PATEL DINESH V PH D 4

What Happened
Dinesh V. Patel, President & CEO and Director of Protagonist Therapeutics (PTGX), exercised 75,000 stock options on May 12, 2026 at $21.58 per share (cash paid $1,618,500) and sold 75,000 common shares the same day in an open-market transaction for a weighted-average price of $100.12 per share (total proceeds ~$7,509,000). The Form 4 also reports a related derivative disposition of 75,000 shares at $0, which reflects the option conversion/settlement associated with the exercise.

Key Details

• Transaction date: 2026-05-12
• Exercise: 75,000 options @ $21.58 = $1,618,500 (code M)
• Sale: 75,000 shares sold @ weighted avg $100.12 = ~$7,509,000 (code S)
• Reported sale price range: $98.83 to $103.50 (per footnote F1); weighted average used in filing $100.12
• Derivative entry: 75,000 shares reported disposed at $0 (reflects conversion/settlement of options)
• Option status: Fully vested; expiration Oct 11, 2026 (footnote F2)
• Shares owned after the transactions: Not specified in the provided filing
• Filing timeliness: Reported on 2026-05-12 (no late filing indicated)

Context
Because the exercise and sale occurred the same day, this is effectively a near-immediate sale of shares acquired through option exercise (often called a cashless or simultaneous exercise-and-sell in practice). The sale generated significant proceeds; the exercise cost is also disclosed. The filing’s footnote says the sale price is a weighted average across multiple trades and the filer will provide per-trade details to the SEC on request. As always, these transactions are factual disclosures and do not, by themselves, indicate the insider’s future view of the company.