Traws Pharma discloses a 6.4% stake held by Squadron Master Fund LP and affiliated filers. The Schedule 13G/A (Amendment No. 3) reports that Squadron Master Fund LP, Squadron Capital Management LLC, Matthew Sesterhenn and William Blank each have shared voting and dispositive power over 511,714 shares.
The filing bases the ownership percentage on 7,990,867 shares outstanding as of November 10, 2025, per the issuer's Form 10-Q. Signatures on the amendment are dated 05/15/2026.
Positive
None.
Negative
None.
Insights
Large passive stake disclosed by an investment fund and affiliated advisers.
The filing shows a 511,714-share holding reported for Squadron Master Fund LP and related parties, representing 6.4% of the class based on November 10, 2025 outstanding shares. The position is reported with shared voting and dispositive power.
Because the filing is a Schedule 13G/A amendment and the advisers disclaim beneficial ownership under Rule 13d-4, this appears to be an ownership disclosure rather than an intent to control; subsequent filings would show any change in voting stance.
Form categorization and disclaimers are explicit; no admission of beneficial ownership.
The statement notes Squadron Capital Management LLC is an Exempt Reporting Adviser and includes the Rule 13d-4 disclaimer that the advisers and named partners "expressly disclaim beneficial ownership." This language affects attribution of voting intent.
Filers identify shared dispositive power and provide the issuer-reported outstanding share count as of November 10, 2025, which anchors the disclosed 6.4% ownership.
Key Figures
Shares held:511,714 sharesPercent of class:6.4%Shares outstanding:7,990,867 shares+1 more
4 metrics
Shares held511,714 sharesReported holding by Squadron Master Fund LP and affiliates
Percent of class6.4%Calculated using outstanding shares as of November 10, 2025
Shares outstanding7,990,867 sharesOutstanding as of November 10, 2025 per issuer Form 10-Q
Amendment signature date05/15/2026Date signatures appear on the Schedule 13G/A amendment
"The Schedule 13G/A (Amendment No. 3) reports that Squadron Master Fund LP"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
shared dispositive powerfinancial
"Shared Dispositive Power 511,714.00 is reported for the filers"
Exempt Reporting Adviserregulatory
"Squadron Capital Management, LLC is an investment adviser that is registered as an Exempt Reporting Adviser"
Rule 13d-4 disclaimerregulatory
"Pursuant to Rule 13d-4, Squadron Capital Management, LLC and Mr. Sesterhenn and Mr. Blank expressly disclaim beneficial ownership"
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Traws Pharma, Inc.
(Name of Issuer)
Common Stock, par value $.01 per share
(Title of Class of Securities)
68232V884
(CUSIP Number)
03/31/2026
(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):
68232V884
1
Names of Reporting Persons
Squadron 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
511,714.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
511,714.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
511,714.00
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)
6.4 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
68232V884
1
Names of Reporting Persons
Squadron 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
511,714.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
511,714.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
511,714.00
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)
6.4 %
12
Type of Reporting Person (See Instructions)
IA, HC
SCHEDULE 13G
CUSIP Number(s):
68232V884
1
Names of Reporting Persons
Matthew Sesterhenn
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
511,714.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
511,714.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
511,714.00
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)
6.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
68232V884
1
Names of Reporting Persons
William Blank
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
511,714.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
511,714.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
511,714.00
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)
6.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Traws Pharma, Inc.
(b)
Address of issuer's principal executive offices:
12 PENNS TRAIL, NEWTOWN, PENNSYLVANIA, 18940.
Item 2.
(a)
Name of person filing:
Squadron Master Fund LP
Squadron Capital Management, LLC
Matthew Sesterhenn
William Blank
(b)
Address or principal business office or, if none, residence:
Squadron Master Fund LP
c/o Squadron Capital Management, LLC
999 Oakmont Plaza Drive, Suite 600
Westmont, IL 60559
Squadron Capital Management, LLC
999 Oakmont Plaza Drive, Suite 600
Westmont, IL 60559
Matthew Sesterhenn
c/o Squadron Capital Management, LLC
999 Oakmont Plaza Drive, Suite 600
Westmont, IL 60559
William Blank
c/o Squadron Capital Management, LLC
999 Oakmont Plaza Drive, Suite 600
Westmont, IL 60559
(c)
Citizenship:
Squadron Master Fund LP - Delaware
Squadron Capital Management, LLC - Delaware
Matthew Sesterhenn - United States
William Blank - United States
(d)
Title of class of securities:
Common Stock, par value $.01 per share
(e)
CUSIP No.:
68232V884
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:
Squadron Capital Management, LLC is an investment adviser that is registered as an Exempt Reporting Adviser with the Securities and Exchange Commission. Squadron Capital Management, LLC, which serves as investment adviser to private funds, including but not limited to Squadron Master Fund LP (collectively, the "Funds"), may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Mr. Sesterhenn and Mr. Blank, as Partners of Squadron Capital Management, LLC, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, Squadron Capital Management, LLC and Mr. Sesterhenn and Mr. Blank expressly disclaim beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that Squadron Capital Management, LLC or Mr. Sesterhenn and Mr. Blank are the beneficial owner of any of the securities reported herein.
Squadron Master Fund LP - 511,714 shares
Squadron Capital Management, LLC - 511,714 shares
Matthew Sesterhenn - 511,714 shares
William Blank - 511,714 shares
(b)
Percent of class:
Ownership percentage is based on 7,990,867 shares of common stock, par value $0.01 per share, outstanding as of November 10, 2025, as represented by the Issuer in the Form 10-Q filed with the Securities and Exchange Commission on November 14, 2025.
Squadron Master Fund LP - 6.4%
Squadron Capital Management, LLC - 6.4%
Matthew Sesterhenn - 6.4%
William Blank - 6.4%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Squadron Master Fund LP - 0
Squadron Capital Management, LLC - 0
Matthew Sesterhenn - 0
William Blank - 0
(ii) Shared power to vote or to direct the vote:
Squadron Master Fund LP - 511,714 shares
Squadron Capital Management, LLC - 511,714 shares
Matthew Sesterhenn - 511,714 shares
William Blank - 511,714 shares
(iii) Sole power to dispose or to direct the disposition of:
Squadron Master Fund LP - 0
Squadron Capital Management, LLC - 0
Matthew Sesterhenn - 0
William Blank - 0
(iv) Shared power to dispose or to direct the disposition of:
Squadron Master Fund LP - 511,714 shares
Squadron Capital Management, LLC - 511,714 shares
Matthew Sesterhenn - 511,714 shares
William Blank - 511,714 shares
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.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Statement.
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.
See Notes above.
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.
Squadron Master Fund LP
Signature:
/s/ Matthew Sesterhenn
Name/Title:
Partner, Squadron Partners LLC, its General Partner
What stake does Squadron Master Fund LP report in TRAW?
The filing reports 511,714 shares held by Squadron Master Fund LP, equal to 6.4% of common stock based on 7,990,867 shares outstanding as of November 10, 2025 as represented in the issuer's Form 10-Q.
Who else is named on the Schedule 13G/A alongside Squadron Master Fund LP?
The amendment lists Squadron Capital Management LLC, and individuals Matthew Sesterhenn and William Blank, each reported with shared voting and shared dispositive power over 511,714 shares and the same 6.4% percentage.
Does the filing claim that the advisers beneficially own the shares?
No; the statement includes a disclaimer under Rule 13d-4 where Squadron Capital Management LLC and Messrs. Sesterhenn and Blank "expressly disclaim beneficial ownership" of the reported securities despite being shown with shared powers.
What outstanding share count does the filing use to calculate the percentage?
The ownership percentages are calculated using 7,990,867 shares outstanding, which the filing says is the issuer-represented total as of November 10, 2025 in the company's Form 10-Q filed November 14, 2025.
When was the Schedule 13G/A amendment signed?
The amendment shows signatures dated 05/15/2026 from the named filers, including signatures by Matthew Sesterhenn and William Blank, confirming the amendment's execution on that date.
