PATEL DINESH V PH D 4/A

What Happened

• Dinesh V. Patel, President, CEO and Director of Protagonist Therapeutics (PTGX), exercised 75,000 stock options (fully vested) and sold 75,000 shares on May 12, 2026. The exercise required $1,618,500 (75,000 shares x $21.58 strike). The shares were sold in the open market at a weighted average price of $100.12, generating gross proceeds of $7,509,000. The filing also shows a related derivative conversion/disposition entry for 75,000 shares at $0 (recorded as a derivative transaction in the Form 4).

Key Details

• Transaction date: May 12, 2026 (reported on an amended Form 4 filed May 14, 2026).
• Exercise: 75,000 options exercised at $21.58 (total $1,618,500).
• Sale: 75,000 shares sold at a weighted average price of $100.12 (total proceeds $7,509,000); individual sale prices ranged $98.83–$103.50 per share (per footnote).
• Footnotes: Transactions were carried out pursuant to a 10b5-1 trading plan adopted Jan 30, 2026 (amendment clarifies this). Options are fully vested and expire Oct 11, 2026.
• Shares owned after the transactions: not specified in the amended filing.
• Filing status: This is an amended Form 4 to clarify the 10b5-1 plan and correct a checked box; not presented as a late report in the filing.

Context

• The sequence (exercise followed by same-day sale) is effectively a cashless exercise/sale—Patel exercised options and sold the resulting shares on the same day. Because the sales were executed under a pre-arranged 10b5-1 plan, they are generally considered routine and pre-authorized, not necessarily a real-time signal of the insider’s view. Purchases are often more informative than pre-planned sales for interpreting insider sentiment.