Opaleye Management Inc. - 06 Dec 2022 Form 4 Insider Report for Tracon Pharmaceuticals, Inc.

Role: 10%+ Owner
Signature: Opaleye Management, Inc. By: /s/ James Silverman President
Issuer symbol: N/A
Transactions as of: 06 Dec 2022
Net transactions value: -$2,216
Form type: 4
Filing time: 08 Dec 2022, 17:49:29 UTC
Previous filing: 04 Nov 2022
Next filing: 14 Dec 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TCON	Common Stock, par value $0.01 per share	Exercise of in-the-money or at-the-money derivative security	$2,215	+221,539	+5.8%	$0.0100^*	4,011,539	06 Dec 2022	By Opaleye, L.P.	F3
transaction	TCON	Common Stock, par value $0.01 per share	Sale	$2,216	-1,539	-0.04%	$1.44	4,010,000	06 Dec 2022	By Opaleye, L.P.	F1, F2, F3
holding	TCON	Common Stock, par value $0.01 per share						4,125,000	06 Dec 2022	By Managed Account	F4

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	TCON	Prefunded Warrants	Exercise of in-the-money or at-the-money derivative security	$2,215	-221,539	-12%	$0.0100^*	1,667,974	06 Dec 2022	Common Stock	221,539	$0.0100	By Opaleye, L.P.	F3, F5
holding	TCON	Prefunded Warrants						1,358,593	06 Dec 2022	Common Stock	1,358,593	$0.0100	By Opaleye, L.P.	F3, F4, F5
holding	TCON	Prefunded Warrants						2,205,018	06 Dec 2022	Common Stock	2,205,018	$0.0100	By Opaleye, L.P.	F3, F4, F5

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

Explanation of Responses:

Id	Content
F1	On December 6, 2022, the Reporting Person exercised prefunded warrants to purchase 221,539 shares of the Issuer's common stock for $0.01 a share. The Reporting Person paid the exercise price on a cashless basis, resulting in the Issuer's withholding of 1,539 of the warrant shares to pay the exercise price and issuing to the Reporting Person the remaining 220,000 shares.
F2	This disposition of shares by the Reporting Persons was matchable under Section 16(b) of the Securities Exchange Act of 1934 with the purchase by the Reporting Persons of 1,539 shares purchased on June 21, 2022 at a price of $1.3127 per share. The Reporting Persons have already sent the Issuer a check in the amount of $195.92, representing the full amount of the Reporting Person's pecuniary interest in the disgorgeable profit arising from such transactions.
F3	Represents securities owned directly by Opaleye, L.P. (the "Fund"). As the investment manager of the Fund, Opaleye Management Inc. may be deemed to beneficially own the securities owned directly by the Fund.
F4	Securities owned by a separately managed account (the "Managed Account"). As the portfolio manager of the Managed Account, Opaleye may be deemed to beneficially own the securities owned directly by the Managed Account.
F5	The warrants may not be exercised to the extent that such exercise would cause the reporting person and its affiliates to beneficially own more than 19.99% of the Issuer's then outstanding common stock.