ADAR1 Capital Management, LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), ADAR1 Capital Management, LLC reported 244 stock positions worth $596.5 million. Its top holding was Cytokinetics (CYTK) at 8.1% of the portfolio, followed by Protagonist Therapeutics (PTGX, 7.4%) and Bridgebio Pharma (BBIO, 6.2%). Compared with Q2 2024, it opened 80 new positions, sold out of 67, added to 75 and reduced 68. The biggest buy was Immunovant (IMVT, shares +137%) and the biggest sale Protagonist Therapeutics (PTGX, shares −39%).

Most Recent 13F
Q2 2026
Location
AUSTIN, TX
CIK
0001940272
Portfolio Value
$596.5M (Q3 2024)
SEC Filing
0001940267-24-000005 ↗ filed Nov 14, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $366.2M Q1 2024 Q2 2024: $496.6M Q2 2024 Q3 2024: $596.5M $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 244 stocks · $596.5M
CYTK Cytokinetics Inc. 8.07% 911,182 $48.1M Add +6.7%
PTGX Protagonist Therapeutics Inc. 7.40% 981,295 $44.2M Reduce -38.8%
BBIO Bridgebio Pharma Inc. 6.18% 1,448,470 $36.9M Add +14.5%
BOXX Alpha Architect 1-3 MNTH Box 5.91% 323,382 $35.2M Reduce -8.0%
ROIV Roivant Sciences Ltd. 5.85% 3,025,450 $34.9M Reduce -27.1%
IMVT Immunovant Inc. 5.41% 1,131,707 $32.3M Add +137.5%
RPRX Royalty Pharma PLC Class A 5.20% 1,096,666 $31.0M Reduce -7.2%
KROS Keros Therapeutics Inc. 4.33% 445,068 $25.8M Reduce -18.9%
ASND Ascendis Pharma A/S 4.04% 161,402 $24.1M Add +214.8%
ZURA Zura Bio Ltd. 2.57% 3,770,649 $15.3M New
ZLAB Zai Lab Ltd.-ADR 2.15% 532,454 $12.9M Add +2320.3%
KNSA Kiniksa Pharmaceuticals Inte 1.83% 436,668 $10.9M Add +282.0%
AAM Aa Mission Acquisition Cor-A 1.70% 1,010,199 $10.1M New
MLYS Mineralys Therapeutics Inc. 1.48% 729,401 $8.8M Add +2775.5%
ABUS Arbutus Biopharma Corp. 1.35% 2,089,321 $8.0M Reduce -36.5%
SLDB Solid Biosciences Inc. 1.34% 1,145,592 $8.0M Reduce -19.4%
MRUS Merus NV 1.28% 153,286 $7.7M Add +470.9%
RZLT Rezolute Inc. 1.28% 1,571,705 $7.6M Reduce -23.9%
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 1.26% 750,000 $7.5M No change
XNCR Xencor Inc. 1.15% 342,262 $6.9M New
SNDX Syndax Pharmaceuticals Inc. 1.13% 350,206 $6.7M New
ANAB Anaptysbio Inc. 1.08% 192,720 $6.5M Add +23.7%
ABVX Abivax SA-ADR 1.01% 521,612 $6.0M Add +1831.9%
RGNX Regenxbio Inc. 1.00% 569,008 $6.0M Add +20974.4%
BIIB Biogen Inc. 0.96% 29,625 $5.7M New
OABI Omniab Inc. 0.95% 1,337,302 $5.7M Add +87.7%
CGON CG Oncology Inc. 0.91% 143,104 $5.4M Add +1013.6%
CRNX Crinetics Pharmaceuticals Inc. 0.76% 88,425 $4.5M Add +18.1%
BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II 0.71% 404,138 $4.2M No change
TECX Tectonic Therapeutic Inc. 0.65% 127,159 $3.9M Reduce -64.4%
ITOS Iteos Therapeutics Inc. 0.64% 376,737 $3.8M Add +527.9%
ABSI Absci Corp. 0.64% 1,005,750 $3.8M Reduce -40.8%
EDR Endeavor Group Hold Class A 0.59% 122,807 $3.5M Add +1056.9%
APGE Apogee Therapeutics Inc. 0.56% 57,183 $3.4M Add +39.9%
DNTH Dianthus Therapeutics Inc. 0.55% 118,738 $3.3M New
SVRA Savara Inc. 0.53% 742,634 $3.1M Add +11.9%
DNLI Denali Therapeutics Inc. 0.50% 101,826 $3.0M Add +168.0%
GRCE Grace Therapeutics Inc. filed as ACASTI PHARMA INC 0.48% 959,571 $2.9M New
QTTB Q32 Bio Inc. 0.48% 64,245 $2.9M Reduce -59.0%
PLRX Pliant Therapeutics Inc. 0.46% 246,128 $2.8M Add +2361.3%
GERN Geron Corp. 0.42% 557,159 $2.5M Add +519.1%
PIERIS PHARMACEUTICALS INC 0.40% 144,641 $2.4M New
VIR Vir Biotechnology Inc. 0.40% 319,185 $2.4M Add +190.2%
CLRB Cellectar Biosciences Inc. 0.37% 1,022,161 $2.2M Add +49.9%
ALKS Alkermes PLC 0.35% 74,431 $2.1M Reduce -62.1%
RVMD Revolution Medicines Inc. 0.34% 44,351 $2.0M New
BIL SS SPDR BB 1-3M T-Bill ETF 0.34% 21,786 $2.0M Reduce -33.0%
ALEC Alector Inc. 0.34% 428,802 $2.0M Add +119.5%
TEVA Teva Pharmaceutical-SP ADR 0.33% 108,171 $1.9M Add +4.9%
KALA Kala Bio Inc. 0.29% 306,067 $1.7M No change
KRRO Korro Bio Inc. 0.28% 49,451 $1.7M Add +585.9%
ALDX Aldeyra Therapeutics Inc. 0.27% 302,212 $1.6M New
TIL Instil Bio Inc. 0.27% 23,707 $1.6M New
ARES ACQUISITION CORP II 0.25% 138,966 $1.5M New
BNTX Biontech SE-ADR 0.20% 10,000 $1.2M New
MLTX Moonlake Immunotherapeutics 0.20% 23,457 $1.2M Add +388.7%
NVNO Envveno Medical Corporation 0.20% 348,263 $1.2M Add +72.6%
PCVX Vaxcyte Inc. 0.19% 10,097 $1.2M Reduce -17.6%
IRON Disc Medicine Inc. 0.19% 22,564 $1.1M New
XENE Xenon Pharmaceuticals Inc. 0.18% 27,903 $1.1M Add +493.7%
BEAM Beam Therapeutics Inc. 0.18% 43,900 $1.1M Reduce -39.7%
NUVL Nuvalent Inc. Class A 0.18% 10,442 $1.1M New
CTMX Cytomx Therapeutics Inc. 0.18% 903,959 $1.1M Add +58.0%
AVDL Avadel Pharmaceuticals Ltd. 0.18% 80,900 $1.1M New
IBIO Ibio Inc. 0.18% 476,212 $1.1M Reduce -16.4%
PFE Pfizer Inc. 0.17% 35,950 $1.0M Reduce -10.0%
EXAS Exact Sciences Corp. 0.17% 15,200 $1.0M Add +2433.3%
KZR Kezar Life Sciences Inc. 0.17% 1,338,273 $1.0M New
BCAX Bicara Therapeutics Inc. 0.17% 40,440 $1.0M New
ATXS Astria Therapeutics Inc. 0.17% 93,284 $1.0M Reduce -32.5%
LLY Eli Lilly & Co. 0.17% 1,150 $1.0M New
SPRO Spero Therapeutics Inc. 0.17% 743,459 $996K Reduce -19.1%
ITCI Intra-Cellular Therapies Inc. 0.16% 13,400 $980K New
AGIO Agios Pharmaceuticals Inc. 0.16% 21,300 $946K New
RVNC Revance Therapeutics Inc. 0.16% 182,166 $945K New
MIRM Mirum Pharmaceuticals Inc. 0.16% 24,100 $940K New
REGN Regeneron Pharmaceuticals 0.15% 871 $916K New
MCK McKesson Corp. 0.15% 1,850 $915K New
CGEM Cullinan Therapeutics Inc. 0.15% 54,358 $910K Add +2.1%
SRPT Sarepta Therapeutics Inc. 0.15% 7,100 $887K Add +59.5%
TARS Tarsus Pharmaceuticals Inc. 0.14% 25,900 $852K New
CLYM Climb Bio Inc. filed as ELIEM THERAPEUTICS INC 0.14% 163,443 $832K Add +67.3%
ANSC Agriculture & Natural Soluti 0.14% 80,362 $832K New
AGR Avangrid Inc. 0.14% 23,000 $823K No change
KVAUF Keen Vision Acquisition Corp. 0.13% 75,000 $805K No change
PTCT PTC Therapeutics Inc. 0.12% 20,000 $742K New
DAWN Day One Biopharmaceuticals I 0.12% 53,111 $740K Add +51.3%
CNTX Context Therapeutics Inc. 0.12% 373,835 $733K Reduce -42.1%
SLN Silence Therapeutics PLC-ADR 0.12% 40,290 $732K No change
KPRX Kiora Pharmaceuticals Inc. 0.12% 196,551 $719K Add +13.9%
AMLX Amylyx Pharmaceuticals Inc. 0.12% 220,906 $716K Add +105.9%
PWSC Powerschool Holdings Inc. Class A 0.11% 30,000 $684K New
AKRO Akero Therapeutics Inc. 0.11% 23,007 $660K Reduce -9.8%
AURA Aura Biosciences Inc. 0.11% 73,663 $656K Reduce -63.8%
NETD Nabors Energy Transition C-A 0.11% 59,900 $639K New
OPCH Option Care Health Inc. 0.10% 20,000 $626K Add +66.7%
JANX Janux Therapeutics Inc. 0.10% 13,000 $591K Add +64.7%
KURA Kura Oncology Inc. 0.10% 30,000 $586K New
TMTC TMT Acquisition Corp. Class A 0.09% 50,000 $562K No change
KYMR Kymera Therapeutics Inc. 0.09% 11,856 $561K Reduce -76.6%
INDV Indivior Ltd. 0.09% 54,057 $527K Reduce -22.8%
MASI Masimo Corp. 0.09% 3,894 $519K Add +10147.4%
LXEO Lexeo Therapeutics Inc. 0.09% 57,166 $517K Add +4297.4%
TH Target Hospitality Corp. 0.09% 65,741 $511K Reduce -42.1%
TSHA Taysha Gene Therapies Inc. 0.08% 251,400 $505K Add +0.2%
SLNO Soleno Therapeutics Inc. 0.08% 10,000 $505K Reduce -75.0%
ARVN Arvinas Inc. 0.08% 20,400 $502K Reduce -37.0%
USFR Wisdomtree Floating Rate Tre 0.08% 10,000 $502K Reduce -81.1%
APLS Apellis Pharmaceuticals Inc. 0.08% 17,252 $498K Reduce -16.5%
VTGN Vistagen Therapeutics Inc. 0.08% 163,078 $491K New
EWTX Edgewise Therapeutics Inc. 0.08% 18,178 $485K Reduce -95.8%
BPMC Blueprint Medicines Corp. 0.08% 5,100 $472K New
VKTX Viking Therapeutics Inc. 0.08% 7,100 $450K Reduce -92.2%
TXMD Therapeuticsmd Inc. 0.08% 270,160 $448K No change
BIOMX INC 0.07% 432,700 $441K New
AQN Algonquin Power & Utilities 0.07% 80,000 $436K Add +433.3%
MOVANO INC 0.07% 1,159,826 $416K New
GOSS Gossamer Bio Inc. 0.07% 416,958 $411K Reduce -21.7%
CASIF Casi Pharmaceuticals Inc. 0.07% 64,835 $399K Add +686.8%
ADGM Adagio Medical Holdings Inc. 0.06% 148,861 $384K New
SAGE Sage Therapeutics Inc. 0.06% 51,650 $373K New
CNTA Centessa Pharmaceuticals Ltd. 0.06% 23,302 $373K Reduce -90.8%
CAPR Capricor Therapeutics Inc. 0.06% 24,307 $370K New
SYRE Spyre Therapeutics Inc. 0.06% 12,560 $369K Reduce -64.3%
ACAD Acadia Pharmaceuticals Inc. 0.06% 23,100 $355K Add +1676.9%
TXG 10X Genomics Inc. Class A 0.06% 15,000 $339K New
RNXT Renovorx Inc. 0.06% 315,192 $334K Reduce -11.3%
OAKU Oak Woods Acquisition Corp. Class A 0.06% 30,000 $333K No change
ACLX Arcellx Inc. 0.06% 3,962 $331K Add +3862.0%
PYPD Polypid Ltd. 0.05% 93,902 $323K Reduce -9.7%
JVSA Jvspac Acquisition Corp. Class A 0.05% 30,000 $310K New
ABCL Abcellera Biologics Inc. 0.05% 114,981 $299K New
JSPR Jasper Therapeutics Inc. 0.05% 15,816 $297K New
TRML Tourmaline Bio Inc. 0.05% 11,260 $289K Reduce -46.5%
VRNA Verona Pharma Ltd. 0.05% 10,000 $288K New
VYNE THERAPEUTICS INC 0.05% 152,865 $287K Reduce -10.7%
DCTH Delcath Systems Inc. 0.05% 31,052 $280K Reduce -84.3%
ORKA Oruka Therapeutics Inc. 0.05% 11,187 $274K New
BCRX Biocryst Pharmaceuticals Inc. 0.04% 35,000 $266K Add +19.1%
INSM Insmed Inc. 0.04% 3,634 $265K Reduce -91.4%
SLRN Acelyrin Inc. 0.04% 53,500 $264K Add +5.9%
UCFI CN Healthy Food Tech Group C filed as IRON HORSE ACQUISITIONS CORP 0.04% 25,000 $255K New
VYGR Voyager Therapeutics Inc. 0.04% 40,634 $238K Add +118.1%
AEROVATE THERAPEUTICS INC 0.04% 113,075 $236K Reduce -54.2%
ARWR Arrowhead Pharmaceuticals Inc. 0.04% 11,705 $227K Add +98.4%
CMRX Chimerix Inc. 0.04% 240,557 $224K Add +35.0%
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 0.04% 978 $220K Reduce -91.2%
TENX Tenax Therapeutics Inc. 0.04% 62,423 $216K New
VTYX Ventyx Biosciences Inc. 0.04% 97,955 $214K Add +656.1%
BSX Boston Scientific Corp. 0.04% 2,500 $210K New
VRDN Viridian Therapeutics Inc. 0.04% 9,206 $209K Add +15.1%
TERN Terns Pharmaceuticals Inc. 0.03% 24,702 $206K Add +64.7%
FULC Fulcrum Therapeutics Inc. 0.03% 55,802 $199K Reduce -84.8%
SPRB Spruce Biosciences Inc. 0.03% 403,716 $192K Add +13.7%
CTNM Contineum Therapeutics Inc. Class A 0.03% 8,967 $172K New
CLDX Celldex Therapeutics Inc. 0.03% 5,000 $170K Add +1550.2%
NVEI Nuvei Corp.-Subordinate VTG 0.03% 5,000 $167K No change
NXTC Nextcure Inc. 0.03% 120,013 $164K Add +34.8%
KALV Kalvista Pharmaceuticals Inc. 0.03% 14,143 $164K Add +17.7%
BOLT Bolt Biotherapeutics Inc. 0.03% 244,966 $159K Add +31.7%
ABEO Abeona Therapeutics Inc. 0.03% 24,322 $154K Reduce -78.5%
BKHA Black Hawk Acquisition Cor-A 0.03% 15,000 $154K No change
PMVP PMV Pharmaceuticals Inc. 0.03% 101,008 $151K Add +102.0%
IOVA Iovance Biotherapeutics Inc. 0.02% 15,700 $147K Reduce -29.9%
PGRU Propertyguru Group Ltd. 0.02% 20,000 $132K New
BHVN Biohaven Ltd. 0.02% 2,637 $132K New
MRK Merck & Co. Inc. 0.02% 1,140 $129K Reduce -98.5%
PRM Perimeter Solutions SA 0.02% 9,000 $121K New
AMPY Amplify Energy Corp. 0.02% 18,475 $121K Add +531.0%
TGTX TG Therapeutics Inc. 0.02% 5,000 $117K Reduce -10.5%
QUINCE THERAPEUTICS INC 0.02% 142,958 $111K Add +53.8%
XAIR Beyond Air Inc. 0.02% 282,131 $109K Reduce -77.0%
ACRS Aclaris Therapeutics Inc. 0.02% 90,000 $104K New
ANIP Ani Pharmaceuticals Inc. 0.02% 1,700 $101K New
RXRX Recursion Pharmaceuticals-A 0.02% 15,000 $99K New
SYRS Syros Pharmaceuticals Inc. 0.02% 45,000 $97K New
SRRK Scholar Rock Holding Corp. 0.02% 12,000 $96K No change
LQDA Liquidia Corp. 0.02% 9,285 $93K New
NKTR Nektar Therapeutics 0.01% 67,754 $88K New
ESTA Establishment Labs Holdings 0.01% 2,000 $87K New
BMRN Biomarin Pharmaceutical Inc. 0.01% 1,200 $84K New
CRBP Corbus Pharmaceuticals Holdi 0.01% 4,000 $83K Reduce -66.7%
RCKT Rocket Pharmaceuticals Inc. 0.01% 4,300 $79K Add +4200.0%
AITR AI Transportation Acquisitio 0.01% 7,500 $79K New
IKENA ONCOLOGY INC 0.01% 44,635 $77K Reduce -4.4%
APLT Applied Therapeutics Inc. 0.01% 8,727 $74K Reduce -97.3%
VIGL Vigil Neuroscience Inc. 0.01% 21,737 $74K New
ITI Iteris Inc. 0.01% 10,000 $71K New
FDMT 4D Molecular Therapeutics Inc. 0.01% 6,000 $65K Add +200.0%
CVS CVS Health Corp. 0.01% 1,000 $63K New
PRTCY Puretech Health PLC - ADR 0.01% 3,000 $62K Add +328.6%
GRAL Grail Inc. 0.01% 4,401 $61K Reduce -79.4%
WST West Pharmaceutical Services 0.01% 200 $60K Reduce -77.5%
GLRE Greenlight Capital Re Ltd. Class A 0.01% 4,385 $60K Reduce -64.6%
ARGX Argenx SE - ADR 0.01% 110 $60K New
OGN Organon & Co. 0.01% 3,100 $59K Add +24.0%
TRIP Tripadvisor Inc. 0.01% 4,000 $58K Reduce -81.8%
AZN Astrazeneca PLC-Spons ADR 0.01% 700 $55K Add +600.0%
AXSM Axsome Therapeutics Inc. 0.01% 600 $54K Add +100.0%
TVRD Cara Therapeutics Inc. 0.01% 159,469 $49K No change
DIREXION SHS ETF TR 0.01% 8,400 $49K New
ETNB 89BIO Inc. 0.01% 6,560 $49K Add +18.0%
FIBROGEN INC 0.01% 120,663 $48K New
JWN Nordstrom Inc. 0.01% 2,000 $45K New
CELC Celcuity Inc. 0.01% 3,000 $45K Add +114.3%
OVID Ovid Therapeutics Inc. 0.01% 37,743 $45K Add +96.7%
ARDX Ardelyx Inc. 0.01% 6,400 $44K Reduce -90.9%
MIST Milestone Pharmaceuticals Inc. 0.01% 27,931 $42K Reduce -86.2%
MREO Mereo Biopharma Group PL-ADR 0.01% 10,000 $41K Reduce -82.0%
UCTT Ultra Clean Holdings Inc. 0.01% 1,000 $40K No change
VERU Veru Inc. 0.01% 51,000 $39K New
LUMO Lumos Pharma Inc. 0.01% 10,000 $39K New
PHVS Pharvaris NV 0.01% 2,000 $37K No change
PYXS Pyxis Oncology Inc. 0.01% 10,000 $37K No change
FBRX Forte Biosciences Inc. 0.01% 6,000 $34K Reduce -5.8%
IDYA Ideaya Biosciences Inc. 0.01% 1,000 $32K Add +233.3%
BHC Bausch Health Cos Inc. 0.01% 3,700 $30K New
NATL NCR Atleos Corp. 0.00% 1,000 $29K No change
IONS Ionis Pharmaceuticals Inc. 0.00% 700 $28K Reduce -53.3%
RNAM Avidity Biosciences Inc. 0.00% 600 $28K New
VYX NCR Voyix Corp. 0.00% 2,000 $27K No change
PRGO Perrigo Co. PLC 0.00% 1,000 $26K Reduce -9.1%
NGNE Neurogene Inc. 0.00% 553 $23K Reduce -55.9%
KRYS Krystal Biotech Inc. 0.00% 100 $18K New
NTLA Intellia Therapeutics Inc. 0.00% 800 $16K New
EYPT Eyepoint Inc. 0.00% 2,000 $16K New
RLYB Rallybio Corp. 0.00% 13,300 $16K Add +18.8%
RAPT THERAPEUTICS INC 0.00% 7,500 $15K No change
DYN Dyne Therapeutics Inc. 0.00% 400 $14K New
ENGN Engene Holdings Inc. 0.00% 1,970 $13K Add +228.3%
BLCO Bausch + Lomb Corp. 0.00% 600 $12K Reduce -90.6%
MDGL Madrigal Pharmaceuticals Inc. 0.00% 50 $11K New
ADXN Addex Therapeutics Ltd. 0.00% 1,000 $10K Add +11.1%
INTELLIGENT BIO SOLUTIONS IN 0.00% 5,389 $9K Reduce -95.0%
OKLO Oklo Inc. 0.00% 1,000 $8K No change
GLYCOMIMETICS INC 0.00% 45,700 $8K Reduce -66.2%
MRKR Marker Therapeutics Inc. 0.00% 2,432 $7K New
EQ Equillium Inc. 0.00% 7,318 $6K Reduce -94.8%
MRVI Maravai Lifesciences Hldgs-A 0.00% 700 $6K New
PHAT Phathom Pharmaceuticals Inc. 0.00% 200 $4K New
ICHR Ichor Holdings Ltd. 0.00% 108 $3K No change
SWTX Springworks Therapeutics Inc. 0.00% 100 $3K New
MITK Mitek Systems Inc. 0.00% 200 $2K Reduce -96.4%
ACHV Achieve Life Sciences Inc. 0.00% 91 $431 Reduce -100.0%

Options reported separately and not counted above: APLT calls ($4.5M), XBI puts ($4.0M), NVO puts ($2.4M), SNDX calls ($2.0M), MCK calls ($1.5M), NVO calls ($1.2M), CYTK calls ($797K), AKRO calls ($646K), BMRN calls ($351K), IMVT calls ($291K), RGNX calls ($187K), TARS calls ($164K), and 8 more.

Other holdings (14): bonds, preferreds, convertibles and warrants · $75K (not counted above)
SecurityClassShares / PrincipalValueChange
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 505,099$30KNew
GLSTR Global Star Acquisition-RTS RIGHT 99/99/9999 88,560$12KReduce -25.2%
TMTCR TMT Acquisition Corp.-RT RIGHT 03/27/2028 37,100$10KReduce -25.6%
JVSAR Jvspac Acquisition Corp.-RTS RIGHT 11/26/2026 30,000$8KNew
IROHR Iron Horse Acquisitions Righ RIGHT 99/99/9999 25,000$4KNew
BKHAR Black Hawk Acquisition C-RTS RIGHT 06/20/2025 3,000$3KNew
GLSTW Global Star Acquisition-27 A *W EXP 07/15/202 120,000$2KNo change
EMCRF Embrace Change Acq-Rights RIGHT 10/25/2026 13,144$1KReduce -27.0%
AITRR AI Transportation Acquis-RTS RIGHT 09/01/2028 7,500$1KNew
UCFIW Iron Horse Acquisition Co.-29 *W EXP 09/30/203 25,000$768New
FTIIW Futuretech II Acq -CW27 *W EXP 08/18/202 30,000$762No change
AIMWF Aimfinity Investment-CW27 *W EXP 99/99/999 18,000$362No change
EMCWF Embrace Change Acquisitio-26 *W EXP 10/25/202 18,000$265No change
MKDWW MKD Tech Inc. -29 *W EXP 06/10/202 3,270$60New

Total filed on the 13F, all lines: $596.5M.

Portfolio Sells Q2 2024 → Q3 2024
PTGX Protagonist Therapeutics Inc. Reduce -38.8% 7.40% −3.79
ROIV Roivant Sciences Ltd. Reduce -27.1% 5.85% −2.98
MRK Merck & Co. Inc. Reduce -98.5% 0.02% −1.87
BOXX Alpha Architect 1-3 MNTH Box Reduce -8.0% 5.91% −1.73
EWTX Edgewise Therapeutics Inc. Reduce -95.8% 0.08% −1.50
QURE Uniqure NV Sold out 0.00% −1.10
RPRX Royalty Pharma PLC Class A Reduce -7.2% 5.20% −1.07
VKTX Viking Therapeutics Inc. Reduce -92.2% 0.08% −0.90
CERE Cerevel Therapeutics Holding Sold out 0.00% −0.77
KROS Keros Therapeutics Inc. Reduce -18.9% 4.33% −0.72
ABUS Arbutus Biopharma Corp. Reduce -36.5% 1.35% −0.70
ALKS Alkermes PLC Reduce -62.1% 0.35% −0.60
ACASTI PHARMA INC Sold out 0.00% −0.56
VUSB Vanguard Ultra Short Bond Et Sold out 0.00% −0.55
JPST JPMorgan Ultra-Short Income Sold out 0.00% −0.55
SHV iShares 0-1 Year Treasury Bo Sold out 0.00% −0.55
TECX Tectonic Therapeutic Inc. Reduce -64.4% 0.65% −0.54
INSM Insmed Inc. Reduce -91.4% 0.04% −0.53
ACHV Achieve Life Sciences Inc. Reduce -100.0% 0.00% −0.51
RZLT Rezolute Inc. Reduce -23.9% 1.28% −0.51
USFR Wisdomtree Floating Rate Tre Reduce -81.1% 0.08% −0.45
FULC Fulcrum Therapeutics Inc. Reduce -84.8% 0.03% −0.43
ABSI Absci Corp. Reduce -40.8% 0.64% −0.41
CNTA Centessa Pharmaceuticals Ltd. Reduce -90.8% 0.06% −0.40
ULST SS Ultra Short TM Bond ETF Sold out 0.00% −0.39
APLT Applied Therapeutics Inc. Reduce -97.3% 0.01% −0.29
DCTH Delcath Systems Inc. Reduce -84.3% 0.05% −0.29
SLDB Solid Biosciences Inc. Reduce -19.4% 1.34% −0.28
ONC Beone Medicines Ltd.-ADR Reduce -91.2% 0.04% −0.28
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -33.0% 0.34% −0.27
SLNO Soleno Therapeutics Inc. Reduce -75.0% 0.08% −0.24
KYMR Kymera Therapeutics Inc. Reduce -76.6% 0.09% −0.21
AURA Aura Biosciences Inc. Reduce -63.8% 0.11% −0.20
GH Guardant Health Inc. Sold out 0.00% −0.20
ANGO Angiodynamics Inc. Sold out 0.00% −0.18
BEAM Beam Therapeutics Inc. Reduce -39.7% 0.18% −0.16
CATX Perspective Therapeutics Inc. Sold out 0.00% −0.14
INDV Indivior Ltd. Reduce -22.8% 0.09% −0.14
CNTX Context Therapeutics Inc. Reduce -42.1% 0.12% −0.14
KEZAR LIFE SCIENCES INC Sold out 0.00% −0.13
VXRT Vaxart Inc. Sold out 0.00% −0.13
CTVA Corteva Inc. Sold out 0.00% −0.12
ARYD Arya Sciences Acquisition-A Sold out 0.00% −0.12
XAIR Beyond Air Inc. Reduce -77.0% 0.02% −0.11
TH Target Hospitality Corp. Reduce -42.1% 0.09% −0.11
ATNM Actinium Pharmaceuticals Inc. Sold out 0.00% −0.11
RYTM Rhythm Pharmaceuticals Inc. Sold out 0.00% −0.11
SYRE Spyre Therapeutics Inc. Reduce -64.3% 0.06% −0.10
YEAR AB Ultra Short Income ETF Sold out 0.00% −0.10
PULS Pgim Ultra Short Bond ETF Sold out 0.00% −0.10

Portfolio Buys Q2 2024 → Q3 2024
IMVT Immunovant Inc. Add +137.5% 5.41% +2.88
ASND Ascendis Pharma A/S Add +214.8% 4.04% +2.63
ZURA Zura Bio Ltd. New 2.57% +2.57
ZLAB Zai Lab Ltd.-ADR Add +2320.3% 2.15% +2.08
AAM Aa Mission Acquisition Cor-A New 1.70% +1.70
MLYS Mineralys Therapeutics Inc. Add +2775.5% 1.48% +1.42
KNSA Kiniksa Pharmaceuticals Inte Add +282.0% 1.83% +1.40
XNCR Xencor Inc. New 1.15% +1.15
SNDX Syndax Pharmaceuticals Inc. New 1.13% +1.13
RGNX Regenxbio Inc. Add +20974.4% 1.00% +0.99
MRUS Merus NV Add +470.9% 1.28% +0.96
BIIB Biogen Inc. New 0.96% +0.96
ABVX Abivax SA-ADR Add +1831.9% 1.01% +0.94
CGON CG Oncology Inc. Add +1013.6% 0.91% +0.82
DNTH Dianthus Therapeutics Inc. New 0.55% +0.55
EDR Endeavor Group Hold Class A Add +1056.9% 0.59% +0.53
GRCE Grace Therapeutics Inc. New 0.48% +0.48
ITOS Iteos Therapeutics Inc. Add +527.9% 0.64% +0.47
PLRX Pliant Therapeutics Inc. Add +2361.3% 0.46% +0.44
OABI Omniab Inc. Add +87.7% 0.95% +0.41
PIERIS PHARMACEUTICALS INC New 0.40% +0.40
GERN Geron Corp. Add +519.1% 0.42% +0.35
RVMD Revolution Medicines Inc. New 0.34% +0.34
DNLI Denali Therapeutics Inc. Add +168.0% 0.50% +0.32
ANAB Anaptysbio Inc. Add +23.7% 1.08% +0.30
ALDX Aldeyra Therapeutics Inc. New 0.27% +0.27
TIL Instil Bio Inc. New 0.27% +0.27
ARES ACQUISITION CORP II New 0.25% +0.25
APGE Apogee Therapeutics Inc. Add +39.9% 0.56% +0.24
KRRO Korro Bio Inc. Add +585.9% 0.28% +0.23
VIR Vir Biotechnology Inc. Add +190.2% 0.40% +0.20
BNTX Biontech SE-ADR New 0.20% +0.20
IRON Disc Medicine Inc. New 0.19% +0.19
NUVL Nuvalent Inc. Class A New 0.18% +0.18
AVDL Avadel Pharmaceuticals Ltd. New 0.18% +0.18
KZR Kezar Life Sciences Inc. New 0.17% +0.17
BCAX Bicara Therapeutics Inc. New 0.17% +0.17
LLY Eli Lilly & Co. New 0.17% +0.17
EXAS Exact Sciences Corp. Add +2433.3% 0.17% +0.17
ITCI Intra-Cellular Therapies Inc. New 0.16% +0.16
AGIO Agios Pharmaceuticals Inc. New 0.16% +0.16
RVNC Revance Therapeutics Inc. New 0.16% +0.16
MIRM Mirum Pharmaceuticals Inc. New 0.16% +0.16
ALEC Alector Inc. Add +119.5% 0.34% +0.16
MLTX Moonlake Immunotherapeutics Add +388.7% 0.20% +0.16
REGN Regeneron Pharmaceuticals New 0.15% +0.15
MCK McKesson Corp. New 0.15% +0.15
XENE Xenon Pharmaceuticals Inc. Add +493.7% 0.18% +0.15
TARS Tarsus Pharmaceuticals Inc. New 0.14% +0.14
ANSC Agriculture & Natural Soluti New 0.14% +0.14

Options Activity Q2 2024 → Q3 2024
INSM Insmed Inc. put Sold out 200,800 $13.5Mbefore exit
INSM Insmed Inc. call Sold out 150,000 $10.1Mbefore exit
APLT Applied Therapeutics Inc. call New 530,200 $4.5M
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 8,000 $4.4Mbefore exit
XBI SS SPDR S&P Biotech ETF put New 40,000 $4.0M
NVO Novo-Nordisk A/S-Spons ADR put New 20,000 $2.4M
CERE Cerevel Therapeutics Holding put Sold out 50,200 $2.1Mbefore exit
SNDX Syndax Pharmaceuticals Inc. call New 105,000 $2.0M
MCK McKesson Corp. call New 3,000 $1.5M
QQQ Invesco QQQ Trust Series 1 put Sold out 3,000 $1.4Mbefore exit
NVO Novo-Nordisk A/S-Spons ADR call New 10,000 $1.2M
CYTK Cytokinetics Inc. call Add +15000.0% 15,100 $797K
AKRO Akero Therapeutics Inc. call New 22,500 $646K
IWM iShares Russell 2000 ETF put Sold out 3,000 $609Kbefore exit
MRNA Moderna Inc. call Sold out 5,000 $594Kbefore exit
BMRN Biomarin Pharmaceutical Inc. call New 5,000 $351K
IMVT Immunovant Inc. call New 10,200 $291K
RGNX Regenxbio Inc. call New 17,800 $187K
TARS Tarsus Pharmaceuticals Inc. call New 5,000 $164K
GALT Galectin Therapeutics Inc. put New 55,300 $152K
CAPR Capricor Therapeutics Inc. put Sold out 20,400 $97Kbefore exit
BBIO Bridgebio Pharma Inc. call Sold out 3,700 $94Kbefore exit
SAGE Sage Therapeutics Inc. call New 9,500 $69K
FULC Fulcrum Therapeutics Inc. call Reduce -25.0% 15,000 $54K
SVRA Savara Inc. put Sold out 11,000 $44Kbefore exit
GLYCOMIMETICS INC put Sold out 135,000 $38Kbefore exit
ANAB Anaptysbio Inc. call Sold out 1,500 $38Kbefore exit
BBIO Bridgebio Pharma Inc. put Sold out 1,200 $30Kbefore exit
TGTX TG Therapeutics Inc. put New 1,000 $23K
SVRA Savara Inc. call Sold out 5,000 $20Kbefore exit
KROS Keros Therapeutics Inc. call New 300 $17K
EQ Equillium Inc. call Sold out 8,800 $6Kbefore exit
AEROVATE THERAPEUTICS INC call Sold out 2,500 $4Kbefore exit
APLS Apellis Pharmaceuticals Inc. call Sold out 100 $4Kbefore exit
ANRO Alto Neuroscience Inc. put New 100 $1K

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

Notes & Other Activity Q2 2024 → Q3 2024
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 New 505,099 $30K
GLSTR Global Star Acquisition-RTS RIGHT 99/99/9999 Reduce -25.2% 88,560 $12K
TMTCR TMT Acquisition Corp.-RT RIGHT 03/27/2028 Reduce -25.6% 37,100 $10K
JVSAR Jvspac Acquisition Corp.-RTS RIGHT 11/26/2026 New 30,000 $8K
OAKUR Oak Woods Acquisition Cor-RT RIGHT 03/23/2028 Sold out 30,000 $8Kbefore exit
IROHR Iron Horse Acquisitions Righ RIGHT 99/99/9999 New 25,000 $4K
BKHAR Black Hawk Acquisition C-RTS RIGHT 06/20/2025 New 3,000 $3K
EMCRF Embrace Change Acq-Rights RIGHT 10/25/2026 Reduce -27.0% 13,144 $1K
CETUR Cetus Capital Acquisition Co. RIGHT 03/31/2024 Sold out 4,999 $1Kbefore exit
SBCWW Pono Capital Two Inc. -27 *W EXP 09/17/202 Sold out 19,800 $1Kbefore exit
AITRR AI Transportation Acquis-RTS RIGHT 09/01/2028 New 7,500 $1K
UCFIW Iron Horse Acquisition Co.-29 *W EXP 09/30/203 New 25,000 $768
OAKUW Oak Woods Acquisition -28 *W EXP 99/99/999 Sold out 30,000 $750before exit
ECD AUTOMOTIVE DESIGN INC *W EXP 12/12/202 Sold out 32,596 $652before exit
FORLW Four Leaf Acquisition Cor-28 *W EXP 03/15/202 Sold out 7,987 $360before exit
CETUW Cetus Capital Acquisition-28 *W EXP 01/31/202 Sold out 5,000 $130before exit
MKDWW MKD Tech Inc. -29 *W EXP 06/10/202 New 3,270 $60

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