Davidson Matt

Insider trading profile for Davidson Matt spanning Verrica Pharmaceuticals (VRCA, 185 tx) + Adial Pharmaceuticals (ADIL, 6 tx Jun 2026): VRCA (primary): 547,544 shares sold exclusively 2018-2019 across 185 transactions. Pattern: every transaction is S-code (market sale) — zero A/M/P/D buys. Range: $10.14-$12.52 (2019 Jul-Aug peak), with the trailing events (Sep 2019: 7,500 + 1,400 + 4,712 + 3,802 + 3,100) consistent with a systematic SPAC lockup release distribution. VRCA went public via SPAC and the insider liquidated through the entire rise without retaining any meaningful position. ADIL (Jun 2026): FLIP signal — large A-code grants totalling 466,667 shares acquired at $0-$2.89 FMV in a single two-day burst (Jun 11: 101 + 1,822 + 3,427 + 61,647; Jun 12: 232,417 + 232,417). At the $2.89 FMV this implies roughly $1.35M in new restricted stock value. ADIL is a near-microcap with a sub-$30M market cap; a 466K position represents substantial personal-net-worth concentration. KEY SIGNAL: Career trajectory across pre-revenue biotech SPAC vehicles — the insider monetized VRCA at $10-12 post-IPO and redeployed into ADIL at sub-$3 pre-revenue. The volume shift from 547K VRCA sell (zero retention) to 466K ADIL A-code (fresh accumulation) is the interpretive hinge. Classification: bullish on ADIL specifically. The FLIP pattern is a hallmark of an operator who understands these vehicles and is placing a new calculated bet at deep distress. VRCA bearish history is exhausted and not actionable for current read. The ADIL A-code at $0-$2.89 FMV with total personal wealth commitment is the active bullish signal.