Baselake discloses 75,789 LeonaBio (ATHA) shares, a 1.9% stake

Rhea-AI Filing Summary

Baselake Partners, LP, Baselake Management, LLC and David Paolella report a passive ownership stake in LeonaBio, Inc. (formerly Athira Pharma, Inc.) on a Schedule 13G/A.

The group reports beneficial ownership of 75,789 shares of common stock, representing 1.9% of the class, based on 3,943,887 shares outstanding as of November 5, 2025. The shares are held by Baselake Partners, LP, with the other reporting persons having shared voting and dispositive power through their roles. They certify the holdings were not acquired to change or influence control of LeonaBio and each disclaims beneficial ownership beyond their pecuniary interest.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

LeonaBio, Inc. f.k.a. Athira Pharma, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

04746L203

(CUSIP Number)

12/31/2025

(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. 04746L203

1

Names of Reporting Persons

Baselake Partners, 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 75,789.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 75,789.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

75,789.00

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)

1.9 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Please see note in Item 4(a)

SCHEDULE 13G

CUSIP No. 04746L203

1

Names of Reporting Persons

Baselake 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 75,789.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 75,789.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

75,789.00

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)

1.9 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: Please see note in Item 4(a)

SCHEDULE 13G

CUSIP No. 04746L203

1

Names of Reporting Persons

David Paolella

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 75,789.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 75,789.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

75,789.00

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)

1.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Please see note in Item 4(a)

SCHEDULE 13G

Item 1.
(a)	Name of issuer: LeonaBio, Inc. f.k.a. Athira Pharma, Inc.
(b)	Address of issuer's principal executive offices: 18706 North Creek Parkway, Suite 104, Bothell, Washington 98011
Item 2.
(a)	Name of person filing: Baselake Partners, LP* Baselake Management, LLC* David Paolella*
(b)	Address or principal business office or, if none, residence: 3155 W. Big Beaver Road, Suite 207, Troy, Michigan 48084
(c)	Citizenship: Baselake Partners, LP - Delaware Baselake Management, LLC - Delaware David Paolella - United States of America
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(e)	CUSIP No.: 04746L203
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: Baselake Partners, LP - 75,789* Baselake Management, LLC - 75,789* David Paolella - 75,789* The Common Stock (the "Shares") reported herein are held by Baselake Partners, LP (the "Fund"). Baselake Management, LLC serves as the investment manager to the Fund (the "Investment Manager"). David Paolella serves as the managing member of the Investment Manager (the "Managing Member," and collectively with the Fund and the Investment Manager, the "Reporting Persons"). By virtue of these relationships, the Reporting Persons may be deemed to have shared voting and dispositive power with respect to the Shares owned directly by the Fund. The percentages reported herein are calculated based upon a statement in the Issuer's 10-Q, indicating that there are 3,943,887 Shares issued and outstanding as of November 5, 2025. This report shall not be deemed an admission that the Reporting Persons are beneficial owners of the Shares for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of the Reporting Persons pecuniary interest therein.
(b)	Percent of class: Baselake Partners, LP - 1.9%* Baselake Management, LLC - 1.9%* David Paolella - 1.9%*
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Baselake Partners, LP - 0 Baselake Management, LLC - 0 David Paolella - 0
	(ii) Shared power to vote or to direct the vote: Baselake Partners, LP - 75,789* Baselake Management, LLC - 75,789* David Paolella - 75,789*
	(iii) Sole power to dispose or to direct the disposition of: Baselake Partners, LP - 0 Baselake Management, LLC - 0 David Paolella - 0
	(iv) Shared power to dispose or to direct the disposition of: Baselake Partners, LP - 75,789* Baselake Management, LLC - 75,789* David Paolella - 75,789*
Item 5.	Ownership of 5 Percent or Less of a Class.
	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 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.

Baselake Partners, LP

Signature:	/s/ David Paolella
Name/Title:	David Paolella, Managing Member of Baselake Management, LLC, its investment manager
Date:	02/06/2026

Baselake Management, LLC

Signature:	/s/ David Paolella
Name/Title:	David Paolella, Managing Member
Date:	02/06/2026

David Paolella

Signature:	/s/ David Paolella
Name/Title:	Individually
Date:	02/06/2026

Exhibit Information

Exhibit I - JOINT FILING STATEMENT

FAQ

What ownership stake in LeonaBio (ATHA) does Baselake report?

Baselake reports beneficial ownership of 75,789 LeonaBio shares, equal to 1.9% of the common stock. This percentage is calculated using 3,943,887 shares outstanding as of November 5, 2025, as disclosed in LeonaBio’s quarterly report.

Who are the reporting persons in the LeonaBio (ATHA) Schedule 13G/A?

The reporting persons are Baselake Partners, LP, Baselake Management, LLC, and David Paolella. Baselake Partners holds the shares, Baselake Management acts as investment manager, and Paolella is the managing member, giving them shared voting and dispositive power over the reported shares.

Is Baselake’s LeonaBio (ATHA) stake reported as a passive investment?

Yes, the stake is certified as a passive investment. The filing states the securities were not acquired and are not held for the purpose or effect of changing or influencing control of LeonaBio, consistent with a Schedule 13G rather than a control-seeking 13D filing.

How is the 1.9% LeonaBio (ATHA) ownership percentage determined?

The 1.9% figure is based on 3,943,887 LeonaBio common shares outstanding as of November 5, 2025. Baselake’s reported 75,789 shares are divided by that outstanding amount, as referenced from LeonaBio’s Form 10-Q disclosure.

Do the Baselake reporting persons claim full beneficial ownership of LeonaBio shares?

No, each reporting person disclaims beneficial ownership beyond their pecuniary interest. They note that the shares are held by Baselake Partners, LP, and that any deemed beneficial ownership arises from their roles, not from direct individual ownership of all reported shares.

What voting and dispositive powers do Baselake entities have over LeonaBio (ATHA) shares?

The reporting persons report zero sole voting or dispositive power and full shared power over 75,789 shares. Baselake Partners, Baselake Management, and David Paolella each list shared voting and shared dispositive power over the same block of LeonaBio common stock.