LI ZHEN enters ADARX PHARMACEUTICALS, INC. with 5.86M shares plus derivative instruments

Holding both equity and derivatives at entry signals strong long-term conviction in the company.

Indirect Derivatives

LI ZHEN

Filed: 9/24/2026ACC: 0001729510-26-000004

InsiderLI ZHENCIK 1729510

→

IssuerADARX PHARMACEUTICALS, INC.CIK 1802369

DirectorOfficer10% Owner· President and CEO

Since Sep 2026

5.86M

Baseline shares

0.00

Direct ownership

0 positions

5.96M

Derivative underlying

17 instruments

Security positions

5.86M indirect

Non-Derivative Holdings1

Common Stock

Indirect

Shares owned5.86M

Total

5.86M indirect5.86M

Security Title	Shares Owned	Ownership Type
Common Stock	5.86M	Indirect
Total	5.86M	5.86M indirect

Derivative Holdings17

Employee Stock Option (right to buy)

Direct

Underlying security

Common Stock

Underlying shares

773.09K

Shares owned

N/A

Exercise price

5.84

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Indirect

Underlying security

Common Stock

Underlying shares

8.53K

Shares owned

N/A

Exercise price

2.29

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Indirect

Underlying security

Common Stock

Underlying shares

5.12K

Shares owned

N/A

Exercise price

5.84

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Indirect

Underlying security

Common Stock

Underlying shares

17.07K

Shares owned

N/A

Exercise price

0.24

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Direct

Underlying security

Common Stock

Underlying shares

845.73K

Shares owned

N/A

Exercise price

0.56

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Direct

Underlying security

Common Stock

Underlying shares

443.80K

Shares owned

N/A

Exercise price

6.31

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Direct

Underlying security

Common Stock

Underlying shares

327.38K

Shares owned

N/A

Exercise price

0.24

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Indirect

Underlying security

Common Stock

Underlying shares

6.83K

Shares owned

N/A

Exercise price

3.26

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Direct

Underlying security

Common Stock

Underlying shares

710.54K

Shares owned

N/A

Exercise price

2.29

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Indirect

Underlying security

Common Stock

Underlying shares

5.12K

Shares owned

N/A

Exercise price

7.05

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Direct

Underlying security

Common Stock

Underlying shares

320.50K

Shares owned

N/A

Exercise price

0.24

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Direct

Underlying security

Common Stock

Underlying shares

436.71K

Shares owned

N/A

Exercise price

3.26

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Direct

Underlying security

Common Stock

Underlying shares

1.17M

Shares owned

N/A

Exercise price

0.24

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Direct

Underlying security

Common Stock

Underlying shares

426.73K

Shares owned

N/A

Exercise price

7.05

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Direct

Underlying security

Common Stock

Underlying shares

436.71K

Shares owned

N/A

Exercise price

2.29

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Indirect

Underlying security

Common Stock

Underlying shares

12.80K

Shares owned

N/A

Exercise price

0.24

Expiration

—

Exercise window

—

Employee Stock Option (right to buy)

Indirect

Underlying security

Common Stock

Underlying shares

12.80K

Shares owned

N/A

Exercise price

6.31

Expiration

—

Exercise window

—

Total

Underlying

5.96M

Owned

0.00

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Employee Stock Option (right to buy) Direct	Common Stock	5.84	—	—	773.09K	N/A
Employee Stock Option (right to buy) Indirect	Common Stock	2.29	—	—	8.53K	N/A
Employee Stock Option (right to buy) Indirect	Common Stock	5.84	—	—	5.12K	N/A
Employee Stock Option (right to buy) Indirect	Common Stock	0.24	—	—	17.07K	N/A
Employee Stock Option (right to buy) Direct	Common Stock	0.56	—	—	845.73K	N/A
Employee Stock Option (right to buy) Direct	Common Stock	6.31	—	—	443.80K	N/A
Employee Stock Option (right to buy) Direct	Common Stock	0.24	—	—	327.38K	N/A
Employee Stock Option (right to buy) Indirect	Common Stock	3.26	—	—	6.83K	N/A
Employee Stock Option (right to buy) Direct	Common Stock	2.29	—	—	710.54K	N/A
Employee Stock Option (right to buy) Indirect	Common Stock	7.05	—	—	5.12K	N/A
Employee Stock Option (right to buy) Direct	Common Stock	0.24	—	—	320.50K	N/A
Employee Stock Option (right to buy) Direct	Common Stock	3.26	—	—	436.71K	N/A
Employee Stock Option (right to buy) Direct	Common Stock	0.24	—	—	1.17M	N/A
Employee Stock Option (right to buy) Direct	Common Stock	7.05	—	—	426.73K	N/A
Employee Stock Option (right to buy) Direct	Common Stock	2.29	—	—	436.71K	N/A
Employee Stock Option (right to buy) Indirect	Common Stock	0.24	—	—	12.80K	N/A
Employee Stock Option (right to buy) Indirect	Common Stock	6.31	—	—	12.80K	N/A
Total					5.96M	0.00