ADARx Pharmaceuticals: LAV converts preferred shares
The preferred shares converted on a 1-for-1.1717 reverse stock split basis, without payment of further consideration.
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Form Type
4
Rhea-AI Filing Summary
ADARx Pharmaceuticals, Inc. (ADRX) reported that LAV Biosciences Fund V, L.P., LAV Fund VI, L.P. and LAV Fund VI Opportunities, L.P.—each identified as a ten-percent owner—converted preferred stock into common stock on September 28, 2026, upon closing of the company’s IPO. The preferred stock converted automatically on a 1-for-1.1717 reverse stock split basis, without payment of further consideration.
LAV Biosciences Fund V converted 10,438,412 Series A, 1,953,774 Series B, 601,161 Series B-1 and 180,288 Series C preferred shares into 8,908,775, 1,667,469, 513,067 and 153,868 common shares, respectively. LAV Fund VI and LAV Fund VI Opportunities each converted 360,577 Series C preferred shares into 307,738 common shares.
Insider Trade Summary
13,894,789 shares exercised/converted
Exercise
12 txns
Insider
LAV Biosciences Fund V, L.P., LAV Fund VI Opportunities, L.P., LAV Fund VI, L.P.
Role
10% Owner | 10% Owner | 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series A Preferred Stock F1, F2 | 10,438,412 | $0.00 | $0.00 |
| Conversion | Series B Preferred Stock F1, F2 | 1,953,774 | $0.00 | $0.00 |
| Conversion | Series B-1 Preferred Stock F1, F2 | 601,161 | $0.00 | $0.00 |
| Conversion | Series C Preferred Stock F1, F2 | 180,288 | $0.00 | $0.00 |
| Conversion | Series C Preferred Stock F1, F3 | 360,577 | $0.00 | $0.00 |
| Conversion | Series C Preferred Stock F1, F4 | 360,577 | $0.00 | $0.00 |
| Conversion | Common Stock F1, F2 | 8,908,775 | -- | -- |
| Conversion | Common Stock F1, F2 | 1,667,469 | -- | -- |
| Conversion | Common Stock F1, F2 | 513,067 | -- | -- |
| Conversion | Common Stock F1, F2 | 153,868 | -- | -- |
| Conversion | Common Stock F1, F3 | 307,738 | -- | -- |
| Conversion | Common Stock F1, F4 | 307,738 | -- | -- |
Holdings After Transaction:
Series A Preferred Stock — 0 contracts (Direct);
Series B Preferred Stock — 0 contracts (Direct);
Series B-1 Preferred Stock — 0 contracts (Direct);
Series C Preferred Stock — 0 contracts (Direct);
Series C Preferred Stock — 0 contracts (Indirect, By LAV Fund VI, L.P.);
Series C Preferred Stock — 0 contracts (Indirect, By LAV Fund VI Opportunities, L.P.);
Common Stock — 11,243,179 shares (Direct);
Common Stock — 307,738 shares (Indirect, By LAV Fund VI, L.P.);
Common Stock — 307,738 shares (Indirect, By LAV Fund VI Opportunities, L.P.)
Footnotes (4)
- F1. Each share of Series A Preferred Stock, Series B Preferred Stock, Series B-1 Preferred Stock and Series C Preferred Stock (collectively, the "Preferred Stock") automatically converted on a 1-for-1.1717 reverse stock split basis into shares of Common Stock upon the closing of the Issuer's initial public offering on September 28, 2026, without payment of further consideration. The Preferred Stock has no expiration date.
- F2. LAV GP V, L.P. is the general partner of LAV Biosciences Fund V, L.P. ("LAV Biosciences"). LAV Corporate V GP, Ltd. is the general partner of LAV GP V, L.P. Dr. Yi Shi is the managing partner of LAV Corporate V GP, Ltd. By virtue of these relationships, LAV GP V, L.P., LAV Corporate V GP, Ltd. and Dr. Yi Shi may be deemed to have voting and investment power of the shares held by LAV Biosciences.
- F3. Shares are held by LAV Fund VI, L.P. ("LAV Fund VI"). LAV GP VI, L.P. ("LAV GP VI") is the general partner of LAV Fund VI and LAV Corporate VI GP, Ltd. ("LAV Corporate VI GP") is the general partner of LAV GP VI, L.P. Dr. Yi Shi is the managing partner of LAV Corporate VI GP, Ltd. By virtue of these relationships, LAV GP VI, L.P., LAV Corporate VI GP, Ltd. and Dr. Yi Shi may be deemed to have voting and investment power of the shares held by LAV Fund VI, L.P.
- F4. Shares are held by LAV Fund VI Opportunities, L.P. ("LAV Fund VI Opportunities"). LAV GP VI Opportunities, L.P. ("LAV GP VI Opportunities") is the general partner of LAV Fund VI Opportunities, L.P. and LAV Corporate VI GP Opportunities, Ltd. ("LAV Corporate VI GP") is the general partner of LAV GP VI Opportunities, L.P. Dr. Yi Shi is the managing partner of LAV Corporate VI GP Opportunities, Ltd. By virtue of these relationships, LAV GP VI Opportunities, L.P., LAV Corporate VI GP Opportunities, Ltd., and Dr. Yi Shi may be deemed to have voting and investment power of the shares held by LAV Fund VI Opportunities, L.P.
Key Figures
LAV Biosciences Fund V — Series A conversion: 10,438,412 Series A Preferred Stock shares converted into 8,908,775 Common Stock shares
LAV Biosciences Fund V — Series B conversion: 1,953,774 Series B Preferred Stock shares converted into 1,667,469 Common Stock shares
LAV Biosciences Fund V — Series B-1 conversion: 601,161 Series B-1 Preferred Stock shares converted into 513,067 Common Stock shares
+3 more
6 metrics
LAV Biosciences Fund V — Series A conversion
10,438,412 Series A Preferred Stock shares converted into 8,908,775 Common Stock shares
September 28, 2026; upon closing of the IPO
LAV Biosciences Fund V — Series B conversion
1,953,774 Series B Preferred Stock shares converted into 1,667,469 Common Stock shares
September 28, 2026; upon closing of the IPO
LAV Biosciences Fund V — Series B-1 conversion
601,161 Series B-1 Preferred Stock shares converted into 513,067 Common Stock shares
September 28, 2026; upon closing of the IPO
LAV Biosciences Fund V — Series C conversion
180,288 Series C Preferred Stock shares converted into 153,868 Common Stock shares
September 28, 2026; upon closing of the IPO
LAV Fund VI — Series C conversion
360,577 Series C Preferred Stock shares converted into 307,738 Common Stock shares
September 28, 2026; upon closing of the IPO
LAV Fund VI Opportunities — Series C conversion
360,577 Series C Preferred Stock shares converted into 307,738 Common Stock shares
September 28, 2026; upon closing of the IPO
Key Terms
reverse stock split basis, automatically converted, general partner, voting and investment power
4 terms
reverse stock split basis technical
"on a 1-for-1.1717 reverse stock split basis"
automatically converted technical
"automatically converted on a 1-for-1.1717 reverse stock split basis"
general partner regulatory
"LAV GP V, L.P. is the general partner of LAV Biosciences Fund V, L.P."
A general partner is the person or firm that runs an investment partnership and legally represents it — they make the day-to-day decisions, choose which assets to buy or sell, and are responsible for the partnership’s obligations. Investors care because the general partner’s judgment, risk-taking and fee and profit-sharing arrangements determine both the potential returns and the level of exposure to losses; think of the GP as the ship’s captain whose skill and honesty shape the voyage’s outcome.
voting and investment power regulatory
"may be deemed to have voting and investment power of the shares held by LAV Biosciences"
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