Sofinnova Venture Partners X, L.P. - 02 Jul 2021 Form 4 Insider Report for Aerovate Therapeutics, Inc. (JBIO)

Reporting relationship: 10%+ Owner
Issuer ticker: JBIO
Reported as of: 02 Jul 2021
Net transaction value: +$4,999,988
SEC form: 4
Accepted by SEC: 06 Jul 2021, 16:28:23 UTC
Prior SEC filing: 29 Jun 2021
Next SEC filing: 06 Jan 2022
Source filing: View source filing
Reporting owner signature: Sofinnova Venture Partners X, L.P., By: Sofinnova Management X, L.L.C., general partner, By: /s/ Nathalie Auber, Attorney-in-Fact

Key filing fact

Sofinnova Venture Partners X, L.P. filed Form 4 for Aerovate Therapeutics, Inc. (JBIO) on 06 Jul 2021.

Key facts

This page summarizes Sofinnova Venture Partners X, L.P.'s Form 4 filing for Aerovate Therapeutics, Inc. (JBIO).
3 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 06 Jul 2021, 16:28.

Change

Previous filing in this sequence was filed on 29 Jun 2021.
Current net transaction value: +$4,999,988.

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

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reported non-derivative transactions

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

AVTE transaction

Common Stock

Conversion of derivative security

Transaction value
Shares: +3,401,544
Change %
Price
Shares after: 3,401,544
Date: 02 Jul 2021
Ownership: Direct
Footnotes: F1, F2

AVTE transaction

Common Stock

Purchase

Transaction value: $4,999,988
Shares: +357,142
Change %: +10%
Price: $14.00
Shares after: 3,758,686
Date: 02 Jul 2021
Ownership: Direct
Footnotes: F2

Reported derivative securities

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

AVTE transaction Derivative

Series A Preferred Stock

Conversion of derivative security

Transaction value
Shares: -10,565,238
Change %: -100%
Price
Shares after: 0
Date: 02 Jul 2021
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 3,401,544
Exercise price
Footnotes: F1, F2

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

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 2 footnotes

Footnote F1

Each share of Series A Preferred Stock was convertible at any time at the holder's election and automatically upon the closing of the Issuer's initial public offering. The Preferred Stock converted into Common Stock on a one-for-3.1060103 basis upon the closing of the Issuer's initial public offering without payment or additional consideration. The Preferred Stock had no expiration date.

Footnote F2

The shares are held directly by Sofinnova Venture Partners X, L.P. ("SVP X"). Sofinnova Management X, L.L.C. ("SM X") is the general partner of SVP X and may be deemed to have sole voting, investment and dispositive power with respect to the shares held by SVP X. James I. Healy and Maha Katabi are the managing members of SM X and may be deemed to have shared voting, investment and dispositive power with respect to the shares held by SVP X. Each of the Reporting Persons disclaims beneficial ownership of such securities, except to the extent of his, her or its proportionate pecuniary interest therein.