Pharvaris (PHVS) Director Robert Glassman Exercises Options, Sells Shares

What Happened
Robert Glassman, a director of Pharvaris N.V., exercised 8,667 stock options (reported as code M) on 2026-09-15 at an exercise price of $22.31, with an aggregate exercise cost of $193,361. The same 8,667 shares were immediately sold under a Rule 10b5‑1 plan at a weighted average price of $38.27, generating gross proceeds of $331,716. A separate derivative line item showing a $0 disposition reflects the mechanics of the cashless exercise.

Key Details

• Transaction date: 2026-09-15; Form 4 filed 2026-09-17 (appears timely; Form 4 is typically due within 2 business days).
• Options exercised: 8,667 shares @ $22.31 = $193,361 (acquired).
• Shares sold: 8,667 shares @ weighted avg $38.27 = $331,716 (disposed). Sale prices ranged $38.175–$38.43 per footnote.
• Footnotes: F1 — scheduled exercise and sale under a 10b5‑1 trading plan; F2 — weighted average sale price for multiple transactions and cashless exercise; F3 — options vest 100% on the 12‑month anniversary.
• Shares owned after the transaction: not specified in the provided filing data.

Context
This was an exercise followed by an immediate sale (cashless exercise) executed under a pre-established 10b5‑1 plan, which is typically a scheduled, non-discretionary transaction. Such planned sales are generally considered routine and do not by themselves indicate the insider’s current view of the company. The filing includes the sale price range and the reporting person has offered to provide the number of shares sold at each separate price upon request.