Xu Cong Claire 4

What Happened

• Claire Xu (Xu Cong), Senior Vice President, Clinical Development, converted/exercised derivative awards on May 30, 2026 and then sold 3,494 shares in an open-market transaction on June 1, 2026 for $3.94 each, generating $13,766 in proceeds.
• The filing shows two derivative conversion/exercise entries (May 30): 9,382 shares acquired (exercise/conversion) and 4,079 shares recorded as disposed with $0 proceeds (consistent with shares withheld/surrendered for taxes or similar settlement of a derivative/RSU). The open-market sale on June 1 disposed of 3,494 shares at $3.94 per share for $13,766.

Key Details

• Transaction dates and prices:
  • May 30, 2026 — exercise/conversion of 9,382 shares (derivative; acquisition).
  • May 30, 2026 — conversion/disposition of 4,079 derivative shares at $0.00 (likely tax withholding or share surrender).
  • June 1, 2026 — open-market sale of 3,494 shares at $3.94 each for $13,766 total.
• Shares reported after these transactions: filing footnotes report holdings in ADS terms (see below); the filing lists holdings represented by ~127,673 ADSs (per footnote disclosures).
• Notable footnotes:
  • The company’s ordinary shares may be represented by American Depositary Shares (ADS). Per filing, 10 ADSs = 23 ordinary shares.
  • Several entries and holdings are reported in ADSs (examples in footnotes: 4,079 ADSs; 1,519 ADSs; 126,154–127,673 ADSs).
  • Each restricted stock unit (RSU) represents a contingent right to receive one ADS; a prior RSU grant (May 30, 2024) of 65,270 RSUs vests over four years (one-quarter after one year, then quarterly).
  • One disposal entry shows $0 proceeds, which commonly reflects shares withheld or surrendered to satisfy tax withholding on an exercise/RSU conversion.
• Filing: Form 4 was filed June 2, 2026, reporting transactions through May 30, 2026.

Context

• Derivative conversion/exercise: The May 30 entries reflect conversion/exercise of company-granted awards (options/RSUs). Some shares appear to have been surrendered/withheld (zero proceeds) — a typical administrative step to cover taxes rather than an additional sale for cash.
• Sale vs. purchase: The only cash transaction here was a small open-market sale (3,494 shares for $13,766). Routine sales to cover taxes or diversify holdings are common; purchases would typically be viewed as a more direct bullish signal.
• ADS note for retail investors: Because NovaBridge uses ADSs, reported ADS counts and per‑ADS prices can differ from per‑ordinary‑share figures — the filing includes converted ADS pricing and ADS-equivalent holdings for clarity.