Steven Pieper sells 17,400 shares for $147,900 — XERS

Rhea-AI Filing Summary

Morgan Stanley Smith Barney LLC reported a Form 144 disclosure showing Steven Pieper sold 17,400 shares of Common Stock on 07/06/2026 for $147,900. The filing also lists prior issuer transactions including a 4,600-share open-market purchase on 05/17/2017 and 23,000 Restricted Stock Units dated 12/28/2017.

Key Figures

Shares sold: 17,400 shares Proceeds reported: $147,900 Open-market purchase (historical): 4,600 shares +1 more

4 metrics

Shares sold 17,400 shares sale on 07/06/2026

Proceeds reported $147,900 gross proceeds for the 07/06/2026 sale

Open-market purchase (historical) 4,600 shares open market purchase on 05/17/2017

RSUs listed 23,000 RSUs Restricted Stock Units dated 12/28/2017

Key Terms

10b5-1 Sales, Restricted Stock Units, Open Market Purchase

3 terms

10b5-1 Sales regulatory

"10b5-1 Sales for STEVEN PIEPER 1375 West Fulton Street"

10b5-1 sales are pre-arranged stock-trading plans that let company insiders automatically buy or sell shares according to a fixed schedule or formula, even if they later learn confidential information. Think of it as setting up an automatic thermostat for trades: it creates a clear, documented path that can protect insiders from insider-trading accusations and gives investors a signal about predictable insider activity—though it can also simply be a way for insiders to diversify or raise cash.

Restricted Stock Units financial

"Restricted Stock Units | Issuer | | | 23000 | 12/28/2017"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Open Market Purchase market

"Open Market Purchase | Issuer | | | 4600 | 05/17/2017"

An open market purchase is when a company buys its own shares on public stock exchanges the same way any investor would, rather than through a private deal. Investors care because these purchases reduce the number of shares available, can boost earnings per share and share price, signal that management thinks the stock is undervalued, and use company cash that might otherwise go to reinvestment or dividends — like a business quietly buying back its own tickets at the box office.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/07/2026 - 04:38 PM Accepted by SEC EDGAR 07/07/2026 - 04:37 PM Learn about SEC filing dates

FAQ

What did the Form 144 for XERS disclose about Steven Pieper's transaction?

It discloses a sale of 17,400 common shares for $147,900 on 07/06/2026. The filing is a Form 144 notice of an intended sale under Rule 144 and lists related prior issuer transactions dated 2017.

How much gross proceeds did Steven Pieper report from the 07/06/2026 sale?

The filing reports $147,900 in proceeds for the 17,400-share sale. That dollar figure appears next to the reported trade on 07/06/2026 in the disclosure excerpt.

Does the filing show any prior acquisitions or awards for the reporting person?

Yes — the excerpt lists a 4,600-share open-market purchase (05/17/2017) and 23,000 Restricted Stock Units (12/28/2017). These items appear in the securities-to-be-sold / issuer information section.

Was the 07/06/2026 sale executed under a trading plan?

The excerpt identifies the sale as a 10b5-1 sale for Steven Pieper on 07/06/2026. That phrasing indicates the sale was reported as executed under a 10b5-1 plan in the disclosure.

Who filed the Form 144 for this transaction?

The filer listed is Morgan Stanley Smith Barney LLC at 1 New York Plaza, New York, NY. That broker-dealer name and address appear in the filer information block of the excerpt.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	27600	231012.00	172642055	07/07/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	05/17/2017	Open Market Purchase	Issuer			4600	05/17/2017	Cash
Common	12/28/2017	Restricted Stock Units	Issuer			23000	12/28/2017	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for STEVEN PIEPER 1375 West Fulton Street, Suite 1300 Chicago IL 60607	Common	07/06/2026	17400	147900.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)