Cohlhepp Ryan

Cohlhepp Ryan, President and COO of BCAX, has been a consistent seller of the company’s stock over the past year, with no open-market purchases recorded in his SEC Form 4 filings. Across 39 transactions, all involving BCAX, Ryan has disposed of shares totaling approximately $3.67 million, while his acquired value stands at zero. The selling bias is unambiguous: every recent trade is either an open-market sale (code S) or a mechanical option exercise (code M) followed by a sale, with no code P (purchase) appearing in the data. The transaction pattern shows a steady cadence of sales tied to option exercises, typically executed on or around the 15th of each month. For example, on July 8, 2026, Ryan sold shares in three separate transactions worth $32,631.52, $128,302.01, and $656,651.96, following an option exercise valued at $71,058.75 the same day. Similar clusters occurred on May 15, April 15, and March 16, 2026, each pairing an M transaction with two S transactions, with sale values ranging from roughly $88,000 to $184,000. Smaller, standalone sales also appear, such as a $15,544 sale on July 9, 2026, and a $2,684.98 sale on January 15, 2026, alongside a February 2, 2026, grant (code A) valued at zero. The most recent activity, concentrated in July 2026, shows a marked escalation in sale size, with the July 8 transactions alone exceeding $800,000 in combined value. This follows a February 25, 2026, sale of $56,066.77 and a March 3, 2026, sale of $234,158.69, indicating a general upward trend in disposal amounts over time. Ryan’s filings reflect a consistent, pre-planned approach of exercising options and selling the resulting shares, with no indication of open-market buying to offset the outflow.