CRCM discloses 8% passive stake in Perceptive Capital (PCSC) shares

Rhea-AI Filing Summary

CRCM Institutional Master Fund (BVI), Ltd. and related CRCM entities filed a Schedule 13G reporting a passive stake in Perceptive Capital Solutions Corp Class A Ordinary Shares. CRCM Institutional Master Fund reports beneficial ownership of 700,000 shares, or 7.9% of the class, while CRCM LP, CRCM LLC and Chun R. Ding each report beneficial ownership of 716,645 shares, or 8% of the class. These percentages are based on 8,911,250 Class A Ordinary Shares outstanding as of November 12, 2025, as stated in the issuer’s Form 10-Q. The filing explains that the shares are held by CRCM Master Fund and managed accounts, and that CRCM LP, CRCM LLC and Mr. Ding may be deemed beneficial owners but disclaim beneficial ownership. The filers certify the holdings were not acquired to change or influence control of Perceptive Capital Solutions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

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)

01/06/2026

(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. G70077105

1

Names of Reporting Persons

CRCM INSTITUTIONAL MASTER FUND (BVI), LTD.

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

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 700,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 700,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

700,000.00

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)

7.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Note to Row 6: Based on 8,911,250 Class A Ordinary Shares 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

CRCM 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 716,645.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 716,645.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

716,645.00

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)

8 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Note to Row 6: Based on 8,911,250 Class A Ordinary Shares 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

CRCM 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 716,645.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 716,645.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

716,645.00

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)

8 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Note to Row 6: Based on 8,911,250 Class A Ordinary Shares 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

Chun R. Ding

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

SAINT KITTS AND NEVIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 716,645.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 716,645.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

716,645.00

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)

8 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Note to Row 6: Based on 8,911,250 Class A Ordinary Shares 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, New York, 10003
Item 2.
(a)	Name of person filing: (i) CRCM Institutional Master Fund (BVI), Ltd., a British Virgin Islands limited company ("CRCM Master Fund"); (ii) CRCM LP, a Delaware limited partnership and the investment manager ("Investment Manager") of CRCM Master Fund and separately managed account clients (the "Managed Accounts"); (iii) CRCM LLC, a Delaware limited liability company and the general partner (the "General Partner") of the Investment Manager, with respect to the shares held by the CRCM Master Fund and the Managed Accounts; and (iv) Chun R. Ding ("Ding"), a citizen of St. Kits and Nevis and the managing partner of the Investment Manager, the manager of the General Partner, with respect to the shares held by the CRCM Master Fund and the Managed Accounts.
(b)	Address or principal business office or, if none, residence: The address of the principal business of (i) CRCM Master Fund (c/o CRCM) is 475 Sansome Street, Suite 730, San Francisco, CA 94111; (ii-iv) the Investment Manager, the General Partner, and Mr. Ding (c/o CRCM) is 475 Sansome Street, Suite 730, San Francisco, CA 94111.
(c)	Citizenship: The citizenship of each Reporting Person is set forth above.
(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 required by Items 4(a) - (c) is set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
(b)	Percent of class: The Class A Ordinary Shares reported hereby for the CRCM Master Fund are owned directly by the fund. The Investment Manager, as investment manager of the CRCM Master Fund and the Managed Accounts, may be deemed to be the beneficial owner of all such shares owned by the CRCM Master Fund and the Managed Accounts. The General Partner, as general partner of the Investment Manager, may be deemed to be the beneficial owner of all of such shares owned by the CRCM Master Fund and the Managed Accounts. Mr. Ding, as managing partner of the Investment Manager, and manager of the General Partner with the power to exercise investment discretion, may be deemed to be the beneficial owner of all such shares owned by the CRCM Master Fund and the Managed Accounts. Each of the Investment Manager, the General Partner and Mr. Ding hereby disclaims any beneficial ownership of any such shares.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Items 4(a) - (c) is set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by Items 4(a) - (c) is set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Items 4(a) - (c) is set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Items 4(a) - (c) is set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
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 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.

CRCM INSTITUTIONAL MASTER FUND (BVI), LTD.

Signature:	/s/ Chun R. Ding
Name/Title:	Chun R. Ding
Date:	01/13/2026

CRCM LP

Signature:	/s/ Chun R. Ding
Name/Title:	Chun R. Ding
Date:	01/13/2026

CRCM LLC

Signature:	/s/ Chun R. Ding
Name/Title:	Chun R. Ding
Date:	01/13/2026

Chun R. Ding

Signature:	/s/ Chun R. Ding
Name/Title:	Chun R. Ding
Date:	01/13/2026

Exhibit Information

Exhibit 1 -- Joint Acquisition Statement Pursuant to Section 240.13d-1(k)

FAQ

Who filed the Schedule 13G for Perceptive Capital Solutions Corp (PCSC)?

The Schedule 13G was filed by CRCM Institutional Master Fund (BVI), Ltd., CRCM LP, CRCM LLC, and Chun R. Ding, who are collectively reporting their beneficial ownership of Perceptive Capital Solutions Corp Class A Ordinary Shares.

How many Perceptive Capital Solutions Corp Class A shares does CRCM Institutional Master Fund report owning?

CRCM Institutional Master Fund (BVI), Ltd. reports beneficial ownership of 700,000 Class A Ordinary Shares of Perceptive Capital Solutions Corp, representing a 7.9% stake in that class of securities.

What percentage of Perceptive Capital Solutions Corp does CRCM LP, CRCM LLC and Chun R. Ding report owning?

CRCM LP, CRCM LLC, and Chun R. Ding each report beneficial ownership of 716,645 Class A Ordinary Shares, which is stated as 8% of Perceptive Capital Solutions Corp’s Class A Ordinary Shares.

On what share count is the reported ownership in Perceptive Capital Solutions based?

The reported ownership percentages are based on 8,911,250 Class A Ordinary Shares outstanding as of November 12, 2025, as disclosed in Perceptive Capital Solutions Corp’s Form 10-Q for the quarter ended September 30, 2025.

Are the CRCM filers seeking to influence control of Perceptive Capital Solutions Corp?

No. The certification states the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of Perceptive Capital Solutions Corp, consistent with a passive Schedule 13G filing.

Do CRCM LP, CRCM LLC and Chun R. Ding claim full beneficial ownership of the Perceptive Capital Solutions shares?

The filing explains that CRCM LP, CRCM LLC and Chun R. Ding may be deemed beneficial owners of the shares held by CRCM Master Fund and managed accounts, but each disclaims beneficial ownership of those shares.

What class of Perceptive Capital Solutions securities is covered by this Schedule 13G?

The Schedule 13G covers Class A Ordinary Shares of Perceptive Capital Solutions Corp, with a par value of $0.0001 per share, identified by CUSIP G70077105.