Maizel Ari 4

What Happened

• Ari Maizel, Chief Commercial Officer of Axsome Therapeutics (AXSM), exercised stock options and immediately sold the resulting shares on April 22, 2026. He exercised 7,500 shares at $70.73 per share (cost = $530,475) and sold 7,500 shares in open-market transactions at a weighted average price of $182.42 per share (gross proceeds ≈ $1,368,150).
• The Form 4 shows the option exercise (transaction code M) and the subsequent open-market sale (transaction code S). The sale was executed under a pre‑approved 10b5‑1 trading plan.

Key Details

• Transaction date: April 22, 2026; Form 4 filed April 23, 2026.
• Exercise: 7,500 shares @ $70.73; cash paid ≈ $530,475.
• Sale: 7,500 shares @ weighted avg $182.42; gross proceeds ≈ $1,368,150. Reported sale-price range: $181.01–$184.28.
• Footnotes: F1 = trade pursuant to a pre‑approved 10b5‑1 plan; F2 = sale of underlying shares from the option exercise; F3 = weighted‑average sale price and range.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Filing timeliness: Form filed the next day (4/23/2026) for 4/22/2026 trades; no late filing noted in the provided record.

Context

• This is effectively a cashless exercise: options were exercised and the resulting shares were sold shortly thereafter. Such transactions commonly reflect planned liquidity (especially when done under a 10b5‑1 plan) rather than a new, discretionary view on the company.
• For retail investors, purchases can be more informative about insider conviction; sales—particularly those under pre‑approved plans—are often routine. The filing is factual and does not state the insider’s motivation.