Acuta Capital Partners, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Acuta Capital Partners, LLC reported 29 stock positions worth $147.3 million. Its top holding was Terns Pharmaceuticals (TERN) at 17.5% of the portfolio, followed by Praxis Precision Medicines I (PRAX, 16.6%) and Cidara Therapeutics (CDTX, 13.4%). Compared with Q3 2025, it opened 7 new positions, sold out of 5, added to 4 and reduced 6. The biggest buy was Praxis Precision Medicines I (PRAX, shares +67%) and the biggest sale an exit from Tourmaline Bio (TRML).
- Most Recent 13F
- Q2 2026
- Location
- REDWOOD CITY, CA
- CIK
- 0001582844
- Portfolio Value
- $147.3M (Q4 2025)
- SEC Filing
- 0001104659-26-016119 ↗ filed Feb 17, 2026
Holdings Value
Holdings 29 stocks · $147.3M
| TERN Terns Pharmaceuticals Inc. | 17.48% | 637,095 | $25.7M | Add +26.7% |
| PRAX Praxis Precision Medicines I | 16.62% | 83,036 | $24.5M | Add +66.9% |
| CDTX Cidara Therapeutics Inc. | 13.37% | 89,145 | $19.7M | Reduce -37.0% |
| OCUL Ocular Therapeutix Inc. | 8.68% | 1,052,995 | $12.8M | Reduce -9.6% |
| WHWK Whitehawk Therapeutics Inc. | 5.60% | 3,410,402 | $8.3M | No change |
| DRUG Bright Minds Biosciences Inc. | 4.48% | 84,477 | $6.6M | Reduce -0.5% |
| CMPX Compass Therapeutics Inc. | 3.99% | 1,093,300 | $5.9M | Add +30.1% |
| JAZZ Jazz Pharmaceuticals PLC | 3.35% | 29,008 | $4.9M | Add +15.5% |
| INSM Insmed Inc. | 3.06% | 25,878 | $4.5M | Reduce -32.9% |
| ARGX Argenx SE - ADR | 2.77% | 4,851 | $4.1M | Reduce -23.9% |
| SRZN Surrozen Inc. | 2.74% | 178,415 | $4.0M | No change |
| AMLX Amylyx Pharmaceuticals Inc. | 2.73% | 333,258 | $4.0M | No change |
| NERV Minerva Neurosciences Inc. | 1.94% | 709,500 | $2.9M | New |
| TNGX Tango Therapeutics Inc. | 1.70% | 282,732 | $2.5M | New |
| TSHA Taysha Gene Therapies Inc. | 1.70% | 454,827 | $2.5M | No change |
| ZYME Zymeworks Inc. | 1.43% | 80,143 | $2.1M | No change |
| OCS Oculis Holding AG | 1.38% | 101,777 | $2.0M | No change |
| DSGN Design Therapeutics Inc. | 0.96% | 150,906 | $1.4M | New |
| INBX Inhibrx Biosciences Inc. | 0.88% | 16,377 | $1.3M | No change |
| UTHR United Therapeutics Corp. | 0.76% | 2,296 | $1.1M | No change |
| VSTM Verastem Inc. | 0.75% | 143,446 | $1.1M | No change |
| MAZE Maze Therapeutics Inc. | 0.56% | 20,000 | $829K | New |
| MLTX Moonlake Immunotherapeutics | 0.53% | 59,280 | $781K | New |
| STRO Sutro Biopharma Inc. | 0.53% | 67,451 | $780K | New |
| DNTH Dianthus Therapeutics Inc. | 0.47% | 16,708 | $689K | Reduce -33.2% |
| RVMD Revolution Medicines Inc. | 0.45% | 8,411 | $670K | No change |
| LBRX LB Pharmaceuticals Inc. | 0.45% | 30,000 | $668K | No change |
| KTTA Pasithea Therapeutics Corp. | 0.39% | 450,000 | $581K | New |
| UNCY Unicycive Therapeutics Inc. | 0.23% | 59,985 | $346K | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $30K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | 90,832 | $30K | No change |
Total filed on the 13F, all lines: $147.3M.
Portfolio Sells Q3 2025 → Q4 2025
| TRML Tourmaline Bio Inc. | Sold out | 0.00% | −13.27 |
| OCUL Ocular Therapeutix Inc. | Reduce -9.6% | 8.68% | −5.40 |
| INSM Insmed Inc. | Reduce -32.9% | 3.06% | −2.69 |
| ARGX Argenx SE - ADR | Reduce -23.9% | 2.77% | −2.09 |
| ASND Ascendis Pharma A/S | Sold out | 0.00% | −2.01 |
| KRYS Krystal Biotech Inc. | Sold out | 0.00% | −1.93 |
| COGT Cogent Biosciences Inc. | Sold out | 0.00% | −1.53 |
| DRUG Bright Minds Biosciences Inc. | Reduce -0.5% | 4.48% | −0.84 |
| CDTX Cidara Therapeutics Inc. | Reduce -37.0% | 13.37% | −0.64 |
| DNTH Dianthus Therapeutics Inc. | Reduce -33.2% | 0.47% | −0.55 |
| FULC Fulcrum Therapeutics Inc. | Sold out | 0.00% | −0.54 |
Portfolio Buys Q3 2025 → Q4 2025
| PRAX Praxis Precision Medicines I | Add +66.9% | 16.62% | +13.89 |
| TERN Terns Pharmaceuticals Inc. | Add +26.7% | 17.48% | +13.58 |
| NERV Minerva Neurosciences Inc. | New | 1.94% | +1.94 |
| TNGX Tango Therapeutics Inc. | New | 1.70% | +1.70 |
| DSGN Design Therapeutics Inc. | New | 0.96% | +0.96 |
| CMPX Compass Therapeutics Inc. | Add +30.1% | 3.99% | +0.95 |
| MAZE Maze Therapeutics Inc. | New | 0.56% | +0.56 |
| MLTX Moonlake Immunotherapeutics | New | 0.53% | +0.53 |
| STRO Sutro Biopharma Inc. | New | 0.53% | +0.53 |
| KTTA Pasithea Therapeutics Corp. | New | 0.39% | +0.39 |
| JAZZ Jazz Pharmaceuticals PLC | Add +15.5% | 3.35% | −0.07 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 23 | $143.5M | PRAX, WHWK, TNGX, STRO, AVBP |
| Q1 2026 | 26 | $140.6M | PRAX, TERN, WHWK, TNGX, DRUG |
| Q4 2025 | 29 | $147.3M | TERN, PRAX, CDTX, OCUL, WHWK |
| Q3 2025 | 27 | $96.8M | OCUL, CDTX, TRML, WHWK, INSM |
| Q2 2025 | 27 | $71.6M | OCUL, CDTX, WHWK, SLNO, TRML |
| Q1 2025 | 33 | $86.2M | OCUL, INSM, TRML, WHWK, ELVN |
| Q4 2024 | 38 | $99.4M | OCUL, INSM, TRML, CRNX, ELVN |
| Q3 2024 | 40 | $123.5M | PCVX, OCUL, TRML, INSM, ELVN |
| Q2 2024 | 31 | $118.6M | OCUL, ELVN, PCVX, DYN, PRAX |
| Q1 2024 | 32 | $153.9M | OCUL, PRAX, MERSANA THERAPEUTICS INC, TSHA, RCKT |