Zhai Yifan 4

What Happened
CMO Yifan Zhai was the recipient of a large series of derivative awards (RSUs) granted 05/20/2026 that, per the filing, vested/converted on 05/21/2026. The Form 4 shows 1,421,426 RSUs granted on 05/20/2026 (all reported as derivative awards, $0 exercise price in filing). On 05/21/2026 two conversions/exercises of derivative interests for 92,746 and 95,575 shares were reported as acquired and then disposed the same day — a total of 188,321 shares converted and sold. The filing reports $0 consideration for the derivative transactions (the form shows no cash paid for conversion/award).

Key Details

• Transaction types: A = Award/Grant (RSUs) on 05/20/2026; M = Exercise/Conversion of derivative (conversion of RSUs to shares) on 05/21/2026; M entries for 92,746 and 95,575 shares were acquired and then disposed the same day.
• Total RSUs granted (05/20/2026): 1,421,426 RSUs (each RSU = contingent right to one ordinary share).
• Shares converted and sold (05/21/2026): 92,746 + 95,575 = 188,321 shares.
• Reported consideration: $0 shown for the derivative awards/conversions in the filing (exercise/award entries list $0). The Form 4 does not show market sale proceeds in these derivative lines.
• Ownership after transaction: Not specified in the summary data provided here — see the official Form 4 for the “amount of securities beneficially owned” after the transactions.
• Notable footnotes: several footnotes indicate some securities are held by the reporting person’s spouse or related trusts/entities (Dajun Yang Dynasty Trust, spouse holdings, HealthQuest Pharma Limited) and the reporting person disclaims beneficial ownership except to the extent of pecuniary interest (F1–F3). Footnotes F8–F10 state certain RSUs vested in full on 05/21/2026 (some grants were to the reporting person and some to the spouse). Vesting schedules and option terms for other awards are described in F4–F7.
• Timeliness: Filing was dated 05/22/2026 for transactions on 05/20–05/21/2026 — the filing appears to be timely under Section 16 (filed the next business day).

Context
A = award/grant entries are RSUs (a right to receive shares upon vesting); M = conversion/exercise of those derivative rights into actual shares. Here the bulk action was awards/vesting (not an open-market purchase). The conversion followed by same-day dispositions is common when shares are sold after vesting (for tax withholding or liquidity), but the Form 4 itself does not state the reason. For retail investors: awards/vesting increase insider exposure to company equity but do not necessarily signal a new purchase conviction the way an open-market buy would. See the full Form 4 for granular footnote mappings and any reported proceeds or withholding transactions.