Enhanced Group holder lifts Class A stake to 34.3%

Apeiron-led group reports owning 48.7 million ENHA Class A shares, or 34.3% of the class, after September 2026 share purchases.

Rhea-AI Filing Summary

Enhanced Group Inc. (ENHA) received an amended Schedule 13D from Apeiron Investment Group Ltd., Enhanced Holdings LP and Christian Angermayer reporting their position in the company’s Class A Common Stock. The reporting group now beneficially owns 48,697,705 Class A shares, including shares underlying warrants, representing 34.3% of the Class A Common Stock outstanding as of August 19, 2026.

The position consists of 43,343,818 Class A shares plus 5,353,887 Class A shares underlying currently exercisable warrants, with voting and dispositive power shared among the reporting persons. The filing notes the reporting persons also hold 258,837,933 Class B Common Stock shares, which are excluded from the percentage calculation.

The amendment reflects recent purchases funded with working capital: on September 17, 2026 the reporting persons acquired 6,080,047 Class A shares for total consideration of $7,000,000 in a privately negotiated transaction at $1.15 per share, and between September 2 and 9, 2026 they bought an additional 312,820 Class A shares on the market for approximately $496,128.

Key Figures

Beneficial ownership – Class A: 48,697,705 shares Ownership percentage – Class A: 34.3% Outstanding Class A shares baseline: 136,538,129 shares +5 more

8 metrics

Beneficial ownership – Class A 48,697,705 shares Total ENHA Class A Common Stock beneficially owned by the reporting persons

Ownership percentage – Class A 34.3% Portion of ENHA Class A Common Stock based on 136,538,129 shares outstanding as of August 19, 2026

Outstanding Class A shares baseline 136,538,129 shares ENHA Class A shares outstanding as of August 19, 2026 used to calculate ownership

Common shares held (Class A, non-warrant) 43,343,818 shares ENHA Class A Common Stock directly counted in beneficial ownership, excluding warrants

Shares underlying warrants 5,353,887 shares ENHA Class A shares underlying currently exercisable warrants held by the reporting persons

Class B Common Stock held 258,837,933 shares ENHA Class B Common Stock held by the reporting persons, excluded from the Class A percentage

Privately negotiated purchase on September 17, 2026 $7,000,000 Aggregate consideration for 6,080,047 ENHA Class A shares at $1.15 per share

Additional market purchases 312,820 shares for approximately $496,128 ENHA Class A shares bought between September 2–9, 2026

Key Terms

beneficial ownership, shared Voting Power, shared Dispositive Power, Class B Common Stock, +2 more

6 terms

beneficial ownership financial

"may be deemed to share beneficial ownership over the securities reported herein"

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 Voting Power financial

"Shared Voting Power 48,697,705.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared Dispositive Power financial

"Shared Dispositive Power 48,697,705.00"

Class B Common Stock financial

"The information herein excludes 258,837,933 shares of Class B Common Stock held"

A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.

warrants financial

"5,353,887 shares of Class A Common Stock underlying warrants, which are currently exercisable"

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.

working capital financial

"The Reporting Persons used working capital to purchase the shares"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

FAQ

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

How many Enhanced Group Inc. (ENHA) Class A shares does the reporting group now own?

The reporting persons beneficially own 48,697,705 shares of ENHA Class A Common Stock, including 5,353,887 shares underlying currently exercisable warrants and 43,343,818 shares of outstanding Class A stock.

What percentage of Enhanced Group Inc. (ENHA) Class A stock is held by the reporting group?

The reporting persons state they hold 34.3% of ENHA’s Class A Common Stock, based on 136,538,129 Class A shares outstanding as of August 19, 2026 as disclosed in a prospectus.

What recent ENHA share purchases are disclosed in this Schedule 13D/A amendment?

On September 17, 2026, the reporting persons bought 6,080,047 Class A shares at $1.15 per share for $7,000,000, and from September 2–9, 2026 they purchased an additional 312,820 Class A shares for approximately $496,128.

How many Enhanced Group Inc. (ENHA) shares are held through warrants by the reporting group?

The group reports holding warrants that are currently exercisable into 5,353,887 shares of ENHA Class A Common Stock, which are included in their total beneficial ownership calculation.

What is the relationship between Apeiron Investment Group and Christian Angermayer in the ENHA holding structure?

The securities are held of record by Apeiron Investment Group Ltd. as nominee for Enhanced Holdings LP. Christian Angermayer is the sole voting shareholder of Apeiron, which is the sole shareholder of Enhanced Holdings GP, the general partner of Enhanced Holdings LP.

Does the reporting group also hold ENHA Class B shares?

Yes. The filing states the reporting persons hold 258,837,933 shares of ENHA Class B Common Stock, but these Class B shares are excluded from the reported 34.3% ownership of Class A Common Stock.

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

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Available on EDGAR 09/21/2026 - 09:30 PM Accepted by SEC EDGAR 09/21/2026 - 09:30 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Enhanced Group Inc.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

29333R107

(CUSIP Number)

Sanad Abushala
Centris Business Gateway - Level 0/C, Triq is-Salib tal-Imriehel
Birkirkara, O1, CBD 3020
356 9960 9158

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/17/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 29333R107

1

Name of reporting person

Apeiron Investment Group Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

MALTA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 48,697,705.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 48,697,705.00

11

Aggregate amount beneficially owned by each reporting person

48,697,705.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

34.3 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 29333R107

1

Name of reporting person

Enhanced Holdings LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 48,697,705.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 48,697,705.00

11

Aggregate amount beneficially owned by each reporting person

48,697,705.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

34.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 29333R107

1

Name of reporting person

Enhanced Holdings GP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 48,697,705.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 48,697,705.00

11

Aggregate amount beneficially owned by each reporting person

48,697,705.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

34.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 29333R107

1

Name of reporting person

Christian Angermayer

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

GERMANY

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 48,697,705.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 48,697,705.00

11

Aggregate amount beneficially owned by each reporting person

48,697,705.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

34.3 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock
(b)	Name of Issuer: Enhanced Group Inc.
(c)	Address of Issuer's Principal Executive Offices: 169 Madison Ave, Suite 15101, New York, NEW YORK , 10016.
Item 1 Comment: This Amendment No. 4 to Schedule 13D amends and supplements the statement on Schedule 13D originally filed with the United States Securities and Exchange Commission on May 14, 2026 (as amended, the "Schedule 13D"), relating to the Class A Common Stock. Capitalized terms used herein without definition shall have the meaning set forth in the Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended and supplemented as follows: On September 17, 2026, the Reporting Persons purchased an aggregate of 6,080,047 shares of Class A Common Stock for aggregate consideration of $7,000,000. The Reporting Persons used working capital to purchase the shares. In addition, from September 2, 2026 to September 9, 2026 the Reporting Persons purchased an aggregate of 312,820 shares of Class A Common Stock for aggregate consideration of approximately $496,128. The Reporting Persons used working capital to purchase the shares.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows: The information contained on the cover pages to this Schedule 13D is incorporated herein by reference. The securities reported herein include (i) 43,343,818 shares of Class A Common Stock and (ii) 5,353,887 shares of Class A Common Stock underlying warrants, which are currently exercisable. The ownership percentage set forth herein is based on 136,538,129 shares of Class A Common Stock outstanding as of August 19, 2026 as disclosed in the Issuer's Prospectus filed with the Securities and Exchange Commission on September 4, 2026. The information herein excludes 258,837,933 shares of Class B Common Stock held by the Reporting Persons.
(b)	The information contained on the cover pages is incorporated by reference to this Item 5. The securities reported herein are held of record by Apeiron Investment Group Limited, as nominee for Enhanced Holdings LP. Christian Angermayer is the sole voting shareholder of Apeiron Investment Group Ltd., which is the sole shareholder of Enhanced Holdings GP, which is the general partner of Enhanced Holdings LP. As a result, each of the foregoing entities and Mr. Angermayer may be deemed to share beneficial ownership over the securities reported herein. Mr. Angermayer disclaims beneficial ownership of such securities.
(c)	On September 17, 2026, the Reporting Persons purchased an aggregate of 6,080,047 shares of Class A Common Stock for $1.15 per share pursuant to a privately negotiated transaction. In addition, from September 2 to September 9, 2026, the Reporting Persons purchased an aggregate of 312,820 shares of Class A Common Stock for the prices listed below. Except as described herein, none of the Reporting Persons has effected any transactions in the Class A Common Stock since Amendment No. 3. September 2, 2026 107,693 shares of Class A Common Stock at $1.5751 per share September 3, 2026 25,414 shares of Class A Common Stock at $1.5799 per share September 4, 2026 21,034 shares of Class A Common Stock at $1.6116 per share September 8, 2026 59,337 shares of Class A Common Stock at $1.5686 per share September 9, 2026 99,342 shares of Class A Common Stock at $1.6043 per share
(d)	None.
(e)	Not applicable.

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.

Apeiron Investment Group Ltd.

Signature:	/s/ Sanad Abushala
Name/Title:	Sanad Abushala, Director
Date:	09/21/2026

Enhanced Holdings LP

Signature:	By: Enhanced Holdings GP, its general partner, By: Apeiron Investment Group Ltd., By: /s/ Sanad Abushala
Name/Title:	Sanad Abushala, Director
Date:	09/21/2026

Enhanced Holdings GP

Signature:	By: Apeiron Investment Group Ltd., its sole stockholder, By: /s/ Sanad Abushala
Name/Title:	Sanad Abushala, Director
Date:	09/21/2026

Christian Angermayer

Signature:	/s/ Christian Angermayer
Name/Title:	Christian Angermayer
Date:	09/21/2026