[Form 4] INCYTE CORP Insider Trading Activity

Rhea-AI Filing Summary

Incyte Corp (INCY): Form 4 insider activity. The company’s EVP & Chief Medical Officer reported option exercises and a same‑day sale on 11/05/2025.

The executive exercised options for 1,194 shares at $83.83, 2,995 shares at $95.76, and 1,044 shares at $95.76, then sold 5,233 shares at $102.20. Following these transactions, the executive beneficially owns 102,886 shares directly.

Footnotes note that 100,327 shares are issuable pursuant to previously reported restricted stock units and earned performance shares that have not vested. The exercised options were from grants that became exercisable per their original vesting schedules.

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

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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).

X

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^*

Stein Steven H

(Last) (First) (Middle)

1801 AUGUSTINE CUT-OFF

(Street)

WILMINGTON DE 19803

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
INCYTE CORP [ INCY ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Medical Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/05/2025

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	11/05/2025		M		1,194	A	$83.83	104,080	D
Common Stock	11/05/2025		M		2,995	A	$95.76	107,075	D
Common Stock	11/05/2025		M		1,044	A	$95.76	108,119	D
Common Stock	11/05/2025		S		5,233	D	$102.2	102,886(1)	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
Non-Qualified Stock Option (right to buy)	$83.83	11/05/2025		M			1,194	(2)	07/14/2026	Common Stock	1,194	$0	0	D
Non-Qualified Stock Option (right to buy)	$95.76	11/05/2025		M			2,995	(3)	01/06/2026	Common Stock	2,995	$0	0	D
Incentive Stock Option (right to buy)	$95.76	11/05/2025		M			1,044	(3)	01/06/2026	Common Stock	1,044	$0	0	D

Explanation of Responses:

1. This includes an aggregate of 100,327 shares of common stock issuable pursuant to previously reported restricted stock units and earned performance shares that have not vested.

2. Beginning July 15, 2016, options become exercisable in 37 installments, with the first 25% vesting after one year and the remainder vesting monthly over three years.

3. Beginning January 7, 2016, options become exercisable in full on January 7, 2020.

Remarks:

	/s/ Elizabeth Feeney, Attorney-In-Fact	11/07/2025
	** 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 INCY report on Form 4?

The EVP & Chief Medical Officer exercised options for 5,233 shares and sold 5,233 shares on 11/05/2025.

How many shares does the INCY executive own after the transactions?

Beneficial ownership is 102,886 shares directly after the reported transactions.

What prices were the options exercised at for INCY?

Options were exercised at $83.83 (1,194 shares) and $95.76 (2,995 and 1,044 shares).

At what price were INCY shares sold?

5,233 shares were sold at $102.20.

What does the footnote say about unvested equity at INCY?

It states 100,327 shares are issuable from previously reported RSUs and earned performance shares that have not vested.

What types of options were exercised by the INCY executive?

Non-Qualified Stock Options and an Incentive Stock Option were exercised.

When did the INCY insider transactions occur?

All reported transactions occurred on 11/05/2025.