Form 4: Vida Ventures converts Series C and buys LBRX stock at $15
Rhea-AI Filing Summary
Vida Ventures reporting persons recorded multiple transactions in LB Pharmaceuticals, Inc. (LBRX) on 09/12/2025. Series C preferred shares held by Vida entities converted into common stock immediately prior to the issuer's IPO under a conversion mechanism tied to the IPO price. Vida Ventures III, L.P. reported 547,648 common shares beneficially owned following conversion; Vida Ventures III-A, L.P. reported 1,262 common shares; Vida Ventures Management Co. LLC reported 1,434 common shares.
Additionally, purchases at $15.00 per share were reported: Vida Ventures III, L.P. acquired 332,566 common shares and Vida Ventures III-A, L.P. acquired 767 common shares, bringing Vida Ventures III total to 880,214 and Vida Ventures III-A to 2,029 beneficially owned shares as shown on the form.
Positive
- Significant insider accumulation: Vida Ventures III increased its beneficial common ownership to 880,214 shares following conversion and purchases.
- Transparent conversion disclosure: Footnotes explicitly state Series C preferred converted automatically into common stock prior to the IPO.
- Purchases at disclosed price: Open-market purchases documented at $15.00 per share for reported acquisitions.
Negative
- None.
Insights
TL;DR: Insider-held preferred converted to common and material purchases at $15 increased Vida Ventures’ post-IPO common holdings.
The Form 4 shows conversion of Series C preferred into common immediately prior to the IPO and subsequent open-market purchases at a stated price of $15. The largest movement is Vida Ventures III’s conversion and purchase activity resulting in 880,214 common shares beneficially owned. This is a significant insider accumulation event in absolute terms for a single reporting entity and may indicate continued support from cornerstone investors. All holdings are reported as indirect via partnership and management entities with customary disclaimers of beneficial ownership by investment committee members.
TL;DR: Transactions are documented and disclosed through appropriate indirect ownership structures; conversion mechanics are explicit.
The filing clearly attributes ownership to Vida Ventures GP III, L.L.C. as general partner of Vida Ventures III and Vida Ventures III-A, and to Vida Ventures Management Co. LLC. Footnotes explain automatic conversion of Series C preferred at IPO pricing and the roles of the investment committee members, including disclaimers of beneficial ownership except for pecuniary interests. Signatures and dates are present, indicating proper execution. The structure and disclosures align with Section 16 reporting norms for related-party and fund-held securities.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series C Preferred Stock | 13,302,666 | $0.00 | -- |
| Conversion | Series C Preferred Stock | 30,667 | $0.00 | -- |
| Conversion | Common Stock | 547,648 | $0.00 | -- |
| Conversion | Common Stock | 1,262 | $0.00 | -- |
| Purchase | Common Stock | 332,566 | $15.00 | $4.99M |
| Purchase | Common Stock | 767 | $15.00 | $12K |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Each share of Series C Preferred Stock has no expiration date and converted automatically into Common Stock immediately prior to the Issuer's initial public offering at a conversion ratio based upon the initial price per share to the public in the Issuer's initial public offering. These shares are held directly by Vida Ventures III, L.P. ("Vida III"). Vida Ventures GP III, L.L.C. ("Vida III GP") is the general partner of Vida III and may be deemed to have voting, investment, and dispositive power with respect to these securities. Arie Belldegrun, Helen Kim and Rajul Jain, are the members of the investment committee of Vida III GP (each, an "Investment Committee Member" and such committee, the "Investment Committee"). (Continued from Footnote 2) The Investment Committee and each of the Investment Committee Members may be deemed to share voting, investment and dispositive power with respect to these securities. Vida III GP, the Investment Committee and each of the Investment Committee Members disclaims beneficial ownership of the securities held of record by Vida III, and this report shall not be deemed an admission that they are the beneficial owner of such securities for purposes of Section 16 or for any other purpose, except to the extent of their pecuniary interest therein, if any. These shares are held directly by Vida Ventures III-A, L.P. ("Vida III-A"). Vida III GP is the general partner of Vida III-A and may be deemed to have voting, investment, and dispositive power with respect to these securities. The Investment Committee and each of the Investment Committee Members may be deemed to share voting, investment and dispositive power with respect to these securities. Vida III GP, the Investment Committee and each of the Investment Committee Members disclaims beneficial ownership of the securities held of record by Vida III-A, and this report shall not be deemed an admission that they are the beneficial owner of such securities for purposes of Section 16 or for any other purpose, except to the extent of their pecuniary interest therein, if any. These shares are held directly by Vida Ventures Management Co., LLC ("Vida Management"). Each Investment Committee Member (as defined below) disclaims beneficial ownership of the securities held of record by Vida Management, and this report shall not be deemed an admission that they are the beneficial owner of such securities for purposes of Section 16 or for any other purpose, except to the extent of their pecuniary interest therein, if any.
