Ikarian Capital reports 9.9% stake in CNS Pharmaceuticals

Ikarian Capital, LLC and Neil Shahrestani report beneficial ownership of 147,290 shares of CNS Pharmaceuticals, Inc. common stock, including 11,460 shares issuable upon exercise of warrants that are subject to a 9.99% Beneficial Ownership Limitation.

Rhea-AI Filing Summary

Ikarian Capital, LLC and Neil Shahrestani report beneficial ownership of 147,290 shares of CNS Pharmaceuticals, Inc. common stock, including 11,460 shares issuable upon exercise of warrants that are subject to a 9.99% Beneficial Ownership Limitation. Based on 1,472,909 shares deemed outstanding, they report owning 9.9% of the common stock. The shares are held by Ikarian Healthcare Master Fund, L.P. and certain separately managed accounts over which Ikarian Capital has investment discretion. The reporting persons expressly disclaim being part of a group or being beneficial owners for certain legal purposes, despite potentially being deemed so under Section 13(d) or 13(g).

Key Figures

Beneficial ownership: 147,290 shares Ownership percentage: 9.9% Shares underlying warrants: 11,460 shares +2 more

5 metrics

Beneficial ownership 147,290 shares Common Stock of CNS Pharmaceuticals, Inc. beneficially owned by the reporting persons

Ownership percentage 9.9% Percent of CNS Pharmaceuticals common stock class beneficially owned by the reporting persons

Shares underlying warrants 11,460 shares Common stock that may be acquired within 60 days through warrants held by the reporting persons

Shares deemed outstanding 1,472,909 shares CNS Pharmaceuticals common stock outstanding for ownership calculation, including warrant shares

Shares outstanding as of August 11, 2026 1,461,449 shares CNS Pharmaceuticals common stock outstanding per Form 10-Q for quarter ended June 30, 2026

Key Terms

beneficial ownership, separately managed accounts, Investment Advisers Act of 1940, warrants, +2 more

6 terms

beneficial ownership financial

"may be deemed to have beneficial ownership of the securities covered by this statement"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

separately managed accounts financial

"The Fund, and certain separately managed accounts managed by Ikarian Capital"

A separately managed account is an investment portfolio owned by a single investor but professionally managed to that investor’s specific goals and preferences, rather than pooled with other clients’ money. It matters to investors because it offers greater customization, tax control and transparency—like hiring a personal chef instead of eating from a shared buffet—though it often requires higher minimums and can have different fee and liquidity implications.

Investment Advisers Act of 1940 regulatory

"Ikarian Capital is an investment adviser registered under the Investment Advisers Act of 1940"

A U.S. federal law that sets rules for people and firms who give investment advice, requiring them to register with regulators, be honest about conflicts, keep records, and follow basic standards of care. It matters to investors because those rules act like licensing and consumer protections — similar to having safety standards for a mechanic — helping ensure advisers act in clients’ financial interests and reducing the risk of fraud or misuse of funds.

warrants financial

"shares of Common Stock of the Issuer that may be acquired within 60 days pursuant to warrants"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

Beneficial Ownership Limitation financial

"subject to certain restrictions on the ability of the Reporting Persons to convert such warrants"

A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.

Section 13(d) or 13(g) regulatory

"for the purposes of Section 13(d) or 13(g) of the Act or any other purpose"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of CNSP does Ikarian Capital report owning in this Schedule 13G/A?

Ikarian Capital and Neil Shahrestani report beneficial ownership of 9.9% of CNS Pharmaceuticals, Inc. common stock, representing 147,290 shares based on 1,472,909 shares deemed outstanding, including warrant shares.

How many CNSP shares does Ikarian Capital beneficially own, including warrants?

The reporting persons beneficially own 147,290 shares of CNS Pharmaceuticals common stock, which includes 11,460 shares that may be acquired within 60 days through warrants, subject to a 9.99% Beneficial Ownership Limitation.

What is the Beneficial Ownership Limitation disclosed for CNSP warrants?

The warrants held by the reporting persons are subject to a 9.99% Beneficial Ownership Limitation, restricting exercise if it would cause their beneficial ownership of CNS Pharmaceuticals common stock to exceed 9.99% of the outstanding shares.

Who are the reporting persons in this CNSP Schedule 13G/A filing?

The filing is made jointly by Ikarian Capital, LLC and Neil Shahrestani. Securities are held by Ikarian Healthcare Master Fund, L.P. and certain separately managed accounts over which Ikarian Capital exercises investment discretion.

How is the total CNSP share count of 1,472,909 shares determined?

The 1,472,909 shares figure includes 1,461,449 shares of CNS Pharmaceuticals common stock outstanding as of August 11, 2026, plus 11,460 shares issuable upon warrant exercise that the reporting persons may acquire.

Does Ikarian Capital claim to be part of a group regarding CNSP securities?

The reporting persons state that neither this statement nor its contents should be construed as an admission that they are part of a group under Section 13(d) or 13(g) with respect to CNS Pharmaceuticals securities.

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

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Available on EDGAR 08/14/2026 - 09:26 PM Accepted by SEC EDGAR 08/14/2026 - 09:25 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. 1)

CNS Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

18978H508

(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): 18978H508

1

Names of Reporting Persons

Ikarian Capital, 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 147,290.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 147,290.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

147,290.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: (1) The figures in Items 6, 8, and 9 represent Common Stock ("Common Stock") of CNS Pharmaceuticals, Inc. (the "Issuer"), held by Ikarian Healthcare Master Fund, L.P., a Cayman Islands exempted limited partnership (the "Fund"), and certain separately managed accounts. See Item 2 for more information. (2) The figures in Items 6, 8, and 9 include 11,460 shares of Common Stock of the Issuer that may be acquired by the Reporting Persons within 60 days pursuant to warrants held by the Reporting Persons, the exercise of which are subject to certain restrictions on the ability of the Reporting Persons to convert such warrants if, upon such conversion, the number of shares of Common Stock of the Issuer then beneficially owned by the Reporting Persons would exceed 9.99% of the outstanding shares of Common Stock of the Issuer. (3) The figure in Item 11 is based upon 1,472,909 shares of Common Stock of the Issuer outstanding, which includes the 11,460 shares of Common Stock of the Issuer that may be acquired by the Reporting Persons pursuant to warrants and the 1,461,449 shares of Common Stock of the Issuer outstanding as of August 11, 2026, as disclosed in the Issuer's quarterly report on Form 10-Q for the quarterly period ended June 30, 2026, filed with the U.S. Securities and Exchange Commission (the "SEC") on August 12, 2026.

SCHEDULE 13G

CUSIP Number(s): 18978H508

1

Names of Reporting Persons

Neil Shahrestani

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 147,290.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 147,290.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

147,290.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IN, HC

Comment for Type of Reporting Person: (1) The figures in Items 6, 8, and 9 represent Common Stock of the Issuer held by the Fund and certain separately managed accounts. See Item 2 for more information. (2) The figures in Items 6, 8, and 9 include 11,460 shares of Common Stock of the Issuer that may be acquired by the Reporting Persons within 60 days pursuant to warrants held by the Reporting Persons, the exercise of which are subject to certain restrictions on the ability of the Reporting Persons to convert such warrants if, upon such conversion, the number of shares of Common Stock of the Issuer then beneficially owned by the Reporting Persons would exceed 9.99% of the outstanding shares of Common Stock of the Issuer. (3) The figure in Item 11 is based upon 1,472,909 shares of Common Stock of the Issuer outstanding, which includes the 11,460 shares of Common Stock of the Issuer that may be acquired by the Reporting Persons pursuant to warrants and the 1,461,449 shares of Common Stock of the Issuer outstanding as of August 11, 2026, as disclosed in the Issuer's quarterly report on Form 10-Q for the quarterly period ended June 30, 2026, filed with the SEC on August 12, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CNS Pharmaceuticals, Inc.
(b)	Address of issuer's principal executive offices: 2100 West Loop South, Suite 900, Houston, Texas 77027
Item 2.
(a)	Name of person filing: This statement is filed jointly by and on behalf of each of Ikarian Capital, LLC, a Delaware limited liability company ("Ikarian Capital"), and Neil Shahrestani (together referred herein as the "Reporting Persons"). The Fund, and certain separately managed accounts managed by Ikarian Capital (collectively, the "Managed Accounts"), are the record owners of the securities covered by this statement. Ikarian Capital is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and serves as investment manager to the Fund and as sub-adviser to the Managed Accounts, and may be deemed to have beneficial ownership of the securities covered by this statement through the investment discretion it has over the Fund and the Managed Accounts. Ikarian Capital is ultimately controlled, indirectly, by Mr. Shahrestani. Accordingly, Mr. Shahrestani may be deemed to indirectly beneficially own securities beneficially owned by Ikarian Capital. The Fund disclaims beneficial ownership of the shares held by the Managed Accounts. The Managed Accounts disclaim beneficial ownership of the shares held by the Fund. Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement. Each Reporting Person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purpose of Section 13(d) or 13(g) of the Act. Each of the Reporting Persons declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purpose of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer.
(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 Ikarian Capital, LLC, 100 Crescent Court, Suite 1620, Dallas, Texas 75201.
(c)	Citizenship: See Item 4 on the cover page(s) hereto
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 18978H508
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: See Item 9 on the cover pages(s) hereto.
(b)	Percent of class: See Item 11 on the cover page(s) hereto.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on the cover page(s) hereto.
	(ii) Shared power to vote or to direct the vote: See Item 6 on the cover page(s) hereto.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on the cover page(s) hereto.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on the cover page(s) hereto.
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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The information set forth in Item 2(a) is incorporated by reference herein.
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 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.

Ikarian Capital, LLC

Signature:	/s/ Neil Shahrestani
Name/Title:	Neil Shahrestani, Sole Manager
Date:	08/14/2026

Neil Shahrestani

Signature:	/s/ Neil Shahrestani
Name/Title:	Neil Shahrestani
Date:	08/14/2026

Exhibit Information

A Joint Filing Agreement is incorporated herein by reference to Exhibit 99.1 to the Schedule 13G filed on April 17, 2026 by the Reporting Persons with the SEC.