Tom Penny 4

What Happened

• Tom Penny, Principal Accounting Officer of Equillium (EQ), exercised stock options to acquire 65,000 shares (exercise cost $0.79/share; total $51,025) and promptly sold those 65,000 shares in the open market for aggregate proceeds of $191,750. The net proceeds before fees and taxes are roughly $140,725.

Key Details

• Transaction date: May 28, 2026 (Form 4 filed May 29, 2026 — timely).
• Exercise: 65,000 shares exercised at $0.79 per share (total $51,025).
• Sale: 65,000 shares sold at a weighted average price shown as $2.95 (total $191,750); actual sale prices ranged $2.95–$2.99 per footnote.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Footnotes: Sales were made under a Rule 10b5-1 trading plan adopted Oct 10, 2025 (F1); weighted-average sale price with range disclosure (F2); option vesting schedule referenced — 25% at first anniversary then monthly over three years (F3).
• No indication in the filing that this was a late report.

Context

• This was an option exercise followed by an immediate sale (effectively a cashless exercise): the insider paid the exercise price to convert options into shares and then sold the shares under a pre-established 10b5-1 plan. Sales under 10b5-1 plans are typically pre-scheduled and do not, by themselves, indicate the insider's current view of the company.