ADAR1 Capital reveals 5.1% Perceptive Capital Solutions stake (PCSC)

Rhea-AI Filing Summary

Perceptive Capital Solutions Corp received an amended Schedule 13G/A showing that investment adviser ADAR1 Capital Management, LLC and its manager Daniel Schneeberger beneficially own 456,720 Class A ordinary shares, or 5.1% of the company’s Class A shares as of December 31, 2025.

ADAR1 Capital Management GP, LLC, as general partner of ADAR1 Partners, LP, is reported with 402,925 shares, or 4.5%. The filing notes it is an exit filing solely for ADAR1 Capital Management GP, LLC and confirms the holdings were acquired in the ordinary course of business, not to influence control of the company.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Perceptive Capital Solutions Corp

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

G70077105

(CUSIP Number)

12/31/2025

(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. G70077105

1

Names of Reporting Persons

ADAR1 Capital 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

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 456,720.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 456,720.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

456,720.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: Includes (i) 402,925 Class A ordinary shares, par value $0.0001 per share ("Class A Ordinary Shares") held by ADAR1 Partners, LP, and (ii) 53,795 Class A Ordinary Shares held by Spearhead Insurance Solutions IDF, LLC as of December 31, 2025. As the investment manager of ADAR1 Partners, LP and as the sub-advisor of Spearhead Insurance Solutions IDF, LLC, ADAR1 Capital Management, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC. Based on 8,911,250 Class A Ordinary Shares of Perceptive Capital Solutions Corp (the "Issuer") outstanding as of November 12, 2025 reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission on November 13, 2025.

SCHEDULE 13G

CUSIP No. G70077105

1

Names of Reporting Persons

ADAR1 Capital Management 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

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 402,925.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 402,925.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

402,925.00

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)

4.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Includes 402,925 Class A Ordinary Shares directly held by ADAR1 Partners, LP as of December 31, 2025. As the general partner of ADAR1 Partners, LP, ADAR1 Capital Management GP, LLC may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP. Based on 8,911,250 Class A Ordinary Shares of Perceptive Capital Solutions Corp (the "Issuer") outstanding as of November 12, 2025 reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission on November 13, 2025.

SCHEDULE 13G

CUSIP No. G70077105

1

Names of Reporting Persons

Daniel Schneeberger

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

SWITZERLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 456,720.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 456,720.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

456,720.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Includes (i) 402,925 Class A ordinary shares, par value $0.0001 per share ("Class A Ordinary Shares") held by ADAR1 Partners, LP, and (ii) 53,795 Class A Ordinary Shares held by Spearhead Insurance Solutions IDF, LLC as of December 31, 2025. As the manager of ADAR1 Capital Management, LLC and ADAR1 Capital Management GP, LLC, Mr. Schneeberger may be deemed to indirectly beneficially own securities held by ADAR1 Partners, LP and Spearhead Insurance Solutions IDF, LLC. Based on 8,911,250 Class A Ordinary Shares of Perceptive Capital Solutions Corp (the "Issuer") outstanding as of November 12, 2025 reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission on November 13, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Perceptive Capital Solutions Corp
(b)	Address of issuer's principal executive offices: 51 Astor Place, 10th Floor, New York, NY 10003
Item 2.
(a)	Name of person filing: This Schedule is being filed on behalf of each of the following persons (each, a "Reporting Person" and collectively, the "Reporting Persons"): (i) ADAR1 Capital Management, LLC ("ADAR1 Capital Management"); (ii) ADAR1 Capital Management GP, LLC ("ADAR1 General Partner"); and (iii) Daniel Schneeberger ("Mr. Schneeberger"). Pursuant to item 5 below, this filing is an exit filing solely for ADAR1 General Partner.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is 3503 Wild Cherry Drive, Building 9, Austin, Texas 78738.
(c)	Citizenship: (i) ADAR1 Capital Management is a Texas limited liability company; (ii) ADAR1 General Partner is a Texas limited liability company; and (iii) Mr. Schneeberger is a citizen of Switzerland.
(d)	Title of class of securities: Class A Ordinary Shares, par value $0.0001 per share
(e)	CUSIP No.: G70077105
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 information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(b)	Percent of class: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information contained on the cover pages of this Schedule 13G is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Mr. Schneeberger is filing this Schedule 13G as a control person in respect of shares beneficially owned by ADAR1 Capital Management, an investment adviser as described in SS 240.13d-1(b)(1)(ii)(E).
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.

ADAR1 Capital Management, LLC

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, Manager
Date:	02/17/2026

ADAR1 Capital Management GP, LLC

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, Manager
Date:	02/17/2026

Daniel Schneeberger

Signature:	/s/ Daniel Schneeberger
Name/Title:	Daniel Schneeberger, in his individual capacity
Date:	02/17/2026

FAQ

What ownership stake in PCSC is reported by ADAR1 Capital Management, LLC?

ADAR1 Capital Management, LLC is reported as beneficially owning 456,720 Class A ordinary shares of Perceptive Capital Solutions Corp, representing 5.1% of the outstanding Class A shares based on 8,911,250 shares outstanding as of November 12, 2025.

How many PCSC shares are attributed to ADAR1 Capital Management GP, LLC?

ADAR1 Capital Management GP, LLC is reported with 402,925 Class A ordinary shares, representing 4.5% of the class, held through ADAR1 Partners, LP. As general partner of ADAR1 Partners, LP, it may be deemed to indirectly beneficially own those securities.

What PCSC ownership is reported for Daniel Schneeberger in the Schedule 13G/A?

Daniel Schneeberger is reported as beneficially owning 456,720 Class A ordinary shares of Perceptive Capital Solutions Corp, or 5.1% of the class, through his roles with ADAR1 Capital Management, LLC and ADAR1 Capital Management GP, LLC as of December 31, 2025.

How is the 5.1% PCSC stake held across ADAR1-related entities?

The 5.1% PCSC stake includes 402,925 Class A shares held by ADAR1 Partners, LP and 53,795 Class A shares held by Spearhead Insurance Solutions IDF, LLC. ADAR1 Capital Management, LLC manages or advises these entities, leading to indirect beneficial ownership.

Why is this Schedule 13G/A described as an exit filing for ADAR1 General Partner?

The filing states it is an exit filing solely for ADAR1 Capital Management GP, LLC. This indicates that, based on the reported 4.5% ownership, ADAR1 General Partner’s beneficial stake has moved below the 5% threshold that typically requires a Schedule 13G filing.

Does the filing state an intent to influence control of Perceptive Capital Solutions Corp?

The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Perceptive Capital Solutions Corp, nor in connection with any transaction having that purpose or effect.