Vivo Opportunity (CLNN) reports near‑9.99% holdings including warrants

Rhea-AI Filing Summary

Clene Inc. ownership disclosure: Filers affiliated with Vivo Opportunity report beneficial ownership positions in Clene Inc.

Vivo Opportunity Fund Holdings, L.P. and its general partner Vivo Opportunity, LLC each report 1,886,469 shares (representing 9.99% of the class) on an as‑reported basis; Vivo Opportunity Cayman Fund, L.P. and its general partner report 127,420 shares (representing 9.99%). The reported totals include Common Stock currently held plus shares issuable upon exercise of multiple warrant tranches; certain warrants contain a 9.99% exercise blocking provision, but the filing reports full‑exercise counts without giving effect to that provision.

Insights

Institutional Ownership Analyst

Large holders report near‑9.99% positions including warrants.

The filing lists 1,886,469 shares for Vivo Opportunity Fund Holdings/Vivo Opportunity, LLC and 127,420 shares for the Cayman entities, each shown as 9.99%. Those totals combine held common stock and shares "issuable upon exercise" of Series A, Series B, Tranche A and Tranche B warrants.

Exercise limiting language is preserved in the disclosure: the warrants include express provisions preventing exercises that would push ownership above 9.99%. Subsequent filings or exercises will determine actual post‑exercise ownership given those blocking provisions.

Securities Compliance Specialist

Filing attributes record holdings and exerciseable warrants; blocking provisions noted.

The report attributes record holdings to Vivo Opportunity Fund Holdings, L.P. and to its general partner, and attributes separate Cayman holdings to the Cayman Fund and its general partner. Each reporting person is shown with sole voting and dispositive power over the reported amounts.

Disclosure explicitly states that the reported "shares issuable upon exercise" figures are shown without giving effect to the 9.99% exercise limitation; the blocking clause is material to any future conversion or exercise activity.

Key Figures

Vivo (DE) reported position: 1,886,469 shares Vivo Cayman reported position: 127,420 shares Percent of class: 9.99% +2 more

5 metrics

Vivo (DE) reported position 1,886,469 shares Aggregate for Vivo Opportunity Fund Holdings, L.P. / Vivo Opportunity, LLC

Vivo Cayman reported position 127,420 shares Aggregate for Vivo Opportunity Cayman Fund, L.P. / Vivo Opportunity Cayman, LLC

Percent of class 9.99% Percent shown for each reporting person

Common stock held (Vivo Fund) 252,294 shares Common Stock held by Vivo Opportunity Fund Holdings, L.P.

Series B warrants (Vivo Fund) 706,423 shares Shares issuable upon exercise of Series B Warrants as reported

Key Terms

Series A Warrants, exercise blocking provision, beneficially own, sole dispositive power

4 terms

Series A Warrants financial

"shares issuable upon exercise of the Series A Warrants"

Series A warrants are financial tools that give the holder the right to buy shares of a company at a specific price within a certain period. They are often issued alongside investments to provide additional potential profit if the company's value increases. For investors, they can offer a chance to benefit from future growth without committing immediate capital to buying shares.

exercise blocking provision regulatory

"preventing the warrants from being exercised if such exercise would result in the holder obtaining greater than 9.99%"

beneficially own financial

"may be deemed to beneficially own an aggregate of 1,886,469 shares"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

sole dispositive power regulatory

"Sole Dispositive Power 1,886,469.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Clene Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

185634102

(CUSIP Number)

03/31/2026

(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): 185634102

1

Names of Reporting Persons

Vivo Opportunity Fund Holdings, L.P.

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 1,886,469.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,886,469.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,886,469.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The number represents (i) 252,294 shares of common stock, par value $0.0001 per share (the "Common Stock") of Clene, Inc. (the "Issuer"), (ii) 302,752 shares of Common Stock issuable upon exercise of certain Series A Warrant issued in connection with a private offering of the Issuer in January 2026 (the "Series A Warrants"); (iii) 706,423 shares of Common Stock issuable upon exercise of certain Series B Warrants issued in connection with a private offering of the Issuer in January 2026 (the "Series B Warrants"); (iv) 312,500 shares of Common Stock issuable upon exercise of certain Tranche A Warrants issued in connection with an underwritten offering of the Issuer in June 2023 (the "Tranche A Warrants"); and (v) 312,500 shares of Common Stock issuable upon exercise of certain Tranche B Warrants issued in connection with the underwritten offering of the Issuer in June 2023 (the "Tranche B Warrants"). All securities are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. The Series A Warrants, Series B Warrants, Tranche A Warrants and Tranche B Warrants all contain provisions preventing the warrants from being exercised if such exercise would result in the holder obtaining greater than 9.99% of the Issuer's voting securities. However, the amounts reported in rows 5, 7 and 9 herein represent the number of shares of Common Stock that would be issuable upon full exercise of all the warrants, without giving effect to the blocking provisions.

SCHEDULE 13G

CUSIP Number(s): 185634102

1

Names of Reporting Persons

Vivo Opportunity, 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 1,886,469.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,886,469.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,886,469.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The number represents (i) 252,294 shares of Common Stock of the Issuer, (ii) 302,752 shares of Common Stock issuable upon exercise of the Series A Warrants; (iii) 706,423 shares of Common Stock issuable upon exercise of the Series B Warrants; (iv) 312,500 shares of Common Stock issuable upon exercise of the Tranche A Warrants; and (v) 312,500 shares of Common Stock issuable upon exercise of the Tranche B Warrants. All securities are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. The Series A Warrants, Series B Warrants, Tranche A Warrants and Tranche B Warrants all contain provisions preventing the warrants from being exercised if such exercise would result in the holder obtaining greater than 9.99% of the Issuer's voting securities. However, the amounts reported in rows 5, 7 and 9 herein represent the number of shares of Common Stock that would be issuable upon full exercise of all the warrants, without giving effect to the blocking provisions.

SCHEDULE 13G

CUSIP Number(s): 185634102

1

Names of Reporting Persons

Vivo Opportunity Cayman Fund, L.P.

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 127,420.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 127,420.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

127,420.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The number represents (i) 25,484 shares of Common Stock of the Issuer, (ii) 30,581 shares of Common Stock issuable upon exercise of the Series A Warrants; and (iii) 71,355 shares of Common Stock issuable upon exercise of the Series B Warrants. All securities are held of record by Vivo Opportunity Cayman Fund, L.P. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P. The Series A Warrants and Series B Warrants all contain provisions preventing the warrants from being exercised if such exercise would result in the holder obtaining greater than 9.99% of the Issuer's voting securities. However, the amounts reported in rows 5, 7 and 9 herein represent the number of shares of Common Stock that would be issuable upon full exercise of all the warrants, without giving effect to the blocking provisions.

SCHEDULE 13G

CUSIP Number(s): 185634102

1

Names of Reporting Persons

Vivo Opportunity Cayman, 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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 127,420.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 127,420.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

127,420.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The number represents (i) 25,484 shares of Common Stock of the Issuer, (ii) 30,581 shares of Common Stock issuable upon exercise of the Series A Warrants; and (iii) 71,355 shares of Common Stock issuable upon exercise of the Series B Warrants. All securities are held of record by Vivo Opportunity Cayman Fund, L.P. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P. The Series A Warrants and Series B Warrants all contain provisions preventing the warrants from being exercised if such exercise would result in the holder obtaining greater than 9.99% of the Issuer's voting securities. However, the amounts reported in rows 5, 7 and 9 herein represent the number of shares of Common Stock that would be issuable upon full exercise of all the warrants, without giving effect to the blocking provisions.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Clene Inc.
(b)	Address of issuer's principal executive offices: 6550 South Millrock Drive, Suite G50, Salt Lake City, Utah, 84121
Item 2.
(a)	Name of person filing: (i) Vivo Opportunity Fund Holdings, L.P., a Delaware limited partnership; and (ii) Vivo Opportunity, LLC, a Delaware limited liability company. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. (iii) Vivo Opportunity Cayman Fund, L.P. a Cayman Islands limited partnership; and (iv) Vivo Opportunity Cayman, LLC is a Cayman Islands limited liability company. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P.
(b)	Address or principal business office or, if none, residence: (i) Vivo Opportunity Fund Holdings, L.P., a Delaware limited partnership; and (ii) Vivo Opportunity, LLC, a Delaware limited liability company. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. (iii) Vivo Opportunity Cayman Fund, L.P. a Cayman Islands limited partnership; and (iv) Vivo Opportunity Cayman, LLC is a Cayman Islands limited liability company. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P.
(c)	Citizenship: (i) Vivo Opportunity Fund Holdings, L.P., a Delaware limited partnership; and (ii) Vivo Opportunity, LLC, a Delaware limited liability company. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. (iii) Vivo Opportunity Cayman Fund, L.P. a Cayman Islands limited partnership; and (iv) Vivo Opportunity Cayman, LLC is a Cayman Islands limited liability company. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P. The address of the principal business office of the Reporting Persons is 192 Lytton Avenue, Palo Alto, CA 94301.
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(e)	CUSIP No.: 185634102
Item 4.	Ownership
(a)	Amount beneficially owned: Vivo Opportunity, LLC may be deemed to beneficially own an aggregate of 1,886,469 shares of the Issuer's securities, consisting of (i) 252,294 shares of Common Stock of the Issuer, (ii) 302,752 shares of Common Stock issuable upon exercise of the Series A Warrants; (iii) 706,423 shares of Common Stock issuable upon exercise of the Series B Warrants; (iv) 312,500 shares of Common Stock issuable upon exercise of the Tranche A Warrants; and (v) 312,500 shares of Common Stock issuable upon exercise of the Tranche B Warrants. All securities are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity Cayman, LLC may be deemed to beneficially own an aggregate of 127,420 shares of the Issuer's securities, consisting of (i) 25,484 shares of Common Stock of the Issuer, (ii) 30,581 shares of Common Stock issuable upon exercise of the Series A Warrants; and (iii) 71,355 shares of Common Stock issuable upon exercise of the Series B Warrants. All securities are held of record by Vivo Opportunity Cayman Fund, L.P. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P. The Series A Warrants, Series B Warrants, Tranche A Warrants and Tranche B Warrants all contain provisions preventing the warrants from being exercised if such exercise would result in the holder obtaining greater than 9.99% of the Issuer's voting securities. However, the amounts reported in rows 5, 7 and 9 herein represent the number of shares of Common Stock that would be issuable upon full exercise of all the warrants, without giving effect to the blocking provisions.
(b)	Percent of class: Vivo Opportunity Fund Holdings, L.P.: 9.99% Vivo Opportunity, LLC: 9.99% Vivo Opportunity Cayman Fund, L.P.: 9.99% Vivo Opportunity Cayman, LLC: 9.99%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Vivo Opportunity Fund Holdings, L.P.: 1,886,469 shares Vivo Opportunity, LLC: 1,886,469 shares Vivo Opportunity Cayman Fund, L.P.: 127,420 shares Vivo Opportunity Cayman, LLC: 127,420 shares
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: Vivo Opportunity Fund Holdings, L.P.: 1,886,469 shares Vivo Opportunity, LLC: 1,886,469 shares Vivo Opportunity Cayman Fund, L.P.: 127,420 shares Vivo Opportunity Cayman, LLC: 127,420 shares
	(iv) Shared power to dispose or to direct the disposition of: 0
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.
	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.

Vivo Opportunity Fund Holdings, L.P.

Signature:	/s/ Kevin Dai
Name/Title:	Kevin Dai/Managing Member of Vivo Opportunity, LLC, General Partner
Date:	05/12/2026

Vivo Opportunity, LLC

Signature:	/s/ Kevin Dai
Name/Title:	Kevin Dai/Managing Member
Date:	05/12/2026

Vivo Opportunity Cayman Fund, L.P.

Signature:	/s/ Kevin Dai
Name/Title:	Kevin Dai/Managing Member of Vivo Opportunity Cayman, LLC, General Partner
Date:	05/12/2026

Vivo Opportunity Cayman, LLC

Signature:	/s/ Kevin Dai
Name/Title:	Kevin Dai/Managing Member
Date:	05/12/2026

FAQ

What stake does Vivo Opportunity report in CLNN?

Vivo Opportunity Fund Holdings, L.P. and Vivo Opportunity, LLC report 1,886,469 shares, shown as 9.99% of Clene Inc.'s class of common stock, combining held shares and shares issuable upon warrant exercises as reported in the filing.

How many shares does Vivo Opportunity Cayman report in CLNN?

Vivo Opportunity Cayman Fund, L.P. and its general partner report 127,420 shares, shown as 9.99%, reflecting current common shares plus shares issuable upon exercise of Series A and Series B warrants per the disclosure.

Do the reported counts include warrants and other exercisable securities?

Yes. The reported totals include Common Stock currently held plus shares issuable upon exercise of Series A Warrants, Series B Warrants, Tranche A Warrants, and Tranche B Warrants as described in the filing.

Are there limits on exercising the warrants reported by Vivo Opportunity?

Yes. The filing states the Series A, Series B, Tranche A and Tranche B warrants contain provisions preventing exercise if such exercise would result in ownership exceeding 9.99% of the issuer's voting securities.

Who has voting and dispositive power over the reported shares?

The filing shows Vivo Opportunity Fund Holdings, L.P., Vivo Opportunity, LLC, Vivo Opportunity Cayman Fund, L.P., and Vivo Opportunity Cayman, LLC each have sole voting and sole dispositive power over their respective reported share amounts.