ADARx (ADRX) 10% Owner Carl L. Gordon Buys 950,000 Shares

What Happened

• Carl L. Gordon, reported as a 10% owner of ADARx Pharmaceuticals (ADRX), acquired 950,000 shares of common stock in the issuer's initial public offering at $17.00 per share, spending $16,150,000 in total. On the same date he recorded conversions of preferred/derivative securities into 23,255,789 shares of common stock (no cash exchanged). The open-market/IPO purchases are purchases (potentially interpreted as a bullish signal), while the conversions were automatic corporate actions.

Key Details

• Transaction date: 2026-09-28; Form 4 filed: 2026-09-30 (appears filed within the typical 2-business-day window).
• Purchases: 950,000 shares at $17.00 each for $16,150,000 (three lots: 300,249; 61,516; 588,235).
• Conversions: 8 derivative conversion entries totaling 23,255,789 common shares (reported as both acquired and disposed at $0 due to conversion mechanics).
• Shares owned after transaction: Not specified in the supplied filing excerpt.
• Notable footnotes: F1 — Preferred stock automatically converted into common on a 1-for-1.1717 basis upon IPO close; share counts reflect that conversion. F2 — The $17 purchases reflect shares bought in the issuer's IPO. Other footnotes (F3–F6) relate to OrbiMed entities and disclaimers of beneficial ownership for certain funds.

Context

• The conversions were non-cash corporate actions (preferred → common) tied to the IPO close; they do not reflect market buying or selling. The $17 purchases were direct IPO purchases (cash outlay of $16.15M) and are the most informative trading activity here. As a 10% owner, Gordon's large purchase in the IPO is significant in size but this filing does not provide his post-transaction ownership percentage.