[Form 4] ANI Pharmaceuticals, Inc. Insider Trading Activity

Rhea-AI Filing Summary

ANI Pharmaceuticals insider transactions: Stephen P. Carey, SVP & CFO of ANI Pharmaceuticals (ANIP), reported transactions on 08/12/2025 that changed his beneficial ownership. He acquired 50,000 shares by exercising options at a $46.49 exercise price and simultaneously sold 50,000 shares at $86.07. After the transactions his reported beneficial ownership moved from 230,863 shares to 180,863 shares. The filing notes option vesting schedule information dating to 2017-2020 and is signed by an attorney-in-fact on Carey’s behalf.

Positive

• Option exercise and sale were reported promptly with full transaction details (dates, prices, amounts).
• Vesting history disclosed, showing the options were previously vested (2017-2020) rather than newly granted.

Negative

• Reported beneficial ownership decreased from 230,863 shares to 180,863 shares after the transactions.

Insights

Securities Analyst

TL;DR: Insider exercised options and sold an equal number of shares, reducing reported holdings by 50,000 shares.

The filing documents routine Section 16 activity by the CFO: exercise of 50,000 options at $46.49 and an immediate sale of 50,000 common shares at $86.07 on 08/12/2025. The net reported beneficial ownership declined from 230,863 to 180,863 shares. This pattern—exercise followed by sale—is consistent with option liquidity events rather than additional compensation, and the filing includes prior vesting schedule details for the options. There is no disclosure here of any additional compensatory grants or company-wide transactions.

Corporate Governance Expert

TL;DR: Transaction appears procedural and compliant; documents vesting history and is properly reported.

The report indicates compliance with Section 16 reporting: date, amounts, prices, and a signature by attorney-in-fact are present. The earlier vesting schedule is disclosed, showing the options were long-standing. The equal-size exercise and sale suggest a liquidity/monetization of vested options rather than new insider accumulation. No indications of undisclosed related-party transactions or material governance issues are present within this filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a 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). See Instruction 10.

1. Name and Address of Reporting Person^*

CAREY STEPHEN P.

(Last) (First) (Middle)

C/O ANI PHARMACEUTICALS, INC.

210 MAIN STREET WEST

(Street)

BAUDETTE MN 56623

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ANI PHARMACEUTICALS INC [ ANIP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP & CFO

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/12/2025		M		50,000	A	$46.49	230,863	D
Common Stock	08/12/2025		S		50,000	D	$86.07	180,863	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$46.49	08/12/2025		M			50,000	(1)	05/05/2026	Common Stock	50,000	$46.49	0	D

Explanation of Responses:

1. 25% of the total options vested on each of May 6, 2017, May 6, 2018, May 6, 2019, and May 6, 2020.

Remarks:

	/s/ Stephen P. Carey, by attorney-in-fact Meredith W. Cook	08/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did ANI Pharmaceuticals (ANIP) insider Stephen P. Carey report on 08/12/2025?

He exercised 50,000 options at a $46.49 exercise price and sold 50,000 common shares at $86.07 on 08/12/2025.

How did Stephen P. Carey’s ownership change after the Form 4 filing?

Reported beneficial ownership moved from 230,863 shares to 180,863 shares following the transactions.

What was the exercise price for the options Carey exercised?

The exercise (conversion) price reported for the stock option was $46.49 per share.

Was vesting history provided for the exercised options?

Yes. The filing states that 25% of the total options vested on each of May 6, 2017; May 6, 2018; May 6, 2019; and May 6, 2020.

Who filed the Form 4 on behalf of Stephen P. Carey?

The form was signed /s/ Stephen P. Carey, by attorney-in-fact Meredith W. Cook dated 08/14/2025.