Mulay James 4

What Happened
James Mulay, a director of CG Oncology (CGON), exercised stock options and immediately sold the resulting shares on June 15, 2026. He exercised 654 options at $3.72 (cost $2,433) and 1,310 options at $12.59 (cost $16,493), then sold those same 654 and 1,310 shares in the open market at $60.12 per share, generating $39,318 and $78,757 respectively (total sales proceeds $118,075). The filing also shows the related derivative option instruments were disposed (reported at $0), reflecting the conversion/cancellation of the options upon exercise. Net proceeds (sales minus exercise cost) were roughly $99,149.

Key Details

• Transaction date: 2026-06-15; Form 4 filed 2026-06-16 (timely).
• Option exercises (code M): 654 shares @ $3.72 (acquired, $2,433) and 1,310 shares @ $12.59 (acquired, $16,493).
• Open-market sales (code S): 654 shares @ $60.12 ($39,318) and 1,310 shares @ $60.12 ($78,757).
• Derivative dispositions: two entries for 654 and 1,310 options reported at $0, reflecting conversion/cancellation on exercise.
• Plan note: Sales were made pursuant to a Rule 10b5-1 trading plan adopted March 27, 2026 (Footnote F1).
• Vesting notes: the related options vested in 36 monthly installments starting 7/14/2023 and 1/13/2024 (Footnotes F2, F3).
• Shares owned after transaction: not specified in the provided filing.

Context
This is a common pattern where an insider exercises vested options and sells the resulting shares, here executed under a pre-established 10b5-1 plan (reduces concerns about opportunistic timing). The filing shows both the exercise (acquisition of shares by paying strike prices) and immediate disposition (sale) of those shares. This is factual reporting of transactions and does not by itself indicate the director’s future view of the company.