ADAR1 Capital Management, LLC

Name: ADAR1 Capital Management, LLC 13F holdings, Q1 2025
Creator: ADAR1 Capital Management, LLC
Published: 2025-05-15

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), ADAR1 Capital Management, LLC reported 185 stock positions worth $505.1 million. Its top holding was Protagonist Therapeutics (PTGX) at 9.0% of the portfolio, followed by Alpha Architect 1-3 MNTH Box (BOXX, 7.4%) and Roivant Sciences (ROIV, 7.0%). Compared with Q4 2024, it opened 44 new positions, sold out of 44, added to 68 and reduced 40. The biggest buy was Keros Therapeutics (KROS, shares +6294%) and the biggest sale Ascendis Pharma A/S (ASND, shares −98%).

Most Recent 13F: Q2 2026
Location: AUSTIN, TX
CIK: 0001940272
Portfolio Value: $505.1M (Q1 2025)
SEC Filing: 0001940272-25-000003 ↗ filed May 15, 2025

Holdings Value

Holdings 185 stocks · $505.1M


PTGX Protagonist Therapeutics Inc.	9.00%	939,669	$45.4M	Reduce -7.9%
BOXX Alpha Architect 1-3 MNTH Box	7.44%	337,125	$37.6M	Add +3.6%
ROIV Roivant Sciences Ltd.	6.96%	3,483,404	$35.1M	Reduce -0.7%
ZLAB Zai Lab Ltd.-ADR	6.73%	940,858	$34.0M	Reduce -10.0%
IMVT Immunovant Inc.	3.28%	968,866	$16.6M	Add +23.0%
CYTK Cytokinetics Inc.	3.11%	390,729	$15.7M	Reduce -5.7%
KROS Keros Therapeutics Inc.	3.00%	1,486,461	$15.1M	Add +6294.5%
ABVX Abivax SA-ADR	2.73%	2,210,019	$13.8M	Add +46.0%
BIL SS SPDR BB 1-3M T-Bill ETF	2.46%	135,585	$12.4M	Add +2.9%
BBIO Bridgebio Pharma Inc.	2.32%	339,635	$11.7M	Reduce -50.0%
IKT Inhibikase Therapeutics Inc.	2.22%	5,122,105	$11.2M	Add +0.4%
SWTX Springworks Therapeutics Inc.	1.82%	207,778	$9.2M	New
SHY iShares 1-3 Year Treasury Bo	1.69%	103,337	$8.5M	New
TEVA Teva Pharmaceutical-SP ADR	1.59%	523,767	$8.1M	Add +257.1%
SRPT Sarepta Therapeutics Inc.	1.55%	122,921	$7.8M	Add +207.3%
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR	1.53%	750,000	$7.7M	No change
CGON CG Oncology Inc.	1.46%	301,134	$7.4M	Add +39.6%
RAPT THERAPEUTICS INC	1.44%	5,970,768	$7.3M	Add +408.4%
ABUS Arbutus Biopharma Corp.	1.30%	1,879,114	$6.6M	Add +20.9%
ITCI Intra-Cellular Therapies Inc.	1.25%	48,044	$6.3M	New
RVMD Revolution Medicines Inc.	1.24%	177,136	$6.3M	Add +4.2%
AVR Anteris Technologies Global	1.21%	1,678,063	$6.1M	Add +59.4%
AAM Aa Mission Acquisition Cor-A	1.19%	578,359	$6.0M	Add +3.2%
SAGE Sage Therapeutics Inc.	1.17%	742,495	$5.9M	Add +3767.2%
ETNB 89BIO Inc.	1.16%	804,220	$5.8M	Add +56.1%
OACCU Oaktree Acquisition III Life	1.07%	516,482	$5.4M	Add +3.3%
BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II	1.05%	469,729	$5.3M	Add +16.2%
AMLX Amylyx Pharmaceuticals Inc.	1.03%	1,471,587	$5.2M	New
SRRK Scholar Rock Holding Corp.	1.00%	157,079	$5.1M	Add +705.3%
XENE Xenon Pharmaceuticals Inc.	0.85%	127,548	$4.3M	Add +152.3%
XNCR Xencor Inc.	0.84%	398,152	$4.2M	Add +69.7%
MLYS Mineralys Therapeutics Inc.	0.83%	263,425	$4.2M	Reduce -68.7%
SEPN Septerna Inc.	0.83%	720,848	$4.2M	New
JANX Janux Therapeutics Inc.	0.82%	153,767	$4.2M	Add +388.0%
APGE Apogee Therapeutics Inc.	0.78%	104,853	$3.9M	Add +154.0%
SVRA Savara Inc.	0.75%	1,360,291	$3.8M	Add +37.6%
MNPR Monopar Therapeutics Inc.	0.73%	100,774	$3.7M	Reduce -22.5%
AEROVATE THERAPEUTICS INC	0.73%	1,461,234	$3.7M	Add +57.5%
BIOA Bioage Labs Inc.	0.72%	971,100	$3.7M	Add +689.3%
ZURA Zura Bio Ltd.	0.72%	2,801,184	$3.6M	Add +34.9%
ATXS Astria Therapeutics Inc.	0.68%	641,690	$3.4M	Add +605.3%
RZLT Rezolute Inc.	0.64%	1,116,047	$3.2M	Reduce -17.9%
CNTA Centessa Pharmaceuticals Ltd.	0.62%	216,166	$3.1M	Add +40.3%
AKRO Akero Therapeutics Inc.	0.57%	71,143	$2.9M	Add +364.8%
MRUS Merus NV	0.56%	66,960	$2.8M	Reduce -17.8%
PTCT PTC Therapeutics Inc.	0.50%	50,023	$2.5M	Add +4.2%
RGNX Regenxbio Inc.	0.50%	350,352	$2.5M	Add +105.9%
ARDX Ardelyx Inc.	0.48%	490,743	$2.4M	Add +1481.3%
DVAX Dynavax Technologies Corp.	0.44%	170,000	$2.2M	New
ARVN Arvinas Inc.	0.44%	313,354	$2.2M	New
ASPC A Spac III Acquisition Class A	0.43%	215,000	$2.2M	No change
RYTM Rhythm Pharmaceuticals Inc.	0.39%	36,890	$2.0M	Add +19.2%
DCTH Delcath Systems Inc.	0.38%	149,385	$1.9M	No change
CRNX Crinetics Pharmaceuticals Inc.	0.35%	53,125	$1.8M	No change
KALA Kala Bio Inc.	0.34%	298,955	$1.7M	Add +35.7%
VIR Vir Biotechnology Inc.	0.32%	250,000	$1.6M	Add +290.2%
RCKT Rocket Pharmaceuticals Inc.	0.32%	241,800	$1.6M	Add +14.4%
TSHA Taysha Gene Therapies Inc.	0.29%	1,066,309	$1.5M	Add +500.0%
VKTX Viking Therapeutics Inc.	0.28%	59,413	$1.4M	Add +538.9%
FULC Fulcrum Therapeutics Inc.	0.28%	490,532	$1.4M	Add +150.0%
CRGX Cargo Therapeutics Inc.	0.28%	341,515	$1.4M	New
ORKA Oruka Therapeutics Inc.	0.27%	132,780	$1.4M	New
SLNO Soleno Therapeutics Inc.	0.27%	18,830	$1.3M	Reduce -48.9%
VRNA Verona Pharma Ltd.	0.25%	20,000	$1.3M	Reduce -31.3%
CKPT Checkpoint Therapeutics Inc.	0.24%	305,800	$1.2M	New
ALDX Aldeyra Therapeutics Inc.	0.24%	211,579	$1.2M	Reduce -67.3%
KRRO Korro Bio Inc.	0.24%	68,715	$1.2M	Add +18.5%
CTNM Contineum Therapeutics Inc. Class A	0.23%	168,765	$1.2M	Add +105.2%
TECX Tectonic Therapeutic Inc.	0.22%	62,603	$1.1M	Add +6.6%
VRDN Viridian Therapeutics Inc.	0.21%	79,000	$1.1M	Add +203.8%
VTGN Vistagen Therapeutics Inc.	0.21%	420,765	$1.1M	Add +246.4%
PFE Pfizer Inc.	0.21%	41,050	$1.0M	Add +17.1%
ARES ACQUISITION CORP II	0.20%	90,466	$1.0M	Reduce -34.9%
SGRY Surgery Partners Inc.	0.19%	40,000	$950K	New
KNSA Kiniksa Pharmaceuticals Inte	0.18%	41,412	$920K	Reduce -75.1%
ACLX Arcellx Inc.	0.18%	13,962	$916K	Add +252.4%
REGN Regeneron Pharmaceuticals	0.17%	1,361	$863K	No change
KVAUF Keen Vision Acquisition Corp.	0.17%	75,000	$842K	No change
AGIO Agios Pharmaceuticals Inc.	0.16%	27,900	$817K	New
GRCE Grace Therapeutics Inc.	0.16%	343,512	$783K	Reduce -55.6%
KZR Kezar Life Sciences Inc.	0.14%	147,404	$719K	No change
ARWR Arrowhead Pharmaceuticals Inc.	0.14%	56,300	$717K	Add +336.4%
GPCR Structure Therapeutics Inc.	0.12%	35,619	$617K	Add +0.8%
BIIB Biogen Inc.	0.12%	4,500	$616K	Add +47.8%
ITOS Iteos Therapeutics Inc.	0.12%	101,096	$604K	Reduce -23.2%
NTRA Natera Inc.	0.12%	4,250	$601K	New
ZYME Zymeworks Inc.	0.12%	50,000	$596K	New
LXEO Lexeo Therapeutics Inc.	0.12%	170,448	$591K	Add +0.6%
KPRX Kiora Pharmaceuticals Inc.	0.12%	194,665	$586K	Reduce -2.8%
SPRO Spero Therapeutics Inc.	0.11%	801,277	$577K	No change
BHVN Biohaven Ltd.	0.11%	22,641	$544K	New
TARA Protara Therapeutic Inc.	0.10%	122,690	$523K	No change
USFR Wisdomtree Floating Rate Tre	0.10%	10,000	$503K	No change
ANSC Agriculture & Natural Soluti	0.10%	47,062	$502K	Reduce -41.4%
LLY Eli Lilly & Co.	0.10%	600	$496K	Reduce -55.6%
MDGL Madrigal Pharmaceuticals Inc.	0.10%	1,490	$494K	New
PCVX Vaxcyte Inc.	0.10%	12,800	$483K	New
RNXT Renovorx Inc.	0.09%	479,883	$475K	Add +143.3%
ALEC Alector Inc.	0.09%	380,330	$468K	Add +3.3%
INSM Insmed Inc.	0.09%	6,074	$463K	Reduce -72.4%
BNTX Biontech SE-ADR	0.09%	5,000	$455K	New
CDTX Cidara Therapeutics Inc.	0.09%	20,938	$451K	Reduce -16.0%
TENX Tenax Therapeutics Inc.	0.09%	68,741	$450K	Add +98.1%
EWTX Edgewise Therapeutics Inc.	0.09%	20,000	$440K	New
NETD Nabors Energy Transition C-A	0.09%	39,900	$437K	No change
GERN Geron Corp.	0.08%	266,176	$423K	Reduce -21.2%
TIL Instil Bio Inc.	0.08%	24,328	$422K	Reduce -23.3%
KALV Kalvista Pharmaceuticals Inc.	0.08%	35,743	$412K	Reduce -0.3%
APLS Apellis Pharmaceuticals Inc.	0.07%	17,000	$372K	Add +13.3%
ARGX Argenx SE - ADR	0.07%	600	$355K	New
THRD Third Harmonic Bio Inc.	0.07%	100,000	$347K	New
ISRG Intuitive Surgical Inc.	0.07%	700	$347K	New
BMRN Biomarin Pharmaceutical Inc.	0.07%	4,900	$346K	New
DNTH Dianthus Therapeutics Inc.	0.07%	18,285	$332K	Add +3.4%
NGNE Neurogene Inc.	0.06%	27,925	$327K	New
ESTA Establishment Labs Holdings	0.06%	8,000	$326K	New
VTYX Ventyx Biosciences Inc.	0.06%	281,600	$324K	Add +126.1%
JVSA Jvspac Acquisition Corp. Class A	0.06%	30,000	$322K	No change
DYN Dyne Therapeutics Inc.	0.06%	30,099	$315K	New
OABI Omniab Inc.	0.06%	126,108	$303K	Reduce -54.7%
JWN Nordstrom Inc.	0.06%	12,000	$293K	New
KYMR Kymera Therapeutics Inc.	0.05%	10,000	$274K	No change
PHAT Phathom Pharmaceuticals Inc.	0.05%	42,800	$268K	Reduce -22.7%
CLDX Celldex Therapeutics Inc.	0.05%	14,600	$265K	New
UCFI CN Healthy Food Tech Group C filed as IRON HORSE ACQUISITIONS CORP	0.05%	25,000	$262K	No change
VYGR Voyager Therapeutics Inc.	0.05%	75,545	$255K	Reduce -40.4%
NRIX Nurix Therapeutics Inc.	0.05%	21,200	$252K	Add +92.7%
GOSS Gossamer Bio Inc.	0.05%	227,228	$250K	Reduce -23.1%
TXMD Therapeuticsmd Inc.	0.05%	270,160	$250K	No change
SYRE Spyre Therapeutics Inc.	0.05%	15,033	$243K	New
DAWN Day One Biopharmaceuticals I	0.04%	28,023	$222K	Reduce -47.1%
ASND Ascendis Pharma A/S	0.04%	1,402	$219K	Reduce -98.0%
PYPD Polypid Ltd.	0.04%	80,080	$217K	No change
EXAS Exact Sciences Corp.	0.04%	5,000	$216K	No change
CNTX Context Therapeutics Inc.	0.04%	351,094	$215K	No change
MLTX Moonlake Immunotherapeutics	0.04%	5,424	$212K	Reduce -68.9%
STOK Stoke Therapeutics Inc.	0.04%	30,085	$200K	New
COLOMBIER ACQUISITION CORP	0.04%	18,513	$197K	New
QUINCE THERAPEUTICS INC	0.04%	142,958	$190K	No change
DNLI Denali Therapeutics Inc.	0.04%	13,873	$189K	Reduce -69.0%
WVE Wave Life Sciences Ltd.	0.04%	23,100	$187K	Add +6.5%
BIOMX INC	0.03%	299,598	$166K	New
KURA Kura Oncology Inc.	0.03%	25,000	$165K	New
ABOS Acumen Pharmaceuticals Inc.	0.03%	146,183	$161K	Add +55.0%
OGN Organon & Co.	0.03%	10,000	$149K	Reduce -75.1%
CLYM Climb Bio Inc.	0.03%	119,320	$146K	Add +147.9%
AVXL Anavex Life Sciences Corp.	0.03%	16,221	$139K	No change
IMNM Immunome Inc.	0.03%	20,000	$135K	New
SLDB Solid Biosciences Inc.	0.03%	34,479	$128K	Reduce -76.8%
SPRB Spruce Biosciences Inc.	0.02%	403,716	$117K	No change
ACHV Achieve Life Sciences Inc.	0.02%	43,173	$115K	Add +227.7%
VYNE THERAPEUTICS INC	0.02%	70,419	$111K	New
PMVP PMV Pharmaceuticals Inc.	0.02%	101,008	$110K	No change
ENGN Engene Holdings Inc.	0.02%	23,799	$107K	New
AQN Algonquin Power & Utilities	0.02%	20,000	$103K	Reduce -50.0%
CASIF Casi Pharmaceuticals Inc.	0.02%	47,420	$102K	Add +2.4%
CLOV Clover Health Investments Co.	0.02%	28,300	$102K	Add +21.5%
BOLT Bolt Biotherapeutics Inc.	0.02%	244,966	$98K	No change
STTK Shattuck Labs Inc.	0.02%	102,156	$97K	New
UPB Upstream Bio Inc.	0.02%	15,000	$92K	New
AVTX Avalo Therapeutics Inc.	0.02%	10,000	$80K	New
INZY Inozyme Pharma Inc.	0.02%	87,799	$80K	Add +15.1%
RXRX Recursion Pharmaceuticals-A	0.02%	15,000	$79K	No change
BCRX Biocryst Pharmaceuticals Inc.	0.01%	10,000	$75K	Reduce -71.4%
LYRA Lyra Therapeutics Inc.	0.01%	533,200	$67K	No change
ADGM Adagio Medical Holdings Inc.	0.01%	76,757	$62K	No change
NXTC Nextcure Inc.	0.01%	120,012	$58K	No change
TNGX Tango Therapeutics Inc.	0.01%	41,346	$57K	New
ELDN Eledon Pharmaceuticals Inc.	0.01%	16,600	$56K	Add +3.8%
SLN Silence Therapeutics PLC-ADR	0.01%	18,643	$53K	Add +3.6%
IOVA Iovance Biotherapeutics Inc.	0.01%	15,700	$52K	No change
NKTR Nektar Therapeutics	0.01%	67,754	$46K	No change
OKUR Onkure Therapeutics Inc. Class A	0.01%	10,000	$43K	New
OVID Ovid Therapeutics Inc.	0.01%	115,867	$36K	Reduce -11.2%
MOVANO INC	0.01%	19,146	$35K	No change
CYPH Cypherpunk Technologies Inc. filed as LEAP THERAPEUTICS INC	0.01%	111,000	$34K	Add +4.7%
CTMX Cytomx Therapeutics Inc.	0.01%	47,036	$30K	Reduce -67.6%
XLO Xilio Therapeutics Inc.	0.01%	40,000	$29K	New
PEPG Pepgen Inc.	0.01%	20,352	$29K	New
PRQR Proqr Therapeutics NV	0.01%	20,394	$27K	No change
NMRA Neumora Therapeutics Inc.	0.01%	26,108	$26K	Reduce -62.0%
MREO Mereo Biopharma Group PL-ADR	0.00%	10,000	$23K	No change
CLRB Cellectar Biosciences Inc.	0.00%	40,228	$13K	Reduce -93.1%
RLYB Rallybio Corp.	0.00%	13,400	$9K	No change
CNTB Connect Biopharma Hldgs Ltd.	0.00%	10,300	$6K	New

Options reported separately and not counted above: JANX calls ($7.2M), NVS puts ($5.6M), SLNO puts ($3.6M), SMMT calls ($1.9M), SWTX calls ($662K), PHAT calls ($63K).

Other holdings (11): bonds, preferreds, convertibles and warrants · $14.6M (not counted above)

Security	Class	Shares / Principal	Value	Change
COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26)	NOTE 1.500% 4/1 · principal	5,625,000	$5.5M	No change
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	4,500,000	$4.0M	No change
BRIDGEBIO PHARMA INC	NOTE 1.750% 3/0 · principal	2,666,627	$2.7M	New
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	2,000,000	$2.3M	No change
AAM.WS Aa Mission Acquisition -30	*W EXP 08/01/203	505,099	$34K	No change
ASPCR A Spac III Acquisition Corp.	RIGHT 01/02/2026	215,000	$30K	New
JVSAR Jvspac Acquisition Corp.-RTS	RIGHT 11/26/2026	30,000	$8K	No change
IROHR Iron Horse Acquisitions Righ	RIGHT 99/99/9999	25,000	$8K	No change
EMCRF Embrace Change Acq-Rights	RIGHT 10/25/2026	13,144	$2K	No change
UCFIW Iron Horse Acquisition Co.-29	*W EXP 09/30/203	25,000	$800	No change
EMCWF Embrace Change Acquisitio-26	*W EXP 10/25/202	18,000	$695	No change

Total filed on the 13F, all lines: $519.7M.

Portfolio Sells Q4 2024 → Q1 2025


ASND Ascendis Pharma A/S	Reduce -98.0%	0.04%	−2.05
ROIV Roivant Sciences Ltd.	Reduce -0.7%	6.96%	−1.89
BBIO Bridgebio Pharma Inc.	Reduce -50.0%	2.32%	−1.64
EDR Endeavor Group Hold Class A	Sold out	0.00%	−1.40
MLYS Mineralys Therapeutics Inc.	Reduce -68.7%	0.83%	−1.38
CYTK Cytokinetics Inc.	Reduce -5.7%	3.11%	−1.04
SNY Sanofi-ADR	Sold out	0.00%	−1.02
RZLT Rezolute Inc.	Reduce -17.9%	0.64%	−0.78
KNSA Kiniksa Pharmaceuticals Inte	Reduce -75.1%	0.18%	−0.52
GRCE Grace Therapeutics Inc.	Reduce -55.6%	0.16%	−0.46
ALDX Aldeyra Therapeutics Inc.	Reduce -67.3%	0.24%	−0.45
PLRX Pliant Therapeutics Inc.	Sold out	0.00%	−0.38
PVLA Palvella Therapeutics Inc.	Sold out	0.00%	−0.37
AXSM Axsome Therapeutics Inc.	Sold out	0.00%	−0.35
CDMO Avid Bioservices Inc.	Sold out	0.00%	−0.32
SLRN Acelyrin Inc.	Sold out	0.00%	−0.30
PSTX Poseida Therapeutics Inc.	Sold out	0.00%	−0.27
RPRX Royalty Pharma PLC Class A	Sold out	0.00%	−0.27
ACOG Alpha Cognition Inc.	Sold out	0.00%	−0.26
INSM Insmed Inc.	Reduce -72.4%	0.09%	−0.23
IBIO Ibio Inc.	Sold out	0.00%	−0.22
BEAM Beam Therapeutics Inc.	Sold out	0.00%	−0.20
DHR Danaher Corp.	Sold out	0.00%	−0.20
MRUS Merus NV	Reduce -17.8%	0.56%	−0.17
GERN Geron Corp.	Reduce -21.2%	0.08%	−0.17
CAPR Capricor Therapeutics Inc.	Sold out	0.00%	−0.17
MLTX Moonlake Immunotherapeutics	Reduce -68.9%	0.04%	−0.16
DNLI Denali Therapeutics Inc.	Reduce -69.0%	0.04%	−0.16
NMRA Neumora Therapeutics Inc.	Reduce -62.0%	0.01%	−0.15
OABI Omniab Inc.	Reduce -54.7%	0.06%	−0.15
ALNY Alnylam Pharmaceuticals Inc.	Sold out	0.00%	−0.15
INDV Indivior Ltd.	Sold out	0.00%	−0.14
ARES ACQUISITION CORP II	Reduce -34.9%	0.20%	−0.13
LLY Eli Lilly & Co.	Reduce -55.6%	0.10%	−0.12
ONC Beone Medicines Ltd.-ADR	Sold out	0.00%	−0.12
SDGR Schrodinger Inc.	Sold out	0.00%	−0.10
VYGR Voyager Therapeutics Inc.	Reduce -40.4%	0.05%	−0.10
SLDB Solid Biosciences Inc.	Reduce -76.8%	0.03%	−0.10
DAWN Day One Biopharmaceuticals I	Reduce -47.1%	0.04%	−0.10
OGN Organon & Co.	Reduce -75.1%	0.03%	−0.10
ITOS Iteos Therapeutics Inc.	Reduce -23.2%	0.12%	−0.10
CMRX Chimerix Inc.	Sold out	0.00%	−0.09
ABSI Absci Corp.	Sold out	0.00%	−0.09
SLNO Soleno Therapeutics Inc.	Reduce -48.9%	0.27%	−0.09
ANSC Agriculture & Natural Soluti	Reduce -41.4%	0.10%	−0.08
MRNA Moderna Inc.	Sold out	0.00%	−0.08
AVIR Atea Pharmaceuticals Inc.	Sold out	0.00%	−0.08
ANAB Anaptysbio Inc.	Sold out	0.00%	−0.08
RARE Ultragenyx Pharmaceutical Inc.	Sold out	0.00%	−0.07
ALKS Alkermes PLC	Sold out	0.00%	−0.06

Portfolio Buys Q4 2024 → Q1 2025


KROS Keros Therapeutics Inc.	Add +6294.5%	3.00%	+2.92
SWTX Springworks Therapeutics Inc.	New	1.82%	+1.82
SHY iShares 1-3 Year Treasury Bo	New	1.69%	+1.69
ITCI Intra-Cellular Therapies Inc.	New	1.25%	+1.25
SAGE Sage Therapeutics Inc.	Add +3767.2%	1.17%	+1.15
RAPT THERAPEUTICS INC	Add +408.4%	1.44%	+1.05
AMLX Amylyx Pharmaceuticals Inc.	New	1.03%	+1.03
TEVA Teva Pharmaceutical-SP ADR	Add +257.1%	1.59%	+0.91
SEPN Septerna Inc.	New	0.83%	+0.83
SRRK Scholar Rock Holding Corp.	Add +705.3%	1.00%	+0.82
BIOA Bioage Labs Inc.	Add +689.3%	0.72%	+0.57
SRPT Sarepta Therapeutics Inc.	Add +207.3%	1.55%	+0.52
ATXS Astria Therapeutics Inc.	Add +605.3%	0.68%	+0.51
AKRO Akero Therapeutics Inc.	Add +364.8%	0.57%	+0.48
JANX Janux Therapeutics Inc.	Add +388.0%	0.82%	+0.46
ARDX Ardelyx Inc.	Add +1481.3%	0.48%	+0.44
DVAX Dynavax Technologies Corp.	New	0.44%	+0.44
ARVN Arvinas Inc.	New	0.44%	+0.44
XENE Xenon Pharmaceuticals Inc.	Add +152.3%	0.85%	+0.43
APGE Apogee Therapeutics Inc.	Add +154.0%	0.78%	+0.38
ABVX Abivax SA-ADR	Add +46.0%	2.73%	+0.37
ETNB 89BIO Inc.	Add +56.1%	1.16%	+0.30
CRGX Cargo Therapeutics Inc.	New	0.28%	+0.28
ORKA Oruka Therapeutics Inc.	New	0.27%	+0.27
CKPT Checkpoint Therapeutics Inc.	New	0.24%	+0.24
TSHA Taysha Gene Therapies Inc.	Add +500.0%	0.29%	+0.23
VIR Vir Biotechnology Inc.	Add +290.2%	0.32%	+0.22
RGNX Regenxbio Inc.	Add +105.9%	0.50%	+0.22
ABUS Arbutus Biopharma Corp.	Add +20.9%	1.30%	+0.22
VKTX Viking Therapeutics Inc.	Add +538.9%	0.28%	+0.20
AEROVATE THERAPEUTICS INC	Add +57.5%	0.73%	+0.20
SGRY Surgery Partners Inc.	New	0.19%	+0.19
AGIO Agios Pharmaceuticals Inc.	New	0.16%	+0.16
BBOT Bridgebio Oncology Therapeut	Add +16.2%	1.05%	+0.15
CGON CG Oncology Inc.	Add +39.6%	1.46%	+0.14
VTGN Vistagen Therapeutics Inc.	Add +246.4%	0.21%	+0.13
NTRA Natera Inc.	New	0.12%	+0.12
ZYME Zymeworks Inc.	New	0.12%	+0.12
ACLX Arcellx Inc.	Add +252.4%	0.18%	+0.12
BHVN Biohaven Ltd.	New	0.11%	+0.11
VRDN Viridian Therapeutics Inc.	Add +203.8%	0.21%	+0.10
SVRA Savara Inc.	Add +37.6%	0.75%	+0.10
MDGL Madrigal Pharmaceuticals Inc.	New	0.10%	+0.10
PCVX Vaxcyte Inc.	New	0.10%	+0.10
ARWR Arrowhead Pharmaceuticals Inc.	Add +336.4%	0.14%	+0.09
BNTX Biontech SE-ADR	New	0.09%	+0.09
EWTX Edgewise Therapeutics Inc.	New	0.09%	+0.09
FULC Fulcrum Therapeutics Inc.	Add +150.0%	0.28%	+0.08
ARGX Argenx SE - ADR	New	0.07%	+0.07
THRD Third Harmonic Bio Inc.	New	0.07%	+0.07

Options Activity Q4 2024 → Q1 2025


JANX Janux Therapeutics Inc.	call	New	264,900	$7.2M
NVS Novartis AG-Sponsored ADR	put	New	50,000	$5.6M
PTGX Protagonist Therapeutics Inc.	call	Sold out	132,000	$5.1Mbefore exit
XBI SS SPDR S&P Biotech ETF	call	Sold out	50,000	$4.5Mbefore exit
SLNO Soleno Therapeutics Inc.	put	New	50,000	$3.6M
SMMT Summit Therapeutics Inc.	call	New	100,000	$1.9M
JNJ Johnson & Johnson	call	Sold out	10,000	$1.4Mbefore exit
CAPR Capricor Therapeutics Inc.	call	Sold out	95,000	$1.3Mbefore exit
CYTK Cytokinetics Inc.	call	Sold out	15,100	$710Kbefore exit
SWTX Springworks Therapeutics Inc.	call	New	15,000	$662K
AKRO Akero Therapeutics Inc.	call	Sold out	22,500	$626Kbefore exit
APLT Applied Therapeutics Inc.	call	Sold out	530,324	$454Kbefore exit
BMRN Biomarin Pharmaceutical Inc.	call	Sold out	5,000	$329Kbefore exit
TARS Tarsus Pharmaceuticals Inc.	call	Sold out	5,000	$277Kbefore exit
RGNX Regenxbio Inc.	call	Sold out	17,800	$138Kbefore exit
CRVS Corvus Pharmaceuticals Inc.	put	Sold out	15,000	$80Kbefore exit
CRVS Corvus Pharmaceuticals Inc.	call	Sold out	10,000	$54Kbefore exit
AMLX Amylyx Pharmaceuticals Inc.	call	Sold out	10,000	$38Kbefore exit
GOSS Gossamer Bio Inc.	call	Sold out	19,898	$18Kbefore 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 2024 → Q1 2025


GOSSAMER BIO INC (GOSS 5 06/01/27)	NOTE 5.000% 6/0 · principal	Sold out	8,000,000	$4.4Mbefore exit
BRIDGEBIO PHARMA INC	NOTE 1.750% 3/0 · principal	New	2,666,627	$2.7M
ASPCR A Spac III Acquisition Corp.	RIGHT 01/02/2026	New	215,000	$30K
GLSTR Global Star Acquisition-RTS	RIGHT 99/99/9999	Sold out	88,560	$13Kbefore exit
GLSTW Global Star Acquisition-27 A	*W EXP 07/15/202	Sold out	120,000	$4Kbefore exit
FTIIW Futuretech II Acq -CW27	*W EXP 08/18/202	Sold out	30,000	$462before exit
AIMWF Aimfinity Investment-CW27	*W EXP 99/99/999	Sold out	18,000	$126before 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	260	$2.1B	ABVX, PTGX, ROIV, SPY, IMVT
Q1 2026	290	$1.6B	ABVX, PTGX, ROIV, IMVT, SPY
Q4 2025Amended	248	$1.3B	ABVX, PTGX, ROIV, IMVT, RNAM
Q3 2025	196	$1.0B	ABVX, KROS, PTGX, ROIV, BOXX
Q2 2025	192	$609.1M	KROS, PTGX, BOXX, ZLAB, ABVX
Q1 2025	185	$505.1M	PTGX, BOXX, ROIV, ZLAB, IMVT
Q4 2024	185	$469.3M	ROIV, PTGX, BOXX, ZLAB, IMVT
Q3 2024	244	$596.5M	CYTK, PTGX, BBIO, BOXX, ROIV
Q2 2024	231	$496.6M	PTGX, CYTK, ROIV, BOXX, BBIO
Q1 2024	223	$366.2M	BOXX, ROIV, ALNY, PTGX, CYTK