the applicable royalty rate shall be ten percent (10%), and the royalty reduction provisions set forth in Sections 9.5(e), 9.5(f), 9.5(g) and 9.5(j) shall not apply to the calculations of Royalties, and
(iii) twenty percent (20%) of all Partnering Revenue; provided, however, that the total amount to be paid by Ardelyx under subsections (i) through (iii) of this Section 14.3(m) shall not exceed ninety million
U.S. dollars (U.S. $90,000,000) in the aggregate. The rights and obligations of provisions of Sections 9.8 through 9.15 shall apply to the Net Sales by Ardelyx and its Affiliates and licensee and the royalties and other payments payable to
AstraZeneca mutatis mutandis. 
 (vii) Section 14.3(p). Section 14.3(p) shall be deleted. 

  
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 3.2
Potential Future Joint Research. As of the Termination Effective Date, AstraZeneca has certain ongoing non-clinical experiments regarding the mechanism of action of tenapanor, and AstraZeneca has contemplated conducting certain additional
non-clinical experiments with Licensed Compounds (collectively, “AZ Non-Clinical Work”). The AZ Non-Clinical Work that is ongoing as of the Termination Effective Date is described on Exhibit B. Ardelyx agrees that AstraZeneca
shall have the right to finalize the AZ Non-Clinical Work described on Exhibit B. AstraZeneca shall not commence any new AZ Non-Clinical Work after the Termination Effective Date without the prior written consent of Ardelyx. Within thirty
(30) days following the Termination Effective Date, AstraZeneca shall provide Ardelyx with a summary description of all AZ Non-Clinical Work that AstraZeneca proposes to commence after the Termination Effective Date. Ardelyx shall consider in
good faith any request by AstraZeneca to commence new AZ Non-Clinical Work; provided, that, Ardelyx shall have the right to withhold its consent to the commencement of any new AZ Non-Clinical
Work in its sole discretion. Any new AZ Non-Clinical Work approved by Ardelyx may be conducted by AstraZeneca at its sole cost and expense. All information, data and results from any AZ Non-Clinical Work shall be treated as AZ Product Data under the
Agreement (regardless of when it arises) and subject to the provisions of Section 14.3 of the License Agreement. 
 AstraZeneca shall promptly disclose
and provide to Ardelyx copies of any information, data and results from the AZ Non-Clinical Work. 
 ARTICLE 4. 

MANUFACTURING AND CTM SUPPLY; ADDITIONAL INITIAL 

DELIVERABLES 
 4.1
Manufacture and CTM Supply 
 (a) AstraZeneca will supply to Ardelyx, and Ardelyx will purchase from AstraZeneca, those quantities of
Lead Licensed Product, Lead Licensed Compound and drug substance (the “Clinical Trial Material”, or “CTM”) described in Section 1 of Exhibit A. 

(b) The Parties agree and acknowledge that a separate manufacturing and supply agreement (the “MSA”) is required to be
entered into between the Parties to further govern the supply obligations undertaken by AstraZeneca hereunder. The Parties shall also enter into a separate Quality Assurance Agreement (the “QAA”) that shall define the manufacturing
and supply quality responsibilities of the Parties for the Lead Licensed Compound and the Lead Licensed Product. The QAA shall further include provisions obligating AstraZeneca to report to Ardelyx any regulatory compliance issues with respect to
AstraZeneca and/or its suppliers with respect to the Lead Licensed Compound and the Lead Licensed Product, as well as any critical quality non-conformances relating to the Lead Licensed Compound or Lead Licensed Product. The Parties entered into a
Master Services Agreement and a Quality Assurance Agreement in connection with Ardelyx’s obligations with respect to the Initial Supply under the License Agreement, and the Parties agree that the MSA and the QAA entered into hereunder in
connection with AstraZeneca’s obligations with respect to the CTM shall be in substantially the same form as those previously executed between the Parties, with only such changes as may be necessary to reflect AstraZeneca as the manufacturer
and Ardelyx as the purchaser of the CTM. The MSA and QAA shall be executed as promptly as possible following the Termination Effective Date, but no later than thirty (30) days of the Termination Effective Date. 

  
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 (c) In
consideration of the delivery of the CTM, Ardelyx shall pay AstraZeneca a transfer price equal to the amounts paid by AstraZeneca to a Third Party for the Manufacture of the Licensed Compound utilized by AstraZeneca in the Manufacture of the CTM,
plus a fee of ten percent (10%) of such amounts (the “CTM Transfer Price”); provided, however, that the total amount to be paid by Ardelyx for all CTM described in Section 1 of Exhibit A shall not
exceed ten million U.S. dollars (U.S. $10,000,000) in the aggregate. Within ten (10) days after the Termination Effective Date, AstraZeneca shall provide Ardelyx with an estimate of the CTM Transfer Price for the CTM described in Section 1
of Exhibit A, and shall also provide Ardelyx with documentation available at that time of the Third Party cost comprising the CTM Transfer Price. Ardelyx shall pay AstraZeneca seventy five percent (75%) of the estimated total CTM
Transfer Price within forty-five (45) days after delivery of the CTM in Section 1(a) of Exhibit A. On or before December 1, 2015, AstraZeneca shall provide Ardelyx with documentation of the final CTM Transfer Price. Within
forty-five (45) days after delivery of the CTM in Sections 1(b) and (c) of Exhibit A, Ardelyx shall pay AstraZeneca the remaining CTM Transfer Price; provided, however, that should the final CTM Transfer Price exceed
the estimated CTM Transfer Price by more than ten percent (10%), Ardelyx shall not be obligated to pay any amounts in excess of such ten percent (10%) increase. 

(d) As reimbursement to AstraZeneca for research and development expenses incurred by AstraZeneca under the License Agreement during 2015, and
in consideration of the accelerated transfer of the AZ Product Data and INDs and the AstraZeneca resources necessary to manage and execute the delivery of the Initial Deliverables, all in order to facilitate the prompt start-up of Ardelyx planned
development activities, Ardelyx shall pay to AstraZeneca ten million U.S dollars (U.S.$10,000,000) within ten (10) days of the Termination Effective Date. 

(e) AstraZeneca shall as soon as reasonably practicable provide to Ardelyx, if Ardelyx so requests, all Information and Materials Controlled
by AstraZeneca that are necessary or useful to Manufacture Licensed Compounds and Licensed Products. Such transfer shall take place as promptly as possible, but in any event shall be complete not later than July 1, 2015. In the event that
Ardelyx elects not to obtain assignment of the Third Party contracts relating to the Manufacture of Licensed Compound, AstraZeneca shall cause its manufacturing contractors, to the extent reasonably possible, to provide to Ardelyx or its designee
all reasonable assistance and transfer all Information and Materials Controlled by AstraZeneca that are necessary or useful to Manufacture the Licensed Compounds and the Licensed Products, including without limitation all production and quality
control specifications and process and manufacturing technology, for the purpose of allowing Ardelyx or its designee to develop and establish such Manufacturing. Ardelyx shall have the right to disclose all such information to Third Parties for
purposes of allowing Ardelyx to assess the feasibility of such Third Parties Manufacturing the Licensed Compounds and the Licensed Products and to allow such Manufacturing. 

(f) The provisions of this Article 4 replace Section 8.4 of the License Agreement, which shall be deleted. 

4.2 Additional Initial Deliverables. In addition to the delivery of the CTM, AstraZeneca will complete those activities and provide the
Information and Materials described on Exhibit A (collectively, with the CTM, the “Initial Deliverables”). AstraZeneca agrees to use Commercially Reasonable Efforts to deliver the Initial Deliverables and perform the
activities set forth in Exhibit A in such a manner and within such timelines as are set forth on Exhibit A. 

  
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 4.3
Biological Material Storage. AstraZeneca shall, at least during an initial period of three (3) years, store, at its sole cost and expense, any non-clinical and human biological material obtained during the collaboration under the License
Agreement. Both Parties shall be able to use the material for analysis, and AstraZeneca shall upon such request make the relevant material available to Ardelyx in a reasonable timeframe. Notwithstanding the above, AstraZeneca agrees that it will not
use any biological materials obtained from clinical trial subjects treated with tenapanor for any analysis under this Section 4.3. After the initial storage period of three years, the Parties will discuss whether to continue the storage of the
material, and any such continued storage shall require the written consent of both Parties. 
 ARTICLE 5. 

PUBLICATIONS AND PRESS RELEASE 

5.1 Publications. AstraZeneca has provided Ardelyx with its proposed publication plan, which is set forth in Exhibit C, and
Ardelyx and AstraZeneca agree to discuss the proposed publications in good faith. AstraZeneca agrees that it shall not publish or present any Confidential Information of Ardelyx or any AZ Product Data, other than in accordance with this
Section 5.1. In the event that (i) Ardelyx agrees in principal to consent to a publication or presentation described on Exhibit C, (ii) a proposed publication is required by law, (iii) AstraZeneca determines, in good
faith, that a proposed publication included in the “Clinical Trial” section on Exhibit C is required under either the Joint Position on the Publication of Clinical Trial Results in the Scientific Literature announced on
June 10, 2010 or the Good Publication Practice Guidelines issued by the International Society for Medical Publication Professionals, or (iv) the proposed publication is described on Exhibit C under the title “Real Work
Evidence” and the subtitle “CKD US Kaiser,” then AstraZeneca shall have the right to make such publication or presentation, subject to the following. AstraZeneca shall provide Ardelyx with the opportunity to review any such
publication or presentation as early as practicable, but at least sixty (60) days prior to its intended submission for publication or presentation. Ardelyx shall respond to AstraZeneca regarding any proposed submission or presentation within
thirty (30) days of its receipt from AstraZeneca. With respect to those publications or presentations covered only by subsection (i) above, AstraZeneca agrees not to make any submission for publication or to make such presentation until
Ardelyx has provided its written consent, which shall not be unreasonably withheld. With respect to those publications or presentations described in subsection (ii) or subsection (iii) above, Ardelyx shall have the right to review and
provide comments and suggestions as to the timing and content of such publication or presentation, but AstraZeneca shall not require Ardelyx’s consent for such publication or presentation. In addition, Ardelyx shall have the right to review,
but not to consent to, the publications described in subsection (iv) above. AstraZeneca agrees to consider any comments or suggestions provided by Ardelyx in good faith. 

5.2 Press Release. Ardelyx intends to issue a press release regarding the termination of the License Agreement contemplated by this
Termination Agreement, and Ardelyx agrees to provide a draft of the press release to AstraZeneca for comment before it is released. Any language in such press release relating to AstraZeneca must be approved by AstraZeneca prior to publication, with
such consent not to be unreasonably withheld. For any other comments provided by AstraZeneca, such comments shall be considered in good faith by Ardelyx prior to publication. 

  
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ARTICLE 6. 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

6.1 Representations, Warranties and Covenants. 

(a) Each of the Parties hereby represents and warrants to the other Party that: 

(i) this Agreement is a legal and valid obligation binding upon such Party and enforceable in accordance with its terms. The execution,
delivery, and performance of the Agreement by such Party does not conflict with any agreement, instrument, or understanding, oral or written, to which it is a Party or by which it is bound, nor violate any law or regulation of any court,
Governmental Body, or administrative or other agency having jurisdiction over it; 
 (ii) it is not aware of any government authorization,
consent, approval, license, exemption of or filing or registration with any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, under any Applicable Laws, currently in effect, necessary for,
or in connection with, the transaction contemplated by this Termination Agreement or any other agreement or instrument executed in connection herewith, or for the performance by it of its obligations under this Termination Agreement and such other
agreements (save for Regulatory Approvals, INDs and similar regulatory authorizations that may be necessary for the transfer of Regulatory Development as contemplated hereunder); and 

(iii) such Party will at all times and in all material respects comply with all Applicable Laws relating to its activities under this
Termination Agreement. 
 (b) AstraZeneca represents, warrants and covenants as of the Termination Effective Date (or as of such other
/additional time as may be explicitly specified below) to Ardelyx that: 
 (i) AstraZeneca is the sole and exclusive owner of the entire
right, title and interest in the Sole Program Know-How developed by, or on behalf of, AstraZeneca under the License Agreement. AstraZeneca has not permitted the Licensed Patents, Licensed Know-How, Sole Program Know-How developed by or on behalf of
AstraZeneca, or the Joint Technology, to become subject to any encumbrance, lien or claim of ownership by any Third Party. 
 (ii)
AstraZeneca has not filed any patent applications covering or claiming any Joint Technology or any Sole Program Know-How developed by, or on behalf of AstraZeneca. 

(iii) To AstraZeneca’s Knowledge, with the exception of the information provided to Ardelyx in writing prior to the Termination Effective
Date regarding the prosecution of U.S. Patent Application Nos 14/421,451 and 14/421,454, the Licensed Patents existing as of the Termination Effective Date are being diligently prosecuted before the respective patent authorities in accordance with
Applicable Law. All applicable fees due to patent authorities with respect to the filing and prosecution of the Listed Patents existing as of the Termination Effective Date have been paid on or before the due date for payment (as such due date may
be extended in accordance with Applicable Laws or patent authority rules and regulations). 

  
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 (iv) To
AstraZeneca’s Knowledge, the manufacture, use, sale, offer for sale or import of the Licensed Compounds or Licensed Products as they exist as of the Termination Effective Date will not infringe or misappropriate the Patents, other IPR or
proprietary right of any Third Party. 
 (v) To AstraZeneca’s Knowledge, the conception, development and reduction to practice of the
Joint Technology, Sole Program Know-How, or AZ Background Technology developed by, or on behalf of AstraZeneca existing as of the Termination Effective Date have not constituted or involved the misappropriation of trade secrets or other proprietary
rights of any Person. 
 (vi) AstraZeneca has not previously entered into any agreement, whether written or oral, with respect to, or
otherwise assigned, transferred, licensed, conveyed or otherwise encumbered its right, title or interest in or to, the Licensed Patents, Licensed Know-How, Regulatory Documentation, Sole Program Know-How, Joint Technology, the Licensed Compounds or
the Licensed Products, in each case existing as of the Termination Effective Date (including by granting any covenant not to sue with respect thereto), except agreements with CROs or CMOs in the ordinary course of business. 

(vii) AstraZeneca covenants to Ardelyx that the CTM: (a) shall be manufactured in compliance with Applicable Laws; (b) conform to
the applicable Specifications for such Licensed Compound or Licensed Product; (c) not be misbranded within the meaning of the FFDCA; (d) not constitute an article that may not be introduced into interstate commerce under the provisions of
Section 505 of the FFDCA (21 U.S.C. §355); (e) conform to the certificates of analysis supplied with the shipment of such Licensed Product; and (f) shall be packaged and shipped in accordance with the applicable Specifications
therefor in effect at the time of delivery. 
 ARTICLE 7. 

MISCELLANEOUS 
 7.1
Counterparts. This Termination Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

7.2 Entire Agreement. This Termination Agreement, together with the surviving provisions of the License Agreement, as expressly
modified by this Termination Agreement, along with all exhibits attached hereto, sets forth all the covenants, promises, agreements, warranties, representations, conditions, and understandings between the Parties with respect to the AZ Triggered
Termination of the License Agreement. There are no covenants, promises, agreements, warranties, representations, conditions, or understandings, either oral or written, between the Parties other than as set forth in this Termination Agreement and the
surviving provisions of the License Agreement, as expressly modified by this Termination Agreement. No subsequent alteration, amendment, change, or addition to this Agreement shall be binding upon the Parties unless reduced to writing and signed by
the respective authorized officers of the Parties. 
 7.3 Assignment; Performance of Affiliates. The provisions of Section 17.1
of the License Agreement shall govern the assignment or performance by Affiliates of this Termination Agreement. 

  
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[SIGNATURE PAGE FOLLOWS] 

  
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 In
Witness Whereof, the Parties have executed this Termination Agreement in duplicate originals by their proper officers as of the date first written above. 
  

											
	Ardelyx, Inc.	 		 	AstraZeneca AB (publ)	 	
						
	By:	 	   /s/ Michael Raab
	 		 	By:	 	   /s/ Mats Berglund
	 	
				
	Title: CEO	 		 	Title: Vice President	 	

  
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EXHIBIT A 
 INITIAL
DELIVERABLES 
  

	1.	Clinical Trial Material 

 a. AstraZeneca shall complete the production of
360,000/50 mg tenapanor tablets and 420,000 placebo tablets and shall deliver all tablets to Ardelyx, or its designee on or before July 30,2015. The delivery of the tablets will be accompanied by delivery to Ardelyx or its designee of fully
executed BSE/TSE statements and a list of any significant deviations. In addition, on or before August 31,2015, AstraZeneca shall deliver a draft of the Certificates of Analysis and a draft of the Certificates of Compliance for the tablets, and
on or before September 30, 2015, AstraZeneca shall deliver the final Certificates of Analysis and the final Certificates of Compliance. 

b. AstraZeneca shall complete the production of 240,000/50 mg tenapanor tablets and shall deliver all tablets to Ardelyx, or its
designee on or before December 15,2015. The delivery of the tablets will be accompanied by delivery to Ardelyx or its designee of fully executed Certificates of Analysis; Certificates of Compliance, BSE/TSE statements and a list of any
significant deviations. 
 c. AstraZeneca shall release to Ardelyx all remaining drug substance by November 30,2015, including
any additional drug substance being stored at Irix. Campaign 4b is still in progress: the anticipated total of drug substance will be approximately 170 kg which will include 17 kg of campaign 4a. 65 kg of tenapanor free base will also be released to
Ardelyx by November 30, 2015. 
 d. Within fifteen (15) business days of the Termination Effective Date, AstraZeneca shall
provide Ardelyx with a written description of all Licensed Product and Licensed Compound that AstraZeneca holds in inventory (exclusive of the Licensed Product that is allocated for the tablet runs described in (a) and (b) above). Within
thirty (30) days of receipt of such written description, Ardelyx shall provide AstraZeneca with written instructions regarding the shipment of any such inventory of Licensed Product or Licensed Compound to Ardelyx or its designee, and
AstraZeneca shall ship any inventory requested by Ardelyx to Ardelyx or its designee for arrival on the date requested by Ardelyx. Any such shipment shall be accompanied by delivery to Ardelyx or its designee of fully executed Certificates of
Analysis; Certificates of Compliance and BSE/TSE statements. 
  

	2.	Additional CMC Commitments 

 a. On or before June 30, 2015, AstraZeneca shall
deliver to Ardelyx a draft of each drug product analytical method and a draft of the validation data for each method. On or before September 30, 2015, AstraZeneca shall deliver each final drug product analytical method and the final validation
report for each analytical method. 
 b. AstraZeneca shall transfer to Ardelyx the ongoing stability studies for the Phase 2b ESRD-Pi
tablets by December 15, 2015. 

  
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c. On or before July 1, 2015, AstraZeneca shall provide Ardelyx with the following: 

i. All available information and data required by Ardelyx to complete the revised CMC section of the GI IND 

ii. Drug Substance batch analysis tables that includes DS-9 and C4a 

iii. Drug Product batch analysis tables 

d. Within twenty (20) days of receipt of the first draft of the Phase 3 IND, AstraZeneca shall provide Ardelyx with its written
comments and suggestions on the CMC sections. 
 e. AstraZeneca shall: 

i. provide Ardelyx with a draft of the data generated in connection with the studies to determine the dissolution of the Phase 2b vs.
Phase 3 tablets in HC1, buffer pH 4, FeSSIF and FaSSIF by August 31, 2015; 
 ii. provide Ardelyx with a final report of each
study to determine the dissolution of the Phase 2b vs. Phase 3 tablets in HC1 buffer pH 4, FeSSIF and FaSSIF by September 30, 2015 

iii. provide the results of the TIM1 gastrointestinal model with the Phase 2b and Phase 3 tablets by September 30, 2015. 

 

	3.	Clinical and Regulatory Commitments 

 a. On or before July 1, 2015,
AstraZeneca shall deliver to Ardelyx the following information regarding Ml: 
 i. Report of study of pIC50 against ratNHE3
(BS001370-01) 
 ii. SAR non-regulatory data 

iii. Ml supply and synthesis process iv. Synthesis and characterization of Ml and other named impurities (Report and CofA to be
delivered) 
 b. On or before July 1, 2015, AstraZeneca shall deliver to Ardelyx the following: 

i. All clinical study reports, including, without limitation, the final clinical study report for D5613C00001 

ii. Draft EU Application for Agreement of a Pediatric Investigation Plan for Tenapanor dated 18 Nov 2014 (i.e main text Sections B
through E that includes all relevant information regarding treatment of hyperphosphataemia in pediatric patients with CKD on dialysis or not on dialysis that AstraZeneca has compiled). 

c. On or before September 1, 2015, AstraZeneca shall: 

i. Deliver to Ardelyx reports for all M-l studies that are listed as ongoing or reporting on the attached Schedule A-l, and completed
reports from any other M-l non-clinical studies not listed on Schedule A-l 

  
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ii. Complete the transfer of IND 120566 to Ardelyx 

iii. Validated bioanalytical methods for Ml in mouse, dog, and human; and reports containing analysis of plasma samples analyzed with
such bioanalytical methods. 
 d. On or before June 15, 2015, AstraZeneca shall (i) provide Ardelyx with an overview of the
work completed by Covance with respect to M-l studies and the validated bioanalytical methods, and (ii) make introductions to Ardelyx to the project manager at Covance responsible for the M-l studies and the bioanalytical methods, and shall
execute such additional documentation as may be reasonably necessary to authorize Covance to conduct additional sample analysis for Ardelyx and to permit Ardelyx to access all of the M-l data generated for AstraZeneca prior to such date. 

e. AstraZeneca and Ardelyx shall discuss in good faith and agree upon the format in which AstraZeneca shall deliver to Ardelyx the
global safety database for tenapanor, and such database will be delivered to Ardelyx in the agreed upon format by September 1, 2015. In the event that by June 30,2015, the Parties have not agreed upon the format for delivery, AstraZeneca
shall deliver the global safety database to Ardelyx in Excel format by September 1, 2015. 

  
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SCHEDULE A-1 
  

													
	 Study Report No.
	  	 Study Title
	  	 Conducting
Laboratory
	  	 Species, Strain
(group size)
	  	 Dose, Route,
Duration
	  	 GLP
	  	 Key Findings

	 PHARMACOLOGY
	  		  		  		  		  		  	
							
	TBA (reporting) BS001370-01	  	Assessment the IC50 values of Ml in the rat NHE3 stably expressed OK cell lines	  	AstraZeneca	  	NA	  	In vitro	  	no	  	Ml is not active against NHE3 at the concentrations achieved in plasma and lacks substantial inhibitory activity against NHE3 in cell-based assays of NHE3 activity
							
	TBA (reporting) 3534SV	  	Selectivity Screening in Radioligand Binding, Enzyme Activity and Functional Assays in vitro	  	Cerep, Le Bois l’Evéque, B.P. 30001, 86600 Celle l’Evescault, France	  	NA	  	In vitro	  	no	  	No interactions at clinically relevant concentrations
							
	 DMPK
	  		  		  		  		  		  	
							
	ADME-AZS-Wave3-150413
(ongoing)	  	BCRP inhibition	  	Pharmaron	  	NA	  	In vitro	  	no	  	TBD
							
	ADME-AZS-Wave3-150412
(ongoing)	  	Pgp inhibition	  	Pharmaron	  	NA	  	In vitro	  	no	  	TBD
							
	ADME-AZS-Wave3-150323
(ongoing)	  	CYP inhibition panel 1	  	Pharmaron	  	NA	  	In vitro	  	no	  	TBD
							
	ADME-AZS-Wave3-150331
(ongoing)	  	Human B/P ratio	  	Pharmaron	  	NA	  	In vitro	  	no	  	TBD
							
	ADME-AZS-Wave3-150415
(ongoing)	  	OATP1B1 Inhibition	  	Pharmaron	  	NA	  	In vitro	  	no	  	TBD
							
	ADME-AZS-Wave3-150527
(ongoing)	  	CYP isoform ID	  	Pharmaron	  	NA	  	In vitro	  	no	  	TBD
							
	ADME-AZS-Wave3-150417
(ongoing)	  	CYP inhibition panel 2	  	Pharmaron	  	NA	  	In vitro	  	no	  	TBD

  
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	 Study Report No.
	  	 Study Title
	  	 Conducting
Laboratory
	  	 Species, Strain
(group size)
	  	 Dose, Route,
Duration
	  	 GLP
	  	 Key Findings

	 ADME-AZS-
 Wave4-150318
(ongoing)
	  	PPB	  	Pharmaron	  	NA	  	In vitro	  	no	  	TBD
							
	Study Report No.	  	Study Title	  	Conducting Laboratory	  	Species, Strain (group size)	  	Dose, Route, Duration	  	GLP	  	Key Findings
							
	15ASTRUKP1S4
(ongoing)	  	OATP1B3, OAT1, OAT3, MATE1, MATE2K and OCT2	  	Absorption System	  	NA	  	In vitro	  	no	  	TBD
							
	TOXICOLOGY	  		  		  		  		  		  	
							
	3521BV
(AME00031)
(reporting)	  	AZ13792925: Genetic Toxicity Evaluation using a Bacterial Reverse Mutation Test	  	Gentronix	  	 Salmonella typhimurium
 LT2 strains

TA1535, TA1537, TA98 and TA100, and Escherichia coli WP2 strain uvrA/pKM101
	  	In vitro	  	no	  	negative
							
	 3521BV
(8321467)
 (ongoing)
	  	AZ13792925: Genetic Toxicity Evaluation Using the Bacterial Reverse Mutation Test in Salmonella typhimurium TA1535, TA100, TA1537 and TA98 and Escherichia coli WP2 uvrA pKM101	  	Covance	  	Salmonella typhimurium TA1535, TA100, TA1537 and TA98 and Escherichia coli WP2 uvrA pKM101	  	In vitro	  	yes	  	TBD
							
	 3522QV
(8321468)
 (ongoing)
	  	AZ 13792925: In Vitro L5178Y Mouse Lymphoma Cell Micronucleus Assay	  	Covance	  	L5178Y tk +/- (3.7.2C) mouse lymphoma cells	  	In vitro	  	yes	  	TBD
							
	 TBA (reporting)
	  	Zebrafish	  	AstraZeneca	  	WIK	  	 Compounds were assessed at a set, binary concentration range, between 0.1 to 100 jliM (0.1,1, 10,

100 \iM).
	  	no	  	Non-teratogenic

  
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	 Study Report No.
	  	 Study Title
	  	 Conducting
Laboratory
	  	 Species, Strain
(group size)
	  	 Dose, Route,
Duration
	  	 GLP
	  	 Key Findings

	0333DB (20069732) (reporting)	  	AZD1722: Oral Dose Range-Finding Toxicity Study in the Non-Pregnant Rabbit	  	Charles River, Horsham, PA, USA	  	 New Zealand white
  

[Crl :KBL(NZ W)]
	  	0 & 45 mg/kg/day, PO, 14 days	  	no	  	Ml detected in plasma

  
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EXHIBIT B 
 Ongoing AZ
Non-Clinical Work 
 Ongoing/to be completed pre-clinical studies 

These studies have or will have shortly completed in-life phase. 

Ongoing work typically refers to sample analysis. 
  

	 	1)	Rat dose response study of tenapanor on varying phosphate diets with expression analysis in GI and kidney tissues. 

  

	 	2)	Rat dose response expression study on standard diet (study to generate replicate data of (1) to support publication]. 

  

	 	3)	Rat time course expression study looking at short term effects (2,3 and 4 days) and long term effects (4, 7 and 14 days +/- washout). 

 

	 	4)	Rat salt diet study with extended diet adaption with expression analysis. 

  

	 	5)	Rat phosphate diet study looking at expression changes in GI tract (in-life phase ending July 3rd) 

  

	 	6)	33P absorption following acute/chronic +/- washout tenapanor treatments on different phosphate and sodium diets (some of these not yet performed, planned within the next 6 weeks) 

 

	 	7)	33P absorption changes with tenapanor in combination with other intestinal transport inhibitors. 

  

	 	8)	Expression and biomarker analysis in CV rat study. 

 Contract research studies still on-going 

 

	 	1)	Ursula Seidler; completion of studies on intestinal fluid, sodium, phosphate, bicarbonate and electrogenic effects of tenapanor in wild-type and NHE3 KO mice. 

 

	 	2)	Joanne Marks; Rat isolated loop studies following acute/chronic dosing +/- PFA to study phosphate transport. 

  

	 	3)	Carsten Wagner; Effect of tenapanor on phosphate absorption in BBMV’s from rat in different intestinal regions. 

  
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EXHIBIT C 
 Publication
Plan 
 Pre Clinical 
  

							
	Mode of Action	  	Manuscript and potential abstracts	  	AstraZeneca	  	AZ data, study BS- 001370-02
				
	NHE3 expression in dog	  	Manuscript and potential abstract	  	AstraZeneca	  	AZ data, study BS- 001370-03
				
	 Tenapanor is Vascular Protective
 in a Rat Model
of CKD
	  	ASN 2015 abstract, manuscript	  	AstraZeneca	  	AZ data, study PBI- 15-009
				
	Tenapanors efficacy in rat is sensitive to dietary salt intake	  	ASN 2015 abstract (potential manuscript)	  	AstraZeneca	  	AZ data, study PBI- 14-055
				
	Combination of tenapanor and eplerenone on UACR	  	Manuscript and potential abstract	  	AstraZeneca	  	AZ data, studies 14- 024-014 and 14-024-016
				
	Salt accumulation in the skin of rats and effects of tenapanor	  	Manuscript and potential abstract	  	AstraZeneca	  	AZ data
				
	Current Opinion Sodium Review	  	Review manuscript	  	Ardelyx/AstraZeneca	  	PO btw Ardelyx and OXP, 50% to be x- charged to AZ Ms already submitted
				
	MIST (metabolite safety data)	  	Abstract and manuscript	  	AstraZeneca	  	AZ studies, 322009, D5613C00003, BS001370-01, BS000381-38, BS000381-39 and D5611C00007

 Clinical 
  

							
	ESRD Fluid 2a	  	Manuscript	  	AstraZeneca	  	D5611C00001, near final ms
				
	DDI Sevelamer	  	Manuscript	  	AstraZeneca	  	D5611C00006, near final ms
				
	JSMAD	  	Manuscript	  	AstraZeneca	  	D5611C00005, near final ms
				
	Food-effect	  	ASN 2015 abstract and manuscript	  	AstraZeneca	  	D5611C00003, pub dev ongoing
				
	DDI midazolam	  	ASN 2015 abstract and manuscript	  	AstraZeneca	  	D5613C00003, pub dev ongoing

  
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	DDI cefadroxil	  	ASN 2015 abstract and manuscript	  	AstraZeneca	  	D5613C00004, pub dev ongoing
				
	hADME	  	ASN 2015 abstract and manuscript	  	AstraZeneca	  	D5611C00007, pub dev ongoing
				
	ESRD phosphate phase 2b	  	ASN 2015 abstract and manuscript	  	AstraZeneca	  	D5613C00001, pub dev ongoing
				
	Phosphate 2b dose modelling	  	Manuscript and potential abstract	  	AstraZeneca	  	D5613C00001, pubs to be started
				
	CKD phase 2a	  	ASN 2015 abstract and manuscript	  	AstraZeneca	  	D5610C00001, abstract started manuscript to be started
				
	Genetics (preclin/clinical/epi)	  	Manuscript and potential abstracts	  	AstraZeneca	  	AZdata Pubs to be started

 Real-World Evidence 
  

							
	CKD US Kaiser	  	Manuscript x 2	  	AstraZeneca	  	In original contract btw Ardelyx and Kaiser
				
	CKD US Kaiser	  	Manuscript x 1-2 and potential abstract	  	AstraZeneca	  	New contract btw AZ and Kaiser (additional work from above study)
				
	Patient Interviews ESRD (from Fluid 2a study)	  	Manuscript	  	AstraZeneca	  	Manuscript is submitted (from D5611C00001)

  
 20EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

ARDELYX, INC. 

SECURITIES PURCHASE AGREEMENT 

This Securities Purchase Agreement (“Agreement”) is made as of June 2, 2015 (the “Effective Date”), by
and among Ardelyx, Inc., a Delaware corporation (the “Company”), and each of those persons and entities, severally and not jointly, listed as a Purchaser on the Schedule of Purchasers attached as Exhibit A hereto (the
“Schedule of Purchasers”). Such persons and entities are hereinafter collectively referred to herein as “Purchasers” and each individually as a “Purchaser.” 

AGREEMENT 
 In
consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company and each Purchaser (severally and not jointly) hereby agree as follows: 

SECTION 1. AUTHORIZATION OF SALE OF SECURITIES. 

The Company has authorized the sale and issuance of 7,242,992 shares of its Common Stock, par value $0.0001 per share (the “Common
Stock”) and warrants in the form of Exhibit B hereto to purchase an aggregate of 2,172,899 shares of Common Stock (each a “Warrant” and collectively the “Warrants”), on the terms and subject to the
conditions set forth in this Agreement. The shares of Common Stock sold hereunder at the Closing (as defined below) shall be referred to as the “Shares.” The Shares and the Warrants are referred to collectively as the
“Securities.” 
 SECTION 2. AGREEMENT TO SELL AND PURCHASE THE SECURITIES. 

2.1 Sale of Securities. At the Closing (as defined in Section 3), the Company will sell to each Purchaser, and each Purchaser will
purchase from the Company, (a) the number of Shares set forth opposite such Purchaser’s name on the Schedule of Purchasers at a purchase price of $10.70 per Share and (b) a Warrant to purchase the number of shares of Common Stock set
forth opposite such Purchaser’s name on the Schedule of Purchasers (such shares of Common Stock, the “Underlying Shares”), which Warrant shall have an exercise price equal to $13.91 per Underlying Share, and which Warrant shall
have a purchase price equal to $0.125 per Underlying Share underlying such Warrant. The aggregate purchase price for the Shares and Warrants purchased by each Purchaser is set forth opposite such Purchaser’s name on the Schedule of Purchasers.

 2.2 Separate Agreement. Each Purchaser shall severally, and not jointly, be liable for only the purchase of the Securities that
appear on the Schedule of Purchasers that relate to such Purchaser. The Company’s agreement with each of the Purchasers is a separate agreement, and the sale of Securities to each of the Purchasers is a separate sale. The obligations of each
Purchaser hereunder are expressly not conditioned on the purchase by any or all of the other Purchasers of the Securities such other Purchasers have agreed to purchase. 

 SECTION 3. CLOSING AND DELIVERY. 

3.1 Closing. The closing of the purchase and sale of the Securities (which Securities are set forth in the Schedule of Purchasers)
pursuant to this Agreement (the “Closing”) shall be held on June 4, 2015 at the offices of Latham & Watkins LLP, 140 Scott Drive, Menlo Park, California 94025, or on such other date and place as may be agreed to by the
Company and the Purchasers. At or prior to the Closing, each Purchaser shall execute any related agreements or other documents required to be executed hereunder, dated as of the date of the Closing (the “Closing Date”). 

3.2 Issuance of the Securities at the Closing. At the Closing, the Company shall issue or deliver to each Purchaser (a) evidence
of a book entry position evidencing the Shares purchased by such Purchaser hereunder, registered in the name of such Purchaser, or in such nominee name(s) as designated by such Purchaser, representing the number of Shares to be purchased by such
Purchaser at such Closing as set forth in the Schedule of Purchasers against payment of the purchase price for such Shares and (b) a Warrant registered in the name of such Purchaser, or in such nominee name(s) as designated by such Purchaser,
representing the number of Underlying Shares as set forth in the Schedule of Purchasers. The name(s) in which the shares and Warrant are to be issued to each Purchaser are set forth in the Purchaser Questionnaire and the Selling Stockholder Notice
and Questionnaire in the form attached hereto as Appendix I and II (the “Purchaser Questionnaire” and the “Selling Stockholder Questionnaire”, respectively), as completed by each Purchaser, which shall be provided
to the Company no later than the Closing Date. The Warrants shall be delivered to each Purchaser promptly following the Closing Date, but in any event within 10 business days following the Closing Date. 

3.3 Delivery of the Registration Rights Agreement. At the Closing, the Company and each Purchaser shall execute and deliver the
Registration Rights Agreement in the form attached hereto as Appendix III (the “Registration Rights Agreement”), with respect to the registration of the Shares and the Underlying Shares under the Securities Act of 1933, as amended
(the “Securities Act”). 
 3.4 Delivery of Lock-Up Agreement. At the Closing, the Company shall deliver Lock-Up
Agreements, in form and substance reasonably acceptable to the Purchasers (the “Lock-Up Agreement”) executed by each person listed on Exhibit C hereto, and each such Lock-Up Agreement shall be in full force and effect on the
Closing Date. 
 SECTION 4. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. 

Except as set forth on the Schedule of Exceptions delivered to the Purchasers concurrently with the execution of this Agreement (the
“Schedule of Exceptions”) or as otherwise described in the SEC Documents (as defined below), which disclosures qualify these representations and warranties in their entirety, the Company hereby represents and warrants as of the date
hereof to, and covenants with, the Purchasers as follows: 
 4.1 Organization and Standing. The Company (i) has been duly
incorporated and is validly existing as a corporation in good standing under the laws of Delaware, has with full  

  
 2 

 
corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as presently conducted, and (ii) is duly qualified to do business as
a foreign corporation and is in good standing under the laws of each jurisdiction which requires such qualification, except in the case of clause (ii) above, to the extent that the failure to be so qualified or be in good standing would not
reasonably be expected to result in (i) a material adverse effect on the validity or enforceability of this Agreement, (ii) a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the
Company, or (iii) a material adverse effect on the Company’s ability to perform in any material respect its obligations under this Agreement (any of (i), (ii) or (iii)) (a “Material Adverse Effect”). The Company has
no subsidiaries. 
 4.2 Corporate Power; Authorization. The Company has all requisite corporate power and authority, and has taken
all requisite corporate action, to execute and deliver this Agreement, the Warrants and the Registration Rights Agreement (as defined below and collectively, the “Transaction Documents”), sell and issue the Securities and carry out
and perform all of its obligations under the Transaction Documents. Each Transaction Document constitutes the legal, valid and binding obligation of the Company, enforceable in accordance with its terms, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited by equitable principles generally, including any specific performance and
(iii) with respect to the Registration Rights Agreement, as rights to indemnity or contribution may be limited by state or federal laws or public policy underlying such laws. 

4.3 Issuance and Delivery of the Securities. The Securities have been duly authorized and, when issued and paid for in compliance with
the provisions of this Agreement, will be validly issued, fully paid and nonassessable. The Underlying Shares have been duly authorized and, upon exercise of the Warrants in accordance with their terms, including payment of the exercise price
therefore, will be validly issued, fully paid and nonassessable. Assuming the accuracy of the representations made by each Purchaser in Section 5, the offer and issuance by the Company of the Securities is exempt from registration under the
Securities Act. 
 4.4 SEC Documents; Financial Statements. The Company has filed in a timely manner all documents that the Company
was required to file with the Securities and Exchange Commission (the “Commission”) under Sections 13, 14(a) and 15(d) the Securities Exchange Act of 1934, as amended (the “Exchange Act”), since becoming subject to
the requirements of the Exchange Act. As of their respective filing dates (or, if amended prior to the date of this Agreement, when amended), all documents filed by the Company with the Commission (the “SEC Documents”) complied in
all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission promulgated thereunder. None of the SEC Documents as of their respective dates contained any untrue statement of material fact or omitted
to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Documents
(the “Financial Statements”) present fairly the financial condition, results of operations and cash flows of the Company as of the dates and for the periods indicated, comply as to form with the applicable accounting requirements of
the Act and have been prepared in conformity with generally accepted accounting principles applied on a consistent basis throughout the periods involved (except as otherwise noted therein). 

  
 3 

 
Ernst & Young LLP, who have certified certain financial statements of the Company delivered their report with respect to the audited consolidated financial statements and schedules
included in the SEC Documents, are independent public accountants with respect to the Company within the meaning of the Act and the applicable published rules and regulations thereunder. 

4.5 Capitalization. The authorized capital stock of the Company consists of 300,000,000 shares of common stock and 5,000,000 shares of
undesignated Preferred Stock. As of the Effective Date, there are no shares of Preferred Stock issued and outstanding and there are 18,651,835 shares of Common Stock issued and outstanding, of which no shares are owned by the Company. There are no
other shares of any other class or series of capital stock of the Company issued or outstanding. The Company has no capital stock reserved for issuance, except that, as of the Effective Date, there are (i) 2,973,599 shares of Common Stock
reserved for issuance pursuant to the Company’s stock incentive plans, of which 1,231,671 shares are issuable upon the exercise of stock options outstanding on the date hereof and (ii) 369,040 shares of Common Stock reserved for issuance
pursuant to the Company’s employee stock purchase plan. There are no bonds, debentures, notes or other indebtedness having general voting rights (or convertible into securities having such rights) (“Voting Debt”) of the Company
issued and outstanding. Except as stated above, there are no existing options, warrants, calls, subscriptions or other rights, agreements, arrangements or commitments relating to the issued or unissued capital stock of the Company, obligating
the Company to issue, transfer, sell, redeem, purchase, repurchase or otherwise acquire or cause to be issued, transferred, sold, redeemed, purchased, repurchased or otherwise acquired any capital stock or Voting Debt of, or other equity interest
in, the Company or securities or rights convertible into or exchangeable for such shares or equity interests or obligations of the Company to grant, extend or enter into any such option, warrant, call, subscription or other right, agreement,
arrangement or commitment. The issuance of Common Stock or other securities pursuant to any provision of this Agreement or the Warrant will not give rise to any preemptive rights or rights of first refusal on behalf of any Person or result in
the triggering of any anti-dilution rights. There are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the Securities Act. 

4.6 Litigation. No action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving the Company or its property is pending or, to the best knowledge of the Company, threatened that will have a Material Adverse Effect, whether or not arising from transactions in the ordinary course of business. 

4.7 Governmental Consents. No consent, approval, order or authorization of, or registration, qualification, designation,
declaration or filing with, any federal, state, or local governmental authority on the part of the Company is required in connection with the consummation of the transactions contemplated by this Agreement or the Registration Rights Agreement except
for (a) the filing of a Form D with the Commission under the Securities Act and compliance with the securities and blue sky laws in the states and other jurisdictions in which shares of Common Stock are offered and/or sold, which compliance
will be effected in accordance with such laws, (b) the approval by the NASDAQ Global Market of the listing of the Shares and the Underlying Shares and (c) the filing of one or more registration statements and all amendments thereto with
the Commission as contemplated by the Registration Rights Agreement. 

  
 4 

 4.8 No Default or Consents. Neither the execution, delivery or performance of the
Transaction Documents by the Company nor the consummation of any of the transactions contemplated thereby (including, without limitation, the issuance and sale by the Company of the Securities and the Underlying Shares) will conflict with, result in
a breach or violation of, or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, (i) the charter or by-laws of the Company, (ii) the terms of any indenture, contract, lease, mortgage, deed
of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company is a party or bound or to which its or their property is subject, or (iii) any statute, law, rule, regulation,
judgment, order or decree applicable to the Company of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of its properties, except in the case of clauses
(ii) and (iii) above, for any conflict, breach or violation of, or imposition that would not, individually or in the aggregate, have a Material Adverse Effect. 

4.9 No Material Adverse Change. Since March 31, 2015, there have not been any changes in the authorized capital, assets,
liabilities, financial condition, business, Material Agreements or operations of the Company from that reflected in the Financial Statements except changes in the ordinary course of business which have not been, either individually or in the
aggregate, materially adverse to the business, properties, financial condition or results of operations of the Company. 
 4.10 No
General Solicitation. Neither the Company nor any Person acting on its behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D promulgated under the Securities Act) in connection with
the offer or sale of the Securities. 
 4.11 No Integrated Offering. Neither of the Company or any Person acting on its behalf has,
directly or indirectly, made any offers or sales of any security or solicited any offers to buy any Company security, under circumstances that would adversely affect reliance by the Company on Section 4(a)(2) of the Securities Act or require
registration of any of the Securities under the Securities Act or cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of the Securities Act. 

4.12 Sarbanes-Oxley Act. There is and has been no failure on the part of the Company and any of the Company’s directors or
officers, in their capacities as such, to comply with any applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, including, without limitation, Section 402 relating to loans.

 4.13 Intellectual Property. The Company owns, possesses, licenses or has other rights to use, on reasonable terms, all patents,
patent applications, trade and service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, know-how and other intellectual property (collectively, the “Intellectual
Property”) necessary for the conduct of the Company’s business as now conducted or as proposed in the SEC Documents to be conducted (the “Company Intellectual Property”). To the knowledge of the Company, there are no
rights of third parties to any Company Intellectual Property, other than as licensed by the Company. To the knowledge of the Company, there is no infringement by third parties of any Company Intellectual Property. There is no pending or, to the
Company’s 

  
 5 

 
knowledge, threatened action, suit, proceeding or claim by others challenging the Company’s rights in or to any Company Intellectual Property. There is no pending or, to the Company’s
knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any Company Intellectual Property. There is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others
that the Company infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights of others. The Company is not aware of any facts required to be disclosed to the U.S. Patent and Trademark Office
(“USPTO”) which have not been disclosed to the USPTO and which would preclude the grant of a patent in connection with any patent application of the Company Intellectual Property or could form the basis of a finding of invalidity
with respect to any issued patents of the Company Intellectual Property. 
 4.14 Compliance with NASDAQ Continued Listing
Requirements. The Company is in compliance with applicable NASDAQ continued listing requirements. There are no proceedings pending or, to the Company’s knowledge, threatened against the Company relating to the continued listing of the
Common Stock on NASDAQ and the Company has not received any notice of, nor to the Company’s knowledge is there any reasonable basis for, the delisting of the Common Stock from NASDAQ. 

4.15 Disclosure. The Company understands and confirms that the Purchasers will rely on the foregoing representations in effecting
transactions in securities of the Company. To the knowledge of the executive officers of the Company, all due diligence materials regarding the Company, its business and the transactions contemplated hereby, furnished by or on behalf of the
Company to the Purchasers upon their request are, when taken together with the SEC Documents and the Schedule of Exceptions, true and correct in all material respects and do not contain any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. 

4.16 Contracts. Each franchise, contract or other document of a character required to be described in the SEC Documents or to be filed
as an exhibit to the SEC Documents under the Securities Act and the rules and regulations promulgated thereunder (collectively, the “Material Contracts”) is so described or filed. 

4.17 Properties and Assets. The Company owns or leases all such properties as are necessary to the conduct of its operations as
presently conducted. 
 4.18 Compliance. Except as would not, individually or in the aggregate, result in a Material Adverse
Effect: (i) the Company is and has been in compliance with statutes, laws, ordinances, rules and regulations applicable to the Company for the ownership, testing, development, manufacture, packaging, processing, use, labeling, storage, or
disposal of any product manufactured by or on behalf of the Company or out-licensed by the Company (a “Company Product”), including without limitation, the Federal Food, Drug, and Cosmetic Act, 21 U.S.C. § 301, et seq., the
Public Health Service Act, 42 U.S.C. § 262, similar laws of other governmental entities and the regulations promulgated pursuant to such laws (collectively, “Applicable Laws”); (ii) the Company possesses all licenses,
certificates, approvals, authorizations, permits and supplements or amendments thereto required by any such Applicable 

  
 6 

 
Laws and/or for the ownership of its properties or the conduct of its business as it relates to a Company Product and as described in the SEC Documents (collectively,
“Authorizations”) and such Authorizations are valid and in full force and effect and the Company is not in violation of any term of any such Authorizations; (iii) the Company has not received any written notice of adverse
finding, warning letter or other written correspondence or notice from the U.S. Food and Drug Administration (the “FDA”) or any other governmental entity alleging or asserting noncompliance with any Applicable Laws or Authorizations
relating to a Company Product; (iv) the Company has not received written notice of any ongoing claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any governmental entity or third party
alleging that any Company Product, operation or activity related to a Company Product is in violation of any Applicable Laws or Authorizations or has any knowledge that any such governmental entity or third party is considering any such claim,
litigation, arbitration, action, suit, investigation or proceeding, nor, to the Company’s knowledge, has there been any noncompliance with or violation of any Applicable Laws by the Company that would reasonably be expected to require the
issuance of any such written notice or result in an investigation, corrective action, or enforcement action by the FDA or similar governmental entity with respect to a Company Product; (v) the Company has not received written notice that any
governmental entity has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations or has any knowledge that any such governmental entity has threatened or is considering such action with respect to a Company
Product; and (vi) the Company has filed, obtained, maintained or submitted all reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and
that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete, correct and not misleading on the date filed (or were corrected or supplemented by a subsequent submission). To
the Company’s knowledge, neither the Company nor any of its directors, officers, employees or agents, has made, or caused the making of, any false statements on, or material omissions from, any other records or documentation prepared or
maintained to comply with the requirements of the FDA or any other governmental entity. 
 4.19 Taxes. The Company has filed all tax
returns that are required to be filed or has requested extensions thereof (except in any case in which the failure so to file would not have a Material Adverse Effect, whether or not arising from transactions in the ordinary course of business,
except as contemplated in the SEC Documents) and has paid all taxes required to be paid by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such assessment,
fine or penalty that is currently being contested in good faith or as would not have a Material Adverse Effect, whether or not arising from transactions in the ordinary course of business, except as contemplated in the SEC Documents. 

4.20 Transfer Taxes. There are no transfer taxes or other similar fees or charges under Federal law or the laws of any state, or any
political subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance by the Company or sale by the Company of the Securities. 

  
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 4.21 Investment Company. The Company is not and, after giving effect to the offering and
sale of the Securities, will not be an “investment company” as defined in the Investment Company Act of 1940, as amended. 
 4.22
Insurance. The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are reasonable and customary in the business in which it is engaged; all policies of insurance and
fidelity or surety bonds insuring the Company or its businesses, assets, employees, officers and directors are in full force and effect; the Company is in compliance with the terms of such policies and instruments in all material respects; and there
are no claims by the Company under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; the Company has not been refused any insurance coverage sought or applied for;
and the Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost
that would not have a Material Adverse Effect, whether or not arising from transactions in the ordinary course of business. 
 4.23 Price
of Common Stock. The Company has not taken, directly or indirectly, any action designed to cause or result in, or that has constituted or that might reasonably be expected to constitute the stabilization or manipulation of the price of any
securities of the Company to facilitate the sale or resale of the Shares, Underlying Shares and the Warrants. 
 4.24 Governmental
Permits, Etc. The Company possesses all licenses, certificates, permits and other authorizations issued by all applicable authorities necessary to conduct its business, and the Company has not received any notice of proceedings relating to the
revocation or modification of any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect, whether or not arising from
transactions in the ordinary course of business. 
 4.25 Internal Control over Financial Reporting; Sarbanes-Oxley
Matters. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in
accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
The Company’s internal controls over financial reporting are effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles and the Company is not aware of any material weakness in its internal controls over financial reporting. The Company maintains “disclosure controls and procedures” (as such term is defined in Rule
13a-15(e) under the Exchange Act); such disclosure controls and procedures are effective. 
 4.26 Foreign Corrupt
Practices. The Company is not nor, to the knowledge of the Company, any director, officer, agent, or employee of the Company is aware of or has taken any  

  
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action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the
“FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or
other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign
political office, in contravention of the FCPA; and the Company. 
 4.27 Labor. No labor problem or dispute with the employees
of the Company exists or, to the knowledge of the Company, is threatened, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its principal suppliers or contractors, that could have a Material
Adverse Effect, whether or not arising from transactions in the ordinary course of business, except as contemplated in the SEC Documents. 

4.28 ERISA. None of the following events has occurred or exists: (i) a failure to fulfill the obligations, if any, under
the minimum funding standards of Section 302 of the United States Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the regulations and published interpretations thereunder with respect to a Plan that
is required to be funded, determined without regard to any waiver of such obligations or extension of any amortization period; (ii) an audit or investigation by the Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit
Guaranty Corporation or any other federal or state governmental agency or any foreign regulatory agency with respect to the employment or compensation of employees by any of the Company that could have a Material Adverse Effect; (iii) any
breach of any contractual obligation, or any violation of law or applicable qualification standards, with respect to the employment or compensation of employees by the Company that would reasonably be expected to have a Material Adverse Effect. None
of the following events has occurred or is reasonably likely to occur: (i) a material increase in the aggregate amount of contributions required to be made to all Plans in the current fiscal year of the Company compared to the amount of such
contributions made in the most recently completed fiscal year of the Company; (ii) a material increase in the “accumulated post-retirement benefit obligations” (within the meaning of Statement of Financial Accounting Standards 106) of
the Company compared to the amount of such obligations in the most recently completed fiscal year of the Company; (iii) any event or condition giving rise to a liability under Title IV of ERISA that could have a Material Adverse Effect; or
(iv) the filing of a claim by one or more employees or former employees of the Company related to their employment that could have a Material Adverse Effect. For purposes of this paragraph, the term “Plan” means a plan (within the
meaning of Section 3(3) of ERISA) subject to Title IV of ERISA with respect to which the Company may have any liability. 
 4.29
Environmental Laws. The Company (i) is in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic
substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii) has received and is in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct its
business and (iii) has not received notice of any actual or potential liability under any environmental law, except where such non-compliance with Environmental Laws, failure to receive required permits, licenses or other approvals, or
liability would not, individually or in the 

  
 9 

 
aggregate, have a Material Adverse Effect, whether or not arising from transactions in the ordinary course of business. The Company has not been named as a “potentially responsible
party” under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended. 
 4.30 Money
Laundering Laws. The operations of the Company are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder
and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or
governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 

4.31 OFAC. The Company is not nor, to the knowledge of the Company, any director, officer, agent or employee of the Company (i) is
currently subject to any sanctions administered or imposed by the United States (including any administered or enforced by the Office of Foreign Assets Control of the U.S. Treasury Department, the U.S. Department of State, or the Bureau of Industry
and Security of the U.S. Department of Commerce), the United Nations Security Council, the European Union, or the United Kingdom (including sanctions administered or controlled by Her Majesty’s Treasury) (collectively,
“Sanctions” and such persons, “Sanction Persons”) or (ii) will, directly or indirectly, use the proceeds of this offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other person in any manner that will result in a violation of any economic Sanctions by, or could result in the imposition of Sanctions against, any person (including any person participating in the offering, whether as
underwriter, advisor, investor or otherwise). The Company is not nor, to the knowledge of the Company, any director, officer, agent, or employee of the Company or any of its subsidiaries, is a person that is, or is 50% or more owned or otherwise
controlled by a person that is: (i) the subject of any Sanctions; or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions that broadly prohibit dealings with that country
or territory (currently, Cuba, Iran, North Korea, Sudan, and Syria) (collectively, “Sanctioned Countries” and each, a “Sanctioned Country”). Except as has been disclosed to the Purchasers or is not material to the
analysis under any Sanctions, the Company has not engaged in any dealings or transactions with or for the benefit of a Sanctioned Person, or with or in a Sanctioned Country, in the preceding 3 years, nor does the Company have any plans to increase
its dealings or transactions with Sanctioned Persons, or with or in Sanctioned Countries. 
 4.32 Compliance in Clinical
Trials. The clinical studies and tests conducted by the Company or on behalf of the Company, have been and, if still pending, are being conducted in all material respects pursuant to all Applicable Laws and Authorizations; the descriptions of
the results of such clinical studies and tests contained in the SEC Documents are accurate and complete in all material respects and fairly present the data derived from such clinical studies and tests; the Company is not aware of any clinical
studies or tests, the results of which the Company believes reasonably call into question the research, nonclinical or clinical study or test results described or referred to in the SEC Documents when viewed in the context in which such results are
described; and the Company has not received any written notices or correspondence from any governmental entity requiring the termination, suspension or material modification of any clinical study or test conducted by or on behalf of the Company.

  
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 SECTION 5. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASERS. 

5.1 Each Purchaser, severally and not jointly, represents and warrants to and covenants with the Company that: 

(a) Such Purchaser (if an entity) is a validly existing corporation, limited partnership or limited liability company and has all requisite
corporate, partnership or limited liability company power and authority to enter into and consummate the transactions contemplated by the Transaction Documents and to carry out its obligations hereunder and thereunder, and to invest in the
Securities pursuant to this Agreement. 
 (b) Such Purchaser acknowledges that it can bear the economic risk and complete loss of its
investment in the Securities and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment contemplated hereby. Such Investor has had an opportunity to receive, review
and understand all information related to the Company requested by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions of the offering of the Securities, and has conducted
and completed its own independent due diligence. Such Purchaser acknowledges that the Company has made available the SEC Documents. Based on the information such Purchaser has deemed appropriate, and without reliance upon any Placement Agent, it has
independently made its own analysis and decision to enter into the Transaction Documents. Such Purchaser is relying exclusively on its own sources of information, investment analysis and due diligence (including professional advice it deems
appropriate) with respect to the execution, delivery and performance of the Transaction Documents, the Securities and the business, condition (financial and otherwise), management, operations, properties and prospects of the Company, including but
not limited to all business, legal, regulatory, accounting, credit and tax matters. 
 (c) The Securities to be received by such Purchaser
hereunder will be acquired for such Purchaser’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the Securities Act, and such Purchaser has no present intention of
selling, granting any participation in, or otherwise distributing the same in violation of the Securities Act without prejudice, however, to such Purchaser’s right at all times to sell or otherwise dispose of all or any part of such Securities
in compliance with applicable federal and state securities laws. Such Purchaser is not a broker-dealer registered with the SEC under the Exchange Act or an entity engaged in a business that would require it to be so registered. Such Purchaser
understands that the Securities are characterized as “restricted securities” under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such
laws and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited circumstances. Purchaser will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or
solicit any offers to buy, purchase or otherwise acquire or take a pledge of) any of the securities purchased hereunder except in compliance with the Securities Act, applicable blue sky laws, and the rules and regulations promulgated thereunder.

  
 11 

 (d) Such Purchaser is an “accredited investor” within the meaning of Rule 501(a) under
the Securities Act. Such Purchaser has determined based on its own independent review and such professional advice as it deems appropriate that its purchase of the Securities and participation in the transactions contemplated by the Transaction
Documents (i) are fully consistent with its financial needs, objectives and condition, (ii) comply and are fully consistent with all investment policies, guidelines and other restrictions applicable to such Purchaser, (iii) have been
duly authorized and approved by all necessary action, (iv) do not and will not violate or constitute a default under such Purchaser’s charter, by-laws or other constituent document or under any law, rule, regulation, agreement or other
obligation by which such Purchaser is bound and (v) are a fit, proper and suitable investment for such Purchaser, notwithstanding the substantial risks inherent in investing in or holding the Securities. 

(e) The execution, delivery and performance by such Purchaser of the Transaction Documents to which such Purchaser is a party have been duly
authorized and each has been duly executed and when delivered will constitute the valid and legally binding obligation of such Purchaser, enforceable against such Purchaser in accordance with their respective terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting creditors’ rights generally. 

(f) Purchaser is not a broker or dealer registered pursuant to Section 15 of the Exchange Act (a “registered
broker-dealer”) and is not affiliated with a registered broker dealer. Purchaser is not party to any agreement for distribution of any of the Securities. 

(g) Purchaser shall have completed or caused to be completed and delivered to the Company at no later than the Closing Date, the Purchaser
Questionnaire and the Selling Stockholder Questionnaire for use in preparation of the Registration Statement, and the answers to the Purchaser Questionnaire and the Selling Stockholder Questionnaire are true and correct in all material respects as
of the date of this Agreement and will be true and correct as of the Closing Date and the effective date of the Registration Statement; provided that the Purchasers shall be entitled to update such information by providing notice thereof to the
Company before the effective date of such Registration Statement. 
 (h) Such Purchaser understands that no United States federal or state
agency, or similar agency of any other country, has reviewed, approved, passed upon, or made any recommendation or endorsement of the Company or the purchase of the Securities. 

(i) Such Purchaser has no present intent to effect a “change of control” of the Company as such term is understood under the rules
promulgated pursuant to Section 13(d) of the Exchange Act. 
 (j) Such Purchaser has not taken any of the actions set forth in, and is
not subject to, the disqualification provisions of Rule 506(d)(1) of the Securities Act. 

  
 12 

 (k) Such Purchaser did not learn of the investment in the Securities as a result of any general
solicitation or general advertising. 
 (l) Such Purchaser’s residence (if an individual) or offices in which its investment decision
with respect to the Securities was made (if an entity) are located at the address immediately below such Purchaser’s name on its signature page hereto. 

(m) Such Purchaser (including any person controlling, controlled by, or under common control with such Purchaser, as the term
“control” is defined pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and its implementing regulations (the “HSR Act”)) in connection with the consummation of the transactions contemplated
by this Agreement will not be required to and will not complete a filing with the U.S. government pursuant to the HSR Act. 
 5.2 Other than
consummating the transactions contemplated hereunder, such Purchaser has not, nor has any person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales, including all
“short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include the location and/or reservation of borrowable shares of Common Stock) (“Short Sales”), of the securities of
the Company during the period commencing as of the time that such Purchaser was first contacted by the Company, Leerink Partners LLC or any other person regarding the transactions contemplated hereby and ending immediately prior to the Effective
Date. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct
knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager
that made the investment decision to purchase the Securities covered by this Agreement. Other than to other persons party to this Agreement, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this
transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to the
identification of the availability of, or securing of, available shares to borrow in order to effect Short Sales or similar transactions in the future. 

5.3 Purchaser understands that nothing in this Agreement or any other materials presented to Purchaser in connection with the purchase and
sale of the Securities constitutes legal, tax or investment advice. Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of the Securities.

  
 13 

 5.4 Legends.  

(a) Purchaser understands that, until such time as the Shares have been sold pursuant to the Registration Statement or the Securities may be
sold pursuant to Rule 144 under the Securities Act (“Rule 144”) without any restriction as to the number of securities as of a particular date that can then be immediately sold, the book entry notations evidencing the Shares and the
Underlying Shares may bear one or more legends in substantially the following form and substance: 
 “THESE SECURITIES HAVE NOT BEEN
REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO A TRANSACTION WHICH IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM, OR NOT SUBJECT
TO, SUCH REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.” 

It is understood that the Warrants may bear one or more legends in substantially the following form and substance: 

“THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST
OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO A TRANSACTION WHICH IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.” 

  
 14 

 In addition, book entry notations representing the Securities or the Underlying Shares may
contain: 
 (i) Any legend required by the laws of the State of California, including any legend required by the California Department of
Corporations. 
 (ii) Any legend required by the blue sky laws of any other state to the extent such laws are applicable to the sale of such
Securities or Underlying Shares hereunder. 
 (iii) A legend regarding affiliate status of the Purchasers set forth in Schedule 1 hereto, in
the form included therein. 
 (b) The Company agrees that at such time as such legend is no longer required under this Section, it will, no
later than three business days following the delivery by a Purchaser to the Company or the Company’s transfer agent of a certificate representing Shares or Underlying Shares, as applicable and if such Shares are certificated, issued with a
restrictive legend, together with such representations and covenants of such Purchaser or such Purchaser’s executing broker as the Company may reasonably require in connection therewith, deliver or cause to be delivered to such Purchaser a book
entry position representing such shares that is free from any legend referring to the Securities Act. The Company shall not make any notation on its records or give instructions to any transfer agent of the Company that enlarge the restrictions on
transfer set forth in this Section. Certificates for Securities subject to legend removal hereunder shall be transmitted by the transfer agent of the Company to the Purchasers by crediting the account of such Purchaser’s prime broker with the
Depository Trust Company. All costs and expenses related to the removal of the legends and the reissuance of any Securities shall be borne by the Company. 

(c) The restrictive legend set forth in this section above shall be removed and the Company shall issue a certificate or book entry position
without such restrictive legend or any other restrictive legend to the holder of the applicable shares upon which it is stamped or issue to such holder by electronic delivery with the applicable balance account at the Depository Trust Company
(“DTC”) or in physical certificated shares, if appropriate, if (i) such Shares and Underlying Shares are registered for resale under the Securities Act (provided that, if the Purchaser is selling pursuant to the effective
registration statement registering the Securities for resale, the Purchaser agrees to only sell such Shares during such time that such registration statement is effective and such Purchaser is not aware or has not been notified by the Company that
such registration statement has been withdrawn or suspended, and only as permitted by such registration statement); (ii) such Shares are sold or transferred pursuant to Rule 144 (if the transferor is not an affiliate of the Company); or
(iii) such Shares are eligible for sale without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such securities and without volume or manner-of-sale restrictions. Subject to
receipt of such representations, and covenants as are contemplated hereby, following the earlier of (i) the effective date of the Registration Statement or (ii) Rule 144 becoming available for the resale of the Shares and Underlying
Shares, without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to the Shares and Underlying Shares and without volume or manner-of-sale restrictions, the Company shall issue to the
Company’s transfer agent the instructions with respect to legend removal consistent with this Section. Any fees (with respect to the transfer agent, the Company’s counsel or otherwise) associated with the issuance of such opinion or the
removal of such legend shall be borne by the Company. 

  
 15 

 5.5 Restricted Securities. Purchaser understands that the Securities are characterized as
“restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such Securities may be
resold without registration under the Securities Act only in certain limited circumstances. In this connection, such Purchaser represents that it is familiar with Rule 144, as presently in effect, and understands the resale limitations imposed
thereby and by the Securities Act. 
 5.6 Exculpation Among Purchasers. Purchaser acknowledges that it is not relying upon any
other Purchaser, or any officer, director, employee, agent, partner, member or affiliate of any such other Purchaser, in making its investment or decision to invest in the Company. Purchaser agrees that neither any Purchaser nor the respective
controlling Persons, officers, directors, partners, agents, or employees of any Purchaser shall be liable to any other Purchaser for any action heretofore taken or omitted to be taken by any of them in connection with the purchase of the
Securities. 
 SECTION 6. CONDITIONS TO COMPANY’S OBLIGATIONS AT THE CLOSING. 

The Company’s obligation to complete the sale and issuance of the Securities and deliver Securities to each Purchaser, individually, as
set forth in the Schedule of Purchasers at the Closing shall be subject to the following conditions to the extent not waived by the Company: 

6.1 Receipt of Payment. The Company shall have received payment, by wire transfer of immediately available funds, in the full amount of
the purchase price for the number of Securities being purchased by such Purchaser at the Closing as set forth in the Schedule of Purchasers. 

6.2 Representations and Warranties. The representations and warranties made by the Purchasers in Section 5 hereof shall be true
and correct in all material respects when made, and shall be true and correct in all material respects on the Closing Date with the same force and effect as if they had been made on and as of said date. The Purchaser shall have performed in all
material respects all obligations and covenants herein required to be performed by them on or prior to the Closing Date. 
 6.3 Receipt
of Executed Documents. Such Purchaser shall have executed and delivered to the Company the Registration Rights Agreement, the Purchaser Questionnaire and the Selling Stockholder Questionnaire. 

  
 16 

 SECTION 7. CONDITIONS TO PURCHASERS’ OBLIGATIONS AT THE CLOSING. 

Each Purchaser’s obligation to accept delivery of the Securities and to pay for the Securities shall be subject to the following
conditions to the extent not waived by such Purchaser: 
 7.1 Representations and Warranties Correct. The representations and
warranties made by the Company in Section 4 hereof shall be true and correct in all material respects as of, and as if made on, the date of this Agreement and as of the Closing Date, except to the extent any such representation or warranty
expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct as of such earlier date. The Company shall have performed in all material respects all obligations and covenants herein required to be
performed by it on or prior to the Closing Date.  
 7.2 Receipt of Executed Registration Rights Agreement. The Company shall
have executed and delivered to the Purchasers the Registration Rights Agreement. 
 7.3 Legal Opinion. The Purchasers shall have
received an opinion of Latham & Watkins LLP, special counsel to the Company, dated as of the Closing Date, in form and substance reasonably acceptable to the Purchasers. 

7.4 Certificate. Each Purchaser shall have received a certificate signed by the Chief Executive Officer or the Chief Financial Officer
to the effect that the representations and warranties of the Company in Section 4 hereof are true and correct in all material respects as of, and as if made on, the date of this Agreement and as of the Closing Date and that the Company has
satisfied in all material respects all of the conditions set forth in this Section 7. 
 7.5 Good Standing. The Company is
validly existing as a corporation in good standing under the laws of Delaware. 
 7.6 Nasdaq Approval. The Company shall have filed
with Nasdaq a Notification Form: Listing of Additional Shares for the listing of the Shares and the Underlying Shares. 
 7.7
Judgments. No judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy court or judge, or any order of or by any governmental authority, shall have been issued, and no
action or proceeding shall have been instituted by any governmental authority, enjoining or preventing the consummation of the transactions contemplated hereby. 

7.8 Stop Orders. No stop order or suspension of trading shall have been imposed by the NASDAQ Global Market, the SEC or any other
governmental regulatory body with respect to public trading in the Common Stock. 
 SECTION 8. TERMINATION OF OBLIGATIONS TO EFFECT CLOSING; EFFECTS.

 8.1 The obligations of the Company, on the one hand, and the Purchasers, on the other hand, to effect the Closing shall terminate as
follows: 
 (a) upon the mutual written consent of the Company and Purchasers that agreed to purchase a majority of the Securities to be
issued and sold pursuant to this Agreement; 
 (b) by the Company if any of the conditions set forth in Section 6 shall have become
incapable of fulfillment, and shall not have been waived by the Company; or 

  
 17 

 (c) by a Purchaser (with respect to itself only) if any of the conditions set forth in
Section 7 shall have become incapable of fulfillment, and shall not have been waived by the Purchaser; 
 provided, however, that, except in the case
of clauses (b) and (c) above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any of its representations, warranties, covenants or agreements contained in this Agreement or the other
Transaction Documents if such breach has resulted in the circumstances giving rise to such party’s seeking to terminate its obligation to effect the Closing. 

8.2 Nothing in this Section 8 shall be deemed to release any party from any liability for any breach by such party of the terms and
provisions of this Agreement or the other Transaction Documents or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement or the other Transaction Documents. 

SECTION 9. BROKER’S FEES. 
 The
Company and each Purchaser (severally and not jointly) acknowledge and agree that Leerink Partners LLC is acting as the Company’s placement agent for the sale of certain of the Securities being offered hereby and will be compensated solely by
the Company in such capacity. Except as set forth in the preceding sentence, the Company and each Purchaser (severally and not jointly) hereby represent that there are no other brokers or finders entitled to compensation in connection with the sale
of the Securities, and shall indemnify each other for any such fees for which they are responsible. 
 SECTION 10. ADDITIONAL AGREEMENTS OF THE PARTIES.

 10.1 Nasdaq Listing. The Company will use commercially reasonable efforts to continue the listing and trading of its Common
Stock on Nasdaq and, in accordance, therewith, will use commercially reasonable efforts to comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of such market or exchange, as applicable.

 10.2 Access to Information. From the date hereof until the Closing, the Company will make reasonably available to the
Purchasers’ representatives, consultants and their respective counsels for inspection, such information and documents as the Purchasers reasonably request, and will make available at reasonable times and to a reasonable extent officers and
employees of the Company to discuss the business and affairs of the Company. 
 10.3 Termination of Covenants. The provisions of
Section 10.1-10.2 shall terminate and be of no further force and effect on the date on which the Company’s obligations under the Registration Rights Agreement to register or maintain the effectiveness of any registration covering the
Registrable Securities (as such term is defined in the Registration Rights Agreement) shall terminate. 
 10.4 Form D; Blue Sky
Filings. The Company agrees to timely file a Form D with respect to the Securities and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary
in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchaser at the Closing under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions
promptly upon request of any Purchaser. 

  
 18 

 10.5 Integration. The Company shall not, and shall use its commercially reasonable efforts
to ensure that no affiliate of the Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that will be integrated with the offer or sale of
the Securities in a manner that would require the registration under the Securities Act of the sale of the Securities to the Purchasers, or that will be integrated with the offer or sale of the Securities for purposes of the rules and regulations of
any trading market such that it would require stockholder approval prior to the closing of such other transaction unless stockholder approval is obtained before the closing of such subsequent transaction. 

10.6 Short Sales and Confidentiality After the Date Hereof. Each Purchaser covenants that neither it nor any affiliates acting on its
behalf or pursuant to any understanding with it will execute any Short Sales during the period from the date hereof until the earlier of such time as (i) after the transactions contemplated by this Agreement are first publicly announced or
(ii) this Agreement is terminated in full. Each Purchaser covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company, such Purchaser will maintain the confidentiality of all
disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Each Purchaser understands and acknowledges that the SEC currently takes the position that coverage of short sales of shares of the
Common Stock “against the box” prior to effectiveness of a resale registration statement with securities included in such registration statement would be a violation of Section 5 of the Securities Act, as set forth in Item 239.10
of the Securities Act Rules Compliance and Disclosure Interpretations compiled by the Office of Chief Counsel, Division of Corporation Finance. 

10.7 Securities Laws Disclosure; Publicity. By 5:00 P.M., New York City time, on the trading day immediately following the
Effective Date, the Company shall issue a press release reasonably acceptable to Leerink Partners LLC disclosing the material terms of the transactions contemplated hereby. On or before 9:00 A.M., New York City time, on the third trading
day immediately following the execution of this Agreement, the Company will file a Current Report on Form 8-K (the “8-K”) with the Commission describing the terms of the Transaction Documents (and including as exhibits to such
Current Report on Form 8-K the agreements required to be filed in connection therewith). Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any public filing
with the Commission or any regulatory agency or NASDAQ, without the prior written consent of such Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed, except: (a) as required by federal securities law in
connection with (i) any registration statement contemplated by the Registration Rights Agreement and (ii) the filing of final Transaction Documents with the Commission; (b) the filing of a Form D with the Commission under the
Securities Act and (c) to the extent such disclosure is required by law or NASDAQ regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (c). As of the time of the
filing of the 8-K, no Purchaser shall be in possession of any material, non-public information received from the Company, any subsidiary of the Company or any of their respective officers, directors, employees or agents, pursuant to the transactions
contemplated by this Agreement that is not disclosed in the 8-K, press release or other disclosure by the Company that complies with the requirements of Regulation FD.

  
 19 

 10.8 Subsequent Equity Sales. From the date hereof until the later of (i) 90
days after the Effective Date and (ii) the date immediately following the date on which the initial Registration Statement required by Section 2(a) of the Registration Rights Agreement is first declared effective by the Commission, neither
the Company nor any subsidiary of the Company shall issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents. Notwithstanding the foregoing, in no event shall this Section 10.8 prohibit the
Company from (A) issuing shares of Common Stock or Common Stock Equivalents (i) in connection with a transaction with an third party that includes a bona fide commercial relationship with the Company (including any joint venture, marketing
or distribution arrangement, strategic alliance, collaboration agreement or corporate partnering or intellectual property license agreement with the Company), (ii) upon the exercise of any options, equity awards or warrants outstanding on the
date hereof, or (iii) to employees, directors, consultants or service providers pursuant to any stock option or equity incentive or employee stock purchase plan or otherwise for bona fide equity compensation purposes; provided, however, that
the aggregate number of shares of Common Stock or Common Stock Equivalents issued pursuant to clause (i) during the restricted period specified in this Section 10.8 shall not exceed 10% of the total number of shares of Common Stock issued
and outstanding immediately following the Closing, or (B) filing a registration statement on Form S-3 with the Commission to register equity securities of the Company to be sold on a primary basis following the Effective Date. For purposes of
this section, “Common Stock Equivalents” means any securities of the Company or any subsidiary of the Company which would entitle the holder thereof to acquire Common Stock, including, without limitation, any debt, preferred stock, rights,
options, warrants or other instrument that is convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock or other securities that entitle the holder to receive, directly or indirectly, Common Stock. 

SECTION 11. INDEMNIFICATION. 
 11.1
Indemnification by the Company. The Company agrees to indemnify and hold harmless each of the Purchasers and each Person, if any, who controls any Purchaser within the meaning of the Securities Act (each, an “Indemnified
Party”), against any losses, claims, damages, liabilities or expenses, joint or several, to which such Indemnified Party may become subject under the Securities Act, the Exchange Act, or any other federal or state statutory law or
regulation, or at common law (including in settlement of any litigation, if such settlement is effected with the written consent of the Company), insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof as
contemplated below) arise out of or are based in whole or in part on any inaccuracy in the representations and warranties of the Company contained in this Agreement or any failure of the Company to perform its obligations hereunder, and will
reimburse each Indemnified Party for legal and other expenses reasonably incurred as such expenses are reasonably incurred by such Indemnified Party in connection with investigating, defending, settling, compromising or paying such loss, claim,
damage, liability, expense or action; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or is based upon (i) the failure of such
Indemnified Party to comply with the covenants and agreements contained in Section 6 above respecting sale of the Securities (including the Underlying Shares), or (ii) the inaccuracy of any representations made by such Indemnified Party
herein. 

  
 20 

 11.2 Indemnification by Purchasers. Each Purchaser shall severally, and not jointly,
indemnify and hold harmless the other Purchasers and the Company, each of its directors, and each Person, if any, who controls the Company within the meaning of the Securities Act, against any losses, claims, damages, liabilities or expenses to
which the Company, each of its directors or each of its controlling Persons may become subject, under the Securities Act, the Exchange Act, or any other federal or state statutory law or regulation, or at common law or otherwise (including in
settlement of any litigation, if such settlement is effected with the written consent of such Purchaser) insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof as contemplated below) arise out of or are based
upon (i) any failure by such Purchaser to comply with the covenants and agreements contained in Sections 5 and 10.6 above respecting the sale of the Securities (including the Underlying Shares) unless such failure by such Purchaser is directly
caused by the Company’s failure to provide written notice of a Suspension to such Purchaser or (ii) the inaccuracy of any representation made by such Purchaser herein, in each case to the extent, and will reimburse the Company, each of its
directors, and each of its controlling Persons for any legal and other expense reasonably incurred, as such expenses are reasonably incurred by the Company, each of its directors, and each of its controlling Persons in connection with investigating,
defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action. No Purchaser shall be liable for the indemnification obligations of any other Purchaser. 

SECTION 12. NOTICES. 
 All notices,
requests, consents and other communications hereunder shall be in writing, shall be sent by confirmed facsimile or electronic mail, or mailed by first-class registered or certified airmail, or nationally recognized overnight express courier, postage
prepaid, and shall be deemed given when so sent in the case of facsimile or electronic mail transmission, or when so received in the case of mail or courier, and addressed as follows: 

if to the Company, to: 

Ardelyx, Inc. 
 34175 Ardenwood
Blvd. 
 Fremont, California 

Attention: Chief Executive Officer 

Facsimile: (510) 745-0493 

E-Mail: mraab@ardelyx.com 
 with
a copy (which shall not constitute notice) to: 
 Latham & Watkins LLP 

140 Scott Drive 
 Menlo Park,
California 94025 
 Attention: Mark Roeder 

Facsimile: (650) 463-2600 

E-Mail: mark.roeder@lw.com 

  
 21 

 or to such other person at such other place as the Company shall designate to the Purchasers in
writing; and 
 (a) if to the Purchasers, at the address as set forth at the end of this Agreement, or at such other address or addresses as
may have been furnished to the Company in writing. 
 SECTION 13. MISCELLANEOUS. 

13.1 Waivers and Amendments. Neither this Agreement nor any provision hereof may be changed, waived, discharged, terminated, modified or
amended except upon the written consent of the Company and holders of at least a majority of the Shares and the Underlying Shares (assuming the exercise of the then-outstanding Warrants). 

13.2 Headings. The headings of the various sections of this Agreement have been inserted for convenience of reference only and shall
not be deemed to be part of this Agreement. 
 13.3 Severability. In case any provision contained in this Agreement should be
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. 

13.4 Replacement of Shares or Warrants. If the Shares are certificated and any certificate or instrument evidencing any Shares or
Warrants is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor, a new certificate or instrument, but only upon
receipt of evidence reasonably satisfactory to the Company and the Company’s transfer agent of such loss, theft or destruction and the execution by the holder thereof of a customary lost certificate affidavit of that fact and an agreement to
indemnify and hold harmless the Company and the Company’s transfer agent for any losses in connection therewith or, if required by the transfer agent, a bond in such form and amount as is required by the transfer agent. The applicants for a new
certificate or instrument under such circumstances shall also pay any reasonable third-party costs associated with the issuance of such replacement Shares or Warrant. If a replacement certificate or instrument evidencing any Shares or Warrant is
requested due to a mutilation thereof, the Company may require delivery of such mutilated certificate or instrument as a condition precedent to any issuance of a replacement. 

13.5 Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under this Agreement are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under this Agreement. Nothing contained herein and no action taken by any
Purchaser pursuant hereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group, or are
deemed affiliates (as such term is defined under the Exchange Act) with respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser shall be entitled to independently protect and

  
 22 

 
enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any
proceeding for such purpose. 
 13.6 Governing Law. All questions concerning the construction, validity, enforcement and
interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of California, without regard to the principles of conflicts of law thereof. Each party agrees that all
legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors,
officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of San Francisco. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in the City San Francisco for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction
Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an
inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. 
 13.7 Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been
signed by each party hereto and delivered to the other parties. 
 13.8 Successors and Assigns. Except as otherwise expressly
provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. 

13.9 Entire Agreement. This Agreement and other documents delivered pursuant hereto, including the exhibit and the Schedule of
Exceptions, constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof. 

13.10 Payment of Fees and Expenses. Each of the Company and the Purchasers shall bear its own expenses and legal fees incurred on its
behalf with respect to this Agreement and the transactions contemplated hereby. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorney’s
fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

  
 23 

 13.11 Survival. The representations, warranties, covenants and agreements made in this
Agreement shall survive any investigation made by the Company or the Purchasers and the Closing. 
 [signature pages follow] 

  
 24 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
duly authorized representatives as of the day and year first above written. 
  

			
	ARDELYX, INC.
		
	By:	 	  /s/ Michael Raab

			
	Name:	 	Michael Raab

 
			
	Title:	 	President and Chief Executive Officer

  
 SIGNATURE PAGES TO 

SECURITIES PURCHASE AGREEMENT 

					
	PURCHASERS:	 	 New Enterprise Associates 12,

Limited Partnership

			
		 	By:	 	 /s/  Louis S. Citron

			
		 	Name:	 	 Louis S. Citron

			
		 	Title:	 	 Chief Legal Officer

			
		 	Address:	 	 c/o New Enterprise Associates

		 		 	 1954 Greenspring Drive, Suite 600

		 		 	 Timonium, MD 21093

			
		 	Fax:	 	 410-842-4115

  
 SIGNATURE PAGES TO 

SECURITIES PURCHASE AGREEMENT 

					
	PURCHASERS:	 	NEA 15 Opportunity Fund, L.P.
			
		 	By:	 	 /s/  Louis S. Citron

			
		 	Name:	 	 Louis S. Citron

			
		 	Title:	 	 Chief Legal Officer

			
		 	Address:	 	 c/o New Enterprise Associates

		 		 	 1954 Greenspring Drive, Suite 600

		 		 	 Timonium, MD 21093

			
		 	Fax:	 	 410-842-4115

  
  

SIGNATURE PAGES TO 
 SECURITIES
PURCHASE AGREEMENT 

					
	PURCHASERS:	 	New Enterprise Associates 15, L.P.
			
		 	By:	 	 /s/  Louis S. Citron

			
		 	Name:	 	 Louis S. Citron

			
		 	Title:	 	 Chief Legal Officer

			
		 	Address:	 	 c/o New Enterprise Associates

		 		 	 1954 Greenspring Drive, Suite 600

		 		 	 Timonium, MD 21093

			
		 	Fax:	 	 410-842-4115

  
  

SIGNATURE PAGES TO 
 SECURITIES
PURCHASE AGREEMENT 

					
	PURCHASERS:	 	RA CAPITAL HEALTHCARE FUND, L.P.
		
		 	By: RA Capital Management, LLC
		 	Its: General Partner
			
		 	By:	 	 /s/  Rajeev Shah

			
		 	Name:	 	 Rajeev Shah

			
		 	Title:	 	 Authorized Signatory

			
		 	Address:	 	 20 Park Plaza

		 		 	 Suite 1200

		 		 	 Boston, MA 02116

			
		 	 Fax:
	 	  

  
  

SIGNATURE PAGES TO 
 SECURITIES
PURCHASE AGREEMENT 

					
	PURCHASERS:	 	Blackwell Partners LLC—Series A
			
		 	By:	 	 /s/  Eric M. Koehrsen /s/  Jannine Lall

			
		 	Name:	 	 Eric M. Koehrsen/ Jannine Lall

			
		 	Title:	 	 Authorized Signatory/ Authorized Signatory

			
		 	Address:	 	 280 S. Mangum Street, Suite 210

		 		 	 Durham, NC 27701

			
		 	Fax:	 	 919-668-9926

  
  

SIGNATURE PAGES TO 
 SECURITIES
PURCHASE AGREEMENT 

					
	PURCHASERS:	 	FORESITE CAPITAL FUND II, LP
		
		 	by: FORESITE CAPITAL MANAGEMENT II, LLC,
		 	General Partner
			
		 	By:	 	 /s/ Dennis D. Ryan

			
		 	Name:	 	 Dennis D. Ryan

			
		 	Title:	 	 CFO

			
		 	Address:	 	 101 California Street, Suite 4100

		 		 	 San Francisco, CA 94111

			
		 	 Fax:
	 	 (530) 787-3805

  
  
  

SIGNATURE PAGES TO 
 SECURITIES
PURCHASE AGREEMENT 

					
	PURCHASERS:	 	Broadfin Healthcare Master Fund, Ltd.
			
		 	By:	 	 /s/ Jason Abrams

			
		 	Name:	 	 Jason Abrams

			
		 	Title:	 	 CFO

			
		 	Address:	 	 300 Park Avenue, 25 Floor

		 		 	 New York, NY 10022

			
		 	Fax:	 	 212-808-2464

  
  

SIGNATURE PAGES TO 
 SECURITIES
PURCHASE AGREEMENT 

					
	PURCHASERS:	 	ROCK SPRINGS CAPITAL MASTER FUND LP
			
		 	By:	 	Rock Springs GP LLC
		 	Its:	 	General Partner
			
		 	By:	 	 /s/ Graham McPhail

			
		 	Name:	 	 Graham McPhail

			
		 	Title:	 	 Managing Director

			
		 	Address:	 	 Rock Springs Capital

		 		 	 650 S. Exeter St., Suite 1070

		 		 	 Baltimore, MD 21202

			
		 	 Fax:
	 	 410-220-0144

  
  

SIGNATURE PAGES TO 
 SECURITIES
PURCHASE AGREEMENT 

					
	PURCHASERS:	 	Cormorant Global Healthcare Master Fund, LP
			
		 	By:	 	 /s/ Jay Scollins

			
		 	Name:	 	 Jay Scollins

			
		 	Title:	 	 CFO/COO

			
		 	Address:	 	 200 Clarendon Street 52nd Floor

		 		 	 Boston, MA 02116

			
		 	Fax:	 	 617-509-5905

  
  

SIGNATURE PAGES TO 
 SECURITIES
PURCHASE AGREEMENT 

					
	PURCHASERS:	 	Sabby Healthcare Master Fund, Ltd.
			
		 	By:	 	 /s/ Robert Grundstein

			
		 	Name:	 	 Robert Grundstein

			
		 	Title:	 	 COO of Investment Management

			
		 	Address:	 	 c/o Sabby Management, LLC

		 		 	 10 Mountainview Road, Suite 205

		 		 	 Upper Saddle River, NJ 27458

			
		 	Fax:	 	  

  
  

SIGNATURE PAGES TO 
 SECURITIES
PURCHASE AGREEMENT 

 PURCHASERS: 
  

			
	 By:
	 	 /s/ Peter Schultz

		
	 Name:
	 	 Peter Schultz

		
	 Title:
	 	 Professor

		
	 Address:
	 	
		
	 Fax:
	 	 858-242-1001

  
  

SIGNATURE PAGES TO 
 SECURITIES
PURCHASE AGREEMENT 

 EXHIBIT A 

SCHEDULE OF PURCHASERS 
  

													
	 Name and Address
	  	Number of
Shares	 	  	Number of Shares
Underlying
Warrants	 	  	Aggregate Purchase
Price of Warrants
and Shares	 
	 New Enterprise Associates 12, Limited Partnership

c/o New Enterprise Associates

1954 Greenspring Drive, Suite 600

Timonium, MD 21093
	  	 	1,869,159	  	  	 	560,748	  	  	$	20,070,094.80	  
				
	 NEA 15 Opportunity Fund, L.P.

c/o New Enterprise Associates

1954 Greenspring Drive, Suite 600

Timonium, MD 21093
	  	 	1,401,869	  	  	 	420,561	  	  	$	15,052,568.43	  
				
	 New Enterprise Associates 15, L.P.

c/o New Enterprise Associates

1954 Greenspring Drive, Suite 600

Timonium, MD 21093
	  	 	1,401,869	  	  	 	420,561	  	  	$	15,052,568.43	  
				
	 RA Capital Healthcare Fund, L.P.

20 Park Plaza

Suite 1200

Boston, MA 02116
	  	 	459,813	  	  	 	137,944	  	  	$	4,937,242.10	  
				
	 Blackwell Partners LLC - Series A

280 S. Mangum Street, Suite 210

Durham, NC 27701
	  	 	100,935	  	  	 	30,281	  	  	$	1,083,789.63	  
				
	 Foresite Capital Fund II, LP

101 California Street

Suite 4100

San Francisco, CA 94111
	  	 	467,290	  	  	 	140,187	  	  	$	5,017,526.38	  
				
	 Broadfin Healthcare Master Fund, Ltd.

300 Park Avenue

25th Floor

New York, NY 10022
	  	 	467,290	  	  	 	140,187	  	  	$	5,017,526.38	  
				
	 Rock Springs Capital Master Fund LP

Rock Springs Capital

650 S. Exeter St.

Suite 1070

Baltimore, MD 21202
	  	 	467,290	  	  	 	140,187	  	  	$	5,017,526.38	  
				
	 Cormorant Global Healthcare Master Fund, LP

200 Clarendon Street

52nd Floor

Boston, MA 02116
	  	 	467,290	  	  	 	140,187	  	  	$	5,017,526.38	  
				
	 Sabby Healthcare Master Fund, Ltd.

c/o Sabby Management LLC

10 Mountainview Road

Suite 205

Upper Saddle River, NJ 07458
	  	 	93,458	  	  	 	28,037	  	  	$	1,003,505.23	  
				
	 Peter Schultz

1650 la Jolla Rancho Rd

La Jolla, CA 92037
	  	 	46,729	  	  	 	14,019	  	  	$	501,752.68	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	 	7,242,992	  	  	 	2,172,899	  	  	$	77,771,626.82	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 -13- 

 EXHIBIT B 

FORM OF WARRANT 

  
 -14- 

 EXECUTION VERSION 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT
REQUIRED UNDER SUCH ACT OR UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SUCH ACT. 
  

			
	WARRANT NO. 2015-            	  	NUMBER OF SHARES:             
	DATE OF ISSUANCE: June     , 2015	  	(subject to adjustment hereunder)
	EXPIRATION DATE: June     , 2020	  	

 WARRANT TO PURCHASE SHARES 

OF COMMON STOCK OF 
 ARDELYX, INC.

 This Warrant is issued to             , or its registered assigns (including
any successors or assigns, the “Purchaser”), pursuant to that certain Securities Purchase Agreement, dated as of June 2, 2015, among Ardelyx, Inc., a Delaware corporation (the “Company”), the Purchaser and
certain other purchasers thereunder (the “Purchase Agreement”) and is subject to the terms and conditions of the Purchase Agreement. 

1. EXERCISE OF WARRANT. 
 (a)
Number and Exercise Price of Warrant Shares; Expiration Date. Subject to the terms and conditions set forth herein and set forth in the Purchase Agreement, the Purchaser is entitled to purchase from the Company up to
            shares of the Company’s Common Stock, $0.0001 par value per share (the “Common Stock”) (as adjusted from time to time pursuant to the provisions of this
Warrant) (the “Warrant Shares”), at a purchase price of $13.91 per share (the “Exercise Price”), on or before 5:00 p.m. New York City time on June     , 2020 (the “Expiration
Date”) (subject to earlier termination of this Warrant as set forth herein). 
 (b) Method of Exercise. While this Warrant
remains outstanding and exercisable in accordance with Section 1(a) above, the Purchaser may exercise this Warrant by surrendering this Warrant at the principal office of the Company and paying the Exercise Price by either: 

(1) wire transfer to the Company or cashier’s check drawn on a United States bank made payable to the order of the Company, or 

(2) exercising of the right to credit the Exercise Price against the Fair Market Value of the Warrant Shares (as defined below) at the time
of exercise (the “Net Exercise”) pursuant to Section 1(c). 

 (c) Net Exercise. If the Company shall receive written notice from the Purchaser at the
time of exercise of this Warrant that the holder elects to Net Exercise the Warrant, the Company shall deliver to such Purchaser (without payment by the Purchaser of any exercise price in cash) that number of Warrant Shares computed using the
following formula: 
  

									
		 	X	 	=	 	Y (A - B)	  	
		 	 	 	A	  	

 Where 
  

			
	 X =
	  	The number of Warrant Shares to be issued to the Purchaser.
		
	 Y =
	  	The number of Warrant Shares purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being cancelled (at the date of such calculation).
		
	 A =
	  	The Fair Market Value of one (1) share of Common Stock (at the date of such calculation).
		
	 B =
	  	The Exercise Price (as adjusted to the date of such calculations).

 The “Fair Market Value” of one share of Common Stock shall mean (x) the last reported sale
price and, if there are no sales, the last reported bid price, of the Common Stock on the business day prior to the date of exercise on the NASDAQ Global Market as reported by Bloomberg Financial Markets (or a comparable reporting service of
national reputation selected by the Company and reasonably acceptable to the holder if Bloomberg Financial Markets is not then reporting sales prices of the Common Stock) (collectively, “Bloomberg”) or (y) or if the foregoing
does not apply, the last sales price of the Common Stock in the over-the-counter market on the pink sheets or bulletin board for such security as reported by Bloomberg, and, if there are no sales, the last reported bid price of the Common Stock as
reported by Bloomberg or, if fair market value cannot be calculated as of such date on either of the foregoing bases, the price determined in good faith by the Company’s Board of Directors. 

(d) Deemed Exercise. In the event that immediately prior to the close of business on the Expiration Date, the Fair Market Value of one share
of Common Stock (as determined in accordance with Section 1(c) above) is greater than the then applicable Exercise Price, this Warrant shall be deemed to be automatically exercised on a net exercise issue basis pursuant to Section 1(c)
above, and the Company shall deliver the applicable number of shares of Common Stock to the Holder pursuant to the provisions of Section 1(c) above and this Section 1(d). 

2. CERTAIN ADJUSTMENTS. 
 (a)
Adjustment of Number of Warrant Shares and Exercise Price. The number and kind of Warrant Shares purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 

(1) Subdivisions, Combinations and Other Issuances. If the Company shall at any time after the Date of Issuance but prior to the Expiration
Date subdivide its shares of 

  
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capital stock of the same class as the Warrant Shares, by split-up or otherwise, or combine such shares of capital stock, or issue additional shares of capital stock as a dividend with respect to
any shares of such capital stock, the number of Warrant Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a
combination. Appropriate adjustments shall also be made to the Exercise Price payable per share, but the aggregate Exercise Price payable for the total number of Warrant Shares purchasable under this Warrant (as adjusted) shall remain the same. Any
adjustment under this Section 2(a)(1) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon
the making of such dividend. 
 (2) Reorganizations or Mergers. In case of any reclassification, capital reorganization or change in
the capital stock of the Company (other than as a result of a subdivision, combination or stock dividend provided for in Section 2(a)(1) above) that occurs after the Date of Issuance, then, as a condition of such reclassification,
reorganization or change, lawful provision shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Purchaser, so that the Purchaser shall thereafter have the right at any time prior
to the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and/or other securities or property (including, if applicable, cash) receivable in
connection with such reclassification, reorganization or change by a holder of the same number and type of securities as were purchasable as Warrant Shares by the Purchasers immediately prior to such reclassification, reorganization or change. In
any such case appropriate provisions shall be made with respect to the rights and interest of the Purchaser so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities or property deliverable
upon exercise hereof, and appropriate adjustments shall be made to the Exercise Price payable hereunder, provided the aggregate Exercise Price shall remain the same (and, for the avoidance of doubt, this Warrant shall be exclusively exercisable for
such shares of stock and/or other securities or property from and after the consummation of such reclassification or other change in the capital stock of the Company). 

(b) Notice to Holder. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution of
cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase any capital stock of the Company or any subsidiary, (ii) authorizes or approves,
enters into any agreement contemplating or solicits stockholder approval for any Change of Control or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then the Company shall deliver to a
holder a notice of such transaction at least 15 business days prior to the applicable record or effective date on which a person would need to hold Common Stock in order to participate in or vote with respect to such transaction; provided, however,
that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice. 

(c) Calculations. All calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th of a share, as
the case may be. For purposes of this Section 2, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and
outstanding. 

  
 -17- 

 (d) Treatment of Warrant upon a Change of Control.

(1) In the event of a Change of Control in which the consideration to be received by the Company’s stockholders consists solely of cash,
solely of Marketable Securities (as defined below) or a combination of cash and Marketable Securities (a “Cash/Public Change of Control”), if this Warrant is outstanding upon the consummation of such Cash/Public Change of
Control then (i) if the Fair Market Value of one share of Common Stock (as determined in accordance with Section 1(c)) is greater than the then applicable Exercise Price, this Warrant shall be deemed to be automatically exercised on a net
exercise issue basis pursuant to Section 1(c) as of immediately prior to such Cash/Public Change of Control and (ii) if the Fair Market Value of one share of Common Stock (as determined in accordance with Section 1(c)) is less than or
equal to the then applicable Exercise Price, this Warrant will expire immediately prior to the consummation of such Change of Control. 

(2) If, at any time while this Warrant is outstanding, the Company consummates a Change of Control that is not a Cash/Public Change of
Control, then a holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Change of Control
if it had been, immediately prior to such Change of Control, a holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant (the “Alternate Consideration”). The Company shall not effect any such Change
of Control unless prior to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or entity shall assume the
obligation to deliver to the holder, such Alternate Consideration as, in accordance with the foregoing provisions, the holder may be entitled to purchase, and the other obligations under this Warrant.

(3) As used in this Warrant, a “Change of Control” shall mean (i) a merger or consolidation of the Company with another
corporation (other than a merger effected exclusively for the purpose of changing the domicile of the Company), (ii) the sale, assignment, transfer, conveyance or other disposal of all or substantially all of the properties or assets or all or
a majority of the outstanding voting shares of capital stock of the Company, (iii) a purchase, tender or exchange offer accepted by the holders of a majority of the outstanding voting shares of capital stock of the Company, or (iv) a
“person” or “group” (as these terms are used for purposes of Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is or shall become the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly at least a majority of the voting power of the capital stock of the Company. 

(4) As used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements:
(i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act, and is then current in its filing of all required reports and other information under the Securities
Act of 1933, as amended (the “Securities Act”), and the Exchange Act; (ii) the class and series of shares or other 

  
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security of the issuer that would be received by the holder in connection with the Change of Control were the holder to exercise this Warrant on or prior to the closing thereof is then traded or
quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market, and (iii) following the closing of such Change of Control, the holder would not be restricted from publicly re-selling all of the
issuer’s shares and/or other securities that would be received by the holder in such Change of Control were the holder to exercise or convert this Warrant in full on or prior to the closing of such Change of Control, except to the extent that
any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six months from the closing of such Change of Control. 

2. NO FRACTIONAL SHARES. No fractional Warrant Shares or scrip representing fractional shares will be issued upon exercise of this Warrant. In
lieu of any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the Fair Market Value of one Warrant Share. 

3. NO STOCKHOLDER RIGHTS. Until the exercise of this Warrant or any portion of this Warrant, the Purchaser shall not have, nor exercise, any
rights as a stockholder of the Company (including without limitation the right to notification of stockholder meetings or the right to receive any notice or other communication concerning the business and affairs of the Company) except as provided
in Section 9 below. 
 4. RESERVATION OF STOCK. The Company covenants that during the period this Warrant is exercisable, the Company
will reserve from its authorized and unissued Common Stock a sufficient number of shares of Common Stock (or other securities, if applicable) to provide for the issuance of Warrant Shares (or other securities) upon the exercise of this Warrant. 

5. MECHANICS OF EXERCISE. 
 (a)
Delivery of Warrant Shares Upon Exercise. This Warrant may be exercised by the holder hereof, in whole or in part, by the surrender of this Warrant and the Notice of Exercise attached hereto as Exhibit A duly completed and executed on
behalf of the holder hereof, at the principal office of the Company together with payment in full of the Exercise Price (unless the Purchaser has elected to Net Exercise) then in effect with respect to the number of Warrant Shares as to which the
Warrant is being exercised. This Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of its surrender for exercise as provided above, and the person entitled to receive the Warrant Shares issuable
upon such exercise shall be treated for all purposes as the holder of such shares of record as of the close of business on such date. Warrant Shares purchased hereunder shall be transmitted by the Company’s transfer agent to the holder by
crediting the account of the holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal at Custodian system if the Company is then a participant in such system and either (A) there is an effective
registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the holder or (B) the shares are eligible for resale by the holder without volume or manner-of-sale limitations pursuant to Rule 144, and
otherwise by physical delivery to the address specified by the holder in the Notice of Exercise by the end of the day on the date that is three trading days from the delivery to the Company of the Notice of Exercise, surrender of this Warrant and

  
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payment of the aggregate Exercise Price (unless exercised by means of a cashless exercise pursuant to Section 1(c). The Warrant Shares shall be deemed to have been issued, and the holder or
any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by Net
Exercise) and all taxes required to be paid by the holder, if any, prior to the issuance of such shares, having been paid. 
 (b)
Holder’s Exercise Limitations.1 A holder shall not have the right to exercise this Warrant, pursuant to Section 1 or otherwise, to the extent that after giving effect to such
issuance after exercise as set forth on the applicable Notice of Exercise, the holder (together with the holder’s affiliates, and any other persons acting as a group together with the holder or any of the holder’s affiliates), would
beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by the holder and its affiliates shall include the
number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the holder or any of its affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any
other convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the holder or any of its affiliates. Except as set forth in
the preceding sentence, for purposes of this section, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the holder that
the Company is not representing to the holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that
the limitation contained in this section 5(b) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the holder together with any affiliates) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the holder, and the submission of a Notice of Exercise shall be deemed to be the holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the holder together with
any affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no
liability for exercise of the Warrant that are not in compliance with the Beneficial Ownership Limitation. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 5(b), in determining the number of outstanding shares of Common Stock, a holder may rely on the number of outstanding shares of Common Stock as
reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the
Company’s transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written request of a holder, the Company shall within 

 

	1 	Note to Form: This Section 5(b) will be included for all Purchasers other than Purchasers affiliated with New Enterprise Associates. 

  
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three trading days confirm in writing to the holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the holder or its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The
“Beneficial Ownership Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. Any such
increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
Section 5(b) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give
effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 
 6. CERTIFICATE
OF ADJUSTMENT. Whenever the Exercise Price or number or type of securities issuable upon exercise of this Warrant is adjusted, as herein provided, the Company shall, at its expense, promptly deliver to the Purchaser a certificate of an officer of
the Company setting forth the nature of such adjustment and showing in detail the facts upon which such adjustment is based. 
 7.
COMPLIANCE WITH SECURITIES LAWS. 
 (a) The Purchaser understands that this Warrant and the Warrant Shares are characterized as
“restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations this Warrant and the
Warrant Shares may be resold without registration under the Securities Act only in certain limited circumstances. In this connection, the Purchaser represents that it is familiar with Rule 144 under the Securities Act, as presently in effect, and
understands the resale limitations imposed thereby and by the Securities Act. 
 (b) Prior and as a condition to the sale or transfer of the
Warrant Shares issuable upon exercise of this Warrant, the Purchaser shall furnish to the Company such certificates, representations, agreements and other information, including an opinion of counsel, as the Company or the Company’s transfer
agent reasonably may require to confirm that such sale or transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, unless such Warrant Shares are being sold or
transferred pursuant to an effective registration statement. 
 (c) The Purchaser acknowledges that the Company may place a restrictive
legend on the Warrant Shares issuable upon exercise of this Warrant in order to comply with applicable securities laws, unless such Warrant Shares are otherwise freely tradable under Rule 144 of the Securities Act. 

8. REPLACEMENT OF WARRANTS. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement reasonably 

  
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satisfactory in form and amount to the Company or, in the case of any such mutilation, on surrender and cancellation of such Warrant, the Company at its expense will execute and deliver, in lieu
thereof, a new Warrant of like tenor. 
 9. NO IMPAIRMENT. Except to the extent as may be waived by the holder of this Warrant, the Company
will not, by amendment of its charter or through a Change of Control, dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good
faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Purchaser against impairment. 

10. TRADING DAYS. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be
other than a day on which the Common Stock is traded on the Nasdaq Global Market, or, if the Nasdaq Global Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the
Common Stock is then traded, then such action may be taken or such right may be exercised on the next succeeding day on which the Common Stock is so traded. 

11. TRANSFERS; EXCHANGES. (a) Subject to compliance with applicable federal and state securities laws and Section 8 hereof, this
Warrant may be transferred by the Purchaser with respect to any or all of the Warrant Shares purchasable hereunder. For a transfer of this Warrant as an entirety by Purchaser, upon surrender of this Warrant to the Company, together with the Notice
of Assignment in the form attached hereto as Exhibit B duly completed and executed on behalf of the Purchaser, the Company shall issue a new Warrant of the same denomination to the assignee. For a transfer of this Warrant with respect to a
portion of the Warrant Shares purchasable hereunder, upon surrender of this Warrant to the Company, together with the Notice of Assignment in the form attached hereto as Exhibit B duly completed and executed on behalf of the Purchaser, the
Company shall issue a new Warrant to the assignee, in such denomination as shall be requested by the Purchaser, and shall issue to the Purchaser a new Warrant covering the number of shares in respect of which this Warrant shall not have been
transferred. 
 (b) This Warrant is exchangeable, without expense, at the option of the Purchaser, upon presentation and surrender hereof to
the Company for other warrants of different denominations entitling the holder thereof to purchase in the aggregate the same number of shares of Common Stock purchasable hereunder. This Warrant may be divided or combined with other warrants that
carry the same rights upon presentation hereof at the principal office of the Company together with a written notice specifying the denominations in which new warrants are to be issued to the Purchaser and signed by the Purchaser hereof. The term
“Warrants” as used herein includes any warrants into which this Warrant may be divided or exchanged. 
 12. MISCELLANEOUS. This
Agreement shall be governed by and construed in accordance with the internal laws of the State of California, without the application of principles of conflicts of laws that would result in any law other than the laws of the State of California. All
notices, requests, consents and other communications hereunder shall be in writing, shall be sent by confirmed facsimile or electronic mail, or mailed by first-class registered or certified 

  
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airmail, or nationally recognized overnight express courier, postage prepaid, and shall be deemed given when so sent in the case of facsimile or electronic mail transmission, or when so received
in the case of mail or courier, and addressed as follows: (a) if to the Company, at 34175 Ardenwood Blvd., Fremont, California, Attention: Chief Executive Officer, Facsimile: (510) 745-0493, Email: mraab@ardelyx.com; with a copy to (which
shall not constitute notice) Latham & Watkins LLP, 140 Scott Drive, Menlo Park, California 94025, Attention: Mark Roeder, Facsimile: (650) 463-2600, E-Mail: mark.roeder@lw.com and (b) if to the Purchaser, at such address or
addresses (including copies to counsel) as may have been furnished by the Purchaser to the Company in writing. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provisions.

 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, this Common Stock Purchase Warrant is issued effective as of the date first
set forth above. 
  

			
	 ARDELYX, INC.

 
			
		
	By:	 	  

 
			
	 Name:
	 	Michael Raab

 
			
	 Title:
	 	  President and Chief Executive Officer

 Signature Page to Warrant No. 2015-[Warrant No.] 

 EXHIBIT A 

NOTICE OF INTENT TO EXERCISE 
 (To
be signed only upon exercise of Warrant) 
 To: Ardelyx, Inc. 

The undersigned, the Purchaser of the attached Warrant, hereby irrevocably elects to exercise the purchase right represented by such Warrant
for, and to purchase thereunder,
                                        
(            ) shares of Common Stock of Ardelyx, Inc. and (choose one) 

                     herewith makes
payment of
                                        
Dollars ($            ) thereof 
 or 

                     elects to Net
Exercise the Warrant pursuant to Section 1(b)(2) thereof. 
 The undersigned requests that the certificates or book entry position
evidencing the shares to be acquired pursuant to such exercise be issued in the name of, and delivered to
                                         
                                         
                                         
         , whose address is
                                        
                                
                
                                         
                                    
                        
                        
                            . 

By its signature below the undersigned hereby represents and warrants that it is an “accredited investor” as defined in Rule 501(a)
of Regulation D promulgated under the Securities Act of 1933, as amended, and agrees to be bound by the terms and conditions of the attached Warrant as of the date hereof, including Section 9 thereof. 

 

									
	 DATED:
	 	
                     
                                        
	 		 	
		 		 		 		 	
				
		 		 		 	(Signature must conform in all respects to name of the Purchaser as specified on the face of the Warrant)
				
		 		 		 	  

		 		 		 	[Purchaser]
		 		 		 	Address:	 	 
		 		 		 	  

 

		 		 		 	

 EXHIBIT B 

NOTICE OF ASSIGNMENT FORM 
 FOR
VALUE RECEIVED, [Purchaser] (the “Assignor”) hereby sells, assigns and transfers all of the rights of the undersigned Assignor under the attached Warrant with respect to the number of shares of common stock of Ardelyx, Inc. (the
“Company”) covered thereby set forth below, to the following “Assignee” and, in connection with such transfer, represents and warrants to the Company that the transfer is in compliance with Section 9 of the
Warrant and applicable federal and state securities laws: 
  

							
	NAME OF ASSIGNEE	  	ADDRESS/FAX NUMBER

							
				
	Number of shares:	 	  
	  		 	

							
				
	Dated:	 	  
	  	Signature:	 	  

							
				
		 		  	Witness:	 	  

 ASSIGNEE ACKNOWLEDGMENT 

The undersigned Assignee acknowledges that it has reviewed the attached Warrant and by its signature below it hereby represents and warrants
that it is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended, and agrees to be bound by the terms and conditions of the Warrant as of the date hereof, including
Section 9 thereof. 
  

							
		 		    	Signature:	 	  

							
				
		 		    	By:	 	  

							
		 		    	Its:	 	  

							
	Address:	 		    		 	
	  
	    		 	
	  
	    		 	
	  
	    		 	

 EXHIBIT C 

LIST OF PERSONS EXECUTING LOCK-UP AGREEMENTS 

Peter Schultz 
 David Mott

NEA Ventures 2008, Limited Partnership 
 New Enterprise Associates
12, Limited Partnership 
 New Enterprise Associates 15, L.P. 

NEA 15 Opportunity Fund, L.P. 

 APPENDIX I 

 PURCHASER QUESTIONNAIRE 

To: Ardelyx, Inc. 
 This Purchaser Questionnaire
(“Questionnaire”) must be completed by each potential investor in connection with the offer and sale of the shares of the common stock, par value $0.0001 per share, and shares of common stock that may be issued upon exercise of
certain warrants (collectively, the “Securities”), of Ardelyx, Inc., a Delaware corporation (the “Corporation”). The Securities are being offered and sold by the Corporation without registration under the Securities
Act of 1933, as amended (the “Securities Act”), and the securities laws of certain states, in reliance on the exemptions contained in Section 4(a)(2) of the Securities Act and on Regulation D promulgated thereunder and in
reliance on similar exemptions under applicable state laws. The Corporation must determine that a potential investor meets certain suitability requirements before offering or selling the Securities to such investor. The purpose of this Questionnaire
is to assure the Corporation that each investor will meet the applicable suitability requirements. The information supplied by you will be used in determining whether you meet such criteria, and reliance upon the private offering exemptions from
registration is based in part on the information herein supplied. 
 This Questionnaire does not constitute an offer to sell or a solicitation of an
offer to buy any security. By signing this Questionnaire, you will be authorizing the Corporation to provide a completed copy of this Questionnaire to such parties as the Corporation deems appropriate in order to ensure that the offer and sale of
the Securities will not result in a violation of the Securities Act or the securities laws of any state and that you otherwise satisfy the suitability standards applicable to purchasers of the Securities. All potential investors must answer all
applicable questions and complete, date and sign this Questionnaire. Please print or type your responses and attach additional sheets of paper if necessary to complete your answers to any item. 

PART A. BACKGROUND INFORMATION 
 Name of Beneficial Owner
of the Securities: 
  

													
	Business Address:    	 	 

													
	
	(Number and Street)
							
	City:	 	
                     
                                    
	  	State:	 	
                     

	  	Zip Code:	 	
                     
            
	 	

													
							
	Telephone Number:	 	
                     
                                         
                   
	 		 		 		 		 	
	
	If a corporation, partnership, limited liability company, trust or other entity:

							
				
	Type of entity:	 	  
	    		  	

							
				
	State of formation:	 	  
	    	Approximate Date of formation:	 	  

Were you formed for the purpose of investing in the securities being offered? 

    Yes   ̈            
 No   ̈ 
 If an individual: 

Residence Address: 

											
	 
	
	(Number and Street)
						
	City:	 	  
	 	State:	 	  
	 	Zip Code:	 	  

											
						
	Telephone Number:	 	  
	 		 		 		 	

											
						
	Age:	 	  
	 	Citizenship:	 	  
	 	Where registered to vote:	 	  

 Set forth in the space provided below the state(s), if any, in the United States in which you maintained your residence during
the past two years and the dates during which you resided in each state: 
 Are you a director or executive officer of the Corporation? 

    Yes   ̈
            No   ̈ 
 Social Security or
Taxpayer Identification No.:
                                         
        
 PART B. ACCREDITED INVESTOR QUESTIONNAIRE 

In order for the Corporation to offer and sell the Securities in conformance with state and federal securities laws, the following information
must be obtained regarding your investor status. Please initial each category applicable to you as a purchaser of Securities of the Corporation. 
  

			
	 ̈ (1)	  	A bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary
capacity;
		
	 ̈ (2)	  	A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”);
		
	 ̈ (3)	  	An insurance company as defined in Section 2(13) of the Securities Act;
		
	 ̈ (4)	  	An investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that act;
		
	 ̈ (5)	  	A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958;

 
					
		 	 ̈ (6)	  	A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of
$5,000,000;
			
		 	 ̈ (7)	  	An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is either a bank,
savings and loan association, insurance company or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are
accredited investors;
			
		 	 ̈ (8)	  	A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;
			
		 	 ̈ (9)	  	An organization described in Section 501(c)(3) of the Internal Revenue Code, a corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the Securities, with total
assets in excess of $5,000,000;
			
		 	 ̈ (10)	  	A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Securities, whose purchase is directed by a sophisticated person who has such knowledge and experience in financial and
business matters that such person is capable of evaluating the merits and risks of investing in the Corporation;
			
		 	 ̈ (11)	  	A natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds $1,000,000 (exclusive of the value of that person’s primary residence);
			
		 	 ̈ (12)	  	A natural person who had an individual income in excess of $200,000 in each of the two most recent years, or joint income with that person’s spouse in excess of $300,000, in each of those years, and has a reasonable
expectation of reaching the same income level in the current year;
			
		 	 ̈ (13)	  	An executive officer or director of the Corporation;
			
		 	 ̈ (14)	  	An entity in which all of the equity owners qualify under any of the above subparagraphs. If the undersigned belongs to this investor category only, list the equity owners of the undersigned, and the investor category which each
such equity owner satisfies.

 PART C. BAD ACTOR QUESTIONNAIRE 
  

	1.	During the past ten years, have you been convicted of any felony or misdemeanor that is related to any securities matter? 

	 	Yes	 ̈ (If yes, please continue to Question 1.a) 

  

	 	No	 ̈ (If no, please continue to Question 2) 

  

	 	a)	If your answer to Question 1 was “yes”, was the conviction related to: (i) the purchase or sale of any security; (ii) the making of any false filing with the Securities and Exchange Commission (the
“SEC”); or (iii) the conduct of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities? 

Yes   ̈            
No   ̈ 
  

	2.	Are you subject to any court injunction or restraining order entered during the past five years that is related to any securities matter? 

 

	 	Yes	 ̈ (If yes, please continue to Question 2.a) 

  

	 	No	 ̈ (If no, please continue to Question 3) 

  

	 	a)	If your answer to Question 2 was “yes”, does the court injunction or restraining order currently restrain or enjoin you from engaging or continuing to engage in any conduct or practice related to: (i) the
purchase or sale of any security; (ii) the making of any false filing with the SEC; or (iii) the conduct of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of
securities? 

Yes   ̈            
No   ̈ 
  

	3.	Are you subject to any final order2 of any governmental commission, authority, agency or officer3(2) related
to any securities, insurance or banking matter? 

  

	 	Yes	 ̈ (If yes, please continue to Question 3.a) 

  

	 	No	 ̈ (If no, please continue to Question 4) 

  

	 	a)	If your answer to Question 3 was “yes”: 

  

	 	i)	Does the order currently bar you from: (i) associating with an entity regulated by such commission, authority, agency or officer; (ii)

 

	2 	A “final order” is defined under Rule 501(g) as a written directive or declaratory statement issued by a federal or state agency described in Rule 506(d)(1)(iii) under applicable statutory authority that
provides for notice and an opportunity for a hearing, and that constitutes a final disposition or action by such federal or state agency. 

	3 	You may limit your response to final orders of: (i) state securities commissions (or state agencies/officers that perform a similar function); (ii) state authorities that supervise or examine banks, savings
associations or credit unions; (iii) state insurance commissions (or state agencies/officers that perform a similar function); (iv) federal banking agencies; (v) the U.S. Commodity Futures Trading Commission; or (vi) the U.S.
National Credit Union Administration. 

	 	
engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities? 

Yes   ̈            
No   ̈ 
  

	 	ii)	Was the order (i) entered within the past ten years and (ii) based on a violation of any law or regulation that prohibits fraudulent, manipulative or deceptive conduct? 

Yes   ̈            
No   ̈ 
  

	4.	Are you subject to any SEC disciplinary order?4(3) 

  

	 	Yes	 ̈ (If yes, please continue to Question 4.a) 

  

	 	No	 ̈ (If no, please continue to Question 5) 

  

	 	a)	If your answer to Question 4 was “yes”, does the order currently: (i) suspend or revoke your registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) place
limitations on your activities, functions or operations; or (iii) bar you from being associated with any particular entity or class of entities or from participating in the offering of any penny stock? 

 

	5.	Are you subject to any SEC cease and desist order entered within the past five years? 

  

	 	Yes	 ̈ (If yes, please continue to Question 5.a) 

  

	 	No	 ̈ (If no, please continue to Question 6) 

  

	 	a)	If your answer to Question 5 was “yes”, does the order currently require you to cease and desist from committing or causing a violation or future violation of (i) any knowledge-based anti-fraud provision
of the U.S. federal securities laws5 or (ii) Section 5 of the Securities Act? 

Yes   ̈            
No   ̈ 
  

	6.	Have you been suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities
association? 

  

	4 	You may limit your response to disciplinary orders issued pursuant to Sections 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of the Investment Advisers Act of 1940 (the “Advisers
Act”). 

	5 	Including (but not limited to) Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Section 15(c)(1) of the Exchange Act, and Section 206(1) of the
Advisers Act or any other rule or regulation thereunder. 

	 	Yes     ̈	(If yes, please describe the basis of any such suspension or expulsion and any related details in the space provided under Question 10 below)6 

 

	 	No      ̈	(If no, please continue to Question 7) 

  

	7.	Have you registered a securities offering with the SEC, made an offering under Regulation A or been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC?

  

	 	Yes     ̈	(If yes, please continue to Question 7.a) 

  

	 	No      ̈	(If no, please continue to Question 8) 

  

	 	a)	If your answer to Question 7 was “yes”: 

  

	 	i)	During the past five years, was any such registration statement or Regulation A offering statement the subject of a refusal order, stop order or order suspending the Regulation A exemption? 

Yes   ̈            
No   ̈ 
  

	 	ii)	Is any such registration statement or Regulation A offering statement currently the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued? 

Yes   ̈            
No   ̈ 
  

	8.	Are you subject to a U.S. Postal Service false representation order entered within the past five years? 

  

	 	Yes   ̈                        
            	No   ̈ 

  

	9.	Are you currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the U.S. Postal Service to constitute a scheme or device for obtaining money or property through
the mail by means of false representations? 

  

	 	Yes   ̈                        
            	No   ̈ 

  

	10.	Describe any facts or circumstances that caused you to answer “yes” to any Question (indicating the corresponding Question number). Attach additional pages if necessary. 

 

	A.	FOR EXECUTION BY AN INDIVIDUAL: 

  

 

	6 	In providing additional information, please explain whether or not the suspension or expulsion resulted from “any act or omission to act constituting conduct inconsistent with just and equitable principles of
trade.” 

 
									
			
		 	By:	 	 
			
		 	Print Name:	 	 

  

	
	Date

  

	B.	FOR EXECUTION BY AN ENTITY: 

  

			
	Entity Name:	 	 

 
									
			
		 	By:	 	 
			
		 	Print Name:	 	 
			
		 	Title:	 	 

  

	
	Date

  

	C.	ADDITIONAL SIGNATURES (if required by partnership, corporation or trust document): 

  

									
	Entity Name:	 	 

 
									
			
		 	By:	 	 
			
		 	Print Name:	 	 
			
		 	Title:	 	 

  

	
	Date

  

			
	Entity Name:	 	 

 
									
			
		 	By:	 	 
			
		 	Print Name:	 	 
			
		 	Title:	 	 

  

	
	Date

 APPENDIX II 

 APPENDIX II 

SELLING STOCKHOLDER NOTICE AND QUESTIONNAIRE 

 

	
	  
 Name of
Selling Stockholder (please print)

 ARDELYX, INC. 

QUESTIONNAIRE FOR SELLING STOCKHOLDERS 

IMPORTANT: IMMEDIATE ATTENTION REQUIRED 

This Questionnaire is being furnished to all persons or entities (the “Purchasers”) electing to purchase shares of Common Stock
(“Common Stock”) of Ardelyx, Inc. (the “Company”) pursuant to the Securities Purchase Agreement by and among the Company and the Purchasers (the “Purchase Agreement”) to which this Questionnaire is an Appendix. This
Questionnaire relates to certain information required to be disclosed in the Registration Statement on Form S-3 being prepared by the Company for filing with the United States Securities and Exchange Commission (the “SEC”) pursuant to the
Registration Rights Agreement entered into by and among the Company and the Purchasers (the “Registration Rights Agreement”) in connection with the Purchase Agreement. The Company must receive a completed Questionnaire from each
Purchaser in order to include such Purchaser’s shares of Common Stock in the Registration Statement. 
 The furnishing of
accurate and complete responses to the questions posed in this Questionnaire is an extremely important part of the registration process. The inclusion of inaccurate or incomplete disclosures in the Registration Statement can result in potential
liabilities, both civil and criminal, to the Company and to the individuals who furnish the information. Accordingly, Purchasers are advised to consult their own securities law counsel regarding the consequences of being named or not being named as
a selling securityholder in the Registration Statement and related prospectus. 
 PLEASE GIVE A RESPONSE TO EVERY QUESTION,
indicating “None” or “Not Applicable” where appropriate. Please complete, sign, and return one copy of this Questionnaire by facsimile, email or overnight courier as soon as possible. 

Latham & Watkins 
 140
Scott Drive 
 Menlo Park, CA 94025 

Attn: John Williams 
 Fax:
(650) 463-2600 
 john.williams@lw.com 

Unless stated otherwise, answers should be given as of the date you complete this Questionnaire. However, it is your responsibility to inform
us of any changes that may occur to 

 
your situation. If there is any situation about which you have any doubt, or if you are uncertain as to the meaning of any terms used in this Questionnaire, please contact John Williams at:
(650) 470-4887. 

 PART I—STOCK OWNERSHIP 

Item 1. Beneficial Ownership. 

a. Deemed Beneficial Ownership. Please state the amount of securities of the Company you own on the date you complete this
Questionnaire. (If none, please so state in each case.) 
  

			
	 Amount Beneficially Owned1
	  	 Number of Shares of

Common Stock Owned

		
	 Please state the number of shares owned by you or by family members, trusts and other organizations with which you have a relationship, and any other shares
of which you may be deemed to be the “beneficial owner”1:
	  	
		
	 Total Shares:
	  	
		  	  

	 Of such shares:
	  	
		  	  

	 Shares as to which you have sole voting power:
	  	
		  	  

	 Shares as to which you have shared voting power:
	  	
		  	  

	 Shares as to which you have sole investment power:
	  	
		  	  

	 Shares as to which you have shared investment power:
	  	
		  	  

	 Shares which you will have a right to acquire before 60 days after the date you complete this questionnaire through the exercise of options, warrants or
otherwise:
	  	
		  	  

 Do you have any present plans to exercise options or otherwise acquire, dispose of or to transfer shares of
Common Stock of the Company between the date you complete this Questionnaire and the date which is 60 days after the date in which the Registration Statement is filed? 

Answer: 
 If so, please describe.

 b. Pledged Securities. If any of such securities have been pledged or otherwise deposited as collateral or are the subject matter
of any voting trust or other similar agreement or of any contract providing for the sale or other disposition of such securities, please give the details thereof. 

 Answer: 

c. Disclaimer of Beneficial Ownership. Do you wish to disclaim beneficial
ownership1 of any of the shares reported in response to Item 1(a)? 

Answer: 
 If the
answer is “Yes”, please furnish the following information with respect to the person or persons who should be shown as the beneficial owner(s)1 of the shares in question. 

 

					
	 Name and Address of
 Actual Beneficial
Owner
	  	 Relationship of
 Such Person To
You
	  	 Number of Shares
 Beneficially
Owned

 d. Shared Voting or Investment Power over Securities. Will any person be deemed to have beneficial
ownership over any of the Securities purchased by you pursuant to the Purchase Agreement? 
 Answer: 

If the answer is “Yes”, please furnish the following information with respect to the person or persons who should be shown as the
beneficial owner(s)1 of the Securities in question. 
  

					
	 Name and Address of
 Beneficial
Owner
	  	 Relationship of
 Such Person To
You
	  	 Number of Shares
 Beneficially
Owned

 Item 2. Major Shareholders. Please state below the names of persons or groups known by you
to own beneficially1 more than 5% of the Company’s Common Stock. 
 Answer: 

Item 3. Change of Control. Do you know of any contractual arrangements, including any pledge of securities of the Company,
the operation of which may at a subsequent date result in a change of control of the Company? 
 Answer: 

 Item 4. Relationship with the Company. Please state the nature of any
position, office or other material relationship you have, or have had within the past three years, with the Company or its affiliates. 
  

			
	Name	  	 Nature of
 Relationship

 Item 5. Broker-Dealer Status. Is the Purchaser a broker-dealer registered pursuant to
Section 15 of the Exchange Act? 
  ̈ Yes. 

 ̈ No. 

Note that the Company will be required to identify any registered broker-dealer as an underwriter in the prospectus. 

If so, please answer the remaining questions in this section. 

a. If the Purchaser is a registered broker-dealer, please indicate whether the Purchaser purchased its Common Stock for investment or acquired
them as transaction-based compensation for investment banking or similar services. 
 Answer: 

Note: if the Purchaser is a registered broker-dealer and received its Common Stock other than as transaction-based compensation, the
Company is required to identify the Purchaser as an underwriter in the Registration Statement and related prospectus. 
 b. Is the
Purchaser an affiliate of a registered broker-dealer? For purposes of this Question, an “affiliate” of a specified person or entity means a person or entity that directly, or indirectly through one or more intermediaries, controls or is
controlled by, or is under common control with, the person or entity specified. 
  ̈ Yes.

  ̈ No. 

If so, please answer the remaining questions in this section. 

i. Please describe the affiliation between the Purchaser and any registered broker-dealers: 

 ii. If the Common Stock were received by the Purchaser other than in the ordinary
course of business, please describe the circumstances: 
 iii. If the Purchaser, at the time of its receipt of Common Stock,
has had any agreements or understandings, directly or indirectly, with any person to distribute the Common Stock, please describe such agreements or understandings: 

Note that if the Purchaser is an affiliate of a broker-dealer and did not receive its Common Stock in the ordinary course of business or at
the time of receipt had any agreements or understandings, directly or indirectly, to distribute the securities, the Company must identify the Purchaser as an underwriter in the prospectus. 

Item 6. Nature of Beneficial Holding. The purpose of this question is to identify the ultimate natural person(s) or
publicly held entity that exercise(s) sole or shared voting or dispositive power over the Registrable Securities (as defined in the Registration Rights Agreement). 
  

	 	a.	Is the Purchaser a natural person? 

  ̈ Yes. 

 ̈ No. 

b. Is the Purchaser required to file, or is it a wholly owned subsidiary of a company that is required to file, periodic and other reports
(for example, Form 10-K, 10-Q, 8-K) with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act? 
  ̈ Yes. 
  ̈ No. 

c. Is the Purchaser an investment company, or a subsidiary of an investment company, registered under the Investment Company Act of 1940, as
amended? 
  ̈ Yes. 

 ̈ No. 

If a subsidiary, please identify the publicly held parent entity: 

 d. If you answered “no” to questions (a), (b) and (c) above, please identify
the controlling person(s) of the Purchaser (the “Controlling Entity”). If the Controlling Entity is not a natural person or a publicly held entity, please identify each controlling person(s) of such Controlling Entity. This process should
be repeated until you reach natural persons or a publicly held entity that exercises sole or shared voting or dispositive power over the Registrable Securities: 

***PLEASE NOTE THAT THE SEC REQUIRES THAT THESE NATURAL PERSONS BE NAMED IN THE PROSPECTUS*** 

PART II—CERTAIN TRANSACTIONS 

Item 7. Transactions with the Company. If you, any of your
associates2, or any member of your immediate family3 had or will have any direct or indirect material interest in any transactions4 or series of transactions to which the Company or any of its subsidiaries was a party at any time since June 1, 2013, or in any currently proposed transactions or series of transactions in which
the Company or any of its subsidiaries will be a party, in which the amount involved exceeds $120,000, please specify (a) the names of the parties to the transaction(s) and their relationship to you, (b) the nature of the interest in the
transaction, (c) the amount involved in the transaction, and (d) the amount of the interest in the transaction. If the answer is “none”, please so state. 

Answer: 
  

Item 8. Third Party Payments. Please describe any compensation paid to you by a third party pursuant to any arrangement
between the Company and any such third party. 
 Answer: 
  

PART III—PLAN OF DISTRIBUTION 

The selling stockholders and any of their pledgees, donees, transferees, assignees or other successors-in-interest may, from time to time,
sell, transfer or otherwise dispose of any or all of their shares of common stock or interests in shares of common stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These dispositions
may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices. The selling stockholders may use one or more of the
following methods when disposing of the shares or interests therein: 
  

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

	 	•	 	block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction; 

 

	 	•	 	through brokers, dealers or underwriters that may act solely as agents; 

  

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	through the writing or settlement of options or other hedging transactions entered into after the effective date of the registration statement of which this prospectus is a part, whether through an options exchange or
otherwise; 

  

	 	•	 	broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	a combination of any such methods of disposition; and 

  

	 	•	 	any other method permitted pursuant to applicable law. 

 The selling stockholders may also sell
shares under Rule 144 under the Securities Act of 1933, as amended, or Securities Act, if available, rather than under this prospectus. 

Broker-dealers engaged by the selling stockholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the selling stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated. The selling stockholders do not expect these commissions and discounts to
exceed what is customary in the types of transactions involved. 
 The selling stockholders may from time to time pledge or grant a security
interest in some or all of the shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell shares of common stock from time to time under this
prospectus, or under a supplement or amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of selling stockholders to include the pledgee, transferee or other successors in interest
as selling stockholders under this prospectus. 
 Upon being notified in writing by a selling stockholder that any material arrangement has
been entered into with a broker-dealer for the sale of common stock through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, we will file a supplement to this prospectus, if
required, pursuant to Rule 424(b) under the Securities Act, disclosing (i) the name of each such selling stockholder and of the 

 
participating broker-dealer(s), (ii) the number of shares involved, (iii) the price at which such shares of common stock were sold, (iv) the commissions paid or discounts or
concessions allowed to such broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not conduct any investigation to verify the information set out or incorporated by reference in this prospectus, and (vi) other facts
material to the transaction. In addition, upon being notified in writing by a selling stockholder that a donee or pledge intends to sell more than 500 shares of common stock, we will file a supplement to this prospectus if then required in
accordance with applicable securities law. 
 The selling stockholders also may transfer the shares of common stock in other circumstances,
in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. 

In connection with the sale of the shares of common stock or interests in shares of common stock, the selling stockholders may enter into
hedging transactions after the effective date of the registration statement of which this prospectus is a part with broker-dealers or other financial institutions, which may in turn engage in short sales of the common stock in the course of hedging
the positions they assume. The selling stockholders may also sell shares of common stock short after the effective date of the registration statement of which this prospectus is a part and deliver these securities to close out their short positions,
or loan or pledge the common stock to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option or other transactions after the effective date of the registration statement of which this prospectus is
a part with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such
broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). 

The selling stockholders and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. The maximum commission or discount to be received by any member of the Financial Industry Regulatory Authority (FINRA) or independent broker-dealer will not be greater than 8% of the initial gross
proceeds from the sale of any security being sold. 
 We have advised the selling stockholders that they are required to comply with
Regulation M promulgated under the Securities and Exchange Act during such time as they may be engaged in a distribution of the shares. The foregoing may affect the marketability of the common stock. 

The aggregate proceeds to the selling securityholders from the sale of the common stock offered by them will be the purchase price of the
common stock less discounts or commissions, if any. Each of the selling securityholders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made
directly or through agents. We will not receive any of the proceeds from this offering. 

 We are required to pay all fees and expenses incident to the registration of the shares. We have
agreed to indemnify the selling stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act or otherwise. 

We have agreed with the selling stockholders to keep the registration statement of which this prospectus constitutes a part effective until
the earlier of (a) such time as all of the shares covered by this prospectus have been disposed of pursuant to and in accordance with the registration statement or (b) the date on which the shares of common stock covered by this prospectus
may be sold by non-affiliates without any volume limitations or pursuant to Rule 144 of the Securities Act. 

*            *           
 * 
 The undersigned has reviewed the Plan of Distribution set forth above and does not have a present intention of effecting a sale in
a manner not described therein. 
  

							
	 	  	        Agree  	  	 	  	        Disagree
		  	  
         (If left
blank, response will be deemed to be “Agree”.)

 The undersigned hereby represents that the undersigned understands, pursuant to Interpretation A.65 in the
Securities and Exchange Commission, Division of Corporation Finance, Manual of Publicly Available Telephone Interpretations dated July 1997, a copy of which is attached hereto as Exhibit 1, that the undersigned may not make any short sale of the
Common Stock prior to the effectiveness of the Registration Statement, and further covenants to the Company that the undersigned will not engage in any short sales of such stock to be registered under the Registration Statement prior to its
effectiveness. 

 SIGNATURE 

The undersigned understands that the Company anticipates filing the Registration Statement within the time frame set forth in the Registration
Rights Agreement. If at any time any of the information set forth in my responses to this Questionnaire has materially changed due to passage of time, or any development occurs which requires a change in any of my answers, or has for any other
reason become incorrect, the undersigned agrees to furnish as soon as practicable to the individual to whom a copy of this Questionnaire is to be sent, as indicated and at the address shown on the first page hereof, any necessary or appropriate
correcting information. Otherwise, the Company is to understand that the above information continues to be, to the best of my knowledge, information and belief, complete and correct. 

Upon any sale of Common Stock pursuant to the Registration Statement, the undersigned hereby agrees to deliver to the Company and the
Company’s transfer agent the Certificate of Subsequent Sale set forth in Exhibit I hereto. 
 The undersigned understands that the
information that the undersigned is furnishing to the Company herein will be used by the Company in the preparation of the Registration Statement. 
  

											
		 	Name of Purchaser:	 	 
			
	Date:                     , 2015	 	Signature:	 	 
			
		 	Print Name:	 	 
			
		 	Title (if applicable):	 	 
			
		 	Address:	 	 

					
		 		 	 
		 		 	Street
		 		 	  

		 		 	City                                   
       State                                  
   Zip Code
			
		 		 	  

		 		 	Telephone Number
			
		 		 	  

		 		 	Facsimile Number

 FOOTNOTES 
  

	1.	Beneficial Ownership. You are the beneficial owner of a security, as defined in Rule 13d-3 under the Securities Exchange Act of 1934 (the “Exchange Act”), if you, directly or indirectly, through
any contract, arrangement, understanding, relationship or otherwise have or share: (1) voting power, which includes the power to vote, or to direct the voting of, such security, and/or (2) investment power, which includes the power to
dispose, or to direct the disposition of, such security. You are also the beneficial owner of a security if you, directly or indirectly, create or use a trust, proxy, power of attorney, pooling arrangement or any other contract, arrangement or
device with the purpose or effect of divesting yourself of beneficial ownership of a security or preventing the vesting of such beneficial ownership. 

You are deemed to be the beneficial owner of a security if you have the right to acquire beneficial ownership of such security at any time
within 60 days including, but not limited to, any right to acquire such security (a) through the exercise of any option, warrant or right, (b) through the conversion of a security, or (c) pursuant to the automatic termination
of, or the power to revoke a trust, discretionary account, or similar arrangement. 
 Ordinarily, shares held in the name of your spouse or
minor child should be considered as beneficially owned by you absent special circumstances to indicate that you do not have, as a practical matter, voting power or investment power over such shares. Similarly, absent countervailing facts, securities
held in the name of relatives who share your home are to be reported as being beneficially owned by you. In addition, securities held for your benefit in the name of others, such as nominees, trustees and other fiduciaries, securities held by a
partnership of which you are a partner, and securities held by a corporation controlled by you should be regarded as beneficially owned by you. 

This definition of beneficial ownership is very broad; therefore, even though you may not actually have or share voting or investment power
with respect to securities owned by persons in your family or living in your home, you should include such shares in your beneficial ownership disclosure and may then disclaim beneficial ownership of such securities. 

 

	2.	Associate. The term “associate”, as defined in Rule 14a-1 under the Exchange Act, means (a) any corporation or organization (other than the Company or any of its majority owned subsidiaries)
of which you are an officer or partner or are, directly or indirectly, the beneficial owner of 10% or more of any class of equity securities, (b) any trust or other estate in which you have a substantial beneficial interest or as to which you
serve as trustee or in a similar capacity, and (c) your spouse, or any relative of yours or relative of your spouse living in your home or who is a director or officer of the Company or of any subsidiary. The term “relative of yours”
as used in this Questionnaire refers to any relative or spouse of yours, or any relative of such spouse, who has the same home as you or who is a director or officer of any subsidiary of the Company. 

Please identify your associate referred to in your answer and indicate your relationship. 

	3.	Immediate Family. The members of your “immediate family” are deemed to include the following: your spouse; your parents; your children; your siblings; your mother-in-law or father-in-law; your sons- and
daughters-in-law; and your brothers- and sisters-in-law. 

  

	4.	Transactions. The term “transaction” is to be understood in its broadest sense, and includes the direct or indirect receipt of anything of value. Please note that indirect as well as direct material
interests in transactions are to be disclosed. Transactions in which you would have a direct interest would include your purchasing or leasing anything (stock in a business acquired by the Company, office space, plants, Company apartments,
computers, raw materials, finished goods, etc.) from or selling or leasing anything to, or borrowing or lending cash or other property from or to, the Company, or any subsidiary. 

 Exhibit 1 

Securities Act Sections Compliance and Disclosure Interpretations Section 239.10: “An issuer filed a Form S-3 registration statement
for a secondary offering of common stock which is not yet effective. One of the selling shareholders wanted to do a short sale of common stock “against the box” and cover the short sale with registered shares after the effective date. The
issuer was advised that the short sale could not be made before the registration statement becomes effective, because the shares underlying the short sale are deemed to be sold at the time such sale is made. There would, therefore, be a violation of
Section 5 if the shares were effectively sold prior to the effective date.” 

 Exhibit I 

CERTIFICATE OF SUBSEQUENT SALE 
 American
Stock Transfer & Trust Company, LLC 
 RE: Sale of Shares of Common Stock of Ardelyx, Inc. (the “Company”) pursuant to the
Company’s Prospectus dated                     ,              (the
“Prospectus”) 
 Dear Sir/Madam: 

The undersigned hereby certifies, in connection with the sale of shares of Common Stock of the Company included in the table of Selling
Stockholders in the Prospectus, that the undersigned has sold the shares pursuant to the Prospectus and in a manner described under the caption “Plan of Distribution” in the Prospectus and that such sale complies with all securities laws
applicable to the undersigned, including, without limitation, the Prospectus delivery requirements of the Securities Act of 1933, as amended. 
  

			
	Selling Stockholder (the beneficial owner):  	 	 

 
			
		
	Record Holder (e.g., if held in name of nominee):  	 	 

 
			
		
	Book Entry Position or Restricted Stock Certificate No.(s):  	 	 

 
			
		
	Number of Shares Sold:  	 	 

 
			
		
	Date of Sale:  	 	 

 In the event that you receive a stock certificate(s) or evidence of a book entry position representing
more shares of Common Stock than have been sold by the undersigned, then you should return to the undersigned a newly issued certificate or book entry position for such excess shares in the name of the Record Holder and BEARING A RESTRICTIVE
LEGEND. Further, you should place a stop transfer on your records with regard to such certificate. Notwithstanding the foregoing, in the event that the undersigned executes and delivers to you and to the Company the certification set forth on
Annex I, upon instructions from the Company, you should return to the undersigned a newly issued certificate or book entry position for such excess shares of Common Stock in the name of the Record Holder without any restrictive legend. In addition,
no subsequent certification will be required to be delivered to you by the undersigned provided that the representations and warranties set forth on Annex I have been delivered to you and continue to be accurate. 

															
		 		 		 		 	Very truly yours,
						
		 	Dated:	 	  
	 		 	By:	 	  

							
		 		 		 		 	Print Name:	 		 	  

						
		 		 		 		 	Title:	 	 

							
				
	 cc:
	 	Ardelyx, Inc.	 		 	
		 	34175 Ardenwood Blvd.	 		 	
		 	Suite 200	 		 	
		 	Fremont, CA 94555	 		 	
		 	Attn: General Counsel	 		 	

 Annex I 

In connection with any excess shares to be returned to the Selling Stockholder upon a sale of shares of Common Stock of Ardelyx, Inc. (the
“Company”) included in the table of Selling Stockholders in the Prospectus, the undersigned hereby certifies to the Company and American Stock Transfer & Trust Company, LLC, that: 

1. In connection with the sale by the undersigned stockholder of any of the shares of Common Stock, the undersigned stockholder will deliver a
copy of the Prospectus included in the Registration Statement to the purchaser directly or through the undersigned stockholder’s broker-dealer in compliance with the requirements of the Securities Act of 1933 and the Securities Exchange Act of
1934. 
 2. Any such sale will be made only in the manner described under “Plan of Distribution” in the Prospectus. 

3. The undersigned stockholder will only sell the shares of Common Stock while the Registration Statement is effective, unless another
exemption from registration is available. 
 4. The Company and its attorneys may rely on this letter to the same extent as if it were
addressed to them. 
 5. The undersigned stockholder agrees to notify you immediately of any development or occurrence which to his, her or
its knowledge would render any of the foregoing representations and agreements inaccurate. 
 All terms not defined herein are as defined in
the Securities Purchase Agreement entered into in June 2015 among the Company and the Purchasers. 
  

									
		 		 		 	Very truly yours,
					
	Dated:	 	  
	 		 	By:	 	 

 
									
					
		 		 		 	Print Name:	 	  

 
									
					
		 		 		 	Title:	 	  

 APPENDIX III 

 EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of June 2, 2015, by and among Ardelyx, Inc.,
a Delaware corporation (the “Company”), and the investors signatory hereto (each a “Purchaser” and collectively, the “Purchasers”). 

This Agreement is made pursuant to the Securities Purchase Agreement, dated as of June 2, 2015, among the Company and the Purchasers (the
“Purchase Agreement”). 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good
and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and the Purchasers agree as follows: 
 1.
Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the
respective meanings set forth in this Section 1: 
 “Affiliate” means, with respect to any Person, any other Person
that, directly or indirectly through one or more intermediaries, Controls, is controlled by or is under common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

“Advice” shall have the meaning set forth in Section 7(d). 

“Control” (including the terms “controlling”, “controlled by” or “under common control with”)
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Commission” means the United States Securities and Exchange Commission, or any successor entity or entities, including, if
applicable, the staff of the Commission. 
 “Common Stock” means the common stock, par value $0.0001 per share, of the
Company. 
 “Effectiveness Date” means: (a) with respect to the Initial Registration Statement required to be filed
hereunder, the 90th day following the Closing Date (or the 120th day following the Closing Date in the event the Initial Registration Statement
is reviewed by the Commission), (b) with respect to any additional Registration Statements which may be required pursuant to Section 2, the 90th day following the date on which the
Company first knows, or reasonably should have known, that such additional Registration Statement is required under such Section (or the 120th day following such date in the event such additional
Registration Statement is reviewed by the Commission). If the Effectiveness Date falls on a Saturday, Sunday or other date that the Commission is closed for business, the Effectiveness Date shall be extended to the next day on which the Commission
is open for business. 
 “Effectiveness Period” shall have the meaning set forth in Section 2(a). 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Filing Date” means: (a) with respect to the Initial Registration Statement, the 45th calendar day following the Closing
Date, and (b) with respect to any additional Registration Statements that may be required pursuant to Section 2 hereof, the 45th day following the date on which the Company first knows, or reasonably should have known, that such additional
Registration Statement is required under such Section. 
 “Holder” or “Holders” means the holder or
holders, as the case may be, from time to time of Registrable Securities. 
 “Indemnified Party” shall have the meaning set
forth in Section 6(c). 
 “Indemnifying Party” shall have the meaning set forth in Section 6(c). 

“Initial Registration Statement” shall mean the initial Registration Statement required to be filed to cover the resale by
the Holders of the Registrable Securities pursuant to Section 2(a). 
 “Losses” shall have the meaning set forth in
Section 6(a). 
 “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated
association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or
partial proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus” means the prospectus included
in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A or Rule 430B promulgated by
the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other
amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Reduction Securities” shall have the meaning set forth in Section 2(b). 

“Registrable Securities” means (i) the Shares issued pursuant to the Purchase Agreement, (ii) the Underlying Shares
issuable upon exercise of the Warrants issued pursuant to the Purchase Agreement and (iii) any other shares of Common Stock issued as (or issuable upon conversion or exercise of any warrant, right or other security which is issued as) a
dividend or other distribution with respect to, in exchange for or in replacement of the Shares or the Underlying Shares; provided,, however, that any such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be
required to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect thereto) for so long as (a) a 

 
Registration Statement with respect to the sale of such Registrable Securities is declared effective by the Commission under the Securities Act and such Registrable Securities have been disposed
of by the Holder in accordance with such effective Registration Statement, (b) such Registrable Securities have been previously sold in accordance with Rule 144, or (c) such securities become eligible for resale without volume or
manner-of-sale restrictions and without current public information pursuant to Rule 144 as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the Company’s transfer agent and the affected Holders
(assuming that such securities and any securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such securities were issued or are issuable, were at no time held by any Affiliate of the Company), as reasonably
determined by the Company, upon the advice of counsel to the Company. 
 “Registration Statement” means each of the
following: (i) an initial registration statement which is required to register the resale of the Registrable Securities, and (ii) each additional registration statement, if any, contemplated by Section 2, and including, in each case,
the Prospectus, amendments and supplements to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or
deemed to be incorporated by reference in such registration statement. 
 “Rule 144” means Rule 144 promulgated by the
Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shares” shall have the meaning set forth in the Purchase Agreement. 

“Trading Day” means any day on which the Common Stock is traded on the Nasdaq Global Market, or, if the Nasdaq Global Market
is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded. 

“Transaction Documents” shall have the meaning set forth in the Purchase Agreement. 

“Underlying Shares” shall have the meaning set forth in the Purchase Agreement. 

“Warrants” shall have the meaning set forth in the Purchase Agreement. 

 2. Registration. 

(a) On or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale of
all of the Registrable Securities that are not then registered on an existing and effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement filed hereunder shall be on Form S-3
(except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form in accordance herewith) and shall contain (except if otherwise
required pursuant to written comments received from the Commission upon a review of such Registration Statement) the “Plan of Distribution” in substantially the form attached hereto as Annex A. The Company shall use its commercially
reasonable efforts to cause a Registration Statement filed under this Agreement to be declared effective under the Securities Act promptly but, in any event, no later than the Effectiveness Date for such Registration Statement, and shall, subject
Section 7(d) hereof, use its commercially reasonable efforts to keep the Registration Statement continuously effective under the Securities Act until the earlier of (i) the date that is three years after the Closing Date and (ii) the
date on which all securities under such Registration Statement have ceased to be Registrable Securities (the “Effectiveness Period”). Notwithstanding the foregoing, the Company shall be entitled to suspend the effectiveness of the
Registration Statement at any time prior to the expiration of the Effectiveness Period for up to an aggregate of 30 consecutive Trading Days or an aggregate of 60 Trading Days (which need not be consecutive) in any given 360-day period. It is agreed
and understood that the Company shall, from time to time, be obligated to file one or more additional Registration Statements to cover any Registrable Securities which are not registered for resale pursuant to a pre-existing Registration Statement.

 (b) Notwithstanding anything contained herein to the contrary, in the event that the Commission limits the amount of Registrable
Securities that may be included and sold by Holders in any Registration Statement, including the Initial Registration Statement, pursuant to Rule 415 or any other basis, the Company may reduce the number of Registrable Securities included in such
Registration Statement on behalf of the Holders in whole or in part (in case of an exclusion as to a portion of such Registrable Securities, such portion shall be allocated pro rata among such Holders first in proportion to the respective numbers of
Registrable Securities represented by Underlying Shares requested to be registered by each such Holder over the total amount of Registrable Securities represented by Underlying Shares, and second in proportion to the respective numbers of
Registrable Securities represented by Shares requested to be registered by each such Holder over the total amount of Registrable Securities represented by Shares) (such Registrable Securities, the “Reduction Securities”). In such event the
Company shall give the Holders prompt notice of the number of such Reduction Securities excluded and the Company will not be liable for any damages under this Agreement in connection with the exclusion of such Reduction Securities. The Company shall
use its commercially reasonable efforts at the first opportunity that is permitted by the Commission to register for resale the Reduction Securities. Such new Registration Statement shall be on Form S-3 (except if the Company is not then eligible to
register for resale the Reduction Securities on Form S-3, in which case such registration shall be on another appropriate form for such purpose) and shall contain (except if otherwise required pursuant to written comments received from the
Commission upon a review of such Registration Statement) the “Plan of Distribution” in substantially the form attached 

 
hereto as Annex A. The Company shall use its commercially reasonable efforts to cause each such Registration Statement to be declared effective under the Securities Act as soon as possible but,
in any event, no later than the Effectiveness Date, and shall use its commercially reasonable efforts to keep such Registration Statement continuously effective under the Securities Act during the entire Effectiveness Period, subject to
Section 7(d) hereof. Notwithstanding the foregoing, the Company shall be entitled to suspend the effectiveness of such Registration Statement at any time prior to the expiration of the Effectiveness Period for an aggregate of no more than 30
consecutive Trading Days or an aggregate of 50 Trading Days (which need not be consecutive) in any given 360-day period. 
 (c) If:
(i) the Initial Registration Statement is not filed with the Commission on or prior to the Filing Date, (ii) the Initial Registration Statement is not declared effective by the Commission (or otherwise does not become effective) on or
prior to the Effectiveness Date or (iii) after the date it is declared effective by the Commission and except as provided in Sections 2(e) and (f) and Section 3(h), (A) such Registration Statement ceases for any reason
(including without limitation by reason of a stop order, or the Company’s failure to update the Registration Statement), to remain continuously effective as to all Registrable Securities included in such Registration Statement or (B) the
Holders are not permitted to utilize the Prospectus therein to resell such Registrable Securities for any reason (other than due to a change in the “Plan of Distribution” or the inaccuracy of any information regarding the Holders) in each
case for more than an aggregate of thirty (30) consecutive Trading Days or sixty (60) Trading Days (which need not be consecutive) in any given 360-day period (other than as a result of a breach of this Agreement by such Holder), or
(iv) the Company fails to satisfy the current public information requirement pursuant to Rule 144(c)(1) as a result of which the Holders who are not affiliates are unable to sell Registrable Securities without restriction under
Rule 144 (or any successor thereto), (any such failure or breach in clauses (i) through (iv) above being referred to as an “Event,” and, for purposes of clauses (i), (ii) or (iv), the date on which such Event occurs, or
for purposes of clause (iii), the date on which such thirty (30) or fifty (60) Trading Day period is exceeded, being referred to as an “Event Date”), then in addition to any other rights the Holders may have hereunder or under
applicable law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the earlier of (1) the applicable Event is cured or (2) the Registrable
Securities are eligible for resale pursuant to Rule 144 without manner of sale or volume restrictions or the current public information requirement, the Company shall pay to each Holder an amount in cash, as liquidated damages and not as a
penalty (“Liquidated Damages”), equal to one percent (1%) of the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement for any unregistered Registrable Securities then held by such Holder. The parties
agree that (1) notwithstanding anything to the contrary herein or in the Purchase Agreement, no Liquidated Damages shall be payable with respect to any period after the expiration of the Effectiveness Period (except in respect of an Event
described in Section 2(c)(iv) herein), (it being understood that this sentence shall not relieve the Company of any Liquidated Damages accruing prior to the Effectiveness Deadline) and in no event shall, the aggregate amount of Liquidated
Damages (excluding Liquidated Damages payable in respect of an Event described in Section 2(c)(iv) herein) payable to a Holder exceed, in the aggregate, five percent (5%) of the aggregate purchase price paid by such Holder pursuant to
the Purchase Agreement) and (2) in no event shall the Company be liable in any thirty (30) day period for Liquidated Damages under this Agreement in excess of one percent (1%) of the aggregate purchase price paid by the

 
Holders pursuant to the Purchase Agreement. The Liquidated Damages pursuant to the terms hereof shall apply on a daily pro-rata basis for any portion of a month prior to the cure of an
Event, except in the case of the first Event Date. The Company shall not be liable for Liquidated Damages under this Agreement as to any Registrable Securities which are not permitted by the Commission to be included in a Registration
Statement. In such case, the Liquidated Damages shall be calculated to only apply to the percentage of Registrable Securities which are permitted to be included in such Registration Statement. The Effectiveness Deadline for a Registration
Statement shall be extended without default or Liquidated Damages hereunder in the event that the Company’s failure to obtain the effectiveness of the Registration Statement on a timely basis results from the failure of a Purchaser to
timely provide the Company with information requested by the Company and necessary to complete the Registration Statement in accordance with the requirements of the Securities Act (in which the Effectiveness Deadline would be extended with respect
to Registrable Securities held by such Purchaser). 
 3. Registration Procedures. 

In connection with the Company’s registration obligations hereunder, the Company shall: 

(a) Not less than three Trading Days prior to the filing of a Registration Statement or any related Prospectus or any amendment or supplement
thereto, the Company shall furnish to the Holders copies of all such documents proposed to be filed (other than those incorporated by reference). Notwithstanding the foregoing, the Company shall not be required to furnish to the Holders any
prospectus supplement being prepared and filed solely to name new or additional selling securityholders unless such Holders are named in such prospectus supplement. In addition, in the event that any Registration Statement is on Form S-1 (or other
form which does not permit incorporation by reference), the Company shall not be required to furnish to the Holders any prospectus supplement containing information included in a report or proxy statement filed under the Exchange Act that would be
incorporated by reference in such Registration Statement if such Registration Statement were on Form S-3 (or other form which permits incorporation by reference). The Company shall duly consider any comments made by Holders and received by the
Company not later than two Trading Days prior to the filing of the Registration Statement, but shall not be required to accept any such comments to which it reasonably objects. 

(b) (i) Prepare and file with the Commission such amendments, including post-effective amendments, to each Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective as to the applicable Registrable Securities for its Effectiveness Period and prepare and file with the Commission such additional
Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or
amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably possible
provide the Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to the Holders as Selling Stockholders but not any comments that would result in the disclosure to
the Holders of material and non-public information concerning the 

 
Company; and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the Registration Statements and the disposition of all
Registrable Securities covered by each Registration Statement. 
 (c) Notify the Holders as promptly as reasonably possible (and, in the
case of (i)(A) below, not less than three Trading Days prior to such filing) and (if requested by any such Person) confirm such notice in writing no later than one Trading Day following the day: (i)(A) when a Prospectus or any prospectus supplement
(but only to the extent notice is required under Section 3(a) above) or post-effective amendment to a Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a “review”
of such Registration Statement and whenever the Commission comments in writing on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses thereto to each of the Holders that
pertain to the Holders as a Selling Stockholder or to the Plan of Distribution, but not information which the Company believes would constitute material and non-public information); and (C) with respect to each Registration Statement or any
post-effective amendment, when the same has been declared effective; (ii) of any request by the Commission or any other Federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for
additional information that pertains to the Holders as Selling Stockholders or the Plan of Distribution; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement covering any or all of
the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; (v) of the occurrence of any event or passage of time that makes the financial statements included or incorporated by
reference in a Registration Statement ineligible for inclusion or incorporation by reference therein or any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and (vi) of the occurrence or
existence of any pending corporate development with respect to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best interest of the Company to allow continued availability of a
Registration Statement or Prospectus; provided, that any and all of such information shall remain confidential to each Holder until such information otherwise becomes public, unless disclosure by a Holder is required by law; provided, further, that
notwithstanding each Holder’s agreement to keep such information confidential, each such Holder makes no acknowledgement that any such information is material, non-public information. 

(d) Use its reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the
effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment. 

 (e) Furnish to each Holder, without charge, at least one conformed copy of each Registration
Statement and each amendment thereto and all exhibits to the extent reasonably requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission; provided,
that the Company shall have no obligation to provide any document pursuant to this clause that is available on the EDGAR system. 
 (f)
Promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of prospectus) and each amendment or supplement thereto as such Persons may reasonably request. Subject to Section 7(d)
hereof, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any
amendment or supplement thereto. 
 (g) Prior to any public offering of Registrable Securities, use its commercially reasonable efforts to
register or qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky
laws of those jurisdictions within the United States as any Holder reasonably requests in writing to keep each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or
things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statements; provided, that the Company shall not be required to qualify generally to do business in any
jurisdiction where it is not then so qualified or subject the Company to any material tax in any such jurisdiction where it is not then so subject. 

(h) Cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be
delivered to a transferee pursuant to the Registration Statements, which certificates shall be free, to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations
and registered in such names as any such Holders may request. 
 (i) Upon the occurrence of any event contemplated by Section 3(c)(v),
as promptly as reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the affected Registration Statements or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated
therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (j) The
Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially owned by such Holder and any Affiliate thereof, the natural persons thereof that have voting and
dispositive control over the shares and any other information with respect to such Holder as the Commission requests. 

 4. Holder’s Obligations. Each Holder agrees, by acquisition of the Registrable
Securities, that no Holder shall be entitled to sell any of such Registrable Securities pursuant to a Registration Statement or to receive a Prospectus relating thereto, unless such Holder has furnished the Company with all material information
required to be set forth in the Purchaser Questionnaire and Selling Stockholder Questionnaire pursuant to the Purchase Agreement. Any sale of any Registrable Securities by any Holder shall constitute a representation and warranty by such Holder that
the information regarding such Holder is as set forth in the Prospectus delivered by such Holder in connection with such disposition, and that such Prospectus does not as of the time of such sale contain any untrue statement of a material fact
regarding such Holder or omit to state any material fact regarding such Holder necessary to make the statements in such Prospectus, in the light of the circumstances under which they were made, not misleading, solely to the extent such facts are
based upon information regarding such Holder furnished in writing to the Company by such Holder for use in such Prospectus. 
 5.
Registration Expenses. All fees and expenses incident to the Company’s performance of or compliance with its obligations under this Agreement (excluding any underwriting discounts and selling commissions) shall be borne by the Company
whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without
limitation, fees and expenses (A) with respect to filings required to be made with the Principal Market on which the Common Stock is then listed for trading, and (B) in compliance with applicable state securities or Blue Sky laws),
(ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing prospectuses if the printing of prospectuses is reasonably requested by the holders of a majority of the
Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) reasonable fees and disbursements of counsel for the Company, (v) reasonable fees and disbursements of counsel to
the Holders, in an amount not to exceed $35,000, (vi) Securities Act liability insurance, if the Company so desires such insurance, and (vii) reasonable fees and expenses of all other Persons retained by the Company in connection with the
consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement
(including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable
Securities on any securities exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of any Holder or, except to the extent provided for in the Transaction Documents, any legal fees or other
costs of the Holders. 
 6. Indemnification. 

(a) Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless
each Holder, the officers, directors, agents, partners, members, stockholders and employees of each Holder, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act)
and the officers, directors, agents, partners, members, stockholders and employees of each such controlling Person, to the fullest extent permitted by applicable law, 

 
from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and reasonable attorneys’ fees) and expenses
(collectively, “Losses”), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus or any form of prospectus or in any amendment or
supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose), or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the
statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that (1) such untrue
statements, alleged untrue statements, omissions or alleged omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information
relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in the Registration Statement, such Prospectus or such form of
Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose) or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v),
the use by such Holder of an outdated or defective Prospectus after the Company has validly notified such Holder in writing (in accordance with Section 7(h) below) that the Prospectus is outdated or defective and prior to the receipt by such
Holder of an Advice (as defined below) or an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the Advice or the amended or supplemented Prospectus the misstatement or omission giving rise to such Loss
would have been corrected. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement. 

(b) Indemnification by Holders. Each Holder shall, notwithstanding any termination of this Agreement, severally and not jointly,
indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors,
officers, agents, partners, members, stockholders or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising solely out of or based solely upon: (x) for so long
as the Company is not a “Seasoned Issuer” and the prospectus delivery requirements of the Securities Act apply to sales by such Holder, such Holder’s failure to comply with the prospectus delivery requirements of the Securities
Act or (y) any untrue statement of a material fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto, or arising solely out of or based solely upon any omission of a
material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the
extent, but only to the extent that, (1) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such
information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in the Registration Statement, such Prospectus or
such form of Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this 

 
purpose) or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective Prospectus after the Company
has validly notified such Holder in writing (in accordance with Section 7(h) below) that the Prospectus is outdated or defective and prior to the receipt by such Holder of an Advice or an amended or supplemented Prospectus, but only if and to
the extent that following the receipt of the Advice or the amended or supplemented Prospectus the misstatement or omission giving rise to such Loss would have been corrected. In no event shall the liability of any selling Holder hereunder be greater
in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 

(c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall assume the defense thereof,
including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall
not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal
or further review) that such failure shall have proximately and materially adversely prejudiced the Indemnifying Party. 
 An Indemnified
Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the
Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in
any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict
of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at
the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party); provided, that the Indemnifying Party shall not be
liable for the fees and expenses of more than one separate firm of attorneys at any time for all Indemnified Parties pursuant to this Section 6(c). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected
without its written consent, which consent shall not be unreasonably withheld. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any
Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. Each Indemnified Party shall furnish such information
regarding itself or the claim in question as an Indemnifying Party may reasonably request in writing and as shall be reasonably required in connection with defense of such claim and litigation resulting therefrom. 

 All fees and expenses of the Indemnified Party (including reasonable fees and expenses to the
extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the
Indemnifying Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such
fees and expenses to the extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification hereunder). 

(d) Contribution. If a claim for indemnification under Section 6(a) or 6(b) is unavailable to an Indemnified Party (by reason of
public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to
reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such
Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact,
has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or
omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 6(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such
party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 6(d) were determined by pro
rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 6(d), no Holder shall be
required to contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 The indemnity and contribution
agreements contained in this Section 6 are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties and are not in diminution or limitation of the indemnification provisions under the Purchase Agreement.

 7. Miscellaneous. 

(a) Remedies. In the event of a breach by the Company or by a Holder, of any of their obligations under this Agreement, each Holder or
the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company
and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agree that, in the event of any action for specific
performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 
 (b) Compliance. Each
Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement. 

(c) Subsequent Registration Rights. Until the Initial Registration Statement required hereunder is declared effective by the
Commission, the Company shall not enter into any agreement granting any registration rights with respect to any of its securities to any Person without the written consent of Holders representing no less than a majority of the then outstanding
Registrable Securities; provided, that this Section 7(c) shall not prohibit the Company from fulfilling its obligations under any other registration rights agreements existing as of the date hereof. 

(d) Discontinued Disposition. Each Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice from
the Company of the occurrence of any event of the kind described in Section 3(c), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such Holder’s receipt of the copies
of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies
of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company may provide appropriate stop orders to enforce the provisions of this paragraph. 

(e) Furnishing of Information. Each Holder shall furnish in writing to the Company such information regarding itself, the Registrable
Securities held by it and the intended method of disposition of the Registrable Securities held by it, as shall be reasonably requested by the Company to effect the registration of such Registrable Securities and shall execute such documents in
connection with such registration as the Company may reasonably request. 
 (f) Piggy-Back Registrations. If at any time during the
Effectiveness Period, except as contemplated by Section 2(b) hereof, there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a
registration statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then
equivalents relating to 

 
equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with the stock option or other employee benefit
plans, then the Company shall send to each Holder a written notice of such determination and, if within 15 days after the date of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement all
or any part of such Registrable Securities such Holder requests to be registered; provided, however, that the Company shall not be required to register any Registrable Securities pursuant to this Section 7(f) that are eligible for
resale pursuant to Rule 144 promulgated under the Securities Act without volume limitation or that are the subject of a then effective Registration Statement; provided, further, however, if there is not an effective Registration
Statement covering all of the Registrable Securities during the Effectiveness Period, the Company may file a registration statement with the Commission to register equity securities of the Company to be sold on a primary basis, provided that the
Company does not sell any such shares until there is an effective Registration Statement covering all of the Registrable Securities. The Company shall have the right to terminate or withdraw any registration initiated by it under this
Section 7(f) prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. 

(g) Amendments and Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the
Company and the Holder or Holders (as applicable) of no less than a majority of the then outstanding Registrable Securities. The Company shall provide prior notice to all Holders of any proposed waiver or amendment. No waiver of any default with
respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any
delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right. 
 (i) Termination
of Registration Rights. For the avoidance of doubt, it is expressly agreed and understood that (i) in the event that there are no Registrable Securities outstanding as of a Filing Date, then the Company shall have no obligation to file,
caused to be declared effective or to keep effective any Registration Statement hereunder (including any Registration Statement previously filed pursuant to this Agreement) and (ii) all registration rights granted to the Holders hereunder
(including the rights set forth in Sections 7(c) and 7(f)), shall terminate in their entirety effective on the first date on which there shall cease to be any Registrable Securities outstanding. If not previously terminated pursuant to the foregoing
sentence, it is expressly agreed and understood that all registration rights granted to the Holder pursuant to this Agreement shall terminate as to the Holder on the earlier of (a) such time following the date that is five (5) years
following the date of this Agreement that the Holders own in the aggregate less than 25% of the number of Registrable Securities that the Holders owned in the aggregate as of the date hereof (as adjusted for stock splits, combinations, dividends,
recapitalizations and the like) and (b) the date that is ten (10) years following the date of this Agreement. 

 (h) Notices. All notices, requests, consents and other communications hereunder shall be
in writing, shall be sent by confirmed facsimile or electronic mail, or mailed by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, and shall be deemed given when so sent in the case of
facsimile or electronic mail transmission, or when so received in the case of mail or courier, and addressed as follows: 
 if to the
Company, to: 
 Ardelyx, Inc. 

34175 Ardenwood Blvd. 
 Fremont,
California 
 Attention: Chief Executive Officer 

Facsimile: (510) 745-0493 

E-Mail: mraab@ardelyx.com 
 with
a copy (which shall not constitute notice) to: 
 Latham & Watkins LLP 

140 Scott Drive 
 Menlo Park,
California 94025 
 Attention: Mark Roeder 

Facsimile: (650) 463-2600 

E-Mail: mark.roeder@lw.com 
  

			
	If to a Purchaser:	  	To the address set forth under such Purchaser’s name on the signature pages hereto
		
	If to any other Person who is then the registered Holder:	  	To the address of such Holder as it appears in the stock transfer books of the Company

 or such other address as may be designated in writing hereafter, in the same manner, by such Person. 

(i) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of
each of the parties and shall inure to the benefit of each Holder. Each Holder may assign its respective rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement. 

(j) Execution and Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be
deemed to be an original and, all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid binding obligation of the party
executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were the original thereof. 

(k) Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by and construed and enforced in accordance with the internal laws of the State of California, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the

 
interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective
affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of San Francisco. Each party hereby irrevocably submits to the exclusive jurisdiction of the state
and federal courts sitting in the City of San Francisco for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the
Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or
is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. 
 (l) Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 
 (m) Severability. If
any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall
remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as
that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including
any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 (n) Use of Terms. The parties agree and
acknowledge that when, in this Agreement, the Company is required to use its reasonable best efforts to perform any covenant under this Agreement, such requirement shall not obligate the Company, in the reasonable judgment of the disinterested
members of its Board of Directors, to perform any act that will have a material adverse effect on the Company. 
 (o) Headings. The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 (p)
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser hereunder is several and not joint with the obligations of any other Purchaser hereunder, and no Purchaser shall be responsible in any way for
the performance of the obligations of any other Purchaser hereunder. The decision of each Purchaser to purchase Securities pursuant to the Transaction Documents has been made independently of any other Purchaser. Nothing contained herein or in any
other agreement or document delivered at any closing, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to 

 
constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert with respect
to such obligations or the transactions contemplated by this Agreement. Each Purchaser acknowledges that no other Purchaser has acted as agent for such Purchaser in connection with making its investment hereunder and that no Purchaser will be acting
as agent of such Purchaser in connection with monitoring its investment in the Securities or enforcing its rights under the Transaction Documents. Each Purchaser shall be entitled to protect and enforce its rights, including without limitation the
rights arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	ARDELYX, INC.
		
	 By:
	 	  

	 Name: Michael Raab

	 Title: President and Chief Executive Officer

 Signature Pages to Registration Rights Agreement 

 PURCHASERS: 
  

			
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	Address:	 	  

		 	  

		 	  

		
	Fax:	 	  

		
	Email:	 	  

  
 Signature Pages to Registration
Rights Agreement 

 ANNEX A 

PLAN OF DISTRIBUTION 
 The
selling stockholders and any of their pledgees, donees, transferees, assignees or other successors-in-interest may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of common stock or interests in shares of common
stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market
price, at varying prices determined at the time of sale, or at negotiated prices. The selling stockholders may use one or more of the following methods when disposing of the shares or interests therein: 

 

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction; 

 

	 	•	 	through brokers, dealers or underwriters that may act solely as agents; 

  

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	through the writing or settlement of options or other hedging transactions entered into after the effective date of the registration statement of which this prospectus is a part, whether through an options exchange or
otherwise; 

  

	 	•	 	broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	a combination of any such methods of disposition; and 

  

	 	•	 	any other method permitted pursuant to applicable law. 

 The selling stockholders may also sell
shares under Rule 144 under the Securities Act of 1933, as amended, or Securities Act, if available, rather than under this prospectus. 

Broker-dealers engaged by the selling stockholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the selling stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated. The selling stockholders do not expect these commissions and discounts to
exceed what is customary in the types of transactions involved. 

 The selling stockholders may from time to time pledge or grant a security interest in some or all
of the shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell shares of common stock from time to time under this prospectus, or under a
supplement or amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders
under this prospectus. 
 Upon being notified in writing by a selling stockholder that any material arrangement has been entered into with a
broker-dealer for the sale of common stock through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, we will file a supplement to this prospectus, if required, pursuant to Rule
424(b) under the Securities Act, disclosing (i) the name of each such selling stockholder and of the participating broker-dealer(s), (ii) the number of shares involved, (iii) the price at which such shares of common stock were sold,
(iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not conduct any investigation to verify the information set out or incorporated by reference in
this prospectus, and (vi) other facts material to the transaction. In addition, upon being notified in writing by a selling stockholder that a donee or pledge intends to sell more than 500 shares of common stock, we will file a supplement to
this prospectus if then required in accordance with applicable securities law. 
 The selling stockholders also may transfer the shares of
common stock in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. 

In connection with the sale of the shares of common stock or interests in shares of common stock, the selling stockholders may enter into
hedging transactions after the effective date of the registration statement of which this prospectus is a part with broker-dealers or other financial institutions, which may in turn engage in short sales of the common stock in the course of hedging
the positions they assume. The selling stockholders may also sell shares of common stock short after the effective date of the registration statement of which this prospectus is a part and deliver these securities to close out their short positions,
or loan or pledge the common stock to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option or other transactions after the effective date of the registration statement of which this prospectus is
a part with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such
broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). 

The selling stockholders and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. The maximum commission or discount to be received by any member of the Financial Industry Regulatory Authority (FINRA) or independent broker-dealer will not be greater than 8% of the initial gross
proceeds from the sale of any security being sold. 

 We have advised the selling stockholders that they are required to comply with Regulation M
promulgated under the Securities and Exchange Act during such time as they may be engaged in a distribution of the shares. The foregoing may affect the marketability of the common stock. 

The aggregate proceeds to the selling securityholders from the sale of the common stock offered by them will be the purchase price of the
common stock less discounts or commissions, if any. Each of the selling securityholders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made
directly or through agents. We will not receive any of the proceeds from this offering. 
 We are required to pay all fees and expenses
incident to the registration of the shares. We have agreed to indemnify the selling stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act or otherwise. 

We have agreed with the selling stockholders to keep the registration statement of which this prospectus constitutes a part effective until
the earlier of (a) such time as all of the shares covered by this prospectus have been disposed of pursuant to and in accordance with the registration statement or (b) the date on which the shares of common stock covered by this prospectus
may be sold by non-affiliates without any volume limitations or pursuant to Rule 144 of the Securities Act. 

 SCHEDULE OF EXCEPTIONS 

June 2, 2015 
 This
Schedule of Exceptions is being furnished by Ardelyx, Inc., a Delaware corporation, (the “Company”), to the Purchasers listed on Exhibit A to that certain Securities Purchase Agreement of even date herewith by and among the Company
and such Purchasers (the “Agreement”) in connection with the execution and delivery of the Agreement, pursuant to Section 4 of the Agreement. Unless the context otherwise requires, all capitalized terms used in this Schedule of
Exceptions shall have the respective meanings ascribed to such terms in the Agreement. 
 This Schedule of Exceptions and the information,
descriptions and disclosures included herein is intended to set forth exceptions to the representations and warranties of the Company contained in the Agreement. The contents of all agreements and other documents referred to in a particular section
of this Schedule of Exceptions are incorporated by reference into such particular section as though fully set forth in such section. 
  

	4.9	No Material Adverse Change 

 On or about the date hereof, the Company has entered into a Termination
Agreement with AstraZeneca AB, a Material Contract. 
  

	4.16	Contracts 

 On or about the date hereof, the Company has entered into a Termination Agreement with
AstraZeneca AB which the Company expects to describe on a Current Report on Form 8-K within the time period required by the SEC. 

  
 1 

 SCHEDULE 1 

Name 
 Peter Schultz 

New Enterprise Associates 12, Limited Partnership 
 New Enterprise
Associates 15, L.P. 
 NEA 15 Opportunity Fund, L.P. 

Form of Affiliate Legend 
 “THE SHARES
REPRESENTED BY THIS CERTIFICATE ARE HELD BY AN AFFILIATE OF THE ISSUER AS DEFINED IN RULE 144 PROMULGATED UNDER THE SECURITIES ACT OF 1933 AND MAY ONLY BE SOLD OR OTHERWISE TRANSFERRED IN COMPLIANCE WITH THE REQUIREMENTS OF RULE 144 OR PURSUANT TO A
REGISTRATION STATEMENT UNDER SAID ACT OR AN EXEMPTION FROM SUCH REGISTRATION.”

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