Cormorant Asset Management (ANL) discloses 3.98M Adlai Nortye ADS position

Rhea-AI Filing Summary

Cormorant Asset Management, LP and Bihua Chen report a significant ownership position in Adlai Nortye Ltd. American Depositary Shares (ADS). They beneficially own 3,978,229 ADS, representing 6.77% of the ADS-equivalent class, with no sole voting or dispositive power and full authority held on a shared basis.

The holding is attributed to investment funds advised by Cormorant, referred to as the Cormorant Funds, with Cormorant Global Healthcare Master Fund, LP entitled to dividends or sale proceeds from more than 5% of the shares. The ownership percentage is calculated using 142,241,572 Class A ordinary shares outstanding as of April 10, 2026, and an additional 11,320,755 ADS sold in a private placement expected to close April 17, 2026.

Key Figures

Beneficial ownership: 3,978,229 American Depositary Shares Ownership percentage: 6.77% Shared voting power: 3,978,229 shares +3 more

6 metrics

Beneficial ownership 3,978,229 American Depositary Shares Shares beneficially owned by Cormorant Asset Management, LP and Bihua Chen

Ownership percentage 6.77% Percentage of Adlai Nortye ADS-equivalent class held by the reporting persons

Shared voting power 3,978,229 shares Shares over which reporting persons have shared power to vote or direct the vote

Shared dispositive power 3,978,229 shares Shares over which reporting persons have shared power to dispose or direct disposition

Class A ordinary shares outstanding 142,241,572 shares Class A ordinary shares outstanding as of April 10, 2026

Private placement ADS 11,320,755 American Depositary Shares ADS sold in a private placement expected to close on April 17, 2026

Key Terms

American Depositary Shares, beneficial owner, shared voting power, shared dispositive power, +1 more

5 terms

American Depositary Shares financial

"Title of class of securities: American Depositary Shares, each representing three Class A Ordinary Shares"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

beneficial owner financial

"beneficial owner of the shares reported herein"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

shared voting power financial

"Shared Voting Power 3,978,229.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 3,978,229.00"

investment adviser financial

"the investment adviser to certain funds (the "Cormorant Funds")"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

FAQ

What percentage of Adlai Nortye Ltd. (ANL) does Cormorant Asset Management report owning?

Cormorant Asset Management and Bihua Chen report beneficial ownership of 6.77% of Adlai Nortye’s ADS-equivalent class, corresponding to 3,978,229 American Depositary Shares held through Cormorant-managed investment funds.

How many Adlai Nortye (ANL) American Depositary Shares are beneficially owned by Cormorant?

Cormorant Asset Management and Bihua Chen report beneficial ownership of 3,978,229 American Depositary Shares of Adlai Nortye Ltd., with shared voting and dispositive power over all of these securities through the Cormorant Funds.

How is the 6.77% ownership in Adlai Nortye (ANL) calculated?

The 6.77% stake is based on 142,241,572 Class A ordinary shares outstanding as of April 10, 2026, plus 11,320,755 ADS sold in a private placement expected to close on April 17, 2026.

Who are the reporting persons for the Adlai Nortye (ANL) ownership position?

The reporting persons are Cormorant Asset Management, LP, a Delaware limited partnership and investment adviser to certain funds, and Bihua Chen, who is associated with the funds holding the Adlai Nortye American Depositary Shares.

Which Cormorant fund holds more than 5% of Adlai Nortye (ANL)?

Cormorant Global Healthcare Master Fund, LP, one of the Cormorant Funds, has the right to receive or direct the receipt of dividends or sale proceeds from more than 5% of the Adlai Nortye shares reported.

Does Cormorant have sole or shared voting power over its Adlai Nortye (ANL) shares?

Cormorant and Bihua Chen report 0 shares with sole voting or dispositive power and 3,978,229 shares with shared voting and shared dispositive power over their Adlai Nortye American Depositary Shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 02:00 PM Accepted by SEC EDGAR 08/14/2026 - 02:00 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Adlai Nortye Ltd.

(Name of Issuer)

American Depositary Shares, each representing three Class A Ordinary Shares

(Title of Class of Securities)

00704R109

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 00704R109

1

Names of Reporting Persons

Cormorant Asset Management, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,978,229.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,978,229.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,978,229.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.77 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP Number(s): 00704R109

1

Names of Reporting Persons

Bihua Chen

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,978,229.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,978,229.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,978,229.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.77 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Adlai Nortye Ltd.
(b)	Address of issuer's principal executive offices: c/o PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands
Item 2.
(a)	Name of person filing: Cormorant Asset Management, LP Bihua Chen This statement is filed by (i) Cormorant Asset Management, LP, a Delaware limited partnership, and the investment adviser to certain funds (the "Cormorant Funds"), with respect to the shares directly held by the Cormorant Funds and (ii) Bihua Chen with respect to the shares directly held by the Cormorant Funds. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the shares reported herein.
(b)	Address or principal business office or, if none, residence: 200 Clarendon Street, 50th Floor Boston, MA 02116
(c)	Citizenship: Cormorant Asset Management, LP - Delaware Bihua Chen - United States
(d)	Title of class of securities: American Depositary Shares, each representing three Class A Ordinary Shares
(e)	CUSIP No.: 00704R109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,978,229
(b)	Percent of class: 6.77%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 3,978,229
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 3,978,229 The percentages reported herein with respect to the Reporting Persons' holdings are calculated based upon (i) a statement on Form 20-F filed by the Issuer on April 10, 2026 that there were 142,241,572 Class A ordinary shares outstanding as of April 10, 2026 and that one American Depositary Share represents three Class A Ordinary Shares and (ii) a statement in Exhibit No. 99.1 attached to the Current Report on Form 6-K filed by the Issuer on April 16, 2026 reporting that the Issuer was selling 11,320,755 American Depositary Shares in a private placement and that the private placement was expected to close on April 17, 2026.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2. The Cormorant Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares reported herein. Cormorant Global Healthcare Master Fund, LP, a Cormorant Fund, has the right to receive or the power to direct the receipt of dividends or the proceeds from the sale of more than 5% of the shares.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Cormorant Asset Management, LP

Signature:	/s/ Bihua Chen
Name/Title:	Bihua Chen, Managing Member
Date:	08/14/2026

Bihua Chen

Signature:	/s/ Bihua Chen
Name/Title:	Bihua Chen
Date:	08/14/2026

Exhibit Information

Joint Filing Statement, incorporated by reference to the Joint Filing Statement included with the Schedule 13G filed by the Reporting Persons on May 15, 2026.