ADAR1 Capital Management, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), ADAR1 Capital Management, LLC reported 192 stock positions worth $609.1 million. Its top holding was Keros Therapeutics (KROS) at 11.8% of the portfolio, followed by Protagonist Therapeutics (PTGX, 8.6%) and Alpha Architect 1-3 MNTH Box (BOXX, 6.2%). Compared with Q1 2025, it opened 40 new positions, sold out of 33, added to 62 and reduced 52. The biggest buy was Keros Therapeutics (KROS, shares +263%) and the biggest sale Roivant Sciences (ROIV, shares −44%).

Most Recent 13F
Q2 2026
Location
AUSTIN, TX
CIK
0001940272
Portfolio Value
$609.1M (Q2 2025)
SEC Filing
0001940272-25-000005 ↗ filed Aug 14, 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 Q4 2024 Q1 2025: $505.1M Q1 2025 Q2 2025: $609.1M $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 192 stocks · $609.1M
KROS Keros Therapeutics Inc. 11.81% 5,389,264 $71.9M Add +262.6%
PTGX Protagonist Therapeutics Inc. 8.60% 948,069 $52.4M Add +0.9%
BOXX Alpha Architect 1-3 MNTH Box 6.24% 337,125 $38.0M No change
ZLAB Zai Lab Ltd.-ADR 4.88% 850,437 $29.7M Reduce -9.6%
ABVX Abivax SA-ADR 3.86% 3,071,340 $23.5M Add +39.0%
ROIV Roivant Sciences Ltd. 3.59% 1,940,797 $21.9M Reduce -44.3%
PRTA Prothena Corp. PLC 3.36% 3,375,009 $20.5M New
CYTK Cytokinetics Inc. 3.16% 582,147 $19.2M Add +49.0%
SPY SS SPDR S&P 500 ETF Trust-US 2.30% 22,684 $14.0M New
CGON CG Oncology Inc. 2.23% 523,216 $13.6M Add +73.8%
BIL SS SPDR BB 1-3M T-Bill ETF 2.04% 135,585 $12.4M No change
BBIO Bridgebio Pharma Inc. 1.84% 259,659 $11.2M Reduce -23.6%
IKT Inhibikase Therapeutics Inc. 1.64% 5,122,105 $10.0M No change
SEPN Septerna Inc. 1.47% 847,227 $9.0M Add +17.5%
ABUS Arbutus Biopharma Corp. 1.43% 2,825,773 $8.7M Add +50.4%
ETNB 89BIO Inc. 1.41% 875,983 $8.6M Add +8.9%
IMVT Immunovant Inc. 1.41% 535,066 $8.6M Reduce -44.8%
SVRA Savara Inc. 1.35% 3,600,670 $8.2M Add +164.7%
XENE Xenon Pharmaceuticals Inc. 1.33% 259,503 $8.1M Add +103.5%
BIOA Bioage Labs Inc. 1.31% 1,937,123 $8.0M Add +99.5%
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 1.31% 750,000 $8.0M No change
AMLX Amylyx Pharmaceuticals Inc. 1.27% 1,205,101 $7.7M Reduce -18.1%
CTMX Cytomx Therapeutics Inc. 1.15% 3,081,414 $7.0M Add +6451.2%
TSHA Taysha Gene Therapies Inc. 1.14% 3,009,870 $7.0M Add +182.3%
SAGE Sage Therapeutics Inc. 1.08% 721,599 $6.6M Reduce -2.8%
RAPT Rapt Therapeutics Inc. 1.03% 783,217 $6.3M New
AAM Aa Mission Acquisition Cor-A 0.99% 578,359 $6.0M No change
IONS Ionis Pharmaceuticals Inc. 0.96% 148,461 $5.9M New
TEVA Teva Pharmaceutical-SP ADR 0.95% 345,878 $5.8M Reduce -34.0%
OACCU Oaktree Acquisition III Life 0.90% 516,482 $5.5M No change
VERV Verve Therapeutics Inc. 0.86% 469,018 $5.3M New
RVMD Revolution Medicines Inc. 0.81% 134,136 $4.9M Reduce -24.3%
BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II 0.77% 442,615 $4.7M Reduce -5.8%
SHY iShares 1-3 Year Treasury Bo 0.73% 53,337 $4.4M Reduce -48.4%
RZLT Rezolute Inc. 0.72% 989,297 $4.4M Reduce -11.4%
MLYS Mineralys Therapeutics Inc. 0.67% 302,125 $4.1M Add +14.7%
CNTA Centessa Pharmaceuticals Ltd. 0.64% 296,766 $3.9M Add +37.3%
MNPR Monopar Therapeutics Inc. 0.59% 100,974 $3.6M Add +0.2%
SRPT Sarepta Therapeutics Inc. 0.59% 210,313 $3.6M Add +71.1%
ARDX Ardelyx Inc. 0.59% 915,130 $3.6M Add +86.5%
THRD Third Harmonic Bio Inc. 0.56% 622,873 $3.4M Add +522.9%
PCVX Vaxcyte Inc. 0.52% 98,032 $3.2M Add +665.9%
RYTM Rhythm Pharmaceuticals Inc. 0.47% 45,390 $2.9M Add +23.0%
VRNA Verona Pharma Ltd. 0.44% 28,450 $2.7M Add +42.3%
ALEC Alector Inc. 0.40% 1,723,526 $2.4M Add +353.2%
VRDN Viridian Therapeutics Inc. 0.39% 170,598 $2.4M Add +116.0%
ASPC A Spac III Acquisition Class A 0.36% 215,000 $2.2M No change
CRMD Cormedix Inc. 0.35% 175,000 $2.2M New
NAMS Newamsterdam Pharma Co. NV 0.33% 112,359 $2.0M New
DCTH Delcath Systems Inc. 0.33% 149,385 $2.0M No change
AVR Anteris Technologies Global 0.33% 531,515 $2.0M Reduce -68.3%
BPMC Blueprint Medicines Corp. 0.32% 15,000 $1.9M New
VKTX Viking Therapeutics Inc. 0.29% 67,813 $1.8M Add +14.1%
AKRO Akero Therapeutics Inc. 0.29% 33,143 $1.8M Reduce -53.4%
REGN Regeneron Pharmaceuticals 0.29% 3,361 $1.8M Add +146.9%
RGNX Regenxbio Inc. 0.28% 207,818 $1.7M Reduce -40.7%
DVAX Dynavax Technologies Corp. 0.28% 170,000 $1.7M No change
MLTX Moonlake Immunotherapeutics 0.27% 34,314 $1.6M Add +532.6%
ORKA Oruka Therapeutics Inc. 0.26% 142,780 $1.6M Add +7.5%
KNSA Kiniksa Pharmaceuticals Inte 0.26% 56,540 $1.6M Add +36.5%
CRNX Crinetics Pharmaceuticals Inc. 0.25% 53,125 $1.5M No change
TECX Tectonic Therapeutic Inc. 0.24% 73,505 $1.5M Add +17.4%
SLNO Soleno Therapeutics Inc. 0.24% 17,330 $1.5M Reduce -8.0%
JANX Janux Therapeutics Inc. 0.24% 62,088 $1.4M Reduce -59.6%
SRRK Scholar Rock Holding Corp. 0.23% 39,677 $1.4M Reduce -74.7%
ATXS Astria Therapeutics Inc. 0.22% 249,646 $1.3M Reduce -61.1%
ALKS Alkermes PLC 0.21% 45,000 $1.3M New
VIR Vir Biotechnology Inc. 0.21% 250,000 $1.3M No change
AGIO Agios Pharmaceuticals Inc. 0.20% 35,900 $1.2M Add +28.7%
CLDX Celldex Therapeutics Inc. 0.19% 57,466 $1.2M Add +293.6%
SWTX Springworks Therapeutics Inc. 0.19% 24,082 $1.1M Reduce -88.4%
ESTA Establishment Labs Holdings 0.18% 25,000 $1.1M Add +212.5%
ABOS Acumen Pharmaceuticals Inc. 0.17% 916,183 $1.1M Add +526.7%
CDTX Cidara Therapeutics Inc. 0.17% 21,522 $1.0M Add +2.8%
ZURA Zura Bio Ltd. 0.17% 997,547 $1.0M Reduce -64.4%
BSAAU Best Spac I Acquisition Corp. 0.16% 100,000 $1.0M New
ARGX Argenx SE - ADR 0.16% 1,759 $970K Add +193.2%
MRUS Merus NV 0.16% 18,313 $963K Reduce -72.7%
ALDX Aldeyra Therapeutics Inc. 0.16% 249,920 $957K Add +18.1%
PFE Pfizer Inc. 0.16% 39,400 $955K Reduce -4.0%
ARVN Arvinas Inc. 0.16% 128,767 $948K Reduce -58.9%
ACLX Arcellx Inc. 0.15% 13,962 $919K No change
NUVL Nuvalent Inc. Class A 0.15% 11,842 $904K New
TENX Tenax Therapeutics Inc. 0.15% 155,557 $896K Add +126.3%
SGRY Surgery Partners Inc. 0.15% 40,000 $889K No change
ARWR Arrowhead Pharmaceuticals Inc. 0.14% 55,200 $872K Reduce -1.9%
KRRO Korro Bio Inc. 0.14% 68,815 $859K Add +0.1%
KVACF Keen Vision Acquisition Corp. 0.14% 75,000 $853K New
VTGN Vistagen Therapeutics Inc. 0.14% 420,765 $842K No change
APGE Apogee Therapeutics Inc. 0.13% 18,070 $785K Reduce -82.8%
WVE Wave Life Sciences Ltd. 0.12% 114,814 $746K Add +397.0%
KALA Kala Bio Inc. 0.12% 149,830 $713K Reduce -49.9%
LRMR Larimar Therapeutics Inc. 0.11% 237,605 $687K New
RCKT Rocket Pharmaceuticals Inc. 0.11% 275,800 $676K Add +14.1%
KZR Kezar Life Sciences Inc. 0.11% 147,404 $675K No change
XNCR Xencor Inc. 0.11% 85,826 $675K Reduce -78.4%
CTNM Contineum Therapeutics Inc. Class A 0.11% 166,799 $662K Reduce -1.2%
BIIB Biogen Inc. 0.11% 5,100 $641K Add +13.3%
GERN Geron Corp. 0.10% 441,176 $622K Add +65.8%
PHAT Phathom Pharmaceuticals Inc. 0.10% 63,424 $608K Add +48.2%
PHVS Pharvaris NV 0.10% 34,124 $601K New
LXEO Lexeo Therapeutics Inc. 0.10% 145,109 $583K Reduce -14.9%
KYMR Kymera Therapeutics Inc. 0.10% 13,366 $583K Add +33.7%
OABI Omniab Inc. 0.09% 326,108 $567K Add +158.6%
MRK Merck & Co. Inc. 0.09% 7,040 $557K New
LUNG Pulmonx Corp. 0.09% 204,497 $530K New
GRCE Grace Therapeutics Inc. 0.09% 176,627 $525K Reduce -48.6%
EWTX Edgewise Therapeutics Inc. 0.09% 40,000 $524K Add +100.0%
AVTX Avalo Therapeutics Inc. 0.09% 104,730 $523K Add +947.3%
SYRE Spyre Therapeutics Inc. 0.08% 34,051 $510K Add +126.5%
USFR Wisdomtree Floating Rate Tre 0.08% 10,000 $503K No change
DNLI Denali Therapeutics Inc. 0.08% 35,716 $500K Add +157.4%
SNY Sanofi-ADR 0.08% 10,000 $483K New
KPRX Kiora Pharmaceuticals Inc. 0.08% 167,111 $481K Reduce -14.2%
BHVN Biohaven Ltd. 0.07% 32,341 $456K Add +42.8%
NGNE Neurogene Inc. 0.07% 29,625 $443K Add +6.1%
NETD Nabors Energy Transition C-A 0.07% 39,900 $443K No change
NTRA Natera Inc. 0.07% 2,500 $422K Reduce -41.2%
SPRO Spero Therapeutics Inc. 0.07% 143,917 $417K Reduce -82.0%
NKTR Nektar Therapeutics 0.07% 15,796 $408K Add +249.7%
LLY Eli Lilly & Co. 0.06% 500 $390K Reduce -16.7%
TARA Protara Therapeutic Inc. 0.06% 122,690 $372K No change
FULC Fulcrum Therapeutics Inc. 0.06% 53,349 $367K Reduce -89.1%
PYPD Polypid Ltd. 0.06% 103,950 $367K Add +29.8%
VTYX Ventyx Biosciences Inc. 0.06% 168,600 $361K Reduce -40.1%
NRIX Nurix Therapeutics Inc. 0.06% 31,200 $355K Add +47.2%
MDGL Madrigal Pharmaceuticals Inc. 0.05% 1,054 $319K Reduce -29.3%
GPCR Structure Therapeutics Inc. 0.05% 15,000 $311K Reduce -57.9%
STOK Stoke Therapeutics Inc. 0.05% 27,285 $310K Reduce -9.3%
APLS Apellis Pharmaceuticals Inc. 0.05% 17,000 $294K No change
ANSC Agriculture & Natural Soluti 0.05% 27,062 $294K Reduce -42.5%
JAZZ Jazz Pharmaceuticals PLC 0.05% 2,750 $292K New
GOSS Gossamer Bio Inc. 0.05% 227,228 $279K No change
BMRN Biomarin Pharmaceutical Inc. 0.04% 4,900 $269K No change
ITOS Iteos Therapeutics Inc. 0.04% 26,937 $269K Reduce -73.4%
UCFI CN Healthy Food Tech Group C filed as IRON HORSE ACQUISITIONS CORP 0.04% 25,000 $258K No change
SMMT Summit Therapeutics Inc. 0.04% 12,000 $255K New
VYGR Voyager Therapeutics Inc. 0.04% 79,945 $249K Add +5.8%
TXMD Therapeuticsmd Inc. 0.04% 209,210 $243K Reduce -22.6%
ASND Ascendis Pharma A/S 0.04% 1,402 $242K No change
QUINCE THERAPEUTICS INC 0.04% 142,958 $236K No change
CNTX Context Therapeutics Inc. 0.04% 351,094 $230K No change
DYN Dyne Therapeutics Inc. 0.04% 23,063 $220K Reduce -23.4%
BCAX Bicara Therapeutics Inc. 0.03% 22,875 $213K New
KURA Kura Oncology Inc. 0.03% 34,300 $198K Add +37.2%
DAWN Day One Biopharmaceuticals I 0.03% 28,023 $182K No change
RXRX Recursion Pharmaceuticals-A 0.03% 35,000 $177K Add +133.3%
TRVI Trevi Therapeutics Inc. 0.03% 30,000 $164K New
COLOMBIER ACQUISITION CORP 0.03% 10,000 $155K Reduce -46.0%
AVXL Anavex Life Sciences Corp. 0.02% 16,221 $150K No change
INZY Inozyme Pharma Inc. 0.02% 37,161 $149K Reduce -57.7%
CLYM Climb Bio Inc. 0.02% 119,320 $148K No change
DSGN Design Therapeutics Inc. 0.02% 42,408 $143K New
URGN Urogen Pharma Ltd. 0.02% 10,000 $137K New
BIOMX INC 0.02% 299,598 $135K No change
CLOV Clover Health Investments Co. 0.02% 48,300 $135K Add +70.7%
AVTR Avantor Inc. 0.02% 10,000 $135K New
PCAPU Procap Acquisition Corp. 0.02% 10,680 $114K New
ALMS Alumis Inc. 0.02% 37,788 $113K New
KALV Kalvista Pharmaceuticals Inc. 0.02% 10,000 $113K Reduce -72.0%
SLN Silence Therapeutics PLC-ADR 0.02% 18,643 $108K No change
PMVP PMV Pharmaceuticals Inc. 0.02% 101,008 $107K No change
TERN Terns Pharmaceuticals Inc. 0.02% 28,415 $106K New
ENGN Engene Holdings Inc. 0.02% 27,787 $101K Add +16.8%
ACHV Achieve Life Sciences Inc. 0.02% 43,173 $98K No change
OGN Organon & Co. 0.02% 10,000 $97K No change
REPL Replimune Group Inc. 0.02% 10,400 $97K New
PLRX Pliant Therapeutics Inc. 0.02% 82,189 $95K New
SNDX Syndax Pharmaceuticals Inc. 0.02% 10,000 $94K New
EPIX Essa Pharma Inc. 0.01% 50,000 $85K New
AUPH Aurinia Pharmaceuticals Inc. 0.01% 10,000 $85K New
STTK Shattuck Labs Inc. 0.01% 102,948 $82K Add +0.8%
RLMD Relmada Therapeutics Inc. 0.01% 130,000 $78K New
BCAB Bioatla Inc. 0.01% 170,506 $68K New
CMPX Compass Therapeutics Inc. 0.01% 25,000 $65K New
BOLT Bolt Biotherapeutics Inc. 0.01% 10,823 $62K Reduce -11.6%
ZNTL Zentalis Pharmaceuticals Inc. 0.01% 50,000 $58K New
NXTC Nextcure Inc. 0.01% 118,012 $54K Reduce -1.7%
CASIF Casi Pharmaceuticals Inc. 0.01% 44,120 $52K Reduce -7.0%
ELDN Eledon Pharmaceuticals Inc. 0.01% 16,900 $46K Add +1.8%
IBIO Ibio Inc. 0.01% 54,819 $42K New
OVID Ovid Therapeutics Inc. 0.01% 115,867 $38K No change
MURA Mural Oncology PLC 0.00% 11,855 $29K New
RNXT Renovorx Inc. 0.00% 19,889 $26K Reduce -95.9%
OKUR Onkure Therapeutics Inc. Class A 0.00% 10,000 $24K No change
PEPG Pepgen Inc. 0.00% 20,352 $23K No change
NERV Minerva Neurosciences Inc. 0.00% 12,406 $21K New
PRQR Proqr Therapeutics NV 0.00% 10,000 $20K Reduce -51.0%
MOVANO INC 0.00% 19,146 $13K No change
CYPH Cypherpunk Technologies Inc. filed as LEAP THERAPEUTICS INC 0.00% 39,925 $12K Reduce -64.0%
CNTB Connect Biopharma Hldgs Ltd. 0.00% 10,300 $10K No change
CHRS Coherus Oncology Inc. 0.00% 10,366 $8K New

Options reported separately and not counted above: SPY puts ($25.0M), JANX calls ($6.1M), SMMT calls ($2.1M), SRPT calls ($941K), NKTR puts ($904K), BHVN calls ($353K), INMB puts ($301K), ATYR puts ($254K), DYN calls ($190K).

Other holdings (9): bonds, preferreds, convertibles and warrants · $6.8M (not counted above)
SecurityClassShares / PrincipalValueChange
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) NOTE 2.250% 2/0 · principal 4,500,000$4.2MNo change
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) NOTE 2.500% 3/1 · principal 2,000,000$2.5MNo change
AAM.WS Aa Mission Acquisition -30 *W EXP 08/01/203 505,099$50KNo change
ASPCR A Spac III Acquisition Corp. RIGHT 01/02/2026 215,000$37KNo change
JVSAR Jvspac Acquisition Corp.-RTS RIGHT 11/26/2026 24,000$21KReduce -20.0%
IROHR Iron Horse Acquisitions Righ RIGHT 99/99/9999 12,320$6KReduce -50.7%
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 75,000$4KNew
EMCRF Embrace Change Acq-Rights RIGHT 10/25/2026 13,144$2KNo change
EMCWF Embrace Change Acquisitio-26 *W EXP 10/25/202 18,000$360No change

Total filed on the 13F, all lines: $615.9M.

Portfolio Sells Q1 2025 → Q2 2025
ROIV Roivant Sciences Ltd. Reduce -44.3% 3.59% −3.37
IMVT Immunovant Inc. Reduce -44.8% 1.41% −1.87
ZLAB Zai Lab Ltd.-ADR Reduce -9.6% 4.88% −1.85
SWTX Springworks Therapeutics Inc. Reduce -88.4% 0.19% −1.63
RAPT THERAPEUTICS INC Sold out 0.00% −1.44
ITCI Intra-Cellular Therapies Inc. Sold out 0.00% −1.25
SHY iShares 1-3 Year Treasury Bo Reduce -48.4% 0.73% −0.97
AVR Anteris Technologies Global Reduce -68.3% 0.33% −0.88
SRRK Scholar Rock Holding Corp. Reduce -74.7% 0.23% −0.77
XNCR Xencor Inc. Reduce -78.4% 0.11% −0.73
AEROVATE THERAPEUTICS INC Sold out 0.00% −0.73
APGE Apogee Therapeutics Inc. Reduce -82.8% 0.13% −0.65
TEVA Teva Pharmaceutical-SP ADR Reduce -34.0% 0.95% −0.64
JANX Janux Therapeutics Inc. Reduce -59.6% 0.24% −0.59
ZURA Zura Bio Ltd. Reduce -64.4% 0.17% −0.54
PTCT PTC Therapeutics Inc. Sold out 0.00% −0.50
BBIO Bridgebio Pharma Inc. Reduce -23.6% 1.84% −0.48
ATXS Astria Therapeutics Inc. Reduce -61.1% 0.22% −0.46
RVMD Revolution Medicines Inc. Reduce -24.3% 0.81% −0.43
MRUS Merus NV Reduce -72.7% 0.16% −0.40
ARVN Arvinas Inc. Reduce -58.9% 0.16% −0.28
AKRO Akero Therapeutics Inc. Reduce -53.4% 0.29% −0.28
BBOT Bridgebio Oncology Therapeut Reduce -5.8% 0.77% −0.28
CRGX Cargo Therapeutics Inc. Sold out 0.00% −0.28
CKPT Checkpoint Therapeutics Inc. Sold out 0.00% −0.24
KALA Kala Bio Inc. Reduce -49.9% 0.12% −0.22
FULC Fulcrum Therapeutics Inc. Reduce -89.1% 0.06% −0.22
RGNX Regenxbio Inc. Reduce -40.7% 0.28% −0.22
ARES ACQUISITION CORP II Sold out 0.00% −0.20
KVAUF Keen Vision Acquisition Corp. Sold out 0.00% −0.17
CTNM Contineum Therapeutics Inc. Class A Reduce -1.2% 0.11% −0.12
ZYME Zymeworks Inc. Sold out 0.00% −0.12
INSM Insmed Inc. Sold out 0.00% −0.09
BNTX Biontech SE-ADR Sold out 0.00% −0.09
RNXT Renovorx Inc. Reduce -95.9% 0.00% −0.09
SAGE Sage Therapeutics Inc. Reduce -2.8% 1.08% −0.09
TIL Instil Bio Inc. Sold out 0.00% −0.08
ITOS Iteos Therapeutics Inc. Reduce -73.4% 0.04% −0.08
GPCR Structure Therapeutics Inc. Reduce -57.9% 0.05% −0.07
GRCE Grace Therapeutics Inc. Reduce -48.6% 0.09% −0.07
ISRG Intuitive Surgical Inc. Sold out 0.00% −0.07
DNTH Dianthus Therapeutics Inc. Sold out 0.00% −0.07
JVSA Jvspac Acquisition Corp. Class A Sold out 0.00% −0.06
KALV Kalvista Pharmaceuticals Inc. Reduce -72.0% 0.02% −0.06
JWN Nordstrom Inc. Sold out 0.00% −0.06
ANSC Agriculture & Natural Soluti Reduce -42.5% 0.05% −0.05
NTRA Natera Inc. Reduce -41.2% 0.07% −0.05
PFE Pfizer Inc. Reduce -4.0% 0.16% −0.05
SPRO Spero Therapeutics Inc. Reduce -82.0% 0.07% −0.05
MDGL Madrigal Pharmaceuticals Inc. Reduce -29.3% 0.05% −0.05

Portfolio Buys Q1 2025 → Q2 2025
KROS Keros Therapeutics Inc. Add +262.6% 11.81% +8.81
PRTA Prothena Corp. PLC New 3.36% +3.36
SPY SS SPDR S&P 500 ETF Trust-US New 2.30% +2.30
CTMX Cytomx Therapeutics Inc. Add +6451.2% 1.15% +1.14
ABVX Abivax SA-ADR Add +39.0% 3.86% +1.12
RAPT Rapt Therapeutics Inc. New 1.03% +1.03
IONS Ionis Pharmaceuticals Inc. New 0.96% +0.96
VERV Verve Therapeutics Inc. New 0.86% +0.86
TSHA Taysha Gene Therapies Inc. Add +182.3% 1.14% +0.85
CGON CG Oncology Inc. Add +73.8% 2.23% +0.77
SEPN Septerna Inc. Add +17.5% 1.47% +0.64
SVRA Savara Inc. Add +164.7% 1.35% +0.60
BIOA Bioage Labs Inc. Add +99.5% 1.31% +0.59
THRD Third Harmonic Bio Inc. Add +522.9% 0.56% +0.49
XENE Xenon Pharmaceuticals Inc. Add +103.5% 1.33% +0.49
PCVX Vaxcyte Inc. Add +665.9% 0.52% +0.43
CRMD Cormedix Inc. New 0.35% +0.35
NAMS Newamsterdam Pharma Co. NV New 0.33% +0.33
BPMC Blueprint Medicines Corp. New 0.32% +0.32
ALEC Alector Inc. Add +353.2% 0.40% +0.30
ETNB 89BIO Inc. Add +8.9% 1.41% +0.25
MLTX Moonlake Immunotherapeutics Add +532.6% 0.27% +0.22
ALKS Alkermes PLC New 0.21% +0.21
VRNA Verona Pharma Ltd. Add +42.3% 0.44% +0.19
VRDN Viridian Therapeutics Inc. Add +116.0% 0.39% +0.18
BSAAU Best Spac I Acquisition Corp. New 0.16% +0.16
NUVL Nuvalent Inc. Class A New 0.15% +0.15
ABOS Acumen Pharmaceuticals Inc. Add +526.7% 0.17% +0.14
KVACF Keen Vision Acquisition Corp. New 0.14% +0.14
CLDX Celldex Therapeutics Inc. Add +293.6% 0.19% +0.14
ABUS Arbutus Biopharma Corp. Add +50.4% 1.43% +0.14
REGN Regeneron Pharmaceuticals Add +146.9% 0.29% +0.12
LRMR Larimar Therapeutics Inc. New 0.11% +0.11
ARDX Ardelyx Inc. Add +86.5% 0.59% +0.11
ESTA Establishment Labs Holdings Add +212.5% 0.18% +0.11
PHVS Pharvaris NV New 0.10% +0.10
MRK Merck & Co. Inc. New 0.09% +0.09
ARGX Argenx SE - ADR Add +193.2% 0.16% +0.09
LUNG Pulmonx Corp. New 0.09% +0.09
WVE Wave Life Sciences Ltd. Add +397.0% 0.12% +0.09
RYTM Rhythm Pharmaceuticals Inc. Add +23.0% 0.47% +0.08
CDTX Cidara Therapeutics Inc. Add +2.8% 0.17% +0.08
SNY Sanofi-ADR New 0.08% +0.08
KNSA Kiniksa Pharmaceuticals Inte Add +36.5% 0.26% +0.07
AVTX Avalo Therapeutics Inc. Add +947.3% 0.09% +0.07
TENX Tenax Therapeutics Inc. Add +126.3% 0.15% +0.06
NKTR Nektar Therapeutics Add +249.7% 0.07% +0.06
CYTK Cytokinetics Inc. Add +49.0% 3.16% +0.05
JAZZ Jazz Pharmaceuticals PLC New 0.05% +0.05
PHAT Phathom Pharmaceuticals Inc. Add +48.2% 0.10% +0.05

Options Activity Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US put New 40,500 $25.0M
NVS Novartis AG-Sponsored ADR put Sold out 50,000 $5.6Mbefore exit
SLNO Soleno Therapeutics Inc. put Sold out 50,000 $3.6Mbefore exit
SRPT Sarepta Therapeutics Inc. call New 55,000 $941K
NKTR Nektar Therapeutics put New 35,000 $904K
SWTX Springworks Therapeutics Inc. call Sold out 15,000 $662Kbefore exit
BHVN Biohaven Ltd. call New 25,000 $353K
INMB Inmune Bio Inc. put New 130,200 $301K
ATYR Atyr Pharma Inc. put New 50,000 $254K
DYN Dyne Therapeutics Inc. call New 20,000 $190K
PHAT Phathom Pharmaceuticals Inc. call Sold out 10,100 $63Kbefore exit

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

Notes & Other Activity Q1 2025 → Q2 2025
COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26) NOTE 1.500% 4/1 · principal Sold out 5,625,000 $5.5Mbefore exit
BRIDGEBIO PHARMA INC NOTE 1.750% 3/0 · principal Sold out 2,666,627 $2.7Mbefore exit
JVSAR Jvspac Acquisition Corp.-RTS RIGHT 11/26/2026 Reduce -20.0% 24,000 $21K
IROHR Iron Horse Acquisitions Righ RIGHT 99/99/9999 Reduce -50.7% 12,320 $6K
KVAWF Keen Vision Acquisition C-28 *W EXP 03/15/202 New 75,000 $4K
UCFIW Iron Horse Acquisition Co.-29 *W EXP 09/30/203 Sold out 25,000 $800before 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