THTX: Morgan Stanley No Longer 5% Holder per Schedule 13G Amendment

Rhea-AI Filing Summary

Schedule 13G/A (Amendment 3) filed by Morgan Stanley discloses that its ownership in Theratechnologies Inc. (THTX) has fallen below the 5 % reporting threshold. As of 30 Jun 2025, the bank beneficially owns 858,614 common shares (CUSIP 88338H704), equal to 1.9 % of the outstanding class.

• Sole voting power: 0 shares
• Shared voting power: 852,939 shares
• Sole dispositive power: 0 shares
• Shared dispositive power: 858,614 shares

The filer is classified as a parent holding company/control person (HC, CO). Morgan Stanley certifies the shares are held in the ordinary course of business and not with intent to influence control. The amendment serves to notify investors that Morgan Stanley is no longer a 5 %+ beneficial owner of THTX.

Positive

• None.

Negative

• Morgan Stanley reduced its ownership in Theratechnologies to 1.9 %, down from a prior level above 5 %, potentially signalling diminished institutional support.

Insights

Portfolio Manager

TL;DR: Morgan Stanley cut its THTX stake to 1.9 %; modestly negative signal, but limited fundamental impact.

The crossing of the 5 % threshold removes Morgan Stanley from the list of significant holders, suggesting a reduction in conviction or routine re-balancing. Because the bank still retains ~859 k shares, it has not fully exited. The filing carries governance significance—large-block sales could add liquidity pressure—yet it delivers no operational or financial data on Theratechnologies itself. For most investors, the news is a sentiment indicator rather than a fundamental catalyst; price impact will depend on whether additional institutional selling follows.

Corporate Governance Expert

TL;DR: Loss of 5 % holder status changes disclosure obligations; governance impact is minor.

By dropping below 5 %, Morgan Stanley transitions from Schedule 13D/13G active monitoring to standard reporting, reducing future transparency on its position. This may slightly diminish shareholder oversight but does not alter board composition or control dynamics. The certification confirms passive intent, limiting takeover-related interpretations. Overall, the event is impactful for ownership structure tracking yet neutral for corporate governance stability.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Theratechnologies Inc.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

88338H704

(CUSIP Number)

06/30/2025

(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. 88338H704

1

Names of Reporting Persons

Morgan Stanley

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 852,939.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 858,614.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

858,614.00

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)

HC, CO

Comment for Type of Reporting Person: As of the date hereof, Morgan Stanley has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Theratechnologies Inc.
(b)	Address of issuer's principal executive offices: 2015 PEEL STREET, 5TH FLOOR, MONTREAL, A8, H3A 1T8
Item 2.
(a)	Name of person filing: Morgan Stanley
(b)	Address or principal business office or, if none, residence: 1585 Broadway, New York, NY 10036
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 88338H704
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: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 1.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
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.
	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 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. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

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.

Morgan Stanley

Signature:	Christopher O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	08/05/2025

FAQ

Why did Morgan Stanley file an amended Schedule 13G/A for THTX?

Because its beneficial ownership fell below the 5 % threshold, requiring an update under SEC rules.

How many Theratechnologies shares does Morgan Stanley currently own?

The firm reports owning 858,614 common shares as of 30 June 2025.

What percentage of THTX’s outstanding shares does this represent?

Morgan Stanley now holds 1.9 % of the outstanding common shares.

Does Morgan Stanley retain any voting power over its THTX stake?

Yes. It has shared voting power over 852,939 shares; it holds no sole voting power.

Is Morgan Stanley attempting to influence control of Theratechnologies?

No. The certification states the shares are held in the ordinary course of business and not to influence control.