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UBS AG is offering Trigger Autocallable Contingent Yield Notes (unsubordinated, unsecured debt) linked to Regeneron Pharmaceuticals, Inc. common stock. The notes have an expected 30-month term, issuing 16 Jul 2025 and maturing 18 Jan 2028, with quarterly observation dates. Investors receive a fixed contingent coupon of 9.01 %鈥�9.87 % p.a. ($0.2253鈥�$0.2468 per $10 note) only if Regeneron鈥檚 closing price on an observation date is at least 60 % of its initial level (the 鈥渃oupon barrier鈥�).

Automatic call: The notes are redeemed early at par plus the quarterly coupon if Regeneron closes at or above its initial level on any observation date before final valuation. Early call may occur as soon as the first quarter, creating reinvestment risk.

Principal repayment: 鈥� If not called and the final level is 鈮� the 60 % downside threshold, investors receive full principal.
鈥� If the final level is < the downside threshold, repayment equals $10 脳 (1 + underlying return), resulting in a dollar-for-dollar loss beyond 40 % decline; maximum loss is 100 % of principal.

Key economics

• Issue price: $10; minimum purchase 100 notes ($1,000).
• Estimated initial value: $9.47鈥�$9.72 (reflects underwriting discount, hedging and funding costs).
• Underwriting discount: $0.175 per note (1.75 %).

Risk highlights

• Market risk identical to holding Regeneron below the 60 % threshold at maturity.
• No participation in upside beyond fixed coupons; dividends on Regeneron are foregone.
• Credit risk of UBS: all payments depend on UBS AG鈥檚 ability to pay; notes are not insured.
• Liquidity risk: notes will not be listed; secondary market, if any, may be illiquid and priced below issue price.
• Conflicts of interest: UBS entities act as issuer, distributor, calculation agent and market maker.
• Tax treatment uncertain; UBS treats notes as prepaid derivatives with ordinary-income coupons.

Investor suitability: suitable only for investors who (1) can tolerate potential total loss, (2) believe Regeneron will remain above 60 % of its initial level, (3) are comfortable with UBS credit exposure, and (4) accept limited liquidity and capped return.

Form 144 filing for Roku, Inc. (ROKU): The notice discloses a proposed sale of 1,500 common shares by insider Daniel Jedda. The shares, acquired as restricted stock on 11/15/2023, are to be sold through Morgan Stanley Smith Barney LLC with an aggregate market value of $136,500. Roku reports 146.657 million shares outstanding, so the proposed sale equals roughly 0.001% of total shares. An earlier sale of 1,500 shares on 06/16/2025 generated gross proceeds of $121,980. The approximate sale date for the current transaction is 07/10/2025 on the NASDAQ exchange. The filer affirms no possession of undisclosed material adverse information and acknowledges Rule 10b5-1 representations.

On July 8, 2025, CareDx, Inc. (CDNA) director Michael Goldberg filed a Form 4 reporting receipt of 1,218 shares of common stock at a grant price of $0 under the company鈥檚 Outside Director Compensation Policy. The automatic equity award, issued in lieu of quarterly cash fees, raises his direct ownership to 154,216 shares. No open-market purchases, sales or derivative transactions were disclosed, indicating the filing is a routine governance matter rather than a signal of insider sentiment.

CareDx director Hannah Valantine has reported a significant insider transaction, selling 10,570 shares of common stock on June 18, 2025 at a weighted average price of $19.16 per share (ranging from $19.00 to $19.62). The total transaction value amounts to approximately $202,521.

The sale was executed under a Rule 10b5-1 trading plan established on December 12, 2024, which provides a pre-planned structure for insider trades. Following the transaction, Valantine retains direct ownership of 38,994 shares of CareDx common stock.

This transaction demonstrates a planned reduction in the director's holdings while maintaining a significant equity position in the company. The Rule 10b5-1 plan framework helps ensure compliance with insider trading regulations by establishing the trade parameters in advance.

CareDx Director Peter Maag has reported the sale of 10,000 shares of common stock at a weighted average price of $19.242 per share on June 17, 2025. The transaction was executed pursuant to a Rule 10b5-1 trading plan established on August 21, 2024.

The shares were sold in multiple transactions with prices ranging from $18.80 to $19.52. Following the reported transaction, Maag continues to hold 318,846 shares directly.

• Transaction Type: Sale (S)
• Ownership Type: Direct (D)
• Total Transaction Value: Approximately $192,420
• Trading Plan: Executed under pre-established 10b5-1 plan

This insider sale represents approximately 3% of Maag's direct holdings in CareDx and was conducted under a predetermined trading plan, which helps avoid concerns about insider trading.

CareDx, Inc. (CDNA) 鈥� Form 144 filing discloses a proposed sale of 10,570 common shares through Morgan Stanley Smith Barney on the NASDAQ. The shares, acquired as restricted stock units on 14 Jun 2025, carry an aggregate market value of $206,326.40, implying an indicative price of roughly $19.53 per share. The transaction is slated to occur on or about 18 Jun 2025. According to the filing, no other sales were made in the past three months, and the sale represents only ~0.02 % of the 55.68 million shares outstanding, suggesting minimal dilution or market impact. The filer certifies awareness of no undisclosed material adverse information and may be relying on a Rule 10b5-1 trading plan. Relationship to the issuer and filer identity were not provided in the excerpt.