Giraudo Bryan 4

What Happened

• Bryan Giraudo, a director of Protagonist Therapeutics (PTGX), exercised stock options and conducted multiple open-market sales on May 7–8, 2026. He exercised 36,000 option shares (24,000 @ $6.45 and 12,000 @ $6.98), paying a total of $238,560 in strike costs. He sold a total of 59,130 shares in several transactions for aggregate proceeds of approximately $5,918,880 (weighted sale prices reported; individual sales ranged from $98.69 to $104.67).
• The filing also includes two derivative transactions listed at $0.00 for 24,000 and 12,000 shares (these entries typically reflect net settlement/withholding related to the option exercises). A separate note shows 10,000 shares previously held directly were transferred to the Bryan & Courtney Giraudo Trust.

Key Details

• Transaction dates: May 7, 2026 (majority of exercises and sales) and May 8, 2026 (additional sales). Form 4 filed May 11, 2026 (within the two-business-day reporting window).
• Options exercised: 24,000 shares @ $6.45 ($154,800) and 12,000 shares @ $6.98 ($83,760) — total cash paid ≈ $238,560.
• Shares sold: 36,000 @ $100.14 (≈ $3,605,040); 12,000 @ $100.07 (≈ $1,200,840); 6,000 @ $100.00 (≈ $600,000); 5,130 @ $100.00 (≈ $513,000). Total proceeds ≈ $5,918,880. Reported sale prices ranged $98.69–$104.67 (weighted average used per footnote).
• Derivative/zero-price entries: 24,000 and 12,000 shares listed with $0.00 — likely reflect share withholding or net settlement tied to the option exercises (no cash proceeds).
• Footnotes: F1 notes transfer of 10,000 shares to the Bryan & Courtney Giraudo Trust; F3 confirms the options were fully vested.
• Shares owned after the reported transactions: not specified in the excerpt provided.

Context

• This is a common insider pattern: exercise of vested options followed by immediate or same-day sales (often to cover strike costs and taxes). The filing shows both the cash required to exercise ($238.6K) and the large open-market sales ($5.92M in proceeds).
• These transactions are routine disclosures of insider activity. They are factual records of the exercises and sales; they do not, by themselves, explain the insider’s motivations.