Inhibikase Therapeutics, Inc. attracted a significant institutional holder, with ADAR1-affiliated entities reporting beneficial ownership of 9.9% of its common stock. ADAR1 Capital Management, ADAR1 Capital Management GP and manager Daniel Schneeberger report shared voting and dispositive power over between 12.5 million and 12.7 million shares, including milestone warrant shares.
The holdings span limited partnerships, a Spearhead Insurance vehicle and separately managed accounts, with additional milestone warrants contractually limited by a 9.99% beneficial ownership cap. Ownership percentages are based on 120,899,650 Inhibikase common shares outstanding as of November 24, 2025.
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Insights
ADAR1-linked entities report a 9.9% economic stake, signaling a large but non-controlling position.
ADAR1 Capital Management, its general partner and Daniel Schneeberger collectively report beneficial ownership of 9.9% of Inhibikase Therapeutics’ common stock. The position combines common shares and milestone warrant exposure across funds, an insurance vehicle and managed accounts.
The filing specifies shared, not sole, voting and dispositive power and includes a 9.99% beneficial ownership limitation on certain milestone warrants, which constrains how much can be exercised at any time. The certification states the stake is held in the ordinary course of business and not for changing or influencing control.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Inhibikase Therapeutics, Inc.
(Name of Issuer)
Common Stock, $0.001 par value
(Title of Class of Securities)
45719W205
(CUSIP Number)
12/31/2025
(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.
45719W205
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
12,523,371.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
12,523,371.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,523,371.00
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) 6,030,160 shares of common stock, par value $0.001 per share ("Common Stock") held by ADAR1 Partners, LP, (ii) 916,571 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC, (iii) 510,949 shares of Common Stock held by ADAR1 SPV I, LP, (iv) 606,269 shares of Common Stock held by other separately managed accounts and (v) 4,459,422 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP, Spearhead Insurance Solutions IDF, LLC, and ADAR1 SPV I, LP as of December 31, 2025. Excludes 2,794,034 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP, Spearhead Insurance Solutions IDF, LLC, and ADAR1 SPV I, LP, the exchange and exercise of which are subject to 9.99% beneficial ownership limitations. As the investment manager of ADAR1 Partners, LP and ADAR1 SPV I, LP and as the sub-advisor of Spearhead Insurance Solutions IDF, LLC and the separately managed accounts referenced above, ADAR1 Capital Management, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP, Spearhead Insurance Solutions IDF, LLC, ADAR1 SPV I, LP and the separately managed accounts.
Based on 120,899,650 shares of Common Stock of Inhibikase Therapeutics, Inc. (the "Issuer") outstanding as of November 24, 2025, reported in the Issuer's prospectus supplement filed with the Securities and Exchange Commission on December 19, 2025.
SCHEDULE 13G
CUSIP No.
45719W205
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
12,692,387.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
12,692,387.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,692,387.00
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 (i) 6,030,160 shares of common stock, par value $0.001 per share ("Common Stock") held by ADAR1 Partners, LP, (ii) 510,949 shares of Common Stock held by ADAR1 SPV I, LP and (iii) 6,151,278 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP and ADAR1 SPV I, LP as of December 31, 2025. As the general partner of ADAR1 Partners, LP and ADAR1 SPV I, LP, ADAR1 Capital Management GP, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP and ADAR1 SPV I, LP.
Based on 120,899,650 shares of Common Stock of Inhibikase Therapeutics, Inc. (the "Issuer") outstanding as of November 24, 2025, reported in the Issuer's prospectus supplement filed with the Securities and Exchange Commission on December 19, 2025.
SCHEDULE 13G
CUSIP No.
45719W205
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
12,523,371.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
12,523,371.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,523,371.00
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) 6,030,160 shares of common stock, par value $0.001 per share ("Common Stock") held by ADAR1 Partners, LP, (ii) 916,571 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC, (iii) 510,949 shares of Common Stock held by ADAR1 SPV I, LP, (iv) 606,269 shares of Common Stock held by other separately managed accounts and (v) 4,459,422 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP, Spearhead Insurance Solutions IDF, LLC, and ADAR1 SPV I, LP as of December 31, 2025. Excludes 2,794,034 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP, Spearhead Insurance Solutions IDF, LLC, and ADAR1 SPV I, LP, 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, Spearhead Insurance Solutions IDF, LLC, ADAR1 SPV I, LP, and the separately managed accounts referenced above.
Based on 120,899,650 shares of Common Stock of Inhibikase Therapeutics, Inc. (the "Issuer") outstanding as of November 24, 2025, reported in the Issuer's prospectus supplement filed with the Securities and Exchange Commission on December 19, 2025.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Inhibikase Therapeutics, Inc.
(b)
Address of issuer's principal executive offices:
1000 N. West Street, Suite 1200, Wilmington, DE 19801
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, $0.001 par value
(e)
CUSIP No.:
45719W205
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.
How much of Inhibikase Therapeutics (IKT) stock do ADAR1 entities report owning?
ADAR1-affiliated entities report beneficial ownership of 9.9% of Inhibikase Therapeutics’ common stock. This reflects shared voting and dispositive power over roughly 12.5–12.7 million shares, including common stock and milestone warrant shares, based on 120,899,650 shares outstanding as of November 24, 2025.
Who are the reporting persons in the Inhibikase Therapeutics (IKT) Schedule 13G/A?
The Schedule 13G/A is filed on behalf of ADAR1 Capital Management, LLC, ADAR1 Capital Management GP, LLC, and Daniel Schneeberger. They report indirect beneficial ownership through ADAR1 Partners, LP, ADAR1 SPV I, LP, Spearhead Insurance Solutions IDF, LLC and other separately managed accounts.
What securities make up ADAR1’s reported 9.9% stake in Inhibikase Therapeutics (IKT)?
The reported stake includes common stock and milestone warrant shares across several vehicles. These are holdings of ADAR1 Partners, LP, ADAR1 SPV I, LP, Spearhead Insurance Solutions IDF, LLC and other separately managed accounts, with part of the position represented by common stock underlying milestone warrants.
What is the beneficial ownership limitation on ADAR1’s milestone warrants in Inhibikase Therapeutics (IKT)?
Certain milestone warrants held by ADAR1-related entities are subject to a 9.99% beneficial ownership limitation. This cap restricts exchanges and exercises of those warrants so overall beneficial ownership does not exceed 9.99%, thereby limiting how many underlying shares can be held at any given time.
On what share count is ADAR1’s 9.9% ownership of Inhibikase Therapeutics (IKT) based?
The 9.9% beneficial ownership figure is based on 120,899,650 shares of common stock outstanding. This outstanding share count for Inhibikase Therapeutics is taken from a prospectus supplement that reported shares outstanding as of November 24, 2025.
Does ADAR1’s Inhibikase Therapeutics (IKT) filing indicate an intent to influence control of the company?
The certification states the securities were acquired and are held in the ordinary course of business. It further states they were not acquired and are not held for the purpose or effect of changing or influencing control of Inhibikase Therapeutics, other than limited nomination-related activities allowed by rule.
