Latigo (LTGO) 10% Owner James Tananbaum Buys $2.52M, Converts Derivatives

What happened

• James B. Tananbaum (reported as a 10% owner via Foresite funds) reported multiple automatic conversions of derivative securities into common stock that together converted into approximately 12,158,992 shares. In addition, he made an open-market purchase of 140,000 shares at $18.00 per share, costing $2,520,000. The conversions were non‑cash events tied to the issuer’s IPO/automatic conversion provisions; the $2.52M purchase was a cash outlay and represents a direct buy on the market.

Key Details

• Transaction date: 2026-08-10 (report filed same date; no late filing indicated in the record provided).
• Open-market purchase: 140,000 shares @ $18.00 = $2,520,000.
• Conversions: ~12,158,992 shares acquired via conversion of preferred stock / convertible note (no cash paid at conversion; conversion terms tied to the IPO).
• Shares owned after transaction: Not specified in the Form 4 provided.
• Notable footnotes:
  • F1/F4 — Preferred shares and a convertible note automatically converted into common stock upon the issuer’s IPO (conversion at IPO price or as noted).
  • F2–F3–F5 — Many converted shares are held of record by Foresite funds (Fund V, Fund VI, Opportunity Fund V); Tananbaum is the sole managing member of the general partner entities and disclaims group status, claiming beneficial ownership only to the extent of pecuniary interest.
• Transaction codes: C = conversion of derivative security (acquired common); P = open market purchase.
• Filing timeliness: Form shows report date 2026-08-10 for transactions on that date; no late filing flag supplied.

Context

• The large share increases came mainly from automatic conversions tied to the IPO and reflect structural changes (derivatives → common stock), not open-market buying pressure. The $2.52M open‑market purchase is the clearest bullish signal of intent by the reporting person on an individual basis.
• This filing represents institutional/insider holdings via investment funds (Foresite entities), not routine executive compensation exercises. For retail investors, purchases by insiders or related funds can be notable; conversions by themselves are typically mechanical outcomes of prior financing agreements.