X0202 SCHEDULE 13G/A 0001930214 XXXXXXXX LIVE 2 Common Stock, $0.0001 par value per share 03/31/2026 0001822791 Clene Inc. 185634102 6550 South Millrock Drive Suite G50 Salt Lake City UT 84121 Rule 13d-1(c) Vivo Opportunity Fund Holdings, L.P. b DE 1886469.00 0.00 1886469.00 0.00 1886469.00 N 9.99 PN The number represents (i) 252,294 shares of common stock, par value $0.0001 per share (the "Common Stock") of Clene, Inc. (the "Issuer"), (ii) 302,752 shares of Common Stock issuable upon exercise of certain Series A Warrant issued in connection with a private offering of the Issuer in January 2026 (the "Series A Warrants"); (iii) 706,423 shares of Common Stock issuable upon exercise of certain Series B Warrants issued in connection with a private offering of the Issuer in January 2026 (the "Series B Warrants"); (iv) 312,500 shares of Common Stock issuable upon exercise of certain Tranche A Warrants issued in connection with an underwritten offering of the Issuer in June 2023 (the "Tranche A Warrants"); and (v) 312,500 shares of Common Stock issuable upon exercise of certain Tranche B Warrants issued in connection with the underwritten offering of the Issuer in June 2023 (the "Tranche B Warrants"). All securities are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. The Series A Warrants, Series B Warrants, Tranche A Warrants and Tranche B Warrants all contain provisions preventing the warrants from being exercised if such exercise would result in the holder obtaining greater than 9.99% of the Issuer's voting securities. However, the amounts reported in rows 5, 7 and 9 herein represent the number of shares of Common Stock that would be issuable upon full exercise of all the warrants, without giving effect to the blocking provisions. Vivo Opportunity, LLC b DE 1886469.00 0.00 1886469.00 0.00 1886469.00 N 9.99 OO The number represents (i) 252,294 shares of Common Stock of the Issuer, (ii) 302,752 shares of Common Stock issuable upon exercise of the Series A Warrants; (iii) 706,423 shares of Common Stock issuable upon exercise of the Series B Warrants; (iv) 312,500 shares of Common Stock issuable upon exercise of the Tranche A Warrants; and (v) 312,500 shares of Common Stock issuable upon exercise of the Tranche B Warrants. All securities are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. The Series A Warrants, Series B Warrants, Tranche A Warrants and Tranche B Warrants all contain provisions preventing the warrants from being exercised if such exercise would result in the holder obtaining greater than 9.99% of the Issuer's voting securities. However, the amounts reported in rows 5, 7 and 9 herein represent the number of shares of Common Stock that would be issuable upon full exercise of all the warrants, without giving effect to the blocking provisions. Vivo Opportunity Cayman Fund, L.P. b E9 127420.00 0.00 127420.00 0.00 127420.00 N 9.99 PN The number represents (i) 25,484 shares of Common Stock of the Issuer, (ii) 30,581 shares of Common Stock issuable upon exercise of the Series A Warrants; and (iii) 71,355 shares of Common Stock issuable upon exercise of the Series B Warrants. All securities are held of record by Vivo Opportunity Cayman Fund, L.P. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P. The Series A Warrants and Series B Warrants all contain provisions preventing the warrants from being exercised if such exercise would result in the holder obtaining greater than 9.99% of the Issuer's voting securities. However, the amounts reported in rows 5, 7 and 9 herein represent the number of shares of Common Stock that would be issuable upon full exercise of all the warrants, without giving effect to the blocking provisions. Vivo Opportunity Cayman, LLC b E9 127420.00 0.00 127420.00 0.00 127420.00 N 9.99 OO The number represents (i) 25,484 shares of Common Stock of the Issuer, (ii) 30,581 shares of Common Stock issuable upon exercise of the Series A Warrants; and (iii) 71,355 shares of Common Stock issuable upon exercise of the Series B Warrants. All securities are held of record by Vivo Opportunity Cayman Fund, L.P. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P. The Series A Warrants and Series B Warrants all contain provisions preventing the warrants from being exercised if such exercise would result in the holder obtaining greater than 9.99% of the Issuer's voting securities. However, the amounts reported in rows 5, 7 and 9 herein represent the number of shares of Common Stock that would be issuable upon full exercise of all the warrants, without giving effect to the blocking provisions. Clene Inc. 6550 South Millrock Drive, Suite G50, Salt Lake City, Utah, 84121 (i) Vivo Opportunity Fund Holdings, L.P., a Delaware limited partnership; and (ii) Vivo Opportunity, LLC, a Delaware limited liability company. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. (iii) Vivo Opportunity Cayman Fund, L.P. a Cayman Islands limited partnership; and (iv) Vivo Opportunity Cayman, LLC is a Cayman Islands limited liability company. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P. (i) Vivo Opportunity Fund Holdings, L.P., a Delaware limited partnership; and (ii) Vivo Opportunity, LLC, a Delaware limited liability company. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. (iii) Vivo Opportunity Cayman Fund, L.P. a Cayman Islands limited partnership; and (iv) Vivo Opportunity Cayman, LLC is a Cayman Islands limited liability company. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P. (i) Vivo Opportunity Fund Holdings, L.P., a Delaware limited partnership; and (ii) Vivo Opportunity, LLC, a Delaware limited liability company. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. (iii) Vivo Opportunity Cayman Fund, L.P. a Cayman Islands limited partnership; and (iv) Vivo Opportunity Cayman, LLC is a Cayman Islands limited liability company. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P. The address of the principal business office of the Reporting Persons is 192 Lytton Avenue, Palo Alto, CA 94301. Vivo Opportunity, LLC may be deemed to beneficially own an aggregate of 1,886,469 shares of the Issuer's securities, consisting of (i) 252,294 shares of Common Stock of the Issuer, (ii) 302,752 shares of Common Stock issuable upon exercise of the Series A Warrants; (iii) 706,423 shares of Common Stock issuable upon exercise of the Series B Warrants; (iv) 312,500 shares of Common Stock issuable upon exercise of the Tranche A Warrants; and (v) 312,500 shares of Common Stock issuable upon exercise of the Tranche B Warrants. All securities are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity Cayman, LLC may be deemed to beneficially own an aggregate of 127,420 shares of the Issuer's securities, consisting of (i) 25,484 shares of Common Stock of the Issuer, (ii) 30,581 shares of Common Stock issuable upon exercise of the Series A Warrants; and (iii) 71,355 shares of Common Stock issuable upon exercise of the Series B Warrants. All securities are held of record by Vivo Opportunity Cayman Fund, L.P. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P. The Series A Warrants, Series B Warrants, Tranche A Warrants and Tranche B Warrants all contain provisions preventing the warrants from being exercised if such exercise would result in the holder obtaining greater than 9.99% of the Issuer's voting securities. However, the amounts reported in rows 5, 7 and 9 herein represent the number of shares of Common Stock that would be issuable upon full exercise of all the warrants, without giving effect to the blocking provisions. Vivo Opportunity Fund Holdings, L.P.: 9.99% Vivo Opportunity, LLC: 9.99% Vivo Opportunity Cayman Fund, L.P.: 9.99% Vivo Opportunity Cayman, LLC: 9.99% Vivo Opportunity Fund Holdings, L.P.: 1,886,469 shares Vivo Opportunity, LLC: 1,886,469 shares Vivo Opportunity Cayman Fund, L.P.: 127,420 shares Vivo Opportunity Cayman, LLC: 127,420 shares 0 Vivo Opportunity Fund Holdings, L.P.: 1,886,469 shares Vivo Opportunity, LLC: 1,886,469 shares Vivo Opportunity Cayman Fund, L.P.: 127,420 shares Vivo Opportunity Cayman, LLC: 127,420 shares 0 Y Y Y Y Y N 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. Vivo Opportunity Fund Holdings, L.P. /s/ Kevin Dai 05/12/2026 Vivo Opportunity, LLC /s/ Kevin Dai 05/12/2026 Vivo Opportunity Cayman Fund, L.P. /s/ Kevin Dai 05/12/2026 Vivo Opportunity Cayman, LLC /s/ Kevin Dai 05/12/2026