SCHEDULE: Alexandria Entities Update Applied Therapeutics Stake

Alexandria Real Estate Equities and its subsidiaries have updated their beneficial ownership in Applied Therapeutics, Inc., reporting a combined stake primarily through warrants.

Summary

• Alexandria Real Estate Equities, Inc. (ARE), along with its wholly-owned subsidiaries Alexandria Venture Investments, LLC (AVI) and Alexandria Equities No. 7, LLC (AE7), filed an Amendment No. 7 to their Schedule 13G.
• The filing updates their beneficial ownership in Applied Therapeutics, Inc. common stock.
• ARE beneficially owns 6,500,000 shares, representing 4.3% of the class, with shared voting and dispositive power.
• AVI beneficially owns 4,450,000 shares, representing 3.0% of the class, consisting of 1,500,000 shares issuable upon exercise of pre-funded warrants and 2,950,000 shares issuable upon exercise of common stock warrants.
• AE7 beneficially owns 2,050,000 shares, representing 1.4% of the class, consisting of 2,050,000 shares issuable upon exercise of common stock warrants.
• The percentages are calculated based on 144,300,674 shares of common stock outstanding as of November 12, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q, and giving effect to the warrants held by the respective Reporting Persons.
• The Reporting Persons expressly disclaim status as a 'group' for purposes of this Schedule 13G/A.
• The securities were not acquired or held for the purpose of changing or influencing control of Applied Therapeutics, Inc., other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 6

Explanation: The filing is an update on beneficial ownership by Alexandria entities in Applied Therapeutics. While it doesn't indicate new significant investment or divestment, the continued holding of a substantial stake, primarily through warrants, suggests ongoing strategic interest and a long-term perspective from a sophisticated investor in the life sciences sector. The beneficial ownership is below the 5% threshold for a 13D, which is a standard disclosure for institutional investors.

Positives

• Continued investment by Alexandria entities, a significant real estate investment trust focused on life science and technology campuses, suggests ongoing confidence in Applied Therapeutics.
• The ownership is primarily through warrants, indicating a long-term investment perspective and potential for future capital infusion upon exercise.

Risks

• The value of the beneficial ownership is subject to the market performance of Applied Therapeutics, Inc. common stock.
• The ownership is largely comprised of warrants, which carry inherent risks related to their exercise price, expiration date, and the underlying stock's performance.
• The reporting persons disclaim acting as a 'group,' which could imply a lack of coordinated strategy among them despite their common parentage, though ARE's shared power mitigates this.

Future Outlook

NA

Management Comments

• The Reporting Persons expressly disclaim status as a 'group' for purposes of this Schedule 13G/A.
• Each of AVI and AE7 are indirect, wholly-owned subsidiaries of ARE and, accordingly, ARE may be deemed to share voting and dispositive power with AVI and AE7 with respect to the securities reported herein.
• 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.

Industry Context

This filing reflects an ongoing investment by a major life science real estate developer and investor, Alexandria Real Estate Equities, in a biotechnology company, Applied Therapeutics. Alexandria often invests in companies within its ecosystem, providing capital and potentially real estate solutions. This type of strategic investment is common in the biotech sector, where specialized investors support promising companies.

Related Party Transactions

• Alexandria Venture Investments, LLC (AVI) and Alexandria Equities No. 7, LLC (AE7) are indirect, wholly-owned subsidiaries of Alexandria Real Estate Equities, Inc. (ARE). ARE is deemed to share voting and dispositive power over the securities held by its subsidiaries.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake in the company. The continued presence of Alexandria as an investor may be viewed positively, signaling confidence.
• Management: Awareness of a significant investor's position and their stated intent not to influence control (except for nominations) can inform management's strategic decisions.

Next Steps

• The Reporting Persons will file further amendments to this Schedule 13G if their beneficial ownership significantly changes (e.g., crosses a 1% threshold up or down).
• Applied Therapeutics, Inc. will continue its operations and report its financial and operational results in future SEC filings.

Key Dates

Recommendation

This filing is a routine update on beneficial ownership by an institutional investor. It does not contain new financial performance data, strategic announcements, or significant changes in control that would warrant a 'buy' or 'sell' recommendation. The continued holding of a stake, primarily through warrants, by a sophisticated investor like Alexandria suggests a stable, long-term interest, supporting a 'hold' position for existing investors. New investors would need to conduct further due diligence beyond this ownership disclosure.

Keywords

Applied Therapeutics, Alexandria Real Estate Equities, Alexandria Venture Investments, Alexandria Equities No. 7, Schedule 13G, beneficial ownership, common stock, warrants, pre-funded warrants, ATYX, SEC filing