ADAR1 Capital Management, LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 13, 2024), ADAR1 Capital Management, LLC reported 231 stock positions worth $496.6 million. Its top holding was Protagonist Therapeutics (PTGX) at 11.2% of the portfolio, followed by Cytokinetics (CYTK, 9.3%) and Roivant Sciences (ROIV, 8.8%). Compared with Q1 2024, it opened 61 new positions, sold out of 53, added to 88 and reduced 43. The biggest buy was Protagonist Therapeutics (PTGX, shares +104%) and the biggest sale Alnylam Pharmaceuticals (ALNY, shares −99%).

Most Recent 13F
Q2 2026
Location
AUSTIN, TX
CIK
0001940272
Portfolio Value
$496.6M (Q2 2024)
SEC Filing
0001940267-24-000001 ↗ filed Aug 13, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $366.2M Q1 2024 Q2 2024: $496.6M $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 231 stocks · $496.6M
PTGX Protagonist Therapeutics Inc. 11.19% 1,603,932 $55.6M Add +104.2%
CYTK Cytokinetics Inc. 9.32% 853,862 $46.3M Add +167.2%
ROIV Roivant Sciences Ltd. 8.83% 4,150,009 $43.9M Add +48.6%
BOXX Alpha Architect 1-3 MNTH Box 7.63% 351,482 $37.9M Add +10.5%
BBIO Bridgebio Pharma Inc. 6.45% 1,264,570 $32.0M Add +130.0%
RPRX Royalty Pharma PLC Class A 6.27% 1,181,332 $31.2M Add +63.8%
KROS Keros Therapeutics Inc. 5.05% 548,916 $25.1M Add +62.3%
IMVT Immunovant Inc. 2.53% 476,543 $12.6M Add +684.3%
ABUS Arbutus Biopharma Corp. 2.05% 3,289,260 $10.2M Add +58.6%
MRK Merck & Co. Inc. 1.89% 75,750 $9.4M Add +25150.0%
RZLT Rezolute Inc. 1.79% 2,063,962 $8.9M New
SLDB Solid Biosciences Inc. 1.62% 1,420,422 $8.1M Add +599.0%
EWTX Edgewise Therapeutics Inc. 1.58% 436,608 $7.9M Add +141.3%
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 1.52% 750,000 $7.5M New
ASND Ascendis Pharma A/S 1.41% 51,263 $7.0M Add +5.5%
TECX Tectonic Therapeutic Inc. 1.18% 356,878 $5.9M New
QURE Uniqure NV 1.10% 1,222,676 $5.5M Add +317.5%
ABSI Absci Corp. 1.05% 1,698,529 $5.2M Add +189.4%
VKTX Viking Therapeutics Inc. 0.97% 91,227 $4.8M Add +533.5%
ALKS Alkermes PLC 0.95% 196,577 $4.7M Add +25.5%
BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II 0.83% 404,138 $4.1M Add +0.2%
ANAB Anaptysbio Inc. 0.79% 155,799 $3.9M Add +15479.9%
CERE Cerevel Therapeutics Holding 0.77% 93,350 $3.8M Add +284.8%
CRNX Crinetics Pharmaceuticals Inc. 0.68% 74,850 $3.4M New
BIL SS SPDR BB 1-3M T-Bill ETF 0.60% 32,500 $3.0M No change
INSM Insmed Inc. 0.57% 42,217 $2.8M New
QTTB Q32 Bio Inc. 0.57% 156,504 $2.8M Reduce -16.6%
ACASTI PHARMA INC 0.56% 959,571 $2.8M Add +341.4%
VUSB Vanguard Ultra Short Bond Et 0.55% 55,206 $2.7M No change
JPST JPMorgan Ultra-Short Income 0.55% 54,000 $2.7M No change
SHV iShares 0-1 Year Treasury Bo 0.55% 24,500 $2.7M No change
SVRA Savara Inc. 0.54% 663,598 $2.7M Add +11750.0%
OABI Omniab Inc. 0.54% 712,560 $2.7M Add +57.8%
USFR Wisdomtree Floating Rate Tre 0.54% 53,000 $2.7M No change
ACHV Achieve Life Sciences Inc. 0.51% 542,233 $2.5M Reduce -38.0%
CNTA Centessa Pharmaceuticals Ltd. 0.46% 253,197 $2.3M Add +22.4%
FULC Fulcrum Therapeutics Inc. 0.46% 368,369 $2.3M Add +8.4%
KALA Kala Bio Inc. 0.44% 306,067 $2.2M New
KNSA Kiniksa Pharmaceuticals Inte 0.43% 114,309 $2.1M Add +91.5%
ULST SS Ultra Short TM Bond ETF 0.39% 47,684 $1.9M No change
BEAM Beam Therapeutics Inc. 0.34% 72,800 $1.7M New
CLRB Cellectar Biosciences Inc. 0.34% 682,094 $1.7M Add +6.2%
TEVA Teva Pharmaceutical-SP ADR 0.34% 103,121 $1.7M Add +1.5%
DCTH Delcath Systems Inc. 0.33% 198,347 $1.7M Reduce -9.4%
SLNO Soleno Therapeutics Inc. 0.33% 39,929 $1.6M New
APGE Apogee Therapeutics Inc. 0.32% 40,875 $1.6M Add +581.3%
MRUS Merus NV 0.32% 26,850 $1.6M New
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 0.32% 11,100 $1.6M Reduce -64.8%
AURA Aura Biosciences Inc. 0.31% 203,237 $1.5M New
KYMR Kymera Therapeutics Inc. 0.30% 50,626 $1.5M Add +216.4%
APLT Applied Therapeutics Inc. 0.30% 320,727 $1.5M Reduce -29.8%
CNTX Context Therapeutics Inc. 0.26% 645,161 $1.3M Add +213.3%
ATXS Astria Therapeutics Inc. 0.25% 138,158 $1.3M Add +2869.9%
IBIO Ibio Inc. 0.24% 570,000 $1.2M Reduce -5.0%
SPRO Spero Therapeutics Inc. 0.24% 918,929 $1.2M Reduce -0.9%
INDV Indivior Ltd. 0.23% 70,007 $1.1M Add +153.6%
PFE Pfizer Inc. 0.23% 39,950 $1.1M Reduce -62.4%
NVNO Envveno Medical Corporation 0.21% 201,728 $1.1M No change
TH Target Hospitality Corp. 0.20% 113,626 $990K New
GH Guardant Health Inc. 0.20% 34,000 $982K Add +100.0%
VIR Vir Biotechnology Inc. 0.20% 110,000 $979K New
CGEM Cullinan Therapeutics Inc. 0.19% 53,261 $929K New
PCVX Vaxcyte Inc. 0.19% 12,250 $925K Add +512.5%
ITOS Iteos Therapeutics Inc. 0.18% 60,000 $890K New
ALEC Alector Inc. 0.18% 195,311 $887K Add +272.0%
DNLI Denali Therapeutics Inc. 0.18% 38,000 $882K Add +1800.0%
ANGO Angiodynamics Inc. 0.18% 143,862 $870K Reduce -6.2%
ARVN Arvinas Inc. 0.17% 32,400 $862K Add +23.7%
SYRE Spyre Therapeutics Inc. 0.17% 35,180 $827K Reduce -28.9%
AGR Avangrid Inc. 0.16% 23,000 $817K New
KVAUF Keen Vision Acquisition Corp. 0.16% 75,000 $793K No change
APLS Apellis Pharmaceuticals Inc. 0.16% 20,650 $792K Reduce -19.6%
SLN Silence Therapeutics PLC-ADR 0.15% 40,290 $766K Add +0.5%
KPRX Kiora Pharmaceuticals Inc. 0.15% 172,596 $725K Add +36.1%
SRPT Sarepta Therapeutics Inc. 0.14% 4,450 $703K Reduce -85.7%
CTMX Cytomx Therapeutics Inc. 0.14% 572,170 $698K Add +269.1%
CATX Perspective Therapeutics Inc. 0.14% 69,985 $698K New
CLYM Climb Bio Inc. filed as ELIEM THERAPEUTICS INC 0.14% 97,695 $695K New
XAIR Beyond Air Inc. 0.13% 1,225,270 $658K Add +1.7%
KEZAR LIFE SCIENCES INC 0.13% 1,086,498 $652K Add +359.2%
VXRT Vaxart Inc. 0.13% 945,568 $631K New
CTVA Corteva Inc. 0.12% 11,400 $615K Reduce -69.5%
ARYD Arya Sciences Acquisition-A 0.12% 53,527 $614K Add +30.8%
AKRO Akero Therapeutics Inc. 0.12% 25,507 $598K Add +1311.6%
TSHA Taysha Gene Therapies Inc. 0.11% 250,800 $562K Add +476.6%
ATNM Actinium Pharmaceuticals Inc. 0.11% 75,133 $556K Reduce -24.9%
TMTC TMT Acquisition Corp. Class A 0.11% 50,000 $549K No change
CRBP Corbus Pharmaceuticals Holdi 0.11% 12,000 $543K Reduce -25.0%
RYTM Rhythm Pharmaceuticals Inc. 0.11% 13,000 $534K Add +4.8%
ARDX Ardelyx Inc. 0.10% 70,000 $519K New
YEAR AB Ultra Short Income ETF filed as AB ACTIVE ETFS INC 0.10% 10,000 $505K No change
PULS Pgim Ultra Short Bond ETF 0.10% 10,000 $497K No change
STVN Stevanato Group SPA 0.10% 27,000 $495K Add +74.2%
DAWN Day One Biopharmaceuticals I 0.10% 35,100 $484K New
GOSS Gossamer Bio Inc. 0.10% 532,628 $480K Reduce -27.3%
ABEO Abeona Therapeutics Inc. 0.10% 113,125 $480K New
ALNY Alnylam Pharmaceuticals Inc. 0.09% 1,850 $450K Reduce -99.0%
PYPD Polypid Ltd. 0.09% 103,950 $447K New
SNY Sanofi-ADR 0.09% 9,100 $442K Add +65.5%
TXMD Therapeuticsmd Inc. 0.09% 270,160 $435K Reduce -0.7%
AEROVATE THERAPEUTICS INC 0.08% 246,936 $410K Add +1453.1%
CGON CG Oncology Inc. 0.08% 12,850 $406K Add +526.8%
RNXT Renovorx Inc. 0.08% 355,240 $401K New
TRIP Tripadvisor Inc. 0.08% 22,000 $392K New
MOVANO INC 0.08% 1,407,000 $387K New
WVE Wave Life Sciences Ltd. 0.08% 76,651 $382K Add +155.5%
GERN Geron Corp. 0.08% 90,000 $382K Add +6849.8%
ZLAB Zai Lab Ltd.-ADR 0.08% 22,000 $381K No change
ABVX Abivax SA-ADR 0.07% 27,000 $357K Add +80.0%
ABT Abbott Laboratories 0.07% 3,300 $343K Add +135.7%
VYNE THERAPEUTICS INC 0.07% 171,217 $337K Add +55.5%
OPCH Option Care Health Inc. 0.07% 12,000 $332K Add +71.4%
JANX Janux Therapeutics Inc. 0.07% 7,891 $331K Reduce -43.6%
GRAL Grail Inc. 0.07% 21,401 $329K New
OAKU Oak Woods Acquisition Corp. Class A 0.07% 30,000 $326K No change
ARCA BIOPHARMA INC 0.07% 84,676 $324K New
JVSAU Jvspac Acquisition Corp. 0.06% 30,000 $313K No change
MLYS Mineralys Therapeutics Inc. 0.06% 25,366 $297K Add +5.7%
WST West Pharmaceutical Services 0.06% 890 $293K Reduce -40.7%
EDR Endeavor Group Hold Class A 0.06% 10,615 $287K Reduce -93.2%
TRML Tourmaline Bio Inc. 0.05% 21,060 $271K Add +82.2%
MIST Milestone Pharmaceuticals Inc. 0.05% 202,460 $267K No change
MKSI MKS Inc. filed as MKS INSTRS INC 0.05% 2,000 $261K New
IROHU Iron Horse Acquisitions Corp. 0.05% 25,000 $257K No change
KRRO Korro Bio Inc. 0.05% 7,210 $244K New
ELEV Elevation Oncology Inc. 0.05% 84,927 $229K Add +884.2%
CCOI Cogent Communications Holdin 0.05% 4,000 $226K No change
ZROZ PIMCO 25+ YR Zero CPN US Tif 0.05% 3,000 $225K No change
OCUL Ocular Therapeutix Inc. 0.05% 32,900 $225K New
SLRN Acelyrin Inc. 0.04% 50,521 $223K Add +236.3%
OLMA Olema Pharmaceuticals Inc. 0.04% 20,076 $217K New
VERV Verve Therapeutics Inc. 0.04% 44,000 $215K New
MLTX Moonlake Immunotherapeutics 0.04% 4,800 $211K Add +60.0%
INTELLIGENT BIO SOLUTIONS IN 0.04% 108,250 $208K No change
AMLX Amylyx Pharmaceuticals Inc. 0.04% 107,306 $204K Add +176.2%
MREO Mereo Biopharma Group PL-ADR 0.04% 55,400 $199K New
SPRB Spruce Biosciences Inc. 0.04% 355,216 $184K Reduce -2.7%
TLT iShares 20+ Year Treasury BD 0.04% 2,000 $184K No change
XENE Xenon Pharmaceuticals Inc. 0.04% 4,700 $183K New
BCRX Biocryst Pharmaceuticals Inc. 0.04% 29,400 $182K New
IOVA Iovance Biotherapeutics Inc. 0.04% 22,400 $180K Add +348.0%
GLRE Greenlight Capital Re Ltd. Class A 0.03% 12,385 $162K Reduce -7.5%
NVEI Nuvei Corp.-Subordinate VTG 0.03% 5,000 $162K No change
CMRX Chimerix Inc. 0.03% 178,229 $156K New
BKHAU Black Hawk Acquisition Corp. 0.03% 15,000 $155K No change
ARWR Arrowhead Pharmaceuticals Inc. 0.03% 5,900 $153K Add +883.3%
RLMD Relmada Therapeutics Inc. 0.03% 50,601 $152K Add +8319.5%
VYGR Voyager Therapeutics Inc. 0.03% 18,634 $147K Reduce -79.6%
KALV Kalvista Pharmaceuticals Inc. 0.03% 12,020 $142K Add +20.2%
NXTC Nextcure Inc. 0.03% 89,014 $142K Add +106.9%
KTTA Pasithea Therapeutics Corp. 0.03% 27,696 $140K No change
BOLT Bolt Biotherapeutics Inc. 0.03% 185,999 $139K Add +3620.0%
PRTA Prothena Corp. PLC 0.02% 5,988 $124K No change
EGRX Eagle Pharmaceuticals Inc. 0.02% 22,000 $123K New
PLRX Pliant Therapeutics Inc. 0.02% 10,000 $108K New
VRDN Viridian Therapeutics Inc. 0.02% 8,000 $104K Add +213.7%
TERN Terns Pharmaceuticals Inc. 0.02% 15,000 $102K Add +200.0%
SRRK Scholar Rock Holding Corp. 0.02% 12,000 $100K New
TGTX TG Therapeutics Inc. 0.02% 5,589 $99K Add +28.2%
EQ Equillium Inc. 0.02% 140,775 $98K Reduce -29.2%
KCGI Kensington Capital Acq-A 0.02% 8,500 $94K Reduce -5.6%
BLCO Bausch + Lomb Corp. 0.02% 6,400 $93K Add +20.8%
AQN Algonquin Power & Utilities 0.02% 15,000 $88K Reduce -59.5%
FORTE BIOSCIENCES INC 0.02% 159,258 $86K Reduce -6.6%
PMVP PMV Pharmaceuticals Inc. 0.02% 50,000 $81K Add +400.0%
NNAGU 99 Acquisition Group Inc. 0.02% 7,500 $81K No change
AITRU AI Transportation Acquisitio 0.02% 7,500 $79K No change
ADVM Adverum Biotechnologies Inc. 0.02% 11,300 $78K Add +303.6%
IKENA ONCOLOGY INC 0.02% 46,685 $77K Add +33.4%
LGND Ligand Pharmaceuticals 0.02% 890 $75K Reduce -96.7%
NRIX Nurix Therapeutics Inc. 0.01% 3,500 $73K Reduce -90.2%
IONS Ionis Pharmaceuticals Inc. 0.01% 1,500 $71K Reduce -48.3%
QUINCE THERAPEUTICS INC 0.01% 92,958 $70K Add +246.5%
HHH Howard Hughes Holdings Inc. 0.01% 1,000 $65K No change
MITK Mitek Systems Inc. 0.01% 5,600 $63K No change
GPCR Structure Therapeutics Inc. 0.01% 1,516 $60K Reduce -39.4%
OGN Organon & Co. 0.01% 2,500 $52K Reduce -58.3%
UCTT Ultra Clean Holdings Inc. 0.01% 1,000 $49K No change
KSS Kohls Corp. 0.01% 2,000 $46K No change
NGNE Neurogene Inc. 0.01% 1,253 $46K Add +89.6%
CASIF Casi Pharmaceuticals Inc. 0.01% 8,240 $45K New
EVO Evotec SE - Spon ADR 0.01% 9,400 $45K Add +22.1%
ETNB 89BIO Inc. 0.01% 5,560 $45K Add +81.7%
FDMT 4D Molecular Therapeutics Inc. 0.01% 2,000 $42K No change
TVRD Cara Therapeutics Inc. 0.01% 159,469 $41K New
VERA Vera Therapeutics Inc. 0.01% 1,079 $39K New
GLYCOMIMETICS INC 0.01% 135,000 $38K New
PHVS Pharvaris NV 0.01% 2,000 $38K No change
ZVSA Zyversa Therapeutics Inc. 0.01% 9,598 $36K New
PYXS Pyxis Oncology Inc. 0.01% 10,000 $33K No change
RGNX Regenxbio Inc. 0.01% 2,700 $32K Add +8.0%
VTYX Ventyx Biosciences Inc. 0.01% 12,955 $30K Add +159.1%
NVO Novo-Nordisk A/S-Spons ADR 0.01% 200 $29K Add +100.0%
PRGO Perrigo Co. PLC 0.01% 1,100 $28K Add +37.5%
AMPH Amphastar Pharmaceuticals Inc. 0.01% 700 $28K No change
NATL NCR Atleos Corp. 0.01% 1,000 $27K No change
EXAS Exact Sciences Corp. 0.01% 600 $25K Reduce -64.7%
VYX NCR Voyix Corp. 0.01% 2,000 $25K No change
AXSM Axsome Therapeutics Inc. 0.00% 300 $24K New
CELC Celcuity Inc. 0.00% 1,400 $23K New
RAPT THERAPEUTICS INC 0.00% 7,500 $23K New
GHRS GH Research PLC 0.00% 1,850 $22K Reduce -85.3%
ACAD Acadia Pharmaceuticals Inc. 0.00% 1,300 $21K Add +160.0%
LXEO Lexeo Therapeutics Inc. 0.00% 1,300 $21K New
AMPY Amplify Energy Corp. 0.00% 2,928 $20K Reduce -58.6%
HIMS Hims & Hers Health Inc. 0.00% 940 $19K New
PRTCY Puretech Health PLC - ADR 0.00% 700 $18K New
RLYB Rallybio Corp. 0.00% 11,200 $15K Reduce -37.6%
OVID Ovid Therapeutics Inc. 0.00% 19,190 $15K Add +16.7%
ARQT Arcutis Biotherapeutics Inc. 0.00% 1,555 $14K Reduce -63.5%
CLDX Celldex Therapeutics Inc. 0.00% 303 $11K New
IDYA Ideaya Biosciences Inc. 0.00% 300 $11K New
ZVRA Zevra Therapeutics Inc. 0.00% 2,000 $10K New
OKLO Oklo Inc. 0.00% 1,000 $8K New
AZN Astrazeneca PLC-Spons ADR 0.00% 100 $8K Reduce -50.0%
ADXN Addex Therapeutics Ltd. 0.00% 900 $7K Add +130.8%
ERAS Erasca Inc. 0.00% 3,100 $7K New
BLUEBIRD BIO INC 0.00% 6,000 $6K Add +20.0%
ENGN Engene Holdings Inc. 0.00% 600 $6K New
ACLX Arcellx Inc. 0.00% 100 $6K New
TYRA Tyra Biosciences Inc. 0.00% 300 $5K Reduce -98.9%
MASI Masimo Corp. 0.00% 38 $5K No change
ICHR Ichor Holdings Ltd. 0.00% 108 $4K No change
ETON Eton Pharmaceuticals Inc. 0.00% 1,200 $4K New
TSVT 2SEVENTY Bio Inc. 0.00% 1,000 $4K No change
OPTINOSE INC 0.00% 3,000 $3K New
LEXX Lexaria Bioscience Corp. 0.00% 945 $3K Reduce -96.5%
AIEV Thunder Power Holdings Inc. 0.00% 1,500 $2K Reduce -90.0%
XERS Xeris Biopharma Holdings Inc. 0.00% 1,000 $2K Reduce -80.6%
RCKT Rocket Pharmaceuticals Inc. 0.00% 100 $2K New
XLO Xilio Therapeutics Inc. 0.00% 1,500 $1K New

Options reported separately and not counted above: INSM puts ($13.5M), INSM calls ($10.1M), SPY puts ($4.4M), CERE puts ($2.1M), QQQ puts ($1.4M), IWM puts ($609K), MRNA calls ($594K), FULC calls ($124K), CAPR puts ($97K), BBIO calls ($94K), SVRA puts ($44K), GLYCOMIMETICS INC puts ($38K), and 9 more.

Other holdings (14): bonds, preferreds, convertibles and warrants · $51K (not counted above)
SecurityClassShares / PrincipalValueChange
TMTCR TMT Acquisition Corp.-RT RIGHT 03/27/2028 49,900$17KNo change
GLSTR Global Star Acquisition-RTS RIGHT 99/99/9999 118,400$15KNo change
OAKUR Oak Woods Acquisition Cor-RT RIGHT 03/23/2028 30,000$8KNo change
GLSTW Global Star Acquisition-27 A *W EXP 07/15/202 120,000$3KNo change
EMCRF Embrace Change Acq-Rights RIGHT 10/25/2026 18,000$2KNo change
CETUR Cetus Capital Acquisition Co. RIGHT 03/31/2024 4,999$1KNo change
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 19,800$1KNo change
OAKUW Oak Woods Acquisition -28 *W EXP 99/99/999 30,000$750No change
ECD AUTOMOTIVE DESIGN INC *W EXP 12/12/202 32,596$652No change
FTIIW Futuretech II Acq -CW27 *W EXP 08/18/202 30,000$483No change
EMCWF Embrace Change Acquisitio-26 *W EXP 10/25/202 18,000$378No change
AIMWF Aimfinity Investment-CW27 *W EXP 99/99/999 18,000$362No change
FORLW Four Leaf Acquisition Cor-28 *W EXP 03/15/202 7,987$360Reduce -15.8%
CETUW Cetus Capital Acquisition-28 *W EXP 01/31/202 5,000$130No change

Total filed on the 13F, all lines: $496.6M.

Portfolio Sells Q1 2024 → Q2 2024
ALNY Alnylam Pharmaceuticals Inc. Reduce -99.0% 0.09% −7.26
MACK Merrimack Pharmaceuticals Inc. Sold out 0.00% −3.64
AVROBIO INC Sold out 0.00% −1.38
EDR Endeavor Group Hold Class A Reduce -93.2% 0.06% −1.03
FUSN Fusion Pharmaceuticals Inc. Sold out 0.00% −1.03
ONC Beone Medicines Ltd.-ADR Reduce -64.8% 0.32% −1.03
SRPT Sarepta Therapeutics Inc. Reduce -85.7% 0.14% −0.96
REGN Regeneron Pharmaceuticals Sold out 0.00% −0.60
PFE Pfizer Inc. Reduce -62.4% 0.23% −0.58
ACHV Achieve Life Sciences Inc. Reduce -38.0% 0.51% −0.57
APLT Applied Therapeutics Inc. Reduce -29.8% 0.30% −0.55
LGND Ligand Pharmaceuticals Reduce -96.7% 0.02% −0.52
SDGR Schrodinger Inc. Sold out 0.00% −0.47
CTVA Corteva Inc. Reduce -69.5% 0.12% −0.47
LLY Eli Lilly & Co. Sold out 0.00% −0.40
IBIO Ibio Inc. Reduce -5.0% 0.24% −0.36
NGM NGM Biopharmaceuticals Inc. Sold out 0.00% −0.35
SYRE Spyre Therapeutics Inc. Reduce -28.9% 0.17% −0.35
QTTB Q32 Bio Inc. Reduce -16.6% 0.57% −0.31
APLS Apellis Pharmaceuticals Inc. Reduce -19.6% 0.16% −0.25
GLST Global Star Acquisition Class A Sold out 0.00% −0.23
CATX Perspective Therapeutics Inc. Sold out 0.00% −0.22
VYGR Voyager Therapeutics Inc. Reduce -79.6% 0.03% −0.20
SPRO Spero Therapeutics Inc. Reduce -0.9% 0.24% −0.19
MORF Morphic Holding Inc. Sold out 0.00% −0.19
GOSS Gossamer Bio Inc. Reduce -27.3% 0.10% −0.14
VTGN Vistagen Therapeutics Inc. Sold out 0.00% −0.13
NRIX Nurix Therapeutics Inc. Reduce -90.2% 0.01% −0.13
TYRA Tyra Biosciences Inc. Reduce -98.9% 0.00% −0.13
EQ Equillium Inc. Reduce -29.2% 0.02% −0.11
WST West Pharmaceutical Services Reduce -40.7% 0.06% −0.10
ATNM Actinium Pharmaceuticals Inc. Reduce -24.9% 0.11% −0.10
BCYC Bicycle Therapeutics PLC-ADR Sold out 0.00% −0.10
SCRM Screaming Eagle Acq Class A Sold out 0.00% −0.09
TXMD Therapeuticsmd Inc. Reduce -0.7% 0.09% −0.08
GOOGL Alphabet Inc. Class A Sold out 0.00% −0.08
JANX Janux Therapeutics Inc. Reduce -43.6% 0.07% −0.08
ANGO Angiodynamics Inc. Reduce -6.2% 0.18% −0.07
VERU Veru Inc. Sold out 0.00% −0.06
CRBP Corbus Pharmaceuticals Holdi Reduce -25.0% 0.11% −0.06
IMTX Immatics NV Sold out 0.00% −0.05
AQN Algonquin Power & Utilities Reduce -59.5% 0.02% −0.05
AIEV Thunder Power Holdings Inc. Reduce -90.0% 0.00% −0.04
CABA Cabaletta Bio Inc. Sold out 0.00% −0.04
SPRB Spruce Biosciences Inc. Reduce -2.7% 0.04% −0.04
MCK McKesson Corp. Sold out 0.00% −0.04
AVTX Avalo Therapeutics Inc. Sold out 0.00% −0.04
GHRS GH Research PLC Reduce -85.3% 0.00% −0.03
JD Jd.com Inc.-ADR Sold out 0.00% −0.03
FORL Four Leaf Acquisition Cor-A Sold out 0.00% −0.03

Portfolio Buys Q1 2024 → Q2 2024
PTGX Protagonist Therapeutics Inc. Add +104.2% 11.19% +4.99
CYTK Cytokinetics Inc. Add +167.2% 9.32% +3.20
IMVT Immunovant Inc. Add +684.3% 2.53% +2.00
MRK Merck & Co. Inc. Add +25150.0% 1.89% +1.88
BBIO Bridgebio Pharma Inc. Add +130.0% 6.45% +1.81
RZLT Rezolute Inc. New 1.79% +1.79
FRNM Freenome Inc. New 1.52% +1.52
TECX Tectonic Therapeutic Inc. New 1.18% +1.18
SLDB Solid Biosciences Inc. Add +599.0% 1.62% +0.88
ROIV Roivant Sciences Ltd. Add +48.6% 8.83% +0.80
ANAB Anaptysbio Inc. Add +15479.9% 0.79% +0.78
QURE Uniqure NV Add +317.5% 1.10% +0.69
EWTX Edgewise Therapeutics Inc. Add +141.3% 1.58% +0.68
CRNX Crinetics Pharmaceuticals Inc. New 0.68% +0.68
VKTX Viking Therapeutics Inc. Add +533.5% 0.97% +0.65
ABUS Arbutus Biopharma Corp. Add +58.6% 2.05% +0.59
INSM Insmed Inc. New 0.57% +0.57
SVRA Savara Inc. Add +11750.0% 0.54% +0.53
CERE Cerevel Therapeutics Holding Add +284.8% 0.77% +0.49
KALA Kala Bio Inc. New 0.44% +0.44
ACASTI PHARMA INC Add +341.4% 0.56% +0.36
BEAM Beam Therapeutics Inc. New 0.34% +0.34
SLNO Soleno Therapeutics Inc. New 0.33% +0.33
MRUS Merus NV New 0.32% +0.32
AURA Aura Biosciences Inc. New 0.31% +0.31
RPRX Royalty Pharma PLC Class A Add +63.8% 6.27% +0.29
ATXS Astria Therapeutics Inc. Add +2869.9% 0.25% +0.24
APGE Apogee Therapeutics Inc. Add +581.3% 0.32% +0.22
TH Target Hospitality Corp. New 0.20% +0.20
VIR Vir Biotechnology Inc. New 0.20% +0.20
CGEM Cullinan Therapeutics Inc. New 0.19% +0.19
CNTX Context Therapeutics Inc. Add +213.3% 0.26% +0.18
ITOS Iteos Therapeutics Inc. New 0.18% +0.18
DNLI Denali Therapeutics Inc. Add +1800.0% 0.18% +0.17
AGR Avangrid Inc. New 0.16% +0.16
PCVX Vaxcyte Inc. Add +512.5% 0.19% +0.15
ABSI Absci Corp. Add +189.4% 1.05% +0.14
CATX Perspective Therapeutics Inc. New 0.14% +0.14
CLYM Climb Bio Inc. New 0.14% +0.14
KYMR Kymera Therapeutics Inc. Add +216.4% 0.30% +0.13
VXRT Vaxart Inc. New 0.13% +0.13
KNSA Kiniksa Pharmaceuticals Inte Add +91.5% 0.43% +0.11
AKRO Akero Therapeutics Inc. Add +1311.6% 0.12% +0.11
ARDX Ardelyx Inc. New 0.10% +0.10
GH Guardant Health Inc. Add +100.0% 0.20% +0.10
DAWN Day One Biopharmaceuticals I New 0.10% +0.10
ABEO Abeona Therapeutics Inc. New 0.10% +0.10
ALEC Alector Inc. Add +272.0% 0.18% +0.09
PYPD Polypid Ltd. New 0.09% +0.09
RNXT Renovorx Inc. New 0.08% +0.08

Options Activity Q1 2024 → Q2 2024
ALNY Alnylam Pharmaceuticals Inc. put Sold out 234,400 $35.0Mbefore exit
INSM Insmed Inc. put Add +11711.8% 200,800 $13.5M
INSM Insmed Inc. call New 150,000 $10.1M
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -84.6% 8,000 $4.4M
GH Guardant Health Inc. call Sold out 100,000 $2.1Mbefore exit
ALNY Alnylam Pharmaceuticals Inc. call Sold out 11,200 $1.7Mbefore exit
QQQ Invesco QQQ Trust Series 1 put Reduce -70.0% 3,000 $1.4M
IWM iShares Russell 2000 ETF put New 3,000 $609K
MRNA Moderna Inc. call New 5,000 $594K
DJT Trump Media & Technology Gro call Sold out 4,500 $279Kbefore exit
APLT Applied Therapeutics Inc. put Sold out 30,100 $205Kbefore exit
SRPT Sarepta Therapeutics Inc. call Sold out 1,200 $155Kbefore exit
FULC Fulcrum Therapeutics Inc. call New 20,000 $124K
BHVN Biohaven Ltd. call Sold out 2,000 $109Kbefore exit
CAPR Capricor Therapeutics Inc. put New 20,400 $97K
BBIO Bridgebio Pharma Inc. call New 3,700 $94K
AMLX Amylyx Pharmaceuticals Inc. put Sold out 31,800 $90Kbefore exit
RAPT THERAPEUTICS INC put Sold out 7,500 $67Kbefore exit
BHC Bausch Health Cos Inc. call Sold out 6,000 $64Kbefore exit
SVRA Savara Inc. put New 11,000 $44K
GLYCOMIMETICS INC put Reduce -3.0% 135,000 $38K
ANAB Anaptysbio Inc. call Reduce -25.0% 1,500 $38K
GPCR Structure Therapeutics Inc. call Sold out 800 $34Kbefore exit
SVRA Savara Inc. call New 5,000 $20K
AMLX Amylyx Pharmaceuticals Inc. call Reduce -86.5% 10,000 $19K
GOSS Gossamer Bio Inc. call New 20,000 $18K
AKBA Akebia Therapeutics Inc. put Sold out 9,700 $18Kbefore exit
EQ Equillium Inc. call Reduce -12.0% 8,800 $6K
CYTK Cytokinetics Inc. call Reduce -96.0% 100 $5K
AEROVATE THERAPEUTICS INC call New 2,500 $4K
APLS Apellis Pharmaceuticals Inc. call New 100 $4K

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

Notes & Other Activity Q1 2024 → Q2 2024
FLFVR Feutune Light Acquisitio-RTS RIGHT 06/01/2029 Sold out 15,000 $1Kbefore exit
FLFVW Feutune Light Acquisit -29 *W EXP 06/01/202 Sold out 15,000 $510before exit
FORLW Four Leaf Acquisition Cor-28 *W EXP 03/15/202 Reduce -15.8% 7,987 $360

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