Bhatt Elizabeth 4

What Happened Elizabeth Bhatt, President and Chief Operating Officer of Septerna, exercised 4,000 stock options at $6.81 per share (cost $27,240) and on the same date disposed of a total of 4,000 shares in open-market sales — 2,200 shares at a weighted average $28.46 (≈ $62,611) and 1,800 shares at a weighted average $29.58 (≈ $53,250) — yielding total proceeds of about $115,861. The Form 4 also includes a derivative disposition entry for 4,000 shares reported at $0.00, reflecting conversion/termination of the derivative instrument as reported.

Key Details

• Transaction date: February 18, 2026; Form 4 filed February 20, 2026 (timely).
• Exercise: 4,000 shares acquired at $6.81 per share = $27,240 (code M).
• Sales: 2,200 shares at $28.46 (weighted avg; prices ranged $28.09–$29.07) and 1,800 shares at $29.58 (weighted avg; prices ranged $29.12–$29.98); total cash proceeds ≈ $115,861 (code S).
• Footnotes: Sales were effected under a Rule 10b5-1 trading plan adopted Oct 20, 2025 (F1). F2/F3 note the reported prices are weighted averages and the filer will provide per-price breakdowns on request. F4 describes the original option vesting schedule (1/48th monthly from Oct 28, 2024, tied to IPO and continued service).
• Shares owned after the transactions: not specified in the provided transaction details.

Context

• Code M denotes exercise/conversion of a derivative (stock option); the filing shows both the option exercise (acquisition) and a derivative disposition entry — a common reporting pattern when options convert or are settled.
• The open-market sales were executed under a pre-established 10b5-1 plan, which is a prearranged schedule and generally indicates routine, planned selling rather than ad-hoc insider trading.
• No filing tardiness was indicated (filed two days after the trade), and there is no explicit information here on motivations or remaining holdings.