Pharvaris (PHVS) Director Elisabeth Bjork Exercises Options and Sells Shares

What Happened

• Elisabeth Bjork, a director of Pharvaris N.V. (PHVS), exercised stock options and immediately sold the resulting shares in a cashless exercise on 2026-09-17. She exercised 35,000 options at $14.39 ($503,650) and 17,500 options at $18.14 ($317,450), acquiring 52,500 shares for a total exercise cost of $821,100. She sold 52,500 shares in open-market transactions at a weighted average price of $37.89, producing total sale proceeds of $1,989,409. The filing shows corresponding option shares were surrendered (reported at $0) as part of the cashless exercise.

Key Details

• Transaction date: 2026-09-17; Form 4 filed 2026-09-21 (timely — filed within two business days).
• Option exercises (code M): 35,000 shares @ $14.39 and 17,500 shares @ $18.14 (total acquired 52,500; total exercise cost $821,100).
• Sale (code S): 52,500 shares sold at weighted avg $37.89; total proceeds $1,989,409. Reported sale price range: $37.62–$38.05 (per footnote F1).
• Shares disposed at $0 reflect surrendered option shares in the cashless exercise (see F1).
• Vesting notes: the two option grants referenced vest 25% initially (F2: 1/1/2023; F3: 4/1/2023) with the remainder vesting monthly over 48 months.
• Shares owned after the transaction are not specified in the supplied summary of the filing.

Context

• This was a cashless exercise: Ms. Bjork exercised vested options and sold the same number of shares to cover exercise cost/taxes. Gross sale proceeds (~$1.99M) exceed the exercise outlay ($821.1k), leaving roughly $1.17M before taxes and fees.
• Such transactions are commonly liquidity events rather than explicit endorsements of company prospects; purchases generally carry more direct informational weight than routine option exercises followed by sale.