PATEL DINESH V PH D 4

What Happened
Dinesh V. Patel, President & CEO and Director of Protagonist Therapeutics (PTGX), exercised stock options and immediately sold the acquired shares over March 24–25, 2026, and also made a bona fide gift of shares. Specifically, Patel exercised a total of 54,700 shares (59 on 2026-03-24 at $8.58; 54,641 on 2026-03-25 at $8.58) for a total exercise cost of about $469,326, and sold those same 54,700 shares in open-market transactions at $101.00 per share for gross proceeds of about $5,524,700. Separately, on 2026-03-23 Patel gifted 50,000 shares to relatives (no proceeds). The filings show derivative/option items associated with those exercises (derivatives reported as disposed/cancelled at $0).

Key Details

• Transaction dates and prices:
  • 2026-03-23: Gift of 50,000 shares (G) — $0 proceeds (to relatives; footnote F1).
  • 2026-03-24: Exercised 59 shares at $8.58 (M) — cost ~$506; sold 59 shares at $101.00 (S) — proceeds $5,959.
  • 2026-03-25: Exercised 54,641 shares at $8.58 (M) — cost ~$468,820; sold 54,641 shares at $101.00 (S) — proceeds $5,518,741.
  • Gross sale proceeds from the open-market sales ≈ $5,524,700; exercise cash outlay ≈ $469,326.
• Shares owned after transaction: total post-transaction holdings are not specified in the provided excerpt of the filing (the filing does note 433 shares acquired earlier under the issuer’s 2016 ESPP; see F2).
• Notable footnotes:
  • F1: the 50,000-share transfer was a bona fide gift to relatives.
  • F2: filing includes 433 shares acquired under the company’s 2016 Employee Stock Purchase Plan on March 9, 2026.
  • F3: the stock options exercised were fully vested.
• Filing timeliness: Form 4 filed 2026-03-25 for transactions on 2026-03-23 through 2026-03-25; this appears to be filed within normal Form 4 timing requirements.

Context

• These transactions are an option exercise followed by immediate open-market sales (a cashless-style outcome): Patel exercised vested options at $8.58/share and sold the resulting shares at $101.00/share on the same days, producing the listed proceeds. The derivative lines reported as disposed at $0 reflect the cancellation/conversion of those option/derivative positions upon exercise.
• The 50,000-share gift is a personal, bona fide transfer to relatives and is not a market-trading signal.
• Purchases (buys) by insiders are often viewed as stronger signals than routine option exercises followed by sales; this filing primarily documents exercised-and-sold activity plus a gift.