Louria Hayon Igal 4

What Happened

• Louria Hayon Igal, Chief Technology Officer of Raphael Pharmaceutical (RAPH), exercised warrants to acquire 350,000 shares of common stock on 2025-11-20. The exercise price reported is $0.01 per share, for a cash cost of $3,500. The Form 4 also shows a corresponding disposition of the derivative (the warrants surrendered) as part of the exercise.

Key Details

• Transaction date: 2025-11-20; Form 4 filed: 2026-04-06 (appears late relative to the typical 2-business-day rule).
• Acquired: 350,000 shares at $0.01/share (total cash paid $3,500).
• Disposed: 350,000 derivative instruments (warrants) in connection with the exercise (price N/A).
• Footnote: F1 — transaction is an exercise of warrants to purchase common stock; exercise price is reported per SEC instruction.
• Shares owned after transaction: not disclosed in the provided excerpt.

Context

• This was an exercise of warrants (a derivative) rather than an open-market buy or sale. The filing shows the warrants were surrendered in exchange for shares; no immediate sale of the acquired shares is reported in the excerpt.
• The dollar amount is modest ($3.5K), so while it represents an insider converting warrants into stock, it is not a large-value insider purchase. The late filing reduces timeliness for investors tracking insider activity.