Xu Cong Claire 4

What Happened
Claire Xu, Senior VP of Clinical Development at NovaBridge Biosciences (NBP), reported derivative exercises and a small open-market sale. On 2026-07-04 she converted/exercised derivatives totaling 17,837 ordinary shares (12,432 acquired; 5,405 converted and reported as disposed). On 2026-07-06 she sold 4,485 ordinary shares in the open market at $0.89 per share, producing reported proceeds of $3,992. Transaction code M indicates exercise/conversion of a derivative; code S indicates an open-market sale.

Key Details

• Transactions filed: Report date 2026-07-04; Form 4 filed 2026-07-07 (timely filing).
• Derivative exercises (code M) on 2026-07-04: 12,432 shares acquired; 5,405 shares converted and reported disposed (sales price $0.00 on the derivative line, indicating conversion/settlement). Total exercised = 17,837 ordinary shares.
• Open-market sale (code S) on 2026-07-06: 4,485 shares @ $0.89 = $3,992 proceeds. The filing notes the ADS-converted sale price as $2.04 per ADS (see footnote).
• ADS conversion: Each ADS represents 2.3 ordinary shares (10 ADS = 23 ordinary shares); several amounts in the filing are reported in ADS equivalents.
• Footnotes: RSUs may convert to ADSs; some reported securities are shown as ADS counts; at least some awards were fully vested per the filing.
• Shares owned after the transactions: not specified in the provided filing excerpt.

Context
Code M means options/derivatives were exercised or converted. The 5,405-share line with $0.00 proceeds suggests a same-day conversion/settlement (net share settlement or transfer) rather than a cash sale; the separate S-line shows a later small open-market sale of 4,485 shares for roughly $4k. These filings are routine disclosures of insider activity; purchases or large exercises can signal stronger insider conviction, but this filing mainly records exercised/conversion activity plus a small sale.