In November 2020, the Company executed an investment agreement under which it issued and sold 23,343 shares of Series Seed convertible preference shares (“Series Seed Convertible Preference Shares”) for gross cash proceeds of €2.5 million ($3.0 million).

In July 2021, the Company executed an investment agreement (“Series A Investment Agreement”) to issue and sell up to 225,866 shares of Series A convertible preference shares (“Series A Convertible Preference Shares”) for gross proceeds of up to DKK 346.4 million ($50.9 million). In the initial closing in July 2021, the Company issued 61,600 shares of Series A Convertible Preference Shares. This included DKK 57.2 million ($9.0 million) in gross cash proceeds (37,297 shares) and DKK 37.3 million ($5.9 million) from the conversion of the principal and interest balance of debt (24,303 shares). Pursuant to the Series A Investment Agreement, the Company was obligated to issue and the investors were obligated to purchase an additional 164,266 shares of Series A Convertible Preference Shares for total cash proceeds of DKK 251.9 million ($36.0 million) in three separate closings upon the satisfaction of certain conditions related to clinical development. All of the conditions were achieved prior to February 2023. The Company incurred DKK 1.8 million ($0.3 million) of issuance costs.

In February 2023, the Company executed an investment agreement under which it issued and sold 442,205 shares of Series B convertible preference shares (“Series B Convertible Preference Shares”) for gross cash proceeds of $135.2 million. The Company incurred $0.3 million of issuance costs.

In October 2025, the Company executed an investment agreement under which it issued and sold 512,991 shares of Series C convertible preference shares (“Series C Convertible Preference Shares”) for gross cash proceeds of $156.9 million. The Company incurred $0.5 million of issuance costs.

In connection with the corporate reorganization, the shareholders of Hemab ApS exchanged their convertible preference shares of Hemab ApS for the same number, class and series of newly issued shares of convertible preferred stock, on a one-for-one basis, in Hemab Therapeutics Holdings, Inc.

As of December 31, 2025, the convertible preferred stock and convertible preference shares consisted of the following (in thousands, except share data):


	December 31, 2025
	Preference Shares Authorized		Preference Shares Issued and Outstanding		Carrying Value		Liquidation Preference		Ordinary Shares Issuable Upon Conversion
Series Seed		23,343		23,343	$	5,236	$	2,939		513,546
Series A		225,866		225,866		63,536		54,528		4,969,052
Series B		442,205		442,205		134,975		135,248		9,728,510
Series C		512,991		512,991		156,421		156,898		11,285,802
		1,204,405		1,204,405	$	360,168	$	349,613		26,496,910

On May 4, 2026, the Company completed the IPO of 19,262,500 shares of its common stock for gross proceeds of approximately $346.7 million before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. In connection with the completion of the IPO, all of the Company's convertible preferred stock converted into 26,496,910 shares of common stock, and no shares of preferred stock were outstanding.