[Form 4] Athira Pharma, Inc. Insider Trading Activity

Q: What is the maturity date of the JPMorgan Leveraged Market-Linked Step Up Notes?

The notes are scheduled to mature in July 2027, approximately two years after the final pricing date.

Q: What indices make up the international equity basket?

The basket weights are 40% EURO STOXX 50, 20% FTSE 100, 20% Nikkei 225, 7.5% Swiss Market Index, 7.5% S&amp;P/ASX 200, and 5% FTSE China 50.

Q: Are there any periodic interest or dividend payments?

No. The notes pay nothing until maturity and do not pass through dividends from the underlying equity indices.

Q: Can I sell the notes before maturity?

Secondary market liquidity is limited and not guaranteed; JPMS may repurchase the notes but likely at a price below the original $10.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC is offering Leveraged Market-Linked Step Up Notes maturing in July 2027 that are linked to a six-index international equity basket. The basket is weighted 40% EURO STOXX 50, 20% FTSE 100, 20% Nikkei 225, 7.5% Swiss Market Index, 7.5% S&P/ASX 200 and 5% FTSE China 50, making European performance—particularly the EURO STOXX 50—the largest driver of returns.

Return profile at maturity

If the basket is flat or higher, holders receive the greater of: (a) principal plus a Step Up Payment of 16–18% ($1.60–$1.80 per $10 unit) or (b) principal plus 150% of the positive basket return.
If the basket declines, investors incur a 1-for-1 loss of principal—up to total loss—based solely on the final basket level.

No interim coupons are paid.

Key structural terms

Denomination: $10 per unit; minimum initial order of 10,000 units.
Tenor: approximately 2 years.
Issuer credit: unsecured note of JPMorgan Chase Financial Company LLC; fully and unconditionally guaranteed by JPMorgan Chase & Co.
Fees: $0.20 per unit (sales commission $0.15; structuring fee $0.05).
Initial estimated value: $9.50–$9.715, below the $10 public offering price due to embedded fees and internal funding assumptions.
Secondary market: none expected; JPMS may offer limited, uncommitted liquidity.

Risk highlights

Full downside market exposure with no principal protection.
Performance measured only on the Final Calculation Day; interim gains can be lost.
Credit risk of both issuer and guarantor; notes are not FDIC-insured.
Potential conflict of interest as JPMS is calculation agent and hedging counterparty.
Estimated value discount and fees create negative carry for investors exiting early.

The product suits investors with a bullish or neutral two-year view on the basket who can tolerate full loss of principal, forgo dividends and accept limited liquidity in exchange for enhanced upside participation and a defined minimum positive return.

JPMorgan Chase Financial Company LLC offre Note Step Up Leveraged Market-Linked con scadenza a luglio 2027, collegate a un paniere azionario internazionale composto da sei indici. Il paniere è ponderato al 40% su EURO STOXX 50, 20% FTSE 100, 20% Nikkei 225, 7,5% Swiss Market Index, 7,5% S&P/ASX 200 e 5% FTSE China 50, con la performance europea — in particolare l'EURO STOXX 50 — che rappresenta il principale fattore di rendimento.

Profilo di rendimento alla scadenza

Se il paniere rimane stabile o aumenta, i detentori ricevono il maggiore tra: (a) il capitale più un Pagamento Step Up del 16–18% (da 1,60 a 1,80 dollari per unità da 10 dollari) oppure (b) il capitale più il 150% del rendimento positivo del paniere.
Se il paniere cala, gli investitori subiscono una perdita pari a 1 a 1 sul capitale, fino alla perdita totale, basata esclusivamente sul valore finale del paniere.

Non sono previsti pagamenti di cedole intermedie.

Termini strutturali principali

Taglio: 10 dollari per unità; ordine minimo iniziale di 10.000 unità.
Durata: circa 2 anni.
Credito emittente: nota non garantita di JPMorgan Chase Financial Company LLC; garanzia piena e incondizionata di JPMorgan Chase & Co.
Commissioni: 0,20 dollari per unità (0,15 dollari di commissione di vendita; 0,05 dollari di commissione di strutturazione).
Valore iniziale stimato: da 9,50 a 9,715 dollari, inferiore ai 10 dollari del prezzo di offerta pubblica a causa di commissioni incorporate e ipotesi interne di finanziamento.
Mercato secondario: non previsto; JPMS potrebbe offrire liquidità limitata e non vincolante.

Principali rischi

Esposizione totale al ribasso senza protezione del capitale.
La performance è valutata solo al Giorno di Calcolo Finale; eventuali guadagni intermedi possono essere persi.
Rischio di credito sia dell’emittente che del garante; le note non sono assicurate FDIC.
Potenziale conflitto di interessi poiché JPMS è agente di calcolo e controparte di copertura.
Lo sconto sul valore stimato e le commissioni generano un costo per gli investitori che escono anticipatamente.

Il prodotto è adatto a investitori con una prospettiva rialzista o neutrale di due anni sul paniere, che possono tollerare la perdita totale del capitale, rinunciare ai dividendi e accettare una liquidità limitata in cambio di una partecipazione al rialzo potenziata e di un rendimento minimo positivo definito.

JPMorgan Chase Financial Company LLC ofrece Notas Step Up Apalancadas Ligadas al Mercado con vencimiento en julio de 2027, vinculadas a una cesta internacional de seis índices bursátiles. La cesta tiene un peso del 40% en EURO STOXX 50, 20% FTSE 100, 20% Nikkei 225, 7.5% Swiss Market Index, 7.5% S&P/ASX 200 y 5% FTSE China 50, siendo el desempeño europeo — en particular el EURO STOXX 50 — el principal impulsor de los rendimientos.

Perfil de retorno al vencimiento

Si la cesta se mantiene igual o aumenta, los tenedores reciben el mayor entre: (a) el principal más un Pago Step Up del 16–18% ($1.60–$1.80 por unidad de $10) o (b) el principal más el 150% del retorno positivo de la cesta.
Si la cesta disminuye, los inversores sufren una pérdida 1 a 1 sobre el principal, hasta la pérdida total, basada únicamente en el nivel final de la cesta.

No se pagan cupones intermedios.

Términos estructurales clave

Denominación: $10 por unidad; orden mínima inicial de 10,000 unidades.
Plazo: aproximadamente 2 años.
Crédito del emisor: nota no garantizada de JPMorgan Chase Financial Company LLC; garantizada total e incondicionalmente por JPMorgan Chase & Co.
Comisiones: $0.20 por unidad (comisión de venta $0.15; comisión de estructuración $0.05).
Valor estimado inicial: $9.50–$9.715, por debajo del precio público de $10 debido a comisiones incorporadas y supuestos internos de financiamiento.
Mercado secundario: no se espera; JPMS puede ofrecer liquidez limitada y no comprometida.

Aspectos destacados del riesgo

Exposición total a la baja sin protección del principal.
El rendimiento se mide solo en el Día de Cálculo Final; las ganancias intermedias pueden perderse.
Riesgo crediticio tanto del emisor como del garante; las notas no están aseguradas por FDIC.
Potencial conflicto de intereses ya que JPMS es agente de cálculo y contraparte de cobertura.
El descuento del valor estimado y las comisiones generan un costo para los inversores que salen anticipadamente.

El producto es adecuado para inversores con una visión alcista o neutral a dos años sobre la cesta, que puedan tolerar la pérdida total del principal, renunciar a dividendos y aceptar liquidez limitada a cambio de una participación mejorada en la subida y un rendimiento mínimo positivo definido.

JPMorgan Chase Financial Company LLC는 2027년 7월 만기인 레버리지 마켓 연계 스텝업 노트를 제공하며, 이는 6개 국제 주가지수 바스켓에 연계되어 있습니다. 바스켓은 EURO STOXX 50 40%, FTSE 100 20%, Nikkei 225 20%, Swiss Market Index 7.5%, S&P/ASX 200 7.5%, FTSE China 50 5%로 가중치가 부여되어 있으며, 유럽 지수 특히 EURO STOXX 50의 성과가 수익률의 주요 동인입니다.

만기 시 수익 구조

바스켓이 변동 없거나 상승할 경우, 투자자는 (a) 원금에 16–18% 스텝업 지급 ($10 단위당 $1.60–$1.80) 또는 (b) 원금에 바스켓 긍정 수익의 150% 중 더 큰 금액을 받습니다.
바스켓이 하락할 경우, 투자자는 최종 바스켓 수준에 따라 1대1 원금 손실을 입으며, 최대 전액 손실까지 발생할 수 있습니다.

중간 쿠폰은 지급되지 않습니다.

주요 구조적 조건

단위: $10; 최소 초기 주문 10,000 단위.
만기: 약 2년.
발행자 신용: JPMorgan Chase Financial Company LLC의 무담보 노트; JPMorgan Chase & Co.의 전면적이고 무조건적인 보증.
수수료: 단위당 $0.20 (판매 수수료 $0.15; 구조화 수수료 $0.05).
초기 추정 가치: $9.50–$9.715, 수수료 및 내부 자금 조달 가정으로 인해 $10 공모가보다 낮음.
2차 시장: 예상되지 않음; JPMS가 제한적이고 비구속적 유동성을 제공할 수 있음.

위험 주요 사항

원금 보호 없는 전면적 하락 시장 노출.
성과는 최종 계산일에만 측정되며, 중간 수익은 사라질 수 있음.
발행자 및 보증인의 신용 위험; 노트는 FDIC 보험에 가입되어 있지 않음.
JPMS가 계산 대리인 및 헤지 상대방으로서 잠재적 이해 상충.
추정 가치 할인 및 수수료로 인해 조기 청산 시 투자자에게 부정적 비용 발생.

이 상품은 바스켓에 대해 2년간 강세 또는 중립적 전망을 가진 투자자에게 적합하며, 원금 전액 손실을 감수하고 배당금을 포기하며 제한된 유동성을 받아들이는 대신 향상된 상승 참여와 확정된 최소 긍정 수익을 추구하는 투자자에게 권장됩니다.

JPMorgan Chase Financial Company LLC propose des Notes Step Up à effet de levier liées au marché arrivant à échéance en juillet 2027, liées à un panier d’actions internationales composé de six indices. Le panier est pondéré à 40 % sur l’EURO STOXX 50, 20 % sur le FTSE 100, 20 % sur le Nikkei 225, 7,5 % sur le Swiss Market Index, 7,5 % sur le S&P/ASX 200 et 5 % sur le FTSE China 50, la performance européenne — en particulier celle de l’EURO STOXX 50 — étant le principal moteur des rendements.

Profil de rendement à l’échéance

Si le panier est stable ou en hausse, les détenteurs reçoivent le plus élevé entre : (a) le capital plus un paiement Step Up de 16–18% (1,60–1,80 $ par unité de 10 $) ou (b) le capital plus 150 % du rendement positif du panier.
Si le panier baisse, les investisseurs subissent une perte en capital au taux de 1 pour 1, pouvant aller jusqu’à une perte totale, basée uniquement sur le niveau final du panier.

Aucun coupon intermédiaire n’est versé.

Principaux termes structurels

Nominal : 10 $ par unité ; commande initiale minimale de 10 000 unités.
Durée : environ 2 ans.
Crédit de l’émetteur : note non garantie de JPMorgan Chase Financial Company LLC ; garantie pleine et inconditionnelle de JPMorgan Chase & Co.
Frais : 0,20 $ par unité (commission de vente 0,15 $ ; frais de structuration 0,05 $).
Valeur estimée initiale : 9,50–9,715 $, inférieure au prix public de 10 $ en raison des frais intégrés et des hypothèses internes de financement.
Marché secondaire : non attendu ; JPMS peut offrir une liquidité limitée et non engagée.

Points clés de risque

Exposition totale au risque de baisse sans protection du capital.
La performance est mesurée uniquement au Jour de Calcul Final ; les gains intermédiaires peuvent être perdus.
Risque de crédit de l’émetteur et du garant ; les notes ne sont pas assurées par la FDIC.
Conflit d’intérêts potentiel car JPMS agit en tant qu’agent de calcul et contrepartie de couverture.
La décote de la valeur estimée et les frais créent un coût pour les investisseurs qui sortent prématurément.

Ce produit convient aux investisseurs ayant une vision haussière ou neutre à deux ans sur le panier, capables de tolérer une perte totale du capital, de renoncer aux dividendes et d’accepter une liquidité limitée en échange d’une participation accrue à la hausse et d’un rendement minimum positif défini.

JPMorgan Chase Financial Company LLC bietet Leveraged Market-Linked Step Up Notes mit Fälligkeit im Juli 2027 an, die an einen internationalen Aktienkorb aus sechs Indizes gekoppelt sind. Der Korb ist zu 40 % mit dem EURO STOXX 50, zu 20 % mit dem FTSE 100, zu 20 % mit dem Nikkei 225, zu 7,5 % mit dem Swiss Market Index, zu 7,5 % mit dem S&P/ASX 200 und zu 5 % mit dem FTSE China 50 gewichtet, wobei die europäische Performance – insbesondere der EURO STOXX 50 – der größte Treiber der Renditen ist.

Renditeprofil bei Fälligkeit

Bleibt der Korb unverändert oder steigt, erhalten die Inhaber den höheren Wert von: (a) Kapital plus einer Step Up Zahlung von 16–18% (1,60–1,80 USD pro 10-USD-Einheit) oder (b) Kapital plus 150 % der positiven Korbrendite.
Fällt der Korb, erleiden Anleger einen 1-zu-1 Kapitalverlust – bis zum Totalverlust – basierend ausschließlich auf dem Endniveau des Korbs.

Zwischenkupons werden nicht gezahlt.

Wesentliche strukturelle Bedingungen

Nennwert: 10 USD pro Einheit; Mindestanfangsorder 10.000 Einheiten.
Laufzeit: ca. 2 Jahre.
Emittentenbonität: unbesicherte Schuldverschreibung der JPMorgan Chase Financial Company LLC; vollumfänglich und bedingungslos garantiert von JPMorgan Chase & Co.
Gebühren: 0,20 USD pro Einheit (Verkaufsprovision 0,15 USD; Strukturierungsgebühr 0,05 USD).
Geschätzter Anfangswert: 9,50–9,715 USD, unter dem öffentlichen Ausgabepreis von 10 USD aufgrund eingebetteter Gebühren und interner Finanzierungsannahmen.
Zweitmarkt: nicht erwartet; JPMS kann begrenzte, unverbindliche Liquidität anbieten.

Risikohighlights

Volle Abwärtsmarktexponierung ohne Kapitalschutz.
Performance wird nur am Endbewertungstag gemessen; Zwischengewinne können verloren gehen.
Kreditrisiko von Emittent und Garantiegeber; die Notes sind nicht FDIC-versichert.
Möglicher Interessenkonflikt, da JPMS Berechnungsagent und Absicherungspartner ist.
Geschätzter Wertabschlag und Gebühren erzeugen negative Carry für Anleger bei vorzeitigem Ausstieg.

Das Produkt eignet sich für Anleger mit einer bullischen oder neutralen Zwei-Jahres-Sicht auf den Korb, die einen vollständigen Kapitalverlust tolerieren, auf Dividenden verzichten und eingeschränkte Liquidität akzeptieren können, um im Gegenzug eine erhöhte Aufwärtsbeteiligung und eine definierte Mindest-Rendite zu erhalten.

Positive

Enhanced upside: 150% participation plus 16–18% minimum step-up offers leveraged exposure if the basket rises.
Diversified benchmark: Exposure spans Europe, UK, Japan, Switzerland, Australia and China, reducing single-country risk.
Short two-year tenor limits duration exposure compared with longer structured notes.

Negative

No principal protection; investors absorb 1-for-1 downside, risking 100% loss.
Initial value discount: Estimated value ($9.50–$9.715) is below issue price, embedding ~3–5% upfront cost.
Concentrated weight: 40% allocation to EURO STOXX 50 skews performance toward Eurozone equities.
Liquidity risk: No exchange listing and only limited, uncommitted secondary market from JPMS.
Credit exposure: Payments depend on JPMorgan Financial and JPMorgan Chase & Co. creditworthiness.
No dividends or coupons; investors forgo income available from owning the underlying equities directly.

Insights

TL;DR – Standard upside-leveraged note; attractive headline return but full downside and pricing at ~3–5% premium.

The term sheet outlines a typical JPMorgan “Step Up” structure. Investors pay $10 for an asset valued at roughly $9.60, absorbing $0.40 of embedded costs. In return they secure either a fixed 16–18% gain or 150% upside over two years. On a risk-adjusted basis this payoff competes with at-the-money call spreads; however, the 1-for-1 downside and dividend loss remain material. Credit exposure to JPM and liquidity constraints further reduce flexibility. From a capital markets standpoint this is a routine funding trade for the bank; limited impact on JPM’s balance sheet, neutral for shareholders.

TL;DR – Product concentrates risk in a single valuation date and Eurozone weight; use only as small tactical allocation.

Return asymmetry looks compelling (150% participation), yet the basket’s 40% weight to the EURO STOXX 50 amplifies regional risk. Because only the final level matters, volatility drag can punish investors even if average performance is positive. Lack of interim coupons means negative carry versus cash alternatives. The note may fit opportunistic mandates seeking equity kicker with known ceiling on fees, but prudent sizing is essential given total-loss potential and limited exit routes.

Profilo di rendimento alla scadenza

Se il paniere rimane stabile o aumenta, i detentori ricevono il maggiore tra: (a) il capitale più un Pagamento Step Up del 16–18% (da 1,60 a 1,80 dollari per unità da 10 dollari) oppure (b) il capitale più il 150% del rendimento positivo del paniere.
Se il paniere cala, gli investitori subiscono una perdita pari a 1 a 1 sul capitale, fino alla perdita totale, basata esclusivamente sul valore finale del paniere.

Non sono previsti pagamenti di cedole intermedie.

Termini strutturali principali

Taglio: 10 dollari per unità; ordine minimo iniziale di 10.000 unità.
Durata: circa 2 anni.
Credito emittente: nota non garantita di JPMorgan Chase Financial Company LLC; garanzia piena e incondizionata di JPMorgan Chase & Co.
Commissioni: 0,20 dollari per unità (0,15 dollari di commissione di vendita; 0,05 dollari di commissione di strutturazione).
Valore iniziale stimato: da 9,50 a 9,715 dollari, inferiore ai 10 dollari del prezzo di offerta pubblica a causa di commissioni incorporate e ipotesi interne di finanziamento.
Mercato secondario: non previsto; JPMS potrebbe offrire liquidità limitata e non vincolante.

Principali rischi

Esposizione totale al ribasso senza protezione del capitale.
La performance è valutata solo al Giorno di Calcolo Finale; eventuali guadagni intermedi possono essere persi.
Rischio di credito sia dell’emittente che del garante; le note non sono assicurate FDIC.
Potenziale conflitto di interessi poiché JPMS è agente di calcolo e controparte di copertura.
Lo sconto sul valore stimato e le commissioni generano un costo per gli investitori che escono anticipatamente.

Perfil de retorno al vencimiento

Si la cesta se mantiene igual o aumenta, los tenedores reciben el mayor entre: (a) el principal más un Pago Step Up del 16–18% ($1.60–$1.80 por unidad de $10) o (b) el principal más el 150% del retorno positivo de la cesta.
Si la cesta disminuye, los inversores sufren una pérdida 1 a 1 sobre el principal, hasta la pérdida total, basada únicamente en el nivel final de la cesta.

No se pagan cupones intermedios.

Términos estructurales clave

Denominación: $10 por unidad; orden mínima inicial de 10,000 unidades.
Plazo: aproximadamente 2 años.
Crédito del emisor: nota no garantizada de JPMorgan Chase Financial Company LLC; garantizada total e incondicionalmente por JPMorgan Chase & Co.
Comisiones: $0.20 por unidad (comisión de venta $0.15; comisión de estructuración $0.05).
Valor estimado inicial: $9.50–$9.715, por debajo del precio público de $10 debido a comisiones incorporadas y supuestos internos de financiamiento.
Mercado secundario: no se espera; JPMS puede ofrecer liquidez limitada y no comprometida.

Aspectos destacados del riesgo

Exposición total a la baja sin protección del principal.
El rendimiento se mide solo en el Día de Cálculo Final; las ganancias intermedias pueden perderse.
Riesgo crediticio tanto del emisor como del garante; las notas no están aseguradas por FDIC.
Potencial conflicto de intereses ya que JPMS es agente de cálculo y contraparte de cobertura.
El descuento del valor estimado y las comisiones generan un costo para los inversores que salen anticipadamente.

만기 시 수익 구조

바스켓이 변동 없거나 상승할 경우, 투자자는 (a) 원금에 16–18% 스텝업 지급 ($10 단위당 $1.60–$1.80) 또는 (b) 원금에 바스켓 긍정 수익의 150% 중 더 큰 금액을 받습니다.
바스켓이 하락할 경우, 투자자는 최종 바스켓 수준에 따라 1대1 원금 손실을 입으며, 최대 전액 손실까지 발생할 수 있습니다.

중간 쿠폰은 지급되지 않습니다.

주요 구조적 조건

단위: $10; 최소 초기 주문 10,000 단위.
만기: 약 2년.
발행자 신용: JPMorgan Chase Financial Company LLC의 무담보 노트; JPMorgan Chase & Co.의 전면적이고 무조건적인 보증.
수수료: 단위당 $0.20 (판매 수수료 $0.15; 구조화 수수료 $0.05).
초기 추정 가치: $9.50–$9.715, 수수료 및 내부 자금 조달 가정으로 인해 $10 공모가보다 낮음.
2차 시장: 예상되지 않음; JPMS가 제한적이고 비구속적 유동성을 제공할 수 있음.

위험 주요 사항

원금 보호 없는 전면적 하락 시장 노출.
성과는 최종 계산일에만 측정되며, 중간 수익은 사라질 수 있음.
발행자 및 보증인의 신용 위험; 노트는 FDIC 보험에 가입되어 있지 않음.
JPMS가 계산 대리인 및 헤지 상대방으로서 잠재적 이해 상충.
추정 가치 할인 및 수수료로 인해 조기 청산 시 투자자에게 부정적 비용 발생.

Profil de rendement à l’échéance

Si le panier est stable ou en hausse, les détenteurs reçoivent le plus élevé entre : (a) le capital plus un paiement Step Up de 16–18% (1,60–1,80 $ par unité de 10 $) ou (b) le capital plus 150 % du rendement positif du panier.
Si le panier baisse, les investisseurs subissent une perte en capital au taux de 1 pour 1, pouvant aller jusqu’à une perte totale, basée uniquement sur le niveau final du panier.

Aucun coupon intermédiaire n’est versé.

Principaux termes structurels

Nominal : 10 $ par unité ; commande initiale minimale de 10 000 unités.
Durée : environ 2 ans.
Crédit de l’émetteur : note non garantie de JPMorgan Chase Financial Company LLC ; garantie pleine et inconditionnelle de JPMorgan Chase & Co.
Frais : 0,20 $ par unité (commission de vente 0,15 $ ; frais de structuration 0,05 $).
Valeur estimée initiale : 9,50–9,715 $, inférieure au prix public de 10 $ en raison des frais intégrés et des hypothèses internes de financement.
Marché secondaire : non attendu ; JPMS peut offrir une liquidité limitée et non engagée.

Points clés de risque

Exposition totale au risque de baisse sans protection du capital.
La performance est mesurée uniquement au Jour de Calcul Final ; les gains intermédiaires peuvent être perdus.
Risque de crédit de l’émetteur et du garant ; les notes ne sont pas assurées par la FDIC.
Conflit d’intérêts potentiel car JPMS agit en tant qu’agent de calcul et contrepartie de couverture.
La décote de la valeur estimée et les frais créent un coût pour les investisseurs qui sortent prématurément.

Renditeprofil bei Fälligkeit

Bleibt der Korb unverändert oder steigt, erhalten die Inhaber den höheren Wert von: (a) Kapital plus einer Step Up Zahlung von 16–18% (1,60–1,80 USD pro 10-USD-Einheit) oder (b) Kapital plus 150 % der positiven Korbrendite.
Fällt der Korb, erleiden Anleger einen 1-zu-1 Kapitalverlust – bis zum Totalverlust – basierend ausschließlich auf dem Endniveau des Korbs.

Zwischenkupons werden nicht gezahlt.

Wesentliche strukturelle Bedingungen

Nennwert: 10 USD pro Einheit; Mindestanfangsorder 10.000 Einheiten.
Laufzeit: ca. 2 Jahre.
Emittentenbonität: unbesicherte Schuldverschreibung der JPMorgan Chase Financial Company LLC; vollumfänglich und bedingungslos garantiert von JPMorgan Chase & Co.
Gebühren: 0,20 USD pro Einheit (Verkaufsprovision 0,15 USD; Strukturierungsgebühr 0,05 USD).
Geschätzter Anfangswert: 9,50–9,715 USD, unter dem öffentlichen Ausgabepreis von 10 USD aufgrund eingebetteter Gebühren und interner Finanzierungsannahmen.
Zweitmarkt: nicht erwartet; JPMS kann begrenzte, unverbindliche Liquidität anbieten.

Risikohighlights

Volle Abwärtsmarktexponierung ohne Kapitalschutz.
Performance wird nur am Endbewertungstag gemessen; Zwischengewinne können verloren gehen.
Kreditrisiko von Emittent und Garantiegeber; die Notes sind nicht FDIC-versichert.
Möglicher Interessenkonflikt, da JPMS Berechnungsagent und Absicherungspartner ist.
Geschätzter Wertabschlag und Gebühren erzeugen negative Carry für Anleger bei vorzeitigem Ausstieg.

07/02/2025 - 04:33 PM

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^*

San Martin Javier

(Last)

(First)

(Middle)

C/O ATHIRA PHARMA, INC.

18706 NORTH CREEK PARKWAY, SUITE 104

(Street)

BOTHELL

98011

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Athira Pharma, Inc. [ ATHA ]

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	CHIEF MEDICAL OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/30/2025		M		46,666	A	$0	82,507	D
Common Stock	07/01/2025		S⁽¹⁾		10,842	D	$0.2935⁽²⁾	71,665	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units⁽³⁾	⁽⁴⁾	06/30/2025		M			46,666	⁽⁵⁾	⁽⁵⁾	Common Stock	46,666	$0	46,667	D

Explanation of Responses:

1. Represents shares of common stock sold to cover tax withholding and remittance obligations in connection with the vesting of restricted stock units ("RSU") pursuant to mandatory "sell to cover" policies maintained by the issuer and provisions contained in the reporting person's applicable RSU agreement, and does not represent a discretionary sale by the reporting person.

2. The "Amount" and "Price" reported in this Column 4 reflect the aggregate number and weighted-average price, respectively, of shares sold. These shares were sold in multiple transactions at prices ranging from $0.2854 to $0.3031, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

3. RSUs convert into common stock on a one-for-one basis.

4. Each RSU represents a contingent right to receive one (1) share of Issuer's common stock.

5. On October 1, 2024, the reporting person was granted 140,000 RSUs. One-third (1/3rd) of the RSUs vest on each of December 31, 2024, June 30, 2025 and December 31, 2025, subject to the reporting person continuing to be a Service Provider (as defined in the Issuer's 2020 Equity Incentive Plan (the "Plan")) through the applicable vesting dates.

	/s/ Mark Worthington, Attorney-in-Fact on behalf of Javier San Martin	07/02/2025
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What is the maturity date of the JPMorgan Leveraged Market-Linked Step Up Notes?

The notes are scheduled to mature in July 2027, approximately two years after the final pricing date.

How does the 16–18% Step Up Payment work?

If the basket is flat or positive at maturity, investors receive principal plus a fixed $1.60–$1.80 per $10 unit (16–18% return) unless the 150% participation provides a larger gain.

What indices make up the international equity basket?

The basket weights are 40% EURO STOXX 50, 20% FTSE 100, 20% Nikkei 225, 7.5% Swiss Market Index, 7.5% S&P/ASX 200, and 5% FTSE China 50.

What is the downside risk on these notes?

If the basket’s Ending Value is below the Starting Value, investors lose exactly the same percentage—up to their entire principal—because downside exposure is 1-to-1.

Why is the initial estimated value below the $10 offering price?

The $9.50–$9.715 estimate reflects selling commissions, structuring fees, hedging costs and JPM’s internal funding rate, which reduce the economic value delivered to investors.

Are there any periodic interest or dividend payments?

No. The notes pay nothing until maturity and do not pass through dividends from the underlying equity indices.

Can I sell the notes before maturity?

Secondary market liquidity is limited and not guaranteed; JPMS may repurchase the notes but likely at a price below the original $10.

[Form 4] Athira Pharma, Inc. Insider Trading Activity

Insights

FAQ

What is the maturity date of the JPMorgan Leveraged Market-Linked Step Up Notes?

How does the 16–18% Step Up Payment work?

What indices make up the international equity basket?

What is the downside risk on these notes?

Why is the initial estimated value below the $10 offering price?

Are there any periodic interest or dividend payments?

Can I sell the notes before maturity?

NASDAQ:ATHA

ATHA Rankings

ATHA Latest News

ATHA Latest SEC Filings

ATHA Stock Data

Trending News

[Form 4] Athira Pharma, Inc. Insider Trading Activity

Insights

Structured Products Analyst neutral

Portfolio Risk Manager neutral

FAQ

What is the maturity date of the JPMorgan Leveraged Market-Linked Step Up Notes?

How does the 16–18% Step Up Payment work?

What indices make up the international equity basket?

What is the downside risk on these notes?

Why is the initial estimated value below the $10 offering price?

Are there any periodic interest or dividend payments?

Can I sell the notes before maturity?

NASDAQ:ATHA

ATHA Rankings

ATHA Latest News

ATHA Latest SEC Filings

ATHA Stock Data