Bain Capital Life Sciences Investors, LLC 4

What Happened

• Bain Capital Life Sciences Investors, LLC (a reported 10% owner) purchased 1,562,500 shares of Kailera Therapeutics (KLRA) in an open-market/private purchase at $16.00 per share for a total of $25,000,000.
• In the same filing Bain Capital also recorded conversions of previously held preferred securities into common stock: 16,875,000 shares (Series A‑1) and 4,145,768 shares (Series B), totaling 21,020,768 shares. The conversions were automatic 1:1 conversions of preferred into common (recorded as derivative conversions).

Key Details

• Transaction date and filing date: 2026-04-20 (timely filing).
• Open-market/private purchase: 1,562,500 shares at $16.00 each = $25,000,000. (Transaction code P)
• Conversions: 16,875,000 (Series A‑1) and 4,145,768 (Series B) common shares recorded from conversion of preferred securities; conversion entries show N/A or $0 because these were automatic 1:1 conversions of preferred into common (transaction code C / derivative).
• Total shares converted into common: 21,020,768.
• Shares owned after transaction: not specified in the disclosed excerpt.
• Footnotes: F1/F2 explain automatic 1:1 conversion of Series A‑1 and Series B preferred on IPO closing; F3 notes certain securities held directly by BCLS Fund IV Investments; F4 explains Bain Capital Life Sciences Investors, LLC’s managerial relationships and disclaimer of beneficial ownership except for pecuniary interest.
• Filing appears timely (no late-filing indication in the provided data).

Context

• The $25M purchase is a clear cash investment by an institutional holder — purchases can be a stronger signal to some investors than sales, but do not by themselves indicate future performance.
• The preferred-to-common conversions are routine corporate actions (automatic conversions) and are recorded as derivative conversions/dispositions at $0 for accounting purposes; they are not open-market trades.
• Bain Capital here is a 10% institutional owner (via related funds/GPs), not an individual executive; the filing reflects institutional portfolio activity rather than officer/director trading.