Bhatt Elizabeth 4

What Happened

• Elizabeth Bhatt, President and COO of Septerna, exercised options to acquire 4,000 shares at $6.81 per share (total exercise cost $27,240) and the filing also reports a derivative disposition of 4,000 shares at $0.00 in connection with the exercise. On the same date (2026-04-15) she sold 4,000 shares in the open market in multiple transactions for aggregate proceeds of approximately $97,344. The sales were effected pursuant to a Rule 10b5-1 sales plan.

Key Details

• Transaction date: April 15, 2026.
• Option exercise (M): 4,000 shares acquired @ $6.81 — $27,240 total.
• Derivative disposition (M): 4,000 shares reported disposed @ $0.00 (filing does not explain the $0.00 disposition).
• Open-market sales (S): 2,573 shares @ weighted avg $23.76 (range $23.33–$24.22), 1,101 shares @ weighted avg $25.24 (range $24.79–$25.75), 326 shares @ weighted avg $25.86 (range $25.81–$25.91). Total cash proceeds from sales ≈ $97,344.
• Shares owned after transaction: not specified in the Form 4 provided.
• Footnotes: sales were made under a Rule 10b5-1 plan adopted Oct 20, 2025 (F1). F2–F4 note weighted-average prices and price ranges for the multiple sale lots. F5 describes vesting terms for the underlying option (1/48th monthly starting Oct 28, 2024, contingent on IPO and continued service).
• Filing timeliness: Form filed Apr 17, 2026 covering Apr 15 transactions — no late filing indicated in the document.

Context

• The filing shows an option exercise plus contemporaneous sales. The separate derivative disposition at $0.00 may reflect a non-cash settlement mechanism (e.g., share surrender or withholding), but the Form 4 itself does not provide an explicit explanation. Sales were executed under a pre-established 10b5-1 plan, which is a routine method insiders use to sell shares according to a predetermined schedule.