Hunter Gillies - May 17, 2024 Form 4 Insider Report for Aerovate Therapeutics, Inc. (AVTE)

Role
CHIEF MEDICAL OFFICER
Signature
/s/ George A. Eldridge, Attorney-in-Fact
Stock symbol
AVTE
Transactions as of
May 17, 2024
Transactions value $
-$75,772
Form type
4
Date filed
5/17/2024, 07:10 PM
Previous filing
Apr 19, 2024
Next filing
Jun 14, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AVTE Common Stock Options Exercise $8.56K +4K +71.4% $2.14* 9.6K May 17, 2024 Direct F1, F2
transaction AVTE Common Stock Sale -$82.5K -3.91K -40.76% $21.07 5.69K May 17, 2024 Direct F1, F3
transaction AVTE Common Stock Sale -$1.88K -86 -1.51% $21.86 5.6K May 17, 2024 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 AVTE Stock Option (Right to Buy) Options Exercise $0 -4K -26.1% $0.00 11.3K May 17, 2024 Common Stock 4K $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 This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on January 19, 2023.
F2 Includes 2,351 shares purchased under the Issuer's 2021 Employee Stock Purchase Plan on April 30, 2024 in a transaction that is exempt under Rule 16b-3(c) and 16b3(d).
F3 The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $20.605 to $21.50, 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 16,294 shares subject to an employee stock option were granted on April 2, 2021, with the first installment vested on May 2, 2021, with shares vesting in 48 substantially equal monthly installments.