Why no insider buys?

I was looking to go long shares with the Feb. 24 catalyst coming up (the due date to file the 10-K and 10-Q) but what stood out is that while the stock has cratered from $120 to $18 to $30 - not a single share was purchased by any insiders, not one.

I am genuinely looking for feedback. This is a good asymmetrical trade set up with a catalyst event coming up soon but lack of insider buys is what bothers me.

Edit: Thanks for the comments. Looks like Rule 10b-5 likely prevents insiders from buying.

Edit 2: Bought shares. Not a big position for me. Thinking about taking a large position but hedging with puts. If anyone was able to put a long position with downside protection, then please share in the comments.