Torres Denice 4

What Happened

• Denice Torres, a director of Seaport Therapeutics (SPTX), reported multiple derivative transactions tied to the company’s IPO. Per the filing, Series B preferred shares converted to common stock around the May 4, 2026 IPO: she reported conversion events for 13,406 shares (acquired) and 42,105 shares (reported as disposed). She also shows a grant/award of 12,258 derivative shares at $0.00. All conversions/awards show $0 consideration; no cash proceeds are reported in the filing.

Key Details

• Transaction dates: April 30, 2026 (12,258-share award at $0.00); May 4, 2026 (conversions: 13,406 acquired and 42,105 disposed, all $0.00).
• Transaction codes: C = conversion of derivative security; A = grant/award (derivative).
• Price/Value: all reported at $0.00 (footnote says conversions occurred automatically upon IPO without payment).
• Shares owned after transaction: not specified in the filing.
• Notable footnotes:
  • F1: Each Series B preferred share converted one-for-one into common stock and automatically converted on the IPO closing (May 4, 2026) without further payment.
  • F2: Reporting person disclaims beneficial ownership of the shares except to the extent of any pecuniary interest.
  • F3: The 12,258-share award/option underlying those derivative shares vests in full on April 30, 2027, subject to continued service.
• Filing timeliness: Report filed May 4, 2026 for events around Apr 30–May 4; no late filing flag noted.

Context

• These entries primarily reflect derivative conversions tied to the IPO (an administrative change from preferred to common), not open-market buying or cash sales that would more clearly signal insider sentiment. The awarded derivative shares are subject to future vesting (per F3) and are not currently vested common shares. The reporting person also disclaims beneficial ownership in the filing, which affects how much control or direct economic interest she may have in the converted shares.