Joshua Resnick - Jun 6, 2023 Form 4 Insider Report for Aerovate Therapeutics, Inc. (AVTE)

Role: Director
Signature: /s/ George A. Eldridge, Attorney-in-Fact
Stock symbol: AVTE
Transactions as of: Jun 6, 2023
Transactions value $: $0
Form type: 4
Date filed: 6/8/2023, 06:00 PM
Previous filing: Jun 2, 2023
Next filing: Jun 26, 2023

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	+12.5K		$0.00	12.5K	Jun 6, 2023	Common Stock	12.5K	$16.30	Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	The shares subject to this option will vest and become exercisable in full on the earlier of (i) June 6, 2024 or (ii) the next annual meeting of the Issuer's stockholders, subject to the Reporting Person's continued service through the applicable vesting date.
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"), RA Capital Nexus Fund, L.P. (the "Nexus Fund"), and a separately managed account (the "Account"). 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, the Nexus Fund, and the Account to the Adviser. The Reporting Person therefore disclaims beneficial ownership of the option and underlying common stock.

Content

The shares subject to this option will vest and become exercisable in full on the earlier of (i) June 6, 2024 or (ii) the next annual meeting of the Issuer's stockholders, subject to the Reporting Person's continued service through the applicable vesting date.

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"), RA Capital Nexus Fund, L.P. (the "Nexus Fund"), and a separately managed account (the "Account"). 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, the Nexus Fund, and the Account to the Adviser. The Reporting Person therefore disclaims beneficial ownership of the option and underlying common stock.