ARDELYX INC

Ticker: ARDX CUSIP: 039697107 Class: Common Stock

SPHERA FUNDS MANAGEMENT LTD.'s Holding History (CIK: 0001496201)

Note: Option positions (PUT/CALL) are excluded.

Q4 2017

Shares 345,000 Value ($000) $2,277 Avg Close $5.93 Range $4.75 - $8.65

Q3 2017

Shares 345,000 Value ($000) $1,932 Avg Close $5.27 Range $4.28 - $6.20

Q2 2017

Shares 345,000 Value ($000) $1,760 Avg Close $8.48 Range $4.05 - $14.10

Q1 2017

Shares 345,000 Value ($000) $4,364 Avg Close $13.16 Range $10.95 - $15.40

Q4 2016

Shares 151,813 Value ($000) $2,156 Avg Close $14.20 Range $10.55 - $16.30

Q3 2016

Shares 151,813 Value ($000) $1,964 Avg Close $10.48 Range $8.42 - $13.29

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2017	345,000	$2,277	$5.93	$4.75 - $8.65
Q3 2017	345,000	$1,932	$5.27	$4.28 - $6.20
Q2 2017	345,000	$1,760	$8.48	$4.05 - $14.10
Q1 2017	345,000	$4,364	$13.16	$10.95 - $15.40
Q4 2016	151,813	$2,156	$14.20	$10.55 - $16.30
Q3 2016	151,813	$1,964	$10.48	$8.42 - $13.29