BERTHELSEN SPENCER R

Two numbers refuse to sit together in Spencer R. Berthelsen's Form 4 history: total shares bought is 0 across 174 transactions, yet the recent tape is full of code-M option exercises that create share inventory moments before code-S sales. All 174 filings map to a single issuer lineage (Ionis Pharmaceuticals / historical Isis Pharmaceuticals ticker path) with 122,000 shares on the sell side. The cleanest recent example is 2026-06-15: 8,000 shares exercised at $24.42 (code M) and 8,000 sold at $73.49 (code S) the same day — mirrored again on 2026-06-01 at a $75.67 sale price. Awards continue (e.g., 2026-07-01 code-A lines of 2,301 and 5,369 shares). This is option-monetization cadence, not open-market accumulation — the zero buy total and the active exercise-sale pairs are the contradiction.