Latigo (LTGO) — Westlake BioPartners Fund I Converts Derivatives to Common Stock

What Happened

• Westlake BioPartners Fund I, L.P. (a 10% institutional holder) reported the conversion of multiple derivative securities into common stock of Latigo Biotherapeutics (LTGO) on Aug 10, 2026. The filing shows acquisitions totaling 12,695,305 common shares via conversion and corresponding dispositions of the underlying derivative instruments (i.e., the derivatives ceased to exist as they converted).
• No per‑share price or total dollar value is listed in the Form 4 excerpt. Footnotes state certain preferred shares converted automatically to common stock upon the IPO without further consideration, and a convertible note automatically converted at the IPO price (see Key Details).

Key Details

• Transaction date: August 10, 2026 (reported on Form 4 filed Aug 11, 2026).
• Shares acquired via conversion: 12,695,305 common shares (aggregate of listed conversions).
• Consideration/price: Not stated on the Form 4; footnote F1 says preferred stock converted automatically into common stock without further payment; footnote F4 says a convertible note converted at the IPO price.
• Disposition entries: The filing also lists corresponding dispositions of the derivative securities (reflecting that the derivatives were converted).
• Shares owned after the transaction: Not specified in the provided filing excerpt.
• Filing timeliness: Reported the next day (no late filing indicated).
• Beneficial ownership context: The reported holder is an institutional fund (Westlake BioPartners Fund I). Footnotes note related entities (GPs) and that Beth Seidenberg, as managing director, disclaims Section 16 beneficial ownership except for any pecuniary interest.

Context

• Simple explanation: This was not an open‑market buy or sale by an individual insider — it was the automatic conversion of preferred shares and a convertible note into common stock as part of Latigo’s IPO close. The “disposition” lines reflect the derivative instruments being converted (ceasing) rather than a market sale of the new common shares.
• For retail investors: Conversions tied to an IPO are routine capital-structure events and reflect pre-IPO securities becoming common stock; they are different from a manager or director selling shares on the market and do not by themselves signal insider sentiment.