Andreessen Horowitz Discloses 11.4% Stake in Braveheart Bio with Registration Rights
BRVE is trading near its 52-week low of $24.61 (9.8% above the low) on light trading volume (0.3× avg).
Summary
Andreessen Horowitz's AH Bio Fund IV reports an 11.4% stake in Braveheart Bio, combining converted preferred shares and a $19.8 million IPO purchase, with registration rights that could lead to future share sales.
Key Events · Ownership and Investor Activity · BRVE
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11.4% Beneficial Ownership Disclosed
AH Bio Fund IV, L.P. and affiliates hold 10,232,420 shares (11.4% of class) as of August 7, 2026, based on 90,038,969 shares outstanding post-IPO.
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Series A Conversion at 4.38-for-1
40,000,000 shares of Series A Preferred Stock converted into 9,132,420 common shares automatically upon IPO closing, with no additional consideration.
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$19.8M IPO Purchase
AH Bio IV bought 1,100,000 shares from underwriters at the $18.00 IPO price, totaling $19.8 million, funded by partner capital contributions.
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Registration Rights and Lock-Up
Investors' Rights Agreement grants demand and piggyback registration rights; 180-day lock-up expires February 1, 2027, after which shares may be sold.
Analysis · BRVE · Life Sciences
AH Bio Fund IV, L.P. and affiliated entities report beneficial ownership of 10,232,420 shares (11.4% of class) following Braveheart Bio's IPO. The stake includes 9,132,420 shares from conversion of Series A Preferred at a 4.38-for-1 ratio and 1,100,000 shares purchased at the $18.00 IPO price for $19.8 million. The filing also reveals demand and piggyback registration rights under the Investors' Rights Agreement, which become exercisable 180 days after the IPO effective date, and a 180-day lock-up expiring February 1, 2027. This is a significant venture capital position with potential future selling pressure once the lock-up expires.
At the time of this filing, BRVE was trading at $27.03 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.9B. The 52-week trading range was $24.61 to $32.00. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.