Braveheart Bio (BRVE): Andreessen Horowitz funds disclose 11.4% post-IPO stake

Rhea-AI Filing Summary

Braveheart Bio, Inc. has a new large shareholder disclosure from Andreessen Horowitz–affiliated funds and principals. AH Bio Fund IV, L.P. and related entities beneficially own 10,232,420 shares of common stock, representing 11.4% of outstanding shares immediately after the IPO. The stake arose from the conversion of 40,000,000 Series A preferred shares purchased for $40 million, which converted at a 4.38‑for‑1 ratio into 9,132,420 common shares at IPO closing on August 7, 2026, plus an additional 1,100,000 common shares bought in the IPO at $18.00 per share for $19.8 million.

AH Equity Partners Bio IV, L.L.C. is the general partner and holds sole voting and dispositive power over the fund’s shares, while Marc Andreessen and Benjamin Horowitz may be deemed to share voting and dispositive power through their roles as managing members. The investors acquired the position for investment purposes and may increase or decrease their holdings, subject to a 180‑day lock‑up and an Investors’ Rights Agreement that provides demand, shelf (Form S‑3), and piggyback registration rights for sizable future resales.

Key Figures

Beneficial ownership: 10,232,420 shares Ownership percentage: 11.4 % Shares outstanding: 90,038,969 shares +5 more

8 metrics

Beneficial ownership 10,232,420 shares Common stock beneficially owned by each reporting person

Ownership percentage 11.4 % Percentage of common stock outstanding immediately after IPO closing on August 7, 2026

Shares outstanding 90,038,969 shares Common stock outstanding immediately following IPO, including 3,187,500 option shares

Series A investment $40 million Aggregate purchase price for 40,000,000 Series A Preferred shares prior to IPO

Series A conversion ratio 4.38-for-1 Automatic conversion of Series A Preferred into common stock at IPO closing

Common shares from conversion 9,132,420 shares Common stock issued to AH Bio IV upon Series A conversion at IPO closing

IPO share purchase 1,100,000 shares at $18.00 Common stock purchased from IPO underwriters for $19.8 million

Lock-up period 180 days after August 5, 2026 Duration of lock-up agreements restricting sales by major holders

Key Terms

beneficially owned, Registrable Securities, piggyback registration rights, lock-up agreement, +2 more

6 terms

beneficially owned financial

"set forth the aggregate number of shares of Common Stock and percentage of the shares of Common Stock beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Registrable Securities regulatory

"registration rights with respect to the shares of common stock issued upon conversion of their Series A Preferred Stock ("Registrable Securities")"

piggyback registration rights regulatory

"entitled to certain piggyback registration rights allowing such holders to include their Registrable Securities"

A contractual right that lets existing shareholders join a company’s planned public sale of stock so they can sell their own shares at the same time under the same paperwork. It matters to investors because it gives insiders and early holders an easier, often faster way to convert shares to cash, while also potentially increasing the number of shares offered and affecting the share price — like catching a scheduled bus instead of hiring a private ride to get where you need to go.

lock-up agreement regulatory

"entered into a customary lock-up agreement with the underwriters with respect to its common stock"

A lock-up agreement is a contract that prevents company insiders and early investors from selling their shares for a fixed period after a stock sale, often after an initial public offering. It matters to investors because it temporarily limits the number of shares that can hit the market, which can keep the share price steadier; when the lock-up ends, a sudden increase in available shares can create extra volatility, revealing insiders’ confidence or lack thereof.

Deemed Liquidation Event regulatory

"the closing of a "Deemed Liquidation Event," as such term is defined in the Issuer's amended and restated certificate"

Form S-3 regulatory

"holders of Registrable Securities may request the Issuer to register their Registrable Securities on Form S-3"

Form S-3 is a legal document companies use to register their stock sales with the government, making it easier and faster for them to raise money by selling shares to investors. It’s like having a pre-approved shopping list that lets a company quickly sell new shares when they need funds, without going through a lengthy approval process each time.

FAQ

How much of Braveheart Bio, Inc. (BRVE) does Andreessen Horowitz report owning?

Andreessen Horowitz–affiliated entities report beneficial ownership of 10,232,420 shares of Braveheart Bio common stock, representing 11.4% of the 90,038,969 shares outstanding immediately after the IPO on August 7, 2026.

How did Andreessen Horowitz’s stake in Braveheart Bio (BRVE) form?

The stake comes from 40,000,000 Series A preferred shares bought for $40 million, converting at IPO into 9,132,420 common shares, plus 1,100,000 common shares purchased in the IPO at $18.00 per share for $19.8 million.

Who controls voting and dispositive power over the Braveheart Bio (BRVE) shares?

AH Equity Partners Bio IV, L.L.C. has sole voting and dispositive power over 10,232,420 shares held by AH Bio Fund IV, while Marc Andreessen and Benjamin Horowitz may be deemed to share voting and dispositive power through their roles as managing members.

What registration rights does Andreessen Horowitz have for Braveheart Bio (BRVE) shares?

Under a September 3, 2025 Investors’ Rights Agreement, holders can demand S‑1 registration for at least $20 million of Registrable Securities and request Form S‑3 registrations for at least $5 million, with limits of one S‑1 and two S‑3s in any 12‑month period.

Is Andreessen Horowitz subject to a lock-up on Braveheart Bio (BRVE) shares?

Yes. In connection with the IPO, AH Bio IV and other major holders agreed to a customary 180‑day lock‑up from August 5, 2026, restricting most sales or transfers without written consent from the IPO underwriters’ representatives.

Can Andreessen Horowitz change its Braveheart Bio (BRVE) position after the IPO?

Subject to legal and contractual limits, including the 180‑day lock‑up, the reporting persons may increase or decrease their Braveheart Bio holdings over time through open‑market or private transactions, or by distributions to their partners or members.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 04:56 PM Accepted by SEC EDGAR 08/14/2026 - 04:55 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Braveheart Bio, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

10567X101

(CUSIP Number)

a16z Capital Management
2865 Sand Hill Road, Suite 101,
Menlo Park, CA, 94025
(650) 798-5800

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/07/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 10567X101

1

Name of reporting person

AH Bio Fund IV, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 10,232,420.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 10,232,420.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

10,232,420.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.4 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 10567X101

1

Name of reporting person

AH Equity Partners Bio IV, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 10,232,420.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 10,232,420.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

10,232,420.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 10567X101

1

Name of reporting person

Marc L. Andreessen

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,232,420.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,232,420.00

11

Aggregate amount beneficially owned by each reporting person

10,232,420.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.4 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 10567X101

1

Name of reporting person

Benjamin A. Horowitz

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,232,420.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,232,420.00

11

Aggregate amount beneficially owned by each reporting person

10,232,420.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.4 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.0001 per share
(b)	Name of Issuer: Braveheart Bio, Inc.
(c)	Address of Issuer's Principal Executive Offices: One Letterman Drive, Building A, Suite A4-300, San Francisco, CALIFORNIA , 94129.
Item 2.	Identity and Background
(a)	This Schedule 13D is filed by AH Bio Fund IV, L.P. ("AH Bio IV"), AH Equity Partners Bio IV, L.L.C. ("AH Equity Bio IV"), Marc Andreessen ("Andreessen") and Benjamin Horowitz ("Horowitz"). The foregoing entities and individuals are collectively referred to herein as the "Reporting Persons." AH Bio IV directly holds 10,232,420 shares of the Issuer's common stock for itself and as nominee for AH Bio Fund IV-B, L.P. ("AH Bio IV-B"), AH 2022 Annual Fund, L.P. ("AH Annual 2022"), AH 2022 Annual Fund-B, L.P. ("AH Annual 2022-B"), AH 2022 Annual Fund-QC, L.P. ("AH Annual 2022-QC") and CLF Partners III, LP ("CLF III"). AH Equity Bio IV is the general partner of AH Bio IV and may be deemed to have sole power to vote and sole power to dispose of shares of the Issuer held of record by AH Bio IV for itself and as nominee for AH Bio IV-B, AH Annual 2022, AH Annual 2022-B, AH Annual 2022-QC and CLF III. Andreessen and Horowitz are managing members of AH Equity Bio IV and may be deemed to have shared power to vote and shared power to dispose of shares of the Issuer held of record by AH Bio IV for itself and as nominee. The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13D.
(b)	The address of the principal place of business of each of the Reporting Persons is c/o Andreessen Horowitz, 2865 Sand Hill Road, Suite 101, Menlo Park, CA 94025.
(c)	The principal occupation of each of Andreessen and Horowitz is co-founder and managing member of the venture capital firm Andreessen Horowitz. The principal business of each of the other Reporting Persons is the venture capital investment business.
(d)	During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree of final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	The responses of the Reporting Persons with respect to row 6 of their respective cover pages to this Schedule 13D are incorporated herein by reference.
Item 3.	Source and Amount of Funds or Other Consideration
	Prior to the Issuer's initial public offering (the "IPO"), AH Bio IV, for itself and as nominee for AH Bio IV-B, AH Annual 2022, AH Annual 2022-B, AH Annual 2022-QC and CLF III, purchased 40,000,000 shares of the Issuer's Series A Preferred Stock for an aggregate purchase price of $40 million. In connection with the closing of the IPO, on August 7, 2026, the Series A Preferred Stock automatically converted into shares of common stock on a 4.38-for-1 basis, resulting in the issuance to AH Bio IV of an aggregate of 9,132,420 shares of common stock for no additional consideration. On August 7, 2026, AH Bio IV, for itself and as nominee for AH Bio IV-B, AH Annual 2022, AH Annual 2022-B, AH Annual 2022-QC and CLF III, also purchased 1,100,000 shares of the Issuer's common stock from the underwriters of the IPO at the IPO price of $18.00 per share, for an aggregate purchase price of $19.8 million. The source of funds for the purchases of securities described above was capital contributions by the general and limited partners of AH Bio IV and the funds for which it serves as nominee.
Item 4.	Purpose of Transaction
	The Reporting Persons purchased the aforementioned securities for investment purposes with the aim of increasing the value of their investments and the Issuer. Subject to applicable legal requirements, one or more of the Reporting Persons may purchase additional securities of the Issuer from time to time in open market or private transactions, depending on its evaluation of the Issuer's business, prospects and financial condition, the market for the Issuer's securities, other developments concerning the Issuer, the reaction of the Issuer to the Reporting Persons' ownership of the Issuer's securities, other opportunities available to the Reporting Persons, and general economic, money market and stock market conditions. In addition, depending upon the factors referred to above (and subject to the Lock-Up Agreement described below), the Reporting Persons may dispose of all or a portion of their securities of the Issuer at any time (including by distribution to their respective members or limited partners, or by means of programs adopted pursuant to Rule 10b5-1 under the Act). Subject to applicable legal and contractual requirements, each of the Reporting Persons reserves the right to increase or decrease its holdings on such terms and at such times as each may decide. Except as set forth in this Item 4 and Item 6 below, none of the Reporting Persons has a present plan or proposal that relates to or would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D of the Act. However, each of the Reporting Persons reserves the right to propose or participate in future transactions which may result in one or more of such actions, including but not limited to, an extraordinary corporate transaction, such as a merger, reorganization or liquidation, sale of a material amount of assets of the Issuer or its subsidiaries, or other transactions which might have the effect of causing the common stock to become eligible for termination of registration under Section 12(g) of the Act. The Reporting Persons also retain the right to change their investment intent at any time, to acquire additional shares of common stock or other securities of the Issuer from time to time, or to sell or otherwise dispose of all or part of the common stock beneficially owned by them (or any shares of common stock into which such securities are converted) in any manner permitted by law. The Reporting Persons may engage from time to time in ordinary course transactions with financial institutions with respect to the securities described herein. Vineeta Agarwala, a general partner at Andreessen Horowitz, in her capacity as a director of the Issuer, may have influence over the corporate activities of the Issuer, including activities which may relate to the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	Rows 11 and 13 of each Reporting Person's cover page to this Schedule 13D set forth the aggregate number of shares of Common Stock and percentage of the shares of Common Stock beneficially owned by such Reporting Person and are incorporated herein by reference. The percentage set forth in row 13 of each cover page is based upon 90,038,969 shares of the Issuer's common stock outstanding immediately following the closing of the IPO (August 7, 2026), as reported in the Issuer's final prospectus dated August 5, 2026 filed with the Securities and Exchange Commission (the "SEC") on August 6, 2026, after giving effect to the issuance of an additional 3,187,500 shares of common stock upon the exercise in full by the underwriters of their option to purchase additional shares.
(b)	Rows 7 through 10 of each Reporting Person's cover page to this Schedule 13D set forth the number of shares of common stock as to which such Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition and are incorporated herein by reference.
(c)	Except as set forth herein, none of the Reporting Persons has effected any transactions with respect to the securities of the Issuer during the past sixty days.
(d)	Under certain circumstances set forth in the limited partnership agreement of each of AH Bio IV, AH Bio IV-B, AH Annual 2022, AH Annual 2022-B, AH Annual 2022-QC, CLF III and the limited liability company agreement of AH Equity Bio IV, the partners or members, as the case may be, of each of such entities may be deemed to have the right to receive dividends from, or the proceeds from the sale of, shares of the Issuer directly or indirectly owned by each such entity of which they are a partner or member.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Investors' Rights Agreement Pursuant to an investors' rights agreement (the "Investors' Rights Agreement") dated September 3, 2025 by and among the Issuer and certain holders of shares of the Issuer's capital stock, including AH Bio IV, such holders will be entitled to certain registration rights with respect to the shares of common stock issued upon conversion of their Series A Preferred Stock ("Registrable Securities"). Subject to specified limitations, at any time beginning 180 days after the effective date of the registration statement for the IPO, the holders of a majority of Registrable Securities then outstanding may request that the Issuer register all or a portion of their Registrable Securities having an anticipated aggregate offering price, net of selling expenses, that exceeds $20 million, on a Form S-1 registration statement. The Issuer will not be required to effect more than one Form S-1 registration statement pursuant to these demand registration rights. If the Issuer is qualified to file a registration statement on Form S-3, holders of Registrable Securities may request the Issuer to register their Registrable Securities on Form S-3 if the anticipated aggregate offering price, net of selling expenses, would be at least $5 million. The Issuer will not be required to effect more than two registrations on Form S-3 within any 12-month period. In the event that the Issuer proposes to register any of its securities under the Securities Act, either for its own account or for the account of other security holders, the holders of Registrable Securities will be entitled to certain piggyback registration rights allowing such holders to include their Registrable Securities in such registration, subject to certain marketing and other limitations. The Investors' Rights Agreement contains customary cross-indemnification provisions, pursuant to which the Issuer is obligated to indemnify the selling securityholders and other parties in the event of material misstatements or omissions in the registration statement attributable to the Issuer and the selling securityholders are obligated to indemnify the Issuer for material misstatements or omissions in the registration statement attributable to them, subject to certain limitations. The registration rights granted under the Investors' Rights Agreement will terminate upon the earliest to occur of (i) the closing of a "Deemed Liquidation Event," as such term is defined in the Issuer's amended and restated certificate of incorporation as in effect prior to the IPO, (ii) with respect to each holder, the date on which (x) such holder together with its affiliates holds less than 1% of the Issuer's outstanding capital stock and (y) all Registrable Securities held by such holder may immediately be sold during a three-month period pursuant to Rule 144 of the Securities Act or another similar exemption, and (iii) the third anniversary of the completion of the IPO. The foregoing description of the Investors' Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Investors' Rights Agreement, which is filed as Exhibit 99.2 hereto and incorporated by reference herein. Lock-Up Agreement In connection with the IPO, each of the Issuer's directors and executive officers, and the holders of substantially all of the Issuer's pre-IPO common stock and securities convertible into or exchangeable for its capital stock, including AH Bio IV, entered into a customary lock-up agreement with the underwriters with respect to its common stock (each, a "Lock-up Agreement"), pursuant to which they agreed, subject to certain customary exceptions, for a period of 180 days after August 5, 2026, not to (and to cause their affiliates not to) offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase, purchase any option or contract to sell, lend, or otherwise transfer or dispose of or hedge any of their common stock or securities convertible into or exchangeable for shares of common stock, except with the prior written consent of Goldman Sachs & Co. LLC, Jefferies LLC and TD Securities (USA) LLC on behalf of the underwriters. The foregoing description of the Lock-up Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the form of the Lock-up Agreement, which is filed as Exhibit 99.3 hereto and incorporated by reference herein.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 24.1 Power of Attorney for Marc L. Andreessen, dated June 23, 2023. Exhibit 24.2 Power of Attorney for Benjamin A. Horowitz, dated June 22, 2023. Exhibit 99.1 Joint Filing Agreement Exhibit 99.2 Investors' Rights Agreement (incorporated by reference to Exhibit 4.2 to the Issuer's Registration Statement on Form S-1 (Registration No. 333-297456), filed with the SEC on July 15, 2026). Exhibit 99.3 Form of Lock-up Agreement (incorporated by reference to Annex II to the Underwriting Agreement filed as Exhibit 1.1 to Amendment No. 1 to the Issuer's Registration Statement on Form S-1 (Registration No. 333-297456), filed with the SEC on July 30, 2026).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

AH Bio Fund IV, L.P.

Signature:	/s/ Phil Hathaway
Name/Title:	By AH Equity Partners Bio IV, L.L.C., Its General Partner, By Phil Hathaway, Chief Operating Officer (See Note 1)
Date:	08/14/2026

AH Equity Partners Bio IV, L.L.C.

Signature:	/s/ Phil Hathaway
Name/Title:	By Phil Hathaway, Chief Operating Officer
Date:	08/14/2026

Marc L. Andreessen

Signature:	/s/ Phil Hathaway
Name/Title:	By Phil Hathaway, Attorney-in-Fact
Date:	08/14/2026

Benjamin A. Horowitz

Signature:	/s/ Phil Hathaway
Name/Title:	By Phil Hathaway, Attorney-in-Fact
Date:	08/14/2026

Comments accompanying signature:

Note 1: AH Bio Fund IV, L.P. for itself and as nominee for AH Bio Fund IV-B, L.P., AH 2022 Annual Fund, L.P., AH 2022 Annual Fund-B, L.P., AH 2022 Annual Fund-QC, L.P. and CLF Partners III, LP.