BAKER BROS. ADVISORS LP 4

What Happened

• Baker Bros. Advisors LP (reported as a 10% owner) reported awards granted on May 29, 2026: 18,622 restricted stock units (RSUs) and 32,008 stock options, each reported as acquired at $0.00. The underlying grants were made to Acadia directors Julian C. Baker and Dr. Stephen R. Biggar and are reported for the Funds because the Funds have an indirect pecuniary interest in those securities.
• The filing shows zero cash paid (these are compensation grants, not open-market purchases or sales).

Key Details

• Transaction date: May 29, 2026; Form filed: June 2, 2026.
• Reported amounts: 18,622 RSUs and 32,008 Stock Options (aggregate reporting tied to the two directors; zero purchase price).
• Option terms (per footnote): strike price $21.66; 16,004 options granted to each director; vest in four equal quarterly installments beginning May 29, 2026; expire May 28, 2036.
• RSU terms (per footnote): 9,311 RSUs granted to each director; vest on the earlier of May 29, 2027 or the next annual meeting, subject to continued board service; payable in common stock.
• Why reported by Baker Bros.: Grants were made to directors who serve as representatives of the Funds; the Funds and Baker Bros. Advisors report an indirect pecuniary interest (see footnotes F1, F11, F12).
• Shares owned after transaction: not explicitly stated for Baker Bros. Advisors in this filing.
• Filing timeliness: Form filed June 2, 2026 reporting May 29 grants; no late-filing flag noted on the filing.

Context

• These are compensation grants for board service, reported by an institutional 10% owner and tied to two directors — not open-market purchases that necessarily signal insider buying intent.
• For the options: vesting is staggered quarterly and they expire in 2036; there is no indication the options were exercised or shares sold immediately. For RSUs: vesting is time- and service-based and will convert to common stock when vested.