Janus Henderson Reports 20.8M Shares (14.2%) in 89BIO on Schedule 13G/A

Rhea-AI Filing Summary

Janus Henderson Group plc filed a Schedule 13G/A disclosing beneficial ownership of 20,788,363 shares of 89BIO, Inc., equal to 14.2% of the class. The filing reports shared voting power and shared dispositive power of 20,788,363 shares and indicates no sole voting or dispositive power for that reporting person.

Janus Henderson Biotech Innovation Master Fund Ltd separately reports beneficial ownership of 7,392,199 shares (5.1%) with shared voting and dispositive power. Item 4 notes JHIUS may be deemed the beneficial owner of 20,463,654 shares (13.3%). A power of attorney executed December 9, 2022 is attached, and the filing is signed by Kristin Mariani on 08/14/2025.

Positive

• Janus Henderson Group plc reported a material holding of 20,788,363 shares (14.2%) in 89BIO, Inc.
• Janus Henderson Biotech Innovation Master Fund Ltd reported a separate beneficial holding of 7,392,199 shares (5.1%).
• Filing includes an explicit power of attorney (dated December 9, 2022), clarifying authorized signatories for regulatory filings.

Negative

• No sole voting or dispositive power is reported for the filing entities; all reported authority is shared (sole power = 0).
• Related entity reporting shows differing beneficial ownership figures (20,788,363 at 14.2% vs 20,463,654 at 13.3%), which may require reconciliation for precise attribution.

Insights

Financial Analyst

TL;DR: Janus Henderson disclosed a material 14.2% stake in 89BIO with shared voting and dispositive power over 20.8M shares.

The filing documents a sizable ownership position: 20,788,363 shares (14.2%) held by Janus Henderson Group plc with shared voting and dispositive authority. Holdings above 5% must be disclosed and are material to ownership structure; the presence of shared power indicates the position is held via managed vehicles or affiliates rather than as sole, direct control. The Janus Henderson Biotech Innovation Master Fund Ltd also reports 7,392,199 shares (5.1%), which is separately material. These figures are relevant to analysts modeling shareholder base concentration and potential voting outcomes at corporate actions.

Corporate Governance Expert

TL;DR: Reporting shows significant shared voting/dispositive power and an attached power of attorney covering authorized filers.

The Schedule 13G/A shows that voting and dispositive rights for the disclosed positions are recorded as shared rather than sole, with sole power listed as zero for the reporting persons. The filing identifies related advisory subsidiaries (JHIUS, JHIUKL, JHIAIFML) and includes a power of attorney dated December 9, 2022, authorizing named signatories to file on behalf of Janus Henderson. For governance review, the combination of >5% holdings, shared power, and delegated filing authority are key facts when assessing potential influence, notification obligations, and the mechanics of voting coordination among affiliates.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

89BIO, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

282559103

(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. 282559103

1

Names of Reporting Persons

JANUS HENDERSON GROUP PLC

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

JERSEY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 20,788,363.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 20,788,363.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

20,788,363.00

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)

14.2 %

12

Type of Reporting Person (See Instructions)

IA, HC

SCHEDULE 13G

CUSIP No. 282559103

1

Names of Reporting Persons

Janus Henderson Biotech Innovation 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

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,392,199.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,392,199.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,392,199.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

Item 1.
(a)	Name of issuer: 89BIO, INC.
(b)	Address of issuer's principal executive offices: 655 MONTGOMERY STREE, SUITE 1500 SAN FRANCISCO, CA 94111
Item 2.
(a)	Name of person filing: Janus Henderson Group plc
(b)	Address or principal business office or, if none, residence: 201 Bishopsgate EC2M 3AE, United Kingdom
(c)	Citizenship: Y9
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 282559103
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: JHIUS may be deemed to be the beneficial owner of 20,463,654 shares
(b)	Percent of class: 13.3 %
(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: 20463654
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 20463654
Item 5.	Ownership of 5 Percent or Less of a Class.
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. N/A
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. JHIUS, JHIUKL and JHIAIFML are indirect subsidiaries of Janus Henderson and are registered investment advisers furnishing investment advice to Managed Portfolios.
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. N/A
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. N/A

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.

JANUS HENDERSON GROUP PLC

Signature:	Kristin Mariani
Name/Title:	Head of North America Compliance, CCO
Date:	08/14/2025

Janus Henderson Biotech Innovation Master Fund Ltd

Signature:	Kristin Mariani
Name/Title:	Head of North America Compliance, CCO
Date:	08/14/2025

Exhibit Information

POWER OF ATTORNEY The undersigned, Janus Henderson Group plc ("the Company"), does hereby make, constitute and appoint each of Kristin Mariani and Caroline Barotti acting severally, as its true and lawful attorneys in-fact, for the purpose of, from time to time, executing in its name and on its behalf, whether the Company individually or as representative of others, any and all documents, certificates, instruments, statements, other filings and amendments to the foregoing (collectively, "documents") determined by such person to be necessary or appropriate to comply with ownership or control-person reporting requirements imposed by any United States or non-United States governmental or regulatory authority, including, without limitation, Forms 13D, 13F, 13G and 13H and any amendments to any of the foregoing as may be required to be filed with the Securities and Exchange Commission, and delivering, furnishing or filing any such documents with the appropriate governmental, regulatory authority or other person, and giving and granting to each such attorney-in-fact power and authority to act in the premises as fully and to all intents and purposes as the Company might or could do if personally present by one of its authorized signatories, hereby ratifying and confirming all that said attorney-in-fact shall lawfully do or cause to be done by virtue hereof. Any such determination by an attorney-in-fact named herein shall be conclusively evidenced by such person's execution, delivery, furnishing or filing of the applicable document. This power of attorney shall be valid from the date hereof and shall remain in full force and effect until either revoked in writing by the Company, or, in respect of any attorney-in-fact named herein, until such person ceases to be an employee of the Company or one of its affiliates. IN WITNESS WHEREOF, the undersigned has caused this power of attorney to be executed as of this 9th day of December, 2022. Janus Henderson Group plc By: /s/ Michelle Rosenberg Name: Michelle Rosenberg Title: General Counsel and Company Secretary

FAQ

Who filed the Schedule 13G/A for 89BIO, Inc.?

The filing was made by Janus Henderson Group plc and includes a separate report for Janus Henderson Biotech Innovation Master Fund Ltd; it is signed by Kristin Mariani on 08/14/2025.

How many 89BIO shares did Janus Henderson report owning?

Janus Henderson Group plc reported beneficial ownership of 20,788,363 shares, representing 14.2% of the class.

Does the filer report voting or dispositive power over the shares?

The filing reports shared voting power and shared dispositive power for the reported holdings; sole voting and dispositive power are listed as 0 for the reporting persons.

What stake did Janus Henderson Biotech Innovation Master Fund Ltd report?

The fund reported beneficial ownership of 7,392,199 shares, equal to 5.1% of the class, with shared voting and dispositive power.

Is there a power of attorney included with the filing?

Yes. The filing attaches a power of attorney executed on December 9, 2022, authorizing named attorneys-in-fact to file required ownership reports on behalf of Janus Henderson.