When BRVE insiders can sell
Braveheart Bio, Inc. · IPO prospectus filed 2026-08-06 · Single cliff · 180-day lock-up
That is the calendar date the clause computes to, counted from the prospectus date. It is the only date computable without knowing a future earnings date, which is why everything that could pull it earlier is printed below it on this page rather than folded into it.
How much stock, against how much trades
"Absorb days" is the shares coming free divided by average daily volume: how many full sessions of BRVE's entire turnover the release amounts to. It is a ratio, not a forecast — it does not know who wants to sell, and a founder with no intention of selling counts the same as a fund that has been waiting six months.
Exactly 51,902,838 shares, against 373,180 shares a day averaged over 20 sessions. Volume source: yahoo-finance2 daily bars (symbol not in our price table), through 2026-11-06. Dollar volume $6.9M a day. Heaviest third of the cohort.
Our call: Pressure
BRVE sits in the heaviest third of a cohort of 47 deals — lightest third at or below 54.1 sessions, heaviest at or above 109 sessions. The call is cohort-relative, not a fixed threshold, so the same absorb-day figure could read differently against a different month's IPOs. Expected excess return against SPY: negative.
The lock-up clause, in the issuer's words
Every other free lock-up calendar tells you 180 days and moves on. This is the actual sentence the date above was computed from, so that if the words do not support the number, the number is wrong and the filing is one click away.
Of these, the shares sold in this offering will be freely tradable immediately after this offering and substantially all of the additional shares of common stock will be available for sale in the public market beginning 180 days after the date of this prospectus following the expiration of lock-up agreements between our directors, officers, substantially all of our stockholders and the underwriters. In addition, promptly following the closing of this offering, we intend to file one or more registration statements on Form S-8 under the Securities Act of 1933, as amended (the "Securities Act"), registering the issuance of 24,410,461 shares of common stock subject to options or other equity awards issued or reserved for future issuance under our equity incentive plans. Sha…
Where the share count comes from
51,902,838 shares — derived: shares outstanding after the offering, less the shares sold in it. A count the prospectus prints and a count derived from two of its other numbers are not the same quality of claim, so which one this is gets said rather than implied.
| Shares outstanding after the offering | 73,152,838 |
| Shares sold in the offering | 21,250,000 |
| Underwriters' over-allotment option | 3,187,500 |
| Locked up, coming free at expiry | 51,902,838 |
Common stock to be outstanding immediately after this offering 73,152,838 shares (or 76,340,338 shares if the underwriters exercise their option to purchase additional shares of common stock in full). Use of proceeds We estimate that the net proceeds from the sale of our common stock in this offering will be approximately $351.2 million (or approximately $404.5 million if the underwriters exercise their option to purchase additional shares of common stock in full), based on the initial public offering price of $18.00 per share, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.
Exceptions written into the lock-up (5)
Each of these is a route by which BRVE shares can move before 2027-02-02. The 10b5-1 carve-out is the one worth reading twice: it lets insiders put a selling plan in place during the lock-up, so the first sales can be automatic and immediate rather than discretionary and later.
- 10b5-1 plan
- bona fide gift or charitable transfer
- estate planning or family transfer
- directed share program participants
- option exercise or RSU settlement
Rule 10b5-1 Sales Plans Our directors and executive officers may adopt written plans, known as Rule 10b5-1 plans, in which they will contract with a broker to buy or sell shares of our common stock on a periodic basis. Under a Rule 10b5-1 plan, a broker executes trades pursuant to parameters established by the director or officer when entering into the plan, without further direction from them. The director or officer may amend a Rule 10b5-1 plan in some circumstances and may terminate a plan at any time.
…officers, directors and holders of substantially all of the capital stock and securities convertible into or exchangeable for the company's common stock with respect to transfers of Lock-Up Securities (i) as one or more bona fide gifts or charitable contributions, or for bona fide estate planning purposes, (ii) upon death by will, testamentary document or intestate succession, (iii) if the lock-up party is a natural person, to any member of the lock-up party's immediate family or to any trust for the direct or indirect benefit of the lock-up party or the immediate family of the lock-up party or, if the lock-up party is a trust, to a…
…aid Services information related to payments and other transfers of value to teaching hospitals, physicians, and other healthcare practitioners, as well as ownership and investment interests held by physicians and their immediate family members. Analogous state laws and regulations, such as state anti-kickback and false claims laws, which may apply to sales or marketing arrangements and claims involving healthcare items or services reimbursed by non- governmental third-party payors, including private insurers, and state laws which regulate interactions between pharmaceutical companies and healthcare providers, require pharmaceutical…
See the section " Underwriting - Directed Share Program ." Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Joint Bookrunners Goldman Sachs & Co. LLC Jefferies TD Cowen Stifel Cantor August 5, 2026 TABLE OF CONTENTS PROSPECTUS SUMMARY 1 THE OFFERING 10 SU…
Series A preferred stock purchase agreement between us and the parties thereto (the "Series A Preferred Stock Purchase Agreement"), with a purchase price of $1.00 per share 1,557,069 shares of common stock issuable upon exercise of outstanding stock options as of March 31, 2026, under our 2025 Stock Option and Grant Plan, as amended ("2025 Plan"), with a weighted average exercise price of $1.43 per share 1,012,554 shares of common stock issuable upon exercise of outstanding stock options granted after March 31, 2026, pursuant to our 2025 Plan, with a weighted average exercise price of $3.07 per share 494,002 shares of common stock r…
How this reading of BRVE could be wrong
The lock-up period is restated 2 times in this prospectus. Issuers repeat the clause on the cover, in the summary, in the risk factors and in the underwriting section, and the wording is not always identical. The parser resolved them to one period; if a reader finds a restatement that disagrees, the quote above is the one it used.
The volume is a vendor's, not ours. BRVE is not in our own price table, so average daily volume comes from yahoo-finance2 daily bars (symbol not in our price table). Vendor bars for recently listed symbols are the ones most likely to be wrong.
Only 20 sessions of volume history. This is a recent IPO, and early volume is dominated by the offering itself. An average over 20 sessions of a stock that has barely traded is the weakest input on the page, and absorb days inherits every bit of that weakness.
The parser can misread a filing. That is why every number here is printed next to the words it came from. Earlier versions of this parser read the underwriters' 30-day over-allotment window as a 30-day lock-up on five deals, and double-counted one issuer's share total because the offering summary appears on both the cover and in the summary section.
Also unlocking in 2027-02 (4)
Lock-ups cluster, because IPOs cluster: these priced in the same window as BRVE and come free in the same month. Several heavy releases landing together is a different situation from one.
| Deal | Expiry | Shares free | Absorb days |
|---|---|---|---|
| ATTO Attovia Therapeutics, Inc. | 2027-02-01 | 26.0M | 76.2 sessions |
| LTGO Latigo Biotherapeutics, Inc. | 2027-02-03 | 44.0M | 193 sessions |
| BLSM BlossomHill Therapeutics, Inc. | 2027-02-03 | 21.3M | 137 sessions |
| VOGX Vogenx, Inc. | 2027-02-08 | 7.7M | 81.5 sessions |
Learn to read these clauses yourself
The flow arithmetic on this page — shares unlocking divided by average daily volume, and why the clause has to be read rather than assumed — taught step by step, free.
Radar built 2026-11-07 from EDGAR full-text search over 424B4 filings · all 80 parsed lock-ups and the scoreboard · BRVE's prospectus on EDGAR · what funds carried these companies at before listing