Form 4: Wellington Biomedical Innovation Master Investors Reports Conversion of Preferred Stock and SAFE into Artiva Biotherapeutics Common Stock

Wellington Biomedical Innovation Master Investors reports the conversion of Series B Preferred Stock and a SAFE into Artiva Biotherapeutics common stock following the company's IPO.

Summary

• Wellington Biomedical Innovation Master Investors (Cayman) I L.P. filed a Form 4 on July 22, 2024, reporting changes in beneficial ownership of Artiva Biotherapeutics, Inc. [ARTV] common stock.
• The filing indicates the conversion of 145,089 shares of Series B Preferred Stock into 145,089 shares of common stock on a one-for-one basis upon the closing of Artiva Biotherapeutics' IPO.
• Additionally, a simple agreement for future equity (SAFE) in the amount of $500,000 was converted into 49,019 shares of common stock at a 15% discount to the IPO price, resulting in a total of 194,108 shares of common stock beneficially owned.
• The reporting person, Wellington Biomedical Innovation Master Investors (Cayman) I L.P., is considered a 10% owner of Artiva Biotherapeutics.

Sentiment

Score: 7

Explanation: The document reflects a standard post-IPO conversion of securities, which is generally a neutral event. The conversion of SAFE at a discount is slightly positive.

Industry Context

Form 4 filings are standard practice when significant changes in ownership occur, particularly after events like IPOs where preferred stock and SAFEs are often converted to common stock. This filing reflects the completion of Artiva Biotherapeutics' IPO and the resulting adjustments to ownership structure.

Stakeholder Impact

• The conversion of preferred stock and SAFEs into common stock dilutes existing shareholders to a small degree.

Key Dates