ENRIGHT PATRICK G 4

What Happened

• Patrick G. Enright (reported as a 10% owner and a member of the board) acquired shares in two ways: (1) open-market/private purchases of 1,075,000 common shares at $17.00 each (total $18,275,000) on Feb 5, 2026; and (2) conversion of Series B and Series C convertible preferred holdings into common stock (3,578,873 common shares) that automatically converted immediately prior to the issuer’s IPO closing. The filing also reports a Feb 3, 2026 grant/award of 45,131 shares (derivative/option) that vests on Feb 3, 2027.

Key Details

• Transaction dates: Feb 3, 2026 (award); Feb 5, 2026 (preferred conversions and purchases). Filing date: Feb 5, 2026. No late filing indicated.
• Purchases: 192,647 shares and 882,353 shares acquired at $17.00 per share (total cash outlay $18,275,000).
• Conversions: Series B and Series C preferred automatically converted to common on a 10.067-for-1 basis (footnotes F1, F3); conversion entries show acquisition of 3,578,873 common shares and corresponding disposition of the preferred/derivative instruments.
• Award: 45,131-share option/award reported on Feb 3 (exercise price $0 shown); footnote F5 states the option fully vests on Feb 3, 2027.
• Ownership after transaction: Not specified in the provided filing excerpt.
• Footnotes on ownership/control: Some converted shares are held by affiliated funds (Longitude Venture Partners V, L.P. and Longitude 103.8 East, L.P.); related entities and individuals (including the reporting person and Juliet Tammenoms Bakker) are disclosed as having potential shared voting/investment power per F2 and F4.

Context

• The large cash purchases at $17/share signal a material insider buy (total ≈ $18.3M). The preferred conversions were automatic corporate actions tied to the company’s IPO (conversion ratio 10.067-for-1 immediately prior to IPO closing), not separate market trades.
• As a reported 10% owner and board member, these transactions reflect both institutional/fund-related holdings and direct purchases by or for the reporting person; they should be interpreted as ownership changes rather than routine executive salary-related activity.