Quehuong (Kathy) Dong, President and CEO of Electra Therapeutics, Inc. (NASDAQ:ETRA), filed a Form 4 on September 21, 2026, reporting the automatic conversion of 455,484 shares of Series A Convertible Preferred Stock into 455,484 shares of Common Stock upon the closing of the company's initial public offering.

Key Highlights

  • Transaction type: 455,484 shares of Series A Convertible Preferred Stock converted (transaction code C) into 455,484 shares of Common Stock on September 21, 2026.
  • Automatic conversion: According to the filing, each share of 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."
  • Vesting restriction: 73,147 of the acquired shares are designated as Restricted Shares, with 1/13th vesting monthly commencing from September 16, 2026.
  • Resulting ownership: Following the transaction, Dong directly and beneficially owns 455,484 shares of Common Stock, with zero shares of Preferred Stock remaining.
  • Reporting person role: Dong is identified in the filing as both a Director and Officer, serving as President and CEO.
  • Preferred Stock terms: The filing states the Preferred Stock had no expiration date prior to the conversion.

IPO Triggers Automatic Preferred-to-Common Conversion for Electra Therapeutics CEO

According to the Form 4 filed with the U.S. Securities and Exchange Commission, Quehuong (Kathy) Dong, who serves as President, CEO, and Director of Electra Therapeutics, Inc. (NASDAQ:ETRA), reported a conversion transaction dated September 21, 2026. The filing states that 455,484 shares of Series A Convertible Preferred Stock were converted into an equal number of shares of Common Stock, with no additional consideration paid by the reporting person.

The filing explains that the conversion occurred automatically upon the closing of the issuer's initial public offering. The Preferred Stock carried no expiration date before conversion. Following the transaction, Dong's beneficial ownership in Preferred Stock stands at zero, while direct beneficial ownership of Common Stock is reported as 455,484 shares.

Of the 455,484 Common Stock shares acquired, the filing notes that 73,147 are designated as Restricted Shares subject to a vesting schedule: 1/13th of those Restricted Shares vest monthly beginning September 16, 2026. The Form 4 was signed by Jamie Kitano as Attorney-in-Fact on September 21, 2026, and indicates this was filed by one reporting person with no amendment to a prior filing.

What Was Disclosed

The filing reports the automatic conversion of 455,484 Series A Convertible Preferred Stock shares into Common Stock for Electra Therapeutics' President and CEO upon the company's IPO closing, with 73,147 of those shares subject to a monthly vesting schedule.