Estrella (ESLA) CEO Liu Cheng Exercises Options for 200,000 Shares

What Happened Liu Cheng, CEO and director of Estrella Immunopharma (ESLA), exercised stock options on August 25, 2026 to acquire a total of 200,000 shares. The filing shows two derivative exercises: 100,000 shares were acquired at an exercise price of $0.81 per share (total cash paid $81,500), and 100,000 shares were recorded at $0.00 exercise price (no cash paid per the filing). These were reported as option exercises (transaction code M).

Key Details

• Transaction date: 2026-08-25 (Form 4 filed 2026-08-26).
• Prices and amounts: 100,000 shares @ $0.81 (paid $81,500); 100,000 shares @ $0.00 (no cash reported).
• Shares owned after transaction: 397,437 common shares (per filing, reflects prior 297,437 plus 100,000 shares reported as acquired).
• Relevant footnotes: Options were granted Oct 30, 2024 under the 2023 Omnibus Incentive Plan; 25% vested immediately with the remainder vesting monthly (1/48th) — the exercised options were vested (F1–F4). F4 notes no separate consideration was paid/received for the derivative security.
• Filing timeliness: Form 4 was filed the day after the transaction; this falls within the standard short reporting window.

Context This was an exercise of previously granted incentive stock options, not an open‑market purchase or sale. The filing does not indicate any immediate sale of the shares (i.e., not a cashless sale). Option exercises are common for executives when vested awards are exercised; they add to insider ownership but do not necessarily signal near‑term trading intent.