When ETRA insiders can sell
Electra Therapeutics, Inc. · IPO prospectus filed 2026-09-18 · 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 ETRA'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 39,433,621 shares, against 372,275 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 $2.9M a day. Middle third — no call.
Why there is no call on this deal
The numbers above are published, but no dated call was issued. A call only goes in the ledger when the expiry falls 15 to 45 days out, the prospectus states or implies a share count, and there are at least 20 sessions of volume — and the middle third of the cohort gets no call at all, because a call on every deal is not a call. Publishing one here would be padding the scoreboard with a coin flip.
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.
The lock-up agreements pertaining to this offering will expire 180 days from the date of this prospectus. However, Jefferies LLC and TD Securities (USA) LLC may, in their sole discretion, permit our officers, directors and other stockholders who are subject to the lock-up agreements to sell shares prior to the expiration of the lock-up agreements. After the lock-up agreements expire, based on 39,433,621 shares outstanding as of June 30, 2026, assuming the automatic conversion of our outstanding redeemable convertible preferred stock as of June 30, 2026, approximately all 39,433,621 shares of common stock will be eli…
Where the share count comes from
39,433,621 shares — stated in the prospectus. 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 | 62,766,955 |
| Shares sold in the offering | 23,333,334 |
| Locked up, coming free at expiry | 39,433,621 |
After the lock-up agreements expire, based on 39,433,621 shares outstanding as of June 30, 2026, assuming the automatic conversion of our outstanding redeemable convertible preferred stock as of June 30, 2026, approximately all 39,433,621 shares of common stock will be eligible for sale in the public market, of which approximately 14,729,214 shares are held by our officers, directors and their affiliated entities, and will be subject to volume limitations under Rule 144 under the Securities Act of 1933, as amended (Securities Act). See the section titled "Executive and Director Compensation—Narrative to Summary Compensation Table—Equity-based Incentive Awards" for additional information about Electra LLC.
Exceptions written into the lock-up (4)
Each of these is a route by which ETRA shares can move before 2027-03-17. 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
- 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 executive officer when entering into the plan, without further direction from them. The director or executive officer may amend a Rule 10b5-1 plan in some circumstances and may terminate a Rule 10b5-1 plan at any time.
Notwithstanding the foregoing, the securityholder may transfer shares of common stock, or securities exchangeable or exercisable for or convertible into shares of common stock: (i) by a bona fide gift or gifts or charitable contributions, or for bona fide estate planning purposes; (ii) by will or intestate succession upon the death of the securityholder; (iii) to any trust for the direct or indirect benefit of the securityholder or a family member of the securityholder; (iv) to any family member of the securityholder; (v) by operation of law pursuant to a court order or a settlement agreement relate…
…other health care professionals (such as physician assistants and certain advance practices nurses), and teaching hospitals, as well as ownership and investment interests held by the physicians described above and their immediate family members, with the information made publicly available on a searchable website; the Foreign Corrupt Practices Act (FCPA) which prohibits U.S. businesses and their representatives from directly or indirectly offering to pay, paying, promising to pay or authorizing the payment of money or anything of value to a foreign official in order to influence any act or decision of the foreign official in his or…
…nding shares of our redeemable convertible preferred stock into 39,404,292 shares of our common stock in connection with the closing of this offering, and excludes: 5,701,943 shares of our common stock issuable upon the exercise of stock options outstanding under the 2022 Stock Plan (2022 Plan) as of June 30, 2026, with a weighted-average exercise price of $4.92 per share; 8 Table of Contents 259,921 shares of our common stock issuable upon the exercise of stock options outstanding granted under the 2022 Plan subsequent to June 30, 2026, with a weighted-average exercise price of $7.03 per share; 2,863,183 shares of our common stock…
How this reading of ETRA 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. ETRA 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 2027-03 (1)
Lock-ups cluster, because IPOs cluster: these priced in the same window as ETRA and come free in the same month. Several heavy releases landing together is a different situation from one.
| Deal | Expiry | Shares free | Absorb days |
|---|---|---|---|
| OIG Orion180 Insurance Group Inc. | 2027-03-20 | — | — |
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 · ETRA's prospectus on EDGAR · what funds carried these companies at before listing