Protagonist (PTGX) CEO Dinesh V. Patel Exercises Options, Sells Shares

What Happened

• Dinesh V. Patel, President, CEO and Director of Protagonist Therapeutics (PTGX), exercised 125,000 fully vested stock options (code M) at $21.58 per share and immediately sold the resulting 125,000 shares (code S). The exercises cost $2,697,500 in aggregate; the sales generated gross proceeds of approximately $18,240,568, for net proceeds of roughly $15,543,068 before taxes and fees.
• The exercises and sales occurred on September 8–10, 2026 and were carried out pursuant to a pre-established 10b5-1 plan.

Key Details

• Transaction dates: Sep 8, 2026; Sep 9, 2026; Sep 10, 2026.
• Options exercised: 125,000 shares total (54,174 on 9/8; 63,548 on 9/9; 7,278 on 9/10) at $21.58 each (total cost $2,697,500).
• Shares sold: 125,000 shares total for aggregate proceeds of ~$18,240,568 (weighted-average sale prices reported per date: $145.87 on 9/8, $146.18 on 9/9, $144.10 on 9/10).
• Reported sale price ranges (per footnotes): 9/8: $142.00–$147.29; 9/9: $144.49–$151.27; 9/10: $142.51–$145.19. Weighted averages shown above; filing says more granular trade-level prices available on SEC request.
• Footnote: Transactions were executed under a 10b5-1 plan adopted Jan 30, 2026 covering exercise of fully vested options expiring Oct 11, 2026 and sale of the acquired shares (F1).
• Derivative reporting: The filing includes corresponding $0.00 “dispositions” of derivative securities reflecting conversion/exercise entries (typical reporting when options are exercised).
• Filing timeliness: Form 4 was filed Sep 10, 2026; transactions occurred Sep 8–10, 2026 — the filing appears timely based on provided dates.
• Shares owned after the transactions: not disclosed in the provided summary of the filing.

Context

• This was an exercise-plus-sale executed under a pre-established 10b5-1 plan (i.e., not an open discretionary trade); that structure is commonly used to automate option exercises and sales and reduces questions about trading based on nonpublic information.
• The sequence (exercise of options followed by immediate sale of the shares) is effectively a cashless exercise and is largely a liquidity event rather than an outright open-market purchase; such sales are generally considered routine when done under a 10b5-1 plan.