DEERFIELD MANAGEMENT COMPANY, L.P. 4

What Happened James E. Flynn (reported as a 10% owner / reporting person) filed a Form 4 reporting a derivative award on May 19, 2026: an option-like grant covering 55,150 shares at a reported price of $0.00 (transaction code A — grant/award). The filing’s footnotes state the option was granted to director Jonathan S. Leff and is held for the benefit and at the direction of Deerfield Management Company, L.P.; Flynn is filing because of his role as sole member of the GP of Deerfield Management. No cash was paid in this reported grant.

Key Details

• Transaction date: 2026-05-19; Form 4 filed: 2026-05-20 (timely).
• Type: Grant/award (derivative option) — 55,150 shares, $0.00 reported price.
• Vesting: Option vests on the earlier of May 19, 2027 or the issuer’s next annual meeting, subject to continued board service (per footnote).
• Beneficial ownership after transaction: not specified in the summary provided (see the full Form 4 for post-transaction holdings).
• Footnotes: F1–F3 clarify the option was granted to director Jonathan S. Leff, held for Deerfield Management’s benefit; Flynn disclaims direct beneficial ownership except for any indirect pecuniary interest; a POA/Attorney-in-Fact is referenced.
• Timeliness: Filing appears timely (filed one day after the reported transaction date).

Context This is a compensation-related derivative grant (an option award) rather than an open-market buy or sale, so it reflects board/compensation activity more than a direct trading signal. Because the award is held for the benefit and at the direction of Deerfield Management and the reporting person is a 10% owner/institutional affiliate, this is institutional/investment-firm-related reporting rather than a typical insider purchase or sale by an executive.