Sio Capital Reports 279,369 APRE Shares; Adviser-Held 5.05% Stake

Rhea-AI Filing Summary

Sio Capital Management, LLC reports beneficial ownership of 279,369 shares of Aprea Therapeutics common stock, representing 5.05% of the class as of June 30, 2025. The position is held for affiliated funds for which Sio is the registered investment adviser; Sio reports 0 sole voting or dispositive power and 279,369 shared voting and dispositive power.

The 5.05% figure is calculated using 5,525,172 shares outstanding as of April 22, 2025. The filing notes that the general partner and Michael Castor may be deemed to have influence over the accounts that own the shares, while expressly disclaiming beneficial ownership; the filer certifies the shares are held in the ordinary course of business and not to change or influence control.

Positive

• Beneficial ownership disclosed: Sio reports ownership of 279,369 shares, equal to 5.05% of the class.
• Registered investment adviser status: Sio holds the shares for affiliated funds, clarifying the capacity in which the position is held.
• Transparency on intent: The filer certifies the securities are held in the ordinary course of business and not to influence control.

Negative

• No sole voting or dispositive power: Sio reports 0 sole voting and dispositive power, indicating no direct control over the shares.
• Attribution caveat: The filing notes the GP and Michael Castor may be deemed to have influence, which creates ambiguity about ultimate beneficial ownership despite the disclaimer.

Insights

Financial Analyst

TL;DR: Sio holds a disclosed 5.05% stake (279,369 shares) via advisory clients; material to the ownership register but does not indicate sole control.

Sio's reported 279,369 shares represent a meaningful, though non-controlling, stake in Aprea given the >5% disclosure threshold. The entire position is recorded as shared voting and dispositive power, with no sole powers, which implies influence through managed accounts rather than direct control. The percentage uses the issuer's reported outstanding share count of 5,525,172 as of April 22, 2025, providing a clear basis for the calculation. This filing updates public ownership information but contains no indication of an activist intent or change-of-control transaction.

Corporate Governance Expert

TL;DR: Disclosure shows adviser-held shares with attribution language for the GP and Michael Castor, creating some ownership attribution ambiguity.

The filing clarifies that Sio acts as an investment adviser to funds that are the record owners and reports shared voting and dispositive power over the 279,369 shares. The statement that the GP and Michael Castor "may be deemed" to control voting or dispositive decisions introduces attribution caveats typical in adviser/GP structures and is expressly disclaimed. From a governance perspective, the disclosure is material for shareholder registry and proxy considerations but does not, by itself, signal a governance change or control contest.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Aprea Therapeutics, Inc.

(Name of Issuer)

Common stock, par value $0.001 per share

(Title of Class of Securities)

03836J201

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 03836J201

1

Names of Reporting Persons

Sio Capital Management, LLC

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 279,369.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 279,369.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

279,369.00

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)

5.05 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: 1 As of June 30, 2025, Sio Capital Management, LLC beneficially owned 279,369 shares of Common Stock with shared voting power and shared dispositive power.2 Based on 5,525,172 shares of common stock outstanding as of April 22, 2025, as reported in the Issuer's Form 8-K filed with the SEC on June 9, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Aprea Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 3805 Old Easton Road, Doylestown, PA, 18902
Item 2.
(a)	Name of person filing: This Statement is filed on behalf of Sio Capital Management, LLC (the "Reporting Person" or "Sio") Sio is a registered investment adviser to certain affiliated funds that directly hold the shares of Common Stock to which this statement relates for the benefit of their respective investors, and in such capacity Sio has voting and dispositive power over such shares.
(b)	Address or principal business office or, if none, residence: 600 Third Avenue, 2nd Floor New York, New York 10016
(c)	Citizenship: Sio is a Delaware limited liability company.
(d)	Title of class of securities: Common stock, par value $0.001 per share
(e)	CUSIP No.: 03836J201
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: 279,369
(b)	Percent of class: 5.05%
(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: 279,369 - Refer footnote 3 3 Sio and Sio GP, LLC (the "GP") act as investment advisor and general partner, respectively, to various clients that are the record owners of the Common Stock reported on this Schedule 13G. Because Sio's investment discretion with respect to such clients is subject to oversight by the GP, the GP may be deemed to be the beneficial owner of the Common Stock of the Issuer owned by such clients. In addition, both Sio and the GP are controlled by Michael Castor. As such, he may be deemed to control the voting and dispositive decisions with respect to, and therefore be the beneficial owner of, the shares of Common Stock reported on this Schedule 13G. Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission by the GP or Michael Castor that such person is the beneficial owner of any of the equity securities referred to herein for purposes of Section 13(d) of the Exchange Act, or for any other purpose, and such beneficial ownership is expressly disclaimed.
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 279,369 - Refer footnote 3 3 Sio and Sio GP, LLC (the "GP") act as investment advisor and general partner, respectively, to various clients that are the record owners of the Common Stock reported on this Schedule 13G. Because Sio's investment discretion with respect to such clients is subject to oversight by the GP, the GP may be deemed to be the beneficial owner of the Common Stock of the Issuer owned by such clients. In addition, both Sio and the GP are controlled by Michael Castor. As such, he may be deemed to control the voting and dispositive decisions with respect to, and therefore be the beneficial owner of, the shares of Common Stock reported on this Schedule 13G. Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission by the GP or Michael Castor that such person is the beneficial owner of any of the equity securities referred to herein for purposes of Section 13(d) of the Exchange Act, or for any other purpose, and such beneficial ownership is expressly disclaimed.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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.

Sio Capital Management, LLC

Signature:	/s/ Jin W. Lee
Name/Title:	Chief Compliance Officer
Date:	08/13/2025

FAQ

How many APRE shares does Sio Capital own?

Sio reports beneficial ownership of 279,369 shares of Aprea Therapeutics common stock.

What percent of APRE does Sio Capital's holding represent?

The position represents 5.05% of the outstanding common stock as reported in the filing.

As of what date is the reported ownership measured?

The filing reports ownership as of June 30, 2025.

On what shares-out figure is the 5.05% based?

The 5.05% uses an outstanding share count of 5,525,172 shares as of April 22, 2025, per the filing.

Does Sio have sole voting power over the APRE shares?

No. The filing shows 0 sole voting power and 279,369 shared voting power.

Was the stake acquired to influence control of the company?

The filer certifies the securities were acquired and are held in the ordinary course of business and not to change or influence control.