SCHEDULE: Squadron Master Fund Reports 9.9% Stake in Aprea Therapeutics

Squadron Master Fund LP, along with its investment advisor Squadron Capital Management LLC and partners William Blank and Matthew Sesterhenn, has reported beneficial ownership of approximately 9.9% of Aprea Therapeutics, Inc. common stock.

Summary

• Squadron Master Fund LP, managed by Squadron Capital Management LLC, has disclosed a beneficial ownership stake of 1,271,081 shares of Aprea Therapeutics, Inc. common stock.
• This stake represents approximately 9.9% of the total outstanding shares, based on 11,452,452 shares outstanding as of March 16, 2026, plus the shares issuable upon exercise of warrants.
• The shares are held through warrants, with the reporting persons disclaiming beneficial ownership beyond their investment advisory role.
• The filing is made under Schedule 13G, indicating passive investment intent.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. While it indicates a significant investment, the passive nature and disclaimer of beneficial ownership suggest it's not a strong endorsement or a move to influence the company.

Positives

• Significant stake acquired, indicating confidence in Aprea Therapeutics' potential.
• The acquisition of warrants suggests a strategic investment with potential for future upside.

Negatives

• The reporting persons expressly disclaim beneficial ownership, suggesting a passive role and no intent to influence control.
• The stake is held via warrants, which are contingent on exercise and may not represent immediate voting or dispositive power over the underlying shares.

Risks

• The value of the investment is tied to the performance of Aprea Therapeutics' stock and the successful exercise of warrants.
• Potential for dilution if Aprea Therapeutics issues additional shares.

Future Outlook

The filing does not contain forward-looking statements or specific future guidance from the reporting persons regarding their investment strategy beyond the passive nature of the Schedule 13G filing.

Management Comments

• 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.

Industry Context

StockSavvy.ai notes that this Schedule 13G filing by Squadron Master Fund LP indicates a significant passive investment in Aprea Therapeutics, Inc. This type of filing is common for investment funds taking positions in biotechnology companies, often through warrant structures, without intending to control the company's management or operations.

Stakeholder Impact

• Shareholders: The filing may signal increased institutional interest, potentially influencing stock price, but the passive nature suggests no immediate impact on corporate control.
• Management: No direct impact as the filing indicates no intent to influence control.
• Creditors: No direct impact indicated.

Next Steps

• Monitor Aprea Therapeutics' performance and stock price.
• Observe any future filings from Squadron Master Fund LP or related entities regarding their stake.

Key Dates

Recommendation

The filing indicates a significant passive investment by Squadron Master Fund LP, which could be interpreted as a positive signal regarding the company's potential. However, the disclaimer of beneficial ownership and the passive nature of the Schedule 13G filing suggest that this is not an activist stake or a move to gain control. Therefore, a 'hold' recommendation is appropriate, advising investors to monitor further developments and the company's performance.

Keywords

Aprea Therapeutics, Squadron Master Fund, Squadron Capital Management, Schedule 13G, Beneficial Ownership, Warrants, Common Stock, SEC Filing