[Form 4] PDF Solutions Inc Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing overview: On 06/30/2025, MAIA Biotechnology, Inc. (ticker MAIA) granted director Cristian Luput a package of stock options under the company’s 2021 Equity Incentive Plan.

• Options granted: 21,350 options to purchase common shares.
• Exercise price: $1.80 per share.
• Vesting schedule: 100% vested immediately on the grant date.
• Expiration: 06/30/2035 (10-year term).
• Post-transaction holdings: Luput now holds 21,350 derivative securities directly.

No non-derivative share transactions were reported, and the filing was made individually by the director. The grant represents routine equity compensation designed to align director incentives with shareholder value, but it modestly increases the company’s fully diluted share count.

Positive

• Equity alignment: Granting options encourages the director to focus on long-term share appreciation without immediate cash expenditure.
• No cash impact: The award preserves corporate liquidity, critical for a development-stage biotech.

Negative

• Immediate vesting: 100% vesting at grant provides limited retention incentive and accelerates expense recognition.
• Incremental dilution: The issuance adds to fully diluted shares, albeit at a small scale.

Insights

Corporate Governance Expert

TL;DR – Routine option grant; aligns incentives, minor dilution, overall neutral impact.

The single grant of 21,350 fully vested options to a non-employee director is standard practice for emerging biotech firms seeking to conserve cash while attracting board talent. Immediate vesting eliminates service-based retention value but allows instant alignment with shareholders. At an exercise price of $1.80, the options are only accretive if the share price exceeds this level, providing performance leverage without current cash cost. Given MAIA’s modest market capitalization, the incremental dilution is immaterial. I classify the filing as informational with no material balance-sheet impact.

Equity Compensation Analyst

TL;DR – Option grant modest in size; impact largely neutral for valuation.

The issuance adds roughly 0.1–0.2% to potential shares outstanding (exact percentage depends on MAIA’s total shares, which is not disclosed here). Because the options vest immediately, the related GAAP stock-based compensation expense will be recognized upfront, but cash outlay is deferred. The 10-year term is conventional. Investors should monitor cumulative grants to ensure dilution remains controlled, yet a single 21k-share award is unlikely to move the needle on intrinsic 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
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^*

Li Ye Jane

(Last) (First) (Middle)

200 FLYNN ROAD

(Street)

CAMARILLO CA 93012-8790

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PDF SOLUTIONS INC [ PDFS ]

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)
07/01/2025

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	07/01/2025		A		7,429(1)	A	(1)	23,943	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. These shares represent an award of Restricted Stock Units (Total RSU) under the Company's Director Compensation Program. 1/12th of the Total RSU shall vest on the grant effective date and 1/12th of the Total RSU shall vest monthly thereafter until fully vested, subject to the Recipient's continued service through each applicable vesting date.

	/s/ Adnan Raza, Attorney-in-Fact for Ye Jane Li	07/02/2025
	** 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 MAIA options did director Cristian Luput receive?

He received 21,350 stock options on 06/30/2025.

What is the exercise price of the new MAIA options?

The options carry an $1.80 per-share exercise price.

When do the options granted to Cristian Luput vest?

They vested 100% immediately on the grant date, 06/30/2025.

When do the MAIA Biotechnology director options expire?

The options expire on 06/30/2035, giving a 10-year exercise window.

Does this Form 4 indicate any sale or purchase of MAIA common shares?

No. The filing only reports a grant of derivative securities; no common shares were bought or sold.