[Form 4] BILL Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Foghorn Therapeutics Inc. (FHTX) has restructured its real-estate footprint, according to a Form 8-K filed on 1 July 2025.

New Watertown headquarters. On 27 June 2025 the company signed a 108-month lease with ARE-MA Region No. 77, LLC for 72,846 sq ft at 99 Coolidge Avenue, Watertown, MA. The premises will serve as the principal executive offices and support R&D, manufacturing and related activities.

• Lease commencement: 16 July 2025; base rent starts 9.5 months after delivery (targeted 1 Oct 2026).
• Year 1 base rent: $3.9 million (45,000 RSF).
• Year 2 base rent: ≈$5.2 million (60,000 RSF).
• Year 3 base rent: ≈$6.3 million; thereafter 3 % annual escalator beginning 1 Oct 2027.
• Tenant share of operating & tax expenses: ≈22.71 %.
• Two successive 5-year extension options.

Termination of Cambridge lease. Simultaneously, Foghorn executed an agreement with ARE-Tech Square, LLC to end its 81,441 sq ft lease at 500 Technology Square, Cambridge—originally set to run through 30 Sep 2028. The company will pay all rent and other amounts due through the agreed termination date.

Overall, the filing outlines a planned relocation from Cambridge to a purpose-built Watertown facility with staged rent obligations and optional extensions, replacing a larger, costlier lease that would otherwise have run for three additional years.

Insights

Real-Estate Analyst

TL;DR: FHTX swaps an expiring Cambridge lease for a new Watertown HQ with staged rent, moderate escalators and extension options—financial impact appears neutral.

The 72.8 k sq ft Watertown lease provides long-term operational stability and consolidates functions under one roof. First-year rent of $3.9 m represents an abatement relative to market rates and previous obligations, giving the company flexibility during build-out. Annual escalations are a standard 3 %, while the 22.71 % share of operating expenses is in line with comparable biotech leases in Greater Boston. Two 5-year options preserve optionality without penalty. Early termination of the larger 81.4 k sq ft Cambridge lease removes an obligation that would have persisted to 2028, though Foghorn must still pay rent through the negotiated exit date. Net impact is operationally positive but financially neutral until rent commences in late 2026.

Equity Research Analyst

TL;DR: Relocation reallocates cash flows; no immediate P&L effect, but establishes predictable facility costs for nine years.

The transaction does not alter revenue guidance or near-term expense run-rate, as cash rent starts after October 2026. However, investors gain visibility into future occupancy costs: approximately $6.3 m in FY-2027 rising 3 % annually thereafter. Because the Cambridge lease was already an existing liability, the shift mainly changes timing and location of payments. With 18-24 months before rent accrues, Foghorn preserves cash during clinical milestones. Absent disclosed termination penalties or overlapping rent periods, the event is unlikely to change valuation models meaningfully, rendering the overall market impact neutral.

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
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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^*

Reich Tina

(Last) (First) (Middle)

C/O BILL HOLDINGS, INC.

6220 AMERICA CENTER DR., SUITE 100

(Street)

SAN JOSE CA 95002

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BILL Holdings, Inc. [ BILL ]

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/30/2025		M		1,213	A	(1)	7,387	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
Restricted Stock Units	(1)	06/30/2025		M			1,213	(2)	(2)	Common Stock	1,213	$0	0	D

Explanation of Responses:

1. Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of the Issuer's Common Stock.

2. One-third (1/3) of the RSUs vest on each of June 30, 2023, June 30, 2024, and June 30, 2025, subject to the continuing service of the Reporting Person on each vesting date.

	/s/ Rajesh Aji, Attorney-in-Fact	07/01/2025
	** Signature of Reporting Person	Date
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