MOLINA ARTURO MD 4

What Happened

• Arturo Molina, M.D., Chief Medical Officer of Protagonist Therapeutics (PTGX), reported multiple transactions in late January 2026. He sold a total of 23,151 shares in open-market transactions (13,151 on Jan 23; 5,000 on Jan 26; 5,000 on Jan 27) generating approximately $1,905,305 in proceeds.
• He also exercised options to acquire 10,000 shares (5,000 on Jan 26 and 5,000 on Jan 27) at an exercise price of $8.04 per share, for a total cash outlay of about $80,400. The filing includes derivative dispositions at $0.00 for 5,000 shares on each of Jan 26 and Jan 27 (see Key Details).

Key Details

• Transactions and reported values:
  • 2026-01-23: Sold 13,151 shares @ reported weighted avg $82.42 — proceeds $1,083,905 (footnote F1: shares sold in multiple transactions at prices ranging $82.665–$84.64).
  • 2026-01-26: Exercised 5,000 options @ $8.04 (acquired) — cost $40,200; Sold 5,000 shares @ reported weighted avg $82.28 — proceeds $411,400; Disposed (derivative) 5,000 @ $0.00. (F2 notes price range for sale $82.14–$82.55.)
  • 2026-01-27: Exercised 5,000 options @ $8.04 (acquired) — cost $40,200; Sold 5,000 shares @ $82.00 — proceeds $410,000; Disposed (derivative) 5,000 @ $0.00.
• Total open-market sales reported: 23,151 shares for approx. $1,905,305. Total shares acquired by exercise: 10,000 for ~$80,400.
• Shares owned after these transactions are not included in the provided excerpt of the Form 4.
• Notable footnotes:
  • F1/F2: Reported sale prices are weighted averages of multiple trade prices; full breakdown available upon SEC staff request.
  • F3: Describes the underlying stock option award (right to purchase 127,500 shares with scheduled vesting through Nov 7, 2026).
• Filing: Form 4 filed Jan 27, 2026 (covers transactions on Jan 23–27) — appears to be timely (Form 4 generally due within two business days).

Context

• The filing shows both option exercises (acquisitions) and open-market sales. The same-day pattern on Jan 26 and Jan 27 (exercise of 5,000 options and a sale of 5,000 shares each day) is consistent with an exercise-and-sell or sell-to-cover pattern often used to cover exercise costs/taxes; the derivative disposals at $0.00 in the filing likely reflect option/settlement reporting related to those exercises (see footnotes).
• Sales do not necessarily indicate negative views — often executives sell for diversification or tax reasons. Purchases/exercises are typically more informative about personal conviction, but here the exercised shares were largely followed by sales.