Monitor for any amendment to this 13D signaling activist intent (board representation, strategic review) as the lock-up expiration (March 2027) approaches. The registration rights held by SR One could enable a secondary offering post-lock-up, creating overhang.
Price Chart
Executive Summary
SR One Capital Management, led by Simeon George, filed a Schedule 13D disclosing beneficial ownership of 9,936,661 shares of ADARx Pharmaceuticals common stock, representing 9.3% of shares outstanding as of the September 28, 2026 IPO close. The stake was acquired through pre-IPO convertible preferred stock purchases and IPO participation at $17.00/share. The filing states the position is for investment purposes with no current plans for board changes, M&A, or other activist actions, but the 13D filing signals potential future engagement.
Key Financial Metrics
Key Facts
- SR One Capital Management and affiliates beneficially own 9,936,661 shares of ADARx common stock, representing 9.3% of outstanding shares.
- Shares were acquired via conversion of Series B, B-1, and C convertible preferred stock purchased in private transactions, plus IPO participation at $17.00/share.
- The filing states the position is for investment purposes with no current plans for board changes, extraordinary transactions, or other activist actions.
- Funds are subject to a 180-day lock-up agreement expiring March 23, 2027, restricting share sales.
- Registration rights under the Investors' Rights Agreement allow holders of at least 30% of registrable securities to demand an S-1 registration after 180 days post-IPO.
Financial Impact
9.3% stake valued at approximately $168.9 million based on 106,801,325 shares outstanding and $17.00 IPO price.
Risk Factors
- SR One's 9.3% stake and registration rights could lead to secondary share sales after lock-up expiration, pressuring stock price.
- The 13D filing, while currently passive, leaves the door open for future activist engagement if the company underperforms.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D Filing (Primary) | 0001072613-26-000820 |
| Exhibit: exh1.htm | 0001072613-26-000820 |
| Document: 0001072613-26-000820-index-headers.html | 0001072613-26-000820 |
| Document: 0001072613-26-000820-index.html | 0001072613-26-000820 |
| Document: 0001072613-26-000820.txt | 0001072613-26-000820 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | SC 13G | $17.63 $17.68 | ▲ +0.28% | ▼ −0.05% | $17.81 (+1.02%) |
Oct 5, 2026 21d ago | SC 13D | $18.58 $17.33 | ▼ −6.73% | ▼ −6.49% | $17.81 (−4.14%) |
Oct 2, 2026 24d ago | SC 13D | $19.05 $18.58 | ▼ −2.47% | ▼ −3.02% | $17.81 (−6.51%) |
Oct 1, 2026 25d ago | Press Release | $18.25 $19.05 | ▲ +4.38% | ▲ +3.71% | $17.81 (−2.41%) |
Oct 1, 2026 25d ago | SC 13G | $18.25 $19.05 | ▲ +4.38% | ▲ +3.71% | $17.81 (−2.41%) |
Sep 30, 2026 26d ago | Insider Cluster | $19.54 $18.25 | ▼ −6.60% | ▼ −7.34% | $17.81 (−8.85%) |
Sep 29, 2026 27d ago | Insider Cluster | $19.94 $19.54 | ▼ −2.01% | ▼ −2.18% | $17.81 (−10.68%) |
Sep 25, 2026 4w ago | 424B4 | $20.09 $20.64 | ▲ +2.71% | ▲ +2.90% | $17.81 (−11.35%) |
Sep 25, 2026 4w ago | EFFECT | $19.35 $20.09 | ▲ +3.82% | ▲ +4.57% | $17.81 (−7.96%) |
Sep 24, 2026 4w ago | Press Release | $19.35 $20.09 | ▲ +3.82% | ▲ +4.57% | $17.81 (−7.96%) |
US Market Status
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