You can read, but you don't understand. A director is not part of management or considered so by the SEC. So you are wrong and your info is wrong. And also you are double counting shares then. David Kroin is a partner at Great Point and has to report his beneficial shares as reported by Great Point sales. Great Point has also sold for other reasons than what they think of BIOD as an investment- namely they need the cash for redemptions of their poorly performing fund. The only sales in BIOD have been by VC firms that don't have any control on BIOD and have their own liquidity problems. Do some due dilegence. Management hasn't sold any since the high teens.