FRNM's three largest insider shareholders as of September 17, 2026 are Advisors Llc Perceptive (TenPercentOwner, 10.87Mn shares), Adam Leo Stone (Other, 2.35Mn shares), Michael Seth Altman (Other, 2.35Mn shares).
| # | Insider | Position | Direct | Indirect | Total | Share of Insiders | Last Filed |
|---|---|---|---|---|---|---|---|
| 1 | Advisors Llc Perceptive | TenPercentOwner | 0 | 10,871,847 | 10,871,847 | 53.1% | 22 Jul, 2026 |
| 2 | Adam Leo Stone | Other | 0 | 2,638,750 | 2,638,750 | 12.9% | 22 Jul, 2026 |
| 3 | Michael Seth Altman | Other | 0 | 2,638,750 | 2,638,750 | 12.9% | 22 Jul, 2026 |
| 4 | Capital Solutions Holdings Perceptive | Other | 2,638,750 | 0 | 2,638,750 | 12.9% | 22 Jul, 2026 |
| 5 | Capital Management, L.P. Ra | Director, TenPercentOwner | 0 | 1,245,068 | 1,245,068 | 6.1% | 22 Jul, 2026 |
| 6 | Aaron Matthew Elliott | Chief Executive Officer | 345,976 | 0 | 345,976 | 1.7% | 04 Sep, 2026 |
| 7 | Mark C. Mckenna | Other | 30,000 | 0 | 30,000 | 0.1% | 22 Jul, 2026 |
| 8 | Harlan Waksal | Other | 30,000 | 0 | 30,000 | 0.1% | 22 Jul, 2026 |
| 9 | Kenneth Song | Other | 30,000 | 0 | 30,000 | 0.1% | 22 Jul, 2026 |
Each row is that insider’s most recently reported position, from Form 4 filings over the last 60 months — which is why this total does not tie to the quarterly series above, where a quarter counts only the insiders who filed in it. Shares held through a fund or institutional portfolio are counted on the institutional ownership page instead.
| Date | Insider | Position | Transaction | Shares | Price | Value | Shares Held After | Ownership |
|---|---|---|---|---|---|---|---|---|
| 02 Sep, 2026 | Aaron Matthew Elliott | Chief Executive Officer | Disposed F | 71,920 | $15.25 | $1.10Mn | 345,976 | Direct |
| 20 Jul, 2026 | Kenneth Song | Other | Acquired C | 30,000 | — | — | 30,000 | Direct |
| 20 Jul, 2026 | Adam Leo Stone | Other | Acquired C | 2,066,250 | — | — | 2,352,500 | Indirect |
| 20 Jul, 2026 | Capital Solutions Holdings Perceptive | Other | Acquired C | 2,066,250 | — | — | 2,352,500 | Direct |
| 20 Jul, 2026 | Michael Seth Altman | Other | Acquired C | 2,066,250 | — | — | 2,352,500 | Indirect |
| 20 Jul, 2026 | Capital Management, L.P. Ra | Director, TenPercentOwner | Acquired A | 6,561,711 | — | — | 7,311,711 | Indirect |
| 20 Jul, 2026 | Harlan Waksal | Other | Acquired C | 30,000 | — | — | 30,000 | Direct |
| 20 Jul, 2026 | Mark C. Mckenna | Other | Acquired C | 30,000 | — | — | 30,000 | Direct |
| 20 Jul, 2026 | Advisors Llc Perceptive | TenPercentOwner | Acquired A | 5,500,000 | $10.00 | $55.00Mn | 10,871,847 | Indirect |
| 20 Jul, 2026 | Adam Leo Stone | Other | Disposed C | 2,066,250 | — | — | 0 | Indirect |
| 20 Jul, 2026 | Capital Management, L.P. Ra | Director, TenPercentOwner | Acquired A | 970,950 | — | — | 970,950 | Indirect |
| 20 Jul, 2026 | Kenneth Song | Other | Disposed C | 30,000 | — | — | 0 | Direct |
| 20 Jul, 2026 | Mark C. Mckenna | Other | Disposed C | 30,000 | — | — | 0 | Direct |
| 20 Jul, 2026 | Michael Seth Altman | Other | Disposed C | 2,066,250 | — | — | 0 | Indirect |
| 20 Jul, 2026 | Harlan Waksal | Other | Disposed C | 30,000 | — | — | 0 | Direct |
| 20 Jul, 2026 | Capital Solutions Holdings Perceptive | Other | Disposed C | 2,066,250 | — | — | 0 | Direct |
| 20 Jul, 2026 | Capital Management, L.P. Ra | Director, TenPercentOwner | Acquired A | 553,703 | — | — | 553,703 | Indirect |
| 20 Jul, 2026 | Capital Management, L.P. Ra | Director, TenPercentOwner | Acquired A | 908,103 | — | — | 908,103 | Indirect |
| 20 Jul, 2026 | Capital Management, L.P. Ra | Director, TenPercentOwner | Acquired A | 367,427 | — | — | 367,427 | Indirect |
| 20 Jul, 2026 | Capital Management, L.P. Ra | Director, TenPercentOwner | Acquired A | 4,918,411 | $10.00 | $49.18Mn | 12,230,122 | Indirect |