Perceptive Advisors LLC, Joseph Edelman, and Perceptive Life Sciences Master Fund Ltd. filed a joint Form 4 with the SEC on October 26, 2026, reporting changes in beneficial ownership of Common Stock and Pre-Funded Warrants in LeonaBio, Inc. (NASDAQ:LONA).

Key Highlights

  • Warrant exercise: On October 26, 2026, Sermonix Pharmaceuticals, Inc. exercised Pre-Funded Warrants (transaction code M) for 776,648 shares of Common Stock at a price of $0.001 per share.
  • Post-transaction Common Stock holdings: Following the exercise, Sermonix directly holds 776,648 shares of Common Stock indirectly attributed to the reporting persons.
  • Additional Common Stock positions: Perceptive Life Sciences Master Fund Ltd. holds 1,529,566 shares and Perceptive Xontogeny Venture Fund II, LP holds 329,756 shares, each indirectly attributed to the reporting persons.
  • PXV II distribution: On October 26, 2026, Perceptive Xontogeny Venture Fund II, LP received from Sermonix Pre-Funded Warrants exercisable for 2,352,932 shares of Common Stock via a distribution to holders of Sermonix common stock.
  • Beneficial ownership cap on Sermonix warrants: The filing states that the remaining Pre-Funded Warrants held through Sermonix may not be exercised if doing so would cause Sermonix and its Attribution Parties to beneficially own more than 49.99% of outstanding Common Stock.
  • Exercise restrictions on Master Fund and PXV II warrants: As of the filing date, a 19.99% beneficial ownership limitation does not permit the Master Fund or PXV II to exercise any of their warrants.
  • Three reporting persons: Perceptive Advisors LLC, Joseph Edelman (managing member), and Perceptive Life Sciences Master Fund Ltd. each disclaim beneficial ownership except to the extent of their indirect pecuniary interest, according to the filing.

Perceptive Advisors and Affiliates Report LeonaBio Warrant Exercise and Warrant Distribution

According to the Form 4 filed on October 26, 2026, the reporting persons - Perceptive Advisors LLC, Joseph Edelman, and Perceptive Life Sciences Master Fund Ltd. - disclosed a warrant exercise and a distribution of Pre-Funded Warrants tied to LeonaBio, Inc. (NASDAQ:LONA). The exercise involved 776,648 Pre-Funded Warrants held by Sermonix Pharmaceuticals, Inc., converted into an equal number of shares of Common Stock at an exercise price of $0.001 per share. The filing notes that those Pre-Funded Warrants were originally issued to Sermonix in exchange for the grant of certain licenses and rights by Sermonix to LeonaBio, and became exercisable on March 18, 2026 upon receipt of stockholder approval.

The filing reports that an affiliate of Perceptive Advisors LLC holds approximately 29% of the outstanding capital stock of Sermonix, excluding securities convertible into Sermonix capital stock. Pursuant to General Instruction 4.b.(iv) of Form 4, the reporting persons disclosed the entire amount of Sermonix's interest rather than only their proportionate share. In addition, on October 26, 2026, Perceptive Xontogeny Venture Fund II, LP received Pre-Funded Warrants exercisable for 2,352,932 shares of Common Stock, distributed by Sermonix to holders of Sermonix common stock.

The filing further discloses that Perceptive Life Sciences Master Fund Ltd. holds Pre-Funded Warrants exercisable for 1,372,935 shares and Perceptive Xontogeny Venture Fund II, LP holds Pre-Funded Warrants exercisable for 457,645 shares, both subject to a 19.99% beneficial ownership limitation that, as of the filing date, prevents any exercise. All Pre-Funded Warrants described in the filing have no expiration date, according to the disclosure. Each reporting person disclaims beneficial ownership of the reported securities except to the extent of their indirect pecuniary interest, and the filing states that the report shall not be deemed an admission of beneficial ownership for Section 16 or any other purposes.

What Was Disclosed

The joint Form 4 filed October 26, 2026 by Perceptive Advisors LLC, Joseph Edelman, and Perceptive Life Sciences Master Fund Ltd. reported the exercise of 776,648 Pre-Funded Warrants at $0.001 by Sermonix, a distribution of 2,352,932 Pre-Funded Warrants to PXV II, and aggregate indirect Common Stock and warrant positions across multiple affiliated entities in LeonaBio, Inc.