SCHEDULE 13G

CUSIP No.

03828A101

1

Names of Reporting Persons

Propel Bio Management, LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,015,394.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,015,394.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,015,394.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

11

Percent of class represented by amount in row (9)

4.2 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: (1) The beneficial ownership of the securities reported herein is described in item 4 of this Schedule 13G Amendment. (2) Calculations are based on 144,300,674 common shares outstanding as of November 12, 2025, as disclosed by the Issuer on its Form 10-Q filed with the Securities and Exchange Commission on November 13, 2025.

SCHEDULE 13G

CUSIP No.

03828A101

1

Names of Reporting Persons

Leen Kawas

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,015,394.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,015,394.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,015,394.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

11

Percent of class represented by amount in row (9)

4.2 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: (1) The beneficial ownership of the securities reported herein is described in item 4 of this Schedule 13G Amendment. (2) Calculations are based on 144,300,674 common shares outstanding as of November 12, 2025, as disclosed by the Issuer on its Form 10-Q filed with the Securities and Exchange Commission on November 13, 2025.

SCHEDULE 13G

CUSIP No.

03828A101

1

Names of Reporting Persons

Richard Kayne and Suzanne Kayne Living Trust dtd 01/14/1999

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

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) The beneficial ownership of the securities reported herein is described in item 4 of this Schedule 13G Amendment. (2) Calculations are based on 144,300,674 common shares outstanding as of November 12, 2025, as disclosed by the Issuer on its Form 10-Q filed with the Securities and Exchange Commission on November 13, 2025.

SCHEDULE 13G

CUSIP No.

03828A101

1

Names of Reporting Persons

Richard Kayne

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,015,394.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,015,394.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,015,394.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

11

Percent of class represented by amount in row (9)

4.2 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: (1) The beneficial ownership of the securities reported herein is described in item 4 of this Schedule 13G Amendment. (2) Calculations are based on 144,300,674 common shares outstanding as of November 12, 2025, as disclosed by the Issuer on its Form 10-Q filed with the Securities and Exchange Commission on November 13, 2025.

SCHEDULE 13G

CUSIP No.

03828A101

1

Names of Reporting Persons

Propel Bio Partners LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,015,394.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,015,394.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,015,394.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

11

Percent of class represented by amount in row (9)

4.2 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) The beneficial ownership of the securities reported herein is described in item 4 of this Schedule 13G Amendment. (2) Calculations are based on 144,300,674 common shares outstanding as of November 12, 2025, as disclosed by the Issuer on its Form 10-Q filed with the Securities and Exchange Commission on November 13, 2025.

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

Applied Therapeutics, Inc.

(b)

Address of issuer's principal executive offices:

545 FIFTH AVENUE, SUITE 1400, 545 FIFTH AVENUE, SUITE 1400, NEW YORK, NEW YORK, 10017.

Item 2.

(a)

Name of person filing:

(i) Propel Bio Management, LLC (ii) Leen Kawas (iii) Richard Kayne (iv) Richard Kayne and Suzanne Kayne Living Trust dtd 01/14/1999 (v) Propel Bio Partners LLC

(b)

Address or principal business office or, if none, residence:

(i) 11620 Wilshire Blvd, Suite 350, Los Angeles, CA 90025 (ii) 11620 Wilshire Blvd, Suite 350, Los Angeles, CA 90025 (iii) 11620 Wilshire Blvd, Suite 350, Los Angeles, CA 90025 (iv) C/O RMZ, LLC 11620 Wilshire Blvd, Suite 350, Los Angeles, CA 90025 (v) 11620 Wilshire Blvd, Suite 350, Los Angeles, CA 90025

(c)

Citizenship:

(i) Delaware (ii) United States (iii) United States (iv) California (v) California

(d)

Title of class of securities:

Common Stock

(e)

CUSIP No.:

03828A101

Item 4.

Ownership

(a)

Amount beneficially owned:

(i) 6,015,394 (1)(2)(5) (ii) 6,015,394 (1)(2)(5) (iii) 6,015,394 (1)(2)(5) (iv) 0 (2)(3)(5) (v) 6,015,394 (2)(4)(5)

(b)

Percent of class:

(i) 4.17% (1)(2)(5) (ii) 4.17% (1)(2)(5) (iii) 4.17% (2)(3)(5) (iv) 0.00% (2)(3)(5) (v) 4.17% (2)(4)(5)

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

(i) 6,015,394 (ii) 6,015,394 (iii) 6,015,394 (iv) 0 (v) 6,015,394

(ii) Shared power to vote or to direct the vote:

(i) 0 (ii) 0 (iii) 0 (iv) 0 (v) 0

(iii) Sole power to dispose or to direct the disposition of:

(i) 6,015,394 (ii) 6,015,394 (iii) 6,015,394 (iv) 0 (v) 6,015,394

(iv) Shared power to dispose or to direct the disposition of:

(i) 0 (ii) 0 (iii) 0 (iv) 0 (v) 0

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.

Reporting persons are holding 4.17% of the shares in the aggregate on behalf of other persons who have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of, such securities.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable

Item 8.

Identification and Classification of Members of the Group.

Not Applicable

Item 9.

Notice of Dissolution of Group.

Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, 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.

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.

Propel Bio Management, LLC

Signature:	Leen Kawas
Name/Title:	Managing Member
Date:	12/31/2025

Leen Kawas

Signature:	Leen Kawas
Name/Title:	Individual
Date:	12/31/2025

Richard Kayne and Suzanne Kayne Living Trust dtd 01/14/1999

Signature:	Richard Kayne
Name/Title:	Trustee
Date:	12/31/2025

Richard Kayne

Signature:	Richard Kayne
Name/Title:	Individual
Date:	12/31/2025

Propel Bio Partners LLC

Signature:	Leen Kawas
Name/Title:	Managing Member
Date:	12/31/2025