UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED

PURSUANT TO RULE 13d-2(b)

(Amendment No. 3)¹

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

1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

* Excludes 2,896,944 Shares underlying certain Series X¹ Preferred (defined in Item 4) that may not be exercised due to the Series X¹ Blocker (defined in Item 4).

Excludes 79,500 Shares underlying certain Private Placement Warrants (defined in Item 4) that may not be exercised due to the Private Placement Blocker (defined in Item 4).

Excludes 1,453,117 Shares underlying certain Series X¹ Preferred Warrants (defined in Item 4) that may not be exercised due to the Series X¹ Preferred Warrant Blocker (defined in Item 4).

* Excludes 2,896,944 Shares underlying certain Series X¹ Preferred that may not be exercised due to the Series X¹ Blocker.

Excludes 79,500 Shares underlying certain Private Placement Warrants that may not be exercised due to the Private Placement Blocker.

Excludes 1,453,117 Shares underlying certain Series X¹ Preferred Warrants that may not be exercised due to the Series X¹ Preferred Warrant Blocker.

* Excludes 2,205,154 Shares underlying certain Series X¹ Preferred that may not be exercised due to the Series X¹ Blocker.

Excludes 64,549 Shares underlying certain Private Placement Warrants that may not be exercised due to the Private Placement Blocker.

Excludes 1,086,823 Shares underlying certain Series X¹ Preferred Warrants that may not be exercised due to the Series X¹ Preferred Warrant Blocker.

* Excludes 2,205,154 Shares underlying certain Series X¹ Preferred that may not be exercised due to the Series X¹ Blocker.

Excludes 64,549 Shares underlying certain Private Placement Warrants that may not be exercised due to the Private Placement Blocker.

Excludes 1,086,823 Shares underlying certain Series X¹ Preferred Warrants that may not be exercised due to the Series X¹ Preferred Warrant Blocker.

* Excludes 375,423 Shares underlying certain Series X¹ Preferred that may not be exercised due to the Series X¹ Blocker.

Excludes 11,416 Shares underlying certain Private Placement Warrants that may not be exercised due to the Private Placement Blocker.

Excludes 189,022 Shares underlying certain Series X¹ Preferred Warrants that may not be exercised due to the Series X¹ Preferred Warrant Blocker.

* Excludes 375,423 Shares underlying certain Series X¹ Preferred that may not be exercised due to the Series X¹ Blocker.

Excludes 11,416 Shares underlying certain Private Placement Warrants that may not be exercised due to the Private Placement Blocker.

Excludes 189,022 Shares underlying certain Series X¹ Preferred Warrants that may not be exercised due to the Series X¹ Preferred Warrant Blocker.

* Excludes 5,102,098 Shares underlying certain Series X¹ Preferred that may not be exercised due to the Series X¹ Blocker.

Excludes 144,049 Shares underlying certain Private Placement Warrants that may not be exercised due to the Private Placement Blocker.

Excludes 2,539,940 Shares underlying certain Series X¹ Preferred Warrants that may not be exercised due to the Series X¹ Preferred Warrant Blocker.

* Excludes 5,565,898 Shares underlying certain Series X¹ Preferred that may not be exercised due to the Series X¹ Blocker.

Excludes 161,551 Shares underlying certain Private Placement Warrants that may not be exercised due to the Private Placement Blocker.

Excludes 2,789,299 Shares underlying certain Series X¹ Preferred Warrants that may not be exercised due to the Series X¹ Preferred Warrant Blocker.

* Excludes 5,565,898 Shares underlying certain Series X¹ Preferred that may not be exercised due to the Series X¹ Blocker.

Excludes 161,551 Shares underlying certain Private Placement Warrants that may not be exercised due to the Private Placement Blocker.

Excludes 2,789,299 Shares underlying certain Series X¹ Preferred Warrants that may not be exercised due to the Series X¹ Preferred Warrant Blocker.

* Excludes 5,565,898 Shares underlying certain Series X¹ Preferred that may not be exercised due to the Series X¹ Blocker.

Excludes 161,551 Shares underlying certain Private Placement Warrants that may not be exercised due to the Private Placement Blocker.

Excludes 2,789,299 Shares underlying certain Series X¹ Preferred Warrants that may not be exercised due to the Series X¹ Preferred Warrant Blocker.

Novus Therapeutics, Inc., a Delaware corporation (the “Issuer”).

19900 MacArthur Blvd., Suite 550

Irvine, California 92612

Biotechnology Value Fund, L.P. (“BVF”)

44 Montgomery St., 40th Floor

San Francisco, California 94104

Citizenship: Delaware

BVF I GP LLC (“BVF GP”)

44 Montgomery St., 40th Floor

San Francisco, California 94104

Citizenship: Delaware

Biotechnology Value Fund II, L.P. (“BVF2”)

44 Montgomery St., 40th Floor

San Francisco, California 94104

Citizenship: Delaware

BVF II GP LLC (“BVF2 GP”)

44 Montgomery St., 40th Floor

San Francisco, California 94104

Citizenship: Delaware

Biotechnology Value Trading Fund OS LP (“Trading Fund OS”)

PO Box 309 Ugland House

Grand Cayman, KY1-1104

Cayman Islands

Citizenship: Cayman Islands

BVF Partners OS Ltd. (“Partners OS”)

PO Box 309 Ugland House

Grand Cayman, KY1-1104

Cayman Islands

Citizenship: Cayman Islands

BVF GP Holdings LLC (“BVF GPH”)

44 Montgomery St., 40th Floor

San Francisco, California 94104

Citizenship: Delaware

BVF Partners L.P. (“Partners”)

44 Montgomery St., 40th Floor

San Francisco, California 94104

Citizenship: Delaware

BVF Inc.

44 Montgomery St., 40th Floor

San Francisco, California 94104

Citizenship: Delaware

Mark N. Lampert (“Mr. Lampert”)

44 Montgomery St., 40th Floor

San Francisco, California 94104

Citizenship: United States

Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.”

Common Stock, $0.001 par value (the “Shares”)

67011N204

As of the close of business on December 30, 2020, the Reporting Persons held 100,186 shares of Series X¹ Convertible Preferred Stock (the “Series X¹ Preferred”), convertible for an aggregate of 5,565,898 Shares. Each share of the Series X¹ Preferred is convertible into 55.55 Shares. The Series X¹ Preferred may not be converted if, after such conversion, the Reporting Persons would beneficially own, as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, more than 9.99% of the number of shares of Shares then issued and outstanding (the “Series X¹ Preferred Blocker”). As of the close of business on December 30, 2020, the Series X¹ Blocker limits the aggregate conversion of the Series X¹ Preferred by the Reporting Persons to 0 out of the 5,565,898 Shares underlying the Series X¹ Preferred owned by the Reporting Persons in the aggregate.

As of the close of business on December 30, 2020, the Reporting Persons held Warrants (the “Private Placement Warrants”) exercisable into an aggregate of 161,551 Shares. Each Private Placement Warrant has a strike price per Share of $12.96 and expires on July 14, 2025. Subject to limited exceptions, a holder of the Private Placement Warrants will not have the right to exercise any portion of its Private Placement Warrants if the holder, together with its affiliates, would beneficially own in excess of 9.99% of the number of Shares outstanding immediately after giving effect to such exercise (the “Private Placement Blocker”). As of the close of business on December 30, 2020, the Private Placement Blocker limits the aggregate exercise of the Private Placement Warrants by the Reporting Persons to 0 out of 161,551 Shares underlying the Private Placement Warrants owned by the Reporting Persons in the aggregate. In providing beneficial ownership described herein, the Reporting Persons have assumed that the Private Placement Warrants owned by each of BVF, BVF2, Trading Fund OS, and in a certain Partners Managed Account (the “Partners Managed Account”) would not be exercised due to the Private Placement Blocker.

As of the close of business on December 30, 2020, the Reporting Persons held Warrants (the “Series X¹ Preferred Warrants”) exercisable into an aggregate of 2,789 Series X¹ Preferred or 2,789,299 Shares. Each Series X¹ Preferred Warrant has a strike price per Share of $8,962.74 and expires on September 14, 2025. Subject to limited exceptions, a holder of Series X¹ Preferred Warrants will not have the right to exercise any portion of its Series X¹ Preferred Warrants if the holder, together with its affiliates, would beneficially own in excess of 9.99% of the number of Shares outstanding immediately after giving effect to such exercise (the “Series X¹ Preferred Warrant Blocker”). As of the close of business on December 30, 2020, the Series X¹ Preferred Warrant Blocker limits the exercise of Series X¹ Preferred Warrants by the Reporting Persons to 0 out of the 2,789,299 Shares underlying the Series X¹ Preferred Warrants owned by the Reporting Persons in the aggregate. In providing beneficial ownership described herein, the Reporting Persons have assumed that the Series X¹ Preferred Warrants owned by each of BVF, BVF2, Trading Fund OS and in the Partners Managed Account would not be exercised due to the Series X¹ Preferred Warrant Blocker.

As of the close of business on December 30, 2020 (i) BVF beneficially owned 775,300 Shares, (ii) BVF2 beneficially owned 598,624 Shares, and (iii) Trading Fund OS beneficially owned 113,152 Shares.

BVF GP, as the general partner of BVF, may be deemed to beneficially own the 775,300 Shares beneficially owned by BVF.

BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 598,624 Shares beneficially owned by BVF2.

Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 113,152 Shares beneficially owned by Trading Fund OS.

BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 1,373,924 Shares beneficially owned in the aggregate by BVF and BVF2.

Partners, as the general partner of BVF, BVF2, the investment manager of Trading Fund OS, and the sole member of Partners OS, may be deemed to beneficially own the 1,518,039 Shares beneficially owned in the aggregate by BVF, BVF2, Trading Fund OS, and the Partners Managed Account, including 30,963 Shares held in the Partners Managed Account.

BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 1,518,039 Shares beneficially owned by Partners.

Mr. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own the 1,518,039 Shares beneficially owned by BVF Inc.

The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any Shares owned by another Reporting Person. BVF GP disclaims beneficial ownership of the Shares beneficially owned by BVF. BVF2 GP disclaims beneficial ownership of the Shares beneficially owned by BVF2. Partners OS disclaims beneficial ownership of the Shares beneficially owned by Trading Fund OS. BVF GPH disclaims beneficial ownership of the Shares beneficially owned by BVF and BVF2. Each of Partners, BVF Inc. and Mr. Lampert disclaims beneficial ownership of the Shares beneficially owned by BVF, BVF2, Trading Fund OS, and held in the Partners Managed Account, and the filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities. 

The following percentages are based on 15,160,397 Shares outstanding as disclosed in the Issuer’s Current Report on Form 8-K with the Securities and Exchange Commission on December 22, 2020.

As of the close of business on December 30, 2020 (i) BVF beneficially owned approximately 5.1% of the outstanding Shares, (ii) BVF2 beneficially owned approximately 4.0% of the outstanding Shares, (iii) Trading Fund OS beneficially owned less than 1% of the outstanding Shares, (iv) BVF GP may be deemed to beneficially own approximately 5.1% of the outstanding Shares, (v) BVF2 GP may be deemed to beneficially own approximately 4.0% of the outstanding Shares, (vi) Partners OS may be deemed to beneficially own less than 1% of the outstanding Shares, (vii) BVF GPH may be deemed to beneficially own approximately 9.1% of the outstanding Shares and (viii) each of Partners, BVF Inc. and Mr. Lampert may be deemed to beneficially own approximately 10.0% of the outstanding Shares (less than 1% of the outstanding Shares is held in the Partners Managed Account).

See Cover Pages Items 5-9.

See Cover Pages Items 5-9.

See Cover Pages Items 5-9.

See Cover Pages Items 5-9.

Not Applicable.

BVF GP, BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF. BVF2 GP, BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF2. Partners OS, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by Trading Fund OS and Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by the Partners Managed Account.

Not Applicable.

See Exhibit 99.1 to Amendment No. 1 to the Schedule 13G filed with the Securities and Exchange Commission on October 5, 2020.

Not Applicable.

By signing below each of the undersigned certifies that, to the best of its 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.

SIGNATURE

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: December 30, 2020