Enhanced Group (ENHA) backer buys 2.1M shares in August spree

Rhea-AI Filing Summary

Enhanced Group Inc. (ENHA) received an updated Schedule 13D/A from a group including Apeiron Investment Group Ltd., Enhanced Holdings and Christian Angermayer, reporting their current position in the Class A common stock.

The group reports beneficial ownership of 42,304,838 shares of Class A Common Stock, including 5,353,887 shares underlying currently exercisable warrants, representing 31.5% of the Class A Common Stock based on 128,972,162 shares outstanding as of August 13, 2026. The filing states that 36,950,951 of these shares are outstanding Class A shares. It also notes that 258,837,933 shares of Class B Common Stock held by the reporting persons are excluded from this percentage calculation.

From August 17–19, 2026, the reporting persons purchased 2,117,316 Class A shares for an aggregate $3,562,697.66, funded with working capital. On August 14, 2026, a second tranche under a previously disclosed Purchase Agreement closed, and Apeiron received 2,120,823 Class A shares and accompanying warrants. The securities are held of record by Apeiron as nominee for Enhanced Holdings LP, with the filing describing shared voting and dispositive power among the reporting entities, while Christian Angermayer disclaims beneficial ownership.

Key Figures

Beneficially owned Class A shares (including warrants): 42,304,838 shares Ownership percentage of Class A: 31.5 % Outstanding Class A shares baseline: 128,972,162 shares +5 more

8 metrics

Beneficially owned Class A shares (including warrants) 42,304,838 shares Total Class A beneficial ownership reported by the group

Ownership percentage of Class A 31.5 % Portion of Class A Common Stock based on 128,972,162 shares outstanding

Outstanding Class A shares baseline 128,972,162 shares Class A Common Stock outstanding as of August 13, 2026

Outstanding Class A shares (non-warrant) 36,950,951 shares Class A Common Stock held, excluding shares underlying warrants

Shares underlying warrants 5,353,887 shares Class A Common Stock underlying currently exercisable warrants

Recent open-market purchases 2,117,316 shares Class A shares bought August 17–19, 2026

Consideration for recent purchases $3,562,697.66 Aggregate price for 2,117,316 Class A shares purchased August 17–19, 2026

Excluded Class B shares 258,837,933 shares Class B Common Stock held by reporting persons, excluded from ownership percentage

Key Terms

beneficial ownership, warrants, Purchase Agreement, working capital, +1 more

5 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.

warrants financial

"shares of Class A Common Stock and accompanying 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.

Purchase Agreement financial

"the second tranche of the previously disclosed Purchase Agreement closed"

A purchase agreement is a legally binding contract that spells out exactly what is being bought, for how much, and under what conditions, including timelines, seller and buyer promises, and protections if things go wrong. For investors it matters because the agreement fixes the deal’s price, risks and closing conditions—like a detailed receipt and return policy for a large transaction—so it helps determine whether the deal will complete and how it will affect the company’s value and cash flow.

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.

dispositive power financial

"Shared Dispositive Power 42,304,838.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

FAQ

How much of Enhanced Group Inc. (ENHA) does the reporting group currently beneficially own?

The reporting group states beneficial ownership of 42,304,838 shares of Enhanced Group Inc. Class A Common Stock, representing 31.5% of the Class A shares outstanding, based on 128,972,162 Class A shares outstanding as of August 13, 2026.

What recent share purchases in ENHA did the reporting persons disclose?

From August 17–19, 2026, the reporting persons purchased 2,117,316 ENHA Class A shares for an aggregate $3,562,697.66. The filing explains these purchases were funded with the reporting persons’ working capital, increasing their overall Class A stake.

What did Apeiron receive at the Purchase Agreement closing related to ENHA?

On August 14, 2026, the second tranche of a previously disclosed Purchase Agreement closed, and Apeiron received 2,120,823 ENHA Class A shares plus accompanying warrants. These securities form part of the reporting group’s overall beneficial ownership position.

How many ENHA shares underlying warrants are included in the reported ownership?

The reported beneficial ownership includes 5,353,887 ENHA Class A shares underlying warrants that are described as currently exercisable. These warrant-linked shares are counted in the total of 42,304,838 Class A shares reported by the group.

Are ENHA Class B shares included in the 31.5% ownership figure?

No. The filing states the 31.5% relates only to Class A shares and explicitly excludes 258,837,933 ENHA Class B shares held by the reporting persons. Those Class B shares are not part of the percentage-of-class calculation disclosed.

Who holds record ownership of the ENHA shares reported in this Schedule 13D/A?

The securities are held of record by Apeiron Investment Group Limited, as nominee for Enhanced Holdings LP. The structure described gives several related entities shared voting and dispositive power, while Christian Angermayer disclaims beneficial ownership.

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

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Available on EDGAR 08/20/2026 - 07:37 AM Accepted by SEC EDGAR 08/20/2026 - 07:37 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

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)

08/14/2026

(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 42,304,838.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 42,304,838.00

11

Aggregate amount beneficially owned by each reporting person

42,304,838.00

12

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

13

Percent of class represented by amount in Row (11)

31.5 %

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 42,304,838.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 42,304,838.00

11

Aggregate amount beneficially owned by each reporting person

42,304,838.00

12

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

13

Percent of class represented by amount in Row (11)

31.5 %

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 42,304,838.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 42,304,838.00

11

Aggregate amount beneficially owned by each reporting person

42,304,838.00

12

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

13

Percent of class represented by amount in Row (11)

31.5 %

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 42,304,838.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 42,304,838.00

11

Aggregate amount beneficially owned by each reporting person

42,304,838.00

12

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

13

Percent of class represented by amount in Row (11)

31.5 %

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. 3 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: From August 17, 2026 to August 19, 2026, the Reporting Persons purchased an aggregate of 2,117,316 shares of Class A Common Stock for aggregate consideration of $3,562,697.66. The Reporting Persons used working capital to purchase the shares.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby amended and supplemented as follows: Purchase Agreement Closing On August 14, 2026, the second tranche of the previously disclosed Purchase Agreement closed. As a result, Apeiron received 2,120,823 shares of Class A Common Stock and accompanying Warrants.
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) 36,950,951 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 128,972,162 shares of Class A Common Stock outstanding as of August 13, 2026 as disclosed in the Issuer's Prospectus Supplement filed with the Securities and Exchange Commission on August 17, 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)	Except as described in Item 3 and Item 4, none of the Reporting Persons has effected any transactions in the Class A Common Stock since Amendment No. 2.
(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:	08/20/2026

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:	08/20/2026

Enhanced Holdings GP

Signature:	By: Apeiron Investment Group Ltd., its sole stockholder, By: /s/ Sanad Abushala
Name/Title:	Sanad Abushala, Director
Date:	08/20/2026

Christian Angermayer

Signature:	/s/ Christian Angermayer
Name/Title:	Christian Angermayer
Date:	08/20/2026