Septerna (SEPN) SVP Long exercises options and sells 3,333 shares in Rule 10b5-1 trades
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Septerna, Inc. senior vice president of drug discovery Daniel D. Long reported an exercise-and-sell transaction in company stock. On July 1, 2026, he exercised stock options to acquire 3,333 shares of common stock at $2.76 per share and sold 3,333 shares in open-market transactions.
The sales occurred at weighted average prices of $34.0964 and $34.8141, with actual sale prices ranging from $33.49 to $35.10. The filing notes these sales were made under a pre-arranged Rule 10b5-1 trading plan adopted by Long.
Positive
- None.
Negative
- None.
Insights
Pre-planned option exercise with matching share sale, net effect is modest.
Daniel D. Long, an executive at Septerna, Inc., exercised stock options for 3,333 shares at $2.76 and sold an equal number of shares at weighted average prices around $34. This pattern is typical of converting incentive compensation into cash.
The filing specifies that the sales were executed under a Rule 10b5-1 trading plan adopted on March 20, 2026, meaning the trades were pre-scheduled rather than opportunistic. The net share change of 3,333 is relatively small in absolute terms, suggesting a routine liquidity move rather than a large repositioning.
Because the plan and vesting terms are clearly defined and there is no accompanying negative disclosure, this event appears administratively neutral for shareholders. Future company filings may provide additional context on Long's remaining option grants and broader executive equity positions.
Insider Trade Summary 10b5-1
Net Seller: 3,333 shares ($114,528)
Net Sell
4 txns
Insider
Long Daniel D.
Role
SVP, Drug Discovery
Sold
3,333 shs ($115K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option (Right to Buy) | 3,333 | $0.00 | -- |
| Exercise | Common Stock | 3,333 | $2.76 | $9K |
| Sale | Common Stock | 2,100 | $34.0964 | $72K |
| Sale | Common Stock | 1,233 | $34.8141 | $43K |
Holdings After Transaction:
Stock Option (Right to Buy) — 7,043 shares (Direct, null);
Common Stock — 99,745 shares (Direct, null)
Footnotes (1)
- This transaction was effected pursuant to a Rule 10b5-1 sales plan adopted by the Reporting Person on March 20, 2026. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $33.49 to $34.46. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $34.52 to $35.10. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range. 1/48th of the shares subject to such option vest and become exercisable in substantially equal monthly installments on each monthly anniversary of August 1, 2023, subject to the Reporting Person's continuous service to the Issuer on each such date.
Key Figures
Shares sold: 3,333 shares
Sale price (block 1): $34.8141 per share
Sale price (block 2): $34.0964 per share
+5 more
8 metrics
Shares sold
3,333 shares
Open-market sales of common stock on July 1, 2026
Sale price (block 1)
$34.8141 per share
Weighted average price for one sale block
Sale price (block 2)
$34.0964 per share
Weighted average price for second sale block
Option exercise price
$2.76 per share
Exercise of stock option for 3,333 underlying shares
Net buy/sell shares
-3,333 shares
Net-sell direction from transaction summary
Remaining options
7,043 derivative shares
Stock options outstanding after transaction with 2033 expiration
Rule 10b5-1 plan adoption date
March 20, 2026
Pre-arranged trading plan governing the sales
Option expiration
November 11, 2033
Expiration date of the stock option series
Key Terms
Rule 10b5-1, weighted average price, Stock Option (Right to Buy), derivative security, +1 more
5 terms
Rule 10b5-1 regulatory
"This transaction was effected pursuant to a Rule 10b5-1 sales plan adopted by the Reporting Person"
Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.
weighted average price financial
"The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
Stock Option (Right to Buy) financial
"Stock Option (Right to Buy) ... Exercise or conversion of derivative security"
derivative security financial
"Exercise or conversion of derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
underlying security financial
"underlying security title: Common Stock, underlying security shares: 3333.0000"
FAQ
What insider transaction did Septerna (SEPN) report for Daniel D. Long?
Septerna executive Daniel D. Long reported exercising options for 3,333 common shares and selling 3,333 shares in open-market trades. The transactions occurred on July 1, 2026 and reflect a typical option exercise-and-sell pattern tied to his equity compensation.
Did Daniel D. Long buy or sell Septerna (SEPN) stock overall in this Form 4?
Overall, Daniel D. Long both acquired and sold Septerna stock, creating a net share reduction. He exercised options to acquire 3,333 shares at $2.76 each, then sold 3,333 shares in the market, resulting in net-sell activity of 3,333 shares according to the filing summary.
Was Daniel D. Long’s Septerna (SEPN) stock sale under a Rule 10b5-1 plan?
Yes. A footnote explains the sale was executed under a Rule 10b5-1 sales plan adopted on March 20, 2026. Such pre-arranged trading plans schedule transactions in advance, which generally makes the timing less indicative of short-term views on the stock.
What stock option terms applied to Daniel D. Long’s Septerna (SEPN) option exercise?
The exercised stock option had a $2.76 exercise price and relates to 3,333 underlying common shares. A footnote states that 1/48th of the option vests monthly from August 1, 2023, contingent on Long’s continuous service with Septerna on each vesting date.
Does the Septerna (SEPN) Form 4 show any remaining derivative positions for Daniel D. Long?
The transaction table lists an exercised stock option with an expiration date of November 11, 2033, and a remaining option balance of 7,043 derivative shares after the transaction. These remaining options represent additional potential future equity exposure for Long.