ADAR1 Capital Management and affiliates reported beneficial ownership of prefunded and milestone warrants and common stock equal to approximately 1,717,009–1,717,426 shares, representing 9.9% of Grace Therapeutics' common stock on a reported basis. The filing states the share counts reflect warrants and direct holdings and cites 15,474,026 shares outstanding as of February 12, 2026 from the Issuer's Form 10-Q. The Schedule 13G/A clarifies that certain warrants are excluded from the percentage calculations because their exchange/exercise is subject to 9.99% beneficial ownership limitations. The filing is signed by Daniel Schneeberger in his managerial and individual capacities.
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Insights
ADAR1 reports near-10% indirect stake via warrants and managed entities.
ADAR1 Capital Management, ADAR1 Capital Management GP, LLC, and Daniel Schneeberger report shared beneficial ownership positions of 1,717,009 to 1,717,426 shares, each shown as 9.9% of the Issuer's outstanding shares based on February 12, 2026.
The positions principally reflect prefunded and milestone warrants; the filing excludes 412,288 and 22,081 warrant shares from the percentages because those instruments are subject to a 9.99% beneficial ownership cap. Subsequent filings may show conversions or exercises that change reported percentages.
Filing clarifies indirect holdings and beneficial ownership limitations under Schedule 13G/A rules.
The Schedule 13G/A attributes holdings to ADAR1 entities and to Mr. Schneeberger in his capacity as manager or control person, and cites the Issuer's Form 10-Q for the outstanding share base of 15,474,026 shares as of February 12, 2026.
The disclosure highlights that certain warrant exchanges/exercises are restricted by a 9.99% cap; cash‑flow treatment is not stated in the excerpt and further filings will disclose any exercises or transfers affecting ownership.
Key Figures
Reported beneficial shares:1,717,009 sharesAlternate reported shares:1,717,426 sharesPercent of class:9.9%+3 more
6 metrics
Reported beneficial shares1,717,009 sharesADAR1 Capital Management beneficial ownership as reported
Alternate reported shares1,717,426 sharesADAR1 Capital Management GP reported beneficial ownership
Percent of class9.9%Percent of common stock based on disclosed outstanding shares
Shares outstanding (source)15,474,026 sharesIssuer's Form 10-Q as of <date>February 12, 2026</date>
Excluded warrant tranche A412,288 sharesWarrant shares excluded due to 9.99% beneficial ownership limitation
Excluded warrant tranche B22,081 sharesWarrant shares excluded due to 9.99% beneficial ownership limitation
"Includes ... 1,713,259 shares of Common Stock underlying prefunded and milestone warrants"
Prefunded warrants are a security that gives the holder the right to convert the warrant into a share after paying a very small remaining amount because almost the full purchase price was paid upfront. They matter to investors because exercising them increases the company’s outstanding shares (dilution) and can provide immediate cash to the issuer while allowing holders to bypass ownership limits or simplify timing, similar to buying a nearly-complete gift card that only needs a tiny top-up to use.
beneficial ownership limitationregulatory
"the exchange and exercise of which are subject to 9.99% beneficial ownership limitations"
A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.
Schedule 13G/Aregulatory
"This Schedule is being filed on behalf of each of the following persons"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5)
Grace Therapeutics, Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
00439U104
(CUSIP Number)
03/31/2026
(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):
00439U104
1
Names of Reporting Persons
ADAR1 Capital Management, 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
TEXAS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,717,009.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,717,009.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,717,009.00
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)
9.9 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: Includes (i) 3,750 shares of common stock, par value $0.0001 per share ("Common Stock") held by Spearhead Insurance Solutions IDF, LLC and (ii) 1,713,259 shares of Common Stock underlying prefunded and milestone warrants held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC as of March 31, 2026. Excludes 412,288 shares of Common Stock underlying prefunded and milestone warrants held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC, the exchange and exercise of which are subject to 9.99% beneficial ownership limitations. As the investment manager of ADAR1 Partners, LP and as the sub-advisor of Spearhead Insurance Solutions IDF, LLC, ADAR1 Capital Management, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC.
Based on 15,474,026 shares of Common Stock of Grace Therapeutics, Inc. (the "Issuer") outstanding as of February 12, 2026, reported in the Issuer's Form 10-Q for the quarterly period ended December 31, 2025, filed with the Securities and Exchange Commission on February 12, 2026.
SCHEDULE 13G
CUSIP Number(s):
00439U104
1
Names of Reporting Persons
ADAR1 Capital Management 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
TEXAS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,717,426.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,717,426.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,717,426.00
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)
9.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Includes 1,717,426 shares of Common Stock underlying prefunded and milestone warrants held by ADAR1 Partners, LP as of March 31, 2026. Excludes 22,081 shares of Common Stock underlying prefunded and milestone warrants held by ADAR1 Partners, LP, the exchange and exercise of which are subject to the 9.99% beneficial ownership limitations. As the general partner of ADAR1 Partners, LP, ADAR1 Capital Management GP, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP.
Based on 15,474,026 shares of Common Stock of Grace Therapeutics, Inc. (the "Issuer") outstanding as of February 12, 2026, reported in the Issuer's Form 10-Q for the quarterly period ended December 31, 2025, filed with the Securities and Exchange Commission on February 12, 2026.
SCHEDULE 13G
CUSIP Number(s):
00439U104
1
Names of Reporting Persons
Daniel Schneeberger
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
SWITZERLAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,717,009.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,717,009.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,717,009.00
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)
9.9 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Includes (i) 3,750 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC and (ii) 1,713,259 shares of Common Stock underlying prefunded and milestone warrants held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC as of March 31, 2026. Excludes 412,288 shares of Common Stock underlying prefunded and milestone warrants held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC, the exchange and exercise of which are subject to 9.99% beneficial ownership limitations. As the manager of ADAR1 Capital Management, LLC and ADAR1 Capital Management GP, LLC, Mr. Schneeberger may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC.
Based on 15,474,026 shares of Common Stock of Grace Therapeutics, Inc. (the "Issuer") outstanding as of February 12, 2026, reported in the Issuer's Form 10-Q for the quarterly period ended December 31, 2025, filed with the Securities and Exchange Commission on February 12, 2026.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Grace Therapeutics, Inc.
(b)
Address of issuer's principal executive offices:
103 Carnegie Center, Suite 300, Princeton, NJ 08540
Item 2.
(a)
Name of person filing:
This Schedule is being filed on behalf of each of the following persons (each, a "Reporting Person" and collectively, the "Reporting Persons"):
(i) ADAR1 Capital Management, LLC ("ADAR1 Capital Management");
(ii) ADAR1 Capital Management GP, LLC ("ADAR1 General Partner"); and
(iii) Daniel Schneeberger ("Mr. Schneeberger").
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Reporting Persons is 3503 Wild Cherry Drive, Building 9, Austin, Texas 78738.
(c)
Citizenship:
(i) ADAR1 Capital Management is a Texas limited liability company;
(ii) ADAR1 General Partner is a Texas limited liability company; and
(iii) Mr. Schneeberger is a citizen of Switzerland.
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
00439U104
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 contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(b)
Percent of class:
The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
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.
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.
Mr. Schneeberger is filing this Schedule 13G as a control person in respect of shares beneficially owned by ADAR1 Capital Management, an investment adviser as described in SS 240.13d-1(b)(1)(ii)(E).
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 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.
The filing reports a beneficial position of approximately 1,717,009–1,717,426 shares, shown as 9.9%. This percentage uses the Issuer's reported outstanding share count of 15,474,026 as of February 12, 2026 and includes warrant-derived shares.
Do the reported shares include warrants for GRCE?
Yes. The counts principally reflect prefunded and milestone warrants and a small number of directly held common shares. The filing also states specific warrant tranches that are excluded due to ownership caps.
What are the beneficial ownership limitations mentioned?
The filing cites a 9.99% beneficial ownership limitation that prevents exchange/exercise beyond that threshold. Specific excluded amounts are 412,288 and 22,081 warrant shares in the disclosed schedules.
Who signed the Schedule 13G/A for GRCE?
The Schedule 13G/A is signed by Daniel Schneeberger in his roles as manager of the ADAR1 entities and in his individual capacity, with signature dates shown as 05/15/2026.
