Garner Ebun 4

What Happened Garner Ebun, Chief Legal Officer of Erasca, exercised 80,000 stock options at $1.70 per share (cost $136,000) and immediately sold 80,000 shares in the open market for a weighted-average price of $16.40 per share (gross proceeds $1,312,000). The transactions were reported on Form 4 filed April 3, 2026, covering activity on April 1, 2026. A separate Form 4 line shows a related derivative conversion reported at $0.00, which is part of the exercise/settlement mechanics.

Key Details

• Transaction date: April 1, 2026; Form 4 filed April 3, 2026 (timely).
• Option exercise: 80,000 shares exercised @ $1.70 = $136,000 cash cost.
• Sale: 80,000 shares sold in multiple trades; weighted-average sale price $16.40; gross proceeds $1,312,000 (individual sale prices ranged $16.11–$16.58).
• Net proceeds before taxes/fees ≈ $1.176M (gross proceeds minus exercise cost).
• Footnote F1: Sales effected under a Rule 10b5-1 trading plan adopted June 30, 2024.
• Footnote F3: Options vest 1/48th monthly beginning Feb 1, 2024 (vesting contingent on continued service).
• Shares owned after the transaction are not disclosed in this filing.
• The $0.00 derivative disposition line reflects conversion/settlement related to the option exercise.

Context This was effectively an exercise-and-sell (often called a cashless exercise) executed under a pre-established 10b5-1 plan, which typically means the sale was pre-arranged and not an ad hoc market-timing decision. Such planned sales are routine for insiders converting option value to cash; they should not be taken alone as a signal of company outlook.