Carl L. Gordon, a director and 10% owner of Electra Therapeutics, Inc. (NASDAQ:ETRA), filed a Form 4 on September 23, 2026, reporting multiple transactions in common stock dated September 21, 2026, coinciding with the company's initial public offering.

Key Highlights

  • IPO date: Electra Therapeutics closed its initial public offering on September 21, 2026, according to the filing.
  • Preferred stock conversions: Shares of Series A, Series B, and Series C Convertible Preferred Stock automatically converted into common stock at a 1-for-1 ratio upon the IPO closing, at no additional consideration.
  • IPO share purchases: Gordon's affiliated entities purchased 333,333 shares and 1,000,000 shares of common stock in the IPO at $15 per share.
  • Post-transaction holdings (OPI VII): OrbiMed Private Investments VII, LP held 5,126,891 shares of common stock following the reported transactions.
  • Post-transaction holdings (OrbiMed Genesis): OrbiMed Genesis Master Fund, L.P. held 1,758,279 shares of common stock following the reported transactions.
  • Beneficial ownership disclaimed: Gordon, OrbiMed Advisors, GP VII, and Genesis GP each disclaimed beneficial ownership of the reported securities, except to the extent of any pecuniary interest, as stated in the filing.

Gordon's Affiliated Funds Convert Preferred Stock and Purchase Shares in Electra Therapeutics IPO

According to the filing, Carl L. Gordon - listed as a director and 10% owner - reported six transactions in Electra Therapeutics common stock, all dated September 21, 2026. Four of those transactions carry transaction code "C," reflecting the automatic conversion of preferred shares into common stock upon the IPO closing. Two transactions carry code "P," reflecting open-market or offering purchases at $15 per share.

The filing indicates that OrbiMed Private Investments VII, LP ("OPI VII") received 2,002,310 shares converted from Series A Convertible Preferred Stock, 1,087,934 shares from Series B, and 1,703,314 shares from Series C, then purchased an additional 333,333 shares in the IPO at $15, resulting in a total of 5,126,891 shares held indirectly by that entity. Separately, OrbiMed Genesis Master Fund, L.P. received 758,279 shares converted from Series C Convertible Preferred Stock and purchased 1,000,000 additional shares at $15, for a total of 1,758,279 shares.

The filing explains that OrbiMed Advisors LLC is the managing member of both OrbiMed Capital GP VII LLC (general partner of OPI VII) and OrbiMed Genesis GP LLC (general partner of OrbiMed Genesis), and that OrbiMed Advisors exercises voting and investment power through a management committee comprised of Gordon, W. Carter Neild, and Geoffrey C. Hsu. All three individuals, along with the entities, disclaimed beneficial ownership of the reported securities "except to the extent of its pecuniary interest therein, if any," as quoted in the filing.

What Was Disclosed

The Form 4 disclosed preferred-to-common stock conversions and IPO share purchases by two OrbiMed-affiliated funds on September 21, 2026, the date Electra Therapeutics closed its initial public offering, with all transactions reported indirectly by director and 10% owner Carl L. Gordon.