Vivo Opportunity entities disclose 9.99% Clene Inc. (CLNN) stake via warrants

Rhea-AI Filing Summary

Clene Inc. received an updated beneficial ownership report from several Vivo Opportunity entities. Vivo Opportunity Fund Holdings, L.P. and its general partner Vivo Opportunity, LLC each report beneficial ownership of 1,321,675 shares of common stock on an as-converted basis from Series A, Series B and Tranche B warrants. Vivo Opportunity Cayman Fund, L.P. and its general partner Vivo Opportunity Cayman, LLC each report beneficial ownership of 101,936 shares of common stock issuable upon exercise of Series A and Series B warrants. Each reporting person discloses beneficial ownership of 9.99% of Clene’s common stock, with all warrants subject to provisions that block exercises that would raise ownership above 9.99% of the issuer’s voting securities.

Key Figures

Beneficially owned shares (Vivo Opportunity Fund Holdings, L.P. / Vivo Opportunity, LLC): 1,321,675 shares Beneficially owned shares (Vivo Opportunity Cayman Fund, L.P. / Vivo Opportunity Cayman, LLC): 101,936 shares Series A Warrants (main U.S. fund group): 302,752 shares +5 more

8 metrics

Beneficially owned shares (Vivo Opportunity Fund Holdings, L.P. / Vivo Opportunity, LLC) 1,321,675 shares Shares of Clene common stock issuable upon exercise of Series A, Series B and Tranche B warrants

Beneficially owned shares (Vivo Opportunity Cayman Fund, L.P. / Vivo Opportunity Cayman, LLC) 101,936 shares Shares of Clene common stock issuable upon exercise of Series A and Series B warrants

Series A Warrants (main U.S. fund group) 302,752 shares Clene common shares issuable upon exercise of Series A Warrants held of record by Vivo Opportunity Fund Holdings, L.P.

Series B Warrants (main U.S. fund group) 706,423 shares Clene common shares issuable upon exercise of Series B Warrants held of record by Vivo Opportunity Fund Holdings, L.P.

Tranche B Warrants (main U.S. fund group) 312,500 shares Clene common shares issuable upon exercise of Tranche B Warrants from the June 2023 underwritten offering

Series A Warrants (Cayman fund group) 30,581 shares Clene common shares issuable upon exercise of Series A Warrants held by Vivo Opportunity Cayman Fund, L.P.

Series B Warrants (Cayman fund group) 71,355 shares Clene common shares issuable upon exercise of Series B Warrants held by Vivo Opportunity Cayman Fund, L.P.

Ownership cap 9.99% Maximum ownership of Clene voting securities permitted under the warrant blocking provisions

Key Terms

beneficially own, Series A Warrants, Series B Warrants, Tranche B Warrants, +1 more

5 terms

beneficially own financial

"may be deemed to beneficially own an aggregate of 1,321,675 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.

Series A Warrants financial

"302,752 shares of Common Stock 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.

Series B Warrants financial

"706,423 shares of Common Stock issuable upon exercise of the Series B Warrants"

Series B warrants are contracts issued alongside a company's Series B financing that give the holder the right to buy a set number of shares at a fixed price within a specified time. For investors, they matter because they can provide leveraged upside if the company grows, or they can dilute existing shareholders when exercised—like a coupon promising a future share at a known price that can add value or change ownership stakes.

Tranche B Warrants financial

"312,500 shares of Common Stock issuable upon exercise of the Tranche B Warrants"

voting securities financial

"exercised if such exercise would result in the holder obtaining greater than 9.99% of the Issuer's voting securities"

Voting securities are financial instruments, most commonly common shares, that give the holder the right to vote on a company’s key decisions such as electing the board, approving mergers, or changing bylaws. They matter to investors because voting power determines who controls strategy and oversight—like having a say in household decisions—so the distribution of voting securities affects corporate direction, minority protection, and potential value outcomes.

FAQ

What ownership stake in Clene Inc. (CLNN) do the Vivo Opportunity entities report?

The Vivo Opportunity entities each report 9.99% beneficial ownership of Clene’s common stock. This percentage is based on shares issuable from Clene warrants, calculated on an as-converted basis and subject to warrant terms limiting ownership above 9.99%.

How many Clene (CLNN) shares are tied to Vivo Opportunity Fund Holdings, L.P. warrants?

Vivo Opportunity Fund Holdings, L.P. reports 1,321,675 Clene shares issuable from warrants. This includes 302,752 from Series A Warrants, 706,423 from Series B Warrants and 312,500 from Tranche B Warrants, all on a full-exercise, as-converted basis.

What Clene (CLNN) warrants are disclosed by the Vivo Opportunity Cayman entities?

Vivo Opportunity Cayman Fund, L.P. and its general partner report 101,936 Clene shares issuable from warrants, including 30,581 from Series A Warrants and 71,355 from Series B Warrants. These figures assume full exercise without applying the 9.99% ownership cap.

What is the 9.99% ownership limitation mentioned for Clene (CLNN) warrants?

The Series A, Series B and Tranche B warrants held by the Vivo Opportunity entities include provisions that prevent exercise if it would result in ownership of more than 9.99% of Clene’s voting securities. Reported share amounts ignore this cap and reflect full warrant exercise.

Who signed the amended beneficial ownership report for Clene (CLNN)?

The report was signed by Kevin Dai on behalf of each Vivo Opportunity reporting entity. He signed as Managing Member of Vivo Opportunity, LLC and Vivo Opportunity Cayman, LLC, which are the general partners of the respective limited partnerships holding the Clene warrants.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 03:55 PM Accepted by SEC EDGAR 08/14/2026 - 03:54 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Clene Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

185634201

(CUSIP Number)

06/30/2026

(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): 185634201

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 1,321,675.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,321,675.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,321,675.00

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) 302,752 shares of common stock, par value $0.0001 per share (the "Common Stock"), of Clene, Inc. (the "Issuer"), issuable upon exercise of certain Series A Warrants issued in connection with a private offering of the Issuer in January 2026 (the "Series A Warrants"), (ii) 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"), and (iii) 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"). The Warrants 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, 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): 185634201

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 1,321,675.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,321,675.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,321,675.00

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) 302,752 shares of Common Stock of the Issuer issuable upon exercise of certain Series A Warrants, (ii) 706,423 shares of Common Stock issuable upon exercise of the Series B Warrants, and (iii) 312,500 shares of Common Stock issuable upon exercise of the Tranche B Warrants. The Warrants 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, 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): 185634201

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 101,936.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 101,936.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

101,936.00

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) 30,581 shares of Common Stock of the Issuer issuable upon exercise of the Series A Warrants and (ii) 71,355 shares of Common Stock issuable upon exercise of the Series B Warrants. The Warrants 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): 185634201

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 101,936.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 101,936.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

101,936.00

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) 30,581 shares of Common Stock of the Issuer issuable upon exercise of the Series A Warrants and (ii) 71,355 shares of Common Stock issuable upon exercise of the Series B Warrants. The Warrants 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, 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: The address of the principal business office of the Reporting Persons is 192 Lytton Avenue, Palo Alto, CA 94301.
(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, a Cayman Islands limited liability company. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P.
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(e)	CUSIP No.: 185634201
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: Vivo Opportunity, LLC may be deemed to beneficially own an aggregate of 1,321,675 shares of the Issuer's securities, consisting of (i) 302,752 shares of Common Stock issuable upon exercise of the Series A Warrants, (ii) 706,423 shares of Common Stock issuable upon exercise of the Series B Warrants and (iii) 312,500 shares of Common Stock issuable upon exercise of the Tranche B Warrants. The Warrants 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 101,936 shares of the Issuer's securities, consisting of (i) 30,581 shares of Common Stock issuable upon exercise of the Series A Warrants and (ii) 71,355 shares of Common Stock issuable upon exercise of the Series B Warrants. The Warrants 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, 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.: 1,321,675 shares Vivo Opportunity, LLC: 1,321,675 shares Vivo Opportunity Cayman Fund, L.P.: 101,936 shares Vivo Opportunity Cayman, LLC: 101,936 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.: 1,321,675 shares Vivo Opportunity, LLC: 1,321,675 shares Vivo Opportunity Cayman Fund, L.P.: 101,936 shares Vivo Opportunity Cayman, LLC: 101,936 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:	08/14/2026

Vivo Opportunity, LLC

Signature:	/s/ Kevin Dai
Name/Title:	Kevin Dai/Managing Member
Date:	08/14/2026

Vivo Opportunity Cayman Fund, L.P.

Signature:	/s/ Kevin Dai
Name/Title:	Kevin Dai/Managing Member of Vivo Opportunity Cayman, LLC, General Partner
Date:	08/14/2026

Vivo Opportunity Cayman, LLC

Signature:	/s/ Kevin Dai
Name/Title:	Kevin Dai/Managing Member
Date:	08/14/2026