[Form 4] Metallus Inc. Insider Trading Activity

Rhea-AI Filing Summary

Cingulate Inc. (CING) filed a Form 4 reporting two stock-option grants to Raul R. Silva, EVP & Chief Scientific Officer.

• Grant 1: 1,000 options to buy common stock at an exercise price of $4.30 per share. Grant and first exercisable date: 03/31/2025; expiration: 03/31/2035.
• Grant 2: 1,000 options at an exercise price of $4.07 per share. Grant and first exercisable date: 06/30/2025; expiration: 06/30/2035.

Both grants were made pursuant to Dr. Silva’s employment agreement and are held directly. No open-market purchases or sales of common stock were reported, and Table I shows no changes in non-derivative holdings. Post-transaction, Dr. Silva beneficially owns 1,000 derivative securities in each grant line, representing incentive alignment but a modest absolute share count.

Insights

Securities Analyst

TL;DR Small option grants to an officer; routine incentive alignment, limited market impact.

The reported grants total 2,000 options with 10-year lives and strike prices in the low-$4 range, roughly aligning with typical at-the-money compensation awards for emerging biopharma executives. Because no common shares were bought or sold for cash, there is no immediate liquidity signal. The size is immaterial relative to most public floats, so market impact should be negligible. Nonetheless, the issuance extends retention incentives and ties compensation to long-term shareholder value.

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
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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^*

Garcia Ken V

(Last) (First) (Middle)

1835 DUEBER AVE. SW

(Street)

CANTON OH 44706

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Metallus Inc. [ MTUS ]

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)
06/30/2025

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
Phantom Shares	(1)	06/30/2025		A		1,703		(2)	(2)	Common Shares	1,703	$15.41	21,504	D

Explanation of Responses:

1. Each phantom share is the equivalent of one Issuer common share.

2. Phantom shares are payable in cash and/or common shares upon termination of the Reporting Person's service on the Board of Directors, as elected by the Reporting Person at the time he elected to defer compensation under the Metallus Inc. Director Deferred Compensation Plan.

	/s/ Kristine C. Syrvalin, as Attorney-in-Fact	07/01/2025
	** 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 CING insider Raul R. Silva report on the Form 4?

He received two stock-option grants totaling 2,000 options with strikes of $4.30 and $4.07 per share.

Were any Cingulate Inc. common shares bought or sold by the insider?

No. The filing shows no acquisitions or disposals of non-derivative common stock.

What are the exercise and expiration dates of the options?

Grant 1: exercisable 03/31/2025, expires 03/31/2035. Grant 2: exercisable 06/30/2025, expires 06/30/2035.

How many derivative securities does Dr. Silva own after these grants?

The filing lists 1,000 options under each grant line, held directly.

Does the filing indicate a 10b5-1 trading plan?

The form includes the new Rule 10b5-1(c) checkbox, but it is not marked as selected.