[SCHEDULE 13G/A] Biora Therapeutics, Inc. Common Stock SEC Filing

Rhea-AI Filing Summary

Davidson Kempner affiliates disclose a near-maximum 9.9% passive stake in Biora Therapeutics (BIOR). On 30 Jun 2025 the hedge-fund complex — M.H. Davidson & Co., Davidson Kempner Arbitrage, Equities & Relative Value LP, Davidson Kempner Capital Management LP and Managing Member Anthony A. Yoseloff — filed Amendment No. 1 to Schedule 13G.

• Total beneficial ownership: up to 906,227 common shares (including 851,177 issuable on note conversion), representing 9.90 % of BIOR’s 4,552,702 outstanding shares.
• Structure: All voting and dispositive power is shared; none of the entities have sole power.
• Convertible notes: 91 % of the reported position is in notes convertible into equity, but conversions are capped by a 9.90 % blocker, limiting immediate dilution.
• M.H. Davidson & Co. separately lists 25,624 shares (0.56 %) including 24,033 from notes.
• The group certifies the position is passive (Rule 13d-1(c)) and not intended to influence control.

The disclosure signals a sizable institutional bet on BIOR while highlighting potential dilution from convertible securities, though the blocker tempers near-term ownership expansion.

Positive

• Institutional validation: A well-known hedge fund complex committing up to 9.9 % of BIOR may boost market confidence and liquidity.

Negative

• Potential dilution: 851,177 shares are issuable from convertible notes, creating an overhang once the 9.9 % blocker constraint eases.

Insights

Equity Analyst

TL;DR – Hedge fund holds 9.9 % via notes, signalling confidence but creating convertible overhang.

Davidson Kempner’s 906 k-share exposure (almost entirely via convertibles) equals the legal ownership ceiling. For a micro-cap with <5 m shares outstanding, this stake is material, adding a sophisticated investor whose interests align with share appreciation. However, the heavy use of notes foreshadows dilution once the blocker lapses or if the base increases. Investors should track any future 13D moves that could indicate an activist tilt.

Corporate Governance Specialist

TL;DR – Passive filing limits immediate governance impact; monitor for 13D shift.

The Schedule 13G confirms Davidson Kempner is currently passive, mitigating control-change risk. Shared voting rights across entities concentrate influence in Yoseloff, but the 9.9 % cap prevents majority leverage. Should the fund re-file on Schedule 13D, governance dynamics could change rapidly, especially in light of convertible note triggers.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

BIORA THERAPEUTICS, INC.

(Name of Issuer)

Common Stock, par value $0.001

(Title of Class of Securities)

74319F404

(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. 74319F404

1

Names of Reporting Persons

M.H. Davidson & Co.

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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 25,624.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 25,624.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,624.00

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)

0.56 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Includes 24,033 shares of Common Stock issuable upon conversion of notes. As more fully described in Item 4, the reported securities are subject to a 9.90% blocker. The number of shares of Common Stock in rows (6), (8) and (9) and the percentage in row (11) reflect the conversion in full of the notes reported on this cover page, however, the ability to convert such securities at any given time is subject to the 9.90% Blocker which applies to the beneficial ownership of the Reporting Persons in the aggregate.

SCHEDULE 13G

CUSIP No. 74319F404

1

Names of Reporting Persons

Davidson Kempner Arbitrage, Equities and Relative Value 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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 880,603.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 880,603.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

880,603.00

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)

9.90 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Includes 827,144 shares of Common Stock issuable upon conversion of notes. As more fully described in Item 4, the reported securities are subject to a 9.90% blocker and the percentage set forth in row (11) gives effect to such blocker. However, rows (6), (8) and (9) show the number of shares of Common Stock that would be issuable upon the conversion in full of the reported securities and do not give effect to such blocker. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to such blocker, is less than the number of securities reported in rows (6), (8) and (9).

SCHEDULE 13G

CUSIP No. 74319F404

1

Names of Reporting Persons

Davidson Kempner Capital 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 906,227.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 906,227.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

906,227.00

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)

9.90 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Includes 851,177 shares of Common Stock issuable upon conversion of notes. As more fully described in Item 4, the reported securities are subject to a 9.90% blocker and the percentage set forth in row (11) gives effect to such blocker. However, rows (6), (8) and (9) show the number of shares of Common Stock that would be issuable upon the conversion in full of the reported securities and do not give effect to such blocker. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to such blocker, is less than the number of securities reported in rows (6), (8) and (9).

SCHEDULE 13G

CUSIP No. 74319F404

1

Names of Reporting Persons

Anthony A. Yoseloff

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 906,227.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 906,227.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

906,227.00

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)

9.90 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Includes 851,177 shares of Common Stock issuable upon conversion of notes. As more fully described in Item 4, the reported securities are subject to a 9.90% blocker and the percentage set forth in row (11) gives effect to such blocker. However, rows (6), (8) and (9) show the number of shares of Common Stock that would be issuable upon the conversion in full of the reported securities and do not give effect to such blocker. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to such blocker, is less than the number of securities reported in rows (6), (8) and (9).

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BIORA THERAPEUTICS, INC.
(b)	Address of issuer's principal executive offices: 4330 La Jolla Village Drive, Suite 300, San Diego, California 92122
Item 2.
(a)	Name of person filing: This statement is filed by each of the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons": (i) M.H. Davidson & Co., a New York limited partnership ("CO"). M.H. Davidson & Co. GP, L.L.C., a Delaware limited liability company ("CO GP"), is the general partner of CO and Davidson Kempner Liquid GP Topco LLC, a Delaware limited liability company, is the managing member of CO GP. DKCM (as defined below) is responsible for the voting and investment decisions of CO; (ii) Davidson Kempner Arbitrage, Equities and Relative Value LP, a Cayman Islands exempted limited partnership ("DKAERV"). Davidson Kempner Multi-Strategy GP II LLC, a Delaware limited liability company ("DKAERV GP"), is the general partner of DKAERV and Davidson Kempner Liquid GP Topco LLC, a Delaware limited liability company, is the managing member of DKAERV GP. DKCM is responsible for the voting and investment decisions of DKAERV; (iii) Davidson Kempner Capital Management LP, a Delaware limited partnership and a registered investment adviser with the U.S. Securities and Exchange Commission, acts as investment manager to each of CO and DKAERV ("DKCM"). DKCM GP LLC, a Delaware limited liability company, is the general partner of DKCM. The managing members of DKCM are Anthony A. Yoseloff, Conor Bastable, Shulamit Leviant, Morgan P. Blackwell, Patrick W. Dennis, Gabriel T. Schwartz, Zachary Z. Altschuler, Joshua D. Morris, Suzanne K. Gibbons, Gregory S. Feldman, Melanie Levine and James Li;; and (iv) Anthony A. Yoseloff, through DKCM, is responsible for the voting and investment decisions relating to the Common Stock, par value $0.001 ("Common Stock") of Biora Therapeutics, Inc. (the "Company") held by CO and DKAERV reported herein.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is c/o Davidson Kempner Capital Management LP, 9 West 57th Street, 29th Floor, New York, NY 10019.
(c)	Citizenship: (i) CO - a New York limited partnership (ii) DKAERV - a Cayman Islands exempted limited partnership (iii) DKCM - a Delaware limited partnership (iv) Anthony A. Yoseloff - United States
(d)	Title of class of securities: Common Stock, par value $0.001
(e)	CUSIP No.: 74319F404
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: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentages set forth in this Schedule 13G are calculated based upon an aggregate of 4,552,702 shares of Common Stock outstanding as of November 6, 2024, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 filed with the Securities and Exchange Commission on November 14, 2025, and assumes the conversion of the reported notes subject to the 9.90% Blocker (as defined below). Pursuant to the terms of the reported notes, the Reporting Persons cannot convert any of such securities if the Reporting Persons would beneficially own, after any such conversion, more than 9.90% of the outstanding shares of Common Stock (the "9.90% Blocker") and the percentage set forth in Row (11) of the cover page for each Reporting Person give effect to the 9.90% Blocker. Consequently, as of June 30, 2025, the Reporting Persons were not able to convert all of such securities due to the 9.90% Blocker.
(b)	Percent of class: 9.90%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
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 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.

M.H. Davidson & Co.

Signature:	/s/ Anthony A. Yoseloff
Name/Title:	Anthony A. Yoseloff, Executive Managing Member of Davidson Kempner Liquid GP Topco LLC, Managing Member of CO GP, General Partner of CO
Date:	08/04/2025

Davidson Kempner Arbitrage, Equities and Relative Value LP

Signature:	/s/ Anthony A. Yoseloff
Name/Title:	Anthony A. Yoseloff, Executive Managing Member of Davidson Kempner Liquid GP Topco LLC, Managing Member of DKAERV GP, General Partner of DKAERV
Date:	08/04/2025

Davidson Kempner Capital Management LP

Signature:	/s/ Anthony A. Yoseloff
Name/Title:	Anthony A. Yoseloff, Executive Managing Member
Date:	08/04/2025

Anthony A. Yoseloff

Signature:	/s/ Anthony A. Yoseloff
Name/Title:	Anthony A. Yoseloff, Individually
Date:	08/04/2025

FAQ

How much of Biora Therapeutics (BIOR) does Davidson Kempner own?

The group reports beneficial ownership of up to 906,227 shares, or 9.90 % of outstanding common stock.

What is the composition of the reported BIOR stake?

Approximately 91 % of the position comes from notes convertible into common shares; the remainder is currently outstanding stock.

Does the filing indicate activist intent toward BIOR?

No. The Schedule 13G filing and certification state the securities are held for passive investment purposes.

What is the 9.90 % blocker mentioned in the filing?

The notes prohibit conversion that would push the group’s ownership above 9.90 %, limiting immediate voting power and dilution.

Could the convertible notes dilute existing BIOR shareholders?

Yes. If and when the blocker is lifted or the share count rises, 851,177 additional shares could enter the market.