SEC FORM 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person ^*

Inamdar Amir

(Last)

(First)

(Middle)

C/O HELUS PHARMA INC.

100 KING STREET WEST, SUITE 5600

(Street)

TORONTO

M5X 1C9

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
10/13/2026

3. Issuer Name and Ticker or Trading Symbol
Helus Pharma Inc. [ HELP ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares	224,332	I	Held by Zephyr Life Sciences Ltd. ⁽¹⁾
Common Shares	3,490	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Restricted Share Units	⁽²⁾	⁽²⁾	Common Shares	66,668	⁽³⁾	I	Held by Zephyr Life Sciences Inc. ⁽¹⁾

Explanation of Responses:

1. Held by Zephyr Life Sciences Ltd., a United Kingdom corporation owned and controlled by the reporting person.

2. On October 1, 2025, the Reporting Person was granted 100,000 restricted share units ("RSUs") which vest as follows: 8,333 RSUs vesting on January 6, 2026, and 8,333 RSUs vesting quarterly over three years on November 20, February 20, May 20, and August 20 until fully vested. As of the date of this Form 3, the Reporting Person holds 66,668 unvested RSUs from the October 2025 grant.

3. Each RSU represents a right to receive one Issuer common share.

	/s/ Amir Inamdar	10/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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