AFEYAN NOUBAR 4

What Happened
Director Noubar (through Flagship entities) exercised 9,263 fully vested options on May 21, 2026 at a $19.15 strike, paying $177,386 to acquire the shares, and then sold those 9,263 shares in the open market at $46.84 for proceeds of $433,879. The filing shows the derivative was converted into shares (exercise) and those shares were promptly disposed.

Key Details

• Transaction date: 2026-05-21. Exercise price: $19.15; sale price: $46.84.
• Shares exercised: 9,263; cash paid to exercise: $177,386. Sale proceeds: $433,879.
• Transaction codes: M = option exercise; S = sale. The derivative entry shows $0 on disposition because the option was converted into shares.
• Options were fully vested and exercisable; they were set to expire Aug 10, 2026 (footnote).
• Securities were held and transacted by Flagship Pioneering / Flagship Fund IV entities; Noubar is the ultimate control person and disclaims direct beneficial ownership except to the extent of his pecuniary interest (see footnotes).
• Shares owned after the reported transactions: not specified in the filing.
• Filing timeliness: Report period 2026-05-21, filed 2026-05-22 (timely).

Context
This was an exercise paired with an immediate sale (a cashless-style transaction), which is typically liquidity-driven rather than a straightforward buy signal. The trade was executed by Flagship investment entities rather than as a direct personal purchase by the director; footnotes clarify the institutional ownership and pecuniary-interest disclaimers.