Timothy P. Noyes - 01 May 2023 Form 4 Insider Report for Aerovate Therapeutics, Inc. (JBIO)

Role
CHIEF EXECUTIVE OFFICER, Director
Signature
/s/ George A. Eldridge, Attorney-in-Fact
Issuer symbol
JBIO
Transactions as of
01 May 2023
Net transactions value
-$291,645
Form type
4
Filing time
03 May 2023, 18:00:09 UTC
Previous filing
05 Apr 2023
Next filing
05 Jul 2023
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AVTE Common Stock Options Exercise $32,100 +15,000 +2165% $2.14* 15,693 01 May 2023 Direct F1, F2
transaction AVTE Common Stock Sale $309,088 -15,000 -96% $20.61 693 01 May 2023 Direct F1, F2, F3
transaction AVTE Common Stock Sale $14,657 -693 -100% $21.15 0 02 May 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 -15,000 -3.6% $0.000000 403,381 01 May 2023 Common Stock 15,000 $2.14 Direct F1, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 18, 2022.
F2 Includes 693 shares purchased under the Issuer's 2021 Employee Stock Purchase Plan on April 30, 2023 in a transaction that is exempt under Rule 16b-3(c) and 16b-3(d).
F3 The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $20.05 to $21.01, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the SEC staff upon request.
F4 A total of 493,381 shares subject to an employee stock option were granted on April 2, 2021, with 25% vested on June 4, 2022, with the remainder vesting in 36 substantially equal monthly installments thereafter.