ThZeal - The Zeal

SCHEDULE 13G

CUSIP No.

68232V884

Names of Reporting Persons

Squadron Master Fund LP

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 372,374.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 372,374.00

Aggregate Amount Beneficially Owned by Each Reporting Person

372,374.00

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

Checkbox not checked

Percent of class represented by amount in row (9)

5.3 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

68232V884

Names of Reporting Persons

Squadron Capital Management LLC

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 420,501.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 420,501.00

Aggregate Amount Beneficially Owned by Each Reporting Person

420,501.00

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

Checkbox not checked

Percent of class represented by amount in row (9)

6.0 %

Type of Reporting Person (See Instructions)

IA, HC

SCHEDULE 13G

CUSIP No.

68232V884

Names of Reporting Persons

Matthew Sesterhenn

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 420,501.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 420,501.00

Aggregate Amount Beneficially Owned by Each Reporting Person

420,501.00

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

Checkbox not checked

Percent of class represented by amount in row (9)

6.0 %

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No.

68232V884

Names of Reporting Persons

William Blank

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 420,501.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 420,501.00

Aggregate Amount Beneficially Owned by Each Reporting Person

420,501.00

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

Checkbox not checked

Percent of class represented by amount in row (9)

6.0 %

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

Traws Pharma, Inc.

(b)

Address of issuer's principal executive offices:

12 PENNS TRAIL, NEWTOWN, PENNSYLVANIA, 18940.

Item 2.

(a)

Name of person filing:

Squadron Master Fund LP Squadron Capital Management, LLC Matthew Sesterhenn William Blank

(b)

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

Squadron Master Fund LP c/o Squadron Capital Management, LLC 999 Oakmont Plaza Drive, Suite 600 Westmont, IL 60559 Squadron Capital Management, LLC 999 Oakmont Plaza Drive, Suite 600 Westmont, IL 60559 Matthew Sesterhenn c/o Squadron Capital Management, LLC 999 Oakmont Plaza Drive, Suite 600 Westmont, IL 60559 William Blank c/o Squadron Capital Management, LLC 999 Oakmont Plaza Drive, Suite 600 Westmont, IL 60559

(c)

Citizenship:

Squadron Master Fund LP - Delaware Squadron Capital Management, LLC - Delaware Matthew Sesterhenn - United States William Blank - United States

(d)

Title of class of securities:

Common Stock, par value $.01 per share

(e)

CUSIP No.:

68232V884

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:

(k)

Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

Item 4.

Ownership

(a)

Amount beneficially owned:

Squadron Capital Management, LLC is an investment adviser that is registered as an Exempt Reporting Adviser with the Securities and Exchange Commission. Squadron Capital Management, LLC, which serves as investment adviser to private funds, including but not limited to Squadron Master Fund LP (collectively, the "Funds"), may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Mr. Sesterhenn and Mr. Blank, as Partners of Squadron Capital Management, LLC, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, Squadron Capital Management, LLC and Mr. Sesterhenn and Mr. Blank expressly disclaim beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that Squadron Capital Management, LLC or Mr. Sesterhenn and Mr. Blank are the beneficial owner of any of the securities reported herein. Squadron Master Fund LP - 372,374 shares Squadron Capital Management, LLC - 420,501 shares Matthew Sesterhenn - 420,501 shares William Blank - 420,501 shares

(b)

Percent of class:

Ownership percentage is based on 7,063,829 shares of common stock, par value $0.01 per share, outstanding as of August 12, 2025, as represented by the Issuer in the Form 10-Q filed with the Securities and Exchange Commission on August 14, 2025. Squadron Master Fund LP - 5.3% Squadron Capital Management, LLC - 6.0% Matthew Sesterhenn - 6.0% William Blank - 6.0%

(c)

Number of shares as to which the person has:

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

Squadron Master Fund LP - 0 Squadron Capital Management, LLC - 0 Matthew Sesterhenn - 0 William Blank - 0

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

Squadron Master Fund LP - 372,374 shares Squadron Capital Management, LLC - 420,501 shares Matthew Sesterhenn - 420,501 shares William Blank - 420,501 shares

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

Squadron Master Fund LP - 0 Squadron Capital Management, LLC - 0 Matthew Sesterhenn - 0 William Blank - 0

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

Squadron Master Fund LP - 372,374 shares Squadron Capital Management, LLC - 420,501 shares Matthew Sesterhenn - 420,501 shares William Blank - 420,501 shares

Item 5.

Ownership of 5 Percent or Less of a Class.

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.

The Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Statement.

Item 7.

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

If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.

See Notes above.

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.

Squadron Master Fund LP

Signature:	/s/ Matthew Sesterhenn
Name/Title:	Partner, Squadron Partners LLC, its General Partner
Date:	09/19/2025

Squadron Capital Management LLC

Signature:	/s/ Matthew Sesterhenn
Name/Title:	Partner
Date:	09/19/2025

Matthew Sesterhenn

Signature:	/s/ Matthew Sesterhenn
Name/Title:	Matthew Sesterhenn
Date:	09/19/2025

William Blank

Signature:	/s/ William Blank
Name/Title:	William Blank
Date:	09/19/2025