CEO's $353K open-market sale without a 10b5-1 plan is a material insider signal. Monitor upcoming clinical data readouts or earnings for potential negative catalyst. Watch for any subsequent 8-K or press release for any material adverse event.
Price Chart
Executive Summary
CEO Dan Paterson and CFO Daniel Calkins sold a combined $373K in open-market sales on October 1, 2026, at $8.00/share. The CEO sale ($353K) is the dominant event; the CFO's sale ($21K) is minor. No 10b5-1 plan is indicated, and the sales are not part of a regular pattern, suggesting informed selling ahead of a potential catalyst or data readout.
Key Financial Metrics
Key Facts
- CEO Dan Paterson sold 44,100 shares at $8.00 for $353K on 2026-10-01
- CFO Daniel Calkins sold 2,566 shares at $8.00 for $20,528 on 2026-10-01
- Total open-market sales: $373K, no 10b5-1 plan indicated
- No insider buys in the cluster; net direction is selling
- Sales are not part of a regular pattern — no prior cluster sales in the window
Financial Impact
Total insider sales of $373K, representing approximately 0.11% of market cap (based on ~$326M market cap from snapshot). The CEO sale alone is 0.11% of market cap.
Risk Factors
- CEO sold a material amount without a plan — potential negative catalyst ahead
- No insider buying to offset the selling signal
- Biotech insider selling often precedes negative clinical data or financing events
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-VSTM-1790975779781 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 12d ago | 8-K | $9.23 | awaiting T+60 | — | $10.00 (−8.34%) |
Oct 14, 2026 12d ago | 424B5 | $9.23 | awaiting T+60 | — | $10.00 (−8.34%) |
Oct 14, 2026 12d ago | 424B5 | $9.23 | awaiting T+60 | — | $10.00 (−8.34%) |
Oct 14, 2026 12d ago | 8-K | $7.71 | awaiting T+60 | — | $10.00 (+29.70%) |
Oct 2, 2026 24d ago | Insider Cluster | $8.00 | awaiting T+60 | — | $10.00 (−25.00%) |
Jun 23, 2026 17w ago | 8-K | $3.85 $7.55 | ▲ +96.10% | ▲ +93.27% | $10.00 (+159.74%) |
Jun 17, 2026 18w ago | 8-K | $4.17 $7.32 | ▲ +75.54% | ▲ +72.39% | $10.00 (+139.81%) |
Jun 11, 2026 19w ago | Institutional Cluster | $4.10 $8.08 | ▲ +97.07% | ▲ +93.81% | $10.00 (+143.90%) |
Jun 11, 2026 19w ago | Institutional Cluster | $3.94 $8.20 | ▲ +108.12% | ▲ +103.73% | $10.00 (+153.81%) |
May 27, 2026 21w ago | 3 | $4.29 $6.89 | ▲ +60.61% | ▲ +58.87% | $10.00 (+133.10%) |
US Market Status
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