Adar1 Capital Management, LLC

10% owner Adar1 Capital acquired 468,551 shares in 3 transactions at $1.54–$1.60, raising stake to 800,000 shares (+141.4%)

Adar1 Capital Management, LLC, a 10% shareholder, executed 3 separate purchases totaling 468,551 shares for $721,547.89 at an average price of $1.54. This acquisition increased the insider's holdings by 141.4%, from 331,449 to 800,000 shares. The transactions occurred at prices substantially below the current market price of $1.73, and well below the 52-week high of $7.98, reflecting a 78.3% decline from that peak. InMed Pharmaceuticals is currently unprofitable (latest quarter net income: $-2,966,336.00; full-year: negative) with minimal quarterly revenue of $820,188.00, placing this small-cap position in a highly speculative context. The insider's cross-ticker track record shows 17 prior buys with a 100% 90-day win rate and +10.6% average 90-day return, though this ticker-specific history is unmeasurable in the FACTS provided, limiting confidence in predicting outcome.

Adar1 Capital bought 16,209 shares at $13.98 across 3 transactions (May 18–19); stock up +207.0% in 90 days, all prior RLYB buys well-timed.

Adar1 Capital Management, the 10% owner, executed 3 separate purchases totaling 16,209 shares for $226,563.18 at an average blended price of $13.98, increasing holdings by 1.8% to 926,352 shares. The stock has rallied +207.0% over the prior 90 days and currently trades at $14.58, sitting -4.8% from its 52-week high of $15.31. Across all prior trades at Rallybio (3 prior buys), the insider's timing has been perfect: all 3 prior buys posted positive 90-day returns, with the most recent buy on 2026-05-05 generating a +0.2% 90-day return. The company remains unprofitable (net income $-8,278,000.00 in the latest quarter) despite +43.0% annual revenue growth and a market cap of $77,246,837.46, creating a profile of early-stage biotech risk typical of this insider's investment pattern.

Adar1 Capital Mgmt buys 79,559 shares of RLYB across 4 transactions for $1,112,976.94, lifting stake to 910,143 shares (+9.6%).

Adar1 Capital Management, LLC filed 4 separate purchases of Rallybio Corp (RLYB) totaling 79,559 shares for $1,112,976.94 at a blended average price of $13.99, bringing its post-transaction holdings to 910,143 shares. These purchases occur against a backdrop of a 30-day price change of +72.7% and a 90-day price change of +196.7%, with the current price of $14.30 sitting -6.6% from the 52-week high of $15.31. At this ticker specifically, Adar1's 3 prior buys on 2026-05-04 and 2026-05-05 each produced 90-day returns of +1.0%, +0.4%, and +0.2% respectively, all positive at the 90-day mark. Across all tickers in Adar1's cross-ticker track record, 11 prior buys show an average 90-day return of +21.0% with a 90-day win rate of 100.00%, while the company carries a quarterly net income of $-8,278,000.00 against revenue of $212,000.00.

Adar1 Capital Management adds ~50,800 shares of Rallybio (RLYB) across four open-market purchases, expanding its indirect stake to ~830,584 shares.

Adar1 Capital Management, a ten-percent beneficial owner of Rallybio, made four open-market purchases over two days, bringing its indirect stake from roughly 779,784 shares to approximately 830,584 shares — a meaningful expansion of an already substantial position. The stock has surged sharply over the past three months and is trading modestly below its 52-week high, meaning Adar1 is adding to its position at elevated prices rather than at a cyclical trough. Rallybio remains a pre-profitability, small-cap biotech with limited annual revenue, though the company has shown year-over-year revenue growth at the full-year level; investors should weigh the fund's accumulation against the company's still-developing financial profile. Adar1's three prior purchases at this ticker — all of which were followed by flat-to-marginally positive returns at both the 30-day and 90-day marks — do not yet provide a strong signal of outsized post-purchase price performance at this specific name, even as its broader cross-ticker track record of prior buys has been consistently positive. As an institutional holder rather than a company officer or director, this activity reflects a portfolio decision by a large fund, not a signal from someone with direct operational knowledge of Rallybio's business.

10% owner Adar1 Capital Management accumulates substantial RLYB stake across three days amid sharp rally and significant losses.

Adar1 Capital Management, a institutional holder owning approximately 10% of Rallybio, deployed significant capital across three consecutive trading days to add nearly 156,000 shares to its position. This multi-day accumulation occurred as the stock experienced a sharp rally—trading near its recent peaks after climbing substantially over recent months—yet the company remains deeply unprofitable with significant quarterly losses. The timing is noteworthy: rather than buying during weakness, the fund increased its stake while momentum was strong, suggesting either conviction in a fundamental turnaround or a portfolio rebalancing decision to maintain its ownership percentage as the stock gained value. Adar1's own track record shows eight prior purchases that generated positive average returns, though this particular accumulation comes against a backdrop of a cash-burning biotech with minimal revenue, raising questions about whether the fund is betting on a near-term catalyst or accepting fundamental risk for strategic reasons.

ADAR1 Capital exits KROS entirely: 5.39M shares sold for $95.7M at $17.75 (79.3% above current $14.49).

ADAR1 Capital Management, a 10% owner, executed 3 separate sales on 2025-10-15 totaling 5,389,264 shares for $95,659,436.00 at $17.75 per share, reducing holdings from 5,389,264 shares to 0 shares—a complete exit at a price currently trading 22.4% above today's market ($14.49). The sale price of $17.75 sits markedly below the 52-week high of $70.00 but 85.6% above the 52-week low of $9.55. The company remains unprofitable (annual net income: $-30,696,000.00) despite exceptional revenue growth of +2251.0% year-over-year, indicating aggressive top-line expansion without profitability. This full-position liquidation by a significant insider holder warrants examination of the company's operational trajectory and cash burn dynamics given the early-stage biotech profile and deteriorating stock price (-79.3% from 52-week high).

10% owner ADAR1 Capital bought 934,258 shares ($9.5M) in 5 separate trades on 2025-04-09 at $9.40–$10.33, raising stake to 4.39M shares

ADAR1 Capital, a 10% shareholder, executed 5 separate purchases totaling 934,258 shares for $9,464,512.25 at a blended average price of $10.13, expanding its holding by 27.0% to 4,392,737 shares. The timing is notable given KROS trades at $12.18 currently (82.6% below its 52-week high of $70.00) and the stock is down 16.4% over 90 days despite a recent 3.6% 30-day bounce. The company is unprofitable with a $-53.0M net loss in its latest full year and only $388.0K in latest-quarter revenue, though annual revenue growth was reported at +2251.0%. ADAR1's cross-ticker track record shows 100% win rate on prior buys with +9.4% average 90-day returns, but this represents only 3 prior open-market purchases across all tickers—insufficient to establish pattern reliability at KROS specifically.

10% owner ADAR1 Capital purchases 6,000 shares across 3 transactions (Aug 9-12) for $92,325.90; holdings increase 66.2% to 15,067 shares.

ADAR1 Capital Management, a 10% owner, executed 3 separate purchases totaling 6,000 shares for $92,325.90 at prices ranging from $14.89 to $15.88, raising its post-transaction holdings to 15,067 shares from 9,067 shares. The timing coincides with a +132.0% 30-day price surge, placing the blended transaction price of $15.39 well below the current $15.89. However, the company remains unprofitable (annual net income of $-4.9M on revenue of $53.0K quarterly) despite +65.3% annual revenue growth, and the stock trades -54.8% from its 52-week high of $35.12. The substantial increase in this insider's fractional ownership stake, combined with the company's nascent financial profile and extreme recent volatility, merits examination of whether the near-market-rate purchase reflects conviction in fundamentals or opportunistic accumulation amid price recovery.