CRANDELL KEITH 4

What Happened
Keith Crandell (reported as a 10% owner through ARCH-related entities) exercised/converted derivatives and sold shares on July 1, 2026. The filing shows an exercise/acquisition of 16,000 shares at $1.03 per share (cost $16,480) and an open‑market sale of 16,000 shares at $2.49 per share (proceeds $39,840). The report also lists a separate derivative conversion of 16,000 shares reported with $0.00 consideration. Overall, the net public sale reported was 16,000 shares for $39,840 (a disposition).

Key Details

• Transaction date: July 1, 2026 (filed on Form 4 dated July 6, 2026).
• Prices and amounts: exercised 16,000 @ $1.03 (acquired; $16,480); sold 16,000 @ $2.49 (disposed; $39,840); one derivative conversion of 16,000 @ $0.00 (disposed).
• Shares owned after transaction: not specified in the provided excerpt.
• Footnotes: transactions are reported in connection with ARCH venture funds and related entities (see F2–F6) — beneficial ownership is reported through those funds, and various ARCH entities disclaim direct beneficial ownership except to extent of any pecuniary interest. The filing is one of two reports filed jointly by multiple ARCH parties and individuals.
• Timeliness: Transaction reported on July 6 for a July 1 trade — appears to have been filed after the typical two-business‑day Form 4 deadline.

Context
These filings reflect activity by a 10% owner via venture/investment entities (ARCH/AVP structures), not necessarily personal trading by an executive. The "M" transaction codes indicate exercises/conversions of derivatives (e.g., options); here shares acquired by exercise were sold in the open market on the same date. Retail investors often view immediate sell‑offs after option exercises as routine liquidity or fund rebalancing by institutional holders rather than a direct signal about company prospects.