Ralph Niven - Jan 5, 2023 Form 4 Insider Report for Aerovate Therapeutics, Inc. (AVTE)

Role: CHIEF SCIENTIFIC OFFICER
Signature: /s/ George A. Eldridge, Attorney-in-Fact
Stock symbol: AVTE
Transactions as of: Jan 5, 2023
Transactions value $: -$54,850
Form type: 4
Date filed: 1/9/2023, 05:00 PM
Previous filing: Dec 7, 2022
Next filing: Feb 8, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AVTE	Common Stock	Options Exercise	$1.13K	+650	+40.4%	$1.74^*	2.26K	Jan 5, 2023	Direct	F1
transaction	AVTE	Common Stock	Options Exercise	$3.42K	+1.6K	+70.83%	$2.14^*	3.86K	Jan 5, 2023	Direct	F1
transaction	AVTE	Common Stock	Sale	-$59.4K	-2.25K	-58.31%	$26.40	1.61K	Jan 5, 2023	Direct	F1, F2

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)	Options Exercise	$0	-450	-2.06%	$0.00	21.4K	Jan 5, 2023	Common Stock	450	$1.74	Direct	F1, F3
transaction	AVTE	Stock Option (Right to Buy)	Options Exercise	$0	-200	-1.48%	$0.00	13.3K	Jan 5, 2023	Common Stock	200	$1.74	Direct	F1, F4
transaction	AVTE	Stock Option (Right to Buy)	Options Exercise	$0	-200	-1.31%	$0.00	15.1K	Jan 5, 2023	Common Stock	200	$2.14	Direct	F1, F5
transaction	AVTE	Stock Option (Right to Buy)	Options Exercise	$0	-650	-1.39%	$0.00	46K	Jan 5, 2023	Common Stock	650	$2.14	Direct	F1, F6
transaction	AVTE	Stock Option (Right to Buy)	Options Exercise	$0	-750	-1.34%	$0.00	55.2K	Jan 5, 2023	Common Stock	750	$2.14	Direct	F1, F7

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

Explanation of Responses:

Id	Content
F1	This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on July 6, 2022.
F2	The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $26.21 to $26.74, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the SEC staff upon request.
F3	A total of 24,108 shares subject to an employee stock option were granted on September 4, 2020, with 25% of this option vested on August 1, 2021, and the remainder vesting in 36 substantially equal monthly installments thereafter.
F4	A total of 14,488 shares subject to an employee stock option were granted on September 4, 2020, with 25% of this option vested on June 1, 2021, and the remainder vesting in 36 substantially equal monthly installments thereafter.
F5	A total of 16,294 shares subject to an employee stock option were granted on April 2, 2021, with options vesting in 48 equal monthly installments, with the first installment vested on May 2, 2021.
F6	A total of 49,908 shares subject to an employee stock option were granted on April 2, 2021, with options vesting in 48 equal monthly installments, with the first installment vested on July 4, 2021.
F7	A total of 59,732 shares subject to an employee stock option were granted on April 2, 2021, with options vesting in 48 equal monthly installments, with the first installment vested on July 4, 2021.