[Form 4] Clene Inc. Insider Trading Activity

Rhea-AI Filing Summary

Clene Inc. (CLNN) reporting person Mark Mortenson, Chief Science Officer, was granted a stock option for 40,000 shares on 09/25/2025 under the Clene Inc. Amended 2020 Stock Plan at an exercise price of $6.05 per share. The option vests in 12 equal monthly installments beginning 10/25/2025 and is exercisable through 09/24/2035. The Form 4 was filed as a single reporting person filing and signed by a power of attorney, Jerome T. Miraglia, on 09/29/2025. The filing shows the reporting person will directly own 40,000 underlying shares following the grant.

Positive

• Clear terms disclosed: Grant specifies 40,000 options, exercise price $6.05, vesting schedule and expiration date
• Timely reporting: Form 4 filed and signed by POA on 09/29/2025

Negative

• Potential dilution: Grant covers 40,000 shares that could increase outstanding shares if exercised

Insights

Corporate Governance Expert

TL;DR: A routine executive option grant: standard vesting schedule and a 10-year term, filed under Section 16.

The Form 4 documents an equity award to the Chief Science Officer for 40,000 options at a $6.05 exercise price, vesting monthly over one year and expiring in 2035. This follows typical executive incentive practices and was reported promptly via Form 4. The filing was submitted by a single reporting person and executed by a POA, indicating standard administrative handling.

Securities Analyst

TL;DR: Non-derivative grant of 40,000 option shares; materially routine but creates potential share dilution if exercised.

The disclosed grant increases the reporting person's beneficial ownership by 40,000 shares upon exercise. The $6.05 strike, 12-month monthly vesting starting 10/25/2025, and a 10-year expiration are explicit; these terms set potential timing for future share issuance if exercised. The Form 4 was signed by POA on 09/29/2025, consistent with timely Section 16 reporting.

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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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^*

Mortenson Mark

(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)

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

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 Clene Inc. (CLNN) report on this Form 4?

The filing reports a grant of 40,000 stock options to reporting person Mark Mortenson with an exercise price of $6.05 per share.

When do the options vest and when do they expire?

Options vest in 12 equal monthly installments beginning 10/25/2025 and expire on 09/24/2035.

How many shares will the reporting person beneficially own after the grant?

The Form 4 indicates the reporting person will beneficially own 40,000 shares following the reported transaction.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by Jerome T. Miraglia as power of attorney on 09/29/2025.

What is the exercise price of the granted options?

The exercise (conversion) price is explicitly stated as $6.05 per share.