Venker Eric 4
4 · Roivant Sciences Ltd. · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Roivant (ROIV) President Eric Venker Exercises Options, Sells 200k Shares
What Happened
Eric Venker, President of Roivant Sciences Ltd. and CEO of Immunovant, exercised 200,000 stock options (exercise price $3.85) on Feb 13, 2026 and acquired 200,000 common shares for $770,000. Those 200,000 shares were then sold in the open market at a weighted-average price of $26.49 for gross proceeds of $5,298,000. After paying the exercise cost, the transaction generated approximately $4,528,000 in net proceeds before fees and taxes. The filing also reports the related derivative (the option) being surrendered/converted as part of the exercise.
Key Details
- Transaction date: 2026-02-13; Form 4 filed 2026-02-18 (appears to be filed after the usual 2-business-day reporting window).
- Exercise: 200,000 options @ $3.85 = $770,000 (Code M = option exercise).
- Sale: 200,000 shares sold @ weighted avg $26.49 = $5,298,000 (Code S = sale). Price range for sales: $26.35–$26.69 (footnote F1).
- Net proceeds (sale minus exercise cost): ≈ $4,528,000 before fees/taxes.
- Shares owned after the transaction: not specified in the summary provided — see the full Form 4 for post-transaction holdings.
- Footnote F2: Options originated from an award with vesting commencement 4/20/2022 (25% at first anniversary, then monthly vesting over 36 months).
- Filing timeliness: The report is dated 2/18 for a 2/13 transaction; this appears late relative to the typical 2-business-day Form 4 deadline.
Context
This was an option exercise followed by an immediate open-market sale (effectively a cashless outcome). Such exercises + immediate sales are common for executives to realize gains tied to vested option awards; they are informative about liquidity actions but do not necessarily indicate a change in view on the company. For full details (exact post-transaction ownership, any broker details, or per-price sale breakdown), consult the official Form 4 filing and the issuer’s disclosures.
Insider Transaction Report
- Exercise/Conversion
Common Shares
2026-02-13$3.85/sh+200,000$770,000→ 1,854,597 total - Sale
Common Shares
[F1]2026-02-13$26.49/sh−200,000$5,298,000→ 1,654,597 total - Exercise/Conversion
Stock Option (Right to Buy)
[F2]2026-02-13−200,000→ 5,044,834 totalExercise: $3.85Exp: 2032-04-19→ Common Stock (200,000 underlying)
Footnotes (2)
- [F1]The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $26.35 to $26.69, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Common Shares sold at each separate price within the range.
- [F2]Award of stock options to purchase Common Shares with a vesting commencement date of April 20, 2022. These options vest and become exercisable (i) 25% on the first anniversary of the applicable vesting commencement date and (ii) in 36 equal monthly installments thereafter, subject generally to the reporting person's continuous service through each vesting date (unless otherwise provided in the applicable award documentation).