# EDGAR Filing Document

**Accession Number:** 0001136174
**File Stem:** 0001393825-25-000052
**Filing Date:** 2025-8
**Character Count:** 13359
**Document Hash:** 0bd7584e55a8910964b80585366a3374
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001393825-25-000052.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001393825-25-000052

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ontrak, Inc.
- **CENTRAL INDEX KEY:** 0001136174
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISC HEALTH & ALLIED SERVICES, NEC [8090]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 880464853
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-79814
- **FILM NUMBER:** 251198186

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S. E. 2ND AVENUE
- **STREET 2:** SUITE 2000
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33131
- **BUSINESS PHONE:** 310 444 4300

**MAIL ADDRESS:**
- **STREET 1:** 333 S. E. 2ND AVENUE
- **STREET 2:** SUITE 2000
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33131

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CATASYS, INC.
- **DATE OF NAME CHANGE:** 20110316

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HYTHIAM, INC.
- **DATE OF NAME CHANGE:** 20101029

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HYTHIAM INC
- **DATE OF NAME CHANGE:** 20031003
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hudson Bay Capital Management LP
- **CENTRAL INDEX KEY:** 0001393825

**ORGANIZATION NAME:**
- **EIN:** 371511173
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 290 HARBOR DR
- **STREET 2:** 3RD FLOOR
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** 212-571-1244

**MAIL ADDRESS:**
- **STREET 1:** 290 HARBOR DR
- **STREET 2:** 3RD FLOOR
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Hudson Bay Capital Management, L.P.
- **DATE OF NAME CHANGE:** 20070320

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Ontrak, Inc.

**Title of Class of Securities:** Common Stock, $0.0001 par value

**CUSIP Number:** 683373401

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [x] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Hudson Bay Capital Management LP | Names of Reporting Persons<br>Hudson Bay Capital Management LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>812637.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>812637.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>812637.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>812637.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.99% | Percent of Class Represented by Amount in Row (9)<br>9.99% |
| 12. | Type of Reporting Person (See Instructions)<br>IA, PN | Type of Reporting Person (See Instructions)<br>IA, PN |

**Comment for Type of Reporting Person:** Includes 549,971 shares of Common Stock issuable upon exercise of warrants. As more fully described in Item 4, these warrants are subject to a 9.99% beneficial ownership blocker and the percentage set forth on row (11) and the number of shares of Common Stock set forth on rows (6), (8) and (9) give effect to such blocker.

---

| 1. | Names of Reporting Persons<br>Sander Gerber | Names of Reporting Persons<br>Sander Gerber |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>812637.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>812637.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>812637.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>812637.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.99% | Percent of Class Represented by Amount in Row (9)<br>9.99% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, IN | Type of Reporting Person (See Instructions)<br>HC, IN |

**Comment for Type of Reporting Person:** Includes 549,971 shares of Common Stock issuable upon exercise of warrants. As more fully described in Item 4, these warrants are subject to a 9.99% beneficial ownership blocker and the percentage set forth on row (11) and the number of shares of Common Stock set forth on rows (6), (8) and (9) give effect to such blocker.

---

**Item 1(a). Name of Issuer:**
Ontrak, Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
333 S. E. 2nd Avenue, Suite 2000, Miami, FL 33131

**Item 2(a). Name of Person Filing:**
This statement is filed by Hudson Bay Capital Management LP (the "Investment Manager") and Mr. Sander Gerber ("Mr. Gerber"), who are collectively referred to herein as "Reporting Persons."

**Item 2(b). Address of Principal Business Office:**
The address of the business office of each of the Reporting Persons is 290 Harbor Dr., Stamford, CT 06902.

**Item 2(c). Citizenship:**
The Investment Manager is a Delaware limited partnership.  Mr. Gerber is a United States citizen.

**Item 2(d). Title of Class of Securities:**
Common Stock, $0.0001 par value

**Item 2(e). CUSIP Number:**
683373401

**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) [x] 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) [x] 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:**

The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 7,584,537 shares of common stock, $0.0001 par value (the "Common Stock") of Ontrak, Inc. (the "Company") outstanding as of June 30, 2025, which is the sum of (i) the 7,084,537 shares of Common Stock after giving effect to the completion of the offering described therein, as reported in the Company's Prospectus filed pursuant to Rule 424(b)(5) with the Securities and Exchange Commission on June 30, 2025 and the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 3, 2025 and (ii) the 500,000 shares of Common Stock issued by the Company upon exercise of certain warrants on June 20, 2024, as reported by the Company in its Current Report on Form 8-K filed with the Securities and Exchange Commission on June 30, 2025, and assumes the exercise of the warrants held by Hudson Bay Master Fund Ltd. (the "Securities"), subject to the 9.99% Blocker (as defined below).
Pursuant to the terms of the Securities, the Reporting Persons cannot exercise such Securities if the Reporting Persons would beneficially own, after such exercise, more than 9.99% of the outstanding shares of Common Stock (the "9.99% Blocker").  The percentage set forth on row (11) and the number of shares of Common Stock set forth on rows (6), (8) and (9) of the cover page for each Reporting Person give effect to the 9.99% Blocker.
The Investment Manager serves as the investment manager to Hudson Bay Master Fund Ltd., in whose name the securities reported herein are held. As such, the Investment Manager may be deemed to be the beneficial owner of all shares of Common Stock and shares of Common Stock issuable upon exercise of the Securities, subject to the 9.99% Blocker, held by Hudson Bay Master Fund Ltd. Mr. Gerber serves as the managing member of Hudson Bay Capital GP LLC, which is the general partner of the Investment Manager.  Mr. Gerber disclaims beneficial ownership of these securities.

**(b) Percent of class:**

9.99%

**(c) Number of shares as to which the person has:**

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

The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.

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

The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.

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

The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.

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

The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

See Item 4(a).

**Item 7. Identification and Classification of the Subsidiary**

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. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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.

**Hudson Bay Capital Management LP**

**Date:** 08/08/2025

**By:** /s/ Sander Gerber

**Name & Title:** Sander Gerber, Authorized Signatory

**Sander Gerber**

**Date:** 08/08/2025

**By:** /s/ Sander Gerber

**Name & Title:** Sander Gerber, Individually