ADAR1 Capital Management, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), ADAR1 Capital Management, LLC reported 185 stock positions worth $469.3 million. Its top holding was Roivant Sciences (ROIV) at 8.8% of the portfolio, followed by Protagonist Therapeutics (PTGX, 8.4%) and Alpha Architect 1-3 MNTH Box (BOXX, 7.6%). Compared with Q3 2024, it opened 42 new positions, sold out of 101, added to 54 and reduced 66. The biggest buy was Zai Lab Ltd.-ADR (ZLAB, shares +96%) and the biggest sale Royalty Pharma Class A (RPRX, shares −95%).

Most Recent 13F
Q2 2026
Location
AUSTIN, TX
CIK
0001940272
Portfolio Value
$469.3M (Q4 2024)
SEC Filing
0001940272-25-000001 ↗ filed Feb 13, 2025

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 Q3 2024 Q4 2024: $469.3M $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 185 stocks · $469.3M
ROIV Roivant Sciences Ltd. 8.84% 3,508,694 $41.5M Add +16.0%
PTGX Protagonist Therapeutics Inc. 8.39% 1,020,333 $39.4M Add +4.0%
BOXX Alpha Architect 1-3 MNTH Box 7.65% 325,450 $35.9M Add +0.6%
ZLAB Zai Lab Ltd.-ADR 5.84% 1,045,837 $27.4M Add +96.4%
IMVT Immunovant Inc. 4.16% 787,478 $19.5M Reduce -30.4%
CYTK Cytokinetics Inc. 4.15% 414,209 $19.5M Reduce -54.5%
BBIO Bridgebio Pharma Inc. 3.97% 678,857 $18.6M Reduce -53.1%
IKT Inhibikase Therapeutics Inc. 3.53% 5,103,005 $16.6M New
BIL SS SPDR BB 1-3M T-Bill ETF 2.57% 131,786 $12.0M Add +504.9%
ABVX Abivax SA-ADR 2.36% 1,513,393 $11.1M Add +190.1%
MLYS Mineralys Therapeutics Inc. 2.21% 841,541 $10.4M Add +15.4%
ASND Ascendis Pharma A/S 2.09% 71,402 $9.8M Reduce -55.8%
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 1.63% 750,000 $7.6M No change
RVMD Revolution Medicines Inc. 1.58% 170,000 $7.4M Add +283.3%
RZLT Rezolute Inc. 1.42% 1,359,208 $6.7M Reduce -13.5%
EDR Endeavor Group Hold Class A 1.40% 210,729 $6.6M Add +71.6%
CGON CG Oncology Inc. 1.32% 215,750 $6.2M Add +50.8%
AVR Anteris Technologies Global 1.25% 1,052,968 $5.9M New
AAM Aa Mission Acquisition Cor-A 1.21% 560,199 $5.7M Reduce -44.5%
XNCR Xencor Inc. 1.15% 234,607 $5.4M Reduce -31.4%
ZURA Zura Bio Ltd. 1.11% 2,077,251 $5.2M Reduce -44.9%
ABUS Arbutus Biopharma Corp. 1.08% 1,554,802 $5.1M Reduce -25.6%
OACCU Oaktree Acquisition III Life 1.08% 500,000 $5.1M New
SRPT Sarepta Therapeutics Inc. 1.04% 40,002 $4.9M Add +463.4%
SNY Sanofi-ADR 1.02% 99,600 $4.8M New
BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II 0.90% 404,138 $4.2M No change
ETNB 89BIO Inc. 0.86% 515,138 $4.0M Add +7752.7%
MRUS Merus NV 0.73% 81,460 $3.4M Reduce -46.9%
KNSA Kiniksa Pharmaceuticals Inte 0.70% 166,406 $3.3M Reduce -61.9%
ALDX Aldeyra Therapeutics Inc. 0.69% 647,960 $3.2M Add +114.4%
TEVA Teva Pharmaceutical-SP ADR 0.69% 146,671 $3.2M Add +35.6%
SVRA Savara Inc. 0.65% 988,468 $3.0M Add +33.1%
GRCE Grace Therapeutics Inc. 0.62% 773,635 $2.9M Reduce -19.4%
MNPR Monopar Therapeutics Inc. 0.61% 130,037 $2.9M New
CRNX Crinetics Pharmaceuticals Inc. 0.58% 53,125 $2.7M Reduce -39.9%
TECX Tectonic Therapeutic Inc. 0.58% 58,708 $2.7M Reduce -53.8%
RCKT Rocket Pharmaceuticals Inc. 0.57% 211,400 $2.7M Add +4816.3%
CNTA Centessa Pharmaceuticals Ltd. 0.55% 154,027 $2.6M Add +561.0%
AEROVATE THERAPEUTICS INC 0.52% 928,016 $2.5M Add +720.7%
KRRO Korro Bio Inc. 0.47% 57,978 $2.2M Add +17.2%
PTCT PTC Therapeutics Inc. 0.46% 48,023 $2.2M Add +140.1%
ASPCU A Spac III Acquisition Corp. 0.46% 215,000 $2.2M New
XENE Xenon Pharmaceuticals Inc. 0.42% 50,547 $2.0M Add +81.2%
APGE Apogee Therapeutics Inc. 0.40% 41,274 $1.9M Reduce -27.8%
RAPT THERAPEUTICS INC 0.40% 1,174,313 $1.9M Add +15557.5%
DCTH Delcath Systems Inc. 0.38% 149,385 $1.8M Add +381.1%
PLRX Pliant Therapeutics Inc. 0.38% 134,798 $1.8M Reduce -45.2%
PVLA Palvella Therapeutics Inc. 0.37% 144,641 $1.7M New
RYTM Rhythm Pharmaceuticals Inc. 0.37% 30,941 $1.7M New
JANX Janux Therapeutics Inc. 0.36% 31,509 $1.7M Add +142.4%
AXSM Axsome Therapeutics Inc. 0.35% 19,661 $1.7M Add +3176.8%
SLNO Soleno Therapeutics Inc. 0.35% 36,830 $1.7M Add +268.3%
KALA Kala Bio Inc. 0.33% 220,373 $1.5M Reduce -28.0%
ARES ACQUISITION CORP II 0.33% 138,966 $1.5M No change
INSM Insmed Inc. 0.32% 21,974 $1.5M Add +504.7%
CDMO Avid Bioservices Inc. 0.32% 120,000 $1.5M New
SLRN Acelyrin Inc. 0.30% 444,967 $1.4M Add +731.7%
VRNA Verona Pharma Ltd. 0.29% 29,100 $1.4M Add +191.0%
RGNX Regenxbio Inc. 0.28% 170,129 $1.3M Reduce -70.1%
PSTX Poseida Therapeutics Inc. 0.27% 134,109 $1.3M New
RPRX Royalty Pharma PLC Class A 0.27% 49,963 $1.3M Reduce -95.4%
CTNM Contineum Therapeutics Inc. Class A 0.26% 82,234 $1.2M Add +817.1%
ACOG Alpha Cognition Inc. 0.26% 204,348 $1.2M New
GERN Geron Corp. 0.25% 337,676 $1.2M Reduce -39.4%
LXEO Lexeo Therapeutics Inc. 0.24% 169,505 $1.1M Add +196.5%
LLY Eli Lilly & Co. 0.22% 1,350 $1.0M Add +17.4%
IBIO Ibio Inc. 0.22% 415,606 $1.0M Reduce -12.7%
ITOS Iteos Therapeutics Inc. 0.22% 131,599 $1.0M Reduce -65.1%
KZR Kezar Life Sciences Inc. 0.21% 147,404 $991K Reduce -89.0%
OABI Omniab Inc. 0.21% 278,108 $985K Reduce -79.2%
REGN Regeneron Pharmaceuticals 0.21% 1,361 $969K Add +56.3%
GPCR Structure Therapeutics Inc. 0.20% 35,319 $958K New
BEAM Beam Therapeutics Inc. 0.20% 38,312 $950K Reduce -12.7%
MLTX Moonlake Immunotherapeutics 0.20% 17,424 $944K Reduce -25.7%
PFE Pfizer Inc. 0.20% 35,050 $930K Reduce -2.5%
FULC Fulcrum Therapeutics Inc. 0.20% 196,248 $922K Add +251.7%
DHR Danaher Corp. 0.20% 4,000 $918K New
DNLI Denali Therapeutics Inc. 0.19% 44,826 $914K Reduce -56.0%
SRRK Scholar Rock Holding Corp. 0.18% 19,505 $843K Add +62.5%
ANSC Agriculture & Natural Soluti 0.18% 80,362 $843K No change
SPRO Spero Therapeutics Inc. 0.18% 801,277 $825K Add +7.8%
KVAUF Keen Vision Acquisition Corp. 0.18% 75,000 $824K No change
ATXS Astria Therapeutics Inc. 0.17% 90,984 $813K Reduce -2.5%
CAPR Capricor Therapeutics Inc. 0.17% 56,120 $774K Add +130.9%
NMRA Neumora Therapeutics Inc. 0.15% 68,608 $727K New
VYGR Voyager Therapeutics Inc. 0.15% 126,792 $719K Add +212.0%
BIOA Bioage Labs Inc. 0.15% 123,037 $712K New
ALEC Alector Inc. 0.15% 368,330 $696K Reduce -14.1%
ALNY Alnylam Pharmaceuticals Inc. 0.15% 2,900 $682K New
INDV Indivior Ltd. 0.14% 54,057 $672K No change
DAWN Day One Biopharmaceuticals I 0.14% 53,023 $672K Reduce -0.2%
CDTX Cidara Therapeutics Inc. 0.14% 24,938 $670K New
KPRX Kiora Pharmaceuticals Inc. 0.14% 200,221 $661K Add +1.9%
TARA Protara Therapeutic Inc. 0.14% 122,690 $648K New
TIL Instil Bio Inc. 0.13% 31,708 $605K Add +33.8%
OGN Organon & Co. 0.13% 40,200 $600K Add +1196.8%
SLDB Solid Biosciences Inc. 0.13% 148,903 $596K Reduce -87.0%
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 0.12% 2,974 $549K Add +204.1%
USFR Wisdomtree Floating Rate Tre 0.11% 10,000 $503K No change
VRDN Viridian Therapeutics Inc. 0.11% 26,000 $498K Add +182.4%
SDGR Schrodinger Inc. 0.10% 25,147 $485K New
APLS Apellis Pharmaceuticals Inc. 0.10% 15,000 $479K Reduce -13.1%
VIR Vir Biotechnology Inc. 0.10% 64,067 $470K Reduce -79.9%
BIIB Biogen Inc. 0.10% 3,045 $466K Reduce -89.7%
PHAT Phathom Pharmaceuticals Inc. 0.10% 55,400 $450K Add +27600.0%
NETD Nabors Energy Transition C-A 0.09% 39,900 $431K Reduce -33.4%
AKRO Akero Therapeutics Inc. 0.09% 15,307 $426K Reduce -33.5%
CMRX Chimerix Inc. 0.09% 122,236 $425K Reduce -49.2%
ABSI Absci Corp. 0.09% 157,665 $413K Reduce -84.3%
KYMR Kymera Therapeutics Inc. 0.09% 10,000 $402K Reduce -15.7%
DNTH Dianthus Therapeutics Inc. 0.08% 17,683 $385K Reduce -85.1%
VKTX Viking Therapeutics Inc. 0.08% 9,300 $374K Add +31.0%
MRNA Moderna Inc. 0.08% 9,000 $374K New
CNTX Context Therapeutics Inc. 0.08% 351,094 $369K Reduce -6.1%
AVIR Atea Pharmaceuticals Inc. 0.08% 110,000 $369K New
KROS Keros Therapeutics Inc. 0.08% 23,246 $368K Reduce -94.8%
ANAB Anaptysbio Inc. 0.08% 27,301 $361K Reduce -85.8%
VTGN Vistagen Therapeutics Inc. 0.08% 121,461 $358K Reduce -25.5%
RARE Ultragenyx Pharmaceutical Inc. 0.07% 8,000 $337K New
JVSA Jvspac Acquisition Corp. Class A 0.07% 30,000 $313K No change
TSHA Taysha Gene Therapies Inc. 0.07% 177,707 $307K Reduce -29.3%
CYPH Cypherpunk Technologies Inc. filed as LEAP THERAPEUTICS INC 0.06% 106,000 $305K New
ACLX Arcellx Inc. 0.06% 3,962 $304K No change
KALV Kalvista Pharmaceuticals Inc. 0.06% 35,843 $304K Add +153.4%
ALKS Alkermes PLC 0.06% 10,188 $293K Reduce -86.3%
EXAS Exact Sciences Corp. 0.06% 5,000 $281K Reduce -67.1%
VTYX Ventyx Biosciences Inc. 0.06% 124,530 $273K Add +27.1%
ALVO Alvotech SA 0.06% 20,600 $273K New
WVE Wave Life Sciences Ltd. 0.06% 21,700 $268K New
GOSS Gossamer Bio Inc. 0.06% 295,613 $267K Reduce -29.1%
QUINCE THERAPEUTICS INC 0.06% 142,958 $267K No change
IRON Disc Medicine Inc. 0.06% 4,196 $266K Reduce -81.4%
BCRX Biocryst Pharmaceuticals Inc. 0.06% 35,000 $263K No change
UCFI CN Healthy Food Tech Group C filed as IRON HORSE ACQUISITIONS CORP 0.05% 25,000 $257K No change
RNXT Renovorx Inc. 0.05% 197,250 $254K Reduce -37.4%
PYPD Polypid Ltd. 0.05% 80,080 $243K Reduce -14.7%
MRK Merck & Co. Inc. 0.05% 2,440 $243K Add +114.0%
ARWR Arrowhead Pharmaceuticals Inc. 0.05% 12,900 $243K Add +10.2%
KOD Kodiak Sciences Inc. 0.05% 23,700 $236K New
TXMD Therapeuticsmd Inc. 0.05% 270,160 $232K No change
TENX Tenax Therapeutics Inc. 0.05% 34,693 $215K Reduce -44.4%
INZY Inozyme Pharma Inc. 0.04% 76,299 $211K New
NRIX Nurix Therapeutics Inc. 0.04% 11,000 $207K New
LUNG Pulmonx Corp. 0.04% 28,221 $192K New
DNA Ginkgo Bioworks Holdings Inc. 0.04% 18,680 $183K New
AQN Algonquin Power & Utilities 0.04% 40,000 $178K Reduce -50.0%
QURE Uniqure NV 0.04% 10,000 $177K New
CLRB Cellectar Biosciences Inc. 0.04% 585,261 $175K Reduce -42.7%
AVXL Anavex Life Sciences Corp. 0.04% 16,221 $174K New
MIND MEDICINE MINDMED INC 0.04% 25,000 $174K New
SPRB Spruce Biosciences Inc. 0.04% 403,716 $170K No change
ABOS Acumen Pharmaceuticals Inc. 0.03% 94,294 $162K New
ARDX Ardelyx Inc. 0.03% 31,035 $157K Add +384.9%
BKHA Black Hawk Acquisition Cor-A 0.03% 15,000 $156K No change
PMVP PMV Pharmaceuticals Inc. 0.03% 101,008 $153K No change
CTMX Cytomx Therapeutics Inc. 0.03% 145,036 $149K Reduce -84.0%
ATAIBECKLEY INC filed as ATAI LIFE SCIENCES NV 0.03% 100,000 $133K New
CASIF Casi Pharmaceuticals Inc. 0.03% 46,320 $131K Reduce -28.6%
BOLT Bolt Biotherapeutics Inc. 0.03% 244,966 $131K No change
SLN Silence Therapeutics PLC-ADR 0.03% 18,000 $124K Reduce -55.3%
OVID Ovid Therapeutics Inc. 0.03% 130,532 $122K Add +245.8%
IOVA Iovance Biotherapeutics Inc. 0.02% 15,700 $116K No change
AMPY Amplify Energy Corp. 0.02% 18,475 $111K No change
LYRA Lyra Therapeutics Inc. 0.02% 533,200 $110K New
SAGE Sage Therapeutics Inc. 0.02% 19,200 $104K Reduce -62.8%
MOVANO INC 0.02% 19,146 $103K Reduce -98.3%
RXRX Recursion Pharmaceuticals-A 0.02% 15,000 $101K No change
NXTC Nextcure Inc. 0.02% 120,012 $93K Reduce 0.0%
CLYM Climb Bio Inc. 0.02% 48,125 $87K Reduce -70.6%
GLYCOMIMETICS INC 0.02% 331,827 $83K Add +626.1%
ADGM Adagio Medical Holdings Inc. 0.02% 76,757 $81K Reduce -48.4%
ALLK Allakos LLC 0.02% 62,264 $75K New
CLOV Clover Health Investments Co. 0.02% 23,300 $73K New
ELDN Eledon Pharmaceuticals Inc. 0.01% 16,000 $66K New
NKTR Nektar Therapeutics 0.01% 67,754 $63K No change
PRQR Proqr Therapeutics NV 0.01% 20,394 $54K New
ACHV Achieve Life Sciences Inc. 0.01% 13,173 $46K Add +14375.8%
ABCL Abcellera Biologics Inc. 0.01% 14,981 $44K Reduce -87.0%
MREO Mereo Biopharma Group PL-ADR 0.01% 10,000 $35K No change
VERU Veru Inc. 0.01% 50,722 $33K Reduce -0.6%
VIGL Vigil Neuroscience Inc. 0.01% 15,543 $26K Reduce -28.5%
PYXS Pyxis Oncology Inc. 0.00% 10,000 $16K No change
KPTI Karyopharm Therapeutics Inc. 0.00% 20,000 $14K New
RLYB Rallybio Corp. 0.00% 13,400 $13K Add +0.8%
CONDUIT PHARMACEUTICALS INC 0.00% 11,200 $768 New

Options reported separately and not counted above: PTGX calls ($5.1M), XBI calls ($4.5M), JNJ calls ($1.4M), CAPR calls ($1.3M), CYTK calls ($710K), AKRO calls ($626K), APLT calls ($454K), BMRN calls ($329K), TARS calls ($277K), RGNX calls ($138K), PHAT calls ($82K), CRVS puts ($80K), and 3 more.

Other holdings (14): bonds, preferreds, convertibles and warrants · $15.9M (not counted above)
SecurityClassShares / PrincipalValueChange
COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26) NOTE 1.500% 4/1 · principal 5,625,000$5.5MNew
GOSSAMER BIO INC (GOSS 5 06/01/27) NOTE 5.000% 6/0 · principal 8,000,000$4.4MNew
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) NOTE 2.250% 2/0 · principal 4,500,000$3.9MNew
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) NOTE 2.500% 3/1 · principal 2,000,000$2.1MNew
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 505,099$35KNo change
GLSTR Global Star Acquisition-RTS RIGHT 99/99/9999 88,560$13KNo change
JVSAR Jvspac Acquisition Corp.-RTS RIGHT 11/26/2026 30,000$9KNo change
IROHR Iron Horse Acquisitions Righ RIGHT 99/99/9999 25,000$7KNo change
GLSTW Global Star Acquisition-27 A *W EXP 07/15/202 120,000$4KNo change
EMCRF Embrace Change Acq-Rights RIGHT 10/25/2026 13,144$1KNo change
UCFIW Iron Horse Acquisition Co.-29 *W EXP 09/30/203 25,000$875No change
FTIIW Futuretech II Acq -CW27 *W EXP 08/18/202 30,000$462No change
EMCWF Embrace Change Acquisitio-26 *W EXP 10/25/202 18,000$241No change
AIMWF Aimfinity Investment-CW27 *W EXP 99/99/999 18,000$126No change

Total filed on the 13F, all lines: $485.2M.

Portfolio Sells Q3 2024 → Q4 2024
RPRX Royalty Pharma PLC Class A Reduce -95.4% 0.27% −4.93
KROS Keros Therapeutics Inc. Reduce -94.8% 0.08% −4.25
CYTK Cytokinetics Inc. Reduce -54.5% 4.15% −3.91
BBIO Bridgebio Pharma Inc. Reduce -53.1% 3.97% −2.21
ASND Ascendis Pharma A/S Reduce -55.8% 2.09% −1.95
ZURA Zura Bio Ltd. Reduce -44.9% 1.11% −1.46
IMVT Immunovant Inc. Reduce -30.4% 4.16% −1.25
SLDB Solid Biosciences Inc. Reduce -87.0% 0.13% −1.21
SNDX Syndax Pharmaceuticals Inc. Sold out 0.00% −1.13
KNSA Kiniksa Pharmaceuticals Inte Reduce -61.9% 0.70% −1.13
ANAB Anaptysbio Inc. Reduce -85.8% 0.08% −1.01
BIIB Biogen Inc. Reduce -89.7% 0.10% −0.86
OABI Omniab Inc. Reduce -79.2% 0.21% −0.74
RGNX Regenxbio Inc. Reduce -70.1% 0.28% −0.72
ABSI Absci Corp. Reduce -84.3% 0.09% −0.56
MRUS Merus NV Reduce -46.9% 0.73% −0.55
AAM Aa Mission Acquisition Cor-A Reduce -44.5% 1.21% −0.49
QTTB Q32 Bio Inc. Sold out 0.00% −0.48
DNTH Dianthus Therapeutics Inc. Reduce -85.1% 0.08% −0.46
ITOS Iteos Therapeutics Inc. Reduce -65.1% 0.22% −0.43
PIERIS PHARMACEUTICALS INC Sold out 0.00% −0.40
CLRB Cellectar Biosciences Inc. Reduce -42.7% 0.04% −0.33
DNLI Denali Therapeutics Inc. Reduce -56.0% 0.19% −0.30
VIR Vir Biotechnology Inc. Reduce -79.9% 0.10% −0.30
ALKS Alkermes PLC Reduce -86.3% 0.06% −0.29
ABUS Arbutus Biopharma Corp. Reduce -25.6% 1.08% −0.27
BNTX Biontech SE-ADR Sold out 0.00% −0.20
NVNO Envveno Medical Corporation Sold out 0.00% −0.20
PCVX Vaxcyte Inc. Sold out 0.00% −0.19
ALEC Alector Inc. Reduce -14.1% 0.15% −0.19
NUVL Nuvalent Inc. Class A Sold out 0.00% −0.18
CRNX Crinetics Pharmaceuticals Inc. Reduce -39.9% 0.58% −0.18
AVDL Avadel Pharmaceuticals Ltd. Sold out 0.00% −0.18
BCAX Bicara Therapeutics Inc. Sold out 0.00% −0.17
GERN Geron Corp. Reduce -39.4% 0.25% −0.17
APGE Apogee Therapeutics Inc. Reduce -27.8% 0.40% −0.16
ITCI Intra-Cellular Therapies Inc. Sold out 0.00% −0.16
AGIO Agios Pharmaceuticals Inc. Sold out 0.00% −0.16
RVNC Revance Therapeutics Inc. Sold out 0.00% −0.16
MIRM Mirum Pharmaceuticals Inc. Sold out 0.00% −0.16
MCK McKesson Corp. Sold out 0.00% −0.15
CGEM Cullinan Therapeutics Inc. Sold out 0.00% −0.15
CTMX Cytomx Therapeutics Inc. Reduce -84.0% 0.03% −0.15
TARS Tarsus Pharmaceuticals Inc. Sold out 0.00% −0.14
AGR Avangrid Inc. Sold out 0.00% −0.14
IRON Disc Medicine Inc. Reduce -81.4% 0.06% −0.13
CLYM Climb Bio Inc. Reduce -70.6% 0.02% −0.12
AMLX Amylyx Pharmaceuticals Inc. Sold out 0.00% −0.12
PWSC Powerschool Holdings Inc. Class A Sold out 0.00% −0.11
EXAS Exact Sciences Corp. Reduce -67.1% 0.06% −0.11

Portfolio Buys Q3 2024 → Q4 2024
ZLAB Zai Lab Ltd.-ADR Add +96.4% 5.84% +3.68
IKT Inhibikase Therapeutics Inc. New 3.53% +3.53
ROIV Roivant Sciences Ltd. Add +16.0% 8.84% +2.99
BIL SS SPDR BB 1-3M T-Bill ETF Add +504.9% 2.57% +2.23
BOXX Alpha Architect 1-3 MNTH Box Add +0.6% 7.65% +1.74
ABVX Abivax SA-ADR Add +190.1% 2.36% +1.35
AVR Anteris Technologies Global New 1.25% +1.25
RVMD Revolution Medicines Inc. Add +283.3% 1.58% +1.25
OACCU Oaktree Acquisition III Life New 1.08% +1.08
SNY Sanofi-ADR New 1.02% +1.02
PTGX Protagonist Therapeutics Inc. Add +4.0% 8.39% +0.99
SRPT Sarepta Therapeutics Inc. Add +463.4% 1.04% +0.89
ETNB 89BIO Inc. Add +7752.7% 0.86% +0.85
EDR Endeavor Group Hold Class A Add +71.6% 1.40% +0.82
MLYS Mineralys Therapeutics Inc. Add +15.4% 2.21% +0.73
MNPR Monopar Therapeutics Inc. New 0.61% +0.61
RCKT Rocket Pharmaceuticals Inc. Add +4816.3% 0.57% +0.55
CNTA Centessa Pharmaceuticals Ltd. Add +561.0% 0.55% +0.49
AEROVATE THERAPEUTICS INC Add +720.7% 0.52% +0.48
ASPCU A Spac III Acquisition Corp. New 0.46% +0.46
ALDX Aldeyra Therapeutics Inc. Add +114.4% 0.69% +0.42
CGON CG Oncology Inc. Add +50.8% 1.32% +0.41
RAPT THERAPEUTICS INC Add +15557.5% 0.40% +0.39
PVLA Palvella Therapeutics Inc. New 0.37% +0.37
RYTM Rhythm Pharmaceuticals Inc. New 0.37% +0.37
TEVA Teva Pharmaceutical-SP ADR Add +35.6% 0.69% +0.36
AXSM Axsome Therapeutics Inc. Add +3176.8% 0.35% +0.35
PTCT PTC Therapeutics Inc. Add +140.1% 0.46% +0.34
DCTH Delcath Systems Inc. Add +381.1% 0.38% +0.34
CDMO Avid Bioservices Inc. New 0.32% +0.32
INSM Insmed Inc. Add +504.7% 0.32% +0.28
PSTX Poseida Therapeutics Inc. New 0.27% +0.27
SLNO Soleno Therapeutics Inc. Add +268.3% 0.35% +0.27
JANX Janux Therapeutics Inc. Add +142.4% 0.36% +0.26
ACOG Alpha Cognition Inc. New 0.26% +0.26
SLRN Acelyrin Inc. Add +731.7% 0.30% +0.25
VRNA Verona Pharma Ltd. Add +191.0% 0.29% +0.24
XENE Xenon Pharmaceuticals Inc. Add +81.2% 0.42% +0.24
CTNM Contineum Therapeutics Inc. Class A Add +817.1% 0.26% +0.23
GPCR Structure Therapeutics Inc. New 0.20% +0.20
DHR Danaher Corp. New 0.20% +0.20
KRRO Korro Bio Inc. Add +17.2% 0.47% +0.19
SRRK Scholar Rock Holding Corp. Add +62.5% 0.18% +0.16
FULC Fulcrum Therapeutics Inc. Add +251.7% 0.20% +0.16
NMRA Neumora Therapeutics Inc. New 0.15% +0.15
BIOA Bioage Labs Inc. New 0.15% +0.15
LXEO Lexeo Therapeutics Inc. Add +196.5% 0.24% +0.15
ALNY Alnylam Pharmaceuticals Inc. New 0.15% +0.15
CDTX Cidara Therapeutics Inc. New 0.14% +0.14
TARA Protara Therapeutic Inc. New 0.14% +0.14

Options Activity Q3 2024 → Q4 2024
PTGX Protagonist Therapeutics Inc. call New 132,000 $5.1M
XBI SS SPDR S&P Biotech ETF call New 50,000 $4.5M
XBI SS SPDR S&P Biotech ETF put Sold out 40,000 $4.0Mbefore exit
NVO Novo-Nordisk A/S-Spons ADR put Sold out 20,000 $2.4Mbefore exit
SNDX Syndax Pharmaceuticals Inc. call Sold out 105,000 $2.0Mbefore exit
MCK McKesson Corp. call Sold out 3,000 $1.5Mbefore exit
JNJ Johnson & Johnson call New 10,000 $1.4M
CAPR Capricor Therapeutics Inc. call New 95,000 $1.3M
NVO Novo-Nordisk A/S-Spons ADR call Sold out 10,000 $1.2Mbefore exit
APLT Applied Therapeutics Inc. call Add +0.0% 530,324 $454K
IMVT Immunovant Inc. call Sold out 10,200 $291Kbefore exit
GALT Galectin Therapeutics Inc. put Sold out 55,300 $152Kbefore exit
PHAT Phathom Pharmaceuticals Inc. call New 10,100 $82K
CRVS Corvus Pharmaceuticals Inc. put New 15,000 $80K
SAGE Sage Therapeutics Inc. call Sold out 9,500 $69Kbefore exit
FULC Fulcrum Therapeutics Inc. call Sold out 15,000 $54Kbefore exit
CRVS Corvus Pharmaceuticals Inc. call New 10,000 $54K
TGTX TG Therapeutics Inc. put Sold out 1,000 $23Kbefore exit
GOSS Gossamer Bio Inc. call Reduce -0.5% 19,898 $18K
KROS Keros Therapeutics Inc. call Sold out 300 $17Kbefore exit
ANRO Alto Neuroscience Inc. put Sold out 100 $1Kbefore exit

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

Notes & Other Activity Q3 2024 → Q4 2024
COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26) NOTE 1.500% 4/1 · principal New 5,625,000 $5.5M
GOSSAMER BIO INC (GOSS 5 06/01/27) NOTE 5.000% 6/0 · principal New 8,000,000 $4.4M
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) NOTE 2.250% 2/0 · principal New 4,500,000 $3.9M
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) NOTE 2.500% 3/1 · principal New 2,000,000 $2.1M
TMTCR TMT Acquisition Corp.-RT RIGHT 03/27/2028 Sold out 37,100 $10Kbefore exit
BKHAR Black Hawk Acquisition C-RTS RIGHT 06/20/2025 Sold out 3,000 $3Kbefore exit
AITRR AI Transportation Acquis-RTS RIGHT 09/01/2028 Sold out 7,500 $1Kbefore exit
MKDWW MKD Tech Inc. -29 *W EXP 06/10/202 Sold out 3,270 $60before 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