ADAR1 Capital Management and Daniel Schneeberger Report New 7.7% Stake in LeonaBio, Inc. (ATHA)

On May 15, 2026, ADAR1 Capital Management, LLC and Daniel Schneeberger filed a Schedule 13G disclosing a new 7.7% ownership stake in LeonaBio, Inc. (ticker: ATHA). The reporting persons beneficially own a total of 727,481 shares of common stock as of the event date of March 31, 2026. This position includes 568,234 shares held by ADAR1 Partners, LP, 77,371 shares held by Spearhead Insurance Solutions IDF, LLC, and 81,876 shares held through other separately managed accounts. The filing excludes 1,230,315 shares underlying common warrants due to a 4.99% beneficial ownership blocker. ADAR1 Capital Management acts as the investment manager or sub-advisor for these entities, while Daniel Schneeberger serves as the Manager of ADAR1 Capital Management. The securities were acquired in the ordinary course of business and not for the purpose of influencing control over the issuer. The ownership percentage is based on 9,393,514 shares of common stock outstanding as of March 31, 2026.