Tang Carolyn C. 4

What Happened Carolyn C. Tang, General Counsel of Arcus Biosciences (RCUS), exercised stock options on 2026-06-11. The filing reports the acquisition of 34,090 shares at an exercise price of $2.57 per share (total paid $87,748), and a matching disposition of 34,090 shares at $2.57 (reported as a derivative transaction). The transaction code reported is M (exercise or conversion of a derivative).

Key Details

• Transaction date: 2026-06-11; Form 4 filed 2026-06-12 (timely).
• Exercise: 34,090 shares @ $2.57 = $87,748 (Acquired, code M).
• Disposition: 34,090 shares @ $2.57 = $87,748 (Derivative — same quantity).
• Shares owned after the transaction: not specified in the provided filing.
• Footnotes of note:
  • F1: Includes 1,783 shares purchased 5/31/2026 via the company ESPP.
  • F2: Ownership figures include unvested portions of RSU grants.
  • F3: The option was fully vested and has been completely exercised.
• Filing was timely (no late-report indication).

Context The paired acquisition and disposition entries generally indicate a cashless or net-share exercise (shares acquired via option exercise and immediately transferred/sold, often to cover exercise costs or taxes). Per footnote F3, the option exercised was fully vested and fully exercised. This type of insider activity is often routine and does not by itself indicate a change in the insider’s view of the company.