Affinity Asset Advisors, LLC and Michael Cho report a 7.1% beneficial stake in Lexeo Therapeutics common stock. They report beneficial ownership of 5,217,660 shares, including 867,302 shares issuable upon exercise of warrants, all held through Affinity Healthcare Fund, LP and managed by Affinity Asset Advisors.
As of December 31, 2025, they previously reported 4,067,302 shares, or about 5.5% of the outstanding stock, indicating an increased position. The filing states the shares are held in the ordinary course of business and not for the purpose of changing or influencing control of Lexeo Therapeutics.
Positive
None.
Negative
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Insights
Affinity Asset Advisors increases its Lexeo stake to 7.1% while affirming non-control intent.
Affinity Asset Advisors, LLC and managing member Michael Cho now beneficially own 5,217,660 Lexeo Therapeutics common shares, or about 7.1% of the company. This total includes 867,302 shares issuable from warrants, all held through Affinity Healthcare Fund, LP and managed by the adviser.
The filing compares this to 5.5% ownership, or 4,067,302 shares, as of December 31, 2025, showing that their economic exposure and voting power have increased. The report also notes sole voting and dispositive power over the current 5,217,660-share position.
The signatories certify the position is held in the ordinary course of business and not to change or influence control of Lexeo Therapeutics. Future ownership updates would typically appear in subsequent beneficial ownership filings if their percentage changes materially.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Lexeo Therapeutics, Inc.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
52886X107
(CUSIP Number)
01/22/2026
(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)
SCHEDULE 13G
CUSIP No.
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
5,217,660.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
5,217,660.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,217,660.00
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)
7.1 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP No.
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
5,217,660.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
5,217,660.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,217,660.00
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)
7.1 %
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, New York, 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 the date hereof, the Adviser and Mr. Cho (collectively, the "Reporting Persons") beneficially own 5,217,660 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.
As of December 31, 2025, the Fund and the Adviser beneficially owned 4,067,302 shares of Common Stock, which amount included 867,302 shares of Common Stock issuable upon the exercise of Warrants.
(b)
Percent of class:
As of the date hereof, the Reporting Persons beneficially own approximately 7.1% of the Common Stock outstanding. As of December 31, 2025, the Fund and the Adviser beneficially owned approximately 5.5% of the Common Stock outstanding.
The percentages disclosed above are based on 72,987,327 shares of Common Stock of the Issuer outstanding as of November 3, 2025, as set forth in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on November 5, 2025, plus 867,302 shares of Common Stock issuable upon the exercise of Warrants held by the Fund.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
As of the date hereof, the Reporting Persons have sole power to vote or to direct the vote of 5,217,660 shares of Common Stock, which amount includes 867,302 shares of Common Stock issuable upon the exercise of Warrants. As of December 31, 2025, the Fund and the Adviser had sole power to vote or to direct the vote of 0 shares of Common Stock.
(ii) Shared power to vote or to direct the vote:
As of the date hereof, the Reporting Persons have shared power to vote or to direct the vote of 0 shares of Common Stock. As of December 31, 2025, the Fund and the Adviser had shared power to vote or to direct the vote of 4,067,302 shares of Common Stock, which amount included 867,302 shares of Common Stock issuable upon the exercise of Warrants.
(iii) Sole power to dispose or to direct the disposition of:
As of the date hereof, the Reporting Persons have sole power to dispose or to direct the disposition of 5,217,660 shares of Common Stock, which amount includes 867,302 shares of Common Stock issuable upon the exercise of Warrants. As of December 31, 2025, the Fund and the Adviser had sole power to dispose or to direct the disposition of 0 shares of Common Stock.
(iv) Shared power to dispose or to direct the disposition of:
As of the date hereof, the Reporting Persons have shared power to dispose or to direct the disposition of 0 shares of Common Stock. As of December 31, 2025, the Fund and the Adviser had shared power to dispose or to direct the disposition of 4,067,302 shares of Common Stock, which amount included 867,302 shares of Common Stock issuable upon the exercise of Warrants.
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
