Zedelmayer Christine 4

What Happened
Christine Zedelmayer, Senior Vice President and Chief Operating Officer of Equillium (EQ), exercised stock options for 120,312 shares (code M) and sold the same 120,312 shares in open-market transactions on March 13, 2026. The exercise reported an aggregate cost of $94,445 (exercise price $0.79 per share). The shares were sold at a weighted-average price of $2.50 per share for gross proceeds of $300,816 (prices ranged $2.515–$2.50). The transactions were executed under a Rule 10b5-1 trading plan.

Key Details

• Transaction date: March 13, 2026
• Option exercise: 120,312 shares at $0.79 each; aggregate exercise cost $94,445 (code M)
• Open-market sale: 120,312 shares at weighted-average $2.50; gross proceeds $300,816 (code S)
• Sale executed pursuant to a Rule 10b5-1 plan adopted Aug 27, 2025 (Footnote F1)
• Sale prices ranged $2.515 to $2.50; weighted average shown (Footnote F2)
• Vesting note: option vests 25% after one year, remainder in 36 monthly installments (Footnote F3)
• Shares owned after the transaction: not specified in the Form 4 filing
• Filing date: March 16, 2026 (reporting period: March 13, 2026)

Context
This was an exercise of options followed by an immediate sale of the exercised shares — effectively a cashless exercise where the insider converted options to shares and sold them the same day. The use of a pre-established 10b5-1 plan indicates the sale was scheduled in advance; this is common for insiders to avoid timing questions. The filing is factual and does not by itself indicate insider sentiment beyond the reported transactions.