Danahy Kevin Patrick 4

What Happened

• Kevin Danahy, Chief Commercial Officer of Pulse Biosciences (PLSE), exercised options and immediately sold the resulting shares. On Feb 12, Feb 13 and Feb 17, 2026 he exercised 20,000 options each day at $1.53 per share (20,000 x $1.53 = $30,600 per day; aggregate exercise cost ≈ $91,800 for 60,000 shares) and sold 20,000 shares each day in the open market.
• The reported weighted-average sell prices were $23.37 (Feb 12, proceeds ≈ $467,400), $23.53 (Feb 13, proceeds ≈ $470,600) and $23.63 (Feb 17, proceeds ≈ $472,600), for total gross sale proceeds of about $1,410,600. The Form 4 also shows corresponding derivative-disposition lines at $0 reflecting the option conversion on each exercise.

Key Details

• Transaction dates and prices:
  • Feb 12, 2026: exercised 20,000 @ $1.53; sold 20,000 at weighted avg $23.37 (actual sale prices ranged $22.81–$26.00 per F2).
  • Feb 13, 2026: exercised 20,000 @ $1.53; sold 20,000 at weighted avg $23.53 (actual range $23.00–$25.00 per F3).
  • Feb 17, 2026: exercised 20,000 @ $1.53; sold 20,000 at weighted avg $23.63 (actual range $22.98–$24.99 per F4).
• Aggregate: 60,000 options exercised (cost ≈ $91,800) and 60,000 shares sold (gross proceeds ≈ $1,410,600).
• Shares owned after the transactions: Not specified in the provided filing details.
• Notable footnotes: Transactions were effected under a Rule 10b5‑1 trading plan adopted May 14, 2025 (F1). Option grant background: the options were part of a Sept 23, 2022 grant of up to 450,000 shares with 25% vesting each year (F5).
• Filing: Form 4 filed Feb 17, 2026 reporting transactions dated Feb 12–17, 2026. (No timeliness flag provided in the supplied data.)

Context

• These filings show an exercise of options followed by immediate open-market sales — effectively a cashless exercise where the insider converts options into shares and sells them. The zero-dollar "Disposed" derivative lines reflect disposition of the option interests upon exercise.
• The sales were processed under a pre-established 10b5‑1 plan, which is commonly used to automate insider trades and is generally considered routine; such sales are not, by themselves, evidence of changed views on company prospects. Purchases generally carry more explicit bullish signal than option exercises followed by sales.