Pham Quang X 4

What Happened
Pham Quang X, reported as a 10% owner of Cadrenal Therapeutics (CVKD), sold a total of 11,156 shares in two open‑market transactions. On 2026‑06‑25 he sold 2,127 shares at $3.00 each for $6,381, and on 2026‑06‑26 he sold 9,029 shares at a weighted average price of $3.05 for $27,538, for aggregate proceeds of about $33,919. These were sales (not purchases); sales by insiders can be routine, and here they were made under a pre‑arranged Rule 10b5‑1 trading plan.

Key Details

• Transaction dates and prices:
  • 2026‑06‑25: Sold 2,127 shares @ $3.00 = $6,381.
  • 2026‑06‑26: Sold 9,029 shares @ $3.05 (weighted avg) = $27,538. Filing notes sales occurred at prices ranging $3.00–$3.18; the filer will provide a breakdown on request (Footnote F2).
• Total shares sold: 11,156; total proceeds: ~$33,919.
• Plan/authorization: Sales executed pursuant to a Rule 10b5‑1 trading arrangement adopted Sept 25, 2025 (Footnote F1).
• Ownership & authority: The filer (Quang Pham) is trustee of The PVBQ Living Trust and has sole voting/dispositive power over trust shares; a child is the trust’s sole beneficiary (Footnote F3).
• Shares owned after transaction: not specified in this filing.
• Filing timeliness: Report filed 2026‑06‑26 for a transaction period ending 2026‑06‑25 — the Form 4 appears timely (no late‑filing indicator).

Context
As a 10% owner acting under a 10b5‑1 plan, these sales were pre‑scheduled and may reflect planned liquidity rather than a change in view about the company; 10% owner sales differ from routine insider purchases in that they are large‑holder dispositions rather than managerial buy signals. Retail investors should treat pre‑arranged sales as less informative about the insider’s current sentiment than ad‑hoc purchases.