Rogers Campbell 4

What Happened

Rogers Campbell, Chief Medical Officer of Heartflow (HTFL), exercised stock options and sold shares on February 12, 2026. The filing shows exercises that resulted in acquisition of 67,016 shares at aggregate strike cost of $391,397 (breakouts: 19,401 @ $2.22 = $43,070; 39,709 @ $8.33 = $330,776; 7,906 @ $2.22 = $17,551). On the same date he sold 65,153 shares in an open-market transaction for a weighted-average price of $24.49, generating proceeds of approximately $1,595,486. The sale included 17,538 shares previously held and the exercise-and-sale of 47,615 shares under the reported 10b5-1 plan.

This transaction is primarily a sale (liquidation of shares after option exercise), which many insiders use for liquidity or tax purposes. The exercises (transaction code M) and sale (code S) were effected pursuant to a Rule 10b5-1 trading plan.

Key Details

• Transaction date: February 12, 2026 (reported on Form 4 filed Feb 17, 2026). The filing appears timely.
• Shares exercised (acquired): 67,016 total — 19,401 @ $2.22; 39,709 @ $8.33; 7,906 @ $2.22 (total strike cost ~$391,397).
• Shares sold (disposed): 65,153 @ weighted-average $24.49 for ~$1,595,486. Reported trade prices ranged from $22.90 to $26.51 (weighted average shown).
• Breakdown of sale: 17,538 previously held shares + 47,615 shares from option exercise were sold under the plan.
• Footnotes of note:
  • Transactions were effected pursuant to a Rule 10b5-1 trading plan adopted Sept 12, 2025 (F1, F2, F3).
  • Some options are fully exercisable (F5); others vest in monthly installments through July 1, 2027 (F6).
  • Multiple trades executed at various prices; weighted average reported (F4).
• Shares owned after the transactions: not specified in the provided excerpt of the filing.

Context

• For retail investors: an insider exercising options and immediately selling most of the resulting shares is commonly a liquidity/tax-management move rather than a clear bullish signal. Purchases are usually more informative about insider conviction than routine sell-to-cover or exercise-and-sell transactions.
• Technical note: Transaction code M = option exercise/conversion; S = sale. Some derivative entries appear with $0 amounts because they reflect conversion/transfer of option interests rather than a cash sale.