Highland Capital Management Reveals Investment In Relypsa (RLYP)

Page 14 of 21 – SEC Filing

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SCHEDULE 13G

This Schedule 13G (this Schedule 13G) is being filed on behalf of Highland Small-Cap Equity Fund, a series of Highland Funds II, a
Massachusetts business trust (the Small-Cap Fund), Highland Capital Management Fund Advisors, L.P., a Delaware limited partnership (Highland Fund Advisors), Strand Advisors XVI, Inc., a Delaware corporation (Strand
XVI), NexPoint Credit Strategies Fund, a Delaware statutory trust (the Credit Fund), NexPoint Advisors, L.P., a Delaware limited partnership (NexPoint), NexPoint Advisors GP, LLC, a Delaware limited liability company
(NexPoint GP), Highland Select Equity Master Fund, L.P., a Bermuda limited partnership (the Select Fund and collectively with the Small-Cap Fund and the Credit Fund, the Funds), Highland Select Equity Fund GP,
L.P., a Delaware limited partnership (Select GP), Highland Select Equity GP, LLC, a Delaware limited liability company (Select LLC), Highland Capital Management, L.P., a Delaware limited partnership (Highland
Capital), Strand Advisors, Inc., a Delaware corporation (Strand), and James D. Dondero (collectively, the Reporting Persons).

Brad Ross is the President of Strand XVI and James D. Dondero is the President of NexPoint GP and Strand. Strand XVI is the general partner of
Highland Fund Advisors. Highland Fund Advisors is the investment advisor to the Small-Cap Fund. NexPoint GP is the general partner of NexPoint. NexPoint is the investment advisor to the Credit Fund. Strand is the general partner of Highland Capital.
Highland Capital is the sole member of Select LLC. Select LLC is the general partner of Select GP. Select GP is the general partner of the Select Fund. This Schedule 13G relates to the Common stock, par value $0.001 per share (the Common
Stock), of Relypsa, Inc., a Delaware corporation (the Issuer), held by the Funds.

Item 1(a)

Name of Issuer.

Relypsa, Inc.

Item 1(b)

Address of Issuers Principal Executive Offices.

100 Cardinal Way

Redwood City, CA 94063

Item 2(a)

Name of Person Filing.

(1)

Highland Small-Cap Equity Fund

(2)

Highland Capital Management Fund Advisors, L.P.

(3)

Strand Advisors XVI, Inc.

(4)

NexPoint Credit Strategies Fund

(5)

NexPoint Advisors, L.P.

(6)

NexPoint Advisors GP, LLC

(7)

Highland Select Equity Master Fund, L.P.

(8)

Highland Select Equity Fund GP, L.P.

(9)

Highland Select Equity GP, LLC

(10)

Highland Capital Management, L.P.

(11)

Strand Advisors, Inc.

(12)

James D. Dondero

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