Form 4: Aprea CEO Oren Gilad Boosts Stake via Private Placement

Aprea Therapeutics CEO and President Oren Gilad acquired pre-funded and common warrants through a private placement, increasing his beneficial ownership.

Summary

• Oren Gilad, Aprea Therapeutics' President and CEO, participated in a private placement that closed on December 10, 2025.
• Acquired 21,459 pre-funded warrants to purchase common stock at an exercise price of $0.0001 per share, with a purchase price of $1.165 per pre-funded warrant.
• Also received 21,459 accompanying common warrants to purchase common stock at an exercise price of $1.04 per share.
• Both the pre-funded warrants and common warrants are immediately exercisable.
• Exercise of both warrant types is subject to beneficial ownership limitations, preventing the holder from exceeding 4.99% of outstanding common stock or 9.99% of combined voting power.
• The common warrants will expire on the fifth year anniversary of the earlier of the registration statement's effective date or the date the underlying shares become eligible for sale under Rule 144.
• Gilad directly owns 345,620 shares of Aprea Therapeutics common stock.
• Indirectly owns 1,200 shares via his daughter and 600 shares via his son, for which he disclaims beneficial ownership.

Sentiment

Score: 7

Explanation: The CEO's personal investment in the company through a private placement of warrants is generally a positive signal, indicating management's confidence. However, the filing itself is purely transactional and doesn't provide operational or financial performance details.

Positives

• CEO Oren Gilad's personal investment in the company through the acquisition of warrants signals confidence in Aprea Therapeutics' future prospects.
• The purchase of warrants at a specific price suggests management believes the stock's value will appreciate above the exercise price.

Risks

• The beneficial ownership limitations (4.99% of common stock or 9.99% of voting power) restrict the immediate full exercise of warrants, potentially limiting the reporting person's ability to fully convert their holdings.
• The value of the acquired warrants is inherently dependent on the future market performance of Aprea Therapeutics' common stock.

Future Outlook

The common warrants will expire on the fifth year anniversary of the earlier of the effective date of the registration statement registering the underlying shares or the date the shares become eligible for sale under Rule 144.

Related Party Transactions

• Oren Gilad, the President and CEO of Aprea Therapeutics, participated in a private placement with the issuer, which constitutes a related party transaction.

Stakeholder Impact

• Shareholders: The CEO's investment may be viewed as a positive signal of confidence in the company's future. However, the private placement could lead to future dilution upon warrant exercise.

Next Steps

• The company will need to ensure the registration statement for the underlying shares of the common warrants becomes effective or that the shares become eligible for sale under Rule 144.

Key Dates

Recommendation

While the CEO's personal investment through warrants is a positive signal of confidence, a Form 4 filing primarily discloses an insider transaction and does not provide sufficient operational or financial data to warrant a 'buy' or 'strong buy' recommendation. Investors should 'hold' and await further financial disclosures to assess the company's performance and strategic direction.

Keywords

Aprea Therapeutics, APRE, Oren Gilad, Form 4, Insider Trading, Private Placement, Warrants, Pre-Funded Warrants, Common Warrants, Beneficial Ownership, CEO Stock Purchase