Large Kailera (KLRA) insider-linked buy and preferred conversions boost common stake
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Kailera Therapeutics director and 10% owner Adam Koppel, through an affiliated fund, reported a large net share increase. On April 20, 2026, an entity associated with him made an open-market purchase of 1,562,500 shares of Common Stock at $16.00 per share, bringing its reported Common Stock holdings to 22,583,268 shares held indirectly.
The filing also shows automatic conversions of 16,875,000 shares of Series A-1 Preferred Stock and 4,145,768 shares of Series B Preferred Stock into Common Stock on a 1:1 basis upon the closing of Kailera’s initial public offering, eliminating those preferred positions. Separately, on April 16, 2026, Dr. Koppel received a grant of stock options for 38,300 shares at an exercise price of $16.00, vesting fully on April 16, 2027.
Positive
- None.
Negative
- None.
Insights
Large open-market buy plus IPO-driven conversions increase an affiliated fund’s Kailera stake.
The Form 4 shows an entity associated with Adam Koppel making an open-market purchase of 1,562,500 Kailera common shares at $16.00. That is a sizable cash investment and increases the indirectly held Common Stock position to 22,583,268 shares.
In addition, 16,875,000 Series A-1 and 4,145,768 Series B preferred shares automatically converted into Common Stock on a 1:1 basis upon the initial public offering closing, simplifying the capital structure. A grant of 38,300 stock options at $16.00 expiring on April 16, 2036 adds a modest, long-dated incentive, with vesting on April 16, 2027. Overall, this is a net-buy signal but mainly formalizes positions after the IPO.
Insider Trade Summary
Net Buyer: 1,562,500 shares ($25,000,000)
Net Buy
6 txns
Insider
Koppel Adam
Role
null
Bought
1,562,500 shs ($25.00M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series A-1 Preferred Stock | 16,875,000 | $0.00 | -- |
| Conversion | Series B Preferred Stock | 4,145,768 | $0.00 | -- |
| Conversion | Common Stock | 16,875,000 | $0.00 | -- |
| Conversion | Common Stock | 4,145,768 | $0.00 | -- |
| Purchase | Common Stock | 1,562,500 | $16.00 | $25.00M |
| Grant/Award | Stock Option (right to buy) | 38,300 | $0.00 | -- |
Holdings After Transaction:
Series A-1 Preferred Stock — 0 shares (Indirect, See footnotes);
Series B Preferred Stock — 0 shares (Indirect, See footnotes);
Common Stock — 16,875,000 shares (Indirect, See footnotes);
Stock Option (right to buy) — 38,300 shares (Direct, null)
Footnotes (1)
- Each share of the Issuer's Series A-1 Preferred Stock automatically converted into shares of the Issuer's Common Stock on a 1:1 basis upon the closing of the Issuer's initial public offering. These securities had no expiration date. Each share of the Issuer's Series B Preferred Stock automatically converted into shares of the Issuer's Common Stock on a 1:1 basis upon the closing of the Issuer's initial public offering. These securities had no expiration date. The options vest and become exercisable as to 100% of the underlying shares on April 16, 2027, subject to Dr. Koppel's continued service through each such vesting date. Represents securities held directly by BCLS Fund IV Investments, LP ("BCLS Fund IV Investments"). Dr. Koppel is a Partner of Bain Capital Life Sciences Investors, LLC ("BCLSI"). BCLSI is the ultimate general partner of BCLS Fund IV Investments. As a result, Dr. Koppel may be deemed to share voting and dispositive power with respect to the securities held by BCLS Fund IV Investments. Dr. Koppel disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.
Key Figures
Open-market purchase: 1,562,500 shares at $16.00
Indirect common holdings: 22,583,268 shares
Series A-1 conversion: 16,875,000 shares
+3 more
6 metrics
Open-market purchase
1,562,500 shares at $16.00
Common Stock bought indirectly on April 20, 2026
Indirect common holdings
22,583,268 shares
Common Stock held indirectly after transactions
Series A-1 conversion
16,875,000 shares
Series A-1 Preferred converted 1:1 into Common Stock at IPO closing
Series B conversion
4,145,768 shares
Series B Preferred converted 1:1 into Common Stock at IPO closing
Option grant size
38,300 options at $16.00
Stock options granted April 16, 2026, expiring April 16, 2036
Option vesting date
April 16, 2027
100% of underlying 38,300 shares vest on this date
Key Terms
open-market purchase, derivative conversion, Series A-1 Preferred Stock, Series B Preferred Stock, +2 more
6 terms
open-market purchase financial
"transaction_action is described as "open-market purchase" for the 1,562,500-share trade"
An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.
derivative conversion financial
"transaction_action is listed as "derivative conversion" for preferred stock converting into Common Stock"
Series A-1 Preferred Stock financial
"Each share of the Issuer's Series A-1 Preferred Stock automatically converted into shares of the Issuer's Common Stock"
Series A-1 preferred stock is a specific class of company shares created in an early financing round that typically gives its holders priority over common shareholders for dividends and money if the company is sold or liquidates. Think of it as a special ticket with upfront privileges — often convertible into ordinary shares and sometimes carrying voting or protective rights — so investors use it to reduce risk and preserve control compared with ordinary stock.
Series B Preferred Stock financial
"Each share of the Issuer's Series B Preferred Stock automatically converted into shares of the Issuer's Common Stock"
Series B preferred stock is a type of ownership share issued by a company that offers certain advantages over common stock, such as priority in receiving dividends or assets if the company is sold or liquidated. It is typically issued after an initial round of funding, making it a way for investors to support a company's growth while gaining some protections and benefits. This stock matters to investors because it often provides a more secure investment position with potential for future growth.
Stock Option (right to buy) financial
"security_title for the April 16, 2026 derivative grant is "Stock Option (right to buy)""
beneficial ownership financial
"Dr. Koppel disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein."
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
FAQ
What insider transactions did Adam Koppel report for Kailera Therapeutics (KLRA)?
Adam Koppel reported a large open-market purchase of 1,562,500 Kailera Therapeutics common shares at $16.00 per share, plus the conversion of Series A-1 and Series B preferred stock into common shares and a new stock option grant covering 38,300 shares.
Did Adam Koppel receive new Kailera (KLRA) stock options in this Form 4?
Yes. On April 16, 2026, Adam Koppel received a grant of stock options for 38,300 shares of Kailera common stock with a $16.00 exercise price. These options vest fully on April 16, 2027 and expire on April 16, 2036, providing long-term equity incentives.