INCYTE executive sells 18,667 shares after option exercise

INCYTE CORP’s President and Global Head of R&D, Pablo J. Cagnoni, reported an exercise-and-sell transaction in company stock.

Rhea-AI Filing Summary

INCYTE CORP’s President and Global Head of R&D, Pablo J. Cagnoni, reported an exercise-and-sell transaction in company stock. On April 17, 2026, he exercised employee stock options to acquire a total of 18,667 shares of common stock at strike prices of $71.93 and $64.25 per share, then completed an open-market sale of 18,667 shares at an average price of $96.50 per share.

Following these transactions, he directly held 262,692 shares of INCYTE common stock. A footnote states that this amount includes 257,553 shares of common stock issuable from previously reported restricted stock units and earned performance stock units that have not yet vested, highlighting a substantial remaining equity stake tied to future service and performance conditions.

Insights

Equity compensation specialist

Routine option exercise-and-sell with large remaining equity stake.

Pablo Cagnoni exercised employee stock options for 18,667 INCYTE shares at strike prices of $71.93 and $64.25, then sold the same number of shares in an open-market trade at an average price of $96.50. This pattern is typical for monetizing option gains.

After the transactions he still directly owns 262,692 common shares, which a footnote explains includes 257,553 shares tied to unvested restricted and performance stock units. That sizable unvested component keeps his incentives aligned with longer-term company performance despite the sale.

The filing does not reference any Rule 10b5-1 trading plan, so the timing context is not detailed here. Subsequent company filings may further update his equity position as additional awards vest or future transactions occur.

Insider Trade Summary 10b5-1

Exercise and Sale: 18,667 shares ($505K approx. pre-tax spread)

Exercise and Sale 5 txns

Insider CAGNONI PABLO J

Role President, Global Head of R&D

Sold 18,667 shs ($1.80M)

Approx. gross sale proceeds $1.80M

Approx. exercise cost $1.30M

Approx. pre-tax spread $505K

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy)	6,077	$0.00	$0.00
Exercise	Employee Stock Option (right to buy)	12,590	$0.00	$0.00
Exercise	Common Stock	6,077	$64.25	$390K
Exercise	Common Stock	12,590	$71.93	$906K
Sale	Common Stock	18,667	$96.50	$1.80M

Holdings After Transaction: Employee Stock Option (right to buy) — 54,532 contracts (Direct); Common Stock — 262,692 shares (Direct)

Footnotes (3)

1. F1. This includes an aggregate of 257,553 shares of common stock issuable pursuant to previously reported restricted stock units and earned performance stock units that have not vested.
2. F2. The July 15, 2024 options become exercisable in 37 installments, with the first 25% vesting after one year and the remainder vesting monthly over three years.
3. F3. Beginning January 17, 2025, options become exercisable in 37 installments, with the first 25% vesting on July 15, 2025 and the remainder vesting monthly over three years.

Key Figures

Shares sold: 18,667 shares Sale price: $96.50 per share Options exercised (strike $71.93): 12,590 shares +3 more

6 metrics

Shares sold 18,667 shares Open-market sale of common stock at $96.50 on April 17, 2026

Sale price $96.50 per share Average price for 18,667 INCYTE common shares sold

Options exercised (strike $71.93) 12,590 shares Employee stock options exercised into common stock

Options exercised (strike $64.25) 6,077 shares Employee stock options exercised into common stock

Shares owned after transactions 262,692 shares Direct INCYTE common stock holdings following April 17, 2026 activity

Unvested RSU and PSU shares 257,553 shares Common stock issuable from restricted and performance stock units not yet vested

Key Terms

open-market sale, Employee Stock Option (right to buy), restricted stock units, performance stock units, +1 more

5 terms

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Employee Stock Option (right to buy) financial

"security_title": "Employee Stock Option (right to buy)""

restricted stock units financial

"shares of common stock issuable pursuant to previously reported restricted stock units"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

performance stock units financial

"and earned performance stock units that have not vested"

Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.

exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did INCYTE CORP (INCY) executive Pablo Cagnoni do in this Form 4 filing?

Pablo Cagnoni reported exercising employee stock options and selling INCYTE shares. He acquired 18,667 shares through option exercises, then completed an open-market sale of 18,667 common shares at an average price of $96.50 per share on April 17, 2026.

How many INCYTE (INCY) shares did Pablo Cagnoni sell and at what price?

He sold 18,667 shares of INCYTE common stock in an open-market transaction. The reported average sale price was $96.50 per share, providing liquidity while leaving him with a substantial remaining direct equity position in the company after the transaction.

What stock options did Pablo Cagnoni exercise in this INCYTE (INCY) Form 4?

He exercised employee stock options covering 12,590 shares at a $71.93 strike price and 6,077 shares at a $64.25 strike price. These exercises converted option awards into common shares, which were then matched by the 18,667 shares sold the same day.

How many INCYTE (INCY) shares does Pablo Cagnoni hold after these transactions?

After the reported transactions, Pablo Cagnoni directly holds 262,692 shares of INCYTE common stock. A footnote explains this figure includes 257,553 shares issuable from previously reported, unvested restricted stock units and earned performance stock units tied to future vesting.

What unvested equity awards does Pablo Cagnoni have at INCYTE (INCY)?

A footnote states that his reported holdings include 257,553 shares of common stock issuable from previously reported restricted stock units and earned performance stock units. These awards have not yet vested, meaning they remain subject to future service and performance conditions.

Is the Form 4 activity for INCYTE (INCY) mainly a sale or option exercise?

The filing reflects both option exercises and an open-market sale, but the net activity is a sale of 18,667 shares. He exercised options for 18,667 shares and sold 18,667 shares, while still retaining over 260,000 common shares after the transactions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/21/2026 - 04:09 PM EDT Learn about SEC filing dates

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).

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^*

CAGNONI PABLO J

(Last) (First) (Middle)

1801 AUGUSTINE CUT-OFF

(Street)

WILMINGTON DELAWARE 19083

(City) (State) (Zip)

UNITED STATES

(Country)

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)
	President, Global Head of R&D

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/17/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	04/17/2026		M		6,077	A	$64.25	268,769	D
Common Stock	04/17/2026		M		12,590	A	$71.93	281,359	D
Common Stock	04/17/2026		S		18,667	D	$96.5	262,692(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
Employee Stock Option (right to buy)	$64.25	04/17/2026		M			6,077	(2)	07/14/2034	Common Stock	6,077	$0	26,833	D
Employee Stock Option (right to buy)	$71.93	04/17/2026		M			12,590	(3)	01/16/2035	Common Stock	12,590	$0	27,699	D

Explanation of Responses:

1. This includes an aggregate of 257,553 shares of common stock issuable pursuant to previously reported restricted stock units and earned performance stock units that have not vested.

2. The July 15, 2024 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 17, 2025, options become exercisable in 37 installments, with the first 25% vesting on July 15, 2025 and the remainder vesting monthly over three years.

Remarks:

	/s/ Elizabeth Feeney, Attorney-In-Fact	04/21/2026
	** 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.
* Form 4: SEC 1474 (03-26)