Chen Michael Cunyuan 4

What Happened

• Michael Cunyuan Chen, Chief Scientific Officer of Seaport Therapeutics (SPTX), received a grant of 63,680 derivative shares (reported as $0.00) on April 30, 2026. Those derivative awards vest in 48 equal monthly installments beginning April 30, 2026 (see footnote F2).
• On May 4, 2026 Chen reported conversion of derivative securities: he acquired 3,351 common shares and disposed of 10,526 common shares. All conversion entries are reported at $0.00, indicating these were non‑cash internal conversions/settlements rather than open‑market purchases or sales.

Key Details

• Transaction dates and types: 2026-04-30 — Award/grant of 63,680 derivative shares (Code A); 2026-05-04 — Conversion of derivative security acquiring 3,351 shares and converting/disposing 10,526 shares (Code C).
• Prices/values reported: all items show $0.00 per share / $0 total in the filing excerpt.
• Shares owned after the transactions: not specified in the provided excerpt of the Form 4.
• Notable footnotes: F1 — Series B preferred was convertible into common on a 1-for-3.1407 basis and auto‑converted at IPO; F2 — the 63,680‑share award vests monthly over 48 months subject to continued service.
• Timeliness: Form filed 2026-05-04 for transactions on 2026-04-30 and 2026-05-04; filing appears timely under the two‑business‑day Form 4 requirement.

Context

• “Conversion of derivative security” typically means converting a convertible instrument (e.g., preferred stock or other derivative) into common stock; the $0.00 reporting indicates an internal conversion or settlement rather than an open‑market trade.
• The 63,680‑share award is a multi‑year vesting grant (48 months), so those shares are subject to service‑based vesting and are not immediately fully owned free and clear.