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Lexeo Therapeutics, Inc. (LXEO) is the issuer in a Schedule 13G amendment reporting that Affinity Asset Advisors, LLC and Michael Cho beneficially owned 8,112,913 shares as of September 30, 2026, approximately 9.8% of the common stock. The shares are held directly by Affinity Healthcare Fund, LP; the adviser exercises voting and investment power over the fund’s shares, and its managing member, Michael Cho, may also be deemed a beneficial owner.
The reported amount includes 867,302 shares issuable upon warrant exercise. The reporting persons have sole voting and dispositive power over the reported shares and no shared voting or dispositive power. The percentage calculation uses 82,959,283 shares outstanding as of September 14, 2026, plus the warrant shares after applying the beneficial ownership limitation.
Key Figures
Beneficial ownership:8,112,913 sharesShares issuable upon warrant exercise:867,302 sharesReported ownership percentage:Approximately 9.8%+2 more
5 metrics
Beneficial ownership8,112,913 sharesReported by Affinity Asset Advisors, LLC and Michael Cho as of September 30, 2026; includes warrant shares.
Shares issuable upon warrant exercise867,302 sharesIncluded in the reported beneficial ownership, after giving effect to the beneficial ownership limitation.
Reported ownership percentageApproximately 9.8%As of September 30, 2026; calculated using the stated outstanding-share count and warrant shares after applying the limitation.
Common shares outstanding82,959,283 sharesLexeo Therapeutics shares outstanding as of September 14, 2026, used in the ownership-percentage calculation.
Beneficial ownership limitation9.99%Limit applicable to the warrants, measured after giving effect to issuance of the warrant shares.
Key Terms
beneficial ownership limitation, investment management agreement, sole dispositive power
3 terms
beneficial ownership limitationfinancial
"subject to a beneficial ownership limitation of 9.99%"
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 management agreementfinancial
"pursuant to an investment management agreement between the Adviser, the Fund, and the general partner"
An investment management agreement is a written contract that hires a professional to make buying, selling and strategy decisions for an investment account or fund, and sets out their duties, fees, risk limits, performance measures and reporting requirements. It matters to investors because the agreement determines who controls the money, how much the service costs, what risks are allowed, and how success or failure is measured—think of it as the service contract that defines expectations and remedies for a hired portfolio manager.
sole dispositive powerfinancial
"Sole dispositive power 8,112,913.00"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many LXEO shares did Affinity Asset Advisors and Michael Cho report beneficially owning?
They reported beneficial ownership of 8,112,913 shares as of September 30, 2026, approximately 9.8% of Lexeo Therapeutics common stock. The amount includes 867,302 shares issuable upon exercise of warrants held by Affinity Healthcare Fund, LP.
What is the warrant ownership limit for LXEO shares?
The warrants are subject to a 9.99% beneficial ownership limitation, measured against Lexeo Therapeutics common shares outstanding immediately after giving effect to the warrant-share issuance.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Lexeo Therapeutics, Inc.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
52886X107
(CUSIP Number)
09/30/2026
(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):
52886X107
1
Names of Reporting Persons
Affinity Asset Advisors, 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
8,112,913.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
8,112,913.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,112,913.00
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)
9.8 %
12
Type of Reporting Person (See Instructions)
OO, IA
SCHEDULE 13G
CUSIP Number(s):
52886X107
1
Names of Reporting Persons
Michael Cho
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
8,112,913.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
8,112,913.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,112,913.00
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)
9.8 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Lexeo Therapeutics, Inc.
(b)
Address of issuer's principal executive offices:
345 Park Avenue South, Floor 6, New York, NY 10010
Item 2.
(a)
Name of person filing:
Affinity Asset Advisors, LLC
Michael Cho
(b)
Address or principal business office or, if none, residence:
450 Park Avenue
Suite 1403
New York, NY 10022
(c)
Citizenship:
Affinity Asset Advisors, LLC is a Delaware limited liability company, and Michael Cho is an individual and is a citizen of the United States.
(d)
Title of class of securities:
Common Stock, $0.0001 par value per share
(e)
CUSIP No.:
52886X107
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 securities reported herein are directly held by Affinity Healthcare Fund, LP (the "Fund"). Affinity Asset Advisors, LLC (the "Adviser") is the investment manager of the Fund and exercises voting and investment power over the securities held directly by the Fund reported herein pursuant to an investment management agreement between the Adviser, the Fund, and the general partner of the Fund. The Adviser may be deemed to beneficially own the securities reported herein held by the Fund by virtue of its position as investment manager of the Fund. Michael Cho, the managing member of the Adviser, may be deemed a beneficial owner of the securities reported herein held directly by the Fund.
As of September 30, 2026, the Adviser and Mr. Cho (collectively, the "Reporting Persons") beneficially own 8,112,913 shares of common stock, $0.0001 par value per share ("Common Stock"), of Lexeo Therapeutics, Inc. (the "Issuer"), which amount includes 867,302 shares of Common Stock issuable upon the exercise of warrants to purchase shares of Common Stock ("Warrants") held directly by the Fund. The Warrants are all subject to a beneficial ownership limitation of 9.99% of the number of shares of Common Stock of the Issuer outstanding immediately after giving effect to the issuance of the shares issuable upon exercise of the Warrants (the "Beneficial Ownership Limitation").
(b)
Percent of class:
As of September 30, 2026, the Reporting Persons beneficially own approximately 9.8% of the Common Stock outstanding.
The percentages disclosed above are based on 82,959,283 shares of Common Stock of the Issuer outstanding as of September 14, 2026, as set forth in the Issuer's Form 8-K filed with the Securities and Exchange Commission on September 22, 2026, plus 867,302 shares of Common Stock issuable upon the exercise of Warrants, after giving effect to the Beneficial Ownership Limitation.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
As of September 30, 2026, the Reporting Persons have sole power to vote or to direct the vote of 8,112,913 shares of Common Stock, which amount includes 867,302 shares of Common Stock issuable upon the exercise of Warrants after giving effect to the Beneficial Ownership Limitation.
(ii) Shared power to vote or to direct the vote:
As of September 30, 2026, the Reporting Persons have shared power to vote or to direct the vote of 0 shares of Common Stock.
(iii) Sole power to dispose or to direct the disposition of:
As of September 30, 2026, the Reporting Persons have sole power to dispose or to direct the disposition of 8,112,913 shares of Common Stock, which amount includes 867,302 shares of Common Stock issuable upon the exercise of Warrants after giving effect to the Beneficial Ownership Limitation.
(iv) Shared power to dispose or to direct the disposition of:
As of September 30, 2026, the Reporting Persons have shared power to dispose or to direct the disposition of 0 shares of Common Stock.
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.
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.
Affinity Asset Advisors, LLC
Signature:
/s/ Andrew Weinstein
Name/Title:
Andrew Weinstein, Chief Financial Officer and Chief Compliance Officer
