ADAR1 Files Schedule 13G/A Showing Near-10% Ownership of IKT

Rhea-AI Filing Summary

ADAR1 entities and manager Daniel Schneeberger report collectively holding 7,682,503 to 7,737,694 shares of Inhibikase Therapeutics, Inc. (IKT), representing 9.9% of the outstanding common stock as of June 30, 2025. The filing breaks down holdings across ADAR1 Partners, LP; Spearhead Insurance Solutions IDF, LLC; and ADAR1 SPV I, LP, and includes both issued shares and shares underlying milestone warrants. The filing also discloses that additional milestone warrants (several million shares) are excluded from beneficial ownership calculations because their exercise or exchange is subject to a 9.99% ownership limitation. The report is filed under Schedule 13G/A and is signed by Daniel Schneeberger as manager and in his individual capacity.

Positive

• Clear, detailed disclosure of beneficial ownership totaling 7,682,503–7,737,694 shares representing 9.9% of IKT outstanding.
• Breakout of holdings includes issued shares and shares underlying milestone warrants, improving investor transparency.
• Warrant exercise caps disclosed (9.99% limitations) which limit sudden increases in beneficial ownership and potential control shifts.

Negative

• Significant portion of exposure is via milestone warrants, which introduces uncertainty about eventual dilution and timing of share issuance.
• Excluded additional warrants totaling millions of shares from the reported beneficial ownership due to exercise limits, which could mask potential future changes if contractual limits change.

Insights

Securities Analyst

TL;DR: ADAR1 disclosures show near-10% stake in IKT with significant warrant exposure but capped by 9.99% ownership limits.

The Schedule 13G/A documents that ADAR1-affiliated entities and Mr. Schneeberger beneficially own roughly 7.68–7.74 million shares, equal to 9.9% of IKT’s 74.34 million shares outstanding as of June 30, 2025. Notable is the split between issued shares and shares underlying milestone warrants; several additional warrants were explicitly excluded because of contractual 9.99% ownership caps. For investors, this means ADAR1 is a large, disclosed stakeholder but their ability to increase ownership via these warrants is contractually constrained, limiting potential near-term concentration changes.

Corporate Governance Expert

TL;DR: The filing clarifies beneficial ownership and managerial relationships without indicating control or intent to influence issuer control.

The disclosure identifies ADAR1 Capital Management as investment manager and ADAR1 Capital Management GP, LLC as general partner, with Mr. Schneeberger potentially deemed to beneficially own securities indirectly. The certification states holdings were acquired in the ordinary course of business and not to influence control, consistent with a passive claimant under Schedule 13G. The presence of ownership limits on warrants reduces governance risk from a sudden ownership accumulation by these parties.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Inhibikase Therapeutics, Inc.

(Name of Issuer)

Common Stock, $0.001 par value

(Title of Class of Securities)

45719W205

(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. 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 7,682,503.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,682,503.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,682,503.00

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) 4,113,888 shares of common stock, par value $0.001 per share ("Common Stock") held by ADAR1 Partners, LP, (ii) 497,268 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC, (iii) 510,949 shares of Common Stock held by ADAR1 SPV I, LP, and 2,560,398 shares of Common Stock underlying milestone warrants held by ADAR1 Partners, LP, Spearhead Insurance Solutions IDF, LLC, and ADAR1 SPV I, LP as of June 30, 2025. Excludes 4,693,058 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, ADAR1 Capital Management, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC, and ADAR1 SPV I, LP. Based on 74,341,540 shares of Common Stock of Inhibikase Therapeutics, Inc. (the "Issuer") outstanding as of June 30, 2025 reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the SEC on May 14, 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 7,737,694.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,737,694.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,737,694.00

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) 4,113,888 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) 3,112,857 shares of Common Stock underlying milestone warrants held by ADAR Partners, LP and ADAR1 SPV I, LP as of June 30, 2025. Excludes 3,422,498 shares of Common Stock underlying milestone warrants held by ADAR Partners, LP and ADAR1 SPV I, LP, the exchange and exercise of which are subject to 9.99% beneficial ownership limitations. 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 74,341,540 shares of Common Stock of Inhibikase Therapeutics, Inc. (the "Issuer") outstanding as of June 30, 2025 reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the SEC on May 14, 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 7,682,503.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,682,503.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,682,503.00

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: (1) Includes (i) 4,113,888 shares of common stock, par value $0.001 per share ("Common Stock") held by ADAR1 Partners, LP, (ii) 497,268 shares of Common Stock held by Spearhead Insurance Solutions IDF, LLC, (iii) 510,949 shares of Common Stock held by ADAR1 SPV I, LP, and 2,560,398 shares of Common Stock underlying milestone warrants held by ADAR Partners, LP, Spearhead Insurance Solutions IDF, LLC, and ADAR1 SPV I, LP as of June 30, 2025. Excludes 4,693,058 shares of Common Stock underlying milestone warrants held by ADAR 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, and ADAR1 SPV I, LP. Based on 74,341,540 shares of Common Stock of Inhibikase Therapeutics, Inc. (the "Issuer") outstanding as of June 30, 2025 reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the SEC on May 14, 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.
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.

ADAR1 Capital Management, LLC

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, Manager
Date:	08/14/2025

ADAR1 Capital Management GP, LLC

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, Manager
Date:	08/14/2025

Daniel Schneeberger

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, in his individual capacity
Date:	08/14/2025

FAQ

How many Inhibikase (IKT) shares do ADAR1-related persons beneficially own?

ADAR1-related persons report beneficial ownership of between 7,682,503 and 7,737,694 shares, representing 9.9% of IKT outstanding as of June 30, 2025.

Does the Schedule 13G/A include warrants in the ownership total?

Yes. The filing includes shares underlying milestone warrants in the reported totals, while excluding certain warrants that are subject to a 9.99% beneficial ownership limitation.

Who filed the Schedule 13G/A for IKT and who signed it?

The filing was made on behalf of ADAR1 Capital Management, LLC; ADAR1 Capital Management GP, LLC; and Daniel Schneeberger. It is signed by Daniel Schneeberger as manager and in his individual capacity on 08/14/2025.

What is the total number of IKT shares outstanding used for the percentage calculation?

The percentage is based on 74,341,540 shares of common stock outstanding as of June 30, 2025, per the issuer's referenced quarterly report.

Does the filing indicate intent to influence control of Inhibikase?

No. The certification states the securities were acquired and are held in the ordinary course of business and not to change or influence control of the issuer.