[Form 4] RENN Fund Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 3/A highlights a joint filing by Sands Capital Life Sciences Pulse Fund II, L.P., its affiliated entities and Frank M. Sands regarding their ownership in Inhibikase Therapeutics, Inc. (IKT).

• Direct ownership: 10,950,000 shares of common stock reported as of 6 Jun 2025. This position classifies the group as a 10% beneficial owner under SEC rules.
• Derivative securities: The filers also hold a Series A-1 warrant for 5,475,000 shares and a Series B-1 warrant for 10,068,120 shares, both acquired under the 9 Oct 2024 securities purchase agreement. These warrants are not currently exercisable (outside the 60-day window) and are subject to a 19.99% ownership cap.
• Amendment reason: The sole change is the renaming of “Sands Capital Ventures, LLC” to “Sands Capital Alternatives, LLC,” effective 6 Jun 2025; no economic terms were altered.
• Reporting parties: Sands Capital Life Sciences Pulse Fund II, L.P.; Sands Capital Alternatives, LLC (investment manager); and Frank M. Sands (ultimate control person). The filing indicates a joint ownership report.
• Timing: Event date 6 Jun 2025; filing signed 15 Jul 2025.

The disclosure signals significant institutional involvement in IKT while also flagging a potential future share issuance of up to 15.54 million shares should the warrants become exercisable.

Positive

• Institutional commitment: Sands Capital discloses direct ownership of 10,950,000 IKT shares, signalling sustained interest from a well-known life-sciences investor.

Negative

• Dilution risk: Outstanding Series A-1 and Series B-1 warrants could add up to 15.54 million new shares once exercisable, potentially enlarging the float by nearly 20%.

Insights

Securities Analyst

TL;DR — Large 10.95 M-share stake by Sands Capital confirms >10% ownership; future warrants introduce dilution overhang.

The amended Form 3 confirms that Sands Capital–managed vehicles directly own 10.95 million IKT shares, making them a statutory insider. The absence of new share purchases means the filing itself is procedurally driven (name change), but it re-states a sizeable position that can influence governance and trading liquidity. More noteworthy are the Series A-1 and Series B-1 warrants representing another 15.54 million shares. Although not exercisable within 60 days, their existence implies potential dilution that could lift the effective share count by nearly 20% once regulatory conditions are met. Investors should monitor the SEC registration timeline that triggers exercisability and the 19.99% cap, as either event can pressure valuations. Overall impact is modestly positive from a confidence standpoint, offset by dilution risk, leading to a neutral net effect.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

STAHL MURRAY

(Last) (First) (Middle)

470 PARK AVENUE SOUTH

4TH FLOOR SOUTH

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RENN Fund, Inc. [ RCG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President/Co-Portfolio Manager

3. Date of Earliest Transaction (Month/Day/Year)
07/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/14/2025		P		356	A	$2.65	94,630	D
Common Stock	07/14/2025		P		18	A	$2.65	2,672(1)	I	SPOUSE
Common Stock	07/14/2025		P		180	A	$2.65	104,988(1)(2)	I	FROMEX EQUITY CORP
Common Stock	07/14/2025		P		180	A	$2.65	290,240(1)(2)	I	FRMO CORP
Common Stock	07/14/2025		P		296	A	$2.65	313,406(1)(2)	I	HORIZON COMMON INC.
Common Stock	07/14/2025		P		18	A	$2.65	8,748(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	07/14/2025		P		82	A	$2.65	53,508(1)(2)	I	HORIZON KINETICS ASSET MANAGEMENT LLC

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This figure does not include 94,630 shares held directly by Mr. Stahl.

2. For each indirect account, Mr. Stahl disclaims beneficial ownership except to the extent of his pecuniary interest, if any.

	/s/ Jay Kesslen, attorney-in-fact	07/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

How many Inhibikase (IKT) shares does Sands Capital currently own?

The Form 3/A reports 10,950,000 common shares held directly by Sands Capital Life Sciences Pulse Fund II, L.P.

Why was this Form 3 amended?

The amendment solely reflects the legal name change from "Sands Capital Ventures, LLC" to "Sands Capital Alternatives, LLC" effective 6 Jun 2025.

What derivative securities are disclosed in the filing?

Sands Capital holds a Series A-1 warrant for 5,475,000 shares and a Series B-1 warrant for 10,068,120 shares; neither is exercisable within 60 days of the filing.

Do the warrants have ownership limits?

Yes. Each warrant contains a 19.99% beneficial ownership cap to prevent the holder from exceeding that threshold upon exercise.

Who has ultimate voting and investment control over the IKT shares?

Frank M. Sands is identified as holding ultimate voting and investment power over the reported securities.