Koppel Adam 4
4 · Kailera Therapeutics, Inc. · Filed Apr 20, 2026
Research Summary
AI-generated summary of this filing
Kailera (KLRA) 10% Owner Adam Koppel Buys $25M Stock
What Happened Adam Koppel, reported as a 10% owner of Kailera Therapeutics (KLRA), made a significant open-market/private purchase on 2026-04-20, acquiring 1,562,500 common shares at $16.00 per share for a total of $25,000,000. On the same date he reported conversions of previously held preferred/derivative securities into common stock: 16,875,000 shares and 4,145,768 shares were converted (reported as derivative conversions with $0 cash consideration). Additionally, on 2026-04-16 he was granted or awarded 38,300 derivative securities (options) that vest/are exercisable 100% on April 16, 2027 (per the filing).
Key Details
- Transaction dates: Grant 2026-04-16; Conversions and purchase reported 2026-04-20 (Form filed 2026-04-20; period of report 2026-04-16). Filing appears timely.
- Purchase: 1,562,500 shares at $16.00 = $25,000,000 (code P).
- Conversions: 16,875,000 and 4,145,768 shares converted from Series A‑1 and Series B preferred into common stock on a 1:1 basis (reported as conversions, $0 cash).
- Grant/Award: 38,300 derivative securities granted on 2026-04-16; vesting/exercise subject to continued service and 100% vest on 2027-04-16 (per footnote).
- Ownership reporting: Koppel is listed as a 10% owner. Some securities are held by BCLS Fund IV Investments, LP; Koppel is a partner of the general partner and disclaims beneficial ownership of those fund-held securities except to the extent of pecuniary interest (see footnotes F1–F5).
- No sales were reported; the conversions are non-cash automatic conversions rather than market disposals.
Context
- The two large conversion entries reflect automatic 1:1 conversions of Series A‑1 and Series B preferred into common stock upon the company’s IPO (footnotes F1 and F2). These are bookkeeping/structure-related changes, not sales.
- The newly granted derivatives/options (38,300) do not vest until 2027‑04‑16, so they are not immediately exercisable.
- The $25M direct purchase is the most informative item for investors — a substantial personal investment by a 10% owner. For transparency, note that some holdings are held through BCLS Fund IV Investments and that Koppel may share voting/dispositive power with respect to those fund-held shares but disclaims beneficial ownership except for his economic interest.
Insider Transaction Report
Form 4
Koppel Adam
Director10% Owner
Transactions
- Conversion
Common Stock
[F1][F4][F5]2026-04-20+16,875,000→ 16,875,000 total(indirect: See footnotes) - Conversion
Common Stock
[F2][F4][F5]2026-04-20+4,145,768→ 21,020,768 total(indirect: See footnotes) - Purchase
Common Stock
[F4][F5]2026-04-20$16.00/sh+1,562,500$25,000,000→ 22,583,268 total(indirect: See footnotes) - Conversion
Series A-1 Preferred Stock
[F1][F4][F5]2026-04-20−16,875,000→ 0 total(indirect: See footnotes)→ Common Stock (16,875,000 underlying) - Conversion
Series B Preferred Stock
[F2][F4][F5]2026-04-20−4,145,768→ 0 total(indirect: See footnotes)→ Common Stock (4,145,768 underlying) - Award
Stock Option (right to buy)
[F3]2026-04-16+38,300→ 38,300 totalExercise: $16.00Exp: 2036-04-16→ Common Stock (38,300 underlying)
Footnotes (5)
- [F1]Each share of the Issuer's Series A-1 Preferred Stock automatically converted into shares of the Issuer's Common Stock on a 1:1 basis upon the closing of the Issuer's initial public offering. These securities had no expiration date.
- [F2]Each share of the Issuer's Series B Preferred Stock automatically converted into shares of the Issuer's Common Stock on a 1:1 basis upon the closing of the Issuer's initial public offering. These securities had no expiration date.
- [F3]The options vest and become exercisable as to 100% of the underlying shares on April 16, 2027, subject to Dr. Koppel's continued service through each such vesting date.
- [F4]Represents securities held directly by BCLS Fund IV Investments, LP ("BCLS Fund IV Investments").
- [F5]Dr. Koppel is a Partner of Bain Capital Life Sciences Investors, LLC ("BCLSI"). BCLSI is the ultimate general partner of BCLS Fund IV Investments. As a result, Dr. Koppel may be deemed to share voting and dispositive power with respect to the securities held by BCLS Fund IV Investments. Dr. Koppel disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.
Signature
/s/ Adam Koppel|2026-04-20