Chen Bihua 4

What Happened
Bihua Chen, a director and reported 10% owner related to Helix Holdings II LLC (the "Sponsor"), reported a series of related-party reallocation transactions on 2026-07-01. The Form 4 shows: 4,528,186 shares disposed (reported at $0) and three acquisitions totaling 4,528,186 shares (2,692,459; 1,704,862; and 130,865) also reported at $0. All transactions are coded as "J" (other acquisition or disposition) and carry no cash value — this was an internal, pro rata distribution among Sponsor members, not an open-market buy or sell.

Key Details

• Transaction date: 2026-07-01; Filing date: 2026-07-06 (as filed with the SEC).
• Reported amounts and prices: Disposed 4,528,186 shares @ $0.00; Acquired 2,692,459 @ $0.00, 1,704,862 @ $0.00, 130,865 @ $0.00. Net cash = $0.
• Shares owned after transaction: The filing shows the Sponsor as the record holder and does not report a separate beneficial ownership total for Ms. Chen beyond the disclaimers in the footnotes.
• Footnotes summary: Transactions were pro rata distributions by the Sponsor for no consideration (F1). Cormorant-managed funds (Fund III, Fund V, Master Fund) received pro rata distributions and are Sponsor members (F2–F4). Ms. Chen is manager of the Sponsor and the general partner/manager of related entities and has voting/investment discretion but disclaims beneficial ownership except to the extent of any pecuniary interest (F5–F6). The filing notes Ms. Chen serves on the issuer’s board and that Sponsor/Cormorant Funds may be deemed directors by deputization.

Context

• These entries reflect an internal reallocation among affiliated entities (a pro rata distribution) rather than a market sale or purchase; they do not indicate funds changing hands or open-market sentiment.
• For retail investors, such related-party transfers typically reflect ownership structuring among funds and the Sponsor; they are not direct buy/sell signals by the insider for personal investment decisions.