Initial Statement of Beneficial Ownership (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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(Print or Type Responses)

1. Name and Address of Reporting Person * Cavers Greg 2. Date of Event Requiring Statement (Month/Day/Year) 09/29/2026 3. Issuer Name and Ticker or Trading Symbol Helus Pharma Inc. [HELP] (Last) (First) (Middle) C/O HELUS PHARMA INC., 100 KING STREET W., SUITE 5600 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chief Financial Officer 5. If Amendment, Date Original Filed (Month/Day/Year) (Street) TORONTO M5X 1C9 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) 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 125,937 D

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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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	(1)	Common Shares	66,668	(2)	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Cavers Greg C/O HELUS PHARMA INC. 100 KING STREET W., SUITE 5600 TORONTO M5X 1C9			Chief Financial Officer

Signatures

/s/ Greg Cavers		10/01/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(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).
(1)	On October 1, 2025, the Reporting Person was granted 100,000 restricted stock 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.
(2)	Each RSU represents a contingent right to receive one Issuer common share.

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