Sands Capital fund lifts IKT stake to 13.0M shares via $1.45 buy

Rhea-AI Filing Summary

Sands Capital Life Sciences Pulse Fund II, L.P. filed a Form 4 reporting a purchase of 2,068,965 shares of Inhibikase Therapeutics, Inc. (IKT) common stock in an underwritten public offering on 11/21/2025 at $1.45 per share. Following this transaction, the fund reports holding 13,018,965 shares directly.

The filing is made jointly by related entities, including Sands Capital Alternatives, LLC and affiliates, with the reporting persons identified as a director and 10% owner of IKT. Footnotes explain that additional Series A-1 and Series B-1 warrants to purchase 5,475,000 and 10,068,120 shares of common stock, respectively, are not included in the reported beneficial ownership because they are not exercisable within 60 days and are subject to a 19.99% beneficial ownership cap.

Insights

Equity Ownership Analyst

Form 4 shows a large IKT share purchase by a 10% owner at $1.45.

The filing shows Sands Capital Life Sciences Pulse Fund II, L.P. acquiring 2,068,965 shares of Inhibikase Therapeutics (IKT) common stock at $1.45 per share in an underwritten public offering dated 11/21/2025. After this transaction, the fund reports holding 13,018,965 IKT shares directly, reinforcing its role as a significant shareholder and 10% owner.

Footnotes describe additional potential exposure through a Series A-1 warrant for 5,475,000 shares and a Series B-1 warrant for 10,068,120 shares, both acquired under an October 2024 purchase agreement. These warrants are not currently counted as beneficially owned because they are not exercisable within 60 days of the filing and are subject to a 19.99% ownership cap upon exercise, which limits how many shares can be obtained at once.

The reporting structure involves multiple related entities (Sands Capital Alternatives, LLC and affiliated general partners), with Frank M. Sands holding ultimate voting and investment power subject to pecuniary interest disclaimers. Future ownership levels will depend on any later warrant exercisability once the conditions tied to the warrant registration statement and the 19.99% cap are met under the terms described.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Sands Capital Life Sciences Pulse Fund II, L.P.

(Last) (First) (Middle)

C/O SANDS CAPITAL ALTERNATIVES, LLC

1000 WILSON BOULEVARD, SUITE 3000

(Street)

ARLINGTON VA 22209

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Inhibikase Therapeutics, Inc. [ IKT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/21/2025		P(5)		2,068,965	A	$1.45	13,018,965(1)(2)(3)	D(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Sands Capital Life Sciences Pulse Fund II, L.P.

(Last) (First) (Middle)

C/O SANDS CAPITAL ALTERNATIVES, LLC

1000 WILSON BOULEVARD, SUITE 3000

(Street)

ARLINGTON VA 22209

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Sands Capital Alternatives, LLC

(Last) (First) (Middle)

1000 WILSON BOULEVARD, SUITE 3000

(Street)

ARLINGTON VA 22209

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

SANDS FRANK M.

(Last) (First) (Middle)

1000 WILSON BLVD

SUITE 3000

(Street)

ARLINGTON VA

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This report does not include a Series A-1 warrant to purchase 5,475,000 shares of Common Stock (the "Series A-1 Warrant") or a Series B-1 warrant to purchase 10,068,120 shares of Common Stock (the "Series B-1 Warrant"), in each case held by Sands Capital Life Sciences Pulse Fund II, L.P. ("Sands Pulse Fund II"), each of which was purchased by Sands Pulse Fund II from the Issuer pursuant to that certain securities purchase agreement dated October 9, 2024 between the Issuer and, among certain other institutional and accredited investors, Sands Pulse Fund II (the "Purchase Agreement").

2. (Continued from footnote 1) The Series A-1 Warrant is exercisable on the earlier of (a) the 75th calendar day following the initial filing date of the registration statement covering the resale of the shares of Common Stock underlying the Series A-1 warrants and Series B-1 warrants issued pursuant to the Purchase Agreement (the "Warrant Initial Registration Statement") if the Securities and Exchange Commission ("SEC") notifies the Issuer that it will "review" the Warrant Initial Registration Statement and (b) the fifth business day after the date the Issuer is notified (orally or in writing, whichever is earlier) by the SEC that the Warrant Initial Registration Statement will not be "reviewed" or(even if previously subject to review pursuant to clause (a) of this sentence) will not be subject to further review (the "Initial Exercise Date"). The Series B-1 Warrant is exercisable on the Initial Exercise Date, provided that, to the extent exercisable,

3. (Continued from footnote 2) the Series A-1 Warrant issued to Sands Pulse Fund II has been exercised in full either by Sands Pulse Fund II or its transferee permitted by the terms of the Series A-1 Warrant. The Series A-1 Warrant and the Series B-1 Warrant each provide that the holder of such warrant will not have the right to exercise any portion of such warrant if such holder, together with its affiliates, would beneficially own in excess of 19.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. The Reporting Persons each disclaim beneficial ownership of the shares of Common Stock underlying each of the Series A-1 Warrant and Series B-1Warrant because neither the Series A-1 Warrant nor the Series B-1 Warrant is exercisable within 60 days of this filing and such date is not determinable at this time.

4. Represents shares of common stock, par value $0.001, of the Issuer ("Common Stock") held by Sands Pulse Fund II. Sands Capital Alternatives, LLC ("Sands Alternatives") is the investment manager of Sands Pulse Fund II. Sands Capital Life Sciences Pulse Fund II-GP, L.P. ("Sands Pulse GP L.P.") is the general partner of Sands Pulse Fund II. Sands Capital Life Sciences Pulse Fund II-GP, LLC ("Sands Pulse GP LLC") is the general partner of Sands Pulse GP L.P. Sands Alternatives, Sands Pulse GP L.P. and Sands Pulse GPLLC each disclaim beneficial ownership of such securities except to the extent of their relative pecuniary interest therein. Frank M. Sands holds ultimate voting and investment power over these securities and may be deemed to beneficially own the securities. Mr. Sands disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

5. The securities reported herein were acquired in an underwritten public offering by the Issuer at the public offering price of $1.45 per share.

	Sands Capital Life Sciences Pulse Fund II, L.P., By: Sands Capital Life Sciences Pulse Fund II-GP, L.P., its General Partner, By: Sands Capital Life Sciences Pulse Fund II-GP, LLC, its General Partner, By: /s/ Jonathan Goodman, General Counsel	11/24/2025
	Sands Capital Alternatives, LLC, By: /s/ Jonathan Goodman, General Counsel	11/24/2025
	/s/ Frank M. Sands	11/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What transaction did Sands Capital report in this Form 4 for Inhibikase Therapeutics (IKT)?

The Form 4 reports that Sands Capital Life Sciences Pulse Fund II, L.P. acquired 2,068,965 shares of Inhibikase Therapeutics (IKT) common stock in an underwritten public offering on 11/21/2025 at $1.45 per share.

How many Inhibikase (IKT) shares does Sands Pulse Fund II report owning after the transaction?

After the reported purchase, Sands Pulse Fund II reports beneficial ownership of 13,018,965 shares of Inhibikase Therapeutics common stock in direct form.

Who are the reporting persons in this IKT Form 4 and what is their relationship to the issuer?

The reporting persons include Sands Capital Life Sciences Pulse Fund II, L.P., Sands Capital Alternatives, LLC, related general partner entities, and Frank M. Sands. They are identified as having roles including director and 10% owner of Inhibikase Therapeutics.

What warrants related to Inhibikase (IKT) are mentioned but not included in the reported beneficial ownership?

The footnotes describe a Series A-1 warrant to purchase 5,475,000 shares and a Series B-1 warrant to purchase 10,068,120 shares of IKT common stock, both held by Sands Pulse Fund II. These warrants are not included in the beneficial ownership totals in the Form 4.

Why are the Series A-1 and Series B-1 IKT warrants excluded from beneficial ownership in this Form 4?

They are excluded because the warrants are not exercisable within 60 days of the filing date and are subject to a provision that the holder will not exercise them if doing so would result in beneficial ownership of more than 19.99% of IKT's outstanding common stock immediately after exercise.

At what price were the reported IKT shares acquired in the underwritten public offering?

The Form 4 states that the reported shares of Inhibikase Therapeutics common stock were acquired in an underwritten public offering at a public offering price of $1.45 per share.