Timothy P. Noyes - 17 Jul 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
17 Jul 2023
Net transactions value
-$72,219
Form type
4
Filing time
19 Jul 2023, 18:00:32 UTC
Previous filing
05 Jul 2023
Next filing
01 Aug 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 $9,677 +4,522 $2.14* 4,522 17 Jul 2023 Direct F1
transaction AVTE Common Stock Sale $81,896 -4,522 -100% $18.11 0 17 Jul 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 -4,522 -1.1% $0.000000 388,859 17 Jul 2023 Common Stock 4,522 $2.14 Direct F1, F3
* 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 February 24, 2023.
F2 The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $18.00 to $18.525, 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 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.