Li Nan (LN) 4

What Happened

• Li Nan, a director of Odyssey Therapeutics (ODTX), purchased 1,111,111 shares at $18.00 per share on 2026-05-11 for a total of $19,999,998 (reported as a P purchase). This is a significant insider buy.
• The filing also reports conversions of derivative securities (code C): one line shows 1,709,543 shares acquired via conversion and another line shows 16,611,626 derivative shares listed as disposed (both reported 2026-05-11). These conversion entries relate to corporate reorganizations tied to the company’s IPO rather than open-market sales.

Key Details

• Transaction date: 2026-05-11 (filing date/period of report also 2026-05-11).
• Purchase: 1,111,111 shares @ $18.00 = $19,999,998 (footnote F3: reflects shares purchased in the issuer’s initial public offering).
• Conversions reported: +1,709,543 shares (C) and a separate C-line showing 16,611,626 shares disposed (reported as derivative conversions).
• Footnotes of note:
  • F1: Series D Preferred automatically converted to Common immediately prior to the IPO on a 1-for-9.7170 basis for no additional consideration.
  • F3: The $18 purchase reflects IPO allotment.
  • F4: Figures give effect to a 1-for-9.7170 reverse stock split effected prior to the IPO closing.
  • F2 relates to an institutional holder (Dimension Capital) and disclaims beneficial ownership; it pertains to other reporting persons in the filing, not Li Nan’s direct trade.
• Shares owned after the transaction: not specified in the excerpt provided.
• Filing timeliness: no late filing flag indicated.

Context

• The $20M purchase is a direct insider buy (IPO allocation), which retail investors often view as a meaningful signal because it involves the insider increasing their direct equity exposure.
• The conversion lines reflect automatic corporate actions (conversion of preferred/derivative instruments into common stock linked to the IPO and reverse split) rather than a market sale; such conversions are common around IPO closings and should not be read as the insider cashing out.
• No indication of a 10b5‑1 plan, tax withholding sale, or other programmed trading was reported in the provided details.