Septerna (SEPN) President Elizabeth Bhatt Sells 4,000 Shares

What Happened

• Elizabeth Bhatt, President and COO of Septerna, exercised stock options to acquire 4,000 shares at $6.81 each (cost $27,240) and sold 4,000 shares in an open-market transaction at a weighted average price of $33.99 for total gross proceeds of $135,974 (sales ranged $33.49–$34.24). The filing also reports a separate derivative disposition of 4,000 shares at $0.00. The sale was made under a pre-established Rule 10b5-1 plan. This is a sale (routine insider liquidity), not a purchase.

Key Details

• Transaction date: July 15, 2026; Form 4 filed July 17, 2026 (appears timely).
• Option exercise: 4,000 shares @ $6.81 = $27,240 (reported as acquisition).
• Open-market sale: 4,000 shares @ weighted avg $33.99 = $135,974; price range $33.49–$34.24.
• Report also shows a derivative conversion/disposition of 4,000 shares @ $0.00 (reported as an M-coded transaction).
• Net proceeds before fees/taxes (sale proceeds minus exercise cost): ~$108,734.
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Footnotes: F1 — sale executed pursuant to a Rule 10b5-1 plan adopted Oct 20, 2025. F2 — weighted average sale price; seller can provide a breakdown on request. F3 — option vesting schedule: 1/48th monthly from Oct 28, 2024, subject to continued service.

Context

• The filing shows an option exercise followed by an immediate sale under a 10b5-1 plan, a common way for insiders to monetize vested options (often effectively a cashless exercise). The separate $0.00 derivative line reflects how the instrument and settlement were reported; it does not necessarily indicate additional cash proceeds. This report is informational and does not by itself indicate insider opinion on company outlook.