Reported relationships
Latest disclosed role at each company.
| Company | Last reported as | Report date | Published |
|---|---|---|---|
| Autonomix Medical, Inc.AMIX · Entity 8309 | Director | September 03, 2026 | September 08, 2026 |
| Moleculin Biotech, Inc.MBRX · Entity 7886 | Director · CEO and President | August 03, 2026 | August 05, 2026 |
| Soliton, Inc.SOLY · Entity 132212 | Director · Executive Chairman | December 16, 2021 | December 17, 2021 |
Disclosed balances
About these balances
Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.
Autonomix Medical, Inc.
Report date September 03, 2026 · Filed September 08, 2026
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Common StockSEC Table I · non-derivative | Direct | 20,118 |
Reported balance
After 2026-09-03 transaction · row 1
1 source rowRow 1 · 2026-09-03 · Grant · Acquired 13,000 · Balance 20,118 F1: Represents restricted stock award vesting one-year from the date of issuance of September 3, 2026. |
Filing footnotes · ownership attribution and instrument terms
F1: Represents restricted stock award vesting one-year from the date of issuance of September 3, 2026.
Moleculin Biotech, Inc.
Report date August 03, 2026 · Filed August 05, 2026
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Common StockSEC Table I · non-derivative | Direct | 564,340 |
Reported balance
After 2026-08-03 transaction · row 1
1 source rowRow 1 · 2026-08-03 · Purchase · Acquired 533,333 · Balance 564,340 F1: On August 3, 2026, the reporting person acquired 533,333 shares of common stock and Series I warrants to purchase 1,599,999 shares of common stock at a combined purchase price of $0.75 per one share of common stock and three accompanying warrants in a public offering. |
| Series I WarrantsSEC Table II · derivative / convertible security · Expires 2031-08-03 | Direct | 1,926,335 |
Reported balance
After 2026-08-03 transaction · row 2
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 2 · 2026-08-03 · Grant · Acquired 1,599,999 · Balance 1,926,335 F1: On August 3, 2026, the reporting person acquired 533,333 shares of common stock and Series I warrants to purchase 1,599,999 shares of common stock at a combined purchase price of $0.75 per one share of common stock and three accompanying warrants in a public offering. |
Filing footnotes · ownership attribution and instrument terms
F1: On August 3, 2026, the reporting person acquired 533,333 shares of common stock and Series I warrants to purchase 1,599,999 shares of common stock at a combined purchase price of $0.75 per one share of common stock and three accompanying warrants in a public offering.
Soliton, Inc.
Report date December 16, 2021 · Filed December 17, 2021
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Common StockSEC Table I · non-derivative | Direct | 0 |
Reported balance
After 2021-12-16 transaction · row 1
1 source rowRow 1 · 2021-12-16 · Disposition to issuer · Disposed 425,000 · Balance 0 F1: Pursuant to the Agreement and Plan of Merger, dated as of May 8, 2021 (the "Merger Agreement"), by and among Soliton, Inc. (the "Company"), AbbVie Inc. ("AbbVie") and Scout Merger Sub, Inc., a wholly owned subsidiary of AbbVie ("Merger Sub"), at the effective time of the merger of Merger Sub with and into the Company (the "Merger"), these shares of Company common stock were converted into the right to receive $22.60 in cash (the "Merger Consideration"), without interest. |
| Stock option (right to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $1.75 · Expires 2028-06-07 | Direct | 0 |
Reported balance
After 2021-12-16 transaction · row 2
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 2 · 2021-12-16 · Disposition to issuer · Disposed 725,000 · Balance 0 F2: Pursuant to the Merger Agreement, immediately prior to the effective time of the Merger, each outstanding and unexercised option, whether vested or unvested, was converted into the right to receive a cash payment, without interest and subject to deduction for any required withholding under applicable law, in an amount equal to the Merger Consideration minus the exercise price that would be due in cash upon exercise of such option. |
| Stock option (right to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $1.75 · Expires 2029-02-04 | Direct | 0 |
Reported balance
After 2021-12-16 transaction · row 3
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 3 · 2021-12-16 · Disposition to issuer · Disposed 84,500 · Balance 0 F2: Pursuant to the Merger Agreement, immediately prior to the effective time of the Merger, each outstanding and unexercised option, whether vested or unvested, was converted into the right to receive a cash payment, without interest and subject to deduction for any required withholding under applicable law, in an amount equal to the Merger Consideration minus the exercise price that would be due in cash upon exercise of such option. |
| Stock option (right to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $14.62 · Expires 2029-06-27 | Direct | 0 |
Reported balance
After 2021-12-16 transaction · row 4
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 4 · 2021-12-16 · Disposition to issuer · Disposed 35,150 · Balance 0 F2: Pursuant to the Merger Agreement, immediately prior to the effective time of the Merger, each outstanding and unexercised option, whether vested or unvested, was converted into the right to receive a cash payment, without interest and subject to deduction for any required withholding under applicable law, in an amount equal to the Merger Consideration minus the exercise price that would be due in cash upon exercise of such option. |
| Stock option (right to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $11.71 · Expires 2030-02-04 | Direct | 0 |
Reported balance
After 2021-12-16 transaction · row 5
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 5 · 2021-12-16 · Disposition to issuer · Disposed 89,300 · Balance 0 F2: Pursuant to the Merger Agreement, immediately prior to the effective time of the Merger, each outstanding and unexercised option, whether vested or unvested, was converted into the right to receive a cash payment, without interest and subject to deduction for any required withholding under applicable law, in an amount equal to the Merger Consideration minus the exercise price that would be due in cash upon exercise of such option. |
| Stock option (right to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $9.74 · Expires 2031-01-21 | Direct | 0 |
Reported balance
After 2021-12-16 transaction · row 6
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 6 · 2021-12-16 · Disposition to issuer · Disposed 113,000 · Balance 0 F2: Pursuant to the Merger Agreement, immediately prior to the effective time of the Merger, each outstanding and unexercised option, whether vested or unvested, was converted into the right to receive a cash payment, without interest and subject to deduction for any required withholding under applicable law, in an amount equal to the Merger Consideration minus the exercise price that would be due in cash upon exercise of such option. |
| Warrant (right to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $1.75 · Expires 2023-10-19 | Direct | 0 |
Reported balance
After 2021-12-16 transaction · row 7
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 7 · 2021-12-16 · Disposition to issuer · Disposed 11,512 · Balance 0 F3: Pursuant to the Merger Agreement, at the effective time of the Merger, each outstanding and unexercised warrant, whether vested or unvested, was converted into the right to receive a cash payment, without interest and subject to deduction for any required withholding under applicable law, in an amount equal to the excess of (i) the number of shares of common stock subject to the warrant, multiplied by the Merger Consideration over (ii) the number of shares of common stock subject to the warrant, multiplied by the per share exercise price of such warrant. |
| Warrant (right to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $1.75 · Expires 2023-10-30 | Direct | 0 |
Reported balance
After 2021-12-16 transaction · row 8
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 8 · 2021-12-16 · Disposition to issuer · Disposed 8,634 · Balance 0 F3: Pursuant to the Merger Agreement, at the effective time of the Merger, each outstanding and unexercised warrant, whether vested or unvested, was converted into the right to receive a cash payment, without interest and subject to deduction for any required withholding under applicable law, in an amount equal to the excess of (i) the number of shares of common stock subject to the warrant, multiplied by the Merger Consideration over (ii) the number of shares of common stock subject to the warrant, multiplied by the per share exercise price of such warrant. |
| Warrant (right to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $1.75 · Expires 2023-11-15 | Direct | 0 |
Reported balance
After 2021-12-16 transaction · row 9
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 9 · 2021-12-16 · Disposition to issuer · Disposed 7,771 · Balance 0 F3: Pursuant to the Merger Agreement, at the effective time of the Merger, each outstanding and unexercised warrant, whether vested or unvested, was converted into the right to receive a cash payment, without interest and subject to deduction for any required withholding under applicable law, in an amount equal to the excess of (i) the number of shares of common stock subject to the warrant, multiplied by the Merger Consideration over (ii) the number of shares of common stock subject to the warrant, multiplied by the per share exercise price of such warrant. |
Filing footnotes · ownership attribution and instrument terms
F1: Pursuant to the Agreement and Plan of Merger, dated as of May 8, 2021 (the "Merger Agreement"), by and among Soliton, Inc. (the "Company"), AbbVie Inc. ("AbbVie") and Scout Merger Sub, Inc., a wholly owned subsidiary of AbbVie ("Merger Sub"), at the effective time of the merger of Merger Sub with and into the Company (the "Merger"), these shares of Company common stock were converted into the right to receive $22.60 in cash (the "Merger Consideration"), without interest.
F2: Pursuant to the Merger Agreement, immediately prior to the effective time of the Merger, each outstanding and unexercised option, whether vested or unvested, was converted into the right to receive a cash payment, without interest and subject to deduction for any required withholding under applicable law, in an amount equal to the Merger Consideration minus the exercise price that would be due in cash upon exercise of such option.
F3: Pursuant to the Merger Agreement, at the effective time of the Merger, each outstanding and unexercised warrant, whether vested or unvested, was converted into the right to receive a cash payment, without interest and subject to deduction for any required withholding under applicable law, in an amount equal to the excess of (i) the number of shares of common stock subject to the warrant, multiplied by the Merger Consideration over (ii) the number of shares of common stock subject to the warrant, multiplied by the per share exercise price of such warrant.
Transaction history
JSON APIPurchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”
The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.
| Transaction date | Company | Activity / security | Shares / units | Reported price | Reported value | Details |
|---|---|---|---|---|---|---|
| July 13, 2020 Filed Jul 14, 2020 22:03 UTC | Moleculin Biotech, Inc. MBRX · Entity 7886 | Exercise / conversionCommon Stock | 79,227 | Not disclosed | Not disclosed |
DisclosureSEC source: 0001659617-20-000178 · wf-form4_159476421761509.xml · nonDerivative · entry 1 KLEMP WALTER V · CIK 0000938419 · Director · CEO and President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 1,046,951 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · price: Restricted stock units convert into common stock on a one-for-one basis. Read SEC document |
| July 02, 2020 Filed Jul 7, 2020 21:24 UTC | Moleculin Biotech, Inc. MBRX · Entity 7886 | GrantRestricted Stock Units · Derivative | 353,211 | Not disclosed | Not disclosed |
DisclosureSEC source: 0001659617-20-000173 · wf-form4_159415661342622.xml · derivative · entry 2 KLEMP WALTER V · CIK 0000938419 · Director · CEO and President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 2,510,118 Underlying: Common Stock · 353,211 shares Expires not disclosed F3 · derivative.exercise_price: (3) Each restricted stock unit represents a contingent right to receive one share of Company common stock. F2 · price: (2) Issued in connection with the reporting person's employment with the Company. F4 · derivative.exercise_date: (4) The restricted stock units set forth in this table vests in four equal annual installments beginning on the first anniversary of the Transaction Date, subject to the grantee's continued service to the Company on each vesting date. F4 · derivative.expiration_date: (4) The restricted stock units set forth in this table vests in four equal annual installments beginning on the first anniversary of the Transaction Date, subject to the grantee's continued service to the Company on each vesting date. Read SEC document |
| July 02, 2020 Filed Jul 7, 2020 21:24 UTC | Moleculin Biotech, Inc. MBRX · Entity 7886 | GrantStock option (right to buy) · Derivative | 500,000 | Not disclosed Strike: $0.93 | Not disclosed |
DisclosureSEC source: 0001659617-20-000173 · wf-form4_159415661342622.xml · derivative · entry 1 KLEMP WALTER V · CIK 0000938419 · Director · CEO and President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 2,156,907 Underlying: Common Stock · 500,000 shares Expires 2030-07-02 F2 · price: (2) Issued in connection with the reporting person's employment with the Company. F1 · derivative.exercise_date: (1) The stock option set forth in this table vests in four equal annual installments beginning on the first anniversary of the Transaction Date, subject to the grantee's continued service to the Company on each vesting date. Read SEC document |
| February 04, 2020 Filed Feb 12, 2020 22:06 UTC | Soliton, Inc. SOLY · Entity 132212 | GrantStock option (right to buy) · Derivative | 89,300 | Not disclosed Strike: $11.71 | Not disclosed |
DisclosureSEC source: 0001548187-20-000015 · wf-form4_158154515838655.xml · derivative · entry 1 KLEMP WALTER V · CIK 0000938419 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 961,867 Underlying: Common Stock · 89,300 shares Expires 2030-02-04 F2 · price: The stock options were issued in connection with the reporting person's employment with the Company. F1 · derivative.exercise_date: The stock options set forth in this table vest in four equal annual installments beginning on the first anniversary of the Transaction Date and are subject to the grantee's continued service to the Company on each vesting date. Read SEC document |
| July 11, 2019 Filed Jul 15, 2019 20:21 UTC | Moleculin Biotech, Inc. MBRX · Entity 7886 | GrantRestricted Stock Units · Derivative | 316,907 | Not disclosed | Not disclosed |
DisclosureSEC source: 0001659617-19-000105 · wf-form4_156322208980596.xml · derivative · entry 2 KLEMP WALTER V · CIK 0000938419 · Director · CEO and President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 1,656,907 Underlying: Common Stock · 316,907 shares Expires not disclosed F3 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of Company common stock. F2 · price: Issued in connection with the reporting person's employment with the Company. F4 · derivative.exercise_date: The restricted stock units set forth in this table vests in four equal annual installments beginning on the first anniversary of the Transaction Date, subject to the grantee's continued service to the Company on each vesting date. F4 · derivative.expiration_date: The restricted stock units set forth in this table vests in four equal annual installments beginning on the first anniversary of the Transaction Date, subject to the grantee's continued service to the Company on each vesting date. Read SEC document |
| July 11, 2019 Filed Jul 15, 2019 20:21 UTC | Moleculin Biotech, Inc. MBRX · Entity 7886 | GrantStock option (right to buy) · Derivative | 500,000 | Not disclosed Strike: $1.31 | Not disclosed |
DisclosureSEC source: 0001659617-19-000105 · wf-form4_156322208980596.xml · derivative · entry 1 KLEMP WALTER V · CIK 0000938419 · Director · CEO and President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 1,340,000 Underlying: Common Stock · 500,000 shares Expires 2029-07-11 F2 · price: Issued in connection with the reporting person's employment with the Company. F1 · derivative.exercise_date: The stock option set forth in this table vests in four equal annual installments beginning on the first anniversary of the Transaction Date, subject to the grantee's continued service to the Company on each vesting date. Read SEC document |
| June 27, 2019 Filed Jul 1, 2019 20:30 UTC | Soliton, Inc. SOLY · Entity 132212 | GrantStock option (right to buy) · Derivative | 35,150 | Not disclosed Strike: $14.62 | Not disclosed |
DisclosureSEC source: 0001437749-19-013229 · rdgdoc.xml · derivative · entry 1 KLEMP WALTER V · CIK 0000938419 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 1,159,567 Underlying: Common Stock · 35,150 shares Expires 2029-06-27 F2 · price: The stock options were issued in connection with the reporting person's employment with the Company. F1 · derivative.exercise_date: The stock options set forth in this table vest in four equal annual installments beginning on the first anniversary of the Transaction Date and are subject to the grantee's continued service to the Company on each vesting date. Read SEC document |
| June 27, 2019 Filed Feb 12, 2020 21:54 UTC Amendment | Soliton, Inc. SOLY · Entity 132212 | GrantStock option (right to buy) · Derivative | 35,150 | Not disclosed Strike: $14.62 | Not disclosed |
DisclosureSEC source: 0001548187-20-000013 · wf-form4a_158154445371172.xml · derivative · entry 1 KLEMP WALTER V · CIK 0000938419 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 872,567 Underlying: Common Stock · 35,150 shares Expires 2029-06-27 F2 · price: The stock options were issued in connection with the reporting person's employment with the Company. F1 · derivative.exercise_date: The stock options set forth in this table vest in four equal annual installments beginning on the first anniversary of the Transaction Date and are subject to the grantee'scontinued service to the Company on each vesting date. Read SEC document |
| June 06, 2018 Filed Jun 8, 2018 21:24 UTC | Moleculin Biotech, Inc. MBRX · Entity 7886 | GrantStock option (right to buy) · Derivative | 603,000 | Not disclosed Strike: $1.82 | Not disclosed |
DisclosureSEC source: 0001144204-18-033605 · tv496089_4.xml · derivative · entry 1 KLEMP WALTER V · CIK 0000938419 · Director · CEO and President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 943,000 Underlying: Common stock · 603,000 shares Expires 2028-06-06 F2 · price: Issued in connection with the reporting person's employment with the Company. F1 · derivative.exercise_date: The stock option set forth in this table vests in four equal annual installments beginning on the first anniversary of the Transaction Date, subject to the grantee's continued service to the Company on each vesting date. Read SEC document |
| June 06, 2018 Filed Jul 15, 2019 20:22 UTC Amendment | Moleculin Biotech, Inc. MBRX · Entity 7886 | GrantStock option (right to buy) · Derivative | 500,000 | Not disclosed Strike: $1.82 | Not disclosed |
DisclosureSEC source: 0001659617-19-000106 · wf-form4a_156322215943382.xml · derivative · entry 1 KLEMP WALTER V · CIK 0000938419 · Director · CEO and President 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 840,000 Underlying: Common Stock · 500,000 shares Expires 2028-06-06 F1 · shares: As previously reported on a Form 4 filed on June 8, 2018 by the reporting person, the reporting person reported acquiring stock options to purchase 603,000 shares of common stock. However, the Company subsequently determined that stock options to purchase 103,000 shares of common stock under the Company's 2015 Stock Plan were not validly granted pursuant to the plan because they exceeded the limit on the number of stock options that may be granted to any individual participant one year period. Accordingly, the attempted grant of these excess stock options was ineffective, and they were never granted to the reporting person. The reporting person is filing this amendment to report the correct amount of stock options acquired, and to revise the vesting schedule for the stock options to provide that 150,750 options vested as of June 6, 2019, and the remaining options shall vest in three equal installments on June 6, 2020, 2021, and 2022. F2 · price: Issued in connection with the reporting person's employment with the Company. F1 · derivative.exercise_date: As previously reported on a Form 4 filed on June 8, 2018 by the reporting person, the reporting person reported acquiring stock options to purchase 603,000 shares of common stock. However, the Company subsequently determined that stock options to purchase 103,000 shares of common stock under the Company's 2015 Stock Plan were not validly granted pursuant to the plan because they exceeded the limit on the number of stock options that may be granted to any individual participant one year period. Accordingly, the attempted grant of these excess stock options was ineffective, and they were never granted to the reporting person. The reporting person is filing this amendment to report the correct amount of stock options acquired, and to revise the vesting schedule for the stock options to provide that 150,750 options vested as of June 6, 2019, and the remaining options shall vest in three equal installments on June 6, 2020, 2021, and 2022. Read SEC document |
| October 03, 2017 Filed Oct 5, 2017 21:59 UTC | Moleculin Biotech, Inc. MBRX · Entity 7886 | GrantStock option (right to buy) · Derivative | 340,000 | Not disclosed Strike: $2.49 | Not disclosed |
DisclosureSEC source: 0001144204-17-051543 · v476495_4.xml · derivative · entry 1 KLEMP WALTER V · CIK 0000938419 · Director · CEO · 10% owner 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 340,000 Underlying: Common stock · 340,000 shares Expires 2027-10-03 F2 · price: Issued in connection with the reporting person's employment with the Company. F1 · derivative.exercise_date: The stock option set forth in this table vests in four equal annual installments beginning on the first anniversary of the Transaction Date, subject to the grantee's continued service to the Company on each vesting date. Read SEC document |
| August 16, 2017 Filed Aug 18, 2017 22:01 UTC | Moleculin Biotech, Inc. MBRX · Entity 7886 | SaleCommon Stock | 100,000 | $1.70 | $170,300.00 |
DisclosureSEC source: 0001144204-17-044233 · v473535_4.xml · nonDerivative · entry 1 KLEMP WALTER V · CIK 0000938419 · Director · Chief Executive Officer · 10% owner 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 967,724 F1 · kind: The reporting person entered into a private sale agreement for the shares of common stock set forth in the table. The 12,000 shares of common stock purchased by the reporting person on May 11, 2017 are a matching transaction under Section 16 of the Securities Exchange Act of 1934 with 12,000 shares of common stock sold by the reporting person as set forth in the table above. In Accordance with Section 16, the reporting person will disgorge to the issuer an aggregate short-swing profit of $10,716. F2 · balance_after: In addition to the shares held directly by the reporting person, the reporting person is the majority shareholder and control person of Annamed, Inc. Annamed, Inc. holds 1,425,000 shares of Issuer common stock. The Pursuant to General Instruction 5(b)(iv) of Form 3, the amount set forth in the table represents the reporting person's proportionate interest in the Issuer common stock beneficially owned by Annamed, Inc. Read SEC document |
| May 11, 2017 Filed May 12, 2017 21:19 UTC | Moleculin Biotech, Inc. MBRX · Entity 7886 | PurchaseCommon Stock | 12,000 | $0.81 | $9,720.00 |
DisclosureSEC source: 0001144204-17-026954 · v466826_form4.xml · nonDerivative · entry 1 KLEMP WALTER V · CIK 0000938419 · Director · Chief Executive Officer · 10% owner 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 1,067,724 F1 · balance_after: In addition to the shares held directly by the reporting person, the reporting person is the majority shareholder and control person of Annamed, Inc. Annamed, Inc. holds 1,425,000 shares of Issuer common stock. The Pursuant to General Instruction 5(b)(iv) of Form 3, the amount set forth in the table represents the reporting person's proportionate interest in the Issuer common stock beneficially owned by Annamed, Inc. Read SEC document |
Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.