Executive Stock Sales
Pharvaris Insiders Sell Over $9.5 Million in Stock Through Option Exercises
Anonymous
Key Points
1
After exercising and selling 100,000 shares, Pharvaris President Lu Peng directly held 64,953 common shares and 45,308 stock-option contracts. The exercised options had expiration dates in February 2030 and March 2030, and vested monthly after an initial 25% tranche vested in February 2021.
2
Robert Glassman’s 14,493-share sale was executed at prices ranging from $38.26 to $38.89, with a weighted average of $38.5574 per share; he directly owned 10,500 shares afterward.
3
Elisabeth Bjork’s 52,500-share cashless-exercise sale ranged from $37.62 to $38.05 per share, producing a weighted average sale price of $37.8935; she directly held 15,167 common shares after the transaction.
4
The Form 4 disclosure for Johannes Schikan indicated that his 200,000-share sale was not made under a Rule 10b5-1 trading plan, unlike the scheduled-plan transaction reported for Glassman.
5
Pharvaris described the option-related transactions as cashless exercises, in which part of the newly issued shares is surrendered to cover the option exercise cost and any applicable withholding taxes rather than the holder paying the exercise price in cash.
Pharvaris insiders dumped over $9.5 million in company stock on September 17, 2026, according to Form 4 filings. Ticker Report reported that President Lu Peng alone cashed out $3.5 million by selling 100,000 shares at $35 each after exercising options at $2.59 per share. Director Johannes Schikan sold 200,000 shares for $7 million, while two other directors offloaded smaller positions — together signaling confidence or concern about the biotech firm's near-term prospects.
President Lu's Quick $3.5M Profit on Option Exercise
Lu Peng exercised 100,000 stock options at a strike price of $2.59 each, then immediately sold all shares at $35. That $32.41-per-share spread locked in a gain of roughly $3.2 million before taxes. Trading View noted Lu still holds 64,953 common shares and 45,308 option contracts after the sale. His remaining options expire in February and March 2030.
Director Schikan's $7M Single-Day Exit
Director Johannes Schikan sold 200,000 shares at exactly $35 per share for $7 million on September 17. Stock Titan noted this sale was not executed under a Rule 10b5-1 trading plan — meaning it was a discretionary, one-time sale rather than a scheduled automatic transaction. Schikan retained 115,167 shares after the deal.
Cashless Exercises Let Directors Skip Cash Outlay
Two directors used "cashless exercises" to convert options into cash without writing checks. Director Robert Glassman sold 14,493 shares at a weighted average of $38.5574 per share, pocketing roughly $558,000. Director Elisabeth Bjork sold 52,500 shares at $37.8935 per share, netting about $1.99 million. In cashless exercises, newly issued shares cover the option cost and tax withholding.
What These Sales Signal About Pharvaris Stock
Mass insider selling often reflects pessimism, but timing matters. Some of these transactions occurred under pre-planned 10b5-1 agreements, which insiders set up months ahead and execute automatically — a sign of routine portfolio rebalancing, not panic. Still, $9.5 million flowing out the door in one day raises questions about whether Pharvaris leadership sees headwinds ahead or simply seized a price level they found attractive.
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