Septerna (SEPN) COO Elizabeth Bhatt Exercises Options, Sells 25,000 Shares

What Happened
Elizabeth Bhatt, President and Chief Operating Officer of Septerna, exercised options to acquire a total of 25,000 shares on 2026-08-11 (18,681 shares at $6.81 and 6,319 shares at $2.76; total exercise cost $144,658) and sold 25,000 shares in an open-market transaction at $44.00 per share for $1,100,000. The transactions were reported on a Form 4 filed 2026-08-13.

Key Details

• Transaction date: 2026-08-11; Form 4 filed: 2026-08-13 (appears timely within the 2-business-day window).
• Exercises: 18,681 shares @ $6.81 ($127,218) and 6,319 shares @ $2.76 ($17,440) — total exercised = 25,000 shares; total exercise cost = $144,658.
• Sale: 25,000 shares @ $44.00 = $1,100,000 (reported as open-market sale). Net proceeds before taxes/fees ≈ $955,342.
• The sale was effected pursuant to a Rule 10b5-1 plan adopted by Ms. Bhatt on October 20, 2025 (Footnote F1).
• Vesting notes: the exercised options are subject to monthly vesting schedules (1/48th monthly; see Footnotes F2 and F3).
• “Disposed” derivative lines at $0 reflect the conversion/cancellation of the derivative instruments upon exercise (standard reporting).
• Shares owned after the transaction: not specified in the provided filing excerpt — check the full SEC filing for updated ownership totals.

Context
This filing shows an option exercise immediately paired with a sale of the same number of shares. That pattern often reflects a routine cashless-equivalent exit to cover exercise costs and/or taxes; here the sale was pre-arranged under a 10b5-1 plan. These transactions are factual indicators of insider activity but do not, by themselves, provide definitive insight into future company performance.