Options Exercise: Janux Executive Sells 16,665 Shares for $501,000
Meyer Andrew Hollman, Chief Business Officer at Janux Therapeutics (NASDAQ:JANX), exercised 16,665 options and immediately sold the resulting shares for a transaction value of approximately $501,000 on October 28, 2025, according to a recent SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold | 16,665 |
| Transaction value | ~$501,000 |
| Post-transaction shares | 82,139 |
| Post-transaction value (direct ownership) | ~$2,444,500 |
Transaction value is based on the SEC Form 4 weighted average purchase price of $30.06 as of the transaction date (October 28, 2025).
Key questions
What was the nature of this insider transaction?
This was a derivative-based event: Meyer Andrew Hollman exercised 16,665 stock options and immediately sold all acquired shares, converting options into cash without increasing his net equity stake in the company.
How significant was this sale relative to the insider’s holdings?
The 16,665 shares sold accounted for 16.87% of Hollman's direct holdings prior to the transaction as of October 28, 2025, a single-day disposition materially larger than the median administrative sale size of 3,334 shares during the recent period (February 3, 2025 to October 28, 2025).
What liquidity or capacity does the insider retain post-transaction?
Following this transaction, Hollman retains 82,139 shares in direct ownership, valued at approximately $2.44 million as of the transaction date.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 10/28/25) | $30.06 |
| Market capitalization | $1.64 billion |
| Net income (TTM) | -$105.64 million |
| 1-year price change | -51.01% |
*1-year price change calculated using October 28, 2025 as the reference date.
Company snapshot
Janux Therapeutics is an early-stage biotechnology company specializing in innovative immunotherapies for cancer, built on its proprietary TRACTr and TRACIr platforms. The company’s strategy focuses on developing differentiated biologics that selectively activate immune cells within the tumor microenvironment. With a focused pipeline and proprietary technology base, Janux develops targeted oncology therapeutics.
Foolish take
This transaction represents a routine "exercise-and-sell" maneuver where an executive converted stock options into shares and immediately sold them. For a Chief Business Officer at a clinical-stage biotech like Janux, the $501,000 transaction size is relatively modest and typical for compensation-related activity.
When executives exercise options, they owe taxes on the gain, so selling shares immediately covers that liability while locking in profit. The timing (October 2025) and size suggest this was part of normal equity compensation management, not necessarily a reflection of insider sentiment about the company's prospects.
However, investors should be aware that clinical-stage biotech stocks like Janux are inherently volatile and represent significant risk. A single trial result can cause dramatic movements in a biotech stock, as happened recently with Janux. The stock crashed by around 50% in early December 2025, following disappointing Phase 1 clinical trial data for the company's prostate cancer drug JANX007. Due to the unpredictable nature of biotech stocks such as Janux, they are only recommended for investors with a high risk tolerance.
Glossary
Insider transaction: A trade involving company shares by an executive, director, or major shareholder.
Stock options: Contracts granting the right to buy company shares at a set price within a specified period.
Option exercise: When an individual uses their right to buy shares under a stock option agreement.
Derivative-based event: A transaction involving financial instruments whose value is based on an underlying asset, such as stock options.
Form 4: A required SEC filing disclosing insider trades of company securities by officers, directors, or major shareholders.
Weighted average purchase price: The average price per share, weighted by the number of shares sold at each price.
Direct ownership: Shares held and controlled directly by an individual, not through intermediaries or trusts.
Disposition: The act of selling or otherwise transferring ownership of an asset, such as company shares.
TRACTr: Janux's proprietary platform for tumor-activated T cell engager therapeutics targeting cancer.
TRACIr: Janux's proprietary platform for tumor-activated immunomodulator therapeutics.
Tumor microenvironment: The environment surrounding a tumor, including immune cells, blood vessels, and signaling molecules.
TTM: The 12-month period ending with the most recent quarterly report.
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Sara Appino has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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