Clene Inc. Insider Matlin Buys 33,333 Shares and $133,333 in Warrants Amid FDA‑Driven Bullish Bet

Insider Confidence Amid a Volatile Market

On January 13, 2026, director David J. Matlin purchased 33,333 shares of Clene Inc.’s common stock at $6.50 per unit, alongside a bundle of Series A and Series B warrants totaling 133,333 additional shares. The purchase price—$6.50—was well above the closing price of $4.92 on the day of the filing, suggesting a willingness to pay a premium for the company’s equity and future upside. In a company that has seen its share price tumble 18 % over the past week and 20 % over the past month, Matlin’s action signals that insiders believe the stock is currently undervalued and that the forthcoming FDA engagement on CNM‑Au8 could catalyze a rebound.

Warrant Structure and Future Catalysts

The warrants purchased are not simple derivatives; they carry performance‑triggered exercise prices that can increase significantly if certain milestones are met. The Series A warrants will rise to $7.00 if the FDA posts the NDA trigger announcement or if the average market price exceeds $10.00, while the Series B warrants could jump to $12.50 if the FDA approves the NDA or if the stock price reaches $25.00. These staged exercise prices align the incentives of insiders with the company’s regulatory milestones, encouraging continued support as Clene pushes CNM‑Au8 through the FDA review process. For investors, this structure implies that the potential upside is contingent on regulatory success; a positive FDA outcome could make the warrants highly valuable, whereas a delay or rejection could render them expensive to exercise.

Contrasting Insider Activity

While Matlin’s purchase represents a bullish stance, other insiders have been selling aggressively. Ugwumba Chidozie’s series of sales in December and early January reduced her holdings from 807,495 to 708,587 shares, all at prices ranging from $5.50 to $6.29. Such outflows contrast sharply with Matlin’s inflows and could be interpreted as a short‑term liquidity event or a signal of differing risk appetites. Nevertheless, the sheer volume of shares sold—over 300,000 in a single transaction—raises questions about whether insiders are merely hedging or if they perceive an imminent valuation dip. For investors, the coexistence of buying and selling among top officers underscores the importance of monitoring subsequent filings to gauge whether the market’s sentiment is shifting toward optimism or caution.

Implications for Investors

Matlin’s purchase, coupled with the warrant package, suggests that at least one senior executive expects the FDA review to unlock substantial value. If the FDA’s feedback is favorable, the share price could climb toward the 52‑week high of $13.50, and the warrants could become a source of additional upside. Conversely, a negative outcome would keep the stock near its 52‑week low of $2.28, and the warrants’ exercise prices would render them expensive. The current negative price‑earnings ratio and the recent week’s steep decline point to a valuation that many analysts consider discounted, which could attract value‑focused investors if the FDA narrative improves. Overall, the insider activity paints a picture of strategic positioning: insiders are betting on a near‑term catalyst, while other executives are perhaps preparing for a more uncertain trajectory.