Osage University GP III, LLC 4

What Happened

• Osage University GP III (reporting for Osage University Partners III/IV entities), a disclosed ~10% holder of Mobia Medical (MOBI), reported multiple conversions of derivative securities into common stock and two open‑market purchases on May 11, 2026.
• The filing shows conversions of several derivative instruments (individual line items range from ~264k to ~3.9M shares) into common stock on May 11, 2026. Separately, Osage purchased 266,666 shares at $15.00 ($3,999,990) and 266,667 shares at $15.00 ($4,000,005) on May 11, 2026 — total market buys = 533,333 shares for $7,999,995.
• The report also documents prior grants/awards dated January 30, 2026 (large derivative awards shown in the filing), which were subsequently converted as described above.

Key Details

• Transaction dates and prices: conversions dated 2026-05-11 (multiple derivative conversions; no per‑share price applicable for conversion lines); open‑market purchases on 2026-05-11 at $15.00 per share (266,666 and 266,667 shares).
• Purchase value: $3,999,990 and $4,000,005; combined open‑market purchase = $7,999,995.
• Shares owned after transaction: the Form 4 lists many conversion and grant line items but does not state a single consolidated post‑transaction ownership total for the reporting GP in the filing summary.
• Notable footnotes:
  • F1: Certain convertible notes automatically converted into common stock immediately prior to the issuer’s IPO (conversion price per note determined by formula in footnote).
  • F4: Series F and Series E‑2 preferred stock converted into common stock immediately prior to the Offering.
  • F2/F3: The securities are held by Osage University Partners III, LP and Osage University Partners IV, LP; the GP and GP managers may be deemed to share voting/dispositive power but disclaim beneficial ownership except for any pecuniary interest.
  • F5: Some transactions occurred prior to the company’s registration of a class of equity securities and are reported under Rule 16a‑2(a).
• Timeliness: The filing was made on 2026-05-12. The May 11, 2026 transactions were reported promptly, but the January 30, 2026 grants/awards are included in this filing and were reported months after the grant date (appears late for those earlier grant line items).

Context

• The conversion entries reflect derivative securities (convertible notes, preferred shares, or awards) being converted into common stock — not open‑market purchases — so a per‑share purchase price is not applicable for those lines.
• The open‑market purchases (533,333 shares at $15) are direct buys and therefore a clearer bullish signal than conversions, but they should be interpreted with caution: Osage is an institutional/venture investor (GP/LP structure), not an individual insider trading for personal reasons.
• The filing contains many large line items and unusually large numeric values in grant fields (likely reflecting award/derivative accounting). Retail investors should treat the conversion activity as institutional capital structure changes around the company’s IPO rather than routine insider trading by an executive.