Linden group discloses 25.74% SkinHealth Systems (SKIN) ownership update

Rhea-AI Filing Summary

SkinHealth Systems Inc. received an updated large-holder ownership filing from Linden Capital affiliates. The reporting group states beneficial ownership of 33,360,741 Class A common shares, equal to about 25.74% of the Class A stock outstanding as of May 5, 2026, based on 129,600,040 shares reported in the company’s Form 10-Q.

LCP Edge Holdco, LLC directly holds these shares, which may be deemed beneficially owned by related Linden Capital entities and individuals Brian Miller and Anthony Davis. The amendment explains that the percentage change from prior reports results only from a change in total shares outstanding, and confirms that no transactions in the stock were made by the reporting persons in the past 60 days.

Key Figures

Beneficial ownership: 33,360,741 shares Ownership percentage: 25.74% Shares outstanding: 129,600,040 shares +5 more

8 metrics

Beneficial ownership 33,360,741 shares Class A common shares held by reporting group

Ownership percentage 25.74% Portion of Class A shares represented by 33,360,741 shares

Shares outstanding 129,600,040 shares Class A shares outstanding as of May 5, 2026

Sole voting power 0 shares Reported for each reporting person

Shared voting power 33,360,741 shares Reported for each reporting person

Sole dispositive power 0 shares Reported for each reporting person

Shared dispositive power 33,360,741 shares Reported for each reporting person

Amendment number Amendment No. 5 To the existing Schedule 13D on SkinHealth Systems

Key Terms

beneficially owned, shared voting power, shared dispositive power, Schedule 13D, +1 more

5 terms

beneficially owned financial

"The Reporting Persons hold an aggregate 33,360,741 shares of Class A Shares, representing approximately 25.74%..."

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"Shared Voting Power 33,360,741.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 33,360,741.00"

Schedule 13D regulatory

"This Amendment No. 5 to the statement on amends and supplements the statement on filed by the Reporting Persons..."

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Section 13(d) of the Act regulatory

"for the purposes of Section 13(d) of the Act, or for any other purpose."

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/11/2026 - 07:30 PM Learn about SEC filing dates

FAQ

How many SkinHealth Systems (SKIN) shares do the Linden Capital entities report owning?

The Linden Capital reporting group states beneficial ownership of 33,360,741 Class A common shares of SkinHealth Systems Inc. These shares are directly held by LCP Edge Holdco, LLC and may be deemed owned by related Linden entities and individuals Brian Miller and Anthony Davis.

What percentage of SkinHealth Systems (SKIN) does the Linden group’s stake represent?

The filing reports the group’s 33,360,741 Class A shares represent approximately 25.74% of the Class A shares outstanding. This percentage is calculated using 129,600,040 Class A shares outstanding as of May 5, 2026, as disclosed in SkinHealth Systems’ Form 10-Q.

Did Linden Capital or its affiliates trade SkinHealth Systems (SKIN) shares recently?

The amendment states that none of the reporting persons effected any transactions in SkinHealth Systems Class A shares during the past 60 days. The updated ownership percentage is attributed solely to a change in total shares outstanding, not to new purchases or sales.

Who directly holds the SkinHealth Systems (SKIN) shares reported in this Schedule 13D/A?

The filing specifies that LCP Edge Holdco, LLC directly holds the 33,360,741 Class A shares. Due to their relationships, Linden Capital III LLC, other affiliated funds, and individuals Brian Miller and Anthony Davis may be deemed beneficial owners of the same block of shares.

Why was this Amendment No. 5 to the SkinHealth Systems (SKIN) Schedule 13D filed?

Amendment No. 5 was filed to update the percentage ownership of SkinHealth Systems Class A shares held by the reporting group. The document explains the change in percentage arises solely from a revised share count outstanding, with no other material changes since Amendment No. 4.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

SkinHealth Systems Inc.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

88331L108

(CUSIP Number)

Brian Miller
c/o Linden Capital Partners, 110 N. Wacker Dr., 55th Floor
Chicago, IL, 60606
(312) 506-5600

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

05/07/2026

(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 Number(s): 88331L108

1

Name of reporting person

LCP Edge Holdco, 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)

OO

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 33,360,741.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 33,360,741.00

11

Aggregate amount beneficially owned by each reporting person

33,360,741.00

12

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

13

Percent of class represented by amount in Row (11)

25.74 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Calculated based on 129,600,040 shares of Class A Common Stock, par value $0.0001 per share ("Class A Shares"), outstanding as of May 5, 2026, as reported on the Issuer's Form 10-Q, filed with the Securities and Exchange Commission ("SEC") on May 7, 2026 (the "Form 10-Q").

SCHEDULE 13D

CUSIP Number(s): 88331L108

1

Name of reporting person

Linden Capital III 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)

OO

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 33,360,741.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 33,360,741.00

11

Aggregate amount beneficially owned by each reporting person

33,360,741.00

12

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

13

Percent of class represented by amount in Row (11)

25.74 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Calculated based on 129,600,040 shares of Class A Shares outstanding as of May 5, 2026, as reported on the Issuer's Form 10-Q.

SCHEDULE 13D

CUSIP Number(s): 88331L108

1

Name of reporting person

Linden Manager III LP

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)

OO

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 33,360,741.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 33,360,741.00

11

Aggregate amount beneficially owned by each reporting person

33,360,741.00

12

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

13

Percent of class represented by amount in Row (11)

25.74 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Calculated based on 129,600,040 shares of Class A Shares outstanding as of May 5, 2026, as reported on the Issuer's Form 10-Q.

SCHEDULE 13D

CUSIP Number(s): 88331L108

1

Name of reporting person

Linden Capital Partners III LP

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)

OO

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 33,360,741.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 33,360,741.00

11

Aggregate amount beneficially owned by each reporting person

33,360,741.00

12

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

13

Percent of class represented by amount in Row (11)

25.74 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Calculated based on 129,600,040 shares of Class A Shares outstanding as of May 5, 2026, as reported on the Issuer's Form 10-Q.

SCHEDULE 13D

CUSIP Number(s): 88331L108

1

Name of reporting person

Linden Capital Partners III-A LP

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)

OO

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 33,360,741.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 33,360,741.00

11

Aggregate amount beneficially owned by each reporting person

33,360,741.00

12

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

13

Percent of class represented by amount in Row (11)

25.74 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Calculated based on 129,600,040 shares of Class A Shares outstanding as of May 5, 2026, as reported on the Issuer's Form 10-Q.

SCHEDULE 13D

CUSIP Number(s): 88331L108

1

Name of reporting person

Anthony Davis

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)

OO

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 33,360,741.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 33,360,741.00

11

Aggregate amount beneficially owned by each reporting person

33,360,741.00

12

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

13

Percent of class represented by amount in Row (11)

25.74 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Calculated based on 129,600,040 shares of Class A Shares outstanding as of May 5, 2026, as reported on the Issuer's Form 10-Q.

SCHEDULE 13D

CUSIP Number(s): 88331L108

1

Name of reporting person

Brian Miller

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)

OO

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 33,360,741.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 33,360,741.00

11

Aggregate amount beneficially owned by each reporting person

33,360,741.00

12

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

13

Percent of class represented by amount in Row (11)

25.74 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Calculated based on 129,600,040 shares of Class A Shares outstanding as of May 5, 2026, as reported on the Issuer's Form 10-Q.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.0001 per share
(b)	Name of Issuer: SkinHealth Systems Inc.
(c)	Address of Issuer's Principal Executive Offices: 3600 E. Burnett Street, Long Beach, CALIFORNIA , 90815.
Item 1 Comment: This Amendment No. 5 to the statement on Schedule 13D amends and supplements the statement on Schedule 13D filed by the Reporting Persons with the SEC on May 14, 2021 (the "Original Schedule 13D") as amended by Amendment No. 1 filed by the Reporting Persons with the SEC on May 21, 2021, Amendment No. 2 filed by the Reporting Persons with the SEC on July 19, 2021, Amendment No. 3 filed by the Reporting Persons with the SEC on July 7, 2023, and Amendment No. 4 filed by the Reporting Persons with the SEC on March 14, 2024 (together with this Amendment No. 5, the "Schedule 13D" or the "Statement"). Except as amended herein, the Original Schedule 13D remains in full force and effect. Terms defined in the Original Schedule 13D are used herein as so defined.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of the Schedule 13D is hereby amended and restated as follows: The information set forth in rows (11) and (13) of the cover pages hereto is incorporated by reference into this Item 5. The Reporting Persons hold an aggregate 33,360,741 shares of Class A Shares, representing approximately 25.74% of the Class A Shares outstanding as of May 5, 2026. All such ownership percentages of the securities reported herein are based upon 129,600,040 shares of Class A Shares outstanding as of May 5, 2026 as reported in the Issuer's Form 10-Q. LCP directly holds the 33,360,741 shares of Class A Shares referred to herein. As a result of the relationships described in Item 2, the 33,360,741 shares of Class A Shares may be deemed to be beneficially owned by each of Linden Capital III, LLC, Linden Manager III, LP, Linden Capital Partners III, LP, Linden Capital Partners III-A, LP, Brian Miller and Anthony Davis. This Amendment No. 5 is being filed to reflect a change in the percentage previously reported solely as a result of the change in the outstanding Class A Shares. There have been no other material changes to the information previously reported since the filing of Amendment No. 4. Neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission by any of the Reporting Persons that it is the beneficial owner of any of the Class A Shares referred to herein for the purposes of Section 13(d) of the Act, or for any other purpose.
(b)	Item 5(b) of the Schedule 13D is hereby amended and restated as follows: The information set forth in rows (7) through (10) of the cover pages hereto and in Item 5(a) hereof is incorporated by reference into this Item 5.
(c)	None of the Reporting Persons has effected any transactions related to the Class A Shares during the past 60 days.

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.

LCP Edge Holdco, LLC

Signature:	/s/ Brian Miller
Name/Title:	Brian Miller / President
Date:	05/11/2026

Linden Capital III LLC

Signature:	/s/ Brian Miller
Name/Title:	Brian Miller / Managing Partner
Date:	05/11/2026

Linden Manager III LP

Signature:	/s/ Brian Miller
Name/Title:	Brian Miller / Managing Partner
Date:	05/11/2026

Linden Capital Partners III LP

Signature:	/s/ Brian Miller
Name/Title:	Brian Miller / Managing Partner
Date:	05/11/2026

Linden Capital Partners III-A LP

Signature:	/s/ Brian Miller
Name/Title:	Brian Miller / Managing Partner
Date:	05/11/2026

Anthony Davis

Signature:	/s/ Brian Miller
Name/Title:	Brian Miller / Attorney-in-Fact
Date:	05/11/2026

Brian Miller

Signature:	/s/ Brian Miller
Name/Title:	Brian Miller
Date:	05/11/2026

Comments accompanying signature:

Linden Manager III LP, By: Linden Capital III LLC Its: General Partner. Linden Capital Partners III LP, By: Linden Manager III LP Its: General Partner, By: Linden Capital III LLC Its: General Partner. Linden Capital Partners III-A LP, By: Linden Manager III LP Its: General Partner, By: Linden Capital III LLC Its: General Partner.