Strata Critical Medical, Inc. ownership update: a group of affiliated investment entities and an associated individual report collective beneficial ownership. As of June 17, 2026, Northern Right Capital Management, L.P. and related reporting persons disclose an aggregate holding of 4,398,235 shares, representing approximately 5.1% of the 86,526,570 shares outstanding (as of April 27, 2026).
The filing breaks holdings into component positions: Northern Right Capital Management, L.P. (4,398,235 shares), Northern Right Capital (QP), L.P. (1,686,941 shares), and Northern Right Long Only Master Fund (1,664,902 shares). Disclaimers note shared voting/dispositive power through adviser and general partner relationships; certain Managed Accounts hold an additional 1,046,392 shares referenced in the filing.
Positive
None.
Negative
None.
Insights
Northern Right group reports a passive 5.1% stake in SRTA via affiliated entities.
The filing lists 4,398,235 shares tied to Northern Right Capital Management, L.P., with subsidiary and fund holdings of 1,686,941 and 1,664,902 shares respectively. The percentage is calculated against 86,526,570 shares outstanding as of April 27, 2026, per the issuer's cited 10-Q.
Voting and dispositive power is disclosed as shared across manager/GP structures, and the filing contains standard disclaimers of beneficial ownership except to the extent of pecuniary interest. Further filings would show any changes in position.
Disclosure emphasizes shared control via management and GP entities, not direct sole ownership.
The statement explains that NRCMLP may be deemed to exercise shared voting and dispositive power over QP and NRLO holdings and certain Managed Accounts totaling 1,046,392 shares. Several entities disclaim beneficial ownership except for pecuniary interest.
These attributions matter for proxy and block-trade visibility; follow-up filings would clarify any shift to active voting or additional acquisitions.
Key Figures
Group aggregate holdings:4,398,235 sharesPercent of class:5.1%Shares outstanding (context):86,526,570 shares+3 more
6 metrics
Group aggregate holdings4,398,235 sharesAs of June 17, 2026
Percent of class5.1%Based on 86,526,570 shares outstanding as of April 27, 2026
Shares outstanding (context)86,526,570 sharesAs of April 27, 2026 (issuer 10-Q)
QP Shares1,686,941 sharesNorthern Right Capital (QP), L.P.
LO Shares1,664,902 sharesNorthern Right Long Only Master Fund
Managed Accounts holding1,046,392 sharesManaged Accounts referenced in filing
"NRCMLP beneficially owned 4,398,235 shares of Common Stock"
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 dispositive powerregulatory
"shared power to dispose or direct the disposition of the QP Shares"
managed accountsfinancial
"separate managed accounts on behalf of investment advisory clients (the "Managed Accounts")"
Managed accounts are collections of investments owned by an individual or institution but run day-to-day by a professional who buys, sells and allocates assets according to an agreed plan. They matter to investors because they provide tailored oversight, active risk control and potential tax efficiency—like hiring a personal chef to manage your diet—while fees and the manager’s skill directly affect returns.
pecuniary interestlegal
"BCA disclaims beneficial ownership of such shares, except to the extent of its pecuniary interest therein"
The filing was submitted by affiliated entities led by Matthew A. Drapkin. The Reporting Persons include Northern Right Capital Management, L.P., Northern Right Capital (QP), L.P., Northern Right Long Only Master Fund, Northern Right Fund GP LLC, BC Advisors LLC, and Matthew A. Drapkin.
How many SRTA shares does Northern Right Capital Management, L.P. report owning?
Northern Right Capital Management, L.P. reports beneficial ownership of 4,398,235 shares. That figure is presented in the filing dated June 17, 2026 and contributes to the group's aggregate ~5.1% stake.
What percentage of SRTA does the group claim to own?
The Reporting Persons state an aggregate position of approximately 5.1%. This percentage is based on 86,526,570 shares outstanding as disclosed in the issuer's Form 10-Q for the period ending April 27, 2026.
Are the reported holdings sole or shared voting power?
The filing discloses shared voting and dispositive power for the listed holdings. Many positions are attributed through GP or advisory roles and the filing includes standard disclaimers of beneficial ownership except for pecuniary interest.
Do Managed Accounts form part of the disclosed position?
Yes; the filing references Managed Accounts holding 1,046,392 shares. NRCMLP notes it may be deemed to have shared power over those Managed Account shares; the Managed Accounts are included in the explanatory notes.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Strata Critical Medical, Inc. ("Issuer")
(Name of Issuer)
Common Stock, $0.0001 par value per share (the "Common Stock")
(Title of Class of Securities)
092667104
(CUSIP Number)
06/11/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
092667104
1
Names of Reporting Persons
Northern Right Capital Management, L.P.
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
4,398,235.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,398,235.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,398,235.00
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)
PN, IA
Comment for Type of Reporting Person: Note to Rows 6 and 8: Northern Right Capital Management, L.P. may be deemed to beneficially own 1,046,392 shares of Common Stock (as defined herein) currently held by the Managed Accounts (as defined herein).
SCHEDULE 13G
CUSIP Number(s):
092667104
1
Names of Reporting Persons
Northern Right Capital (QP), L.P.
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
1,686,941.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,686,941.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,686,941.00
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)
1.9 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
092667104
1
Names of Reporting Persons
Northern Right Long Only Master Fund 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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,664,902.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,664,902.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,664,902.00
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)
1.9 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
092667104
1
Names of Reporting Persons
Northern Right Fund 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,664,902.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,664,902.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,664,902.00
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)
1.9 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
092667104
1
Names of Reporting Persons
BC 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
0.00
6
Shared Voting Power
4,398,235.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,398,235.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,398,235.00
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
SCHEDULE 13G
CUSIP Number(s):
092667104
1
Names of Reporting Persons
Matthew A. Drapkin
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
0.00
6
Shared Voting Power
4,398,235.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,398,235.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,398,235.00
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)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Strata Critical Medical, Inc. ("Issuer")
(b)
Address of issuer's principal executive offices:
666 Third Avenue, 25th Floor, New York, NY 10017
Item 2.
(a)
Name of person filing:
The names of the persons filing this statement on Schedule 13G (collectively, the "Reporting Persons") are:
* Northern Right Capital Management, L.P. ("NRCMLP"),
* Northern Right Capital (QP), L.P. ("QP"),
* Northern Right Long Only Master Fund LP ("NRLO"),
* Northern Right Fund GP LLC ("NRLO GP"),
* BC Advisors, LLC ("BCA"), and
* Matthew A. Drapkin ("Mr. Drapkin").
(b)
Address or principal business office or, if none, residence:
The principal business address for each of the Reporting Persons is 9 Old Kings Highway South, 4th Floor, Darien, Connecticut 06820.
(c)
Citizenship:
NRCMLP and QP are Texas limited partnerships. NRLO is a Cayman Islands exempted limited partnership. NRLO GP and BCA are Delaware limited liability companies. Mr. Drapkin is a citizen of the United States of America.
(d)
Title of class of securities:
Common Stock, $0.0001 par value per share (the "Common Stock")
(e)
CUSIP Number(s):
092667104
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:
As of June 17, 2026, NRCMLP beneficially owned 4,398,235 shares of Common Stock.
QP beneficially owns and has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) 1,686,941 shares of Common Stock (the "QP Shares"), which represent approximately 1.9% of the outstanding shares of Common Stock.
NRLO beneficially owns and has the power to vote or to direct the vote of (and the power to dispose or direct the disposition of) 1,664,902 shares of Common Stock (the "LO Shares"), which represent approximately 1.9% of the outstanding shares of Common Stock.
NRCMLP, in its capacity as general partner of QP, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the QP Shares. NRCMLP, in its capacity as investment manager for NRLO, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the LO Shares. NRCMLP, in its capacity as investment manager for certain separate managed accounts on behalf of investment advisory clients (the "Managed Accounts"), may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the 1,046,392 shares of the Common Stock held by the Managed Accounts, which shares represent, in the aggregate, approximately 1.2% of the outstanding shares of Common Stock. NRCMLP disclaims beneficial ownership of all of the shares of Common Stock held by each of QP, NRLO and the Managed Accounts, in each case except to the extent of its pecuniary interest therein.
BCA, as general partner of NRCMLP, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the shares of Common Stock beneficially owned (or deemed beneficially owned) by NRCMLP. BCA disclaims beneficial ownership of such shares, except to the extent of its pecuniary interest therein.
NRLO GP, as general partner of NRLO, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the LO Shares. NRLO GP disclaims beneficial ownership of such shares, except to the extent of its pecuniary interest therein.
Mr. Drapkin, as managing member of BCA and NRLO GP, may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the shares of Common Stock beneficially owned (or deemed beneficially owned) by BCA and NRLO GP. Mr. Drapkin disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.
As of the date hereof, no Reporting Person beneficially owns any shares of Common Stock other than those set forth in Item 4 of this Statement.
(b)
Percent of class:
The following percentage is based on 86,526,570 Common Stock outstanding as of April 27th, 2026, as disclosed in the Issuer's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 6th, 2026.
As of June 17, 2026, the Reporting Persons may be deemed to have beneficially owned approximately 5.1% of the outstanding Common Stock.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-9.
(ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-9.
(iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
(iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
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.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit 99.1.
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.
Northern Right Capital Management, L.P.
Signature:
/s/ Matthew A. Drapkin
Name/Title:
Matthew A. Drapkin, Managing Member of BC Advisors, LLC, the general partner of Northern Right Capital Management, L.P.
Date:
06/17/2026
Northern Right Capital (QP), L.P.
Signature:
/s/ Matthew A. Drapkin
Name/Title:
Matthew A. Drapkin, Managing Member of BC Advisors, LLC, the GP of Northern Right Capital Management, L.P. the GP of Northern Right Capital (QP), L.P.
Date:
06/17/2026
Northern Right Long Only Master Fund LP
Signature:
/s/ Matthew A. Drapkin
Name/Title:
Matthew A. Drapkin, Managing Member of Northern Right Fund GP LLC, the gen. part. of Northern Right Long Only Master Fund LP
