Morgan Stanley lists Rule 144 sale of NBIX shares (NBIX)

Rhea-AI Filing Summary

Morgan Stanley Smith Barney LLC submitted a Rule 144 notice to sell securities tied to NBIX holdings. The filing lists 40,000 previously vested RSUs/PSUs with an original date of 02/01/2020 and 205,088 shares from an exercise of stock options on 05/19/2026.

The filing shows transaction type labels including Previously Vested RSUs & PSUs and Exercise of Stock Options, and identifies NASDAQ as the market. Cash treatment is noted for the option exercise.

Insights

Equity Compliance Specialist

Rule 144 notice lists dispositions of vested equity and exercised options.

The filing lists 40,000 shares tied to previously vested RSUs/PSUs dated 02/01/2020 and 205,088 shares from an option exercise on 05/19/2026. It identifies the seller as Morgan Stanley Smith Barney LLC.

Timing and exact sale mechanics are not detailed beyond the Rule 144 classification; subsequent trade reporting would appear in broker-dealer records or Section 4 filings if executed.

Key Figures

Previously vested RSUs & PSUs: 40,000 shares Shares from option exercise: 205,088 shares Total listed security identifier: NASDAQ +3 more

6 metrics

Previously vested RSUs & PSUs 40,000 shares dated 02/01/2020

Shares from option exercise 205,088 shares exercise on 05/19/2026; payment method: Cash

Total listed security identifier NASDAQ market for the Common shares

Filer address reference 1 New York Plaza, 8th Floor Morgan Stanley Smith Barney LLC

Numeric filing values shown 38,530,284.48 (numeric excerpt) figure present in the excerpt

Reference number 100549983 identifier shown in the excerpt

Key Terms

Rule 144, RSU, PSU, Exercise of Stock Options

4 terms

Rule 144 regulatory

"Securities To Be Sold / 144: Securities To Be Sold"

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

RSU financial

"Previously Vested RSUs & PSUs"

Restricted stock units (RSUs) are a form of company shares given to employees as part of their compensation, usually with certain restrictions or conditions, such as remaining with the company for a set period. When these restrictions lift, employees receive actual shares that they can sell or hold. For investors, RSUs can impact a company's stock supply and reflect the company's commitment to attracting and retaining talent.

PSU financial

"Previously Vested RSUs & PSUs"

A PSU is a company where the government owns a controlling stake and often plays a direct role in its management and strategy. Think of it like a business that operates with public oversight, similar to a town-run utility versus a private neighborhood service. Investors watch PSUs differently because government involvement can affect profits, dividend policies, regulatory treatment and stability, so these stocks may behave more like policy instruments than pure market-driven enterprises.

Exercise of Stock Options financial

"Exercise of Stock Options | Issuer | 205,088 | 05/19/2026"

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	245088	38530284.48	100549983	05/19/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	02/01/2020	Previously Vested RSUs & PSUs	Issuer			40000	02/01/2020	N/A
Common	05/19/2026	Exercise of Stock Options	Issuer			205088	05/19/2026	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the NBIX Form 144 filed by Morgan Stanley Smith Barney LLC report?

It reports proposed dispositions of NBIX-linked securities under Rule 144. The filing lists 40,000 previously vested RSUs/PSUs and 205,088 shares from an option exercise on 05/19/2026, with sale treatment under Rule 144.

Does the filing state how the 205,088 option shares were settled?

The filing identifies the 205,088 shares as resulting from an Exercise of Stock Options on 05/19/2026 and indicates Cash as the payment method for the exercise in the provided excerpt.

Are the 40,000 RSUs/PSUs in the filing newly granted or previously vested?

The filing explicitly labels the 40,000 shares as Previously Vested RSUs & PSUs with an original date of 02/01/2020, indicating they were vested prior to this Rule 144 notice.

Does the Form 144 specify where NBIX shares will be sold?

The excerpt lists NASDAQ as the market identifier for the securities class but does not provide specific sale venues or execution methods beyond the Rule 144 notice in the provided text.

Who is the filer named on the Form 144 for NBIX?

The filer is listed as Morgan Stanley Smith Barney LLC with an address at 1 New York Plaza, 8th Floor, New York, NY, identified as the selling broker-dealer in the excerpt.