Director Denice Torres lists Seaport (SPTX) options and preferred stake
Filing Impact
Filing Sentiment
Form Type
3
Rhea-AI Filing Summary
Seaport Therapeutics director Denice Torres has reported her existing equity awards and preferred shares in a Form 3. She holds stock options tied to 12,258 shares of Common Stock with a $10.31 exercise price expiring on February 23, 2036, and additional options tied to 77,042 shares at a $3.05 exercise price expiring on June 3, 2034. Vesting for these options occurs over time, with one grant beginning to vest on April 28, 2025 and another vesting on February 24, 2027, subject to continued service. A revocable trust associated with her holds Series B Preferred Stock convertible into 13,406 shares of Common Stock without additional payment, and she disclaims beneficial ownership of those trust-held shares except to the extent of any pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
Torres Denice
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Series B Preferred Stock | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
Holdings After Transaction:
Series B Preferred Stock — 13,406 shares (Indirect, By Denice M. Torres Revocable Trust);
Stock Option (Right to Buy) — 77,042 shares (Direct, null)
Footnotes (1)
- Each share of Series B Preferred Stock (the "Preferred Stock") is convertible into Common Stock of the Issuer on a one-for-3.1407 basis at the option of the holder, and will automatically convert upon the closing of the Issuer's initial public offering into the number of shares shown in Column 3 without payment of further consideration. The Preferred Stock has no expiration date. The Reporting Person disclaims beneficial ownership of such shares for purposes of Section 16 of the Exchange Act, except to the extent of her pecuniary interest therein, if any. This report shall not be deemed an admission that she is a beneficial owner of such shares for the purpose of Section 16 of the Exchange Act, or for any other purpose. 1/3rd of the shares underlying this option vested and became exercisable on April 28, 2025, with the remaining shares vesting in twenty-four (24) equal monthly installments thereafter, subject to the Reporting Person's continued service on each such vesting date. The shares underlying this option shall vest and become exercisable on February 24, 2027, subject to the Reporting Person's continued service on such vesting date.
Key Figures
Stock options at $10.31: 12,258 underlying shares
Stock options at $3.05: 77,042 underlying shares
Series B Preferred underlying common: 13,406 underlying shares
+3 more
6 metrics
Stock options at $10.31
12,258 underlying shares
Exercise price $10.31; expire February 23, 2036
Stock options at $3.05
77,042 underlying shares
Exercise price $3.05; expire June 3, 2034
Series B Preferred underlying common
13,406 underlying shares
Convertible on one-for-3.1407 basis; no additional consideration
Series B conversion ratio
1:3.1407
Each Series B Preferred share converts into Common Stock
Option vesting start
April 28, 2025
One-third vested then; remainder in 24 monthly installments
Single-date vesting
February 24, 2027
Separate option grant vests entirely on this date
Key Terms
Series B Preferred Stock, Section 16 of the Exchange Act, pecuniary interest, revocable trust, +1 more
5 terms
Series B Preferred Stock financial
"Each share of Series B Preferred Stock (the "Preferred Stock") is convertible"
Series B preferred stock is a type of ownership share issued by a company that offers certain advantages over common stock, such as priority in receiving dividends or assets if the company is sold or liquidated. It is typically issued after an initial round of funding, making it a way for investors to support a company's growth while gaining some protections and benefits. This stock matters to investors because it often provides a more secure investment position with potential for future growth.
Section 16 of the Exchange Act regulatory
"for purposes of Section 16 of the Exchange Act, except to the extent"
pecuniary interest financial
"except to the extent of her pecuniary interest therein, if any."
revocable trust financial
"By Denice M. Torres Revocable Trust"
A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.
vesting financial
"1/3rd of the shares underlying this option vested and became exercisable"
Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.
FAQ
What insider holdings did Denice Torres report in Seaport Therapeutics (SPTX)?
Denice Torres reported existing holdings in Seaport Therapeutics, including two stock option grants over Common Stock and Series B Preferred Stock held through a revocable trust. These positions reflect baseline ownership rather than new purchases or sales.
What stock options does Denice Torres hold in Seaport Therapeutics (SPTX)?
She holds options linked to 12,258 shares of Common Stock at a $10.31 exercise price expiring February 23, 2036, and options linked to 77,042 shares at a $3.05 exercise price expiring June 3, 2034, subject to vesting conditions.
How does the Series B Preferred Stock held for Denice Torres convert into Seaport Therapeutics (SPTX) common shares?
Each share of Series B Preferred Stock is convertible into Common Stock on a one-for-3.1407 basis and automatically converts into 13,406 Common shares upon the company’s initial public offering, without additional payment, reflecting a pre-set conversion structure.
Are Denice Torres’ Seaport Therapeutics (SPTX) stock options fully vested?
No. One option grant vests one-third on April 28, 2025 with the rest in 24 monthly installments, while another vests on February 24, 2027, in each case requiring her continued service for vesting to occur.