Behbahani Ali 4

What Happened Behbahani Ali, reported as a 10% owner, on February 9, 2026 completed a purchase of 937,500 shares at $16.00 per share for a total cash outlay of $15,000,000. On the same date several derivative securities converted into common stock (automatic one-for-one conversion of preferred into common ahead of the company’s IPO), resulting in an additional 6,454,801 shares being issued to the reporting entity. The filing shows both the conversion (acquired common stock) and the corresponding derivative extinguishment (listed as disposed).

Key Details

• Date of transactions: February 9, 2026; Form 4 filed February 11, 2026 (appears timely).
• Open-market/private purchase: 937,500 shares @ $16.00 = $15,000,000 (Transaction code P).
• Derivative conversions (Transaction code C) into common stock on a one-for-one basis: 1,619,240; 1,370,168; 1,370,168; 737,962; 954,990; 402,273 — total 6,454,801 shares (price N/A due to conversion).
• Total common shares acquired on Feb 9 (cash + conversions): 7,392,301 shares.
• Shares owned after transaction: not specified in the excerpt of the filing.
• Relevant footnotes: F1 — automatic one-for-one preferred→common conversion prior to IPO; F2/F3 — the reporting person is a manager of NEA GP entities (institutional ownership structure) and disclaims beneficial ownership where no pecuniary interest exists.
• Filing timeliness: filed within two business days of the transaction date (no late filing flag in this report).

Context

• The conversions reflect a corporate event (preferred stock converting to common ahead of the IPO) rather than an option exercise or standalone trade; the “disposed” derivative entries reflect the extinguishment of those derivative/preferred instruments upon conversion.
• The $15M cash purchase is a straightforward buy and is generally more notable to retail investors than routine conversions. However, the reporting person’s relationship to NEA funds indicates this is institutional/venture-capital-related ownership rather than a typical executive/director personal trade.
• Nothing in the filing proves intent or predicts stock performance; it simply reports the acquisition and the conversion events.