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0pt;"><span style="font-size:1pt;font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:16pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">FORM </b><ix:nonNumeric contextRef="Duration_10_9_2020_To_10_9_2020_WsPr3pVeiEeYAv0QXhDM3w" name="dei:DocumentType" id="Narr_foF-yZB9TEeNPLCC1vrRLQ"><b style="font-weight:bold;">8-K</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:1pt;text-align:center;border-bottom:1px solid #000000;margin:0pt 0pt 10pt 0pt;"><span style="font-size:1pt;font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">CURRENT REPORT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b 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contextRef="Duration_10_9_2020_To_10_9_2020_WsPr3pVeiEeYAv0QXhDM3w" name="dei:LocalPhoneNumber" id="Narr_cBabsd7tT0aZz88dsGYhIA"><b style="font-weight:bold;">745-1700</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:1pt;text-align:center;border-bottom:1px solid #000000;margin:0pt 0pt 10pt 0pt;"><span style="font-size:1pt;font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p><a id="_5bfe3de6_ad85_4ad2_8391_50c8e43cb449"></a><a id="Tc_V7fTH4xSg0OBxIryBtGKJA_1_1"></a><a id="Tc_29tVKG0UiUWTgLdAEOZ7-g_2_1"></a><a id="Tc_iri6vJ8LykGchzdlAt0s2w_3_1"></a><a id="Tc_gLvE-UEWFkKI2Y_zGzqYmw_4_1"></a><table 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style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><b style="font-weight:bold;">Name of each exchange on which registered</b></p></td></tr><tr><td style="vertical-align:top;width:32.45%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><ix:nonNumeric contextRef="Duration_10_9_2020_To_10_9_2020_WsPr3pVeiEeYAv0QXhDM3w" name="dei:Security12bTitle" id="Tc_yPfrTz-9jUq4XzmG0yii_Q_2_0">Common Stock, par value $0.0001</ix:nonNumeric></p></td><td style="vertical-align:top;width:2.78%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:23.41%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><ix:nonNumeric contextRef="Duration_10_9_2020_To_10_9_2020_WsPr3pVeiEeYAv0QXhDM3w" name="dei:TradingSymbol" id="Tc_MpKGaenKZkSjUiA88hhIKg_2_2">ARDX</ix:nonNumeric></p></td><td style="vertical-align:top;width:2.88%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:38.46%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><ix:nonNumeric contextRef="Duration_10_9_2020_To_10_9_2020_WsPr3pVeiEeYAv0QXhDM3w" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Tc_efQZUwlnz0KeW686oEfW3g_2_4">The Nasdaq Global Market</ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 8pt 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 8pt 0pt;">Emerging growth company&#160;&#160;<ix:nonNumeric contextRef="Duration_10_9_2020_To_10_9_2020_WsPr3pVeiEeYAv0QXhDM3w" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="Narr_M3VA4vsi806J1FzcctYNlw"><span style="font-family:'Segoe UI Symbol';">&#9744;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;&#9744;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-top:1pt;border-bottom:3.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="display:none;font-family:'Times New Roman','Times','serif';line-height:0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p><a id="_951d2f2a_3369_4b6d_ac59_8d00bb90f021"></a></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 5pt 0pt;"><b style="font-weight:bold;">Item 1.01</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b style="font-weight:bold;">Entry into a Material Definitive Agreement.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><span style="white-space:pre-wrap;">On October 9, 2020, Ardelyx, Inc. (the &#8220;Company&#8221;) entered into that certain First Amendment to Loan and Security Agreement (the &#8220;Amendment&#8221;), which amended that certain Loan and Security Agreement (the &#8220;Loan Agreement&#8221;), dated as of May 16, 2018, among the Company, Solar Capital Ltd. and the lenders party thereto, by extending the period of time that the Company is permitted to make interest-only payments on the term loan facility under the Loan Agreement (the &#8220;Term Loan&#8221;) from December 1, 2020 to December 1, 2021 (the &#8220;Interest Only Period&#8221;); provided that if (a) the U.S. Food and Drug Administration (&#8220;FDA&#8221;) does not approve the Company&#8217;s New Drug Application for tenapanor for control of serum phosphorus in adult chronic kidney disease (&#8220;CKD&#8221;) patients on dialysis on or before May 31, 2021 or (b) the FDA issues a complete response letter (&#8220;CRL&#8221;) for tenapanor for the control of serum phosphorus in adult CKD patients on dialysis, then the Interest Only Period will be shortened to the earlier of (x) June 1, 2021 or (y) the first day of the month immediately following the date that the FDA issues the CRL.  </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">In addition, the Company has agreed to (i) increase the fee that is due upon the earliest to occur of the maturity date, the acceleration of the Term Loan, the prepayment or repayment of the Term Loan or the termination of the Loan Agreement from 3.95% of the Term Loan to 4.95% of the Term Loan and (ii) set a minimum LIBOR rate of 0.25%.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:10pt;margin:0pt;">The above summaries of the material terms of the Amendment do not purport to be complete and are qualified in their entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.1, respectively, to this Current Report on Form 8-K and incorporated by reference herein.</p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;">Item 2.03       Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.</p><a id="_3459262c_aeaa_444e_a4a4_f18e5cd4f7dd"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Item&#160;9.01</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b style="font-weight:bold;">Financial Statements and Exhibits.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">(d) Exhibits.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:bottom;width:9.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">Exhibit<br />No.</p></td><td style="vertical-align:bottom;width:2.78%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;width:87.93%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Description</p></td></tr><tr style="height:4.8pt;"><td style="vertical-align:middle;width:9.28%;border-top:1px solid #000000;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:middle;width:90.71%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:top;width:9.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">10.1</p></td><td style="vertical-align:bottom;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:top;width:87.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a style="-sec-extract:exhibit;" href="ardx-20201009xex10d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">First Amendment to Loan and Security Agreement, dated as of October 9, 2020, by and among Ardelyx, Inc., Solar Capital Ltd. and the lenders party</span></a></p></td></tr><tr><td style="vertical-align:top;width:9.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">104</p></td><td style="vertical-align:bottom;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:87.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Cover Page Interactive Data File (embedded within the Inline XBRL document).</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><a id="_e9e2f484_e2cf_4ed3_8ca2_ada565e8838d"></a></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr><td style="vertical-align:top;width:45.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Date: October 14, 2020</p></td><td style="vertical-align:bottom;width:4.67%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;width:49.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">ARDELYX, INC.</p></td></tr><tr><td style="vertical-align:middle;width:45.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;width:4.67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:3.82%;margin:0pt;padding:0pt;"></td><td style="vertical-align:middle;width:45.67%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:top;width:45.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:4.67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:3.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:45.67%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt 0pt 1pt 0pt;">/s/ Justin Renz</p></td></tr><tr><td style="vertical-align:top;width:45.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:4.67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:3.82%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:45.67%;border-top:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">Justin Renz</p></td></tr><tr><td style="vertical-align:top;width:45.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:4.67%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;width:3.82%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:45.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">Chief Financial Officer</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:avoid;width:79.3%;border:0;"></div></body></html>
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​
​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
​
FORM
8-K
​
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 9, 2020
​
ARDELYX, INC.
(Exact name of registrant as specified in its charter)
​
Delaware
001-36485
26-1303944
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification Number)
​
34175 Ardenwood Blvd.
Fremont
,
CA
94555
(Address of principal executive offices, including Zip Code)
Registrant's telephone number, including area code: (
510
)
745-1700
​
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
​
Securities registered pursuant to Section 12(b) of the Act:
​
​
Title of each class
​
Trading Symbol(s)
​
Name of each exchange on which registered
Common Stock, par value $0.0001
​
ARDX
​
The Nasdaq Global Market
​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
​
Item 1.01
Entry into a Material Definitive Agreement.
On October 9, 2020, Ardelyx, Inc. (the "Company") entered into that certain First Amendment to Loan and Security Agreement (the "Amendment"), which amended that certain Loan and Security Agreement (the "Loan Agreement"), dated as of May 16, 2018, among the Company, Solar Capital Ltd. and the lenders party thereto, by extending the period of time that the Company is permitted to make interest-only payments on the term loan facility under the Loan Agreement (the "Term Loan") from December 1, 2020 to December 1, 2021 (the "Interest Only Period"); provided that if (a) the U.S. Food and Drug Administration ("FDA") does not approve the Company's New Drug Application for tenapanor for control of serum phosphorus in adult chronic kidney disease ("CKD") patients on dialysis on or before May 31, 2021 or (b) the FDA issues a complete response letter ("CRL") for tenapanor for the control of serum phosphorus in adult CKD patients on dialysis, then the Interest Only Period will be shortened to the earlier of (x) June 1, 2021 or (y) the first day of the month immediately following the date that the FDA issues the CRL.
In addition, the Company has agreed to (i) increase the fee that is due upon the earliest to occur of the maturity date, the acceleration of the Term Loan, the prepayment or repayment of the Term Loan or the termination of the Loan Agreement from 3.95% of the Term Loan to 4.95% of the Term Loan and (ii) set a minimum LIBOR rate of 0.25%.
The above summaries of the material terms of the Amendment do not purport to be complete and are qualified in their entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.1, respectively, to this Current Report on Form 8-K and incorporated by reference herein.
Item 2.03       Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
​
Exhibit
No.
Description
10.1
First Amendment to Loan and Security Agreement, dated as of October 9, 2020, by and among Ardelyx, Inc., Solar Capital Ltd. and the lenders party
104
​
Cover Page Interactive Data File (embedded within the Inline XBRL document).
​
​
​
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
​
Date: October 14, 2020
ARDELYX, INC.
By:
/s/ Justin Renz
Justin Renz
Chief Financial Officer
​
​