Form 4: RA Capital Management Reports Beneficial Ownership Changes in Boundless Bio, Inc. Following IPO

RA Capital Management and related entities report changes in beneficial ownership of Boundless Bio, Inc. common stock following the company's initial public offering.

Summary

• RA Capital Management, L.P., along with related entities and individuals, filed a Form 4 detailing changes in beneficial ownership of Boundless Bio, Inc. (BOLD) common stock.
• The filing reflects transactions occurring on April 2, 2024, related to the conversion of Series B and Series C Preferred Stock into common stock immediately prior to Boundless Bio's IPO.
• RA Capital Healthcare Fund, L.P. acquired 296,875 shares of common stock at $16 per share and now holds 1,884,787 shares indirectly.
• RA Capital Nexus Fund II, L.P. acquired 15,625 shares of common stock at $16 per share and now holds 295,844 shares indirectly.
• Peter Kolchinsky and Rajeev Shah, managing members of RA Capital Management GP, LLC, disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest.
• The Series B and Series C Preferred Stock converted into common stock at a ratio of 19.5-for-1.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing, indicating standard post-IPO adjustments in ownership. The sentiment is neutral to slightly positive as it reflects the completion of the IPO process.

Positives

• The conversion of preferred stock to common stock indicates a positive step towards a simplified capital structure following the IPO.

Future Outlook

The document does not contain specific forward-looking statements regarding Boundless Bio's future performance.

Management Comments

• Peter Kolchinsky and Rajeev Shah disclaim beneficial ownership of the reported securities, except to the extent of their pecuniary interest therein.

Industry Context

This filing is a standard regulatory requirement following an IPO, providing transparency into the ownership structure of Boundless Bio and the holdings of its major investors. It's common for large shareholders like RA Capital to adjust their positions after an IPO.

Comparison to Industry Standards

• Form 4 filings are standard practice for insiders and large shareholders following material transactions in a company's stock, aligning with SEC regulations and industry norms.
• The conversion of preferred stock to common stock upon an IPO is a typical feature designed to simplify the capital structure and align the interests of all shareholders.

Stakeholder Impact

• The filing provides transparency to shareholders regarding the ownership structure of the company.
• The conversion of preferred stock to common stock simplifies the capital structure, potentially benefiting all shareholders.

Key Dates