Danahy Kevin Patrick 4

What Happened

• Kevin Patrick Danahy, Chief Commercial Officer of Pulse Biosciences (PLSE), exercised 5,000 stock options at $1.53 per share (cost $7,650) on Feb 18, 2026 and sold 5,000 shares in an open-market transaction that generated approximately $118,200 (weighted average price $23.64). The Form 4 also reports a derivative disposition of 5,000 shares at $0.00 (reported as an M-code derivative disposition).
• This sequence (exercise followed by sale) is consistent with an option exercise and immediate sale of the resulting shares — a routine monetization rather than an outright open-market purchase.

Key Details

• Transaction date: Feb 18, 2026; Form 4 filed Feb 23, 2026.
• Exercise: 5,000 shares at $1.53 each = $7,650 (code M).
• Sale: 5,000 shares sold, weighted avg price $23.64, total proceeds $118,200; actual sale prices ranged $22.40–$24.40 per share (footnote F2).
• Additional line: 5,000-share derivative disposition at $0.00 (reported as M — see context below).
• Notable footnotes:
  • F1: Transactions were effected under a Rule 10b5-1 trading plan adopted May 14, 2025.
  • F2: Weighted-average sale price; reporting person can provide a breakdown of shares sold at each price within the $22.40–$24.40 range upon request.
  • F3: The options exercised were part of a grant (9/23/2022) of up to 450,000 shares tied to a promotion and vesting schedule.
• Shares owned after the transaction are not specified in the provided summary of this filing.

Context

• The filing shows an option exercise (M) and an immediate open-market sale of the resulting shares — a common way for insiders to realize gains from vested options. The separate derivative disposition entry at $0.00 often reflects share surrender or adjustment related to the exercise (for example, to cover taxes or option costs), though the Form 4 does not elaborate.
• The sale was executed under a pre-established 10b5-1 plan, which can indicate pre-planned transactions rather than opportunistic trading based on current company developments.