Sauvage Philippe 4

What Happened

• Philippe Sauvage, CFO of Nuvation Bio (NUVB), exercised 47,668 option-based shares on 2026-06-23 at an exercise price of $2.17 per share (cost $103,440) and immediately sold those 47,668 shares in the open market for aggregate proceeds of $286,370 (weighted‑avg $6.01). The net proceeds from the round-trip are roughly $182,930 before taxes and fees.
• The filing also records a derivative conversion/disposition entry for 47,668 shares at $0.00, which reflects the option-to-stock conversion reported on the Form 4 (no additional cash proceeds).

Key Details

• Transaction date: 2026-06-23. Exercise price: $2.17 (total $103,440). Sale weighted-average price: $6.01 (range $6.00–$6.04), total proceeds $286,370.
• Shares sold pursuant to a pre-established 10b5-1 trading plan dated December 4, 2025 (footnote F1). Weighted-average sales price and price range disclosed (footnote F2).
• Vesting note: the options vest 25% on Oct 7, 2025 anniversary and monthly thereafter over 36 months (footnote F3).
• Shares owned after the transaction are not specified in the provided filing excerpt. The Form 4 was filed the next day (2026-06-24), so this appears timely.

Context

• This was effectively a cashless exercise: options were exercised and the resulting shares were sold immediately under a 10b5-1 plan — a common way for insiders to monetize vested options while adhering to pre-set trading rules.
• Sales under a 10b5-1 plan are typically pre-planned and do not, by themselves, indicate the insider’s short-term view of the company.