ADARx (ADRX) Director Erez Chimovits Converts Preferred, Buys 61,516 Shares

What Happened
Erez Chimovits, a director of ADARx Pharmaceuticals, converted a total of 9,230,509 shares of derivative securities (preferred stock converted into common) and separately purchased 61,516 shares of ADARx common stock in the company’s IPO at $17.00 per share for a cash outlay of $1,045,772. The conversions were non‑cash transactions (no proceeds) reflecting automatic conversion of preferred into common at IPO close; the 61,516-share transaction was a paid purchase in the offering.

Key Details

• Transaction date: 2026-09-28; Form 4 filed 2026-09-30. Filing not marked as late in the report.
• Conversions (non‑cash): 7,127,019 + 1,333,975 + 513,067 + 256,448 = 9,230,509 common shares acquired via conversion from preferred; corresponding derivative interests were recorded as disposed ($0 proceeds) because the derivative securities converted.
• Open market / IPO purchase (P): 61,516 shares at $17.00 each = $1,045,772 total cash paid.
• Shares owned after transaction: not specified in the filing.
• Footnotes of note:
  • F1: Preferred stock automatically converted into common on a 1-for-1.1717 basis at the IPO; share counts reflect that conversion.
  • F2: The $17 purchase reflects shares bought in the issuer’s initial public offering.
  • F3/F4: Certain securities are held by OrbiMed-related entities; reporting person and entities disclaim beneficial ownership except to extent of pecuniary interest.

Context

• The large listed conversions are routine accounting/legal effects of preferred stock automatically converting at IPO close (no cash paid or received). The only cash purchase here is the 61,516 IPO shares at $17 each, which is a direct insider buy and is often considered more informative to retail investors than conversions.
• This report involves derivative conversion and an IPO purchase; it does not by itself indicate the insider’s future view of the stock.