Acuta Capital Partners, LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Acuta Capital Partners, LLC reported 26 stock positions worth $140.6 million . Its top holding was Praxis Precision Medicines I (PRAX) at 19.5% of the portfolio, followed by Terns Pharmaceuticals (TERN, 18.6% ) and Whitehawk Therapeutics (WHWK, 8.4% ). Compared with Q4 2025, it opened 5 new positions, sold out of 8, added to 6 and reduced 13. The biggest buy was Tango Therapeutics (TNGX, shares +56% ) and the biggest sale an exit from Cidara Therapeutics (CDTX).
Location REDWOOD CITY, CA
CIK 0001582844
Portfolio Value $140.6M (Q1 2026) Holdings 26 stocks · $140.6M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 PRAX Praxis Precision Medicines I 84,901 $27.4M Add +2.3% TERN Terns Pharmaceuticals Inc. 495,772 $26.1M Reduce -22.2% WHWK Whitehawk Therapeutics Inc. 3,410,402 $11.8M No change TNGX Tango Therapeutics Inc. 441,831 $9.2M Add +56.3% DRUG Bright Minds Biosciences Inc. 111,996 $8.2M Add +32.6% STRO Sutro Biopharma Inc. 269,425 $6.7M Add +299.4% ERAS Erasca Inc. 354,575 $5.7M New SRZN Surrozen Inc. 172,847 $5.0M Reduce -3.1% OCUL Ocular Therapeutix Inc. 592,108 $5.0M Reduce -43.8% CMPX Compass Therapeutics Inc. 849,076 $4.5M Reduce -22.3% NERV Minerva Neurosciences Inc. 709,500 $4.3M No change MLTX Moonlake Immunotherapeutics 191,760 $3.6M Add +223.5% ARGX Argenx SE - ADR 4,690 $3.4M Reduce -3.3% OCS Oculis Holding AG 98,339 $2.6M Reduce -3.4% RVMD Revolution Medicines Inc. 26,069 $2.5M Add +209.9% 4D MOLECULAR THERAPEUTICS IN 242,255 $2.3M New AMLX Amylyx Pharmaceuticals Inc. 151,067 $2.1M Reduce -54.7% TSHA Taysha Gene Therapies Inc. 439,464 $2.0M Reduce -3.4% IDYA Ideaya Biosciences Inc. 48,234 $1.6M New DSGN Design Therapeutics Inc. 145,900 $1.6M Reduce -3.3% UTHR United Therapeutics Corp. 2,224 $1.3M Reduce -3.1% TRDA Entrada Therapeutics Inc. 89,358 $1.1M New AVTX Avalo Therapeutics Inc. 60,808 $908K New LBRX LB Pharmaceuticals Inc. 28,919 $713K Reduce -3.6% MAZE Maze Therapeutics Inc. 19,335 $577K Reduce -3.3% UNCY Unicycive Therapeutics Inc. 57,959 $381K Reduce -3.4%
Options reported separately and not counted above: IDYA calls ($1.2M).
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ CDTX Cidara Therapeutics Inc. Sold out 0.00% −13.37 OCUL Ocular Therapeutix Inc. Reduce -43.8% 3.57% −5.11 JAZZ Jazz Pharmaceuticals PLC Sold out 0.00% −3.35 INSM Insmed Inc. Sold out 0.00% −3.06 ZYME Zymeworks Inc. Sold out 0.00% −1.43 AMLX Amylyx Pharmaceuticals Inc. Reduce -54.7% 1.49% −1.24 INBX Inhibrx Biosciences Inc. Sold out 0.00% −0.88 CMPX Compass Therapeutics Inc. Reduce -22.3% 3.19% −0.79 VSTM Verastem Inc. Sold out 0.00% −0.75 DNTH Dianthus Therapeutics Inc. Sold out 0.00% −0.47 KTTA Pasithea Therapeutics Corp. Sold out 0.00% −0.39 ARGX Argenx SE - ADR Reduce -3.3% 2.44% −0.33 TSHA Taysha Gene Therapies Inc. Reduce -3.4% 1.40% −0.30 MAZE Maze Therapeutics Inc. Reduce -3.3% 0.41% −0.15 UNCY Unicycive Therapeutics Inc. Reduce -3.4% 0.27% +0.04 LBRX LB Pharmaceuticals Inc. Reduce -3.6% 0.51% +0.05 DSGN Design Therapeutics Inc. Reduce -3.3% 1.10% +0.14 UTHR United Therapeutics Corp. Reduce -3.1% 0.94% +0.18 OCS Oculis Holding AG Reduce -3.4% 1.86% +0.48 SRZN Surrozen Inc. Reduce -3.1% 3.58% +0.84 TERN Terns Pharmaceuticals Inc. Reduce -22.2% 18.59% +1.11
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ TNGX Tango Therapeutics Inc. Add +56.3% 6.57% +4.87 STRO Sutro Biopharma Inc. Add +299.4% 4.77% +4.24 ERAS Erasca Inc. New 4.08% +4.08 PRAX Praxis Precision Medicines I Add +2.3% 19.46% +2.84 MLTX Moonlake Immunotherapeutics Add +223.5% 2.54% +2.01 4D MOLECULAR THERAPEUTICS IN New 1.60% +1.60 RVMD Revolution Medicines Inc. Add +209.9% 1.80% +1.35 DRUG Bright Minds Biosciences Inc. Add +32.6% 5.81% +1.34 IDYA Ideaya Biosciences Inc. New 1.14% +1.14 TRDA Entrada Therapeutics Inc. New 0.80% +0.80 AVTX Avalo Therapeutics Inc. New 0.65% +0.65
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ IDYA Ideaya Biosciences Inc. call New 350 $1.2M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ NUVB.WS Nuvation Bio Inc. -CW27 *W EXP 02/10/202 Sold out 90,832 $30Kbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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