ARCH Venture Fund IX, L.P. 4

What Happened

• ARCH Venture Fund IX (a 10% institutional holder) reported a cashless exercise of stock options tied to director Kristina Burow and an immediate sale on July 1, 2026. The filing shows 16,000 shares were exercised at $1.03 each (total exercise value $16,480) and 16,000 shares were sold in an open market transaction at $2.49 each (total sale proceeds $39,840). A related derivative disposal at $0.00 reflects conversion/settlement of the option position. The gross difference between sale proceeds and exercise cost is about $23,360.

Key Details

• Transaction date: 2026-07-01
• Actions: M = option exercise (16,000 shares @ $1.03; $16,480); S = sale (16,000 shares @ $2.49; $39,840); derivative conversion reported at $0.00
• Who exercised: option belonged to director Kristina Burow; exercise was cashless and net proceeds were remitted to ARCH funds (see footnote F1)
• Vesting: option vested in monthly installments after June 23, 2025; final unvested portion vested on June 15, 2026 (F7)
• Ownership structure notes: shares held across ARCH IX, ARCH IX Overage, and ARCH X Overage with associated general partner/investment committee disclosures (F2–F6)
• Shares owned after transaction: not specified in the provided filing excerpt
• Filing timeliness: Form 4 filed 2026-07-06 for a 2026-07-01 transaction — appears later than the SEC’s standard 2-business-day Form 4 deadline

Context

• This was a cashless option exercise immediately followed by an open-market sale — a common way for option holders to cover exercise costs and taxes once options vest. The filing involves a 10% institutional investor (ARCH funds) and an option originally granted for board service to Kristina Burow, so the trades reflect fund-level/compensation monetization rather than direct operational trading by company management.