Zhen Li filed a Schedule 13G with the SEC on November 13, 2026, disclosing beneficial ownership of approximately 9.7% of the common stock of ADARx Pharmaceuticals, Inc., as of September 30, 2026.

Key Highlights

  • Total beneficial ownership: Zhen Li reported beneficial ownership of 10,851,558 shares of ADARx Pharmaceuticals common stock, $0.0001 par value per share, as of September 30, 2026.
  • Ownership percentage: The 10,851,558 shares represent approximately 9.7% of the class, according to the filing.
  • Sole voting and dispositive power: Li holds sole voting and dispositive power over 4,939,795 shares, all of which are subject to options exercisable within 60 days of September 30, 2026.
  • Shared voting and dispositive power: Li holds shared voting and dispositive power over 5,911,763 shares, which include 5,861,199 shares held by the Titanium Boulder Irrevocable Trust dated July 11, 2020, and 50,564 shares subject to options held by her spouse.
  • Beneficial ownership disclaimer: According to the filing, Li "disclaims beneficial ownership of the shares of Common Stock subject to options held by the Reporting Person's spouse."
  • Shares outstanding basis: The percentage calculation is based on 107,255,963 shares of common stock issued and outstanding as of September 30, 2026, plus the option shares added under Rule 13d-3(d)(1)(i).

Zhen Li's Ownership Structure at ADARx Pharmaceuticals as of September 30, 2026

According to the Schedule 13G filed November 13, 2026, Zhen Li reported aggregate beneficial ownership of 10,851,558 shares of ADARx Pharmaceuticals, Inc. common stock. The filing identifies three components of this total: 4,939,795 shares subject to options held directly by Li that are exercisable within 60 days of September 30, 2026; 5,861,199 shares held by the Titanium Boulder Irrevocable Trust dated July 11, 2020, for which Li and her spouse serve as co-trustees; and 50,564 shares subject to options held by Li's spouse that are also exercisable within 60 days of September 30, 2026.

The filing notes that Li and her spouse, in their capacity as trustees of the Titanium Trust, share voting and dispositive power over the securities held by that trust. Li's sole voting and dispositive power of 4,939,795 shares corresponds to her directly held options. The shared voting and dispositive power figure of 5,911,763 shares reflects the trust holdings combined with her spouse's option shares. The filing states that Li disclaims beneficial ownership of the shares attributable to her spouse's options.

The 9.7% ownership percentage disclosed in the filing is calculated using a denominator that includes 107,255,963 shares of common stock issued and outstanding as of September 30, 2026, plus the 4,939,795 and 50,564 option shares added pursuant to Rule 13d-3(d)(1)(i) under the Securities Exchange Act of 1934. The filing also notes that the Titanium Trust "has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5 percent of the shares of Common Stock outstanding."

What Was Disclosed

Zhen Li filed a Schedule 13G disclosing aggregate beneficial ownership of 10,851,558 shares, or approximately 9.7%, of ADARx Pharmaceuticals, Inc. common stock as of September 30, 2026, comprising direct options, trust holdings, and her spouse's options.