Crinetics Director Matthew Fust Sells Shares in $85/Share Merger

What Happened

• Matthew K. Fust, a director of Crinetics Pharmaceuticals (CRNX), had multiple dispositions on Sep 1, 2026 related to the Vertex acquisition. In connection with the merger, his outstanding common stock, restricted stock units (RSUs), and in-the-money stock options were canceled and converted into cash. The reported cash proceeds across the transactions total approximately $5,277,204.
• Reported line items include: 22,836 common shares cashed at $85.00 ($1,941,060); 5,925 RSUs cashed at $85.00 ($503,625); and several option/derivative cancellations resulting in cash payments (amounts and per-share equivalents shown on the filing), e.g., 17,500 at $64.68 ($1,131,900), 10,350 at $52.67 ($545,135), etc.

Key Details

• Transaction date: September 1, 2026 (Effective Time of the merger). Filing date: September 1, 2026 (same day).
• Prices and amounts (selected): total cash received ≈ $5,277,204. Individual lines include 22,836 @ $85.00, 5,925 @ $85.00, 2,092 @ $83.09, 17,500 @ $64.68, 12,500 @ $40.29, 10,350 @ $52.67, 9,730 @ $49.13.
• Shares owned after transaction: Crinetics common shares and the RSUs/options reported were canceled in the merger and converted to cash, so these holdings no longer exist post-merger.
• Footnotes: F1–F4 explain the Vertex merger (effective Sep 1, 2026) at $85.00 per share, immediate vesting of outstanding RSUs/options just prior to the Effective Time, cancellation of awards, and cash-out of in-the-money options equal to the difference between $85 and the option strike.
• Transaction code: reported as dispositions to the issuer (D) — reflects cancellation/payment in the merger rather than an open-market sale.

Context

• This was not a routine open-market sale but the cash-out result of an acquisition: common shares and RSUs were converted to $85/share cash; vested options with strikes below $85 were cashed out for the spread (per-footnote pricing). Options with exercise prices ≥ $85 would have been canceled for no consideration (if any existed).
• For retail investors: these entries reflect deal-related cash settlements from the merger, not an individual decision to sell on the open market. They are factual payouts tied to the acquisition terms, so they do not necessarily signal personal sentiment about the company beyond the merger agreement.