Delaet Ingrid 4

What Happened
Ingrid Delaet, Chief Regulatory Officer of Neurocrine Biosciences (NBIX), exercised a total of 14,571 stock options (3,401 on 7/7, 2,737 on 7/8, and 8,433 on 7/9) at an exercise price of $103.52 per share (total exercise cost $1,508,390). She then sold the 14,571 shares in open-market transactions the same days for aggregate gross proceeds of approximately $2,603,112. The sales were effected by a broker under a Rule 10b5-1 trading plan.

Key Details

• Transactions and amounts:
  • 2026-07-07: Exercised 3,401 options @ $103.52 = $352,072; sold 3,401 shares @ weighted avg $178.57 = $607,305 (sales ranged $178.52–$178.75).
  • 2026-07-08: Exercised 2,737 options @ $103.52 = $283,334; sold 2,737 shares @ weighted avg $178.54 = $488,672 (sales ranged $178.52–$178.59).
  • 2026-07-09: Exercised 8,433 options @ $103.52 = $872,984; sold 8,433 shares @ weighted avg $178.72 = $1,507,135 (sales ranged $178.52–$179.19).
• Total exercised: 14,571 shares; total exercise cost $1,508,390.
• Total sold: 14,571 shares; total gross proceeds ≈ $2,603,112. Net cash proceeds ≈ $1,094,722 (proceeds minus exercise cost), before taxes/fees.
• The Form 4 shows separate $0.00 "disposition" entries for the surrendered derivatives (the options) associated with the exercises.
• Footnotes: sales were made under a 10b5-1 trading plan adopted Feb 27, 2026 (plan cannot be amended per issuer policy). Weighted-average sale prices are reported; per-share sale price ranges provided in footnotes. Option grant date: Feb 13, 2023, vesting over 48 monthly installments beginning Mar 13, 2023.
• Shares owned after the transactions: not specified in the data provided.
• Filing: Form 4 filed July 9, 2026; no late filing is indicated in the provided information.

Context
This was an option exercise followed by immediate sales (a common cashless outcome where vested options are exercised and the resulting shares are sold). The trades were executed under a pre-established 10b5-1 plan, which typically indicates the sales were pre-planned and not (by plan design) based on contemporaneous material nonpublic information. As always, sales by executives can be routine (taxes, diversification, liquidity) and do not, by themselves, indicate a view on the company's prospects.