As far as the shares granted to Aruda, he was give

As far as the shares granted to Aruda, he was given shares in increments separated by months, not in one lump. Therefore those shares that he sold did not hit the market all at once. It makes perfect sense to cash in some shares, invest the money and live off the interest while waiting for CTIX's clinical trials to progress. (There are good companies like HTGC that pay high dividends and also offer the chance of capital appreciation). It would be foolish to sit there, living off a salary or whatever one made from a company, rather than immediately becoming wealthy by selling a small portion of the stock.

Aruda's attorneys were give several million of his (Aruda's) shares as their payment. It seems unlikely to me that they would do anything but sell all or most of them. This happened long ago and is not overhanging the stock today.

As far as the claim that this somehow cost CTIX money, that is utterly untrue. This came out of Dr. Menon's personal holdings, and in no way was paid for by CTIX.