Zhen Li - 24 Sep 2026 Form 3 Insider Report for ADARx Pharmaceuticals, Inc.

Reporting relationship: President and CEO, Director, 10%+ Owner
Issuer ticker: N/A
Reported as of: 24 Sep 2026
Net transaction value: $0
SEC form: 3
Accepted by SEC: 24 Sep 2026, 18:35:38 UTC
Source filing: View source filing
Reporting owner signature: /s/ Jiang Bian , Attorney-in-Fact

Key filing fact

Zhen Li filed Form 3 for ADARx Pharmaceuticals, Inc. on 24 Sep 2026.

Key facts

This page summarizes Zhen Li's Form 3 filing for ADARx Pharmaceuticals, Inc..
0 reported transactions and 17 derivative rows are listed below.
Accepted by SEC: 24 Sep 2026, 18:35.

Change

No earlier filing in this sequence is available for direct comparison.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Official SEC source

Ownership activity is grounded in SEC Form 3 disclosures.

View source filing

Reporting Owners (1)

CIK 0001729510 Primary reporting owner

Li Zhen

Relationship: President and CEO, Director, 10%+ Owner
Address: C/O ADARX PHARMACEUTICALS, INC., 5871 OBERLIN DRIVE, SUITE 200, SAN DIEGO
Signature: /s/ Jiang Bian , Attorney-in-Fact
Signature date: 24 Sep 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

No ticker holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 5,861,199
Date: 24 Sep 2026
Ownership: By Trust
Footnotes: F1

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 1,171,325
Exercise price: $0.2400
Footnotes: F2

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 327,378
Exercise price: $0.2400
Footnotes: F3

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 320,500
Exercise price: $0.2400
Footnotes: F4

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 845,726
Exercise price: $0.5600
Footnotes: F5

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 710,541
Exercise price: $2.29
Footnotes: F6

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 436,715
Exercise price: $2.29
Footnotes: F7

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 436,715
Exercise price: $3.26
Footnotes: F8

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 773,085
Exercise price: $5.84
Footnotes: F9

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 426,730
Exercise price: $7.05
Footnotes: F10

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 443,799
Exercise price: $6.31
Footnotes: F11

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: By Spouse
Underlying class: Common Stock
Underlying amount: 17,069
Exercise price: $0.2400
Footnotes: F12

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: By Spouse
Underlying class: Common Stock
Underlying amount: 12,801
Exercise price: $0.2400
Footnotes: F13

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: By Spouse
Underlying class: Common Stock
Underlying amount: 8,534
Exercise price: $2.29
Footnotes: F14

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: By Spouse
Underlying class: Common Stock
Underlying amount: 6,827
Exercise price: $3.26
Footnotes: F15

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: By Spouse
Underlying class: Common Stock
Underlying amount: 5,120
Exercise price: $5.84
Footnotes: F16

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: By Spouse
Underlying class: Common Stock
Underlying amount: 5,120
Exercise price: $7.05
Footnotes: F17

No ticker holding Derivative

Employee Stock Option (right to buy)

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after
Date: 24 Sep 2026
Ownership: By Spouse
Underlying class: Common Stock
Underlying amount: 12,801
Exercise price: $6.31
Footnotes: F18

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 18 footnotes

Footnote F1

The shares are held by the Reporting Person and her spouse as Trustees of the Titanium Boulder Irrevocable Trust dated July 11, 2020 (the "Titanium Trust"). The Reporting Person and her spouse share voting and dispositive power with respect to the securities held by the Titanium Trust.

Footnote F2

Granted to the Reporting Person on August 20, 2020. The shares subject to the option are fully vested and exercisable.

Footnote F3

Granted to the Reporting Person on December 7, 2020. The shares subject to the option are fully vested and exercisable.

Footnote F4

Granted to the Reporting Person on March 19, 2021. The shares subject to the option are fully vested and exercisable.

Footnote F5

Granted to the Reporting Person on May 21, 2021. The shares subject to the option are fully vested and exercisable.

Footnote F6

Granted to the Reporting Person on July 30, 2021. The shares subject to the option are fully vested and exercisable.

Footnote F7

Granted to the Reporting Person on February 23, 2022. The shares subject to the option are fully vested and exercisable.

Footnote F8

Granted to the Reporting Person on February 26, 2023. 1/4 of the total number of shares vested and became exercisable on January 1, 2024 and the remaining shares vest and become exercisable in equal quarterly installments thereafter over a three-year period, subject to the Reporting Person's continued service to the Issuer on each vesting date.

Footnote F9

Granted to the Reporting Person on January 17, 2024. 1/4 of the total number of shares vested and became exercisable on January 1, 2025 and the remaining shares vest and become exercisable in equal quarterly installments thereafter over a three-year period, subject to the Reporting Person's continued service to the Issuer on each vesting date.

Footnote F10

Granted to the Reporting Person on February 12, 2025. 1/4 of the total number of shares vested and became exercisable on January 1, 2026 and the remaining shares vest and become exercisable in equal quarterly installments thereafter over a three-year period, subject to the Reporting Person's continued service to the Issuer on each vesting date.

Footnote F11

Granted to the Reporting Person on January 28, 2026. 1/4 of the total number of shares vest and become exercisable on January 1, 2027 and the remaining shares vest and become exercisable in equal quarterly installments thereafter over a three-year period, subject to the Reporting Person's continued service to the Issuer on each vesting date.

Footnote F12

Granted to the Reporting Person's spouse on August 20, 2020. The shares subject to the option are fully vested and exercisable.

Footnote F13

Granted to the Reporting Person's spouse on March 19, 2021. The shares subject to the option are fully vested and exercisable.

Footnote F14

Granted to the Reporting Person's spouse on February 23, 2022. The shares subject to the option are fully vested and exercisable.

Footnote F15

Granted to the Reporting Person's spouse on February 26, 2023. 1/4 of the total number of shares vested and became exercisable on January 1, 2024 and the remaining shares vest and become exercisable in equal quarterly installments thereafter over a three-year period, subject to the Reporting Person's spouse's continued service to the Issuer on each vesting date.

Footnote F16

Granted to the Reporting Person's spouse on January 17,2024. 1/4 of the total number of shares vested and became exercisable on January 1, 2025 and the remaining shares vest and become exercisable in equal quarterly installments thereafter over a three-year period, subject to the Reporting Person's spouse's continued service to the Issuer on each vesting date.

Footnote F17

Granted to the Reporting Person's spouse on February 12, 2025. 1/4 of the total number of shares vested and became exercisable on January 1, 2026 and the remaining shares vest and become exercisable in equal quarterly installments thereafter over a three-year period, subject to the Reporting Person's spouse's continued service to the Issuer on each vesting date.

Footnote F18

Granted to the Reporting Person's spouse on January 28, 2026. 1/4 of the total number of shares vest and become exercisable on January 1, 2027 and the remaining shares vest and become exercisable in equal quarterly installments thereafter over a three-year period, subject to the Reporting Person's spouse's continued service to the Issuer on each vesting date.

SEC remarks

Exhibit 24 - Power of Attorney

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