Joshua Resnick - 29 Jun 2021 Form 4 Insider Report for Aerovate Therapeutics, Inc. (AVTE)

Role: Director
Signature: /s/ George A. Eldridge, Attorney-in-Fact
Issuer symbol: AVTE
Transactions as of: 29 Jun 2021
Transactions value $: $0
Form type: 4
Filing time: 01 Jul 2021, 18:36:50 UTC
Next filing: 05 May 2022
SEC: View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AVTE	Stock Option (Right to Buy)	Award	$0	+25K		$0.00	25K	29 Jun 2021	Common Stock	25K	$14.00	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	This option shall vest in 36 substantially equal monthly installments, with the first installment vesting on July 29, 2021.
F2	Under the Reporting Person's arrangement with RA Capital Management, L.P. (the "Adviser"), the Reporting Person holds the option for the benefit of the RA Capital Healthcare Fund, L.P. (the "Fund") and RA Capital Nexus Fund, L.P. (the "Nexus Fund"). The Reporting Person is obligated to turn over to the Adviser any net cash or stock received upon exercise of the option, which will offset advisory fees owed by the Fund and Nexus Fund to the Adviser. The Reporting Person therefore disclaims beneficial ownership of the option and underlying common stock.

Content

This option shall vest in 36 substantially equal monthly installments, with the first installment vesting on July 29, 2021.

Under the Reporting Person's arrangement with RA Capital Management, L.P. (the "Adviser"), the Reporting Person holds the option for the benefit of the RA Capital Healthcare Fund, L.P. (the "Fund") and RA Capital Nexus Fund, L.P. (the "Nexus Fund"). The Reporting Person is obligated to turn over to the Adviser any net cash or stock received upon exercise of the option, which will offset advisory fees owed by the Fund and Nexus Fund to the Adviser. The Reporting Person therefore disclaims beneficial ownership of the option and underlying common stock.