Altai Capital (OSUR) builds 5.2% OraSure stake and plans proxy fight

Rhea-AI Filing Summary

OraSure Technologies received an amended Schedule 13D from Altai Capital, led by Rishi Bajaj, reflecting an activist position. The reporting persons beneficially own 3,613,836 shares of common stock, representing 5.2% of the company based on 69,126,173 shares outstanding as of February 28, 2026.

On March 17, 2026, Altai Capital’s investment manager issued a press release with an open letter to the board outlining its case for change and reiterating its intention to solicit proxies to elect Rishi Bajaj and John Bertrand at the annual meeting. The full letter is filed as Exhibit 99.3.

Insights

Activist & Governance Analyst

Altai formalizes a 5.2% activist stake and signals a proxy contest.

Altai Capital, through related entities and Rishi Bajaj, reports beneficial ownership of 3,613,836 OraSure shares, or 5.2% of the common stock, based on 69,126,173 shares outstanding as of February 28, 2026. This crosses the typical 5% threshold for significant shareholders.

The amendment highlights a March 17, 2026 open letter to the board stating a “case for change” and an intention to solicit proxies to elect Bajaj and John Bertrand at the annual meeting. This signals an organized governance campaign rather than a passive investment.

The outcome will depend on how other shareholders respond to Altai’s proposals and any subsequent communications, including the detailed arguments in Exhibit 99.3 and future proxy materials related to the upcoming annual meeting.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

ORASURE TECHNOLOGIES INC

(Name of Issuer)

Common Stock, par value $0.000001 per share

(Title of Class of Securities)

(CUSIP Number)

Rishi Bajaj
Altai Capital Management, L.P., PO Box 15203
Irvine, CA, 92623-9998
949-326-9612

Ele Klein
McDermott Will & Schulte LLP, 919 Third Avenue
New York, NY, 10022
212-756-2000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/17/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Altai Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,613,836.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,613,836.00

11

Aggregate amount beneficially owned by each reporting person

3,613,836.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.2 %

14

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Altai Capital Management, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,613,836.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,613,836.00

11

Aggregate amount beneficially owned by each reporting person

3,613,836.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.2 %

14

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Rishi Bajaj

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,613,836.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,613,836.00

11

Aggregate amount beneficially owned by each reporting person

3,613,836.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.2 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.000001 per share
(b)	Name of Issuer: ORASURE TECHNOLOGIES INC
(c)	Address of Issuer's Principal Executive Offices: 220 E First St, Bethlehem, PENNSYLVANIA , 18015.
Item 1 Comment: This Amendment No. 3 ("Amendment No. 3") amends the statement on Schedule 13D filed with the SEC on September 9, 2025 (as amended from time to time, the "Schedule 13D") with respect to the shares of Common Stock of the Issuer held for the account of Osprey and the Separately Managed Accounts. This Amendment No. 3 amends Items 4, 5 and 7 as set forth below. Capitalized terms used herein and not otherwise defined in this Amendment No. 3 have the meanings set forth in the Schedule 13D.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended and supplemented as follows: On March 17, 2026, Investment Manager issued a press release containing an open letter (the "March 17 Letter") to the Board outlining its case for change at the Issuer and reiterating its intention to solicit proxies from the stockholders to elect Rishi Bajaj and John Bertrand at the Annual Meeting. The foregoing description of the March 17 Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the March 17 Letter, which is filed as Exhibit 99.3 and is incorporated herein by reference.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated in its entirety as follows: The responses of the Reporting Persons to rows (11) through (13) of the cover pages of this Schedule 13D are incorporated herein by reference. All percentages set forth herein are based upon a total of 69,126,173 shares of Common Stock outstanding as of February 28, 2026, as reported in the Issuer's annual report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 9, 2026. For purposes of disclosing the number of shares of Common Stock beneficially owned by each of the Reporting Persons, Investment Manager, IMGP, and Mr. Bajaj may be deemed to own beneficially (as that term is defined in Rule 13d-3 under the Act) all shares of Common Stock that are owned beneficially and directly by the Reporting Persons. Each of Investment Manager, IMGP and Mr. Bajaj disclaims beneficial ownership of such shares of Common Stock for all other purposes.
(b)	Item 5(b) is hereby amended and restated in its entirety as follows: The responses of the Reporting Persons to rows (7) through (10) of the cover pages of this Schedule 13D are incorporated herein by reference.
(c)	Item 5(c) is hereby amended and restated in its entirety as follows: Information concerning transactions in the shares of Common Stock effected by the Reporting Persons during the past sixty days is set forth in Schedule A hereto and is incorporated herein by reference.
(d)	Item 5(d) is hereby amended and restated in its entirety as follows: No persons other than the Reporting Persons, Osprey and the Separately Managed Accounts are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Schedule 13D that may be deemed to be beneficially owned by the Reporting Persons.
(e)	Item 5(e) is hereby amended and restated in its entirety as follows: Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended and supplemented as follows: Exhibit 99.3: March 17 Letter

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.

Altai Capital Management, L.P.

Signature:	/s/ Rishi Bajaj
Name/Title:	Rishi Bajaj, Authorized Signatory
Date:	03/17/2026

Altai Capital Management, LLC

Signature:	/s/ Rishi Bajaj
Name/Title:	Rishi Bajaj, Authorized Signatory
Date:	03/17/2026

Rishi Bajaj

Signature:	/s/ Rishi Bajaj
Name/Title:	Rishi Bajaj, Individually
Date:	03/17/2026

FAQ

How large is Altai Capital’s stake in OraSure Technologies (OSUR)?

Altai Capital and related reporting persons beneficially own 3,613,836 OraSure common shares. This represents 5.2% of the company’s outstanding stock, based on 69,126,173 shares reported outstanding as of February 28, 2026 in OraSure’s latest annual report.

What does the latest Schedule 13D/A for OraSure Technologies (OSUR) disclose?

The amended Schedule 13D reports that Altai Capital and affiliates hold 5.2% of OraSure’s common stock. It also updates Item 4 to describe a March 17, 2026 open letter to the board and an intention to solicit proxies at the annual meeting.

Is Altai Capital running an activist campaign at OraSure Technologies (OSUR)?

Yes. The filing states that Altai’s investment manager issued a press release with an open letter outlining its case for change and reiterating an intention to solicit proxies to elect Rishi Bajaj and John Bertrand to the board at the annual meeting.

Who are the nominees Altai Capital supports for OraSure Technologies (OSUR)?

Altai Capital’s March 17, 2026 communication reiterates its intention to solicit proxies to elect Rishi Bajaj and John Bertrand at OraSure’s annual meeting. The detailed rationale is contained in the March 17 Letter filed as Exhibit 99.3 to the amended Schedule 13D.

How is Altai Capital’s ownership in OraSure Technologies (OSUR) structured?

The filing lists Altai Capital Management, L.P., Altai Capital Management, LLC, and Rishi Bajaj as reporting persons, each with shared voting and dispositive power over 3,613,836 shares. Certain entities disclaim beneficial ownership for purposes other than Schedule 13D reporting.

What reference share count does the OraSure Technologies (OSUR) 13D/A use?

All ownership percentages in the filing are calculated using 69,126,173 OraSure common shares outstanding as of February 28, 2026. This figure comes from OraSure’s Form 10-K for the year ended December 31, 2025, filed on March 9, 2026.