ADARx (ADRX) SR One Capital (10% Owner) Buys 1.6M Shares

What Happened

• SR One Capital Management, LLC (reported as a 10% owner via multiple SR One funds) converted multiple series of preferred securities into common stock upon ADARx’s IPO closing on 2026-09-28 and made open-market purchases. The filing shows conversions that resulted in 8,336,661 common shares acquired via conversion and related derivative instruments (representing 9,768,069 shares) disposed/cancelled at $0.00. In addition, SR One entities purchased a total of 1,600,000 common shares in market/private transactions at $17.00 per share, totaling $27,200,000 — a net cash outlay indicating active purchasing.

Key Details

• Transaction date: 2026-09-28 (Form 4 filed 2026-09-29 — next-day filing).
• Open-market/private purchases: 1,600,000 shares at $17.00 each = $27,200,000 total.
• Conversions: multiple automatic conversions of Preferred Stock into Common Stock (8,336,661 shares reported “acquired” via conversion); related derivative securities recorded as disposed/cancelled (9,768,069) at $0.00.
• Footnotes: F1 — Preferred stock automatically converted on a 1-for-1.1717 reverse stock split basis at IPO closing without additional consideration. F2–F5 — the reported shares are held across several SR One funds; SR One Capital Management is the managing GP and Simeon George, M.D. is the managing member; these entities may be deemed to share voting/disposition power and disclaim direct beneficial ownership except for pecuniary interest.
• Shares owned after transaction: not specified in the excerpt provided.
• Filing timeliness: appears timely (filed the day after the transactions).

Context

• The conversion transactions reflect an automatic conversion of preferred stock upon ADARx’s IPO closing (see F1) rather than option exercises or voluntary disposals for cash. The separate open-market purchases are straightforward buys at $17 — purchases by a 10% institutional owner may carry informational value for investors but reflect institutional activity rather than insider executive trading.