Ikarian group holds 5.7% of CNS Pharmaceuticals (NASDAQ: CNSP)

Rhea-AI Filing Summary

CNS Pharmaceuticals, Inc. ownership disclosure: Ikarian Capital, LLC and Neil Shahrestani report shared beneficial ownership of 45,830 shares of Common Stock, representing 5.7% of the class. The stake is held via Ikarian Healthcare Master Fund, L.P. and certain separately managed accounts, with 811,449 shares outstanding as of March 31, 2026 as disclosed in the issuer's Form 10-K.

The filing states that Ikarian Capital exercises investment discretion for the Fund and managed accounts and that Mr. Shahrestani may be deemed to beneficially own the securities indirectly; the Fund and the Managed Accounts disclaim cross-beneficial ownership.

Key Figures

Shares owned: 45,830 shares Percent of class: 5.7% Shares outstanding: 811,449 shares +1 more

4 metrics

Shares owned 45,830 shares Held by Ikarian Healthcare Master Fund and managed accounts

Percent of class 5.7% Percent based on outstanding share count disclosed in Form 10-K

Shares outstanding 811,449 shares Outstanding as of March 31, 2026 (per issuer Form 10-K)

CUSIP 18978H508 CUSIP for CNS Pharmaceuticals Common Stock

Key Terms

Schedule 13G, beneficial ownership, shared dispositive power, investment discretion

4 terms

Schedule 13G regulatory

"This statement is filed jointly by and on behalf of each of Ikarian Capital"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

beneficial ownership regulatory

"Ikarian Capital is 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.

shared dispositive power financial

"Shared Dispositive Power 45,830.00"

investment discretion other

"Ikarian Capital ... serves as investment manager to the Fund"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

CNS Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

18978H508

(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)

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 45,830.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 45,830.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

45,830.00

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)

5.7 %

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 separate managed accounts. See Item 2 for more information. (2) The figure in Item 11 is based upon 811,449 shares of Common Stock outstanding as of March 31, 2026, as disclosed in the Issuer's annual report on Form 10-K for the fiscal period ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the "SEC") on March 31, 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 45,830.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 45,830.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

45,830.00

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)

5.7 %

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 held by the Fund and certain separate managed accounts. See Item 2 for more information. (2) The figure in Item 11 is based upon 811,449 shares of Common Stock outstanding as of March 31, 2026, as disclosed in the Issuer's annual report on Form 10-K for the fiscal period ended December 31, 2025, filed with the SEC on March 31, 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 Number(s): 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:	04/17/2026

Neil Shahrestani

Signature:	/s/ Neil Shahrestani
Name/Title:	Neil Shahrestani
Date:	04/17/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement (filed herewith).

FAQ

What stake did Ikarian report in CNS Pharmaceuticals (CNSP)?

Ikarian Capital and Neil Shahrestani reported shared beneficial ownership of 45,830 shares, equal to 5.7% of outstanding Common Stock. The holdings are reported as held by the Fund and certain managed accounts under Ikarian's management.

How was the 5.7% ownership in CNSP calculated?

The percentage is based on 811,449 shares outstanding as of March 31, 2026, per the issuer's Form 10-K. The filing ties the 45,830-share position to that outstanding share count to produce the 5.7% figure.

Does the filing say Ikarian directly owns the CNSP shares?

The filing states the shares are record-owned by Ikarian Healthcare Master Fund, L.P. and certain managed accounts; Ikarian Capital has investment discretion and Mr. Shahrestani may be deemed an indirect beneficial owner.

Does the Schedule 13G indicate plans to buy or sell CNSP shares?

No transaction plan is disclosed in the provided excerpt. The Schedule 13G reports beneficial ownership and relationship information; it does not state any specific buy or sell intentions.