VBIO · Valion Bio, Inc.
Substantial doubt about the company's ability to continue as a going concern.
“Based on the Company’s current cash levels and burn rate, amongst other things, the Company believes its cash and financial resources may be insufficient to meet the Company’s anticipated needs for the twelve months following the date of issuance of the financial statements for the six months ended June 30, 2026, included elsewhere in this Report, which raises substantial doubt about the Company’s ability to continue as a going concern within one year from the issuance date of the financial statements.”View the 10-Q filed Aug 14, 2026
Trades by corporate insiders — officers, directors and holders of more than 10% of the shares — disclosed to the SEC on Forms 4 and 5. Form 3 supplies initial ownership rather than a trade; Form 4 must be filed within two business days of the trade.
| Date | Insider | Role | Type | Security | Shares |
|---|---|---|---|---|---|
| 2026-06-18 | Wolf Lisa G |
Chief Financial Officer |
Convert↑
Filing footnotes — Common Stock (Direct)
Each Restricted Stock Unit is convertible into one share of Common Stock. |
Common Stock
|
92 |
| 2026-06-18 | Wolf Lisa G |
Chief Financial Officer |
Convert↓
Filing footnotes — Restricted Stock Units (Direct)
Each Restricted Stock Unit is convertible into one share of Common Stock. Fifty percent (50%) of the Restricted Stock Units vested upon the one (1) year anniversary of the date of grant, December 18, 2024 (the "Vesting Commencement Date"), and the balance of the Restricted Stock Units will be vested in a series of eight (8) successive equal quarterly installments measured from the first anniversary of the Vesting Commencement Date such that one hundred percent (100%) of the Restricted Stock Units shall have vested on the third anniversary of the Vesting Commencement Date. |
Restricted Stock Units
|
92 |
| 2026-05-18 | Handley Michael K |
Chief Operating Officer |
Convert↓
Filing footnotes — Restricted Stock Units (Direct)
Each Restricted Stock Unit is convertible into one share of common stock. Twenty percent (25%) of the grant of 35,294 Restricted Stock Units vested upon the one (1) year anniversary of the Vesting Commencement Date, and the balance of the Restricted Stock Units will be vested in a series of twelve (12) successive equal quarterly installments measured from the first anniversary of the Vesting Commencement Date such that one hundred percent (100%) of the Restricted Stock Units shall have vested on the fourth anniversary of the Vesting Commencement Date. |
Restricted Stock Units
|
2,206 |
| 2026-05-18 | Handley Michael K |
Chief Operating Officer |
Convert↑
Filing footnotes — Common Stock (Direct)
Each Restricted Stock Unit is convertible into one share of common stock. |
Common Stock
|
2,206 |
| 2026-05-01 | Lackey Melinda |
Legal & Administration |
Award↑
Filing footnotes — Employee Stock Option (Right to Purchase) (Direct)
The stock option vests as follows: (i) 25% upon the first anniversary of the grant date, and (ii) the remaining 75% in a series of twelve (12) successive equal quarterly installments, rounded downward to the nearest whole share, measured from the first anniversary of the grant date, such that 100% of the stock option will be vested upon the fourth anniversary of the grant date. |
Employee Stock Option (Right to Purchase)
|
45,000 |
| 2026-04-15 | Bolton Sheryle |
Director |
Buy↑
|
Common Stock
|
10,000 |
| 2026-04-01 | Valauri Christina Rizopoulos |
Director |
Buy↑
|
Common Stock
|
19,000 |
| 2026-03-18 | Wolf Lisa G |
Chief Financial Officer |
Convert↓
Filing footnotes — Restricted Stock Units (Direct)
Each Restricted Stock Unit is convertible into one share of Common Stock. Fifty percent (50%) of the Restricted Stock Units vested upon the one (1) year anniversary of the date of grant, December 18, 2024 (the "Vesting Commencement Date"), and the balance of the Restricted Stock Units will be vested in a series of eight (8) successive equal quarterly installments measured from the first anniversary of the Vesting Commencement Date such that one hundred percent (100%) of the Restricted Stock Units shall have vested on the third anniversary of the Vesting Commencement Date. These numbers have been adjusted to reflect the reverse stock split of the common stock of Tivic Health Systems, Inc., which underwent a reverse stock split at a ratio of 1-for-17 on March 7, 2025. |
Restricted Stock Units
|
92 |
| 2026-03-18 | Wolf Lisa G |
Chief Financial Officer |
Convert↑
Filing footnotes — Common Stock (Direct)
Each Restricted Stock Unit is convertible into one share of Common Stock. These numbers have been adjusted to reflect the reverse stock split of the common stock of Tivic Health Systems, Inc., which underwent a reverse stock split at a ratio of 1-for-17 on March 7, 2025. |
Common Stock
|
92 |
| 2026-02-18 | Handley Michael K |
Chief Operating Officer |
Convert↓
Filing footnotes — Restricted Stock Units (Direct)
Each Restricted Stock Unit is convertible into one share of Common Stock. Twenty percent (25%) of the Restricted Stock Units will vest upon the one (1) year anniversary of the Vesting Commencement Date, and the balance of the Restricted Stock Units will be vested in a series of twelve (12) successive equal quarterly installments measured from the first anniversary of the Vesting Commencement Date such that one hundred percent (100%) of the Restricted Stock Units shall have vested on the fourth anniversary of the Vesting Commencement Date. |
Restricted Stock Units
|
8,824 |
| 2026-02-18 | Handley Michael K |
Chief Operating Officer |
Convert↑
Filing footnotes — Common Stock (Direct)
Each Restricted Stock Unit is convertible into one share of Common Stock. |
Common Stock
|
8,824 |
| 2025-12-18 | Wolf Lisa G |
Chief Financial Officer |
Convert↓
Filing footnotes — Restricted Stock Units (Direct)
Each Restricted Stock Unit is convertible into one share of Common Stock. Fifty percent (50%) of the Restricted Stock Units will vest upon the one (1) year anniversary of the date of grant, December 18, 2024 (the "Vesting Commencement Date"), and the balance of the Restricted Stock Units will be vested in a series of eight (8) successive equal quarterly installments measured from the first anniversary of the Vesting Commencement Date such that one hundred percent (100%) of the Restricted Stock Units shall have vested on the third anniversary of the Vesting Commencement Date. |
Restricted Stock Units
|
736 |
| 2025-12-18 | Ernst Jennifer |
Director, Chief Executive Officer |
Convert↑
Filing footnotes — Common Stock (Direct)
Each Restricted Stock Unit is convertible into one share of Common Stock. |
Common Stock
|
14,706 |
| 2025-12-18 | Ernst Jennifer |
Director, Chief Executive Officer |
Tax↓
Filing footnotes — Common Stock (Direct)
The Reporting Person forfeited 5,262 shares of Common Stock upon vesting and settlement of 14,706 outstanding Restricted Stock Units to cover tax withholdings, using the market price of the Issuer's common stock at the time of forfeiture. |
Common Stock
|
5,262 |
| 2025-12-18 | Wolf Lisa G |
Chief Financial Officer |
Tax↓
Filing footnotes — Common Stock (Direct)
The Reporting Person forfeited 302 shares of Common Stock upon vesting and settlement of 736 outstanding Restricted Stock Units to cover tax withholdings, using the market price of the Issuer's common stock at the time of forfeiture. |
Common Stock
|
302 |
| 2025-12-18 | Ernst Jennifer |
Director, Chief Executive Officer |
Convert↓
Filing footnotes — Restricted Stock Units (Direct)
Each Restricted Stock Unit is convertible into one share of Common Stock. Fifty percent (50%) of the Restricted Stock Units will vest upon the one (1) year anniversary of the date of grant, December 18, 2024 (the "Vesting Commencement Date"), and the balance of the Restricted Stock Units will be vested in a series of eight (8) successive equal quarterly installments measured from the first anniversary of the Vesting Commencement Date such that one hundred percent (100%) of the Restricted Stock Units shall have vested on the third anniversary of the Vesting Commencement Date. |
Restricted Stock Units
|
14,706 |
| 2025-12-18 | Wolf Lisa G |
Chief Financial Officer |
Convert↑
Filing footnotes — Common Stock (Direct)
Each Restricted Stock Unit is convertible into one share of Common Stock. |
Common Stock
|
736 |
| 2025-09-22 | Ernst Jennifer |
Director, Chief Executive Officer |
Award↑
|
Common Stock
|
22,541 |
| 2025-08-06 | Valauri Christina Rizopoulos |
Director |
Award↑
Filing footnotes — Stock Option (Right to Purchase) (Direct)
The stock option vests in a series of four (4) successive equal quarterly installments, rounded downward to the nearest whole share, measured from the grant date, such that 100% of the stock option will be vested upon the first anniversary of the grant date. |
Stock Option (Right to Purchase)
|
7,500 |
| 2025-08-06 | Wolf Lisa G |
Chief Financial Officer |
Award↑
Filing footnotes — Employee Stock Option (Right to Purchase) (Direct)
This Amendment No. 1 ("Form 4/A") to the Form 4 filed by the reporting person on August 8, 2025 (the "Original Form 4") is being filed to correct an administrative error, resulting in the incorrect vesting schedule for the stock option being included in the Original Form 4. As reflected in this Form 4/A, the stock option vests as follows: (i) 25% upon the first anniversary of the grant date, and (ii) the remaining 75% in a series of twelve (12) successive equal quarterly installments, rounded downward to the nearest whole share, measured from the first anniversary of the grant date, such that 100% of the stock option will be vested upon the fourth anniversary of the grant date. |
Employee Stock Option (Right to Purchase)
|
80,000 |
| 2025-08-06 | Handley Michael K |
Chief Operating Officer |
Award↑
Filing footnotes — Employee Stock Option (Right to Purchase) (Direct)
This Amendment No. 1 ("Form 4/A") to the Form 4 filed by the reporting person on August 8, 2025 (the "Original Form 4") is being filed to correct an administrative error, resulting in the incorrect vesting schedule for the stock option being included in the Original Form 4. As reflected in this Form 4/A, the stock option vests as follows: (i) 25% upon the first anniversary of the grant date, and (ii) the remaining 75% in a series of twelve (12) successive equal quarterly installments, rounded downward to the nearest whole share, measured from the first anniversary of the grant date, such that 100% of the stock option will be vested upon the fourth anniversary of the grant date. |
Employee Stock Option (Right to Purchase)
|
45,000 |
| 2025-08-06 | Ernst Jennifer |
Director, Chief Executive Officer |
Award↑
Filing footnotes — Employee Stock Option (Right to Purchase) (Direct)
This Amendment No. 1 ("Form 4/A") to the Form 4 filed by the reporting person on August 8, 2025 (the "Original Form 4") is being filed to correct an administrative error, resulting in the incorrect vesting schedule for the stock option being included in the Original Form 4. As reflected in this Form 4/A, the stock option vests as follows: (i) 25% upon the first anniversary of the grant date, and (ii) the remaining 75% in a series of twelve (12) successive equal quarterly installments, rounded downward to the nearest whole share, measured from the first anniversary of the grant date, such that 100% of the stock option will be vested upon the fourth anniversary of the grant date. |
Employee Stock Option (Right to Purchase)
|
85,000 |
| 2025-08-06 | Bolton Sheryle |
Director |
Award↑
Filing footnotes — Stock Option (Right to Purchase) (Direct)
The stock option vests in a series of four (4) successive equal quarterly installments, rounded downward to the nearest whole share, measured from the grant date, such that 100% of the stock option will be vested upon the first anniversary of the grant date. |
Stock Option (Right to Purchase)
|
12,500 |
| 2025-08-06 | Zikria Dean |
Director |
Award↑
Filing footnotes — Stock Option (Right to Purchase) (Direct)
The stock option vests in a series of four (4) successive equal quarterly installments, rounded downward to the nearest whole share, measured from the grant date, such that 100% of the stock option will be vested upon the first anniversary of the grant date. |
Stock Option (Right to Purchase)
|
7,500 |
| 2025-02-21 | Handley Michael K |
Chief Operating Officer |
Award↑
Filing footnotes — Restricted Stock Units (Direct)
Each Restricted Stock Unit is convertible into one share of common stock. Represents 600,000 restricted stock units granted to the Reporting Person outside of the Issuer's Amended and Restated 2021 Equity Incentive Plan (the "Plan"), in connection with, and as a material inducement to, the hiring and appointment of the Reporting Person as Chief Operating Officer of the Issuer. Twenty percent (25%) of the Restricted Stock Units will vest upon the one (1) year anniversary of the Vesting Commencement Date, and the balance of the Restricted Stock Units will be vested in a series of twelve (12) successive equal quarterly installments measured from the first anniversary of the Vesting Commencement Date such that one hundred percent (100%) of the Restricted Stock Units shall have vested on the fourth anniversary of the Vesting Commencement Date. |
Restricted Stock Units
|
600,000 |
| 2024-12-18 | Zikria Dean |
Director |
Award↑
Filing footnotes — Stock Option (Right to Purchase) (Direct)
The Option Shares will vest and become exercisable in a series of twelve (12) successive equal monthly installments, rounded downward to the nearest whole share, measured from the Vesting Commencement Date, such that 100% of the Option Shares will be vested and exercisable upon the first (1st) anniversary of the Vesting Commencement Date. |
Stock Option (Right to Purchase)
|
12,000 |
| 2024-12-18 | Bolton Sheryle |
Director |
Award↑
Filing footnotes — Stock Option (Right to Purchase) (Direct)
The Option Shares will vest and become exercisable in a series of twelve (12) successive equal monthly installments, rounded downward to the nearest whole share, measured from the Vesting Commencement Date, such that 100% of the Option Shares will be vested and exercisable upon the first (1st) anniversary of the Vesting Commencement Date. |
Stock Option (Right to Purchase)
|
15,000 |
| 2024-12-18 | Gurfein Blake |
Chief Scientific Officer |
Award↑
Filing footnotes — Restricted Stock Units (Direct)
Each Restricted Stock Unit is convertible into one share of Common Stock. Fifty percent (50%) of the Restricted Stock Units will vest upon the one (1) year anniversary of the Vesting Commencement Date, and the balance of the Restricted Stock Units will be vested in a series of eight (8) successive equal quarterly installments measured from the first anniversary of the Vesting Commencement Date such that one hundred percent (100%) of the Restricted Stock Units shall have vested on the third anniversary of the Vesting Commencement Date. |
Restricted Stock Units
|
225,000 |
| 2024-12-18 | Ernst Jennifer |
Director, Chief Executive Officer |
Award↑
Filing footnotes — Restricted Stock Units (Direct)
Each Restricted Stock Unit is convertible into one share of Common Stock. Fifty percent (50%) of the Restricted Stock Units will vest upon the one (1) year anniversary of the Vesting Commencement Date, and the balance of the Restricted Stock Units will be vested in a series of eight (8) successive equal quarterly installments measured from the first anniversary of the Vesting Commencement Date such that one hundred percent (100%) of the Restricted Stock Units shall have vested on the third anniversary of the Vesting Commencement Date. |
Restricted Stock Units
|
500,000 |
| 2024-12-18 | Valauri Christina Rizopoulos |
Director |
Award↑
Filing footnotes — Stock Option (Right to Purchase) (Direct)
The Option Shares will vest and become exercisable in a series of twelve (12) successive equal monthly installments, rounded downward to the nearest whole share, measured from the Vesting Commencement Date, such that 100% of the Option Shares will be vested and exercisable upon the first (1st) anniversary of the Vesting Commencement Date. |
Stock Option (Right to Purchase)
|
12,000 |
| 2024-12-18 | Wolf Lisa G |
Chief Financial Officer |
Award↑
Filing footnotes — Restricted Stock Units (Direct)
Each Restricted Stock Unit is convertible into one share of Common Stock. Fifty percent (50%) of the Restricted Stock Units will vest upon the one (1) year anniversary of the Vesting Commencement Date, and the balance of the Restricted Stock Units will be vested in a series of eight (8) successive equal quarterly installments measured from the first anniversary of the Vesting Commencement Date such that one hundred percent (100%) of the Restricted Stock Units shall have vested on the third anniversary of the Vesting Commencement Date. |
Restricted Stock Units
|
25,000 |
| 2024-08-09 | Zikria Dean |
Director |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
The option vests in a series of twelve (12) successive equal monthly installments, rounded downward to the nearest whole share, from the grant date, such that 100% of the option will be vested upon the first anniversary of the grant date. |
Employee Stock Option (Right to Buy)
|
3,000 |
| 2024-08-09 | Bolton Sheryle |
Director |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
The option vests in a series of twelve (12) successive equal monthly installments, rounded downward to the nearest whole share, from the grant date, such that 100% of the option will be vested upon the first anniversary of the grant date. |
Employee Stock Option (Right to Buy)
|
3,000 |
| 2024-08-09 | Valauri Christina Rizopoulos |
Director |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
The option vests in a series of twelve (12) successive equal monthly installments, rounded downward to the nearest whole share, from the grant date, such that 100% of the option will be vested upon the first anniversary of the grant date. |
Employee Stock Option (Right to Buy)
|
3,000 |
| 2024-08-09 | Drexler Karen |
Director |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
The option vests in a series of twelve (12) successive equal monthly installments, rounded downward to the nearest whole share, from the grant date, such that 100% of the option will be vested upon the first anniversary of the grant date. |
Employee Stock Option (Right to Buy)
|
3,000 |
| 2024-03-12 | Gurfein Blake |
Chief Scientific Officer |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
The option vests as follows: (i) 50% on the first anniversary of the grant date and (ii) the remaining 50% in 12 equal monthly installments over the 12 months thereafter. |
Employee Stock Option (Right to Buy)
|
10,000 |
| 2024-03-12 | Ernst Jennifer |
Director, Chief Executive Officer |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
The option vests as follows: (i) 50% on the first anniversary of the grant date and (ii) the remaining 50% in 12 equal monthly installments over the 12 months thereafter. |
Employee Stock Option (Right to Buy)
|
32,000 |
| 2024-03-12 | Bambach Kimberly Ann |
Interim CFO |
Award↑
|
Common Stock
|
7,500 |
| 2023-06-14 | Bolton Sheryle |
Director |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
The option vests as follows: (i) 50% on the first anniversary of the grant date, (ii) 25% on the second anniversary of the grant date, and (iii) 25% on the third anniversary of the grant date. |
Employee Stock Option (Right to Buy)
|
25,000 |
| 2023-06-14 | Drexler Karen |
Director |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
The option vests as follows: (i) 50% on the first anniversary of the grant date, (ii) 25% on the second anniversary of the grant date, and (iii) 25% on the third anniversary of the grant date. |
Employee Stock Option (Right to Buy)
|
25,000 |
| 2023-06-14 | Zikria Dean |
Director |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
The option vests as follows: (i) 50% on the first anniversary of the grant date, (ii) 25% on the second anniversary of the grant date, and (iii) 25% on the third anniversary of the grant date. |
Employee Stock Option (Right to Buy)
|
25,000 |
| 2023-05-08 | Sabia Ryan |
Chief Operating Officer |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
The option vests as follows: (i) 25% one year from the grant date, and (ii) the remaining 75% in equal monthly installments over the 36 months thereafter. |
Employee Stock Option (Right to Buy)
|
100,000 |
| 2023-05-08 | Ernst Jennifer |
Director, Chief Executive Officer |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
The option vests as follows: (i) 25% one year from the grant date, and (ii) the remaining 75% in equal monthly installments over the 36 months thereafter. |
Employee Stock Option (Right to Buy)
|
125,000 |
| 2023-05-08 | Gurfein Blake |
Chief Scientific Officer |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
The option vests as follows: (i) 25% one year from the grant date, and (ii) the remaining 75% in equal monthly installments over the 36 months thereafter. |
Employee Stock Option (Right to Buy)
|
100,000 |
| 2022-06-14 | Drexler Karen |
Director |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
This Amendment No. 1 ("Form 4/A") to the Form 4 filed by the reporting person on June 16, 2022 (the "Original Form 4") is being filed to correct an administrative error, resulting in the incorrect versting schedule being included for the option. As reflected in this Form 4/A, the option vests as follows: (i) 50% on the first anniversary of the grant date, (ii) 25% on the second anniversary of the grant date, and (iii) 25% on the third anniversary of the grant date. |
Employee Stock Option (Right to Buy)
|
40,000 |
| 2022-06-14 | Zikria Dean |
Director |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
This Amendment No. 1 ("Form 4/A") to the Form 4 filed by the reporting person on June 16, 2022 (the "Original Form 4") is being filed to correct an administrative error, resulting in the incorrect versting schedule being included for the option. As reflected in this Form 4/A, the option vests as follows: (i) 50% on the first anniversary of the grant date, (ii) 25% on the second anniversary of the grant date, and (iii) 25% on the third anniversary of the grant date. |
Employee Stock Option (Right to Buy)
|
40,000 |
| 2022-06-14 | Bolton Sheryle |
Director |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
This Amendment No. 1 ("Form 4/A") to the Form 4 filed by the reporting person on June 16, 2022 (the "Original Form 4") is being filed to correct an administrative error, resulting in the incorrect versting schedule being included for the option. As reflected in this Form 4/A, the option vests as follows: (i) 50% on the first anniversary of the grant date, (ii) 25% on the second anniversary of the grant date, and (iii) 25% on the third anniversary of the grant date. |
Employee Stock Option (Right to Buy)
|
40,000 |
| 2022-05-16 | Drexler Karen |
Director |
Other↓
Filing footnotes — Common Stock (Indirect)
Represents a pro rata distribution from Astia Angels Tivic LLC, of which the reporting person was a member, in connection with the dissolution of such entity. These shares are owned directly by the Drexler Family Trust U/D/T dated May 23, 1996, and indirectly by the reporting person as trustee of such trust. |
Common Stock
(I)
|
15,111 |
| 2022-04-01 | Cai Veronica |
Controller |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
The option vests as follows: (i) 25% one year from the grant date, and (ii) the remaining 75% in equal monthly installments over the 36 months thereafter. |
Employee Stock Option (Right to Buy)
|
117,880 |
| 2022-02-04 | Ernst Jennifer |
Director, Chief Executive Officer |
Award↑
Filing footnotes — Employee Stock Option (Right to Buy) (Direct)
The option vests as follows: (i) 25% one year from the grant date, and (ii) the remaining 75% in equal monthly installments over the next 36 months. |
Employee Stock Option (Right to Buy)
|
200,000 |