Kevin Charles Gorman, chief executive officer of Neurocrine Biosciences (NBIX), has been a consistent seller of company stock over the past year, with Form 4 filings showing open-market sales totaling roughly $53.5 million between January 2025 and May 2026. The largest disposition came on May 19, 2026, when Gorman sold shares valued at approximately $37.8 million, following an option exercise worth about $8.9 million on the same day. Smaller sales occurred on August 7, 2025 ($13.4 million), May 27, 2025 ($1.2 million), and a series of transactions in February 2025 ranging from roughly $269,000 to $351,000. The pattern is overwhelmingly one-directional: across 40 total filings covering two companies, Gorman has recorded zero open-market purchases, with all sell-side activity concentrated in NBIX.
The filings also reveal routine compensation mechanics that accompany the sales. Gorman regularly receives stock awards (coded "A") with no cash value, and exercises options (coded "M") that are immediately offset by shares withheld for tax obligations (coded "F"). These transactions—such as the February 13, 2026 award paired with $4.3 million and $375,000 in tax-withholding sales—are automatic and not discretionary. The only recent activity outside NBIX came on June 16, 2026, when Gorman received two zero-value awards in Xencor (XNCR), followed by a small $92,657 open-market sale the prior day. That XNCR sale is notable as the only recent transaction in a second ticker, though its size is negligible relative to the NBIX dispositions.
Overall, Gorman’s insider activity since early 2025 shows a clear sell bias, with total sell value across all filings reaching approximately $99.5 million against zero buys. The most recent data point—the June 15, 2026 XNCR sale—continues that trend, though the bulk of his realized proceeds stem from the May 2026 NBIX transaction. No recent purchases or acquisitions outside of compensation awards appear in the record, leaving the insider’s footprint as one of steady, periodic liquidation rather than accumulation.
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