Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN 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 * Liu Cheng 2. Issuer Name and Ticker or Trading Symbol Estrella Immunopharma, Inc. [ESLA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) CEO (Last) (First) (Middle) C/O ESTRELLA IMMUNOPHARMA, INC., 5858 HORTON STREET, SUITE 370 3. Date of Earliest Transaction (Month/Day/Year) 08/25/2026 (Street) EMERYVILLE, CA 94608 4. If Amendment, Date 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 (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, par value $0.0001 per share 08/25/2026 08/25/2026 M 100,000 A $0.815(1) 397,437(2) D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Incentive Stock Option(3)

$0.815

08/25/2026

08/25/2026

M

100,000

10/31/2024(3)

10/29/2034

Common Stock

100,000

$ 0 (4)

900,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Liu Cheng C/O ESTRELLA IMMUNOPHARMA, INC. 5858 HORTON STREET, SUITE 370 EMERYVILLE, CA 94608	X		CEO

Signatures

Vivien Chan		08/26/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Represents the exercise price per share paid by the Reporting Person upon the exercise of the stock options reported in Table II.
(2)	Reflects the 297,437 shares of Common Stock directly beneficially owned as reported on the Reporting Person's most recent Form 4, plus the 100,000 shares acquired upon the reported exercise.
(3)	Represents incentive share options granted to the Reporting Person on October 30, 2024 under the Issuer's 2023 Omnibus Incentive Plan, of which twenty-five percent (25%) was immediately exercisable on the date of grant, with the remainder vesting in equal monthly installments of 1/48th of the total award on each monthly anniversary of October 30, 2024. The options were vested as to the shares exercised.
(4)	Not applicable. The reported transaction is the exercise of the stock option for the exercise price set forth in Column 2. No separate consideration was paid or received for the derivative security.

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