Electra (ETRA) 10% Owner Gordon Carl Buys $20M IPO Shares

What Happened

• Gordon Carl L, reported as a 10% owner of Electra Therapeutics (ETRA), received conversions of preferred stock into common stock and purchased additional shares in the company’s IPO on September 21, 2026.
• He received a total of 5,551,837 common shares when Series A/B/C convertible preferred automatically converted at the IPO (no cash paid). He also purchased 1,333,333 shares in the IPO at $15.00 per share (333,333 shares for $4,999,995 and 1,000,000 shares for $15,000,000), for total cash of $19,999,995.
• The filing shows the derivative preferred securities being removed (dispositions at $0) consistent with automatic conversion; the net effect is receipt of common shares via conversion plus the IPO purchase (a purchase is generally a more notable bullish signal than a sale, though the filing is factual and does not state intent).

Key Details

• Transaction date: September 21, 2026 (filed September 23, 2026) — appears timely under Section 16 reporting rules.
• Transaction types: C = conversion of derivative preferred into common (automatic conversion per footnote); P = purchase in IPO at $15.00/share.
• Shares from conversion: 5,551,837 common shares (automatic conversion, no cash).
• IPO shares purchased: 1,333,333 shares at $15.00 each; total cash paid = $19,999,995.
• Shares owned after transaction: not specified in the excerpted filing.
• Relevant footnotes:
  • F1: Series A/B/C preferred automatically converted 1:1 into common on IPO close without payment.
  • F2: The purchased shares reflect shares bought in the Issuer’s IPO.
  • F3–F5: Many of these securities are held by OrbiMed-managed funds (OrbiMed Private Investments VII, L.P. and OrbiMed Genesis Master Fund, L.P.); OrbiMed entities and certain GPs/managers may be deemed to have voting/investment power but disclaim beneficial ownership except to the extent of any pecuniary interest.

Context

• Conversion explanation: The multiple C-coded entries reflect the automatic conversion of preferred shares into common stock at the IPO close (not an option exercise requiring cash).
• Purchase signal: The P-coded entries are open IPO purchases at $15.00/share totaling ~$20.0M in cash — purchases by insiders or related parties can be interpreted by investors as alignment with the IPO price but are not proof of future performance.
• Ownership/structure note: The reporting includes disclosures about OrbiMed fund relationships and disclaimers—this report relates to a 10% owner and institutional fund holdings rather than routine trading by a company executive.