Korsana Biosciences, Inc. (CYCN) received a Schedule 13D from Venrock-affiliated funds and individuals reporting beneficial ownership of 4,552,277 shares of common stock, or an effective 9.995% stake subject to a 9.99% beneficial ownership cap. The position includes common stock, Series B non-voting preferred shares, pre-funded warrants and options.
The group invested $134,843,200 into Old Korsana between November 2024 and the September 8, 2026 merger, acquiring preferred stock, common stock and pre-funded warrants that converted into Korsana securities at an exchange ratio of 0.2074 per Old Korsana common share. Pre-funded warrants are exercisable at $0.0001 per share with no expiration but are blocked, along with Series B Preferred, from conversion above the ownership cap, adjustable up to 19.99% on 61 days’ notice. Venrock partners Nimish Shah and Andrew Gottesdiener serve on Korsana’s board, and certain Venrock entities and insiders are subject to 180-day lock-up agreements following the merger closing.