SR ONE CAPITAL MANAGEMENT, LLC has demonstrated a pronounced buying bias in its recent SEC Form 4 filings, with open-market purchases totaling approximately $22.4 million against just $32,040 in open-market sales across 47 transactions. The activity is concentrated almost entirely in a single issuer, ODTX, where the firm executed two significant open-market purchases on May 11, 2026, valued at $3.6 million and $2.4 million respectively. These purchases dwarf the corresponding sales on the same date—$7,884 and $4,986—which appear incidental relative to the capital deployed.
The transaction pattern in ODTX is dominated by non-cash, mechanical events: a large cluster of derivative conversions (code C) and option exercises (code X) all valued at $0, alongside the two cash purchases. This structure suggests the firm is consolidating or repositioning its holdings through conversions rather than acquiring new exposure, while the modest sales likely represent administrative adjustments rather than a distribution strategy. The absence of any grant or award activity (code A) in the recent filings further underscores that the buying is conviction-based, not compensation-driven.
Across the three companies in SR ONE's portfolio, the aggregate figures tell a clear story: $22.4 million deployed in purchases versus just over $32,000 in sales, a ratio exceeding 700-to-1. The recent two-buy, two-sell split on May 11, 2026, with purchases of roughly $6 million combined, reinforces the directional bias. While the bulk of the filings involve zero-value derivative conversions—likely reflecting internal restructuring rather than new capital—the open-market purchases in ODTX represent a material, unambiguous vote of confidence in that specific holding.
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