Koppel Adam 4

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.