ADAR1 Capital Management, LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), ADAR1 Capital Management, LLC reported 223 stock positions worth $366.2 million. Its top holding was Alpha Architect 1-3 MNTH Box (BOXX) at 9.2% of the portfolio, followed by Roivant Sciences (ROIV, 8.0%) and Alnylam Pharmaceuticals (ALNY, 7.4%). Compared with Q4 2023, it opened 119 new positions, sold out of 28, added to 35 and reduced 44. The biggest buy was a new position in Alpha Architect 1-3 MNTH Box (BOXX) and the biggest sale Royalty Pharma Class A (RPRX, shares −45%).

Most Recent 13F
Q2 2026
Location
AUSTIN, TX
CIK
0001940272
Portfolio Value
$366.2M (Q1 2024)
SEC Filing
0001940272-24-000003 ↗ filed May 15, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $366.2M $366.2M Q1 2024 Q2 2024: $496.6M Q2 2024 Q3 2024: $596.5M Q3 2024 Q4 2024: $469.3M Q4 2024 Q1 2025: $505.1M Q1 2025 Q2 2025: $609.1M Q2 2025 Q3 2025: $1.0B Q3 2025 Q4 2025: $1.3B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $2.1B Q2 2026

Holdings 223 stocks · $366.2M
BOXX Alpha Architect 1-3 MNTH Box 9.25% 318,120 $33.9M New
ROIV Roivant Sciences Ltd. 8.03% 2,791,870 $29.4M Add +122.2%
ALNY Alnylam Pharmaceuticals Inc. 7.35% 180,145 $26.9M Add +1796.3%
PTGX Protagonist Therapeutics Inc. 6.21% 785,655 $22.7M Add +291.1%
CYTK Cytokinetics Inc. 6.12% 319,510 $22.4M Add +247.0%
KROS Keros Therapeutics Inc. 6.11% 338,243 $22.4M Reduce -50.9%
RPRX Royalty Pharma PLC Class A 5.98% 721,301 $21.9M Reduce -45.4%
BBIO Bridgebio Pharma Inc. 4.64% 549,804 $17.0M Add +197.0%
MACK Merrimack Pharmaceuticals Inc. 3.64% 902,350 $13.3M Add +64.2%
ASND Ascendis Pharma A/S 2.01% 48,584 $7.3M Add +5.9%
ABUS Arbutus Biopharma Corp. 1.46% 2,074,183 $5.4M Reduce -40.2%
AVROBIO INC 1.38% 3,954,857 $5.1M Add +7786.5%
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 1.35% 31,505 $4.9M Add +1453.5%
ALKS Alkermes PLC 1.16% 156,600 $4.2M New
BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II 1.15% 403,500 $4.2M New
SRPT Sarepta Therapeutics Inc. 1.10% 31,105 $4.0M Add +285.8%
EDR Endeavor Group Hold Class A 1.09% 155,250 $4.0M Add +6110.0%
ACHV Achieve Life Sciences Inc. 1.09% 875,000 $4.0M New
FUSN Fusion Pharmaceuticals Inc. 1.03% 177,200 $3.8M New
ABSI Absci Corp. 0.91% 586,984 $3.3M New
EWTX Edgewise Therapeutics Inc. 0.90% 180,911 $3.3M New
FULC Fulcrum Therapeutics Inc. 0.88% 339,825 $3.2M Reduce -46.7%
QTTB Q32 Bio Inc. 0.87% 187,567 $3.2M New
APLT Applied Therapeutics Inc. 0.85% 456,588 $3.1M New
BIL SS SPDR BB 1-3M T-Bill ETF 0.81% 32,500 $3.0M Add +1.6%
PFE Pfizer Inc. 0.81% 106,342 $3.0M Add +511.2%
VUSB Vanguard Ultra Short Bond Et 0.75% 55,206 $2.7M Add +10.0%
JPST JPMorgan Ultra-Short Income 0.74% 54,000 $2.7M Add +10.2%
SHV iShares 0-1 Year Treasury Bo 0.74% 24,500 $2.7M No change
SLDB Solid Biosciences Inc. 0.74% 203,204 $2.7M Add +20220.4%
USFR Wisdomtree Floating Rate Tre 0.73% 53,000 $2.7M Reduce -5.4%
CLRB Cellectar Biosciences Inc. 0.70% 642,541 $2.6M Reduce -53.4%
OABI Omniab Inc. 0.67% 451,485 $2.4M Reduce -5.6%
CNTA Centessa Pharmaceuticals Ltd. 0.64% 206,856 $2.3M New
REGN Regeneron Pharmaceuticals 0.60% 2,300 $2.2M New
IBIO Ibio Inc. 0.60% 600,000 $2.2M New
CTVA Corteva Inc. 0.59% 37,400 $2.2M Reduce -35.5%
XAIR Beyond Air Inc. 0.57% 1,204,820 $2.1M New
IMVT Immunovant Inc. 0.54% 60,763 $2.0M Reduce -54.7%
LGND Ligand Pharmaceuticals 0.53% 26,800 $2.0M New
ULST SS Ultra Short TM Bond ETF 0.53% 47,684 $1.9M Reduce -22.2%
SYRE Spyre Therapeutics Inc. 0.51% 49,500 $1.9M Add +668.6%
SDGR Schrodinger Inc. 0.47% 63,586 $1.7M Add +3079.3%
SPRO Spero Therapeutics Inc. 0.44% 926,929 $1.6M Reduce -13.2%
QURE Uniqure NV 0.42% 292,850 $1.5M New
APLS Apellis Pharmaceuticals Inc. 0.41% 25,700 $1.5M New
LLY Eli Lilly & Co. 0.40% 1,865 $1.5M New
TEVA Teva Pharmaceutical-SP ADR 0.39% 101,626 $1.4M Reduce -8.7%
NGM NGM Biopharmaceuticals Inc. 0.35% 816,581 $1.3M New
VKTX Viking Therapeutics Inc. 0.32% 14,401 $1.2M Reduce -94.3%
KNSA Kiniksa Pharmaceuticals Ltd. 0.32% 59,700 $1.2M Reduce -43.1%
NVNO Envveno Medical Corporation 0.30% 201,728 $1.1M New
ARVN Arvinas Inc. 0.30% 26,200 $1.1M New
DCTH Delcath Systems Inc. 0.29% 218,973 $1.0M Reduce -5.3%
CERE Cerevel Therapeutics Holding 0.28% 24,259 $1.0M Reduce -78.1%
ANGO Angiodynamics Inc. 0.25% 153,362 $900K Add +15.3%
SLN Silence Therapeutics PLC-ADR 0.24% 40,090 $866K Add +21000.0%
GOSS Gossamer Bio Inc. 0.24% 732,628 $865K Add +2.8%
GLST Global Star Acquisition Class A 0.23% 80,000 $857K No change
VYGR Voyager Therapeutics Inc. 0.23% 91,534 $852K Reduce -50.8%
CATX Perspective Therapeutics Inc. 0.22% 676,725 $805K Add +1503.6%
KVAUF Keen Vision Acquisition Corp. 0.22% 75,000 $788K No change
ATNM Actinium Pharmaceuticals Inc. 0.21% 100,000 $783K New
KPRX Kiora Pharmaceuticals Inc. 0.21% 1,100,000 $777K New
ACASTI PHARMA INC 0.20% 217,381 $745K Add +529.5%
MORF Morphic Holding Inc. 0.19% 19,701 $693K New
KYMR Kymera Therapeutics Inc. 0.18% 16,000 $643K New
CRBP Corbus Pharmaceuticals Holdi 0.17% 16,000 $628K New
TXMD Therapeuticsmd Inc. 0.17% 272,160 $623K No change
WST West Pharmaceutical Services 0.16% 1,500 $594K New
INDV Indivior Ltd. 0.16% 27,601 $591K Add +14.5%
RYTM Rhythm Pharmaceuticals Inc. 0.15% 12,400 $537K New
TMTC TMT Acquisition Corp. Class A 0.15% 50,000 $535K No change
JANX Janux Therapeutics Inc. 0.14% 14,000 $527K New
NRIX Nurix Therapeutics Inc. 0.14% 35,608 $523K New
YEAR AB Ultra Short Income ETF filed as AB ACTIVE ETFS INC 0.14% 10,000 $505K No change
STVN Stevanato Group SPA 0.14% 15,500 $498K New
PULS Pgim Ultra Short Bond ETF 0.14% 10,000 $497K No change
VTGN Vistagen Therapeutics Inc. 0.13% 89,938 $475K Reduce -63.4%
AEROVATE THERAPEUTICS INC 0.13% 15,900 $470K New
TYRA Tyra Biosciences Inc. 0.13% 28,300 $464K New
ARYD Arya Sciences Acquisition-A 0.13% 40,930 $460K New
EQ Equillium Inc. 0.13% 198,775 $459K Add +2958.1%
INTELLIGENT BIO SOLUTIONS IN 0.12% 108,250 $457K New
APGE Apogee Therapeutics Inc. 0.11% 6,000 $399K New
MIST Milestone Pharmaceuticals Inc. 0.10% 202,460 $362K New
BCYC Bicycle Therapeutics PLC-ADR 0.10% 14,430 $359K Reduce -80.7%
ZLAB Zai Lab Ltd.-ADR 0.10% 22,000 $352K Add +10.0%
GH Guardant Health Inc. 0.10% 17,000 $351K New
VYNE THERAPEUTICS INC 0.09% 110,091 $338K New
CTMX Cytomx Therapeutics Inc. 0.09% 155,000 $338K New
OAKU Oak Woods Acquisition Corp. Class A 0.09% 30,000 $323K No change
SCRM Screaming Eagle Acq Class A 0.09% 30,000 $321K No change
ALEC Alector Inc. 0.09% 52,500 $316K New
MLYS Mineralys Therapeutics Inc. 0.08% 24,000 $310K New
JVSAU Jvspac Acquisition Corp. 0.08% 30,000 $309K New
GOOGL Alphabet Inc. Class A 0.08% 2,000 $302K New
SPRB Spruce Biosciences Inc. 0.08% 365,216 $287K New
CNTX Context Therapeutics Inc. 0.08% 205,934 $284K New
SNY Sanofi-ADR 0.07% 5,500 $267K New
TRML Tourmaline Bio Inc. 0.07% 11,560 $265K New
CCOI Cogent Communications Holdin 0.07% 4,000 $261K New
IROHU Iron Horse Acquisitions Corp. 0.07% 25,000 $255K No change
ZROZ PIMCO 25+ YR Zero CPN US Tif 0.06% 3,000 $238K New
VERU Veru Inc. 0.06% 336,072 $235K Reduce -32.8%
OPCH Option Care Health Inc. 0.06% 7,000 $235K New
AQN Algonquin Power & Utilities 0.06% 37,000 $234K Reduce -26.0%
ABVX Abivax SA-ADR 0.06% 15,000 $215K New
KEZAR LIFE SCIENCES INC 0.06% 236,623 $213K New
KTTA Pasithea Therapeutics Corp. 0.05% 27,696 $201K New
TLT iShares 20+ Year Treasury BD 0.05% 2,000 $189K New
WVE Wave Life Sciences Ltd. 0.05% 30,000 $185K New
IMTX Immatics NV 0.05% 16,200 $170K Reduce -26.4%
GLRE Greenlight Capital Re Ltd. Class A 0.05% 13,385 $167K Reduce -60.7%
AIEV Thunder Power Holdings Inc. filed as FEUTUNE LIGHT ACQUISITION CO 0.04% 15,000 $163K No change
ABT Abbott Laboratories 0.04% 1,400 $159K New
NVEI Nuvei Corp.-Subordinate VTG 0.04% 5,000 $158K New
BKHAU Black Hawk Acquisition Corp. 0.04% 15,000 $152K New
CABA Cabaletta Bio Inc. 0.04% 8,900 $152K New
MLTX Moonlake Immunotherapeutics 0.04% 3,000 $151K New
PRTA Prothena Corp. PLC 0.04% 5,988 $148K Reduce -1.9%
PCVX Vaxcyte Inc. 0.04% 2,000 $137K Add +1900.0%
MCK McKesson Corp. 0.04% 250 $134K New
GHRS GH Research PLC 0.04% 12,583 $134K New
AVTX Avalo Therapeutics Inc. 0.04% 6,000 $131K New
IONS Ionis Pharmaceuticals Inc. 0.03% 2,900 $126K New
TSHA Taysha Gene Therapies Inc. 0.03% 43,500 $125K Reduce -79.2%
FORTE BIOSCIENCES INC 0.03% 170,510 $119K New
KALV Kalvista Pharmaceuticals Inc. 0.03% 10,000 $119K New
EXAS Exact Sciences Corp. 0.03% 1,700 $117K New
OGN Organon & Co. 0.03% 6,000 $113K New
AMLX Amylyx Pharmaceuticals Inc. 0.03% 38,858 $110K Reduce -49.9%
JD Jd.com Inc.-ADR 0.03% 4,000 $110K New
FORL Four Leaf Acquisition Cor-A 0.03% 10,000 $107K No change
GPCR Structure Therapeutics Inc. 0.03% 2,500 $107K Reduce -37.5%
SLRN Acelyrin Inc. 0.03% 15,021 $101K Add +114.6%
LBPH Longboard Pharmaceuticals Inc. 0.03% 4,580 $99K Add +472.5%
KCGI Kensington Capital Acq-A 0.03% 9,000 $98K No change
LEXX Lexaria Bioscience Corp. 0.03% 26,626 $97K Add +1537.5%
NXTC Nextcure Inc. 0.03% 43,014 $96K Reduce -28.8%
BLCO Bausch + Lomb Corp. 0.03% 5,300 $92K Add +51.4%
CGON CG Oncology Inc. 0.02% 2,050 $90K New
MO Altria Group Inc. 0.02% 2,000 $87K Reduce -66.7%
MITK Mitek Systems Inc. 0.02% 5,600 $79K Reduce -26.3%
NNAGU 99 Acquisition Group Inc. 0.02% 7,500 $79K No change
AITRU AI Transportation Acquisitio 0.02% 7,500 $78K No change
IOVA Iovance Biotherapeutics Inc. 0.02% 5,000 $74K No change
ACET Adicet Bio Inc. 0.02% 31,229 $73K New
HHH Howard Hughes Holdings Inc. 0.02% 1,000 $73K Reduce -66.7%
JSPR Jasper Therapeutics Inc. 0.02% 2,406 $71K New
TGTX TG Therapeutics Inc. 0.02% 4,361 $66K New
ATXS Astria Therapeutics Inc. 0.02% 4,652 $65K Reduce -97.6%
FDMT 4D Molecular Therapeutics Inc. 0.02% 2,000 $64K New
GDX Vaneck Gold Miners ETF 0.02% 2,000 $63K Reduce -33.3%
LNTH Lantheus Holdings Inc. 0.02% 1,000 $62K New
EVO Evotec SE - Spon ADR 0.02% 7,700 $60K New
KSS Kohls Corp. 0.02% 2,000 $58K No change
IRON Disc Medicine Inc. 0.02% 896 $56K New
KRYS Krystal Biotech Inc. 0.01% 300 $53K New
RGNX Regenxbio Inc. 0.01% 2,500 $53K New
KWEB Kranesh Csi China Internet 0.01% 2,000 $53K No change
FIBROGEN INC 0.01% 21,350 $50K New
OVID Ovid Therapeutics Inc. 0.01% 16,446 $50K Add +24.2%
IKENA ONCOLOGY INC 0.01% 35,000 $50K New
AMPY Amplify Energy Corp. 0.01% 7,081 $47K No change
PHVS Pharvaris NV 0.01% 2,000 $46K New
UCTT Ultra Clean Holdings Inc. 0.01% 1,000 $46K New
AKRO Akero Therapeutics Inc. 0.01% 1,807 $46K Reduce -88.7%
VRDN Viridian Therapeutics Inc. 0.01% 2,550 $45K New
ELEV Elevation Oncology Inc. 0.01% 8,629 $44K New
PYXS Pyxis Oncology Inc. 0.01% 10,000 $43K New
ARQT Arcutis Biotherapeutics Inc. 0.01% 4,254 $42K Reduce -98.5%
DNLI Denali Therapeutics Inc. 0.01% 2,000 $41K New
ADVM Adverum Biotechnologies Inc. 0.01% 2,800 $40K New
MRK Merck & Co. Inc. 0.01% 300 $40K Reduce -99.4%
STOK Stoke Therapeutics Inc. 0.01% 2,900 $39K New
MX Magnachip Semiconductor Corp. 0.01% 7,000 $39K No change
IGMS Igm Biosciences Inc. 0.01% 4,000 $39K New
ASLAN PHARMACEUTICALS LTD 0.01% 59,393 $37K New
ETNB 89BIO Inc. 0.01% 3,060 $36K Add +611.6%
HOOKIPA PHARMA INC 0.01% 50,000 $36K New
NGNE Neurogene Inc. 0.01% 661 $34K Reduce -87.8%
RLYB Rallybio Corp. 0.01% 17,942 $33K New
TERN Terns Pharmaceuticals Inc. 0.01% 5,000 $33K Reduce -61.6%
AMPH Amphastar Pharmaceuticals Inc. 0.01% 700 $31K New
LQDA Liquidia Corp. 0.01% 2,000 $30K New
DSGN Design Therapeutics Inc. 0.01% 7,200 $29K Add +260.0%
QUINCE THERAPEUTICS INC 0.01% 26,829 $28K New
SVRA Savara Inc. 0.01% 5,600 $28K New
VTYX Ventyx Biosciences Inc. 0.01% 5,000 $28K Reduce -61.5%
PRGO Perrigo Co. PLC 0.01% 800 $26K New
VYX NCR Voyix Corp. 0.01% 2,000 $25K No change
ANAB Anaptysbio Inc. 0.01% 1,000 $23K New
ONCT Oncternal Therapeutics Inc. 0.01% 2,472 $22K New
CMPX Compass Therapeutics Inc. 0.01% 10,206 $20K New
ZYME Zymeworks Inc. 0.01% 1,900 $20K New
NATL NCR Atleos Corp. 0.01% 1,000 $20K No change
ARWR Arrowhead Pharmaceuticals Inc. 0.00% 600 $17K Add +100.0%
PMVP PMV Pharmaceuticals Inc. 0.00% 10,000 $17K New
AZN Astrazeneca PLC-Spons ADR 0.00% 200 $14K New
SPLP Steel Partners Holdings LP 0.00% 341 $14K No change
NVO Novo-Nordisk A/S-Spons ADR 0.00% 100 $13K Reduce -98.4%
XERS Xeris Biopharma Holdings Inc. 0.00% 5,149 $11K New
BHVN Biohaven Ltd. 0.00% 200 $11K New
AUPH Aurinia Pharmaceuticals Inc. 0.00% 2,000 $10K New
ACAD Acadia Pharmaceuticals Inc. 0.00% 500 $9K New
MRVI Maravai Lifesciences Hldgs-A 0.00% 1,000 $9K New
DYN Dyne Therapeutics Inc. 0.00% 297 $8K New
TARA Protara Therapeutic Inc. 0.00% 2,000 $8K Reduce -8.8%
SRZN Surrozen Inc. 0.00% 450 $7K New
BOLT Bolt Biotherapeutics Inc. 0.00% 5,000 $7K New
BLUEBIRD BIO INC 0.00% 5,000 $6K New
MASI Masimo Corp. 0.00% 38 $6K Reduce -34.5%
TSVT 2SEVENTY Bio Inc. 0.00% 1,000 $5K No change
ADXN Addex Therapeutics Ltd. 0.00% 390 $5K New
BYND Beyond Meat Inc. 0.00% 577 $5K New
GERN Geron Corp. 0.00% 1,295 $4K Reduce -92.5%
ICHR Ichor Holdings Ltd. 0.00% 108 $4K New
CALC Calcimedica Inc. 0.00% 781 $3K New
RLMD Relmada Therapeutics Inc. 0.00% 601 $3K Reduce -99.0%
TLIS Talis Biomedical Corp. 0.00% 300 $3K New
KPTI Karyopharm Therapeutics Inc. 0.00% 1,479 $2K New
TVTX Travere Therapeutics Inc. 0.00% 100 $771 No change

Options reported separately and not counted above: ALNY puts ($35.0M), SPY puts ($27.2M), QQQ puts ($4.4M), CERE puts ($2.1M), GH calls ($2.1M), ALNY calls ($1.7M), GLYCOMIMETICS INC puts ($417K), DJT calls ($279K), AMLX calls ($210K), APLT puts ($205K), CYTK calls ($175K), SRPT calls ($155K), and 10 more.

Other holdings (16): bonds, preferreds, convertibles and warrants · $37K (not counted above)
SecurityClassShares / PrincipalValueChange
GLSTR Global Star Acquisition-RTS RIGHT 99/99/9999 118,400$11KNo change
TMTCR TMT Acquisition Corp.-RT RIGHT 03/27/2028 49,900$9KNo change
OAKUR Oak Woods Acquisition Cor-RT RIGHT 03/23/2028 30,000$6KNo change
EMCRF Embrace Change Acq-Rights RIGHT 10/25/2026 18,000$3KNo change
GLSTW Global Star Acquisition-27 A *W EXP 07/15/202 120,000$2KNo change
FLFVR Feutune Light Acquisitio-RTS RIGHT 06/01/2029 15,000$1KNo change
FTIIW Futuretech II Acq -CW27 *W EXP 08/18/202 30,000$1KNo change
ECD AUTOMOTIVE DESIGN INC *W EXP 12/12/202 32,596$818No change
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 19,800$693No change
CETUR Cetus Capital Acquisition Co. RIGHT 03/31/2024 4,999$605No change
OAKUW Oak Woods Acquisition -28 *W EXP 99/99/999 30,000$600No change
FLFVW Feutune Light Acquisit -29 *W EXP 06/01/202 15,000$510No change
EMCWF Embrace Change Acquisitio-26 *W EXP 10/25/202 18,000$407No change
FORLW Four Leaf Acquisition Cor-28 *W EXP 03/15/202 9,487$390No change
AIMWF Aimfinity Investment-CW27 *W EXP 99/99/999 18,000$234No change
CETUW Cetus Capital Acquisition-28 *W EXP 01/31/202 5,000$95No change

Total filed on the 13F, all lines: $366.3M.

Portfolio Sells Q4 2023 → Q1 2024
RPRX Royalty Pharma PLC Class A Reduce -45.4% 5.98% −10.65
KROS Keros Therapeutics Inc. Reduce -50.9% 6.11% −6.14
MRTX Mirati Therapeutics Inc. Sold out 0.00% −2.84
MRK Merck & Co. Inc. Reduce -99.4% 0.01% −2.63
ABUS Arbutus Biopharma Corp. Reduce -40.2% 1.46% −2.42
IMVT Immunovant Inc. Reduce -54.7% 0.54% −1.99
CERE Cerevel Therapeutics Holding Reduce -78.1% 0.28% −1.82
VKTX Viking Therapeutics Inc. Reduce -94.3% 0.32% −1.80
KRTX Karuna Therapeutics Inc. Sold out 0.00% −1.42
AYX Alteryx Inc. Class A Sold out 0.00% −1.31
FULC Fulcrum Therapeutics Inc. Reduce -46.7% 0.88% −1.05
CLRB Cellectar Biosciences Inc. Reduce -53.4% 0.70% −1.01
IMGN Immunogen Inc. Sold out 0.00% −0.85
UTHR United Therapeutics Corp. Sold out 0.00% −0.79
CTVA Corteva Inc. Reduce -35.5% 0.59% −0.66
OABI Omniab Inc. Reduce -5.6% 0.67% −0.65
ATXS Astria Therapeutics Inc. Reduce -97.6% 0.02% −0.64
ULST SS Ultra Short TM Bond ETF Reduce -22.2% 0.53% −0.58
SHY iShares 1-3 Year Treasury Bo Sold out 0.00% −0.55
USFR Wisdomtree Floating Rate Tre Reduce -5.4% 0.73% −0.53
KVUE Kenvue Inc. Sold out 0.00% −0.51
BCYC Bicycle Therapeutics PLC-ADR Reduce -80.7% 0.10% −0.51
KNSA Kiniksa Pharmaceuticals Ltd. Reduce -43.1% 0.32% −0.50
AMLX Amylyx Pharmaceuticals Inc. Reduce -49.9% 0.03% −0.48
VYGR Voyager Therapeutics Inc. Reduce -50.8% 0.23% −0.47
ORTX Orchard Therapeutics Ltd. Sold out 0.00% −0.47
VTGN Vistagen Therapeutics Inc. Reduce -63.4% 0.13% −0.44
ARQT Arcutis Biotherapeutics Inc. Reduce -98.5% 0.01% −0.39
THRX Theseus Pharmaceuticals Inc. Sold out 0.00% −0.32
MRUS Merus NV Sold out 0.00% −0.30
NVO Novo-Nordisk A/S-Spons ADR Reduce -98.4% 0.00% −0.29
SPRO Spero Therapeutics Inc. Reduce -13.2% 0.44% −0.27
GOVT iShares US Treasury Bond ETF Sold out 0.00% −0.21
AKRO Akero Therapeutics Inc. Reduce -88.7% 0.01% −0.15
DCTH Delcath Systems Inc. Reduce -5.3% 0.29% −0.15
GHIX Gores Holding Ix Inc. Class A Sold out 0.00% −0.14
TSHA Taysha Gene Therapies Inc. Reduce -79.2% 0.03% −0.13
TEVA Teva Pharmaceutical-SP ADR Reduce -8.7% 0.39% −0.13
GLRE Greenlight Capital Re Ltd. Class A Reduce -60.7% 0.05% −0.13
RLMD Relmada Therapeutics Inc. Reduce -99.0% 0.00% −0.11
VERU Veru Inc. Reduce -32.8% 0.06% −0.10
HHH Howard Hughes Holdings Inc. Reduce -66.7% 0.02% −0.10
MO Altria Group Inc. Reduce -66.7% 0.02% −0.08
HOMOLOGY MEDICINES INC Sold out 0.00% −0.08
AQN Algonquin Power & Utilities Reduce -26.0% 0.06% −0.08
BUR Burford Capital Ltd. Sold out 0.00% −0.07
THC Tenet Healthcare Corp. Sold out 0.00% −0.07
ANIP Ani Pharmaceuticals Inc. Sold out 0.00% −0.06
PRTA Prothena Corp. PLC Reduce -1.9% 0.04% −0.06
IMTX Immatics NV Reduce -26.4% 0.05% −0.06

Portfolio Buys Q4 2023 → Q1 2024
BOXX Alpha Architect 1-3 MNTH Box New 9.25% +9.25
ALNY Alnylam Pharmaceuticals Inc. Add +1796.3% 7.35% +6.54
PTGX Protagonist Therapeutics Inc. Add +291.1% 6.21% +4.14
CYTK Cytokinetics Inc. Add +247.0% 6.12% +2.67
ROIV Roivant Sciences Ltd. Add +122.2% 8.03% +1.72
AVROBIO INC Add +7786.5% 1.38% +1.35
BBIO Bridgebio Pharma Inc. Add +197.0% 4.64% +1.29
ONC Beone Medicines Ltd.-ADR Add +1453.5% 1.35% +1.18
ALKS Alkermes PLC New 1.16% +1.16
BBOT Bridgebio Oncology Therapeut New 1.15% +1.15
ACHV Achieve Life Sciences Inc. New 1.09% +1.09
EDR Endeavor Group Hold Class A Add +6110.0% 1.09% +1.06
FUSN Fusion Pharmaceuticals Inc. New 1.03% +1.03
ABSI Absci Corp. New 0.91% +0.91
EWTX Edgewise Therapeutics Inc. New 0.90% +0.90
QTTB Q32 Bio Inc. New 0.87% +0.87
APLT Applied Therapeutics Inc. New 0.85% +0.85
SRPT Sarepta Therapeutics Inc. Add +285.8% 1.10% +0.75
SLDB Solid Biosciences Inc. Add +20220.4% 0.74% +0.74
CNTA Centessa Pharmaceuticals Ltd. New 0.64% +0.64
REGN Regeneron Pharmaceuticals New 0.60% +0.60
IBIO Ibio Inc. New 0.60% +0.60
PFE Pfizer Inc. Add +511.2% 0.81% +0.58
XAIR Beyond Air Inc. New 0.57% +0.57
LGND Ligand Pharmaceuticals New 0.53% +0.53
SYRE Spyre Therapeutics Inc. Add +668.6% 0.51% +0.45
SDGR Schrodinger Inc. Add +3079.3% 0.47% +0.44
QURE Uniqure NV New 0.42% +0.42
APLS Apellis Pharmaceuticals Inc. New 0.41% +0.41
LLY Eli Lilly & Co. New 0.40% +0.40
NGM NGM Biopharmaceuticals Inc. New 0.35% +0.35
MACK Merrimack Pharmaceuticals Inc. Add +64.2% 3.64% +0.34
NVNO Envveno Medical Corporation New 0.30% +0.30
ARVN Arvinas Inc. New 0.30% +0.30
SLN Silence Therapeutics PLC-ADR Add +21000.0% 0.24% +0.23
ATNM Actinium Pharmaceuticals Inc. New 0.21% +0.21
CATX Perspective Therapeutics Inc. Add +1503.6% 0.22% +0.21
KPRX Kiora Pharmaceuticals Inc. New 0.21% +0.21
MORF Morphic Holding Inc. New 0.19% +0.19
KYMR Kymera Therapeutics Inc. New 0.18% +0.18
CRBP Corbus Pharmaceuticals Holdi New 0.17% +0.17
WST West Pharmaceutical Services New 0.16% +0.16
ACASTI PHARMA INC Add +529.5% 0.20% +0.16
RYTM Rhythm Pharmaceuticals Inc. New 0.15% +0.15
JANX Janux Therapeutics Inc. New 0.14% +0.14
NRIX Nurix Therapeutics Inc. New 0.14% +0.14
STVN Stevanato Group SPA New 0.14% +0.14
AEROVATE THERAPEUTICS INC New 0.13% +0.13
TYRA Tyra Biosciences Inc. New 0.13% +0.13
ARYD Arya Sciences Acquisition-A New 0.13% +0.13

Options Activity Q4 2023 → Q1 2024
ALNY Alnylam Pharmaceuticals Inc. put Add +2.5% 234,400 $35.0M
SPY SS SPDR S&P 500 ETF Trust-US put New 52,000 $27.2M
QQQ Invesco QQQ Trust Series 1 put New 10,000 $4.4M
GH Guardant Health Inc. call New 100,000 $2.1M
ALNY Alnylam Pharmaceuticals Inc. call New 11,200 $1.7M
PFE Pfizer Inc. call Sold out 43,000 $1.2Mbefore exit
BCYC Bicycle Therapeutics PLC-ADR put Sold out 54,100 $978Kbefore exit
ABUS Arbutus Biopharma Corp. call Sold out 177,700 $444Kbefore exit
GLYCOMIMETICS INC put New 139,100 $417K
CYTK Cytokinetics Inc. put Sold out 3,500 $292Kbefore exit
DJT Trump Media & Technology Gro call New 4,500 $279K
AMLX Amylyx Pharmaceuticals Inc. call Add +517.5% 74,100 $210K
APLT Applied Therapeutics Inc. put New 30,100 $205K
CYTK Cytokinetics Inc. call Reduce -96.6% 2,500 $175K
SRPT Sarepta Therapeutics Inc. call New 1,200 $155K
MDGL Madrigal Pharmaceuticals Inc. put Sold out 500 $116Kbefore exit
BHVN Biohaven Ltd. call New 2,000 $109K
BHC Bausch Health Cos Inc. call New 6,000 $64K
IMGN Immunogen Inc. call Sold out 2,000 $59Kbefore exit
INSM Insmed Inc. put New 1,700 $46K
RYTM Rhythm Pharmaceuticals Inc. call Sold out 1,000 $46Kbefore exit
ANAB Anaptysbio Inc. call New 2,000 $45K
ROIV Roivant Sciences Ltd. call Sold out 4,000 $45Kbefore exit
SLNO Soleno Therapeutics Inc. put Sold out 1,100 $44Kbefore exit
ALT Altimmune Inc. put Sold out 3,900 $44Kbefore exit
BBIO Bridgebio Pharma Inc. put New 1,200 $37K
GPCR Structure Therapeutics Inc. call New 800 $34K
ARVN Arvinas Inc. put Sold out 800 $33Kbefore exit
BCLI Brainstorm Cell Therapeutics put Sold out 100,700 $27Kbefore exit
EQ Equillium Inc. call New 10,000 $23K
EYPT Eyepoint Inc. put Sold out 800 $18Kbefore exit
AKBA Akebia Therapeutics Inc. put New 9,700 $18K
REVIVA PHARMACEUTCLS HLDGS I put Sold out 2,500 $13Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2023 → Q1 2024
NAMSW Newamsterdam Pharma Co. NV-27 *W EXP 99/99/999 Sold out 82,857 $259Kbefore exit
NUBIW Nubia Brand Intern -CW27 *W EXP 11/16/202 Sold out 13,500 $634before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 260$2.1BABVX, PTGX, ROIV, SPY, IMVT
Q1 2026 290$1.6BABVX, PTGX, ROIV, IMVT, SPY
Q4 2025Amended 248$1.3BABVX, PTGX, ROIV, IMVT, RNAM
Q3 2025 196$1.0BABVX, KROS, PTGX, ROIV, BOXX
Q2 2025 192$609.1MKROS, PTGX, BOXX, ZLAB, ABVX
Q1 2025 185$505.1MPTGX, BOXX, ROIV, ZLAB, IMVT
Q4 2024 185$469.3MROIV, PTGX, BOXX, ZLAB, IMVT
Q3 2024 244$596.5MCYTK, PTGX, BBIO, BOXX, ROIV
Q2 2024 231$496.6MPTGX, CYTK, ROIV, BOXX, BBIO
Q1 2024 223$366.2MBOXX, ROIV, ALNY, PTGX, CYTK