Gupta Ashoo 4

What Happened
Ashoo Gupta, VP Finance & Controller at 4D Molecular Therapeutics (FDMT), had restricted stock units (RSUs) convert into 1,086 shares (865 + 221) on 2026-03-20 and an automatic sell-to-cover transaction disposed of 390 of those shares in the open market at $8.61 each, producing gross proceeds of $3,358. The Form 4 also shows zero-dollar derivative dispositions associated with the RSU settlement (reported as M transactions).

Key Details

• Transaction date: March 20, 2026; Form 4 filed March 24, 2026 (filed within the normal 2 business-day window).
• Vested/converted: 865 and 221 RSUs (total 1,086) converted to common stock (footnote F1: 1-for-1 conversion).
• Open-market sales: 310 shares @ $8.61 = $2,669 and 80 shares @ $8.61 = $689 (total 390 shares, $3,358) — footnote F2 indicates these sales were automatic "sell-to-cover" to satisfy tax withholding and not discretionary trades.
• Zero-dollar derivative dispositions: the filing also records M-code dispositions at $0.00 for the RSU settlements; these relate to the mechanics of the award settlement/tax withholding.
• Vesting schedules noted in the filing: one award vests 25% on 6/20/2025 then 1/16th quarterly thereafter (F3); the other vests 1/16th starting 6/20/2025 and quarterly thereafter (F4).
• Shares owned after the transactions are not specified in the excerpt provided.

Context
This transaction reflects routine RSU vesting and an automatic sell-to-cover for taxes rather than a discretionary market sell by the insider. The "M" code indicates conversion/exercise of a derivative (here, RSU settlement into shares); the "S" code reflects the resulting open-market sales. Such sell-to-cover transactions are common when awards vest and do not necessarily signal a view on the company’s stock.