Iambic Therapeutics chair Rastetter reports holdings
Twenty-five percent of a director's option shares vested March 9, 2024, with 1/48th vesting monthly thereafter.
Sentiment and the balance of points
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Form Type
3
Rhea-AI Filing Summary
Iambic Therapeutics, Inc. director and Board Chairperson William H. Rastetter reported indirect holdings through the Rastetter Family Trust: Series B, B-2, B-3 and B-4 preferred stock representing 76,801, 64,001, 36,805 and 14,972 underlying common shares, respectively. Each series converts one-for-one immediately prior to completion of the IPO. He also reported a directly held option for 66,556 common shares at $3 per share, expiring April 17, 2033, and trust-held convertible notes representing 8,341 common shares based on a $16 IPO price.
Insider Trade Summary
6 transactions reported
Mixed
6 txns
Insider
RASTETTER WILLIAM H
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Series B Convertible Preferred Stock F1, F2 | -- | -- | -- |
| holding | Series B-2 Convertible Preferred Stock F3, F2 | -- | -- | -- |
| holding | Series B-3 Convertible Preferred Stock F4, F2 | -- | -- | -- |
| holding | Series B-4 Convertible Preferred Stock F5, F2 | -- | -- | -- |
| holding | Stock Option (right to buy) F6 | -- | -- | -- |
| holding | Convertible Promissory Notes F8, F7, F2 | -- | -- | -- |
Holdings After Transaction:
Series B Convertible Preferred Stock — 76,801 contracts (Indirect, See footnote);
Series B-2 Convertible Preferred Stock — 64,001 contracts (Indirect, See footnote);
Series B-3 Convertible Preferred Stock — 36,805 contracts (Indirect, See footnote);
Series B-4 Convertible Preferred Stock — 14,972 contracts (Indirect, See footnote);
Stock Option (right to buy) — 66,556 contracts (Direct);
Convertible Promissory Notes — 8,341 contracts (Indirect, See footnote)
Footnotes (8)
- F1. Each share of Series B Convertible Preferred Stock shall automatically convert into Common Stock on a one-to-one basis immediately prior to the completion of the Issuer's initial public offering of Common Stock and has no expiration date.
- F2. The shares are held of record by the Rastetter Family Trust dated September 2, 2010, for which Dr. Rastetter serves as a trustee.
- F3. Each share of Series B-2 Convertible Preferred Stock shall automatically convert into Common Stock on a one-to-one basis immediately prior to the completion of the Issuer's initial public offering of Common Stock and has no expiration date.
- F4. Each share of Series B-3 Convertible Preferred Stock shall automatically convert into Common Stock on a one-to-one basis immediately prior to the completion of the Issuer's initial public offering of Common Stock and has no expiration date.
- F5. Each share of Series B-4 Convertible Preferred Stock shall automatically convert into Common Stock on a one-to-one basis immediately prior to the completion of the Issuer's initial public offering of Common Stock and has no expiration date.
- F6. Twenty-five percent of the shares subject to the option vested on March 9, 2024 and 1/48th of the shares vest monthly thereafter.
- F7. The amount of shares reported assumes the Issuer's initial public offering price per share (the "IPO Price") to be $16.00 per share.
- F8. The conversion price is equal to the lower of (i) 85% of the IPO Price (reflecting a 15% discount) and (ii) the price per share implied by a $900.0 million valuation cap.
Key Figures
Series B underlying common shares: 76,801 shares
Series B-2 underlying common shares: 64,001 shares
Series B-3 underlying common shares: 36,805 shares
+5 more
8 metrics
Series B underlying common shares
76,801 shares
Indirect holding through the Rastetter Family Trust
Series B-2 underlying common shares
64,001 shares
Indirect holding through the Rastetter Family Trust
Series B-3 underlying common shares
36,805 shares
Indirect holding through the Rastetter Family Trust
Series B-4 underlying common shares
14,972 shares
Indirect holding through the Rastetter Family Trust
Option underlying common shares
66,556 shares
Directly held stock option
Option exercise price
$3 per share
Directly held stock option
Convertible-note underlying common shares
8,341 shares
Amount assumes a $16 IPO price
Assumed IPO Price
$16 per share
Assumption used for the reported note-related share amount
Key Terms
one-to-one basis, IPO Price, valuation cap, Convertible Promissory Notes
4 terms
one-to-one basis financial
"convert into Common Stock on a one-to-one basis"
IPO Price financial
"the "IPO Price" to be $16.00 per share"
valuation cap financial
"price per share implied by a $900.0 million valuation cap"
A valuation cap is a term in convertible financing (like convertible notes or SAFEs) that sets the maximum company valuation used to calculate how many shares an early investor receives when the note or SAFE converts into equity at a later priced funding round. It matters to investors because it protects early backers from being pushed into a tiny ownership slice if the company’s price jumps — think of it like a coupon guaranteeing you buy shares as if the company were worth no more than the capped amount, which increases the investor’s eventual percentage ownership compared with converting at the actual higher valuation.
Convertible Promissory Notes financial
"Convertible Promissory Notes"
A convertible promissory note is a loan a company takes that can later be turned into shares instead of being paid back in cash; think of lending money now in exchange for a voucher that can become ownership later. Investors care because it mixes credit risk and potential ownership upside—it can protect lenders if a company struggles while also diluting existing shareholders when converted, affecting future share value and investor returns.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What preferred stock did IAM director William H. Rastetter report?
The Rastetter Family Trust held Series B, B-2, B-3 and B-4 preferred stock representing 76,801, 64,001, 36,805 and 14,972 underlying common shares, respectively. Each series converts one-for-one immediately prior to completion of Iambic Therapeutics' IPO.
What are the conversion terms for the IAM convertible notes held by the Rastetter Family Trust?
The amount of common shares underlying the trust-held convertible promissory notes assumes a $16 IPO price. The conversion price is the lower of 85% of the IPO price and the price per share implied by a $900.0 million valuation cap. The notes expire August 14, 2028.
AI-generated analysis. How Rhea-AI works. Not financial advice.
