George A. Eldridge - 07 Mar 2024 Form 4 Insider Report for Aerovate Therapeutics, Inc. (JBIO)

Signature
/s/ George A. Eldridge
Issuer symbol
JBIO
Transactions as of
07 Mar 2024
Net transactions value
-$593,709
Form type
4
Filing time
11 Mar 2024, 18:00:20 UTC
Previous filing
24 Jan 2024
Next filing
14 Mar 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AVTE Common Stock Options Exercise $47,906 +22,386 +1142% $2.14* 24,346 07 Mar 2024 Direct F1
transaction AVTE Common Stock Sale $559,688 -22,386 -92% $25.00 1,960 07 Mar 2024 Direct F1, F2
transaction AVTE Common Stock Options Exercise $244 +114 +5.8% $2.14* 2,074 08 Mar 2024 Direct F1
transaction AVTE Common Stock Sale $2,850 -114 -5.5% $25.00 1,960 08 Mar 2024 Direct F1
transaction AVTE Common Stock Options Exercise $7,347 +3,433 +175% $2.14* 5,393 11 Mar 2024 Direct F1
transaction AVTE Common Stock Sale $86,404 -3,423 -63% $25.24 1,970 11 Mar 2024 Direct F1, F3
transaction AVTE Common Stock Sale $263 -10 -0.51% $26.30 1,960 11 Mar 2024 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction AVTE Stock Option (Right to Buy) Options Exercise $0 -1,400 -4.7% $0.000000 28,263 07 Mar 2024 Common Stock 1,400 $2.14 Direct F1, F4
transaction AVTE Stock Option (Right to Buy) Options Exercise $0 -20,986 -26% $0.000000 58,877 07 Mar 2024 Common Stock 20,986 $2.14 Direct F1, F5
transaction AVTE Stock Option (Right to Buy) Options Exercise $0 -114 -0.19% $0.000000 58,763 08 Mar 2024 Common Stock 114 $2.14 Direct F1, F5
transaction AVTE Stock Option (Right to Buy) Options Exercise $0 -3,433 -5.8% $0.000000 55,330 11 Mar 2024 Common Stock 3,433 $2.14 Direct F1, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

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).

Explanation of Responses:

Id Content
F1 This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 17, 2023.
F2 The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $25.00 to $25.289, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the SEC staff upon request.
F3 The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $25.00 to $25.88, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the SEC staff upon request.
F4 A total of 50,850 shares subject to an employee stock option were granted on April 2, 2021, with 25% of this option vested on March 22, 2022, and the remainder vesting in 36 substantially equal monthly installments thereafter.
F5 A total of 98,676 shares subject to an employee stock option were granted on April 2, 2021, with 25% of this option vested on June 4, 2022, and the remainder vesting in 36 substantially equal monthly installments thereafter.

Remarks:

Officer Title: Chief Financial Officer and Treasurer