Francis Chris 4

What Happened

• Chris Francis, SVP, Corporate Development and Head of Emerging Areas at Wave Life Sciences (WVE), exercised stock options and immediately sold the resulting shares on Feb 26, 2026. He exercised 17,900 options at $3.87 (cost $69,273) and sold those 17,900 shares at a weighted‑average $15.09 for $270,183. He also exercised 15,294 options at $4.75 (cost $72,647) and sold those 15,294 shares at a weighted‑average $15.00 for $229,410. Total shares sold ≈ 33,194 for total proceeds ≈ $499,593; total exercise cost ≈ $141,920.

Key Details

• Transaction date: 2026-02-26; Form 4 filed 2026-02-27 (timely filing).
• Option exercises: 17,900 shares @ $3.87 and 15,294 shares @ $4.75 (reporting codes M for exercise).
• Open‑market sales: 17,900 shares @ $15.09 (weighted avg) and 15,294 shares @ $15.00 (weighted avg); overall sale price range $15.00–$15.10 per footnote.
• Shares owned after transaction: Not specified in the provided excerpt of the filing.
• Notable footnotes: Transactions were made under a Rule 10b5‑1 trading plan adopted Aug 5, 2025 (F1). Two separate option grants have different vesting schedules (F2, F3). Footnote F4 provides the sale‑price range and offers to disclose per‑trade price details on request.

Context

• This was an exercise of options followed by immediate sales — effectively a cash exercise and disposition of the acquired shares (commonly done to cover exercise costs and taxes). The presence of a 10b5‑1 plan indicates the sales were scheduled under a prearranged trading plan rather than ad hoc market timing.
• These are executive option exercises and sales; they are routine insider liquidity events and do not, by themselves, indicate a change in company fundamentals.