Schedule 13G/A: Nantahala Holds 1.404M GRCE Shares Including Warrants

Rhea-AI Filing Summary

Grace Therapeutics, Inc. Schedule 13G/A reports that Nantahala Capital Management, LLC and its principals Wilmot B. Harkey and Daniel Mack together may be deemed beneficial owners of 1,404,032 shares of Grace Therapeutics common stock, representing 9.99% of the class as of June 30, 2025. The reported position is held by funds and separately managed accounts under Nantahala's control and includes 225,831 shares that may be acquired within sixty days through the exercise of warrants. The filing shows no sole voting or dispositive power; all voting and dispositive authority is reported as shared among the reporting persons.

Positive

• Transparent disclosure of beneficial ownership at 9.99% for Nantahala and the named individuals
• Includes exercisable warrants in the beneficial ownership total (225,831 shares), clarifying near-term potential interest

Negative

• No sole voting or dispositive power reported; all authority is listed as shared rather than sole
• Position is just below 10%, which may limit certain disclosure classifications (reported as Schedule 13G/A rather than a 13D)

Insights

Securities Analyst

TL;DR: Nantahala reports a just-under-10% stake (including exercisable warrants) with shared voting and dispositive power, disclosed under Schedule 13G/A.

The filing indicates passive ownership held in the ordinary course by an investment adviser and its principals. The 9.99% figure is material for disclosure thresholds and includes 225,831 shares exercisable within sixty days, which is relevant to calculating potential voting dilution. Absence of sole voting or dispositive power suggests control is not asserted by the reporting persons; the filing is consistent with a passive investor disclosure rather than an active control filing.

Corporate Governance Specialist

TL;DR: Reporting structure shows shared authority and classification as an investment adviser filing, implying compliance with passive investor rules.

The statement classifies Nantahala as an investment adviser and Messrs. Harkey and Mack as control persons only to the extent of their roles with Nantahala. The explicit inclusion of warrants exercisable within sixty days is appropriate for beneficial ownership calculation. The filing does not indicate group formation or any intention to influence issuer control, and it provides clear allocation of voting and dispositive powers as shared rather than sole.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

GRACE THERAPEUTICS, INC.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

00439U104

(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. 00439U104

1

Names of Reporting Persons

Nantahala 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

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,404,032.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,404,032.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,404,032.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 00439U104

1

Names of Reporting Persons

Wilmot B. Harkey

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 1,404,032.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,404,032.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,404,032.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 00439U104

1

Names of Reporting Persons

Daniel Mack

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 1,404,032.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,404,032.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,404,032.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

HC

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, NEW JERSEY, 08540
Item 2.
(a)	Name of person filing: (1) Nantahala Capital Management, LLC ("Nantahala") (2) Wilmot B. Harkey (3) Daniel Mack (together the "Reporting Persons")
(b)	Address or principal business office or, if none, residence: 130 Main St. 2nd Floor, New Canaan, Connecticut 06840
(c)	Citizenship: (1) Nantahala is a Massachusetts limited liability company. (2) Each of Messrs. Harkey and Mack is a citizen of the United States of America.
(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: As of June 30, 2025, Nantahala may be deemed to be the beneficial owner of 1,404,032 Shares held by funds and separately managed accounts under its control, and as the managing members of Nantahala, each of Messrs. Harkey and Mack may be deemed to be a beneficial owner of those Shares. The 1,404,032 Shares includes 225,831 Shares which may be acquired by the Reporting Persons within sixty days through the exercise of warrants.
(b)	Percent of class: As of June 30, 2025, each of the Reporting Persons may be deemed to be the beneficial owner of the following percentage of the total number of Shares outstanding: (1) Nantahala Capital Management, LLC ("Nantahala") : 9.99% (2) Wilmot B. Harkey: 9.99% (3) Daniel Mack: 9.99%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (1) Nantahala Capital Management, LLC ("Nantahala") : 0 Shares. (2) Wilmot B. Harkey: 0 Shares. (3) Daniel Mack: 0 Shares.
	(ii) Shared power to vote or to direct the vote: (1) Nantahala Capital Management, LLC ("Nantahala") : 1,404,032 Shares. (2) Wilmot B. Harkey: 1,404,032 Shares. (3) Daniel Mack: 1,404,032 Shares.
	(iii) Sole power to dispose or to direct the disposition of: (1) Nantahala Capital Management, LLC ("Nantahala") : 0 Shares. (2) Wilmot B. Harkey: 0 Shares. (3) Daniel Mack: 0 Shares.
	(iv) Shared power to dispose or to direct the disposition of: (1) Nantahala Capital Management, LLC ("Nantahala") : 1,404,032 Shares. (2) Wilmot B. Harkey: 1,404,032 Shares. (3) Daniel Mack: 1,404,032 Shares.
Item 5.	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.
	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. Each of Messrs. Harkey and Mack is filing this Schedule 13G as a control person in respect of shares beneficially owned by Nantahala, an investment adviser as described in ss. 240.13d-1(b)(1)(ii)(E). See Item 4(a).
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.

Nantahala Capital Management, LLC

Signature:	/s/ Taki Vasilakis
Name/Title:	Taki Vasilakis / Chief Compliance Officer
Date:	08/14/2025

Wilmot B. Harkey

Signature:	/s/ Wilmot B. Harkey
Name/Title:	Wilmot B. Harkey
Date:	08/14/2025

Daniel Mack

Signature:	/s/ Daniel Mack
Name/Title:	Daniel Mack
Date:	08/14/2025

FAQ

How many shares of GRCE does Nantahala Capital Management report owning?

The filing reports 1,404,032 shares beneficially owned by Nantahala and the named reporting persons.

What percentage of GRCE does the 13G/A filing represent?

The reported position represents 9.99% of the outstanding class as stated in the filing.

Does the filing include options or warrants in the ownership total for GRCE?

Yes. The total includes 225,831 shares that may be acquired within sixty days through the exercise of warrants.

Do the reporting persons claim sole voting or dispositive power over GRCE shares?

No. The filing reports 0 sole voting power and 0 sole dispositive power; all voting and dispositive power is reported as shared (1,404,032 shares).

Under what classification is Nantahala filing this statement?

Nantahala is identified as an investment adviser and the filing is submitted on Schedule 13G/A consistent with passive ownership disclosure.