US Bio CEOs and CFOs Liquidate Shares Worth Billions After Exercising Stock Options

On April 20, Nasdaq-listed biotech United Therapeutics Corporation (UTHR) disclosed that CFO James Edgmond exercised 10,000 stock options and sold them the same day, converting approximately $58–59 million (about KRW 8 billion) into cash. His post-transaction holding fell to 18,876 shares. CEO and Board Chair Martin Rosblatt then exercised 19,000 options over April 21–22 and sold 16,000 shares under a pre-established Rule 10b5-1 plan, raising about $9 million (roughly KRW 12 billion) while retaining direct ownership of 40,513 shares plus indirect holdings through family trusts. In its filing, the company characterized these sales not as new investments but as planned liquidity transactions tied to option exercises. It also noted that Rosblatt’s 10b5-1 plan may remain in effect until the earlier of December 31, 2026, or the exercise of all ~1.73 million options maturing in March 2027.

In a May 6 release, United Therapeutics reported first-quarter 2026 revenue of $781.5 million, down 2% year-over-year, and approved a share repurchase program of up to $2 billion—entering an accelerated repurchase agreement for $1.5 billion to boost shareholder returns (see ). The company also presented Phase 3 Tyvaso TETON-1 results for idiopathic pulmonary fibrosis in the New England Journal of Medicine and at ATS 2026 and secured FDA approval for its first human trial of the UHeart xenotransplant program using genetically modified pig hearts, accelerating its rare-disease and organ-transplantation platform (see ).

Founded in the 1990s by Martin Rosblatt to find a pulmonary arterial hypertension therapy for his daughter, United Therapeutics is a Nasdaq-listed biotech specializing in rare diseases and organ transplantation. In addition to pulmonary hypertension drugs Tyvaso and Remodulin, it is developing xenograft and artificial-organ technologies, with a core objective of expanding the supply of transplantable organs (see ).