Two Seas Capital reports 0% ownership in Avadel Pharmaceuticals (AVDL)

Rhea-AI Filing Summary

Avadel Pharmaceuticals plc received an amended Schedule 13G from investment firm Two Seas Capital LP, its general partner Two Seas Capital GP LLC, and Sina Toussi. The filing states that, as of December 31, 2025, each reporting person beneficially owned 0 ordinary shares and represented 0% of the outstanding class.

The filing notes that the ordinary shares had previously been held by Two Seas Global (Master) Fund LP, for which Two Seas Capital LP served as investment manager, but the group now reports no voting or dispositive power over any Avadel shares and confirms ownership of less than 5% of the class.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

AVADEL PHARMACEUTICALS PLC

(Name of Issuer)

Ordinary Shares, nominal value $0.01 per share

(Title of Class of Securities)

G29687103

(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. G29687103

1

Names of Reporting Persons

Two Seas Capital 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. G29687103

1

Names of Reporting Persons

Two Seas Capital GP 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

12

Type of Reporting Person (See Instructions)

OO, HC

SCHEDULE 13G

CUSIP No. G29687103

1

Names of Reporting Persons

Sina Toussi

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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: AVADEL PHARMACEUTICALS PLC
(b)	Address of issuer's principal executive offices: 10 Earlsfort Terrace, Dublin 2, Ireland, D02 T380
Item 2.
(a)	Name of person filing: The Statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons") (i) Two Seas Capital LP ("TSC"); (ii) Two Seas Capital GP LLC ("TSC GP"); and (iii) Sina Toussi. This statement relates to Ordinary Shares, nominal value $0.01 per share (the "Shares"), previously held by Two Seas Global (Master) Fund LP (the "Global Fund"). The principal business of TSC is providing investment advice as a registered investment adviser and serving as investment manager to the Global Fund. As such, TSC has been granted investment discretion over portfolio investments, including the Shares, previously held by or for the account of the Global Fund, including the Global Fund's voting and discretionary decisions. TSC GP serves as general partner of TSC. Sina Toussi serves as the chief investment officer of TSC and managing member of TSC GP.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is 32 Elm Place - 3rd Floor, Rye, New York 10580.
(c)	Citizenship: (i) Two Seas Capital LP is a Delaware limited partnership; (ii) Two Seas Capital GP LLC is a Delaware limited liability company; and (iii) Sina Toussi is a United States citizen.
(d)	Title of class of securities: Ordinary Shares, nominal value $0.01 per share
(e)	CUSIP No.: G29687103
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: As of December 31, 2025, each of the Reporting Persons did not beneficially own any Shares.
(b)	Percent of class: As of December 31, 2025, each of the Reporting Persons owned 0% of the Issuer's outstanding Shares.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: As of December 31, 2025, the Reporting Persons had sole power to vote or to direct the vote of 0 Shares.
	(ii) Shared power to vote or to direct the vote: As of December 31, 2025, the Reporting Persons had shared power to vote or to direct the vote of 0 Shares.
	(iii) Sole power to dispose or to direct the disposition of: As of December 31, 2025, the Reporting Persons had sole power to dispose or to direct the disposition of 0 Shares.
	(iv) Shared power to dispose or to direct the disposition of: As of December 31, 2025, the Reporting Persons had shared power to dispose or to direct the disposition of 0 Shares.
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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See disclosure in Item 2, which is incorporated by reference herein.
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.

Two Seas Capital LP

Signature:	/s/ Sina Toussi
Name/Title:	Sina Toussi / Managing Member of Two Seas Capital GP LLC, its General Partner
Date:	02/17/2026

Two Seas Capital GP LLC

Signature:	/s/ Sina Toussi
Name/Title:	Sina Toussi / Managing Member
Date:	02/17/2026

Sina Toussi

Signature:	/s/ Sina Toussi
Name/Title:	Sina Toussi / Self
Date:	02/17/2026

FAQ

What does the Schedule 13G/A filing for Avadel Pharmaceuticals (AVDL) report?

The Schedule 13G/A reports that Two Seas Capital LP, Two Seas Capital GP LLC, and Sina Toussi now beneficially own 0 Avadel ordinary shares, representing 0% of the class as of December 31, 2025. It updates prior disclosures on their former holdings.

Who are the reporting persons in the Avadel Pharmaceuticals (AVDL) Schedule 13G/A?

The reporting persons are Two Seas Capital LP, Two Seas Capital GP LLC, and Sina Toussi. Two Seas Capital acted as investment manager to Two Seas Global (Master) Fund LP, which previously held Avadel ordinary shares, and Toussi serves as chief investment officer and managing member roles.

How many Avadel Pharmaceuticals (AVDL) shares do the reporting persons currently own?

The filing states that, as of December 31, 2025, each reporting person beneficially owned 0 Avadel ordinary shares. They report no sole or shared voting power and no sole or shared dispositive power over any Avadel securities at that date.

What percentage of Avadel Pharmaceuticals (AVDL) does Two Seas Capital report owning?

Two Seas Capital LP, its general partner, and Sina Toussi each report owning 0% of Avadel’s outstanding ordinary shares as of December 31, 2025. The filing affirms their ownership is 5 percent or less of the class, triggering an updated Schedule 13G/A.

Which Avadel Pharmaceuticals (AVDL) security class is covered in this Schedule 13G/A?

The filing covers Avadel Pharmaceuticals’ ordinary shares with a nominal value of $0.01 per share. These securities are identified in the document by CUSIP number G29687103 and constitute the sole class referenced in the ownership disclosure.

What business role does Two Seas Capital LP have in relation to Avadel Pharmaceuticals (AVDL) shares?

Two Seas Capital LP’s principal business is providing investment advice and serving as investment manager to Two Seas Global (Master) Fund LP. It previously had investment discretion over Avadel ordinary shares held for that fund but now reports no beneficial ownership of such shares.