Delaet Ingrid 4

What Happened
Ingrid Delaet, Chief Regulatory Officer of Neurocrine Biosciences (NBIX), exercised stock options and sold the resulting 4,367 shares on July 10, 2026. The options were exercised at $106.02 per share for a total outlay of $462,989; the shares were sold in an open-market transaction at $181.02 per share for total proceeds of $790,514. The transaction resulted in net proceeds (proceeds minus exercise cost) of $327,525. The filing indicates the activity was executed under a pre-established Rule 10b5-1 trading plan.

Key Details

• Transaction date: July 10, 2026
• Exercise: 4,367 shares exercised at $106.02 each — total cost $462,989 (derivative converted)
• Sale: 4,367 shares sold in open market at $181.02 each — total proceeds $790,514
• Net proceeds: $790,514 − $462,989 = $327,525 realized on the transactions
• Derivative line at $0.00: reflects the option being converted/cancelled upon exercise
• 10b5-1 plan: Dispositions were effected by a broker under a 10b5-1 trading plan adopted Feb 27, 2026; issuer policy prevents amending the plan after adoption (footnote F1)
• Option grant/vesting: Option granted Feb 1, 2021; vested 25% on Feb 1, 2022 and remaining 75% vesting in 36 equal monthly installments starting Mar 1, 2022 (footnote F2)
• Shares owned after transaction: not disclosed in the provided Form 4 data
• Filing timeliness: Report filed July 13, 2026 for a July 10 transaction (filed within the required reporting window)

Context
The filing shows an option exercise immediately followed by an open-market sale of the same shares on the same day, a pattern consistent with a cashless exercise/sale carried out under a 10b5-1 plan. The separate derivative disposal line at $0 simply reports the option ceased to exist after exercise. These transactions are routine insider liquidity events and, per the filing, were pre-planned and broker-executed under the 10b5-1 arrangement.