Aardvark Therapeutics conditionally reprices options to $1.26
Sentiment and the balance of points
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Form Type
4
Rhea-AI Filing Summary
Aardvark Therapeutics, Inc. repriced Chief Medical Officer Manasi Jaiman’s options on November 6, 2026: 70,549 options from $13.48, 126,999 options from $11.29 and 177,012 options from $4.24, each to a $1.26 New Exercise Price. It applies if she remains in Continuous Service from November 6, 2026 until the earlier of November 6, 2027 or a Change in Control during service; exercise before the Retention Period ends uses the original price. The options keep their prior vesting schedules and expiration dates.
Insider Trade Summary
6 transactions reported
Mixed
6 txns
Insider
Jaiman Manasi
Role
Chief Medical Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Stock Option (right to buy) F1, F3, F4, F2 | 70,549 | -- | -- |
| Disposition | Stock Option (right to buy) F3, F4, F2 | 70,549 | -- | -- |
| Grant/Award | Stock Option (right to buy) F5, F3, F4, F6 | 126,999 | -- | -- |
| Disposition | Stock Option (right to buy) F3, F4, F6 | 126,999 | -- | -- |
| Grant/Award | Stock Option (right to buy) F7, F3, F4, F8 | 177,012 | -- | -- |
| Disposition | Stock Option (right to buy) F3, F4, F8 | 177,012 | -- | -- |
Holdings After Transaction:
Stock Option (right to buy) — 374,560 options (Direct)
Footnotes (8)
- F1. If this option is exercised prior to the end of the Retention Period (as defined in footnote (3)), the exercise price per share for such exercise shall be $13.48, the original exercise price per share, and not the New Exercise Price (as defined in footnote (3)) reflected in Column 2.
- F2. 1/4th of the shares subject to the option shall vest on February 9, 2027, and 1/48th of the shares subject to the option shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.
- F3. On August 14, 2026, the stockholders of the Issuer approved a proposal to reprice certain eligible outstanding stock options, including the stock options with exercise prices of $13.48, $11.29 and $4.24 listed in Table II (the "Repriced Options"). In accordance with this approval, on November 6, 2026, the exercise price of each Repriced Option was reduced to $1.26 (the "New Exercise Price"); provided that, for the New Exercise Price to apply, the Reporting Person must remain in Continuous Service (as defined in the applicable equity plan governing such option) with the Issuer from November 6, 2026 until the earlier of (i) November 6, 2027 and (ii) a Change in Control (as defined in the applicable equity plan governing such option) during the Reporting Person's Continuous Service with the Issuer (upon which such option shall accelerate in full) (such period, the "Retention Period").
- F4. (Continued from footnote 3) Following the repricing, each Repriced Option retains its respective original vesting schedule and expiration date.
- F5. If this option is exercised prior to the end of the Retention Period, the exercise price per share for such exercise shall be $11.29, the original exercise price per share, and not the New Exercise Price reflected in Column 2.
- F6. 1/4th of the shares subject to the option vested on June 11, 2026, and 1/48th of the shares subject to the option vested or shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.
- F7. If this option is exercised prior to the end of the Retention Period, the exercise price per share for such exercise shall be $4.24, the original exercise price per share, and not the New Exercise Price reflected in Column 2.
- F8. 25% of the original number of shares subject to the option vested on September 1, 2025, and 1/48th of the original number of shares subject to the option vested or shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.
Key Figures
Options repriced from $13.48: 70,549 options
Options repriced from $11.29: 126,999 options
Options repriced from $4.24: 177,012 options
+1 more
4 metrics
Options repriced from $13.48
70,549 options
Repriced to $1.26 on November 6, 2026
Options repriced from $11.29
126,999 options
Repriced to $1.26 on November 6, 2026
Options repriced from $4.24
177,012 options
Repriced to $1.26 on November 6, 2026
New Exercise Price
$1.26 per share
Conditional on Continuous Service
Key Terms
New Exercise Price, Retention Period, Continuous Service, Change in Control, +1 more
5 terms
New Exercise Price financial
"reduced to $1.26 (the "New Exercise Price")"
Retention Period technical
"such period, the "Retention Period""
Continuous Service technical
"must remain in Continuous Service"
Change in Control technical
"a Change in Control during the Reporting Person's Continuous Service"
A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.
vesting schedule technical
"retains its respective original vesting schedule"
A vesting schedule is a timeline that determines when someone gains full ownership of certain benefits, such as company stock or retirement contributions. Think of it like earning the right to own a gift gradually over time, rather than receiving it all at once. It matters to investors because it affects when they can fully access or sell these benefits, influencing their financial planning and decision-making.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many AARD options were repriced, and what is the new exercise price?
Three groups were repriced to a $1.26 New Exercise Price: 70,549 options previously priced at $13.48, 126,999 at $11.29, and 177,012 at $4.24.
What conditions apply to the repriced AARD options?
The new price applies if Manasi Jaiman remains in Continuous Service from November 6, 2026 until the earlier of November 6, 2027 or a Change in Control during her service. Exercise before the Retention Period ends uses the original exercise price, and the options retain their prior vesting schedules and expiration dates.
AI-generated analysis. How Rhea-AI works. Not financial advice.
