Clene insider report: 40,000-share option awarded to CEO, vests monthly

Rhea-AI Filing Summary

Clene Inc. insider grant: Robert Dee Etherington, President & CEO and director of Clene Inc. (CLNN), was granted an option for 40,000 shares of common stock on 09/25/2025 under the Clene Inc. Amended 2020 Stock Plan with an exercise price of $6.05 per share. The option has an exercise price of $6.05 and an expiration date of 09/24/2035.

The option vests in 12 equal monthly installments beginning 10/25/2025 (25th of each month) until fully vested. The Form 4 was filed by one reporting person and signed via POA by Jerome T. Miraglia on 09/29/2025. Following the grant, Etherington beneficially owns 40,000 underlying shares subject to the option, held directly.

Positive

• Transparent disclosure of option grant details including grant date, exercise price, vesting schedule, and expiration
• Alignment of interests through an equity-based award to the President & CEO and director
• Short-term vesting (12 monthly installments) provides near-term retention incentive

Negative

• Potential dilution if the 40,000 options are exercised into common stock
• No additional context on total outstanding shares or plan reserve provided in this filing to assess materiality

Insights

Corporate Governance Expert

TL;DR: Routine executive equity grant aligning management incentives; standard 10-year term and monthly vesting schedule.

The grant to the CEO and director is structured as a stock option for 40,000 shares with a 10-year contractual life and monthly vesting over one year beginning 10/25/2025. This is a common structure to retain and incentivize executives while preserving immediate shareholder dilution until exercise. The filing is straightforward and complies with Section 16 reporting requirements.

Securities Analyst

TL;DR: Non-derivative disclosure of a single option award; immaterial by itself absent other context.

The Form 4 reports a grant (derivative security) exercisable into 40,000 common shares at $6.05 with expiration 09/24/2035 and vesting in 12 monthly installments starting 10/25/2025. The report clarifies ownership post-grant as 40,000 shares beneficially owned. No dispositions, sales, or additional cash compensation details are included.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Etherington Robert Dee

Role President & CEO

Type	Security	Shares	Price	Value
Grant/Award	stock option	40,000	$0.00	--

Holdings After Transaction: stock option — 40,000 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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).

1. Name and Address of Reporting Person^*

Etherington Robert Dee

(Last) (First) (Middle)

6550 SOUTH MILLROCK DRIVE

SUITE G50

(Street)

SALT LAKE CITY UT 84121

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Clene Inc. [ CLNN ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/25/2025

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

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	$6.05	09/25/2025		A		40,000		(1)	09/24/2035	common stock	40,000	$0	40,000	D

Explanation of Responses:

1. This option was granted on September 25, 2025 as an option for 40,000 shares of Common Stock under the Clene Inc. Amended 2020 Stock Plan at an exercise price of $6.05 per share. The options vest in 12 equal monthly installments on the 25th day of each calendar month, beginning October 25, 2025, until such shares are fully vested.

	/s/ Jerome T. Miraglia POA	09/29/2025
	** 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 did CLNN insider Robert Dee Etherington receive on 09/25/2025?

He received a stock option for 40,000 shares of Clene Inc. common stock at an exercise price of $6.05 per share.

When does the option granted to Etherington vest and expire?

The option vests in 12 equal monthly installments beginning 10/25/2025 and expires on 09/24/2035.

How many shares does Etherington beneficially own following the reported transaction?

The Form 4 reports beneficial ownership of 40,000 shares underlying the option following the grant.

Who filed and signed the Form 4 for this transaction?

The form was filed for one reporting person and signed via POA by Jerome T. Miraglia on 09/29/2025.

Under which plan were the options granted?

The options were granted under the Clene Inc. Amended 2020 Stock Plan.