SR One bought 1.6 million ADARx shares

Posted by George Bondi on Oct 1st, 2026

What happened

ADARx Pharmaceuticals, Inc. (NASDAQ: ADRX) filed a Form 4 showing SR One Capital Management, LLC, a 10% owner, bought 1,600,000 shares on 2026-09-28. The shares were reported as indirectly held.

The shares cost $17.00 each, or about $27.20 million. The filing says 592,593 shares were held after the purchase. The form was signed on 2026-09-29.

The same filing also lists conversion entries on 2026-09-28 for Series B Preferred Stock, Series B-1 Preferred Stock and Series C Preferred Stock. Those shares converted into Common Stock when the issuer's initial public offering closed, without further payment and on a 1-for-1.1717 reverse stock split basis.

Key numbers

Metric	Latest	Source
Shares bought	1,600,000 shares	SEC Form 4
Purchase price	$17.00 per share	SEC Form 4
Total purchase value	about $27.20 million	SEC Form 4
Shares held after purchase	592,593 shares	SEC Form 4
Preferred-stock conversion ratio	1-for-1.1717 reverse stock split basis	SEC Form 4

Why it matters

The filing mixes two different kinds of activity. One part is a cash purchase. The other part is an IPO conversion. That matters because the purchase reflects a market price, while the conversion entries are structural.

For investors, the cleanest takeaway is that a 10% owner added common stock at $17.00 while the capital structure changed at the same time.

The main caveat is in the form itself. The preferred-stock conversions happened without further consideration. That means part of the reported movement was automatic, not a new buy decision.

The post-trade holding of 592,593 shares gives a clear reference point for later filings. A higher position in a later report would point to more buying. A lower position would suggest this was mostly a one-time move around the listing.

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What's next

The purchase line is the only line with a cash price, so $17.00 is the clearest valuation point in the filing. The other lines are conversion entries tied to the IPO closing.

Investors can use later Form 4s to compare new buying with the IPO-driven conversions. The next quarterly report is the next scheduled check on SR One's ownership.

If the stake grows, the buy signal looks stronger. If it falls, this filing will look more like a listing-day baseline. Until then, the report mainly sets that baseline.

Sources

SEC Form 4 — Form 4 reporting SR One Capital Management, LLC's purchase and the IPO-related preferred-stock conversions.

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Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.