Curnes Nelson Bunker 4

What Happened

• Nelson C. Bunker, Mobia Medical’s Chief Financial Officer, reported a series of derivative conversions, awards and option transactions tied to the company’s IPO and related financings. The filing shows multiple conversions of preferred stock, warrants and convertible notes into common stock (completed immediately prior to the Offering), several large grants/awards of derivative share equivalents, and a small in-the-money option exercise.
• Notable specific items: exercised 13,684 option shares at $14.65 for $200,512 (acquired) on 2026-05-11; 13,368 shares were withheld/disposed to cover tax or exercise costs (reported as F — 13,368 shares @ $15.00, $200,520). The filing also lists large award/grant entries (e.g., 2,000,000 and 4,000,000 share-equivalent awards on 2026-01-30) and many conversions of Series A–F preferred, warrants and convertible notes into common stock in connection with the Offering (blocks include multi-hundred-thousand and multi-million share amounts).

Key Details

• Transaction dates: primary activity reported 2026-01-30 through 2026-05-11; filing date 2026-05-11 (reporting period starts 2026-01-30).
• Option exercise: 13,684 shares exercised @ $14.65 (cash paid $200,512). Tax/exercise withholding: 13,368 shares reported disposed @ $15.00 ($200,520), indicating net-share settlement/tax withholding.
• Large awards/grants: reported awards on 2026-01-30 of 2,000,000 and 4,000,000 share-equivalents and additional awards (e.g., ~100,938 and 206,070 share-equivalents) — these are reported as derivative awards.
• Conversions: numerous conversions of preferred stock, warrants and convertible notes into common stock (many individual blocks ranging from tens of thousands up to multi-million shares). Footnotes state these conversions occurred immediately prior to the Offering.
• Footnotes of interest:
  • F1: Series A, C, D, E-1, E-2 and F preferred converted into common immediately prior to the IPO.
  • F2: Convertible notes converted automatically into common at a formula-based conversion price (discounted or valuation-based).
  • F5: Warrants exercised under a net exercise provision (no cash exercised; shares net-settled).
  • F4: A stock option award vests 25% on May 7, 2027, then monthly over 36 months (applies to certain option grants).
  • F3: Some transactions occurred prior to registration and are reported per Rule 16a-2(a).
• Shares owned after transaction: the Form 4 does not provide a single total "shares owned after" figure in the reported lines — ownership totals are not explicitly summarized in the filing.
• Timeliness: The filing was submitted on 2026-05-11 for transactions with a period date of 2026-01-30 — this indicates a late report of earlier (pre-Offering) transactions.

Context

• Many entries are derivative conversions tied to the IPO—these are routine structural steps when preferred stock, warrants and convertible notes convert into common stock on or immediately before an IPO closing. Footnotes explain conversion mechanics (including net exercise and discount conversion features).
• The option exercise shows a cashless/net settlement pattern (shares withheld to cover taxes/exercise), which is common and not necessarily a bullish or bearish signal by itself.
• Several dollar amounts in the filing appear as large nominal derivative valuations (formula-based) rather than cash paid/received; treat those as accounting/derivative valuations rather than direct cash value realized at the time.
• Because the filing covers a complex mix of pre-IPO conversions, awards and small option exercises, retail investors should view this as reporting of IPO-related capitalization changes and insider compensation mechanics rather than a simple open-market buy or sell.

If you want, I can extract and list every conversion/grant line-item with dates and counts in a compact table for easier review.