Cormorant Asset Management, LP - Jul 2, 2021 Form 4 Insider Report for Aerovate Therapeutics, Inc. (AVTE)

Role: Former 10% Owner
Signature: /s/ CORMORANT ASSET MANAGEMENT, LP By : Cormorant Asset Management GP, LLC, its General Partner, By: Bihua Chen, Managing Member
Stock symbol: AVTE
Transactions as of: Jul 2, 2021
Transactions value $: $7,000,000
Form type: 4
Date filed: 7/7/2021, 04:45 PM
Previous filing: Jul 1, 2021
Next filing: Jul 28, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AVTE	Common Stock	Conversion of derivative security		+1.53M			1.53M	Jul 2, 2021	See Footnotes	F1, F2, F3
transaction	AVTE	Common Stock	Purchase	$7M	+500K	+32.66%	$14.00	2.03M	Jul 2, 2021	See Footnotes	F2, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AVTE	Series A Convertible Preferred Stock	Conversion of derivative security		-1.53M	-100%		0	Jul 2, 2021	Common Stock	1.53M		See Footnotes	F1, F2, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Cormorant Asset Management, LP is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	Shares of Series A Convertible Preferred Stock were convertible at any time at the holder's election, without payment of additional consideration. Such shares had no expiration date but converted into Common Stock automatically upon the closing of the Issuer's initial public offering.
F2	Shares reported herein are held by Cormorant Global Healthcare Master Fund, LP (the "Master Fund") and Cormorant Private Healthcare Fund II, LP ("Fund II"). Cormorant Asset Management, LP ("Cormorant") serves as the investment manager of the Master Fund and Fund II. Bihua Chen serves as manager of the general partner of Cormorant. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or her pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.
F3	Represents (i) 318,995 shares of Common Stock held by the Master Fund and (ii) 1,211,696 shares of Common Stock held by Fund II.
F4	Shares reported herein as purchased on July 2, 2021 represent 500,000 shares purchased by the Master Fund.
F5	The Series A Convertible Preferred Stock represented, on an as-converted basis, (i) 318,995 shares of Common Stock held by the Master Fund and (ii) 1,211,696 shares of Common Stock held by Fund II.