The Spill
Four funds tied to Rapport Therapeutics (RAPP) director James Healy bought 969,480 shares of the company's stock on Oct. 28, all at $21.00, for $20,359,080. Healy reported it on an insider filing (Form 4) two business days later, and every share sits in a fund account rather than his own.
Lag Clock
Two business days from the trade to the filing, inside the two-business-day deadline (Rule 16a-3).
Signal Check
The box for a pre-set trading plan (10b5-1) is unchecked and no footnote names one; code P on this form means an open-market purchase and nothing more.
What the filing shows
Four rows, all open-market purchases (code P) on Oct. 28, all at $21.00: 969,480 shares for $20,359,080. That is a 50.9% top-up on the 1,904,408 shares the funds held before the buy.
After the filing the position is 2,873,888 common shares, all indirect: 2,815,707 through Sofinnova Venture Partners XI, L.P.; 25,267 through SummitTX Pinnacle Master, L.P. - Healthcare 3; 17,990 through SummitTX Master, SPC - SummitTX Apex SP - Healthcare 3; and 14,924 through SummitTX Master, SPC - SummitTX Alpha SP - Healthcare 3. There is no direct line, and no options or RSUs on the form.
| Shares | Value | Owner |
|---|---|---|
| 952,380 | $19,999,980 | By Sofinnova Venture Partners XI, L.P. |
| 6,933 | $145,593 | By SummitTX Pinnacle Master, L.P. - Healthcare 3 |
| 6,395 | $134,295 | By SummitTX Master, SPC -SummitTX Apex SP - Healthcare 3 |
| 3,772 | $79,212 | By SummitTX Master, SPC - SummitTX Alpha SP - Healthcare 3 |
The Other Side
The headline read is a director writing a $20 million check for his own company's stock. The filing shows something narrower. The largest line, 952,380 shares, is held by Sofinnova Venture Partners XI, L.P.; the footnote says Healy is a managing member of Sofinnova Management XI, L.L.C., two tiers up from the fund, and may be deemed to share voting power, while disclaiming ownership beyond whatever slice of the fund is his.
Four accounts, one day, one price of $21.00 to the penny. That is consistent with a single priced transaction split across funds, and also with four orders that filled at the same level. The form codes all four as open-market buys and leaves it there.
What it can't tell you
- Why the funds bought. The form does not say why, and a Form 4 has no field for it.
- Healy's own stake. Every line is indirect. The footnotes limit his interest to "his pecuniary interest therein, if any," and the filing doesn't put a number on it.
- Where RAPP traded that day. The filing reports $21.00 as the purchase price and nothing about the market close.
What to watch
- The next Form 4 under Healy's name on EDGAR, and whether it shows a direct line or further buys through Sofinnova Venture Partners XI, L.P.
- Any amendment (Form 4/A) to accession 0001104659-26-120789 that changes the ownership footnotes or the price.
Original sources
Edited by K. Song. Educational reporting from public filings, not investment advice. Filings can be late, incomplete or amended; check the original source and dates. Free to read; advertising and sponsors pay for it, and they do not pick the stories. How we work · Corrections: [email protected]