BlossomHill (BLSM) OrbiMed Director Buys 625K Shares ($10M)

What Happened
OrbiMed Advisors LLC (reported as a director representative) acquired 625,000 shares of BlossomHill Therapeutics (BLSM) in the company's IPO at $16.00 per share for a total of $10,000,000 on August 10, 2026. At the same time, OrbiMed's holdings of Series A and Series B preferred stock automatically converted into common stock upon the IPO, resulting in 2,089,279 common shares (1,039,996 + 1,049,283) being recorded as converted. The conversion entries show $0 proceeds because the preferred automatically converted into common without payment.

Key Details

• Transaction date: August 10, 2026; Form 4 filed August 12, 2026 (filing appears timely).
• Open‑market/IPO purchase: 625,000 shares at $16.00 = $10,000,000.
• Automatic conversions: 1,039,996 and 1,049,283 shares of preferred converted into common (total 2,089,279). Conversions recorded as disposition of derivative securities at $0.
• Shares owned after transaction: Not specified in the filing excerpt provided.
• Important footnotes: conversions occurred automatically upon closing of the Issuer's IPO (no cash paid); the securities are held by OrbiMed Private Investments VIII, LP (OPI VIII). OrbiMed Advisors, as managing member of the GP for OPI VIII, may be deemed to have voting/investment power but disclaims beneficial ownership except to the extent of any pecuniary interest. OrbiMed designated Carl L. Gordon to serve on BlossomHill’s board.

Context
The large conversion reflects preferred stock automatically becoming common at the IPO—this is a structural corporate event, not a cash sale. The $10M purchase was part of the issuer's IPO allocation (institutional purchase), and the reporting party is an institutional investor (not a personal trade by an individual executive). Purchases by institutional insiders can be informative to investors, but filings do not state the buyer’s motives.