Applied Therapeutics (APLT) CFO exits holdings as merger pays $0.088 plus CVR

Rhea-AI Filing Summary

Applied Therapeutics, Inc. insider filing shows equity converted and cancelled in a completed merger. Director and Interim Chief Executive Officer/Chief Financial Officer Leslie D. Funtleyder received 1,187,500 restricted stock units on 12/19/2025 that would vest on a change in control or by June 19, 2026.

Under a merger with Cycle Group Holdings Limited and AT2B, Inc., effective January 28, 2026, each Applied Therapeutics common share was converted into the right to receive $0.088 in cash plus one non‑tradeable contingent value right. Funtleyder’s common shares and vested RSUs were exchanged for this merger consideration, and multiple stock option awards with exercise prices at or above the cash amount were fully vested then cancelled for no consideration.

Following these transactions reported on 02/03/2026, Funtleyder reported zero remaining Applied Therapeutics common shares or stock options held directly.

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

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X

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^*

Funtleyder Leslie D.

(Last) (First) (Middle)

C/O APPLIED THERAPEUTICS, INC.

545 FIFTH AVENUE, SUITE 1400

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Applied Therapeutics, Inc. [ APLT ]

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/19/2025

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	12/19/2025		A(1)		1,187,500	A	$0	2,527,959	D
Common Stock	02/03/2026		D(2)(3)		2,375,000	D	(2)(3)	152,959	D
Common Stock	02/03/2026		U(2)(4)		152,959	D	(4)	0	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)	$1.05	02/03/2026		D			20,460	(5)	(5)	Common Stock	20,460	(5)	0	D
Stock Option (Right to Buy)	$1.05	02/03/2026		D			10,230	(5)	(5)	Common Stock	10,230	(5)	0	D
Stock Option (Right to Buy)	$1.05	02/03/2026		D			16,500	(5)	(5)	Common Stock	16,500	(5)	0	D
Stock Option (Right to Buy)	$1.05	02/03/2026		D			16,500	(5)	(5)	Common Stock	16,500	(5)	0	D
Stock Option (Right to Buy)	$1.02	02/03/2026		D			150,000	(5)	(5)	Common Stock	150,000	(5)	0	D
Stock Option (Right to Buy)	$4.7	02/03/2026		D			40,502	(5)	(5)	Common Stock	40,502	(5)	0	D

Explanation of Responses:

1. Consists of compensatory Restricted Stock Units ("RSUs") granted under the Applied Therapeutics, Inc.'s 2019 Equity Incentive Plan. Each compensatory RSU represents a contingent right to receive one share of the Issuer's common stock. The compensatory RSUs shall vest in full upon the earlier of (i) the consummation of a Change in Control (as defined in the Plan) or (ii) June 19, 2026, in each case, subject to the Reporting Person continuing to provide services through each such date.

2. Pursuant to the terms of that certain Agreement and Plan of Merger (the "Merger Agreement") dated as of December, 11, 2025, among the Issuer, Cycle Group Holdings Limited and AT2B, INC. ("Purchaser"), Purchaser completed a tender offer for shares of Issuer and thereafter merged with and into the Issuer (the "Merger"), effective as of January 28, 2026, with the Issuer surviving the Merger. At the effective time of the Merger (the "Effective Time"), each outstanding share of Issuer common stock was cancelled and converted into the right to receive (i) $0.088 per share of common stock, net to the seller in cash, without interest (the "Closing Amount") plus (ii) one non-tradeable contingent value right, in accordance with the terms and subject to the conditions of a contingent value rights agreement (the "Merger Consideration").

3. Pursuant to the Merger Agreement, at the Effective Time, each outstanding RSU (whether vested or unvested) was deemed to have vested and was cancelled and automatically converted into the right to receive the Merger Consideration.

4. Pursuant to the Merger Agreement, each share of common stock tendered by the Reporting Person was tendered in exchange for the Merger Consideration.

5. Pursuant to the Merger Agreement, at the Effective Time, each option to purchase shares of common stock (each a "Stock Option") that has a per share exercise price that equals or exceeds the Closing Amount as of immediately prior to the Effective time (each such Stock Option, an "Out-of-the-Money Option"), to the extent not vested, was fully vested as of prior to the Effective Time. Any Out-of-the-Money Options that remained outstanding and unexercised as of the Effective Time were cancelled for no consideration at the Effective Time.

Remarks:

Interim Chief Executive Officer and Chief Financial Officer

	/s/ Leslie D. Funtleyder	02/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What does Leslie Funtleyder’s Form 4 show for Applied Therapeutics (APLT)?

The filing shows Leslie D. Funtleyder’s Applied Therapeutics equity was impacted by a completed merger. His common shares and vested RSUs were converted into cash plus a contingent value right, and his outstanding stock options were cancelled according to the merger agreement’s terms.

How many RSUs did Leslie Funtleyder receive in Applied Therapeutics (APLT)?

He received 1,187,500 restricted stock units on December 19, 2025. Each RSU represents one Applied Therapeutics common share and was scheduled to vest upon a change in control or by June 19, 2026, subject to his continued service with the company.

What merger terms affected Applied Therapeutics (APLT) common stock in this filing?

At the merger’s effective time, each Applied Therapeutics common share was cancelled and converted into the right to receive $0.088 in cash plus one non‑tradeable contingent value right. These terms applied to outstanding shares, including those tendered by Leslie D. Funtleyder.

What happened to Leslie Funtleyder’s Applied Therapeutics stock options?

Stock options with per‑share exercise prices at or above the $0.088 cash amount fully vested before the merger’s effective time, then were cancelled for no consideration. After these cancellations, he reported holding zero Applied Therapeutics stock options directly.

Does Leslie Funtleyder still own Applied Therapeutics (APLT) common stock after the merger?

According to the Form 4, after the 02/03/2026 transactions, he reported beneficially owning zero Applied Therapeutics common shares directly. His previously held shares and RSUs were converted into the disclosed merger consideration under the merger agreement.

What roles does Leslie Funtleyder hold at Applied Therapeutics (APLT) in this filing?

The filing identifies Leslie D. Funtleyder as both a director and an officer of Applied Therapeutics. His officer title is Interim Chief Executive Officer and Chief Financial Officer, reflecting senior leadership and board responsibilities during the reported transactions.