Form 4: REGENXBIO Executive Olivier Danos Reports Stock Transactions
SEC Form 4 Filing
REGENXBIO's Chief Scientific Officer, Olivier Danos, reports the withholding of shares for tax obligations and the acquisition of restricted stock units and stock options.
Summary
- On January 2, 2025, Olivier Danos, Chief Scientific Officer of REGENXBIO Inc., reported transactions involving the company's stock.
- 12,630 shares of common stock were withheld to cover tax obligations related to the vesting of restricted stock units, at a price of $7.73 per share.
- Danos also acquired 59,347 shares of common stock underlying a time-based restricted stock unit award.
- Additionally, Danos acquired options to purchase 95,721 shares of common stock at an exercise price of $7.86.
- Following these transactions, Danos beneficially owns 231,800 shares of common stock and options to purchase 95,721 shares.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The transactions are routine and expected as part of executive compensation. There's no indication of unusual activity or concerns.
Positives
- The acquisition of restricted stock units and stock options by a key executive could be seen as a positive sign of confidence in the company's future performance.
Negatives
- The withholding of shares to cover tax obligations, while routine, represents a reduction in the executive's direct shareholding.
Risks
- Executive stock transactions are subject to market fluctuations and company performance, which could impact the value of the holdings.
- Vesting schedules for restricted stock units and stock options are contingent upon continued service with the company.
Future Outlook
The vesting schedules for the restricted stock units and stock options extend out to January 1, 2029, and January 2, 2035, respectively, indicating a long-term incentive structure for the executive.
Industry Context
Executive stock transactions are a common practice in publicly traded companies, often used to align management's interests with those of shareholders. The vesting schedules and exercise prices are designed to incentivize long-term performance.
Comparison to Industry Standards
- Stock option and RSU grants are standard compensation practices in the biotechnology industry, used to attract and retain talent.
- Vesting schedules of 3-4 years are typical for these types of equity awards.
- Companies like BioMarin, Sarepta Therapeutics, and Vertex Pharmaceuticals also utilize similar equity compensation strategies for their executives.
Stakeholder Impact
- The transactions have a minor impact on shareholders, as they involve the transfer of shares already authorized and outstanding.
- Employees may view the executive's stock ownership as a positive sign of commitment to the company's success.
Key Dates
| Date | Description |
|---|---|
| 01/04/2021 | Original grant date of restricted stock units. |
| 01/03/2022 | Original grant date of restricted stock units. |
| 01/03/2023 | Original grant date of restricted stock units. |
| 01/02/2024 | Original grant date of restricted stock units. |
| 12/31/2024 | Date used to determine the number of shares withheld for taxes. |
| 01/02/2025 | Date of reported transactions. |
| 01/06/2025 | Date of signature on the Form 4. |
| 01/01/2026 | First vesting date for 25% of the shares subject to the RSU. |
| 01/02/2026 | First vesting date for 25% of the shares subject to the stock options. |
| 01/01/2027 | Second vesting date for 25% of the shares subject to the RSU. |
| 01/01/2028 | Third vesting date for 25% of the shares subject to the RSU. |
| 01/01/2029 | Final vesting date for 25% of the shares subject to the RSU. |
| 01/02/2035 | Expiration date of the stock options. |
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