[Form 4] FTAI Aviation Ltd. Insider Trading Activity

Rhea-AI Filing Summary

Instil Bio (TIL) filed an 8-K (Item 8.01) reporting partner ImmuneOnco’s interim data from a Phase 2 open-label study of bispecific antibody IMM2510/AXN-2510 plus chemotherapy in first-line advanced non-small-cell lung cancer (NSCLC) patients in China.

By 1 Jul 2025, 33 patients had received 10 mg/kg; 21 were efficacy-evaluable. The overall partial response rate (PRR) was 62 %, with a pronounced signal in squamous NSCLC (80 %, 8/10) versus non-squamous (46 %, 5/11). Most patients had undergone only a single tumor assessment at the data cut-off, limiting durability insight.

Safety appeared acceptable: no dose-limiting toxicities, no treatment-related deaths or dose reductions, and just one discontinuation. Grade ≥3 treatment-related adverse events were mainly hematologic and infrequent; VEGF-linked and immune events were uncommon and generally low-grade.

The dataset will be presented at a future medical meeting. Though preliminary and based on a small cohort, the efficacy signal and tolerability profile are encouraging for ‘2510’s continued development and could strengthen Instil’s oncology pipeline prospects.

Positive

• 62 % overall partial response rate in interim analysis, outperforming historical chemo benchmarks.
• 80 % PRR in squamous NSCLC, a subtype with high unmet need.
• No dose-limiting toxicities or treatment-related deaths; safety profile appears manageable.

Negative

• Small efficacy-evaluable cohort (n = 21) limits statistical confidence.
• Most patients had only one tumor assessment, providing little durability data.
• Results are from a single-arm study in China; lack of control arm or global data may hinder comparability.

Insights

Oncology Analyst

TL;DR — Early Phase 2 data show strong PRR and clean safety; still small but directionally positive.

The 62 % PRR, especially the 80 % in squamous disease, materially exceeds typical first-line chemo benchmarks (~25-35 %). Absence of DLTs and minimal high-grade VEGF/immune toxicities suggest an attractive risk-benefit profile. However, only one scan for most subjects and lack of complete or durability data temper enthusiasm. If confirmed in larger cohorts or randomized settings, ‘2510 could challenge PD-1/VEGF combos and expand Instil’s value beyond its TIL cell-therapy focus.

Equity Research Analyst

TL;DR — Encouraging signal but limited sample; modest positive equity impact today.

For a development-stage company, any positive mid-phase oncology read-out can catalyze sentiment. The filing highlights differentiated efficacy in a high-incidence indication and a benign safety profile, reducing clinical risk. Yet, the data are uncontrolled, geographically limited, and lack progression-free or overall survival metrics, so valuation uplift may be constrained until more mature results or a strategic update (e.g., licensing economics) emerges.

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^*

TUCHMAN MARTIN

(Last) (First) (Middle)

405 WEST 13TH STREET, 3RD FLOOR

(Street)

NEW YORK NY 10014

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FTAI Aviation Ltd. [ FTAI ]

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)
07/31/2025

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
Ordinary Shares	07/31/2025		A		143	A	$0(1)	379,560	D
Ordinary Shares								277,991	I	By Trust
Series C Preferred Shares								800,000	I	By Trust
Series D Preferred Shares								40,000	I	By Trust

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

Explanation of Responses:

1. Reflects ordinary shares issued at the election of the reporting person in lieu of cash fees as compensation for services provided to the issuer in accordance with the FTAI Aviation Ltd. 2025 Omnibus Incentive Award Plan and the additional terms established by resolution of the Board of Directors. The applicable closing share price was $144.46 on July 30, 2025.

Remarks:

	/s/ BoHee Yoon, as Attorney-in-fact	07/31/2025
	** 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 Instil Bio (TIL) disclose in its 8-K dated July 31 2025?

The company relayed ImmuneOnco’s interim Phase 2 data showing a 62 % partial response rate and no dose-limiting toxicities in advanced NSCLC.

How many patients were included in the Phase 2 IMM2510 chemo-combo trial?

33 patients received 10 mg/kg; 21 were evaluable for efficacy.

What was the response rate for squamous versus non-squamous NSCLC?

Squamous NSCLC showed an 80 % PRR (8/10); non-squamous had 46 % PRR (5/11).

Were any dose-limiting toxicities or treatment-related deaths reported?

No dose-limiting toxicities or treatment-related deaths occurred; only one discontinuation was linked to treatment.

When will more detailed data be available?

ImmuneOnco plans to present updated safety and efficacy results at a future medical conference.