Jing Chen - 07 Dec 2022 Form 4 Insider Report for Biostage, Inc. (HRGN)

Role: Director
Signature: /s/ Chad Porter, Attorney-in-Fact
Issuer symbol: HRGN
Transactions as of: 07 Dec 2022
Net transactions value: +$25.56
Form type: 4
Filing time: 09 Dec 2022, 16:19:59 UTC
Previous filing: 01 Jul 2022
Next filing: 28 Jul 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BSTG	Common Stock	Exercise of in-the-money or at-the-money derivative security	$348,000	+174,000	+483%	$2.00	210,000	07 Dec 2022	Direct
transaction	BSTG	Common Stock	Sale	$347,974	-48,532	-23%	$7.17	161,468	07 Dec 2022	Direct	F1

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	BSTG	Warrants (right to buy)	Exercise of in-the-money or at-the-money derivative security	$0	-174,000	-100%	$0.000000^*	0	07 Dec 2022	Common Stock	174,000	$2.00	Direct	F1

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

Explanation of Responses:

Id	Content
F1	On December 7, 2022, the Reporting Person exercised a warrant to purchase 174,000 shares of common stock for $2 per share. The Reporting Person paid the exercise price on a cashless basis, resulting in Biostage's withholding of 48,532 shares to pay the exercise price based on the daily VWAP of $7.1706, and issuing the remaining 125,468 shares of common stock.