Ikarian Capital (KZIA) discloses 575,778 Kazia Therapeutics ADSs under 4.9% cap

Rhea-AI Filing Summary

Ikarian Capital, LLC and Neil Shahrestani report beneficial ownership of 575,778 American Depositary Shares (ADSs) of Kazia Therapeutics Limited, representing 4.9% of this ADS class. Each ADS represents five-hundred Ordinary Shares of Kazia.

The reported position includes 179,577 ADSs that may be acquired within 60 days pursuant to warrants, which are subject to a 4.99% beneficial ownership limitation on conversion. The 4.9% figure is calculated using a total of 11,515,568 ADSs, comprising 11,335,991 ADSs outstanding as of December 11, 2025 plus 179,577 ADSs issuable upon warrant exercise, as disclosed in Kazia’s Form F-1. Ikarian Capital manages a master fund and separately managed accounts that are the record owners, and both Ikarian Capital and Mr. Shahrestani disclaim being a “group” or ultimate beneficial owners beyond what may be deemed under Section 13(d) or 13(g).

Key Figures

Beneficially owned ADSs: 575,778 American Depositary Shares Percent of class: 4.9% ADSs issuable via warrants: 179,577 American Depositary Shares +2 more

5 metrics

Beneficially owned ADSs 575,778 American Depositary Shares Total American Depositary Shares beneficially owned by the reporting persons

Percent of class 4.9% Percentage of Kazia American Depositary Shares class beneficially owned

ADSs issuable via warrants 179,577 American Depositary Shares ADSs that may be acquired within 60 days pursuant to warrants

ADSs outstanding baseline 11,515,568 American Depositary Shares Total ADSs used to calculate ownership, including warrant shares and 11,335,991 ADSs outstanding

ADS to Ordinary Share ratio 1 ADS = 500 Ordinary Shares Each American Depositary Share represents five-hundred Ordinary Shares of Kazia

Key Terms

American Depositary Shares, beneficial ownership, warrants, beneficial ownership limitation, +2 more

6 terms

American Depositary Shares financial

"Title of class of securities: American Depositary Shares, each representing five-hundred Ordinary Shares"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

beneficial ownership financial

"may be deemed to have beneficial ownership of the securities covered by this statement"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

warrants financial

"may be acquired by the Reporting Persons within 60 days pursuant to warrants held by the Reporting Persons"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

beneficial ownership limitation financial

"subject to certain restrictions on the ability of the Reporting Person to convert such warrants if ... would exceed 4.99%"

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.

Investment Advisers Act of 1940 regulatory

"Ikarian Capital is an investment adviser registered under the Investment Advisers Act of 1940"

A U.S. federal law that sets rules for people and firms who give investment advice, requiring them to register with regulators, be honest about conflicts, keep records, and follow basic standards of care. It matters to investors because those rules act like licensing and consumer protections — similar to having safety standards for a mechanic — helping ensure advisers act in clients’ financial interests and reducing the risk of fraud or misuse of funds.

Section 13(d) or 13(g) regulatory

"for the purposes of Section 13(d) or 13(g) of the Act or any other purpose"

FAQ

What percentage of Kazia Therapeutics (KZIA) does Ikarian Capital report owning?

Ikarian Capital and Neil Shahrestani report beneficial ownership of 4.9% of Kazia Therapeutics’ American Depositary Shares, based on a total of 11,515,568 ADSs that includes outstanding shares and ADSs issuable upon warrant exercise.

How many Kazia Therapeutics (KZIA) ADSs are reported as beneficially owned?

The reporting persons disclose beneficial ownership of 575,778 American Depositary Shares of Kazia Therapeutics. This total includes ADSs currently held and ADSs that may be acquired within 60 days through warrants and the deposit of Ordinary Shares.

What warrants are included in Ikarian Capital’s Kazia (KZIA) holdings?

The position includes 179,577 ADSs that may be acquired within 60 days via warrants. These warrants are subject to a 4.99% beneficial ownership limitation, restricting conversion if it would push holdings above 4.99% of outstanding ADSs.

What share count is used to calculate the 4.9% stake in Kazia Therapeutics (KZIA)?

The 4.9% stake is calculated against 11,515,568 American Depositary Shares. This consists of 11,335,991 ADSs outstanding as of December 11, 2025 plus 179,577 ADSs issuable upon warrant exercise, as described in Kazia’s Form F-1.

Who actually holds the Kazia Therapeutics (KZIA) ADSs reported by Ikarian Capital?

The securities are recorded in the name of Ikarian Healthcare Master Fund, L.P. and certain separately managed accounts. Ikarian Capital manages these accounts and may be deemed a beneficial owner through investment discretion, while the parties disclaim ultimate beneficial ownership.

Does Ikarian Capital claim to be part of a Section 13(d) group in Kazia Therapeutics (KZIA)?

The reporting persons state that the filing should not be construed as an admission that they are a group under Section 13(d) or 13(g) or that they are beneficial owners of any securities beyond what may be deemed by those provisions.

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Available on EDGAR 08/14/2026 - 09:06 PM Accepted by SEC EDGAR 08/14/2026 - 09:05 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Kazia Therapeutics Limited

(Name of Issuer)

American Depositary Shares, each representing five-hundred Ordinary Shares

(Title of Class of Securities)

48669G303

(CUSIP Number)

06/30/2026

(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): 48669G303

1

Names of Reporting Persons

Ikarian Capital, 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 575,778.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 575,778.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

575,778.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: (1) The figures in Items 6, 8, and 9 represent American depository shares ("American Depository Shares"), each representing five-hundred ordinary shares ("Ordinary Shares") of Kazia Therapeutics Limited (the "Issuer"), that may be acquired by Ikarian Healthcare Master Fund, L.P., a Cayman Islands exempted limited partnership (the "Fund"), and certain separately managed accounts, within 60 days upon the deposit of Ordinary Shares with the transfer agent. See Item 2 for more information. (2) The figures in Items 6, 8, and 9 include 179,577 American Depository Shares of the Issuer that may be acquired by the Reporting Persons within 60 days pursuant to warrants held by the Reporting Persons, the exercise of which are subject to certain restrictions on the ability of the Reporting Person to convert such warrants if, upon such conversion, the number of American Depository Shares then beneficially owned by the Reporting Persons would exceed 4.99% of the outstanding American Depository Shares. (3) The figure in Item 11 is based upon 11,515,568 American Depository Shares of the Issuer, which includes 179,577 American Depository Shares that may be acquired pursuant to warrants and the 11,335,991 American Depository Shares of the Issuer outstanding as of December 11, 2025 (assuming all outstanding Ordinary Shares were represented by American Depository Shares), as disclosed in the Issuer's Registration Statement on Form F-1, filed with the U.S. Securities and Exchange Commission (the "SEC") on December 19, 2025.

SCHEDULE 13G

CUSIP Number(s): 48669G303

1

Names of Reporting Persons

Neil Shahrestani

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 575,778.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 575,778.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

575,778.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

IN, HC

Comment for Type of Reporting Person: (1) The figures in Items 6, 8, and 9 represent American Depository Shares of the Issuer that may be acquired by Ikarian Healthcare Master Fund, L.P., a Cayman Islands exempted limited partnership (the "Fund"), and certain separately managed accounts, within 60 days upon the deposit of Ordinary Shares with the transfer agent. See Item 2 for more information. (2) The figures in Items 6, 8, and 9 include 179,577 American Depository Shares of the Issuer that may be acquired by the Reporting Persons within 60 days pursuant to warrants held by the Reporting Persons, the exercise of which are subject to certain restrictions on the ability of the Reporting Person to convert such warrants if, upon such conversion, the number of American Depository Shares then beneficially owned by the Reporting Persons would exceed 4.99% of the outstanding American Depository Shares. (3) The figure in Item 11 is based upon 11,515,568 American Depository Shares of the Issuer, which includes 179,577 American Depository Shares that may be acquired by the Reporting Persons pursuant to warrants and the 11,335,991 American Depository Shares of the Issuer outstanding as of December 11, 2025 (assuming all outstanding Ordinary Shares were represented by American Depository Shares), as disclosed in the Issuer's Registration Statement on Form F-1, filed with the SEC on December 19, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Kazia Therapeutics Limited
(b)	Address of issuer's principal executive offices: Three International Towers Level 24, 300 Barangaroo Avenue, Sydney, Australia, NSW 2000
Item 2.
(a)	Name of person filing: This statement is filed jointly by and on behalf of each of Ikarian Capital, LLC, a Delaware limited liability company ("Ikarian Capital"), and Neil Shahrestani (together referred herein as the "Reporting Persons"). The Fund, and certain separately managed accounts managed by Ikarian Capital (collectively, the "Managed Accounts"), are the record owners of the securities covered by this statement. Ikarian Capital is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and serves as investment manager to the Fund and as sub-adviser to the Managed Accounts, and may be deemed to have beneficial ownership of the securities covered by this statement through the investment discretion it has over the Fund and the Managed Accounts. Ikarian Capital is ultimately controlled, indirectly, by Mr. Shahrestani. Accordingly, Mr. Shahrestani may be deemed to indirectly beneficially own securities beneficially owned by Ikarian Capital. The Fund disclaims beneficial ownership of the shares held by the Managed Accounts. The Managed Accounts disclaim beneficial ownership of the shares held by the Fund. Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement. Each Reporting Person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purpose of Section 13(d) or 13(g) of the Act. Each of the Reporting Persons declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purpose of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is c/o Ikarian Capital, LLC, 100 Crescent Court, Suite 1620, Dallas, Texas 75201.
(c)	Citizenship: See Item 4 on the cover page(s) hereto
(d)	Title of class of securities: American Depositary Shares, each representing five-hundred Ordinary Shares
(e)	CUSIP No.: 48669G303
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: See Item 9 on the cover pages(s) hereto.
(b)	Percent of class: See Item 11 on the cover page(s) hereto.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on the cover page(s) hereto.
	(ii) Shared power to vote or to direct the vote: See Item 6 on the cover page(s) hereto.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on the cover page(s) hereto.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on the cover page(s) hereto.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The information set forth in Item 2(a) is incorporated by reference herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
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.

Ikarian Capital, LLC

Signature:	/s/ Neil Shahrestani
Name/Title:	Neil Shahrestani, Sole Manager
Date:	08/14/2026

Neil Shahrestani

Signature:	/s/ Neil Shahrestani
Name/Title:	Neil Shahrestani
Date:	08/14/2026

Exhibit Information

A Joint Filing Agreement is incorporated herein by reference to Exhibit 99.1 to the Schedule 13G filed on February 17, 2026 by the Reporting Persons with the SEC.