Williams Lewis T 4

What Happened

• Lewis T. Williams, a director of Protagonist Therapeutics (PTGX), exercised options and sold shares on February 17, 2026. The filing shows an exercise of 18,000 options with a $10.84 exercise price (cost $195,120) and an 18,000-share open-market sale at a weighted average price of $82.42, producing $1,483,560 in gross proceeds. The net cash difference from the sale and exercise is roughly $1,288,440 before fees and taxes.
• The filing also lists a separate 18,000-share derivative acquisition at a $0.00 price (reported as a derivative transaction in the Form 4).

Key Details

• Transaction date: 2026-02-17; Form 4 filed: 2026-02-18 (timely).
• Sale: 18,000 shares sold in the open market at a weighted-average price of $82.42 (total $1,483,560). Footnote F1: shares were sold in multiple trades at prices ranging $81.47–$83.12; the weighted average reflects those trades.
• Exercise: 18,000 options exercised at $10.84 per share (total cash paid $195,120). Footnote F2: the options exercised were fully vested.
• Reported additional derivative entry: 18,000 shares reported acquired at $0.00 (shown as a derivative acquisition in the filing).
• Shares owned after the transaction: not specified in the information provided.

Context

• Because the options were exercised and shares were sold the same day, this appears to be a cashless-style exercise (exercise followed by immediate sale) commonly used to cover option costs and taxes; the filing itself does not state motivation.
• These are director transactions (not a 10% owner institutional disclosure). No 10b5-1 plan or gift/tax-withholding notes were reported in the provided details.