[Form 4] Clene Inc. Insider Trading Activity

Rhea-AI Filing Summary

Clene Inc. reported a compensation-related insider transaction: Chief Financial Officer Morgan R. Brown received a stock option for 10,000 shares of common stock with an exercise price of $6.32 per share. The option grant was dated 09/18/2025 and is exercisable through 09/17/2035. The filing states the options vest immediately upon grant, and following the grant the reporting person beneficially owns 10,000 underlying shares through the option. The grant was made under the company’s Amended 2020 Stock Plan.

Positive

• 10,000-share stock option grant to the Chief Financial Officer is explicitly disclosed
• Immediate vesting is stated, providing clear terms for the executive award
• Exercise price and term disclosed: $6.32 per share, exercisable through 09/17/2035

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: CFO received a 10,000-share option with immediate vesting under the 2020 plan; governance implications are routine.

The grant of 10,000 options to the Chief Financial Officer is a standard executive compensation action recorded on Form 4. Immediate vesting signals a retention or recognition award rather than a multi‑year incentive tied to future performance milestones. The grant’s terms are clearly stated: $6.32 exercise price and a 10-year term expiring 09/17/2035. From a governance perspective, materiality depends on the option size relative to outstanding shares and dilution impact, information not provided in this filing.

Compensation Analyst

TL;DR: A straightforward option grant to the CFO; structure (exercise price, term, immediate vesting) is fully disclosed but lacks company-level context.

The disclosure specifies an award of 10,000 options at a $6.32 exercise price, exercisable immediately and expiring in 2035, issued under the Amended 2020 Stock Plan. This reflects a cashless upside incentive for the executive if the stock appreciates above $6.32. The filing does not include the company’s total option pool, outstanding share count, or any performance conditions, so assessing absolute or per-share dilution and cost to shareholders is not possible from this document alone.

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^*

BROWN MORGAN R

(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 Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

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	$6.32	09/18/2025		A		10,000		(1)	09/17/2035	common stock	10,000	$0	10,000	D

Explanation of Responses:

1. This option was granted on September 18, 2025 as an option for 10,000 share of Common Stock under the Clene Inc. Amended 2020 Stock Plan at an exercise price of $6.32 per share. The options vest immediately upon grant.

	/s/ Jerome T. Miraglia POA	09/19/2025
	** 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 insider transaction did Clene Inc. (CLNNW) report?

The company reported a stock option grant to the Chief Financial Officer for 10,000 shares with an exercise price of $6.32 per share.

When is the option exercisable and when does it expire?

The option was granted on 09/18/2025, is exercisable immediately, and expires on 09/17/2035.

Under which plan was the option granted?

The option was issued under the company’s Amended 2020 Stock Plan.

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

Following the reported transaction, the reporting person beneficially owns 10,000 shares underlying the option.

What is the exercise price of the granted option?

The exercise price is stated as $6.32 per share.