Crinetics (CRNX) Director Stephanie Okey Sells Shares in Merger

What Happened

• Stephanie Okey, a director of Crinetics Pharmaceuticals (CRNX), disposed of company stock and derivative awards on Sep 1, 2026 in connection with the closing of the merger with Vertex. The filings show:
  • Common stock: 6,400 shares @ $85.00 = $544,000; 5,925 shares @ $85.00 = $503,625.
  • Derivative/award cancellations (converted to cash): 25,000 @ $60.85 = $1,521,250; 12,500 @ $61.77 = $772,125; 17,500 @ $64.77 = $1,133,475; 17,500 @ $64.68 = $1,131,900; 12,500 @ $40.29 = $503,625; 10,350 @ $52.67 = $545,135; 9,730 @ $49.13 = $478,035.
  • Total proceeds reported: approximately $7,133,170. These were dispositions to the issuer as part of the merger consideration (cash-out).

Key Details

• Transaction date: 2026-09-01 (Effective Time of the merger).
• Prices: $85.00 per share for outstanding common stock; the other per-share amounts reflect cash payouts for vested RSUs and the cash value of in‑the‑money options (see footnotes).
• Shares owned after transaction: Company common stock was canceled at closing of the merger; the filings reflect no continuing common shares (CRNX became a wholly owned subsidiary of Vertex).
• Footnotes: Merger Agreement with Vertex converted each outstanding common share into $85.00 cash; outstanding RSUs vested and were converted into cash equal to the merger consideration; options with exercise price < $85 were cashed out for the spread (Merger Consideration minus exercise price); options with exercise price ≥ $85 were canceled for no consideration. Payments are subject to applicable tax withholding.
• Filing timeliness: Reported with period and filing date 2026-09-01 — this was a merger-driven, same-day report (not a late 10b5-1 trade).

Context

• These transactions are corporate-merger driven, not open-market insider selling. RSUs and in‑the‑money options were converted to cash as part of the acquisition; amounts listed for derivative lines represent the per-unit cash payout (often the $85 merger price or the $85 minus an option strike).
• Such disposals reflect the deal mechanics (cash consideration for equity and vested awards) rather than an individual trading decision; they do not by themselves indicate the director’s view on the company’s future performance.