Foresite funds receive millions of Latigo (LTGO) shares in IPO-linked moves
Rhea-AI Filing Summary
Latigo Biotherapeutics, Inc. (LTGO) received a Form 4 from several affiliated Foresite Capital funds, all reporting as ten percent owners. On August 10, 2026, they reported the conversion of 9,041,328 derivative securities (preferred stock and a convertible note) into an equal number of common shares, largely in connection with Latigo’s initial public offering as described in the footnotes. The same day, an affiliated fund also purchased 140,000 shares of common stock at $18.00 per share, all held indirectly through the funds, with each reporting person disclaiming beneficial ownership beyond its pecuniary interest.
Positive
- None.
Negative
- None.
Insights
Analyzing...
Insider Trade Summary
Net Buyer: 9,181,328 shares
Net Buy
15 txns
Insider
Foresite Capital Management V, LLC, Foresite Capital Fund V, L.P., Foresite Capital Opportunity Management V, LLC, Foresite Capital Opportunity Fund V, L.P., Foresite Capital Management VI LLC, Foresite Capital Fund VI LP
Role
10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
Bought
140,000 shs ($2.52M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series A-2 Convertible Preferred Stock F1, F2 | 3,117,664 | $0.00 | $0.00 |
| Conversion | Series B Convertible Preferred Stock F1, F2 | 445,320 | $0.00 | $0.00 |
| Conversion | Series A-2 Convertible Preferred Stock F1, F3 | 1,125,823 | $0.00 | $0.00 |
| Conversion | Series B Convertible Preferred Stock F1, F3 | 742,201 | $0.00 | $0.00 |
| Conversion | Series A-2 Convertible Preferred Stock F1, F4 | 3,117,664 | $0.00 | $0.00 |
| Conversion | Series B Convertible Preferred Stock F1, F4 | 296,880 | $0.00 | $0.00 |
| Conversion | Convertible Promissory Note F5, F3 | 195,776 | -- | -- |
| Conversion | Common Stock F1, F2 | 3,117,664 | $0.00 | $0.00 |
| Conversion | Common Stock F1, F2 | 445,320 | $0.00 | $0.00 |
| Conversion | Common Stock F1, F3 | 1,125,823 | $0.00 | $0.00 |
| Conversion | Common Stock F1, F3 | 742,201 | $0.00 | $0.00 |
| Purchase | Common Stock F3 | 140,000 | $18.00 | $2.52M |
| Conversion | Common Stock F1, F5, F3 | 195,776 | -- | -- |
| Conversion | Common Stock F1, F4 | 3,117,664 | $0.00 | $0.00 |
| Conversion | Common Stock F1, F4 | 296,880 | $0.00 | $0.00 |
Holdings After Transaction:
Series A-2 Convertible Preferred Stock — 0 shares (Indirect, See Footnote);
Series B Convertible Preferred Stock — 0 shares (Indirect, See Footnote);
Convertible Promissory Note — 0 shares (Indirect, See Footnote);
Common Stock — 3,414,544 shares (Indirect, See Footnote)
Footnotes (5)
- F1. Each share of the Issuer's preferred stock converted automatically into 1 share of common stock upon the closing of the Issuer's initial public offering without payment of further consideration. Share numbers give effect to such conversion. The preferred stock had no expiration date.
- F2. The securities are held of record by Foresite Capital Fund V, L.P. ("Fund V"). Foresite Capital Management V, LLC ("FCM V") is the general partner of Fund V and may be deemed to have sole voting and dispositive power over the securities held by Fund V. James B. Tananbaum (Tananbaum) is the sole managing member of FCM V and may be deemed to have sole voting and dispositive power over the securities held by Fund V. Each of the Reporting Persons disclaims the existence of a "group" and disclaims beneficial ownership of such securities except to the extent of its pecuniary interest therein.
- F3. The securities are held of record by Foresite Capital Fund VI LP ("Fund VI"). Foresite Capital Management VI, LLC ("FCM VI") is the general partner of Fund VI and may be deemed to have sole voting and dispositive power over the securities held by Fund VI. Tananbaum is the sole managing member of FCM VI and may be deemed to have sole voting and dispositive power over the securities held by Fund VI. Each of the Reporting Persons disclaims the existence of a "group" and disclaims beneficial ownership of such securities except to the extent of its pecuniary interest therein.
- F4. The securities are held of record by Foresite Capital Opportunity Fund V, L.P. ("Opportunity Fund V"). Foresite Capital Opportunity Management V, LLC ("FCOM V") is the general partner of Opportunity Fund V and may be deemed to have sole voting and dispositive power over the shares held by Opportunity Fund V. Tananbaum is the sole managing member of FCOM V and may be deemed to have sole voting and dispositive power over the securities held by Opportunity Fund V. Each of the Reporting Persons disclaims the existence of a "group" and disclaims beneficial ownership of such securities except to the extent of its pecuniary interest therein.
- F5. Reflects a convertible note that is convertible into shares of Common Stock of the Issuer. The convertible note has a maturity date of June 17, 2027. The principal amount of the convertible note together with any accrued but unpaid interest automatically converted into shares of Common Stock of the Issuer upon the closing of the Issuer's initial public offering at a conversion price equal to the initial public offering price of the Issuer's common stock.
Key Figures
Derivative securities converted: 9,041,328 shares
Common stock purchased: 140,000 shares
Purchase price: $18.00 per share
+3 more
6 metrics
Derivative securities converted
9,041,328 shares
Total derivative exercises (Series A-2, Series B preferred and note) on August 10, 2026
Common stock purchased
140,000 shares
Indirect purchase of LTGO common stock on August 10, 2026
Purchase price
$18.00 per share
Price paid for 140,000 LTGO common shares
Convertible note conversion shares
195,776 shares
Common stock received upon conversion of the convertible promissory note
Convertible note maturity date
June 17, 2027
Stated maturity date of the convertible promissory note that converted into common stock
Exercise transactions
7 derivative exercises
Number of derivative conversion transactions reported
Key Terms
Series A-2 Convertible Preferred Stock, Series B Convertible Preferred Stock, convertible promissory note, initial public offering, +1 more
5 terms
Series A-2 Convertible Preferred Stock financial
"security_title: "Series A-2 Convertible Preferred Stock""
Series B Convertible Preferred Stock financial
"security_title: "Series B Convertible Preferred Stock""
Series B convertible preferred stock is a class of shares sold during a later-stage private financing that combines features of a loan and common stock: it usually pays priority dividends or has a priority claim if the company is sold, and it can be converted into common shares under predefined rules. Investors care because these shares affect ownership stakes and payout order—like having a reserved place in line and a ticket that can turn into regular ownership—so they influence potential returns and dilution for other shareholders.
convertible promissory note financial
"Reflects a convertible note that is convertible into shares of Common Stock"
A convertible promissory note is a loan a company takes now that can later be turned into shares instead of being repaid in cash. Think of it as lending money with the option to accept ownership in the business down the road; that matters to investors because it affects who gets paid first, how much ownership existing shareholders keep, and the company’s future valuation and cash needs. Terms such as conversion price, interest and maturity determine the financial impact.
initial public offering financial
"converted automatically into 1 share of common stock upon the closing of the Issuer's initial public offering"
An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.
maturity date financial
"The convertible note has a maturity date of June 17, 2027."
The maturity date is the specific day when a loan, bond, or investment reaches its full term and the borrower must repay the borrowed amount in full. It is important for investors because it indicates when they will receive their initial money back and can plan their future financial steps accordingly. Think of it as the due date for a loan or the day a gift card or coupon expires.
FAQ
What insider transactions did Foresite Capital report for LTGO on August 10, 2026?
Affiliated Foresite Capital funds reported converting 9,041,328 derivative securities into common stock and separately purchasing 140,000 LTGO common shares at $18.00 per share, all held indirectly by the funds with beneficial ownership disclaimed beyond pecuniary interests.
What are the details of the LTGO convertible promissory note held by Foresite?
An affiliated Foresite entity held a convertible promissory note that converted into 195,776 LTGO common shares. The footnote states the note has a maturity date of June 17, 2027 and that principal plus accrued interest automatically converted at the IPO price upon the IPO closing.
AI-generated analysis. How Rhea-AI works. Not financial advice.
