Forte Biosciences (FBRX) Director Scott C. Brun Cashes Out 54,353 Derivatives

What Happened
Scott C. Brun, a director of Forte Biosciences (FBRX), reported dispositions of 54,353 derivative shares on 2026-08-27. The reported items are dispositions to the issuer (derivative instruments: options and/or RSUs) that were canceled and converted into cash under the Merger Agreement with argenx (Merger Consideration = $77.00 per share). The Form 4 lists each disposition as "N/A" for per-share price because the awards were settled for cash per the merger formulas (options were cashed for the spread when exercise price < $77; options with exercise price ≥ $77 were canceled for no consideration; RSUs were cashed at $77/share).

Key Details

• Transaction date: 2026-08-27 (Form filed same day).
• Total derivative units disposed/cancelled: 2,000 + 1,000 + 2,000 + 31,000 + 18,353 = 54,353.
• Reported price/consideration on Form 4: N/A (settled in cash per merger terms).
• Relevant merger terms: Merger Agreement dated July 26, 2026 — Merger Consideration = $77.00/share. Options with exercise price < $77 received cash equal to (77 - exercise price) × number of option shares; options with exercise price ≥ $77 were cancelled with no consideration; RSUs were converted to cash equal to $77 × number of RSU shares. (See footnotes F1–F4.)
• Filing timeliness: Reported and filed 2026-08-27 (timely).

Context
These entries are derivative cancellations/settlements tied to an acquisition, not open-market sales. The insider received cash under the merger formulas rather than selling shares on the market; Form 4 does not show the concrete cash amounts for each line item. Such merger-related cash settlements are common and typically reflect deal mechanics (award conversion/cash‑out) rather than a standalone buy/sell signal about the insider’s view of the company.