Madison Avenue-affiliated investors report beneficial ownership of 3,606,203 Ordinary Shares of Lakefront Biotherapeutics. The Schedule 13G states the group (Madison Avenue International LP, Madison Avenue Partners LP, EMAI Management, Madison Avenue GP, Caraway Jackson Investments LLC and Eli Samaha) may be deemed to beneficially own 3,606,203 shares as of June 23, 2026, representing approximately 5.5% of the class based on 65,897,071 Ordinary Shares outstanding as of December 31, 2025. The filing lists shared voting and dispositive power of 3,606,203 shares across the reporting persons and includes a Joint Filing Agreement. The reporting persons disclaim beneficial ownership except to the extent of pecuniary interest.
Positive
None.
Negative
None.
Insights
Group discloses passive beneficial ownership of 5.5% in LKFT as of June 23, 2026.
The filing identifies a coordinated group of investment entities and an individual—Madison Avenue International LP, related management and ownership entities, and Eli Samaha—reporting shared voting and dispositive power over 3,606,203 shares. The percentage is calculated using the issuer's disclosed total of 65,897,071 Ordinary Shares as of December 31, 2025.
Because this is a Schedule 13G disclosure, it presents as a passive/beneficial ownership report rather than an active transaction. Subsequent filings may update holdings or classification; track later Section 13D/13G amendments for any change in intent or control.
Key Figures
Shares beneficially owned:3,606,203 sharesPercent of class:5.5%Outstanding shares used for calculation:65,897,071 shares+1 more
4 metrics
Shares beneficially owned3,606,203 sharesas of <date>June 23, 2026</date>
Percent of class5.5%based on 65,897,071 shares outstanding as of <date>December 31, 2025</date>
Outstanding shares used for calculation65,897,071 sharesOrdinary Shares outstanding as of <date>December 31, 2025</date>
"As of June 23, 2026, Madison Avenue International LP beneficially owned 3,606,203 shares"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared dispositive powerregulatory
"Shared Dispositive Power 3,606,203.00"
Schedule 13Gregulatory
"Item 1. | (a) | Name of issuer: Lakefront Biotherapeutics"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
Joint Filing Agreementlegal
"Exhibit A - Joint Filing Agreement"
pecuniary interestfinancial
"The Reporting Persons disclaim beneficial ownership ... except to the extent of their pecuniary interest therein"
What stake does Madison Avenue report in Lakefront Biotherapeutics (LKFT)?
The reporting group indicates beneficial ownership of 3,606,203 Ordinary Shares, equal to approximately 5.5% of the class based on 65,897,071 shares outstanding as of December 31, 2025.
Who are the reporting persons in this Schedule 13G for LKFT?
The filing lists Madison Avenue International LP, Madison Avenue Partners LP, EMAI Management, Madison Avenue GP, Caraway Jackson Investments LLC, and Eli Samaha as the reporting persons, with a common principal address in New York, NY.
What type of ownership/control is reported by Madison Avenue in LKFT?
The cover information shows shared voting and shared dispositive power over 3,606,203 shares, indicating collective control rather than sole voting or sole dispositive authority.
What date and reference outstanding share count does the filing use for the percentage?
The filing states the percentage is based on 65,897,071 Ordinary Shares outstanding as of December 31, 2025, and reports the reporting persons' holdings as of June 23, 2026.
Does the filing claim full beneficial ownership of the reported shares?
No; the reporting persons include a disclaimer that they disclaim beneficial ownership except to the extent of their pecuniary interest in the Ordinary Shares reported in the Schedule 13G.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Lakefront Biotherapeutics NV
(Name of Issuer)
Ordinary shares, no nominal value per share (the "Ordinary Shares")
(Title of Class of Securities)
36315X101
(CUSIP Number)
06/15/2026
(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):
36315X101
1
Names of Reporting Persons
Madison Avenue International LP
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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,606,203.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,606,203.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,606,203.00
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)
5.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
36315X101
1
Names of Reporting Persons
Madison Avenue Partners, LP
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
3,606,203.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,606,203.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,606,203.00
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)
5.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
36315X101
1
Names of Reporting Persons
EMAI 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,606,203.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,606,203.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,606,203.00
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)
5.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
36315X101
1
Names of Reporting Persons
Madison Avenue 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,606,203.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,606,203.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,606,203.00
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)
5.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
36315X101
1
Names of Reporting Persons
Caraway Jackson Investments 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
3,606,203.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,606,203.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,606,203.00
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)
5.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
36315X101
1
Names of Reporting Persons
Eli Samaha
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
3,606,203.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,606,203.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,606,203.00
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)
5.5 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Lakefront Biotherapeutics NV
(b)
Address of issuer's principal executive offices:
Schalienhoevedreef 20T, 2800 Mechelen, Belgium,
Item 2.
(a)
Name of person filing:
The names of the persons filing this statement on Schedule 13G (collectively, the "Reporting Persons") are:
* Madison Avenue International LP,
* Madison Avenue Partners, LP,
* EMAI Management, LLC,
* Madison Avenue GP, LLC,
* Caraway Jackson Investments LLC, and
* Eli Samaha.
(b)
Address or principal business office or, if none, residence:
The principal business address for each of the Reporting Persons is 150 East 58th St, 14th Fl, New York, NY 10155.
(c)
Citizenship:
Madison Avenue International LP is a Cayman Islands exempted limited partnership. Madison Avenue Partners, LP is a Delaware limited partnership. Each of EMAI Management, LLC, Madison Avenue GP, LLC and Caraway Jackson Investments LLC is a Delaware limited liability company. Mr. Samaha is a citizen of the United States of America.
(d)
Title of class of securities:
Ordinary shares, no nominal value per share (the "Ordinary Shares")
(e)
CUSIP Number(s):
36315X101
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:
As of June 23, 2026, Madison Avenue International LP beneficially owned 3,606,203 shares of Ordinary Shares.
Madison Avenue Partners, LP and Madison Avenue GP, LLC, as the investment manager and general partner of Madison Avenue International LP, respectively, may be deemed to be the beneficial owner of the Ordinary Shares owned directly by Madison Avenue International LP.
EMAI Management, LLC, as the general partner of Madison Avenue Partners, LP, may be deemed to be the beneficial owner of the Ordinary Shares owned directly by Madison Avenue International LP.
Caraway Jackson Investments LLC, as the owner of Madison Avenue GP, LLC, may be deemed to be the beneficial owner of the Ordinary Shares owned directly by Madison Avenue International LP.
Mr. Samaha, as the non-member manager of Madison Avenue GP, LLC, the managing member of EMAI Management, LLC, and the majority owner of Caraway Jackson Investments LLC, may be deemed to be the beneficial owner of the Ordinary Shares owned by Madison Avenue International LP.
(b)
Percent of class:
The following percentage is based on 65,897,071 Ordinary Shares outstanding as of December 31, 2025, as disclosed in the Issuer's Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 26, 2026.
As of June 23, 2026, the Reporting Persons may be deemed to have beneficially owned approximately 5.5% of the outstanding Ordinary Shares.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-9.
(ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-9.
(iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
(iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
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.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit A
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 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.
Madison Avenue International LP
Signature:
/s/ Eli Samaha
Name/Title:
Eli Samaha, as Manager of Madison Avenue GP, LLC, its General Partner
Date:
06/23/2026
Madison Avenue Partners, LP
Signature:
/s/ Eli Samaha
Name/Title:
Eli Samaha, as Managing Member of EMAI Management, LLC, its General Partner
Date:
06/23/2026
EMAI Management, LLC
Signature:
/s/ Eli Samaha
Name/Title:
Eli Samaha, as Managing Member
Date:
06/23/2026
Madison Avenue GP, LLC
Signature:
/s/ Eli Samaha
Name/Title:
Eli Samaha, as Manager
Date:
06/23/2026
Caraway Jackson Investments LLC
Signature:
/s/ Eli Samaha
Name/Title:
Eli Samaha, as Member
Date:
06/23/2026
Eli Samaha
Signature:
/s/ Eli Samaha
Name/Title:
ELI SAMAHA
Date:
06/23/2026
Comments accompanying signature: *The Reporting Persons disclaim beneficial ownership in the Ordinary Shares reported herein except to the extent of their pecuniary interest therein.
The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative other than an executive officer or general partner of the filing person, evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature.
Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See s.240.13d-7 for other parties for whom copies are to be sent.
Attention. Intentional misstatements or omissions of fact constitute Federal criminal violations (see 18 U.S.C. 1001).
