Insider Trading Report: December 30, 2025 — Notable Transactions

Insider trading activity filed on December 30, 2025 reveals a diverse mix of transactions across multiple sectors, with notable purchases in small-cap biotechnology and industrial companies. The day's filings include 14 distinct transactions spanning 8 different companies, ranging from micro-cap stocks to established financial services firms with multi-billion dollar market capitalizations.

The transactions filed today demonstrate varied insider motivations, from significant insider purchases signaling confidence in company prospects to routine compensation-related awards and tax payments. Purchase activity was particularly notable at Airship AI Holdings and Entera Bio, where company officers made substantial acquisitions at current market prices. Meanwhile, routine administrative transactions dominated activity at companies like T. Rowe Price Group and VRCA.

Understanding insider trading patterns requires context. While insider purchases often signal confidence in a company's future prospects, sales can occur for numerous reasons including diversification, tax planning, or pre-scheduled trading programs. The transactions below represent publicly filed Form 4 disclosures with the SEC, providing transparency into how corporate insiders are positioning their personal holdings.

Notable Insider Transactions

VRCA - $77.82M Market Cap

Transaction Details:

• Insider: Caligan Partners LP — See Remarks
• Transaction Type: Other
• Shares: 1,031,559 shares at $6.32
• Total Value: $6,514,295.09
• Filing Date: December 30, 2025
• Transaction Date: November 25, 2025
• Ownership After: 0 shares

Recent Developments:
No recent news available for this company.

Context:
This represents the largest transaction by value filed on December 30, 2025. The transaction resulted in zero shares owned after completion, suggesting a full disposition of the position. Caligan Partners LP also filed multiple other transactions on the same date, including a historical transaction from November 2024 valued at $5.6 million.

MPTI (M-tron Industries) - $148.98M Market Cap

Transaction Details:

• Insider: Cameron Pforr — CEO and CFO
• Transaction Type: In-The-Money Option Exercise
• Shares: 10,000 shares at $47.50
• Total Value: $475,000.00
• Filing Date: December 30, 2025
• Transaction Date: December 22, 2025
• Ownership After: 10,000 shares

Recent Developments:

• December 27, 2025: M-tron Industries stock traded 1.5% higher, reaching $51.20 per share with approximately 17,676 shares changing hands (Defense World)
• December 23, 2025: Zacks Investment Research compared MPTI favorably against Babcock International Group in the Engineering R&D Services sector
• December 18, 2025: Mtron was named 2025 FloridaMakes Manufacturer Employer of Choice, recognizing the company as a leading provider of high-performance radio frequency components and solutions (PRNewsWire)

Context:
The CEO and CFO exercised in-the-money options to acquire 10,000 shares, representing the entirety of their post-transaction holdings. The exercise price of $47.50 was below the recent trading price of $51.20, indicating a profitable transaction. The timing coincides with positive company recognition and favorable analyst coverage.

AISP (Airship AI Holdings) - $84.95M Market Cap

Transaction Details:

• Insider: Paul M. Allen — President
• Transaction Type: Purchase
• Shares: 100,000 shares at $2.74
• Total Value: $274,270.00
• Filing Date: December 30, 2025
• Transaction Date: December 29, 2025
• Ownership After: 151,948 shares

Recent Developments:

• December 30, 2025: Shares of Airship AI traded down 2.5% during Monday trading, with the stock trading as low as $2.71 and closing at $2.76. Trading volume reached 1,099,730 shares (Defense World)

Context:
The President made a substantial open-market purchase of 100,000 shares at $2.74, increasing holdings by approximately 192%. This purchase occurred as the stock experienced downward pressure, potentially signaling insider confidence at current valuation levels. The purchase represents a significant commitment relative to the insider's existing position.

ENTX (Entera Bio) - $82.53M Market Cap

Transaction Details:

• Insider: Miranda Jayne Toledano — Chief Executive Officer and Director
• Transaction Type: Purchase
• Shares: 11,000 shares at $1.81
• Total Value: $19,912.20
• Filing Date: December 30, 2025
• Transaction Date: December 29, 2025
• Ownership After: 426,575 shares

Recent Developments:

• December 23, 2025: Entera Bio congratulated the FNIH-ASBMR-SABRE Team on FDA's qualification of Total Hip BMD as a regulatory endpoint for osteoporosis drug development. This FDA qualification further supports Entera's July 2025 FDA alignment and regulatory strategy for EB613 (GlobeNewsWire)
• December 22, 2025: Entera Bio announced new data supporting development of a proprietary first-in-class oral, long-acting PTH tablet for patients with hypoparathyroidism (EB612 Program). The novel PTH analog achieved sustained calcium elevation for over 3 days from a single oral tablet (GlobeNewsWire)

Context:
The CEO and Director purchased 11,000 shares following positive regulatory developments and clinical data announcements. The purchase represents approximately 2.6% increase to existing holdings and occurred shortly after significant FDA-related news that could impact the company's drug development pipeline.

TROW (T. Rowe Price Group) - $23.10B Market Cap

Transaction Details:

• Insider: Robert W. Sharps — CEO and President
• Transaction Type: Gift
• Shares: 1,067 shares
• Total Value: N/A
• Filing Date: December 30, 2025
• Transaction Date: December 29, 2025
• Ownership After: 555,856.99 shares

Recent Developments:

• December 30, 2025: Boston Trust Walden Corp reduced its stake in T. Rowe Price by 29.2% during the quarter, according to SEC filings (Defense World)
• December 22, 2025: T. Rowe Price closed at $104.80, up 1.47% from the previous trading day, exceeding market returns (Zacks Investment Research)
• December 18, 2025: Zacks identified T. Rowe Price as a strong value stock based on their Style Scores methodology
• December 17, 2025: Zacks highlighted TROW as a top momentum stock for long-term investors

Context:
This transaction represents a gift of shares rather than a market transaction, which is a routine occurrence for estate planning or charitable purposes. The CEO maintains substantial holdings of over 555,000 shares after the gift. Recent analyst coverage has been positive, with the stock showing both value and momentum characteristics.

Full Transaction Table

Market Themes

Insider Purchases Signal Confidence: The most notable theme from December 30 filings is the presence of meaningful insider purchases at small-cap companies. Both Airship AI's President and Entera Bio's CEO made substantial open-market purchases at current prices, with the Airship AI transaction representing a near-doubling of the insider's position. These purchases occurred despite recent stock price weakness, potentially indicating insider conviction at current valuations.

Biotechnology Sector Activity: Two of the three significant purchases occurred in biotechnology companies (ENTX and AISP), with Entera Bio's purchase following positive FDA-related regulatory developments. This sector concentration may reflect insider confidence in upcoming catalysts or clinical milestones.

Routine Administrative Transactions Dominate: The majority of transactions filed were routine in nature, including compensation awards, tax payments, gifts, and administrative adjustments. These transactions—while required to be disclosed—typically don't signal meaningful changes in insider sentiment about company prospects.

Small-Cap Focus: With the exception of T. Rowe Price Group's $23.1 billion market cap, all notable transactions occurred at companies with market capitalizations below $200 million. This pattern is typical, as insider transactions tend to be more significant relative to company size at smaller firms.

How to Interpret Insider Trading

Form 4 Filings and SEC Requirements: Corporate insiders—including officers, directors, and beneficial owners of more than 10% of a company's stock—must file Form 4 with the Securities and Exchange Commission within two business days of any transaction in company securities. These filings provide transparency into how those with the most intimate knowledge of a company are managing their personal holdings.

What Insider Buying Typically Signals: Insider purchases, particularly open-market purchases with personal funds, are generally viewed as bullish signals. Insiders have access to non-public information about company operations, strategy, and prospects, and their willingness to commit personal capital can indicate confidence in future performance. Purchases are especially noteworthy when they are large relative to an insider's existing holdings or when multiple insiders purchase simultaneously.

What Insider Selling Typically Signals: Insider sales are more ambiguous and require careful interpretation. Insiders may sell for numerous legitimate reasons unrelated to company prospects, including diversification, tax planning, estate planning, or personal liquidity needs. Many executives participate in Rule 10b5-1 trading plans that schedule sales in advance, removing discretion from the timing. Sales are more concerning when they are unusually large, occur outside of regular patterns, or involve multiple insiders selling simultaneously.

Limitations and Caveats: Insider trading data should never be used in isolation. Consider the context of each transaction, including the type of transaction (purchase vs. award vs. option exercise), the insider's role, the size relative to their holdings, and recent company developments. Some transaction types—such as option exercises, tax payments in shares, and compensation awards—are routine and don't reflect discretionary decisions about company value.

How to Use This Data in Research: Insider trading data is most valuable when combined with fundamental analysis, technical analysis, and broader market research. Look for patterns such as multiple insiders buying, unusually large purchases, or purchases that deviate from an insider's historical trading patterns. Cross-reference insider activity with recent company news, earnings reports, and industry developments to understand potential motivations.

This is Informational, Not Advice: The information presented here is for educational and informational purposes only. Insider trading data represents historical transactions and does not constitute a recommendation to buy or sell any security. Every investor's situation is unique, and investment decisions should be based on individual circumstances, risk tolerance, and comprehensive research.

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