Perceptive Group Discloses 2.47M-Share Holding in Evolus (EOLS)

Rhea-AI Filing Summary

Perceptive Advisors LLC, its managing member Joseph Edelman, and Perceptive Life Sciences Master Fund, Ltd. report beneficial ownership of 2,474,843 shares of Evolus, Inc. common stock, representing 3.8% of the outstanding class based on 64,685,419 shares outstanding as stated in the filing. The holdings are reported as shared voting and shared dispositive power; none of the Reporting Persons claim sole voting or sole dispositive power. The filing states the Master Fund directly holds the shares and Perceptive Advisors acts as its investment manager, with Mr. Edelman as managing member.

Positive

• Full disclosure of ownership structure including manager, fund, and individual reporting persons
• Clear numeric stake disclosed: 2,474,843 shares representing 3.8% of the class
• Classification as shared voting and dispositive power removes ambiguity about control attribution

Negative

• No sole voting or dispositive power—the Reporting Persons lack individual control over the shares

Insights

Financial Analyst

TL;DR A 3.8% disclosed stake by a specialized investment manager is material but non-controlling.

Perceptive's reported 2.47M shares equals 3.8% of Evolus based on the stated share count, positioning the group as a meaningful minority holder without sole voting authority. Shared voting and dispositive power indicate coordinated influence via the Master Fund and Perceptive Advisors rather than direct control. This level of ownership typically warrants monitoring for future changes in position, but by itself does not trigger control presumptions.

Corporate Governance Expert

TL;DR Reporting shows clear disclosure of beneficial ownership with no indication of intent to seek control.

The Schedule 13G amendment correctly identifies the reporting persons and classifies the interest as shared voting/dispositive power. The certification asserts the holdings are not for the purpose of changing control, aligning with Schedule 13G treatment. Because there is no sole voting or dispositive power and ownership is under 5%, governance implications are limited unless future filings show accumulation or coordinated action with other holders.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Evolus, Inc.

(Name of Issuer)

Common Stock, $0.00001 par value per share

(Title of Class of Securities)

30052C107

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 30052C107

1

Names of Reporting Persons

Perceptive Advisors 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 2,474,843.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,474,843.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,474,843.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 30052C107

1

Names of Reporting Persons

Joseph Edelman

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 2,474,843.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,474,843.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,474,843.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 30052C107

1

Names of Reporting Persons

Perceptive Life Sciences Master Fund, Ltd.

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 0.00
6	Shared Voting Power 2,474,843.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,474,843.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,474,843.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Evolus, Inc.
(b)	Address of issuer's principal executive offices: 520 Newport Center Drive, Suite 1200, Newport Beach, CA 92660
Item 2.
(a)	Name of person filing: The names of the persons filing this report (collectively, the "Reporting Persons") with respect to shares of Common Stock, par value $0.00001 per share (the "Common Stock") of Evolus, Inc. (the "Issuer") are: (i) Perceptive Advisors LLC ("Perceptive Advisors") (ii) Joseph Edelman ("Mr. Edelman") (iii) Perceptive Life Sciences Master Fund, Ltd. (the "Master Fund")
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is: 51 Astor Place, 10th Floor, New York, NY 10003
(c)	Citizenship: Perceptive Advisors is a Delaware limited liability company. Mr. Edelman is a United States citizen. The Master Fund is a Cayman Islands corporation.
(d)	Title of class of securities: Common Stock, $0.00001 par value per share
(e)	CUSIP No.: 30052C107
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: The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 of the cover pages to this Schedule 13G. The ownership percentages reported are based on 64,685,419 shares of Common Stock outstanding as of August 1, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 5, 2025. The Master Fund directly holds 2,474,843 shares of Common Stock. Perceptive Advisors serves as the investment manager to the Master Fund. Mr. Edelman is the managing member of Perceptive Advisors.
(b)	Percent of class: Perceptive Advisors: 3.8% Mr. Edelman: 3.8% Master Fund: 3.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Perceptive Advisors: 0 Mr. Edelman: 0 Master Fund: 0
	(ii) Shared power to vote or to direct the vote: Perceptive Advisors: 2,474,843 Mr. Edelman: 2,474,843 Master Fund: 2,474,843
	(iii) Sole power to dispose or to direct the disposition of: Perceptive Advisors: 0 Mr. Edelman: 0 Master Fund: 0
	(iv) Shared power to dispose or to direct the disposition of: Perceptive Advisors: 2,474,843 Mr. Edelman: 2,474,843 Master Fund: 2,474,843
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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.

Perceptive Advisors LLC

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	08/14/2025

Joseph Edelman

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman
Date:	08/14/2025

Perceptive Life Sciences Master Fund, Ltd.

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	08/14/2025

FAQ

What stake does Perceptive Advisors report in Evolus (EOLS)?

Perceptive Advisors, Joseph Edelman, and Perceptive Life Sciences Master Fund report beneficial ownership of 2,474,843 shares, equal to 3.8% of the class.

Does Perceptive or Joseph Edelman have sole voting control of the reported EOLS shares?

No. The filing reports 0 sole voting power and 2,474,843 shared voting power for each Reporting Person.

Is the Perceptive stake in EOLS reported as intended to change control of the company?

No. The certification states the securities were not acquired and are not held for the purpose of changing or influencing control.

How was the 3.8% ownership percentage calculated in the filing?

The percentage is based on 64,685,419 shares outstanding as reported in the issuer's referenced quarterly report.

Which entity directly holds the reported Evolus shares?

The filing states the Master Fund directly holds 2,474,843 shares and Perceptive Advisors serves as its investment manager.