GORDON CARL L purchased 950K shares of ADARX PHARMACEUTICALS, INC. on the open market

Open‑market purchase worth $16.15M. The strongest form of insider conviction signal.

P · 3 purchases

GORDON CARL L

Filed: 9/30/2026ACC: 0000947871-26-000911

InsiderGORDON CARL LCIK 1282930

→

IssuerADARX PHARMACEUTICALS, INC.CIK 1802369

Director10% Owner

Since Sep 2026

+950K

Net shares

Net buyer

$16.15M

Total acquired

Open market trades

3B · 0S

Total transactions

24.21M acquired · 23.26M disposed

Non-Derivative Transactions11

Common Stock

Indirect

C · Conversion

+10.69M

Price / share

—

Trade value

—

% of position

New position

9/28/2026

0.00→10.69M

Common Stock

Indirect

C · Conversion

+2M

Price / share

—

Trade value

—

% of position

18.7%

9/28/2026

10.69M→12.69M

Common Stock

Indirect

C · Conversion

+769.60K

Price / share

—

Trade value

—

% of position

6.1%

9/28/2026

12.69M→13.46M

Common Stock

Indirect

C · Conversion

+564.19K

Price / share

—

Trade value

—

% of position

4.2%

9/28/2026

13.46M→14.03M

Common Stock

Indirect

P · Purchase

+300.25K

Price / share

$17.00

Trade value

$5.10M

% of position

2.1%

9/28/2026

14.03M→14.33M

Common Stock

Indirect

C · Conversion

+7.13M

Price / share

—

Trade value

—

% of position

New position

9/28/2026

0.00→7.13M

Common Stock

Indirect

C · Conversion

+1.33M

Price / share

—

Trade value

—

% of position

18.7%

9/28/2026

7.13M→8.46M

Common Stock

Indirect

C · Conversion

+513.07K

Price / share

—

Trade value

—

% of position

6.1%

9/28/2026

8.46M→8.97M

Common Stock

Indirect

C · Conversion

+256.45K

Price / share

—

Trade value

—

% of position

2.9%

9/28/2026

8.97M→9.23M

Common Stock

Indirect

P · Purchase

+61.52K

Price / share

$17.00

Trade value

$1.05M

% of position

0.7%

9/28/2026

9.23M→9.29M

Common Stock

Indirect

P · Purchase

+588.24K

Price / share

$17.00

Trade value

$10M

% of position

New position

9/28/2026

0.00→588.24K

Total

Net shares

+24.21M

Net value

$16.15M

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Indirect	9/28/2026	C · Conversion	+10.69M	—	—	New position	0.00	10.69M
Common Stock Indirect	9/28/2026	C · Conversion	+2M	—	—	18.7%	10.69M	12.69M
Common Stock Indirect	9/28/2026	C · Conversion	+769.60K	—	—	6.1%	12.69M	13.46M
Common Stock Indirect	9/28/2026	C · Conversion	+564.19K	—	—	4.2%	13.46M	14.03M
Common Stock Indirect	9/28/2026	P · Purchase	+300.25K	$17.00	$5.10M	2.1%	14.03M	14.33M
Common Stock Indirect	9/28/2026	C · Conversion	+7.13M	—	—	New position	0.00	7.13M
Common Stock Indirect	9/28/2026	C · Conversion	+1.33M	—	—	18.7%	7.13M	8.46M
Common Stock Indirect	9/28/2026	C · Conversion	+513.07K	—	—	6.1%	8.46M	8.97M
Common Stock Indirect	9/28/2026	C · Conversion	+256.45K	—	—	2.9%	8.97M	9.23M
Common Stock Indirect	9/28/2026	P · Purchase	+61.52K	$17.00	$1.05M	0.7%	9.23M	9.29M
Common Stock Indirect	9/28/2026	P · Purchase	+588.24K	$17.00	$10M	New position	0.00	588.24K
Total			+24.21M		$16.15M

Derivative Transactions8

Series A Preferred Stock

Indirect

C · Conversion

Converts to

Common Stock

10.69M shares

−10.69M

Strike price

Held after

0.00

Exercisable

—

9/28/2026

Series B Preferred Stock

Indirect

C · Conversion

Converts to

Common Stock

2M shares

−2M

Strike price

Held after

0.00

Exercisable

—

9/28/2026

Series B-1 Preferred Stock

Indirect

C · Conversion

Converts to

Common Stock

769.60K shares

−769.60K

Strike price

Held after

0.00

Exercisable

—

9/28/2026

Series C Preferred Stock

Indirect

C · Conversion

Converts to

Common Stock

564.19K shares

−564.19K

Strike price

Held after

0.00

Exercisable

—

9/28/2026

Series A Preferred Stock

Indirect

C · Conversion

Converts to

Common Stock

7.13M shares

−7.13M

Strike price

Held after

0.00

Exercisable

—

9/28/2026

Series B Preferred Stock

Indirect

C · Conversion

Converts to

Common Stock

1.33M shares

−1.33M

Strike price

Held after

0.00

Exercisable

—

9/28/2026

Series B-1 Preferred Stock

Indirect

C · Conversion

Converts to

Common Stock

513.07K shares

−513.07K

Strike price

Held after

0.00

Exercisable

—

9/28/2026

Series C Preferred Stock

Indirect

C · Conversion

Converts to

Common Stock

256.45K shares

−256.45K

Strike price

Held after

0.00

Exercisable

—

9/28/2026

Security	Converts To	Date	Type	Shares	Exercisable
Series A Preferred Stock Indirect	Common Stock10.69M shares	9/28/2026	C · Conversion	−10.69M	—
Series B Preferred Stock Indirect	Common Stock2M shares	9/28/2026	C · Conversion	−2M	—
Series B-1 Preferred Stock Indirect	Common Stock769.60K shares	9/28/2026	C · Conversion	−769.60K	—
Series C Preferred Stock Indirect	Common Stock564.19K shares	9/28/2026	C · Conversion	−564.19K	—
Series A Preferred Stock Indirect	Common Stock7.13M shares	9/28/2026	C · Conversion	−7.13M	—
Series B Preferred Stock Indirect	Common Stock1.33M shares	9/28/2026	C · Conversion	−1.33M	—
Series B-1 Preferred Stock Indirect	Common Stock513.07K shares	9/28/2026	C · Conversion	−513.07K	—
Series C Preferred Stock Indirect	Common Stock256.45K shares	9/28/2026	C · Conversion	−256.45K	—