Grant-Kels Jane M. 4

What Happened

• Jane M. Grant‑Kels, a director of Veradermics, recorded two types of insider transactions in early February 2026. On Feb 3, 2026 she received an award of 51,525 derivative shares (reported at $0.00). On Feb 5, 2026 2,455 derivative securities (Series A Convertible Preferred Stock) automatically converted into common stock immediately prior to the company’s initial public offering. No cash changed hands for these transactions.

Key Details

• Transaction dates: Award reported Feb 3, 2026; conversion reported Feb 5, 2026. Filing date: Feb 5, 2026 (timely).
• Award: 51,525 derivative shares granted at $0.00 (value reported $0). Per footnote, this option will be fully vested and exercisable on Feb 3, 2027 (one‑year cliff).
• Conversion: 2,455 Series A Convertible Preferred shares converted into common stock automatically on a 10.067‑for‑1 basis immediately prior to the IPO; conversion involved no payment and the preferred shares have no expiration date.
• Shares owned after the transactions: Not specified in the provided filing excerpt.
• Filing timeliness: Report filed Feb 5 covering Feb 3/Feb 5 events — appears timely (Form 4 is due within two business days).

Context

• These are not open‑market purchases or sales. The award is a derivative grant (option/award) that vests in one year; the conversion reflects a structural change (preferred → common) tied to the IPO, not a sale. Such transactions don’t by themselves indicate a director’s intent to buy or sell stock for personal liquidity.