SCHEDULE: Perceptive Advisors Reduces Evolus Stake to 3.8%

Sentiment:

Beneficial Ownership Update 14 August 2025 4:23 PM

Perceptive Advisors and its affiliates have reduced their beneficial ownership in Evolus, Inc. to 3.8% of outstanding common stock.

Worse than expectedThe reporting persons' beneficial ownership decreased to 3.8% of Evolus, Inc. common stock. As a Schedule 13G is typically filed when ownership exceeds 5%, this amendment indicates a reduction in their stake below that threshold, which can be perceived as a less bullish signal from a significant institutional investor.

Summary

Perceptive Advisors LLC, Joseph Edelman, and Perceptive Life Sciences Master Fund, Ltd. collectively hold 2,474,843 shares of Evolus, Inc. common stock.
This represents 3.8% of the total 64,685,419 shares of common stock outstanding as of August 1, 2025.
The reported shares are based on information from Evolus, Inc.'s Quarterly Report on Form 10-Q filed with the SEC on August 5, 2025.
All reporting persons, including Perceptive Advisors as investment manager and Joseph Edelman as managing member, share both voting and dispositive power over the 2,474,843 shares.
This filing is Amendment No. 4 to a Schedule 13G, indicating a change from previous beneficial ownership disclosures.

Sentiment

Score: 4

Explanation: The filing indicates a reduction in beneficial ownership by Perceptive Advisors and its affiliates to below the 5% threshold, which could be interpreted as a less bullish stance on the company by a notable institutional investor, though it is a passive filing.

Future Outlook

This Schedule 13G filing does not contain any forward-looking statements or guidance regarding Evolus, Inc.'s future performance or operations.

Industry Context

This filing is a routine disclosure of a change in beneficial ownership by an institutional investor and does not provide specific insights into broader industry trends or competitive dynamics within the aesthetics or pharmaceutical sectors.

Stakeholder Impact

Shareholders may interpret the reduction in stake by a significant institutional investor as a potential signal regarding the investor's outlook on the company, potentially influencing market sentiment.

Key Dates

Date	Description
06/30/2025	Date of event which required the filing of this statement.
08/01/2025	Date as of which 64,685,419 shares of Common Stock were reported outstanding by Evolus, Inc.
08/05/2025	Date Evolus, Inc.'s Quarterly Report on Form 10-Q was filed with the SEC.
08/14/2025	Date of signing and filing of this Schedule 13G Amendment No. 4.

Recommendation

hold

The filing indicates a reduction in beneficial ownership by Perceptive Advisors and its affiliates to 3.8%, falling below the 5% threshold that typically triggers initial Schedule 13G filings. While not a direct sell signal, a notable institutional investor reducing its stake suggests a re-evaluation of its position or a reallocation of capital, which warrants a cautious 'hold' stance rather than a 'buy' or 'strong sell' based solely on this ownership change.

Keywords

Evolus, Perceptive Advisors, Joseph Edelman, Perceptive Life Sciences Master Fund, Beneficial Ownership, Common Stock, SEC Filing, Schedule 13G, Investment

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