Puma Biotechnology insider Form 4: CFO trims stake by 4.5%

Rhea-AI Filing Summary

Form 4 filing overview: Puma Biotechnology (PBYI) Chief Financial Officer Maximo F. Nougues reported two open-market sales of company common stock executed on 07/08/2025 and 07/09/2025.

• Shares sold: 5,587 shares at $3.533 on 07/08/2025 and 3,935 shares at $3.535 on 07/09/2025, totalling 9,522 shares.
• Proceeds: Approximately $33,600 based on the disclosed sale prices.
• Post-sale ownership: 204,229 shares held directly after the second transaction, down from an estimated 213,751 shares before the first sale—an ownership reduction of roughly 4.5%.
• Rule 10b5-1 plan: The filing states the transactions were effected under a pre-established Rule 10b5-1(c) trading plan adopted on 12-14-2020.

The reported activity is routine insider selling rather than a grant or option exercise. Because the sales were pre-planned and represent a modest fraction of the CFO’s remaining stake, the market impact is typically viewed as neutral to slightly negative; insider sales can raise questions about confidence, but the use of a long-standing 10b5-1 plan mitigates concerns of opportunistic timing.

Positive

• Sales executed under a long-standing Rule 10b5-1(c) plan adopted 12-14-2020, reducing concerns about opportunistic insider timing.

Negative

• CFO reduced direct ownership by 9,522 shares, a roughly 4.5% decrease, which can be interpreted as a mild negative signal.

Insights

Financial Analyst

TL;DR: CFO sold 9,522 PBYI shares (~4.5% of holdings) under a 10b5-1 plan; modest, pre-planned sale carries limited market impact.

The filing shows standard insider activity: two small open-market sales totalling just under $34k at ~$3.53 per share. Post-sale ownership remains above 200k shares, indicating continued alignment with shareholders. Because the sales were executed via a 10b5-1 plan adopted in December 2020, they do not necessarily signal a shift in management’s outlook. No derivative transactions, option exercises, or large disposals were reported. From a valuation perspective, the transaction size is immaterial to the company’s float and should have little effect on liquidity or sentiment beyond the usual scrutiny insiders receive. Overall, I classify the disclosure as routine with no material impact on the investment thesis.

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^*

NOUGUES MAXIMO F

(Last) (First) (Middle)

C/O PUMA BIOTECHNOLOGY, INC.

10880 WILSHIRE BLVD., SUITE 2150

(Street)

LOS ANGELES CA 90024

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PUMA BIOTECHNOLOGY, INC. [ PBYI ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/08/2025

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	07/08/2025		S(1)		5,587	D	$3.533	208,164	D
Common Stock	07/09/2025		S(1)		3,935	D	$3.535	204,229	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

Explanation of Responses:

1. Adoption date of referenced 10b5-1(c) plan is: 12-14-2020

	/s/ Gordon Esplin as attorney-in-fact for Maximo F. Nougues	07/10/2025
	** 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

How many Puma Biotechnology (PBYI) shares did the CFO sell?

The CFO sold 9,522 shares over two days.

At what prices were the PBYI shares sold?

Shares were sold at $3.533 on 07/08/2025 and $3.535 on 07/09/2025.

What is the CFO's remaining stake after the transactions?

After the sales, the CFO directly owns 204,229 shares.

Was the sale part of a 10b5-1 trading plan?

Yes. The filing states the trades were executed under a Rule 10b5-1(c) plan adopted on 12-14-2020.

Does this Form 4 include any option exercises or derivative transactions?

No. Table II shows no derivative securities acquired or disposed of in this filing.

Is the insider still classified as an officer of Puma Biotechnology?

Yes, Maximo F. Nougues is the company’s Chief Financial Officer according to the filing.