Janus Henderson Group (VYNE) reports 9.99% Yarrow Bioscience stake and pre-funded warrants

Rhea-AI Filing Summary

Janus Henderson Group Ltd., through its investment adviser subsidiaries, reports beneficial ownership of Yarrow Bioscience, Inc. common stock on a passive basis. The group is deemed to beneficially own 266,712 shares of common stock, representing 9.99% of the class, all held across various managed client accounts.

In addition, the Asset Managers may be deemed to beneficially own 1,895,248 pre-funded warrants that are subject to a 9.99% ownership limitation, preventing exercise if it would push ownership above that threshold. Janus Henderson has no sole voting or dispositive power, but shared voting and dispositive power over the 266,712 shares. Economic benefits, including dividends and sale proceeds, belong to the underlying managed portfolios, notably including Janus Henderson Biotech Innovation Master Fund Ltd. for positions exceeding five percent.

Key Figures

Common shares beneficially owned: 266,712 shares Ownership percentage: 9.99% Pre-funded warrants: 1,895,248 pre-funded warrants +5 more

8 metrics

Common shares beneficially owned 266,712 shares Beneficially owned by Janus Henderson-related asset managers on behalf of Managed Portfolios

Ownership percentage 9.99% Percent of Yarrow Bioscience common stock class reported as beneficially owned

Pre-funded warrants 1,895,248 pre-funded warrants Additional securities subject to a 9.99% ownership limitation on exercise

Sole voting power 0 shares No sole power to vote or direct the vote

Shared voting power 266,712 shares Shared power to vote or direct the vote over reported common shares

Shared dispositive power 266,712 shares Shared power to dispose or direct the disposition of reported common shares

CUSIP 92941V407 CUSIP number for Yarrow Bioscience, Inc. common stock

Reporting date signed 08/07/2026 Date the Schedule 13G was signed by Head of North America Compliance

Key Terms

pre-funded warrants, beneficial owner, Managed Portfolios, dispositive power, +1 more

5 terms

pre-funded warrants financial

"an additional 1,895,248 pre-funded warrants which cannot be exercised"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

beneficial owner financial

"the Asset Managers may be deemed to be the beneficial owner of 266,712"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

Managed Portfolios financial

"collectively referred to herein as Managed Portfolios"

dispositive power financial

"Shared Dispositive Power 266,712.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

irrevocable delegation financial

"Due to an irrevocable delegation of investment and voting discretion"

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

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Available on EDGAR 08/07/2026 - 12:52 PM Accepted by SEC EDGAR 08/07/2026 - 12:51 PM Learn about SEC filing dates

FAQ

What percentage of Yarrow Bioscience (VYNE) does Janus Henderson report owning?

Janus Henderson Group Ltd. reports beneficial ownership of 9.99% of Yarrow Bioscience’s common stock, corresponding to 266,712 shares held across its managed client portfolios under shared voting and dispositive power.

How many Yarrow Bioscience (VYNE) shares does Janus Henderson currently hold?

Janus Henderson’s asset management subsidiaries may be deemed to beneficially own 266,712 shares of Yarrow Bioscience common stock, with 0 shares under sole voting or dispositive power and all such powers held on a shared basis.

What pre-funded warrants related to Yarrow Bioscience (VYNE) does Janus Henderson report?

Janus Henderson-related asset managers may be deemed to beneficially own 1,895,248 pre-funded warrants for Yarrow Bioscience, which cannot be exercised above a 9.99% ownership level, limiting how many warrants can be converted into common stock.

Who receives dividends and sale proceeds from Janus Henderson’s Yarrow Bioscience (VYNE) holdings?

All dividends and sale proceeds from the Yarrow Bioscience securities are received by the Managed Portfolios (client accounts and funds). Janus Henderson’s asset managers disclaim ownership of these economic rights.

Which Janus Henderson fund holds more than 5% of Yarrow Bioscience (VYNE)?

Among the Managed Portfolios, Janus Henderson Biotech Innovation Master Fund Ltd. is identified as having rights to dividends and sale proceeds from more than 5% of Yarrow Bioscience’s common stock, under an irrevocable delegation to an asset manager.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

YARROW BIOSCIENCE, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

92941V407

(CUSIP Number)

07/31/2026

(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): 92941V407

1

Names of Reporting Persons

JANUS HENDERSON GROUP 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

JERSEY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 266,712.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 266,712.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

266,712.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: YARROW BIOSCIENCE, INC.
(b)	Address of issuer's principal executive offices: 470 JAMES STREET, SUITE 007 NEW HAVEN, CT 06513
Item 2.
(a)	Name of person filing: Janus Henderson Group Ltd. In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Janus Henderson Group Ltd. It does not include securities, if any, beneficially owned by Janus Henderson Group Ltd.s ultimate parent Jupiter Topco LLC, the direct or indirect owners of Jupiter Topco LLC, or other persons that may be deemed under control of such owners. Any beneficial ownership by such persons has been disaggregated from that of Janus Henderson Group Ltd. in accordance with the release.
(b)	Address or principal business office or, if none, residence: 201 Bishopsgate EC2M 3AE, United Kingdom
(c)	Citizenship: Y9
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 92941V407
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: Janus Henderson Group Ltd. (JHG) is the ultimate parent of a number of SEC-registered investment advisers and foreign equivalents thereof, including but not limited to Janus Henderson Investors US LLC, Janus Henderson Investors UK Limited, Janus Henderson Investors Australia Institutional Funds Management Limited, Janus Henderson Investors Middle East Limited, Janus Henderson Investors (Jersey) Limited, Janus Henderson Investors (Japan) Limited, Janus Henderson Investors (Singapore) Limited, Kapstream Capital Pty Limited, Privacore Capital Advisors LLC, Tabula Investment Management Limited, Victory Park Capital Advisors LLC, and Richard Berstein Advisors LLC (each, an Asset Manager and together, the Asset Managers). The Asset Managers generally exercise investment and/or voting discretion on behalf of their clients which include investment companies, other investment advisers, institutional separate accounts and retail separate accounts (collectively referred to herein as Managed Portfolios). As a result of their exercise of investment and/or voting discretion on behalf of the Managed Portfolios, the Asset Managers may be deemed to be the beneficial owner of 266,712 common stock, as well as an additional 1,895,248 pre-funded warrants which cannot be exercised to the extent they result in ownership in excess of 9.99% of Yarrow Bioscience, Inc. However, the Asset Managers do not have the right to receive any dividends from, or the proceeds from the sale of, the securities held in the Managed Portfolios and disclaim any ownership associated with such rights.
(b)	Percent of class: 9.99 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 266712
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 266712
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 Managed Portfolios have the right to receive all dividends from, and the proceeds from the sale of, the securities held in their respective accounts. Of the Managed Portfolios, only the Janus Henderson Biotech Innovation Master Fund Ltd. has the right to receive dividends from, or the proceeds from the sale of, more than five percent of the common stock of Yarrow Bioscience, Inc. Due to an irrevocable delegation of investment and voting discretion to an Asset Manager on less than 60 days notice, the Fund is not considered a Reporting Person under Section 13(d) and (g).
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. Please refer to Exhibit 99.
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. N/A
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. N/A

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.

JANUS HENDERSON GROUP Ltd.

Signature:	Kristin Mariani
Name/Title:	Head of North America Compliance
Date:	08/07/2026

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7