Yang Rick 4

What Happened

• Yang Rick, reported as a 10% owner and manager of NEA 17 GP (see footnote), was involved in two types of transactions on Feb 9, 2026: (1) automatic conversions of preferred stock into common stock and (2) a cash purchase of common shares. The filing shows conversions of 1,619,240; 1,370,168; 1,370,168; and 737,962 preferred shares — a total of 5,097,538 shares — that converted one‑for‑one into common stock prior to the company’s IPO (footnote F1). In addition, the filing reports an open market/private purchase of 937,500 common shares at $16.00 per share for $15,000,000 (total purchase value).

Key Details

• Transaction date: February 9, 2026; Form 4 filed February 11, 2026 (timely within the 2-business-day Rule 16 requirement).
• Conversions (derivative security code C): total 5,097,538 preferred shares converted 1-for-1 into common; these show as both acquisitions of common stock and dispositions of the derivative instruments in the filing (standard reporting treatment when derivatives convert).
• Purchase (code P): 937,500 common shares at $16.00 each; total cash paid = $15,000,000.
• Shares owned after transaction: not specified in the provided summary of the filing.
• Footnotes: F1 — preferred automatically converted to common on a one‑for‑one basis prior to IPO closing; F2 — Reporting person is a manager of NEA 17 GP and NEA 17 is the direct beneficial owner; the reporting person disclaims beneficial ownership for portions in which he has no pecuniary interest (i.e., this reflects institutional holdings/transactions).

Context

• The conversions were automatic preferred-to-common conversions tied to the IPO (not a market purchase) and are reported as derivative conversions. The $15M cash purchase is a direct purchase of common stock at the IPO/secondary price and is the most economically significant action here. Because the filing stems from NEA-related holdings and the reporting person disclaims certain beneficial ownership, retail investors should view the converted shares as institutional-position reporting rather than necessarily a personal buy by the individual.