OrbiMed Advisors LLC, OrbiMed Capital GP VII LLC, and OrbiMed Genesis GP LLC jointly filed a Form 4 with the SEC on September 23, 2026, disclosing beneficial ownership changes in Electra Therapeutics, Inc. (NASDAQ:ETRA) stemming from preferred stock conversions and common stock purchases made on September 21, 2026.

Key Highlights

  • IPO date: The transactions occurred on September 21, 2026, the closing date of Electra Therapeutics' initial public offering, according to the filing.
  • Preferred stock conversions: Series A, Series B, and Series C Convertible Preferred Stock automatically converted into common stock on a one-for-one basis at the IPO closing, with no further consideration paid.
  • Shares converted via OPI VII: A total of 4,793,558 shares of common stock resulted from the conversion of Series A (2,002,310), Series B (1,087,934), and Series C (1,703,314) preferred shares held through OrbiMed Private Investments VII, LP.
  • Shares converted via OrbiMed Genesis: 758,279 shares of Series C Convertible Preferred Stock were converted to common stock through OrbiMed Genesis Master Fund, L.P.
  • IPO purchases: OrbiMed entities purchased 333,333 shares at $15 per share through OPI VII and 1,000,000 shares at $15 per share through OrbiMed Genesis in the IPO.
  • Post-transaction beneficial ownership: Following all transactions, OPI VII held 5,126,891 shares and OrbiMed Genesis held 1,758,279 shares of common stock, all held indirectly.
  • Board representation: Carl L. Gordon, a member of OrbiMed Advisors, was designated to serve on Electra Therapeutics' board of directors, per the filing.

OrbiMed's Preferred Stock Conversions and Common Stock Purchases at Electra Therapeutics IPO

According to the Form 4 filed jointly by OrbiMed Advisors LLC, OrbiMed Capital GP VII LLC, and OrbiMed Genesis GP LLC, all reported transactions took place on September 21, 2026, coinciding with the closing of Electra Therapeutics' initial public offering. The filing states that each share of Series A, Series B, and Series C Convertible Preferred Stock "automatically converted into 1 share of Common Stock upon the closing of the Issuer's initial public offering on September 21, 2026 without payment of further consideration."

The securities held through OrbiMed Private Investments VII, LP (OPI VII) included 2,002,310 Series A shares, 1,087,934 Series B shares, and 1,703,314 Series C shares, all converted to common stock using transaction code "C." OPI VII also purchased 333,333 shares of common stock in the IPO at $15 per share (transaction code "P"), bringing its total reported beneficial ownership to 5,126,891 shares. Through OrbiMed Genesis Master Fund, L.P., an additional 758,279 Series C preferred shares were converted, and 1,000,000 common shares were purchased at $15 per share, resulting in a reported holding of 1,758,279 shares.

The filing identifies OrbiMed Capital GP VII LLC as the general partner of OPI VII, and OrbiMed Advisors LLC as the managing member of that general partner. Similarly, OrbiMed Genesis GP LLC serves as the general partner of OrbiMed Genesis Master Fund, L.P., with OrbiMed Advisors as its managing member. The filing notes that Carl L. Gordon, W. Carter Neild, and Geoffrey C. Hsu comprise the management committee through which OrbiMed Advisors exercises voting and investment power, and that each of those individuals disclaims beneficial ownership. The filing further states that each reporting person "disclaims beneficial ownership of the securities reported herein... except to the extent of its pecuniary interest therein, if any."

What Was Disclosed

The joint Form 4 filing covers preferred-to-common stock conversions totaling 5,551,837 shares across two OrbiMed-affiliated funds and IPO purchases of 1,333,333 shares at $15 each, all transacted on September 21, 2026, the closing date of Electra Therapeutics' IPO.