Person · CIK 1685904

Roger Adsett

Chief Operating Officer at INSMED; director at Definium Therapeutics

Earlier: Landos Biopharma

Source: Forms 3, 4, 5 and 144 on SEC EDGAR

Sold on Form 4$62.7M
Noticed on Form 144$29.4M
Bought on Form 4$48K
Companies3

Holdings now

As reported after the latest Form 3, 4 or 5 at each company.

How these figures work

Options and RSUs are from the latest filing that lists them; earlier grants may also be held. Holdings can be out of date when a person stops filing.

CompanySecurityHeldShares or unitsAs of
INSMED INSMCommon StockDirectly98,744Aug 10, 2026 · Filing · EDGAR
Definium Therapeutics DFTXCommon SharesDirectly3,555Jun 11, 2026 · Filing · EDGAR
Definium Therapeutics DFTXStock Option (Right to Buy)
exercise $24.11, expires Jun 10, 2036, into Common Shares
Directly14,620Jun 11, 2026 · Filing · EDGAR

Sold and noticed by quarter

Roger Adsett: dollars sold on Form 4 and noticed on Form 144 per quarter, Q1 2021 to Q4 2026$32M$0Q1 2021: $0 noticed on Form 144Q1 2021: $0 sold on Form 4Q2 2021: $0 noticed on Form 144Q2 2021: $0 sold on Form 4Q3 2021: $0 noticed on Form 144Q3 2021: $0 sold on Form 4Q4 2021: $0 noticed on Form 144Q4 2021: $0 sold on Form 4Q1 2022: notice not machine-readableQ1 2022: $160K sold on Form 4Q2 2022: notice not machine-readableQ2 2022: $67K sold on Form 4Q3 2022: $0 noticed on Form 144Q3 2022: $0 sold on Form 4Q4 2022: notice not machine-readableQ4 2022: $223K sold on Form 4Q1 2023: notice not machine-readableQ1 2023: $118K sold on Form 4Q2 2023: $477K noticed on Form 144Q2 2023: $301K sold on Form 4Q3 2023: $0 noticed on Form 144Q3 2023: $0 sold on Form 4Q4 2023: $0 noticed on Form 144Q4 2023: $0 sold on Form 4Q1 2024: $454K noticed on Form 144Q1 2024: $454K sold on Form 4Q2 2024: $352K noticed on Form 144Q2 2024: $350K sold on Form 4Q3 2024: $0 noticed on Form 144Q3 2024: $0 sold on Form 4Q4 2024: $0 noticed on Form 144Q4 2024: $0 sold on Form 4Q1 2025: $7.8M noticed on Form 144Q1 2025: $7.8M sold on Form 4Q2 2025: $1.8M noticed on Form 144Q2 2025: $1.8M sold on Form 4Q3 2025: $3.2M noticed on Form 144Q3 2025: $3.2M sold on Form 4Q4 2025: $0 noticed on Form 144Q4 2025: $0 sold on Form 4Q1 2026: $870K noticed on Form 144Q1 2026: $870K sold on Form 4Q2 2026: $14.5M noticed on Form 144Q2 2026: $15.4M sold on Form 4Q3 2026: notice not machine-readableQ3 2026: $32M sold on Form 4Q4 2026: $0 noticed on Form 144Q4 2026: $0 sold on Form 4Q1 2021Q2 2022Q3 2023Q4 2024Q1 2026

Sold (Form 4) Noticed (Form 144) Bought (Form 4)

Quarterly totals as a table
QuarterSold (Form 4)Noticed (Form 144)Bought (Form 4)
Q3 2026$32MNot machine-readable—
Q2 2026$15.4M$14.5M—
Q1 2026$870K$870K—
Q3 2025$3.2M$3.2M—
Q2 2025$1.8M$1.8M—
Q1 2025$7.8M$7.8M—
Q2 2024$350K$352K—
Q1 2024$454K$454K—
Q2 2023$301K$477K—
Q1 2023$118KNot machine-readable—
Q4 2022$223KNot machine-readable—
Q2 2022$67KNot machine-readable—
Q1 2022$160KNot machine-readable—
Q4 2018——$48K

Form 144 notices went onto EDGAR as structured data on April 13, 2023. Earlier notices were filed on paper and cannot be read here, so those quarters show no noticed amount.

Planned sales (Form 144) and the sales that followed

Each Form 144 notice of a planned sale, grouped by broker and 10b5-1 plan, with the Form 4 sales we matched to it.

How we match

A Form 144 is a notice of a planned sale by an affiliate. SEC Tracker matches each notice to Form 4 sales by the same person at the same company within 90 days of the notice, up to the shares noticed. The match is our inference, not something either filing states.

Notice dateNoticedPlanned saleOutcomeLinks
INSMED INSM · Merrill Lynch · 10b5-1 plan adopted Dec 3, 2025 · 1 notice
Apr 1, 202688,060 · ~$14.5MApr 1, 2026Sold as noticed Sold 88,060 in 3 sales, Apr 1 to Apr 1 · $14.5M Form 4Filing · EDGAR
INSMED INSM · Merrill Lynch · No 10b5-1 plan stated · 14 notices
Feb 3, 2026791 · ~$124KFeb 3, 2026Sold as noticed Sold 791 at $156.17 on Feb 3 · $124K Form 4Filing · EDGAR
Jan 8, 20262,059 · ~$359KJan 8, 2026Sold as noticed Sold 2,059 at $174.17 on Jan 8 · $359K Form 4Filing · EDGAR
Jan 7, 2026802 · ~$140KJan 7, 2026Sold as noticed Sold 802 at $175.07 on Jan 7 · $140K Form 4Filing · EDGAR
Jan 6, 20261,429 · ~$248KJan 6, 2026Sold as noticed Sold 1,429 at $173.33 on Jan 6 · $248K Form 4Filing · EDGAR
Aug 19, 202525,000 · ~$3.2MAug 19, 2025Sold as noticed Sold 25,000 in 2 sales, Aug 19 to Aug 19 · $3.2M Form 4Filing · EDGAR
Jun 3, 20251,860 · ~$133KJun 3, 2025Sold as noticed Sold 1,860 at $71.50 on Jun 3 · $133K Form 4Filing · EDGAR
May 14, 20251,925 · ~$126KMay 14, 2025Sold as noticed Sold 1,925 at $65.61 on May 14 · $126K Form 4Filing · EDGAR
May 13, 20257,482 · ~$507KMay 13, 2025Sold as noticed Sold 7,482 at $67.81 on May 13 · $507K Form 4Filing · EDGAR
Feb 6, 202546,000 · ~$3.7MFeb 6, 2025Sold as noticed Sold 45,705 in 2 sales, Feb 6 to Feb 7 · $3.7M Form 4Filing · EDGAR
Jan 10, 20251,298 · ~$83KJan 10, 2025Sold as noticed Sold 1,298 at $63.86 on Jan 10 · $83K Form 4Filing · EDGAR
Jan 8, 20251,882 · ~$124KJan 8, 2025Sold as noticed Sold 1,882 at $66.10 on Jan 8 · $124K Form 4Filing · EDGAR
Jan 7, 20252,444 · ~$162KJan 7, 2025Sold as noticed Sold 2,444 at $65.95 on Jan 7 · $161K Form 4Filing · EDGAR
May 14, 20247,857 · ~$201KMay 14, 2024Sold as noticed Sold 7,857 at $25.50 on May 14 · $200K Form 4Filing · EDGAR
Jan 5, 202415,666 · ~$454KJan 5, 2024Sold as noticed Sold 15,666 in 4 sales, Jan 5 to Jan 12 · $454K Form 4 (1) · Form 4 (2) · Form 4 (3)Filing · EDGAR
INSMED INSM · Merrill Lynch · 10b5-1 plan adopted Mar 4, 2025 · 1 notice
Jun 16, 202510,686 · ~$1.1MJun 16, 2025Sold as noticed Sold 10,686 in 2 sales, Jun 16 to Jun 16 · $1.1M Form 4Filing · EDGAR
INSMED INSM · Merrill Lynch · 10b5-1 plan adopted Sep 6, 2024 · 2 notices
Feb 10, 202542,975 · ~$3.4MFeb 10, 2025Sold as noticed Sold 42,975 in 3 sales, Feb 10 to Feb 10 · $3.4M Form 4Filing · EDGAR
Jan 10, 20255,061 · ~$326KJan 10, 2025Sold as noticed Sold 5,061 in 2 sales, Jan 10 to Jan 14 · $329K Form 4 (1) · Form 4 (2)Filing · EDGAR
INSMED INSM · Merrill Lynch · 10b5-1 plan adopted Mar 15, 2023 · 3 notices
May 14, 20245,945 · ~$152KMay 14, 2024Sold as noticed Sold 5,945 at $25.09 on May 17 · $149K Form 4Filing · EDGAR
Jun 13, 20238,981 · ~$173KJun 13, 2023Not sold within 90 daysFiling · EDGAR
May 15, 202315,797 · ~$304KMay 15, 2023Sold as noticed Sold 15,797 in 4 sales, May 15 to Jun 13 · $301K Form 4 (1) · Form 4 (2)Filing · EDGAR
Sales without a matching Form 144 · 11 sales
No matching Form 144 found. Not every sale needs one: small sales and sales by people who are not affiliates are exempt.
———Sold without notice INSMED (INSM): Sold 239,850 at $133.27 on Aug 10, 2026 · $32MFiling · EDGAR
———Sold without notice INSMED (INSM): Sold 2,370 at $102.27 on Jun 3, 2026 · $242KFiling · EDGAR
———Sold without notice INSMED (INSM): Sold 5,837 at $116.18 on May 13, 2026 · $678KFiling · EDGAR
———Notice not machine-readable INSMED (INSM): Sold 3,194 at $17.99 on Jan 10, 2023 · $57KFiling · EDGAR
———Notice not machine-readable INSMED (INSM): Sold 3,044 at $19.75 on Jan 5, 2023 · $60KFiling · EDGAR
———Notice not machine-readable INSMED (INSM): Sold 11,855 at $18.80 on Nov 22, 2022 · $223KFiling · EDGAR
———Notice not machine-readable INSMED (INSM): Sold 2,022 at $20.34 on May 17, 2022 · $41KFiling · EDGAR
———Notice not machine-readable INSMED (INSM): Sold 1,394 at $18.45 on May 16, 2022 · $26KFiling · EDGAR
———Notice not machine-readable INSMED (INSM): Sold 1,217 at $24.58 on Jan 12, 2022 · $30KFiling · EDGAR
———Notice not machine-readable INSMED (INSM): Sold 1,759 at $26.00 on Jan 6, 2022 · $46KFiling · EDGAR
———Notice not machine-readable INSMED (INSM): Sold 3,068 at $27.61 on Jan 5, 2022 · $85KFiling · EDGAR

Every transaction, by company

Each Form 3, 4 and 5 transaction in plain words, newest first.

How these figures work

Values are shares times the price each filing states; grants, exercises and gifts usually state no price. Held after is what the filing reports was held once the transaction was done, directly or through the named holder.

INSMED INSM Chief Operating Officer · filings 2016 to 2026 · sold $62.7M · bought $48K · $29.4M noticed on Form 144

DateTransactionSharesPriceValueHeld afterSource
Aug 10, 2026Option or RSU exercised or converted+82,280$13.67$1.1M181,024 directFiling · EDGAR
Aug 10, 2026Option or RSU exercised or converted+76,600$17.16$1.3M257,624 directFiling · EDGAR
Aug 10, 2026Option or RSU exercised or converted+80,970$30.46$2.5M338,594 directFiling · EDGAR
Aug 10, 2026Open-market or private sale−239,850$133.27$32M98,744 directFiling · EDGAR
Aug 10, 2026Option or RSU exercised or converted
Stock Option (right to buy)
−82,2800 directFiling · EDGAR
Aug 10, 2026Option or RSU exercised or converted
Stock Option (right to buy)
−76,6000 directFiling · EDGAR
Aug 10, 2026Option or RSU exercised or converted
Stock Option (right to buy)
−80,9700 directFiling · EDGAR
Jun 3, 2026Open-market or private sale−2,370$102.27$242K98,603 directFiling · EDGAR
May 13, 2026Open-market or private sale−5,837$116.18$678K100,973 directFiling · EDGAR
Apr 1, 2026Option or RSU exercised or converted+88,060$14.56$1.3M194,870 directFiling · EDGAR
Apr 1, 2026Sale under a 10b5-1 plan−6,715$163.18$1.1M188,155 directFiling · EDGAR
Apr 1, 2026Sale under a 10b5-1 plan−19,001$164.11$3.1M169,154 directFiling · EDGAR
Apr 1, 2026Sale under a 10b5-1 plan−62,344$164.95$10.3M106,810 directFiling · EDGAR
Apr 1, 2026Option or RSU exercised or converted
Stock Option (right to buy)
−88,0600 directFiling · EDGAR
Feb 3, 2026Open-market or private sale−791$156.17$124K106,810 directFiling · EDGAR
Jan 8, 2026Open-market or private sale−2,059$174.17$359K107,601 directFiling · EDGAR
Jan 7, 2026Open-market or private sale−802$175.07$140K109,660 directFiling · EDGAR
Jan 6, 2026Open-market or private sale−1,429$173.33$248K110,462 directFiling · EDGAR
Jan 2, 2026Grant or award from the company+5,998111,891 directFiling · EDGAR
Jan 2, 2026Grant or award from the company
Stock Option (right to buy)
+31,28031,280 directFiling · EDGAR
Aug 19, 2025Open-market or private sale−20,193$127.42$2.6M110,444 directFiling · EDGAR
Aug 19, 2025Open-market or private sale−4,807$128.27$617K105,637 directFiling · EDGAR
Jun 16, 2025Sale under a 10b5-1 plan−6,500$98.50$640K134,823 directFiling · EDGAR
Jun 16, 2025Sale under a 10b5-1 plan−4,186$99.32$416K130,637 directFiling · EDGAR
Jun 3, 2025Open-market or private sale−1,860$71.50$133K141,323 directFiling · EDGAR
May 15, 2025Grant or award from the company+6,508143,183 directFiling · EDGAR
May 15, 2025Grant or award from the company
Stock Option (right to buy)
+31,61031,610 directFiling · EDGAR
May 14, 2025Open-market or private sale−1,925$65.61$126K136,675 directFiling · EDGAR
May 13, 2025Open-market or private sale−7,482$67.81$507K138,600 directFiling · EDGAR
Feb 10, 2025Sale under a 10b5-1 plan−11,053$77.02$851K178,004 directFiling · EDGAR
Feb 10, 2025Sale under a 10b5-1 plan−5,781$78.36$453K172,223 directFiling · EDGAR
Feb 10, 2025Sale under a 10b5-1 plan−26,141$79.33$2.1M146,082 directFiling · EDGAR
Feb 7, 2025Open-market or private sale−100$79.57$8K189,057 directFiling · EDGAR
Feb 6, 2025Open-market or private sale−45,605$80.90$3.7M189,157 directFiling · EDGAR
Feb 5, 2025Grant or award from the company+88,680234,762 directFiling · EDGAR
Jan 14, 2025Sale under a 10b5-1 plan−1,457$68.72$100K146,082 directFiling · EDGAR
Jan 10, 2025Sale under a 10b5-1 plan−1,298$63.86$83K151,143 directFiling · EDGAR
Jan 10, 2025Sale under a 10b5-1 plan−3,604$63.62$229K147,539 directFiling · EDGAR
Jan 8, 2025Sale under a 10b5-1 plan−1,882$66.10$124K145,784 directFiling · EDGAR
Jan 8, 2025Grant or award from the company+6,657152,441 directFiling · EDGAR
Jan 8, 2025Grant or award from the company
Stock Option (right to buy)
+31,93031,930 directFiling · EDGAR
Jan 7, 2025Sale under a 10b5-1 plan−2,444$65.95$161K147,666 directFiling · EDGAR
May 17, 2024Sale under a 10b5-1 plan−5,945$25.09$149K149,275 directFiling · EDGAR
May 14, 2024Open-market or private sale−7,857$25.50$200K155,220 directFiling · EDGAR
May 13, 2024Grant or award from the company+14,518163,077 directFiling · EDGAR
May 13, 2024Grant or award from the company
Stock Option (right to buy)
+71,16071,160 directFiling · EDGAR
Jan 12, 2024Sale under a 10b5-1 plan−5,251$28.63$150K148,559 directFiling · EDGAR
Jan 10, 2024Sale under a 10b5-1 plan−3,536$28.90$102K153,810 directFiling · EDGAR
Jan 9, 2024Sale under a 10b5-1 plan−3,837$29.25$112K157,346 directFiling · EDGAR
Jan 5, 2024Open-market or private sale−3,042$29.21$89K161,183 directFiling · EDGAR
Jan 4, 2024Grant or award from the company+12,873164,225 directFiling · EDGAR
Jan 4, 2024Grant or award from the company
Stock Option (right to buy)
+63,56063,560 directFiling · EDGAR
Jun 13, 2023Sale under a 10b5-1 plan−8,981$19.32$174K151,352 directFiling · EDGAR
May 17, 2023Open-market or private sale−2,448$18.12$44K160,333 directFiling · EDGAR
May 16, 2023Open-market or private sale−1,521$18.39$28K162,781 directFiling · EDGAR
May 15, 2023Open-market or private sale−2,847$19.27$55K164,302 directFiling · EDGAR
May 11, 2023Grant or award from the company+31,662167,149 directFiling · EDGAR
May 11, 2023Grant or award from the company
Common Stock
+146,220146,220 directFiling · EDGAR
Jan 10, 2023Open-market or private sale−3,194$17.99$57K135,487 directFiling · EDGAR
Jan 5, 2023Open-market or private sale−3,044$19.75$60K131,083 directFiling · EDGAR

32 earlier transactions are in the filing list below.

Definium Therapeutics DFTX Director · filings 2026 to 2026

DateTransactionSharesPriceValueHeld afterSource
Jun 11, 2026Grant or award from the company+3,5553,555 directFiling · EDGAR
Jun 11, 2026Grant or award from the company
Stock Option (Right to Buy)
+14,62014,620 directFiling · EDGAR
Jan 29, 2026Grant or award from the company
Stock Option (Right to Buy)
+50,00050,000 directFiling · EDGAR

Landos Biopharma Director · filings 2022 to 2024

DateTransactionSharesPriceValueHeld afterSource
May 23, 2024Returned to the company
Stock Option (right to buy)
−1,8000 directFiling · EDGAR
May 23, 2024Returned to the company
Stock Option (right to buy)
−1,8000 directFiling · EDGAR
May 23, 2024Returned to the company
Stock Option (right to buy)
−3,6000 directFiling · EDGAR
May 23, 2023Grant or award from the company
Stock Option (right to buy)
+18,00018,000 directFiling · EDGAR
Jun 7, 2022Grant or award from the company
Stock Option (right to buy)
+18,00018,000 directFiling · EDGAR
Mar 8, 2022Grant or award from the company
Stock Option (right to buy)
+36,00036,000 directFiling · EDGAR
All 78 Forms 3, 4, 5 and 144
FiledFormCompanyLinks
Aug 12, 2026Form 4INSMED INSMFiling · EDGAR
Aug 10, 2026Form 144
Could not read
EDGAR
Jun 15, 2026Form 4Definium Therapeutics DFTXFiling · EDGAR
Jun 5, 2026Form 4INSMED INSMFiling · EDGAR
Jun 3, 2026Form 144
Could not read
EDGAR
May 15, 2026Form 4INSMED INSMFiling · EDGAR
May 13, 2026Form 144
Could not read
EDGAR
Apr 3, 2026Form 4INSMED INSMFiling · EDGAR
Apr 1, 2026Form 144INSMED INSMFiling · EDGAR
Feb 4, 2026Form 4INSMED INSMFiling · EDGAR
Feb 3, 2026Form 144INSMED INSMFiling · EDGAR
Jan 29, 2026Form 4Definium Therapeutics DFTXFiling · EDGAR
Jan 29, 2026Form 3Definium Therapeutics DFTXFiling · EDGAR
Jan 8, 2026Form 4INSMED INSMFiling · EDGAR
Jan 8, 2026Form 144INSMED INSMFiling · EDGAR
Jan 7, 2026Form 144INSMED INSMFiling · EDGAR
Jan 6, 2026Form 4INSMED INSMFiling · EDGAR
Jan 6, 2026Form 144INSMED INSMFiling · EDGAR
Aug 21, 2025Form 4INSMED INSMFiling · EDGAR
Aug 19, 2025Form 144INSMED INSMFiling · EDGAR
Jun 18, 2025Form 4INSMED INSMFiling · EDGAR
Jun 16, 2025Form 144INSMED INSMFiling · EDGAR
Jun 4, 2025Form 4INSMED INSMFiling · EDGAR
Jun 3, 2025Form 144INSMED INSMFiling · EDGAR
May 19, 2025Form 4INSMED INSMFiling · EDGAR
May 15, 2025Form 4INSMED INSMFiling · EDGAR
May 14, 2025Form 144INSMED INSMFiling · EDGAR
May 13, 2025Form 144INSMED INSMFiling · EDGAR
Feb 12, 2025Form 4INSMED INSMFiling · EDGAR
Feb 10, 2025Form 144INSMED INSMFiling · EDGAR
Feb 7, 2025Form 4INSMED INSMFiling · EDGAR
Feb 6, 2025Form 144INSMED INSMFiling · EDGAR
Jan 16, 2025Form 4INSMED INSMFiling · EDGAR
Jan 10, 2025Form 144INSMED INSMFiling · EDGAR
Jan 10, 2025Form 144INSMED INSMFiling · EDGAR
Jan 10, 2025Form 4INSMED INSMFiling · EDGAR
Jan 8, 2025Form 144INSMED INSMFiling · EDGAR
Jan 7, 2025Form 144INSMED INSMFiling · EDGAR
May 23, 2024Form 4Landos BiopharmaFiling · EDGAR
May 17, 2024Form 4INSMED INSMFiling · EDGAR
May 15, 2024Form 4INSMED INSMFiling · EDGAR
May 14, 2024Form 144INSMED INSMFiling · EDGAR
May 14, 2024Form 144INSMED INSMFiling · EDGAR
Jan 12, 2024Form 4INSMED INSMFiling · EDGAR
Jan 11, 2024Form 4INSMED INSMFiling · EDGAR
Jan 5, 2024Form 144INSMED INSMFiling · EDGAR
Jan 5, 2024Form 4INSMED INSMFiling · EDGAR
Jun 15, 2023Form 4INSMED INSMFiling · EDGAR
Jun 13, 2023Form 144INSMED INSMFiling · EDGAR
May 24, 2023Form 4Landos BiopharmaFiling · EDGAR
May 17, 2023Form 4INSMED INSMFiling · EDGAR
May 15, 2023Form 144INSMED INSMFiling · EDGAR
May 15, 2023Form 4INSMED INSMFiling · EDGAR
Jan 12, 2023Form 4INSMED INSMFiling · EDGAR
Jan 6, 2023Form 4INSMED INSMFiling · EDGAR
Nov 22, 2022Form 4INSMED INSMFiling · EDGAR
Jun 9, 2022Form 4Landos BiopharmaFiling · EDGAR
May 18, 2022Form 4INSMED INSMFiling · EDGAR
May 13, 2022Form 4INSMED INSMFiling · EDGAR
Mar 10, 2022Form 4Landos BiopharmaFiling · EDGAR
Mar 10, 2022Form 3Landos BiopharmaFiling · EDGAR
Jan 13, 2022Form 4INSMED INSMFiling · EDGAR
Jan 10, 2022Form 4INSMED INSMFiling · EDGAR
Jan 7, 2022Form 4INSMED INSMFiling · EDGAR
May 18, 2021Form 4INSMED INSMFiling · EDGAR
May 14, 2021Form 4INSMED INSMFiling · EDGAR
Jan 8, 2021Form 4INSMED INSMFiling · EDGAR
Jan 6, 2021Form 4INSMED INSMFiling · EDGAR
Jan 7, 2020Form 4INSMED INSMFiling · EDGAR
Nov 20, 2019Form 4INSMED INSMFiling · EDGAR
May 16, 2019Form 4INSMED INSMFiling · EDGAR
Jan 7, 2019Form 4INSMED INSMFiling · EDGAR
Nov 2, 2018Form 4INSMED INSMFiling · EDGAR
Jan 8, 2018Form 4INSMED INSMFiling · EDGAR
May 19, 2017Form 4INSMED INSMFiling · EDGAR
Jan 9, 2017Form 4INSMED INSMFiling · EDGAR
Oct 4, 2016Form 4INSMED INSMFiling · EDGAR
Oct 4, 2016Form 3INSMED INSMFiling · EDGAR

Every figure is as filed with the SEC on Forms 3, 4, 5 and 144. Holdings are the amounts reported after each person's latest filing at each company and can be out of date. Matching a Form 144 notice to Form 4 sales is SEC Tracker's inference from owner, company, dates and share counts, not something the filings state. Not investment advice. Not affiliated with the U.S. SEC.