Bank of America builds 9.30% exposure in Lakefront Biotherapeutics (LKFT) via derivatives

Rhea-AI Filing Summary

Lakefront Biotherapeutics reported that Bank of America Corporation crossed a key ownership threshold under Belgian transparency rules. On May 13, 2026, Bank of America and its affiliates moved above 5% of Lakefront’s voting rights through a mix of shares and derivatives.

As of May 20, 2026, Bank of America held 623,434 direct voting rights and 5,502,802 equivalent financial instruments, together representing 9.30% of Lakefront’s currently outstanding 65,897,071 shares. The position is spread across several entities, including BofA Securities and Merrill Lynch International, via rights of use, recall, options, and swaps.

Insights

Equity ownership & derivatives analyst

Bank of America now controls 9.30% of Lakefront via shares and derivatives.

Bank of America Corporation and its affiliates now control exposure to 9.30% of Lakefront Biotherapeutics through a mix of direct voting rights and equivalent financial instruments. Direct voting rights are modest at 0.95%, while most exposure comes from derivatives such as rights of use and swaps.

The largest component is a Right to Use position at BofA Securities covering 5,068,385 voting-rights-equivalent shares, or 7.69%. Additional exposure comes from call options and multiple swap contracts with expirations between June 2026 and October 2027, indicating positions that extend over several years.

This development signals a sizeable institutional stake but does not, by itself, change Lakefront’s strategy or operations. Future ownership disclosures and any changes in this percentage will show whether Bank of America maintains, expands, or reduces its economic exposure over time.

Key Figures

Total stake: 9.30% voting rights Direct voting rights: 623,434 voting rights (0.95%) Equivalent instruments: 5,502,802 equivalents (8.35%) +3 more

6 metrics

Total stake 9.30% voting rights Combined direct and equivalent instruments as of May 20, 2026

Direct voting rights 623,434 voting rights (0.95%) Held by Bank of America affiliates after transaction

Equivalent instruments 5,502,802 equivalents (8.35%) Rights of use, recall, options, and swaps

Shares outstanding 65,897,071 shares Denominator for calculating voting-rights percentages

Threshold crossed 5% voting rights Belgian major shareholding disclosure threshold

Largest derivative block 5,068,385 voting rights (7.69%) Right to Use held by BofA Securities, Inc.

Key Terms

transparency notification, voting rights, equivalent financial instruments, Right to Use, +2 more

6 terms

transparency notification regulatory

"Lakefront Biotherapeutics NV ... received a transparency notification from Bank of America."

A transparency notification is a public alert required by market rules when a shareholder’s stake in a listed company rises above or falls below specified levels of ownership. It tells investors who is gaining or losing influence — like seeing someone start to buy or sell large slices of a cake — and matters because such moves can signal changes in control, voting power, potential alliances or takeover interest, which can affect share value and investor decisions.

voting rights financial

"crossed above the threshold of 5% of Lakefront’ voting rights on May 13, 2026"

Voting rights are the ability of shareholders to have a say in important company decisions, like choosing leaders or approving big changes. They matter because they give owners a voice in how the company is run, similar to how voters influence elections, ensuring the company acts in shareholders’ interests.

equivalent financial instruments financial

"owned 623,434 voting rights and 5,502,802 equivalent financial instruments, representing together 9.30%"

Financial assets or contracts that provide the same or very similar economic exposure, risks, and returns as one another, such as two ways to gain the same market exposure through different products. For investors this matters because choosing between equivalents is often about cost, convenience, tax treatment or counterparty risk—like picking between two routes that get you to the same destination but differ in tolls, travel time and safety. Recognizing equivalents helps compare options and manage portfolio risk efficiently.

Right to Use financial

"BofA Securities, Inc. | Right to Use | | | 5,068,385 | 7.69% | physical"

Swaps financial

"Bank of America, National Association | Swaps | 15/10/2027 | | 48,575 | 0.07% | cash"

A swap is a private contract in which two parties agree to exchange streams of future payments or obligations—commonly swapping a fixed payment for a variable one, or exchanging cash flows tied to different interest rates or currencies. Investors use swaps to change their exposure to interest rates, currency moves or credit risk without buying or selling the underlying asset, which can lower financing costs, hedge against unwanted swings, or be used to speculate on market changes.

call option financial

"Merrill Lynch International | Call Option | 19/06/2026 | | 100,000 | 0.15% | physical"

A call option is a contract that gives its buyer the right, but not the obligation, to buy a specific number of shares at a predetermined price within a set time period. Think of it as a refundable reservation to buy an item later at today’s price: you pay a fee up front and can profit if the stock rises, while your downside is limited to that fee; investors use calls to gain leverage, speculate on upside, or hedge positions without owning the shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 05/27/2026 - 06:04 AM Accepted by SEC EDGAR 05/27/2026 - 06:00 AM Learn about SEC filing dates

FAQ

What did Lakefront Biotherapeutics (LKFT) disclose in this Form 6-K?

Lakefront Biotherapeutics disclosed that Bank of America Corporation crossed the 5% ownership threshold in its voting rights. A transparency notification showed combined direct voting rights and equivalent financial instruments representing 9.30% of Lakefront’s currently outstanding 65,897,071 shares as of May 20, 2026.

How large is Bank of America’s stake in Lakefront Biotherapeutics (LKFT)?

Bank of America and its affiliates control exposure to 9.30% of Lakefront’s voting rights. This consists of 623,434 direct voting rights (0.95%) and 5,502,802 equivalent financial instruments (8.35%), all calculated against a denominator of 65,897,071 currently outstanding shares.

When did Bank of America cross the 5% voting rights threshold in LKFT?

Bank of America crossed the 5% voting rights threshold in Lakefront Biotherapeutics on May 13, 2026. The transparency notification was dated May 20, 2026, and Lakefront received it the same day under Belgian rules on disclosure of major shareholdings.

What types of financial instruments does Bank of America hold in Lakefront Biotherapeutics?

Bank of America’s exposure includes direct shares plus several equivalent financial instruments. These cover rights to recall, rights of use, call options, and multiple equity swaps, with various maturities between June 2026 and October 2027, together representing 5,502,802 voting-rights-equivalent instruments.

Why is the Bank of America transparency notification important for LKFT investors?

The notification shows a major institutional investor holding 9.30% of Lakefront’s voting rights. Belgian transparency law requires disclosure when stakes cross thresholds like 5%, providing investors clearer insight into who holds significant influence over the company’s share capital.

How many Lakefront Biotherapeutics shares are currently outstanding?

Lakefront Biotherapeutics reported a denominator of 65,897,071 currently outstanding shares for calculating voting-rights percentages. Bank of America’s 623,434 voting rights and 5,502,802 equivalent financial instruments are measured against this figure to reach the disclosed 9.30% ownership.

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

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 001-37384

Lakefront Biotherapeutics
(Translation of registrant's name into English)

Generaal De Wittelaan L11 A3 2800 Mechelen, Belgium
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ]      Form 40-F [   ]

The information contained in this Report on Form 6-K, including Exhibit 99.1, is hereby incorporated by reference into the Company's Registration Statements on Form S-8 (File Nos. 333-204567, 333-208697, 333-211834, 333-215783, 333- 218160, 333-225263, 333-231765, 333-249416, 333-260500, 333-268756, 333-275886, 333-283361, and 333-292050).

On May 26, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Exhibit 99.1. Press release dated May 26, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Lakefront Biotherapeutics
		(Registrant)
Date: May 27, 2026		/s/ Annelies Denecker
		Annelies Denecker
		Company Secretary

EXHIBIT 99.1

Lakefront Receives Transparency Notification from Bank of America

Mechelen, Belgium; May 26, 2026, 22.01 CET; regulated information – Lakefront Biotherapeutics NV (Euronext & NASDAQ: LKFT) received a transparency notification from Bank of America.

Pursuant to Belgian transparency legislation¹, Lakefront received a transparency notification from Bank of America Corporation on May 20, 2026. The notification indicates that Bank of America Corporation, as controlling entity, crossed above the threshold of 5% of Lakefront’ voting rights on May 13, 2026, following the acquisition of Lakefront’ voting rights and equivalent financial instruments.

On May 20, 2026, Bank of America Corporation (taking into account the holding of its affiliates) owned 623,434 voting rights and 5,502,802 equivalent financial instruments, representing together 9.30% of Lakefront’ currently outstanding 65,897,071 shares.

Summary of the transactions:

Date on which the threshold was crossed	Date of notification	Direct voting rights after the transaction	Equivalent financial instruments after the transaction	Total (%) voting rights
May 13, 2026	May 20, 2026	0.95%	8.35%	9.30%

Content of the notification from Bank of America Corporation:
The notification dated May 20, 2026, contains the following information:
·        Date of notification: May 20, 2026
·        Date on which the threshold is crossed: May 13, 2026
·        Threshold of voting rights crossed (in %): 5%
·        Notification by: Bank of America Corporation
·        Denominator: 65,897,071
·        Reason for the notification: Acquisition or disposal of financial instruments that are treated as voting securities
·        Notified details:

A) Voting Rights	Previous notification	After the transaction
	# of voting rights	# of voting rights		% of voting rights
Holder of voting rights		Linked to securities	Not linked to securities	Linked to securities	Not linked to securities
Bank of America Corporation	0	0		0.00%
Bank of America, National Association	12,447	14,348		0.02%
Merrill Lynch International	225,319	8,234		0.01%
Managed Account Advisors LLC	3	0		0.00%
BofA Securities, Inc.	168,740	600,314		0.91%
Merrill Lynch, Pierce, Fenner & Smith Incorporated	14,462	462		0.00%
U.S. Trust Company of Delaware	121	76		0.00%
Subtotal	421,092	623,434		0.95%
	TOTAL	623,434	0	0.95%	0.00%

B) Equivalent financial instruments	After the transaction
Holder of equivalent financial instruments	Type of financial instrument	Expiration date	Exercise period or date	# of voting rights that may be acquired if the instrument is exercised	% of voting rights	Settlement
Merrill Lynch International	Right to Recall			143,430	0.22%	physical
Merrill Lynch International	Rights of Use			6,054	0.01%	physical
BofA Securities, Inc.	Right to Use			5,068,385	7.69%	physical
Merrill Lynch International	Call Option	19/06/2026		100,000	0.15%	physical
Bank of America, National Association	Swaps	15/10/2027		48,575	0.07%	cash
Bank of America, National Association	Swaps	15/06/2027		14,311	0.02%	cash
Merrill Lynch International	Swaps	15/01/2027		10,363	0.02%	cash
Merrill Lynch International	Swaps	30/04/2027		44,893	0.07%	cash
Merrill Lynch International	Swaps	30/06/2027		819	0.00%	cash
Merrill Lynch International	Swaps	15/06/2027		14,311	0.02%	cash
Merrill Lynch International	Swaps	10/05/2027		424	0.00%	cash
Merrill Lynch International	Swaps	09/09/2027		256	0.00%	cash
Merrill Lynch International	Swaps	21/06/2027		273	0.00%	cash
Merrill Lynch International	Swaps	15/10/2027		48,575	0.07%	cash
Merrill Lynch International	Swaps	30/06/2026		453	0.00%	cash
Merrill Lynch International	Swaps	29/01/2027		1,680	0.00%	cash
	TOTAL			5,502,802	8.35%

TOTAL (A&B)	# of voting rights	% of voting rights
	6,126,236	9.30%

The chain of control has been described at the end of the notification (section 11) and can be found here.

About Lakefront^® Biotherapeutics
Lakefront Biotherapeutics (formerly known as Galapagos) is a biotechnology company built to bring meaningful medicines to patients with serious diseases in therapeutic areas of unmet need. The Company combines world-class deal making expertise with capital to identify, acquire, and advance promising opportunities that have the potential to drive value for patients and shareholders. Applying a modality-agnostic asset selection approach and operational flexibility, Lakefront Biotherapeutics prioritizes oncology and immunology & inflammation programs with clear clinical proof-of-concept in emerging areas. For more information, visit https://www.lakefrontbio.com or follow us on LinkedIn or X.

For further information, contact Lakefront Biotherapeutics:
Investor Relations
Sherri Spear
+1 412 522 6418
sherri.spear@lakefrontbio.com

¹ Belgian Act of 2 May 2007 on the disclosure of major shareholdings in issuers whose shares are admitted to trading on a regulated market and regarding miscellaneous provisions, as amended from time to time.

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