ADARx (ADRX) 10% Holder LAV Biosciences Converts Preferred to Common

What Happened

• LAV Biosciences Fund V, L.P. (reported as a 10% owner) converted multiple derivative/preferred securities into ADARx (ADRX) common stock on September 28, 2026 (transaction code C = conversion). The Form 4 lists acquisitions totaling 11,858,655 common shares (various conversion line items) and related derivative disposals totaling 13,894,789 shares. Disposed items were reported at $0.00 (no cash proceeds).
• Footnote F1 explains the mechanics: each share of the issuer’s preferred stock automatically converted into common stock on a 1-for-1.1717 reverse stock-split basis upon closing of ADARx’s IPO on 9/28/2026, with no additional consideration paid. This was a corporate-action conversion tied to the IPO rather than an open-market buy or sale.

Key Details

• Transaction date: September 28, 2026; Form filed September 29, 2026 (appears timely).
• Prices/values: Acquisitions reported as N/A (conversion); disposals reported at $0.00 (derivative conversion, no cash).
• Totals reported on the Form 4 excerpt: +11,858,655 common shares acquired via conversion; -13,894,789 derivative shares disposed; net change = -2,036,134 shares.
• Shares owned after transaction: not disclosed in the provided excerpt of the filing.
• Relevant footnotes on control: F2–F4 describe related GP and fund relationships (LAV GP entities and Dr. Yi Shi) that may give those entities voting/investment power over the reported holdings. These are institutional ownership disclosures, not executive trading.
• Transaction type: conversion of preferred/derivative securities (corporate action tied to IPO and reverse split), not a market sale or purchase.

Context

• Conversions of preferred/derivative securities into common stock are routine corporate actions at an IPO (especially with automatic conversion clauses and reverse stock-splits) and do not involve cash changing hands; they differ from open-market buys/sells that might signal insider sentiment.
• Because this is a 10% institutional holder and the activity stems from an IPO conversion, it should be interpreted as a structural ownership change rather than an individual insider trading decision.