Form 4: Terns Pharmaceuticals Director Jill M. Quigley Sells Shares to Cover Taxes and Under 10b5-1 Plan

Director Jill M. Quigley of Terns Pharmaceuticals sold shares of common stock to cover taxes and under a pre-arranged Rule 10b5-1 trading plan.

Summary

• On August 1, 2024, Jill M. Quigley, a director of Terns Pharmaceuticals, sold 6,143 shares of common stock at a weighted average price of $7.6751.
• The sale was to satisfy taxes associated with the vesting of a restricted stock unit award.
• On August 2, 2024, Quigley sold an additional 8,857 shares of common stock at a weighted average price of $7.5005.
• These transactions were executed under a Rule 10b5-1 trading plan adopted on March 18, 2024.
• Following these transactions, Quigley directly owns 15,000 shares of Terns Pharmaceuticals common stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports stock sales by a director, which are not inherently positive or negative. The sales are partly to cover taxes and partly under a pre-arranged plan, suggesting no particular concern about the company's prospects.

Industry Context

Sales by company insiders are a common occurrence and are often related to personal financial planning or diversification strategies. The use of a 10b5-1 trading plan suggests the insider is selling shares according to a pre-arranged schedule to avoid accusations of trading on inside information.

Stakeholder Impact

• The stock sales could have a minor negative impact on shareholder sentiment, although the use of a 10b5-1 plan mitigates concerns about insider trading.

Key Dates