Climb Bio (CLYM) 10% Owner RA Capital Exercises Options

What Happened

• RA Capital Management, L.P. (a reported 10% owner) exercised option/derivative interests on September 28, 2026 to acquire a total of 70,000 shares of Climb Bio common stock (transaction code M).
• The exercises were at multiple strike prices: 10,000 shares @ $3.46 ($34,600), 10,000 @ $3.00 ($30,000), 10,000 @ $7.89 ($78,900) and 40,000 @ $1.29 ($51,600) — total cash paid ≈ $195,100.
• At the same time the filing shows disposal (at $0) of 70,000 derivative instruments — this reflects the conversion/exercise of those derivative positions into the issued shares.

Key Details

• Transaction date: 2026-09-28; Form 4 filed: 2026-09-30.
• Individual exercise lines: 10,000 @ $3.46; 10,000 @ $3.00; 10,000 @ $7.89; 40,000 @ $1.29.
• Total shares acquired: 70,000 for ~$195,100; total derivatives surrendered/converted: 70,000 at $0.
• Shares owned after the transaction: not specified in the provided data.
• Notable footnotes: the Adviser (RA Capital) manages multiple funds holding the securities; certain options were granted to a non-employee director (Andrew Levin) and, per arrangements, any stock received is turned over to the Adviser to offset advisory fees (see F1–F7, F2). Exercises were "immediately exercisable" (F8). Breanna Celebi, an Analyst of the Adviser, serves on Climb Bio’s board (remarks).
• Transaction code M = option/derivative exercise.

Context

• These are option exercises by an institutional 10% owner (RA Capital) — institutional exercises are different from executive insider trades and often reflect fund-level actions rather than personal trading.
• The filing shows conversion of derivative instruments into shares (zero-dollar disposals) rather than a cashless sale of the newly issued shares; there is no indication in the provided filing that shares were immediately sold after exercise.