PCYO insider buys 10,000 shares via option exercise at $4.05

Rhea-AI Filing Summary

Pure Cycle Corp (PCYO) reported an insider share transaction by a director. On 11/17/2025, the director exercised an option to buy 10,000 shares of common stock at $4.05 per share (transaction code M). After this exercise, the director directly owns 24,605 shares of Pure Cycle common stock. The related stock option for 10,000 shares, which was exercisable since 01/27/2018 and set to expire on 01/27/2026, now shows 0 derivative securities remaining beneficially owned.

Insider Trade Summary

10,000 shares exercised/converted

Mixed 2 txns

Insider BEIRNE PATRICK

Role Director

Type	Security	Shares	Price	Value
Exercise	Option (Right to Buy)	10,000	$0.00	--
Exercise	Common Stock	10,000	$4.05	$41K

Holdings After Transaction: Option (Right to Buy) — 0 shares (Direct); Common Stock — 24,605 shares (Direct)

Footnotes (1)

Form 4 Insider Transactions: What Each Field Means →

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).

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^*

BEIRNE PATRICK

(Last) (First) (Middle)

3401 E WILLAMETTE LANE

(Street)

GREENWOOD VILLAGE CO 80121

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PURE CYCLE CORP [ PCYO ]

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)
11/17/2025

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	11/17/2025		M		10,000	A	$4.05	24,605	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
Option (Right to Buy)	$4.05	11/17/2025		M		10,000		01/27/2018	01/27/2026	Common Stock	10,000	$0	0	D

Explanation of Responses:

	/s/ Mark W. Harding, Attorney-in-Fact	11/18/2025
	** 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 Pure Cycle Corp (PCYO) report in this Form 4?

A director of Pure Cycle Corp reported exercising a stock option and acquiring 10,000 shares of the company’s common stock on 11/17/2025.

At what price did the Pure Cycle (PCYO) director acquire the shares?

The director acquired 10,000 shares of Pure Cycle common stock at an exercise price of $4.05 per share.

How many Pure Cycle (PCYO) shares does the director own after this transaction?

Following the reported transaction, the director directly owns 24,605 shares of Pure Cycle common stock.

What type of derivative security was involved in the Pure Cycle (PCYO) Form 4 filing?

The filing shows an option (right to buy) common stock, covering 10,000 shares, with an exercise price of $4.05.

What were the key dates for the option exercised by the Pure Cycle (PCYO) director?

The option was exercisable from 01/27/2018 and had an expiration date of 01/27/2026, with the exercise taking place on 11/17/2025.

Does the director still hold any derivative securities after this Pure Cycle (PCYO) transaction?

After the exercise of the option for 10,000 shares, the Form 4 reports 0 derivative securities remaining beneficially owned by the director.