Jacobson Mark L. 4

What Happened

• Mark L. Jacobson, Chief Operating Officer of Axsome Therapeutics (AXSM), exercised stock options and immediately sold the underlying shares. On 2026-05-04 he exercised 4,517 options at $12.95 and sold those 4,517 shares in the open market for a weighted average price of $227.94 (proceeds $1,029,605). On 2026-05-05 he exercised 233 options at $12.95 and sold those 233 shares for a weighted average price of $228.18 (proceeds $53,166). Total acquisition cost for the exercised options was $61,512 and total gross sale proceeds were about $1,082,771.

Key Details

• Transaction dates and prices:
  • 2026-05-04: Exercised 4,517 options at $12.95; sold 4,517 shares at weighted avg $227.94 (sale range $225.12–$231.97 per filing).
  • 2026-05-05: Exercised 233 options at $12.95; sold 233 shares at weighted avg $228.18 (sale range $225.01–$230.77 per filing).
• Combined shares involved: 4,750 shares (4,517 + 233).
• Footnotes of note:
  • F1: Options exercised were held for 7 years and were exercised before their 10‑year expiration.
  • F2: The sales were made pursuant to a pre‑approved 10b5‑1 plan, which the filing says has now been completed.
  • F3–F5: Describe that the open‑market sales were of the underlying shares from the exercise and provide weighted average price ranges.
• Shares owned after the transaction: Not specified in the provided Form 4 excerpt.
• Filing timeliness: Reported period 2026-05-04 and filed 2026-05-05 — appears timely (no late filing indicated).

Context

• This is a common pattern where an insider exercises vested options and immediately sells the shares (often called a cashless exercise). Such transactions typically reflect option-holder liquidity rather than a direct buy/sell signal about company prospects. The presence of a pre‑approved 10b5‑1 plan indicates the sales were executed under an established trading plan.