Evolus (EOLS) adds Soleus group as new 5.3% shareholder

Rhea-AI Filing Summary

Evolus, Inc. (EOLS) has a new large shareholder group reported under Schedule 13G. A group of affiliated Soleus entities and Guy Levy report beneficial ownership of 3,480,000 shares of Evolus common stock, representing 5.3% of the class.

All 3,480,000 shares are held directly by Soleus Capital Master Fund, L.P., with Soleus Capital, LLC, Soleus Capital Group, LLC, Soleus Capital Management, L.P., Soleus GP, LLC and Guy Levy reporting shared voting and dispositive power and no sole power. The 5.3% figure is based on 66,050,440 shares outstanding as of July 31, 2026, as disclosed in Evolus’s Form 10-Q for the quarter ended June 30, 2026. Each reporting person disclaims beneficial ownership beyond what is required for Section 13(d) reporting.

Key Figures

Shares beneficially owned: 3,480,000 shares Percent of class: 5.3% Shares outstanding: 66,050,440 shares +4 more

7 metrics

Shares beneficially owned 3,480,000 shares Evolus, Inc. common stock reported by the Soleus group on Schedule 13G

Percent of class 5.3% Ownership percentage of Evolus common stock reported by the Soleus group

Shares outstanding 66,050,440 shares Evolus common stock outstanding as of July 31, 2026, per Form 10-Q

Sole voting power 0 shares Number of Evolus shares over which the Soleus group has sole voting power

Shared voting power 3,480,000 shares Number of Evolus shares over which the Soleus group has shared voting power

Sole dispositive power 0 shares Number of Evolus shares over which the Soleus group has sole dispositive power

Shared dispositive power 3,480,000 shares Number of Evolus shares over which the Soleus group has shared dispositive power

Key Terms

Schedule 13G, beneficial ownership, shared voting power, shared dispositive power, +1 more

5 terms

Schedule 13G regulatory

"The percentage set forth in row 11 is calculated based upon 66,050,440 shares"

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

"disclaims beneficial ownership of these shares held by Master Fund other than"

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

"6 | Shared Voting Power 3,480,000.00"

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

"8 | Shared Dispositive Power 3,480,000.00"

Section 13(d) of the Securities Exchange Act of 1934 regulatory

"for the purpose of determining their obligations under Section 13(d) of the"

Section 13(d) of the Securities Exchange Act of 1934 is a U.S. rule that requires anyone who buys more than 5% of a public company’s shares to publicly disclose who they are, how many shares they own, and their intentions toward the company. For investors, this is like a neighborhood alert when someone acquires a large stake in a building: it reveals potential changes in control or strategy that could affect the stock’s price, governance, or future direction.

FAQ

What percentage of Evolus, Inc. (EOLS) does the Soleus group report owning?

The Soleus reporting group reports beneficial ownership of 5.3% of Evolus, Inc. common stock. This is based on 3,480,000 shares held and a total of 66,050,440 shares outstanding as of July 31, 2026, as referenced from Evolus’s Form 10-Q.

How many Evolus (EOLS) shares does the Soleus Capital Master Fund, L.P. hold?

Soleus Capital Master Fund, L.P. holds 3,480,000 shares of Evolus, Inc. common stock. These shares form the entire reported position for the Soleus-affiliated entities and Guy Levy in this Schedule 13G filing.

What voting and dispositive power does the Soleus group have over EOLS shares?

The Soleus group reports 0 shares with sole voting and dispositive power and 3,480,000 shares with shared voting and shared dispositive power. All reported power relates to shares held by Soleus Capital Master Fund, L.P.

On what share count is the 5.3% ownership of EOLS based?

The 5.3% ownership is calculated using 66,050,440 shares of Evolus common stock outstanding as of July 31, 2026, as stated on the cover of Evolus’s Form 10-Q for the quarter ended June 30, 2026.

Who are the reporting persons in the Soleus Schedule 13G for Evolus (EOLS)?

The reporting persons are Soleus Capital Master Fund, L.P., Soleus Capital, LLC, Soleus Capital Group, LLC, Soleus Capital Management, L.P., Soleus GP, LLC, and Guy Levy. They report as a group with shared voting and dispositive power over the same 3,480,000 shares.

Do the Soleus entities and Guy Levy admit full beneficial ownership of EOLS shares?

No. Each of Soleus Capital Master Fund, L.P. affiliates and Guy Levy expressly disclaims beneficial ownership of the shares beyond determining obligations under Section 13(d), stating that the filing is not an admission of beneficial ownership for any other purpose.

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Available on EDGAR 08/31/2026 - 04:32 PM Accepted by SEC EDGAR 08/31/2026 - 04:31 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Evolus, Inc.

(Name of Issuer)

Common Stock, par value $0.00001 per share

(Title of Class of Securities)

30052C107

(CUSIP Number)

08/27/2026

(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): 30052C107

1

Names of Reporting Persons

Soleus Capital Master Fund, L.P.

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 3,480,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,480,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,480,000.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Soleus Capital Master Fund, L.P. ("Master Fund"). Soleus Capital, LLC ("Soleus Capital") is the sole general partner of Master Fund, Soleus Capital Group, LLC ("SCG") is the sole managing member of Soleus Capital, Soleus Capital Management, L.P. ("SCM") is the investment manager for Master Fund, and Soleus GP, LLC is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and of Soleus GP, LLC. Each of SCG, Soleus Capital, SCM, Soleus GP, LLC and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 66,050,440 shares of the common stock of Evolus, Inc. (the "Issuer") outstanding as of July 31, 2026, as reported on the cover of the Issuer's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026, filed with the Securities and Exchange Commission on August 5, 2026 (the "Form 10-Q").

SCHEDULE 13G

CUSIP Number(s): 30052C107

1

Names of Reporting Persons

Soleus 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 3,480,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,480,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,480,000.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, SCM is the investment manager for Master Fund, and Soleus GP, LLC is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and of Soleus GP, LLC. Each of SCG, Soleus Capital, SCM, Soleus GP, LLC and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 66,050,440 shares of the common stock of the Issuer outstanding as of July 31, 2026, as set forth on the cover of the Form 10-Q.

SCHEDULE 13G

CUSIP Number(s): 30052C107

1

Names of Reporting Persons

Soleus Capital Group, 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 3,480,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,480,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,480,000.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, SCM is the investment manager for Master Fund, and Soleus GP, LLC is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and of Soleus GP, LLC. Each of SCG, Soleus Capital, SCM, Soleus GP, LLC and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 66,050,440 shares of the common stock of the Issuer outstanding as of July 31, 2026, as set forth on the cover of the Form 10-Q.

SCHEDULE 13G

CUSIP Number(s): 30052C107

1

Names of Reporting Persons

Soleus Capital Management, L.P.

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 3,480,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,480,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,480,000.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, SCM is the investment manager for Master Fund, and Soleus GP, LLC is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and of Soleus GP, LLC. Each of SCG, Soleus Capital, SCM, Soleus GP, LLC and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 66,050,440 shares of the common stock of the Issuer outstanding as of July 31, 2026, as set forth on the cover of the Form 10-Q.

SCHEDULE 13G

CUSIP Number(s): 30052C107

1

Names of Reporting Persons

Soleus GP, 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 3,480,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,480,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,480,000.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, SCM is the investment manager for Master Fund, and Soleus GP, LLC is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and of Soleus GP, LLC. Each of SCG, Soleus Capital, SCM, Soleus GP, LLC and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 66,050,440 shares of the common stock of the Issuer outstanding as of July 31, 2026, as set forth on the cover of the Form 10-Q.

SCHEDULE 13G

CUSIP Number(s): 30052C107

1

Names of Reporting Persons

Guy Levy

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 3,480,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,480,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,480,000.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, SCM is the investment manager for Master Fund, and Soleus GP, LLC is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and of Soleus GP, LLC. Each of SCG, Soleus Capital, SCM, Soleus GP, LLC and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 66,050,440 shares of the common stock of the Issuer outstanding as of July 31, 2026, as set forth on the cover of the Form 10-Q.

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: Soleus Capital Master Fund, L.P. Soleus Capital, LLC Soleus Capital Group, LLC Soleus Capital Management, L.P. Soleus GP, LLC Guy Levy
(b)	Address or principal business office or, if none, residence: Soleus Capital Master Fund, L.P., 100 Field Point Road, Suite 200, Greenwich, CT 06830 Soleus Capital, LLC, 100 Field Point Road, Suite 200, Greenwich, CT 06830 Soleus Capital Group, LLC, 100 Field Point Road, Suite 200, Greenwich, CT 06830 Soleus Capital Management, L.P., 100 Field Point Road, Suite 200, Greenwich, CT 06830 Soleus GP, LLC, 100 Field Point Road, Suite 200, Greenwich, CT 06830 Guy Levy, c/o Soleus Capital Management, L.P., 100 Field Point Road, Suite 200, Greenwich, CT 06830
(c)	Citizenship: Soleus Capital Master Fund, L.P. - Cayman Islands Soleus Capital, LLC - Delaware Soleus Capital Group, LLC - Delaware Soleus Capital Management, L.P. - Delaware Soleus GP, LLC - Delaware Guy Levy - United States
(d)	Title of class of securities: Common Stock, par value $0.00001 per share
(e)	CUSIP Number(s): 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 in rows 5 through 9 and 11 on the cover pages to this Schedule 13G, including the footnotes thereto, is hereby incorporated by reference. 3,480,000
(b)	Percent of class: 5.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 3,480,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 3,480,000
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.
	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.

Soleus Capital Master Fund, L.P.

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy / Managing Member of the Managing Member of the General Partner of Soleus Capital Master Fund, L.P.
Date:	08/31/2026

Soleus Capital, LLC

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy / Managing Member of the Managing Member of Soleus Capital, LLC
Date:	08/31/2026

Soleus Capital Group, LLC

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy / Managing Member
Date:	08/31/2026

Soleus Capital Management, L.P.

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy / Managing Member of the General Partner of Soleus Capital Management, L.P.
Date:	08/31/2026

Soleus GP, LLC

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy / Managing Member
Date:	08/31/2026

Guy Levy

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy / Individual
Date:	08/31/2026

Exhibit Information

Exhibit 99.A - Joint Filing Agreement