ADAR1 Capital Management, LLC

Name: ADAR1 Capital Management, LLC 13F holdings, Q3 2025
Creator: ADAR1 Capital Management, LLC
Published: 2025-11-14

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

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), ADAR1 Capital Management, LLC reported 196 stock positions worth $1.0 billion. Its top holding was Abivax SA-ADR (ABVX) at 11.4% of the portfolio, followed by Keros Therapeutics (KROS, 8.5%) and Protagonist Therapeutics (PTGX, 6.6%). Compared with Q2 2025, it opened 47 new positions, sold out of 43, added to 67 and reduced 50. The biggest buy was Immunovant (IMVT, shares +319%) and the biggest sale Prothena (PRTA, shares −56%).

Most Recent 13F: Q2 2026
Location: AUSTIN, TX
CIK: 0001940272
Portfolio Value: $1.0B (Q3 2025)
SEC Filing: 0001940272-25-000008 ↗ filed Nov 14, 2025

Holdings Value

Holdings 196 stocks · $1.0B


ABVX Abivax SA-ADR	11.44%	1,350,826	$114.7M	Reduce -56.0%
KROS Keros Therapeutics Inc.	8.50%	5,389,264	$85.3M	No change
PTGX Protagonist Therapeutics Inc.	6.55%	989,182	$65.7M	Add +4.3%
ROIV Roivant Sciences Ltd.	5.05%	3,347,501	$50.6M	Add +72.5%
BOXX Alpha Architect 1-3 MNTH Box	3.83%	337,125	$38.4M	No change
SPY SS SPDR S&P 500 ETF Trust-US	3.63%	54,684	$36.4M	Add +141.1%
IMVT Immunovant Inc.	3.60%	2,241,753	$36.1M	Add +319.0%
ETNB 89BIO Inc.	3.10%	2,113,153	$31.1M	Add +141.2%
ZLAB Zai Lab Ltd.-ADR	2.94%	868,780	$29.4M	Add +2.2%
CYTK Cytokinetics Inc.	2.84%	518,921	$28.5M	Reduce -10.9%
SEPN Septerna Inc.	2.21%	1,176,491	$22.1M	Add +38.9%
PRTA Prothena Corp. PLC	1.43%	1,469,098	$14.3M	Reduce -56.5%
BBIO Bridgebio Pharma Inc.	1.42%	273,414	$14.2M	Add +5.3%
ABUS Arbutus Biopharma Corp.	1.31%	2,903,226	$13.2M	Add +2.7%
RAPT Rapt Therapeutics Inc.	1.31%	507,771	$13.1M	Reduce -35.2%
CTMX Cytomx Therapeutics Inc.	1.29%	4,045,414	$12.9M	Add +31.3%
BIL SS SPDR BB 1-3M T-Bill ETF	1.24%	135,585	$12.4M	No change
AMLX Amylyx Pharmaceuticals Inc.	1.17%	866,202	$11.8M	Reduce -28.1%
BIOA Bioage Labs Inc.	1.10%	1,880,073	$11.1M	Reduce -3.0%
MNPR Monopar Therapeutics Inc.	1.06%	129,999	$10.6M	Add +28.8%
CRNX Crinetics Pharmaceuticals Inc.	1.03%	248,368	$10.3M	Add +367.5%
LXEO Lexeo Therapeutics Inc.	1.01%	1,531,953	$10.2M	Add +955.7%
CGON CG Oncology Inc.	1.00%	248,917	$10.0M	Reduce -52.4%
TSHA Taysha Gene Therapies Inc.	0.92%	2,835,680	$9.3M	Reduce -5.8%
REGN Regeneron Pharmaceuticals	0.88%	15,700	$8.8M	Add +367.1%
IONS Ionis Pharmaceuticals Inc.	0.87%	133,818	$8.8M	Reduce -9.9%
JANX Janux Therapeutics Inc.	0.86%	351,032	$8.6M	Add +465.4%
IKT Inhibikase Therapeutics Inc.	0.85%	5,247,603	$8.5M	Add +2.5%
IVVD Invivyd Inc.	0.81%	7,370,987	$8.1M	New
MTSR Metsera Inc.	0.80%	152,521	$8.0M	New
EQ Equillium Inc.	0.79%	5,559,988	$8.0M	New
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR	0.79%	750,000	$7.9M	No change
QURE Uniqure NV	0.78%	133,316	$7.8M	New
PCVX Vaxcyte Inc.	0.77%	213,064	$7.7M	Add +117.3%
RZLT Rezolute Inc.	0.77%	815,975	$7.7M	Reduce -17.5%
XENE Xenon Pharmaceuticals Inc.	0.76%	189,098	$7.6M	Reduce -27.1%
ASND Ascendis Pharma A/S	0.72%	36,345	$7.2M	Add +2492.4%
SVRA Savara Inc.	0.71%	1,988,288	$7.1M	Reduce -44.8%
SRPT Sarepta Therapeutics Inc.	0.67%	349,807	$6.7M	Add +66.3%
RVMD Revolution Medicines Inc.	0.65%	139,136	$6.5M	Add +3.7%
AAM Aa Mission Acquisition Cor-A	0.61%	578,359	$6.1M	No change
BBOT Bridgebio Oncology Therapeut	0.58%	501,228	$5.8M	New
VRNA Verona Pharma Ltd.	0.55%	51,450	$5.5M	Add +80.8%
OACCU Oaktree Acquisition III Life	0.55%	516,482	$5.5M	No change
TEVA Teva Pharmaceutical-SP ADR	0.54%	267,816	$5.4M	Reduce -22.6%
RYTM Rhythm Pharmaceuticals Inc.	0.50%	49,571	$5.0M	Add +9.2%
ATAIBECKLEY INC filed as ATAI LIFE SCIENCES NV	0.48%	913,242	$4.8M	New
UTHR United Therapeutics Corp.	0.47%	11,200	$4.7M	New
VKTX Viking Therapeutics Inc.	0.46%	175,919	$4.6M	Add +159.4%
REPL Replimune Group Inc.	0.41%	978,894	$4.1M	Add +9312.4%
NKTR Nektar Therapeutics	0.41%	72,007	$4.1M	Add +355.9%
ESTA Establishment Labs Holdings	0.37%	90,688	$3.7M	Add +262.8%
SNY Sanofi-ADR	0.35%	74,212	$3.5M	Add +642.1%
KRYS Krystal Biotech Inc.	0.33%	18,523	$3.3M	New
NAMS Newamsterdam Pharma Co. NV	0.32%	114,359	$3.3M	Add +1.8%
FULC Fulcrum Therapeutics Inc.	0.31%	341,612	$3.1M	Add +540.3%
MRUS Merus NV	0.31%	33,313	$3.1M	Add +81.9%
MLYS Mineralys Therapeutics Inc.	0.30%	78,238	$3.0M	Reduce -74.1%
KNSA Kiniksa Pharmaceuticals Inte	0.29%	75,187	$2.9M	Add +33.0%
CLDX Celldex Therapeutics Inc.	0.28%	109,442	$2.8M	Add +90.5%
ZURA Zura Bio Ltd.	0.28%	652,154	$2.8M	Reduce -34.6%
VRTX Vertex Pharmaceuticals Inc.	0.27%	7,000	$2.7M	New
ACLX Arcellx Inc.	0.26%	31,484	$2.6M	Add +125.5%
BIIB Biogen Inc.	0.25%	18,000	$2.5M	Add +252.9%
DCTH Delcath Systems Inc.	0.24%	224,385	$2.4M	Add +50.2%
RNAM Avidity Biosciences Inc.	0.23%	53,656	$2.3M	New
MDGL Madrigal Pharmaceuticals Inc.	0.22%	4,895	$2.2M	Add +364.4%
ASPC A Spac III Acquisition Class A	0.22%	215,000	$2.2M	No change
MASI Masimo Corp.	0.22%	15,000	$2.2M	New
VRDN Viridian Therapeutics Inc.	0.22%	101,704	$2.2M	Reduce -40.4%
SMMT Summit Therapeutics Inc.	0.21%	102,969	$2.1M	Add +758.1%
CDTX Cidara Therapeutics Inc.	0.21%	21,522	$2.1M	No change
RGNX Regenxbio Inc.	0.20%	205,409	$2.0M	Reduce -1.2%
KRRO Korro Bio Inc.	0.19%	40,235	$1.9M	Reduce -41.5%
RCKT Rocket Pharmaceuticals Inc.	0.19%	575,800	$1.9M	Add +108.8%
OABI Omniab Inc.	0.17%	1,090,628	$1.7M	Add +234.4%
ARWR Arrowhead Pharmaceuticals Inc.	0.17%	49,800	$1.7M	Reduce -9.8%
SLNO Soleno Therapeutics Inc.	0.17%	25,230	$1.7M	Add +45.6%
DVAX Dynavax Technologies Corp.	0.17%	170,000	$1.7M	No change
ALKS Alkermes PLC	0.17%	56,200	$1.7M	Add +24.9%
GLUE Monte Rosa Therapeutics Inc.	0.16%	215,752	$1.6M	New
MRK Merck & Co. Inc.	0.16%	18,540	$1.6M	Add +163.3%
CCIIU Cohen Circle Acquisition Cor	0.15%	150,000	$1.5M	New
ABOS Acumen Pharmaceuticals Inc.	0.15%	891,183	$1.5M	Reduce -2.7%
XNCR Xencor Inc.	0.15%	128,865	$1.5M	Add +50.1%
AGIO Agios Pharmaceuticals Inc.	0.15%	37,000	$1.5M	Add +3.1%
WW WW International Inc.-New filed as WW INTL INC	0.14%	52,450	$1.4M	New
ATXS Astria Therapeutics Inc.	0.14%	193,934	$1.4M	Reduce -22.3%
CNTA Centessa Pharmaceuticals Ltd.	0.13%	53,666	$1.3M	Reduce -81.9%
QUINCE THERAPEUTICS INC	0.13%	775,034	$1.3M	Add +442.1%
PFE Pfizer Inc.	0.11%	44,400	$1.1M	Add +12.7%
MLTX Moonlake Immunotherapeutics	0.11%	151,495	$1.1M	Add +341.5%
GRCE Grace Therapeutics Inc.	0.10%	350,450	$1.0M	Add +98.4%
NUVL Nuvalent Inc. Class A	0.10%	11,842	$1.0M	No change
BSAAU Best Spac I Acquisition Corp.	0.10%	100,000	$1.0M	No change
EA Electronic Arts Inc.	0.10%	4,936	$996K	New
BNTX Biontech SE-ADR	0.10%	10,000	$986K	New
CTNM Contineum Therapeutics Inc. Class A	0.09%	77,961	$916K	Reduce -53.3%
AVR Anteris Technologies Global	0.09%	197,615	$889K	Reduce -62.8%
TECX Tectonic Therapeutic Inc.	0.09%	56,007	$879K	Reduce -23.8%
WVE Wave Life Sciences Ltd.	0.09%	119,067	$872K	Add +3.7%
PHVS Pharvaris NV	0.08%	34,124	$851K	No change
LLY Eli Lilly & Co.	0.08%	1,000	$763K	Add +100.0%
LRMR Larimar Therapeutics Inc.	0.08%	235,689	$761K	Reduce -0.8%
SRRK Scholar Rock Holding Corp.	0.07%	20,087	$748K	Reduce -49.4%
DNLI Denali Therapeutics Inc.	0.07%	51,516	$748K	Add +44.2%
ACRS Aclaris Therapeutics Inc.	0.07%	373,682	$710K	New
LITS Lite Strategy Inc.	0.07%	292,397	$708K	New
ARVN Arvinas Inc.	0.07%	82,591	$704K	Reduce -35.9%
URGN Urogen Pharma Ltd.	0.07%	35,000	$698K	Add +250.0%
SUPN Supernus Pharmaceuticals Inc.	0.07%	14,418	$689K	New
DAY Dayforce Inc.	0.07%	10,000	$689K	New
MAZE Maze Therapeutics Inc.	0.07%	26,045	$675K	New
EWTX Edgewise Therapeutics Inc.	0.06%	40,000	$649K	No change
BABA Alibaba Group Holding-SP ADR	0.06%	3,578	$639K	New
GERN Geron Corp.	0.06%	456,176	$625K	Add +3.4%
SPRY Ars Pharmaceuticals Inc.	0.06%	59,230	$595K	New
SYRE Spyre Therapeutics Inc.	0.06%	34,051	$571K	No change
GOSS Gossamer Bio Inc.	0.06%	212,531	$559K	Reduce -6.5%
AEXA American Exceptionalism Class A	0.05%	50,000	$547K	New
IDYA Ideaya Biosciences Inc.	0.05%	20,000	$544K	New
LENZ Lenz Therapeutics Inc.	0.05%	11,619	$541K	New
NGNE Neurogene Inc.	0.05%	30,633	$531K	Add +3.4%
BHF Brighthouse Financial Inc.	0.05%	10,000	$531K	New
GTERU Globa Terra Acquisition Corp.	0.05%	50,000	$509K	New
PHAT Phathom Pharmaceuticals Inc.	0.05%	42,900	$505K	Reduce -32.4%
USFR Wisdomtree Floating Rate Tre	0.05%	10,000	$503K	No change
KZR Kezar Life Sciences Inc.	0.05%	124,967	$487K	Reduce -15.2%
KURA Kura Oncology Inc.	0.05%	55,000	$487K	Add +60.4%
ASMB Assembly Biosciences Inc.	0.05%	18,947	$485K	New
DYN Dyne Therapeutics Inc.	0.05%	37,663	$476K	Add +63.3%
KPRX Kiora Pharmaceuticals Inc.	0.05%	167,941	$467K	Add +0.5%
APLS Apellis Pharmaceuticals Inc.	0.05%	20,000	$453K	Add +17.6%
INSP Inspire Medical Systems Inc.	0.04%	6,000	$445K	New
NVCR Novocure Ltd.	0.04%	34,000	$439K	New
INTELLIGENT BIO SOLUTIONS IN	0.04%	426,433	$435K	New
SGRY Surgery Partners Inc.	0.04%	20,000	$433K	Reduce -50.0%
GPCR Structure Therapeutics Inc.	0.04%	15,200	$426K	Add +1.3%
AVTX Avalo Therapeutics Inc.	0.04%	32,393	$412K	Reduce -69.1%
TENX Tenax Therapeutics Inc.	0.04%	53,428	$407K	Reduce -65.7%
VTGN Vistagen Therapeutics Inc.	0.04%	113,062	$401K	Reduce -73.1%
ORKA Oruka Therapeutics Inc.	0.04%	20,840	$401K	Reduce -85.4%
GH Guardant Health Inc.	0.04%	6,000	$375K	New
BHVN Biohaven Ltd.	0.04%	24,341	$365K	Reduce -24.7%
OLMA Olema Pharmaceuticals Inc.	0.04%	36,200	$354K	New
JD Jd.com Inc.-ADR	0.03%	10,000	$350K	New
LUNG Pulmonx Corp.	0.03%	214,497	$347K	Add +4.9%
CNTX Context Therapeutics Inc.	0.03%	351,094	$340K	No change
JAZZ Jazz Pharmaceuticals PLC	0.03%	2,500	$330K	Reduce -9.1%
AVTR Avantor Inc.	0.03%	25,000	$312K	Add +150.0%
ANSC Agriculture & Natural Soluti	0.03%	27,062	$296K	No change
AKRO Akero Therapeutics Inc.	0.03%	6,143	$292K	Reduce -81.5%
NRIX Nurix Therapeutics Inc.	0.03%	31,200	$288K	No change
PCAPU Procap Acquisition Corp.	0.03%	26,940	$283K	Add +152.3%
HRMY Harmony Biosciences Holdings	0.03%	10,245	$282K	New
RARE Ultragenyx Pharmaceutical Inc.	0.03%	9,000	$271K	New
CLYM Climb Bio Inc.	0.03%	133,530	$268K	Add +11.9%
BMRN Biomarin Pharmaceutical Inc.	0.03%	4,900	$265K	No change
VTYX Ventyx Biosciences Inc.	0.03%	81,600	$254K	Reduce -51.6%
ALMS Alumis Inc.	0.02%	61,291	$245K	Add +62.2%
FLNA Filana Therapeutics Inc. filed as CASSAVA SCIENCES INC	0.02%	81,000	$236K	New
TXMD Therapeuticsmd Inc.	0.02%	209,210	$225K	No change
KALA Kala Bio Inc.	0.02%	141,995	$217K	Reduce -5.2%
SPRO Spero Therapeutics Inc.	0.02%	115,539	$217K	Reduce -19.7%
BCAX Bicara Therapeutics Inc.	0.02%	13,705	$216K	Reduce -40.1%
IFRX Inflarx NV	0.02%	159,479	$214K	New
DAWN Day One Biopharmaceuticals I	0.02%	28,023	$198K	No change
HELP Cybin Inc.	0.02%	33,278	$196K	New
CMPX Compass Therapeutics Inc.	0.02%	50,000	$175K	Add +100.0%
RXRX Recursion Pharmaceuticals-A	0.02%	35,000	$171K	No change
PEPG Pepgen Inc.	0.02%	36,842	$170K	Add +81.0%
KPTI Karyopharm Therapeutics Inc.	0.02%	25,000	$164K	New
VYGR Voyager Therapeutics Inc.	0.02%	35,000	$163K	Reduce -56.2%
TARA Protara Therapeutic Inc.	0.02%	35,223	$153K	Reduce -71.3%
ACHV Achieve Life Sciences Inc.	0.01%	47,800	$151K	Add +10.7%
CLOV Clover Health Investments Co.	0.01%	48,300	$148K	No change
FDMT 4D Molecular Therapeutics Inc.	0.01%	16,712	$145K	New
PMVP PMV Pharmaceuticals Inc.	0.01%	101,008	$141K	No change
GBIO Generation Bio Co.	0.01%	22,144	$136K	New
CRBP Corbus Pharmaceuticals Holdi	0.01%	10,200	$129K	New
ATYR Atyr Pharma Inc.	0.01%	175,000	$126K	New
KALV Kalvista Pharmaceuticals Inc.	0.01%	10,000	$122K	No change
OGN Organon & Co.	0.01%	10,000	$107K	No change
SLN Silence Therapeutics PLC-ADR	0.01%	18,643	$97K	No change
ZNTL Zentalis Pharmaceuticals Inc.	0.01%	50,000	$76K	No change
TERN Terns Pharmaceuticals Inc.	0.01%	10,000	$75K	Reduce -64.8%
BIOMX INC	0.00%	77,656	$41K	Reduce -74.1%
SABS Sab Biotherapeutics Inc.	0.00%	15,000	$30K	New
NERV Minerva Neurosciences Inc.	0.00%	12,406	$26K	No change
MURA Mural Oncology PLC	0.00%	11,855	$25K	No change
IBIO Ibio Inc.	0.00%	27,000	$22K	Reduce -50.8%
PRQR Proqr Therapeutics NV	0.00%	10,000	$21K	No change
GUTS Fractyl Health Inc.	0.00%	13,097	$21K	New
CHRS Coherus Oncology Inc.	0.00%	10,366	$17K	No change
OVID Ovid Therapeutics Inc.	0.00%	12,846	$17K	Reduce -88.9%
CYPH Cypherpunk Technologies Inc. filed as LEAP THERAPEUTICS INC	0.00%	25,830	$12K	Reduce -35.3%

Options reported separately and not counted above: SPY puts ($30.3M), QURE calls ($11.7M), AAM calls ($4.3M), XBI puts ($4.0M), KVACF calls ($863K), URGN calls ($798K), FULC calls ($690K), NVCR calls ($388K), BHVN calls ($375K), DYN calls ($253K), OLMA calls ($245K), REPL calls ($210K), and 6 more.

Other holdings (3): bonds, preferreds, convertibles and warrants · $2.9M (not counted above)

Security	Class	Shares / Principal	Value	Change
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	20,000	$2.8M	Reduce -99.0%
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	45,000	$44K	Reduce -99.0%
ASPCR A Spac III Acquisition Corp.	RIGHT 01/02/2026	215,000	$41K	No change

Total filed on the 13F, all lines: $1.0B.

Portfolio Sells Q2 2025 → Q3 2025


PRTA Prothena Corp. PLC	Reduce -56.5%	1.43%	−1.93
CGON CG Oncology Inc.	Reduce -52.4%	1.00%	−1.23
SAGE Sage Therapeutics Inc.	Sold out	0.00%	−1.08
VERV Verve Therapeutics Inc.	Sold out	0.00%	−0.86
BBOT Bridgebio Oncology Therapeut	Sold out	0.00%	−0.77
SHY iShares 1-3 Year Treasury Bo	Sold out	0.00%	−0.73
SVRA Savara Inc.	Reduce -44.8%	0.71%	−0.64
ARDX Ardelyx Inc.	Sold out	0.00%	−0.59
XENE Xenon Pharmaceuticals Inc.	Reduce -27.1%	0.76%	−0.58
THRD Third Harmonic Bio Inc.	Sold out	0.00%	−0.56
CNTA Centessa Pharmaceuticals Ltd.	Reduce -81.9%	0.13%	−0.51
TEVA Teva Pharmaceutical-SP ADR	Reduce -22.6%	0.54%	−0.41
ALEC Alector Inc.	Sold out	0.00%	−0.40
MLYS Mineralys Therapeutics Inc.	Reduce -74.1%	0.30%	−0.38
CRMD Cormedix Inc.	Sold out	0.00%	−0.35
BPMC Blueprint Medicines Corp.	Sold out	0.00%	−0.32
CYTK Cytokinetics Inc.	Reduce -10.9%	2.84%	−0.31
AKRO Akero Therapeutics Inc.	Reduce -81.5%	0.03%	−0.26
AVR Anteris Technologies Global	Reduce -62.8%	0.09%	−0.24
ORKA Oruka Therapeutics Inc.	Reduce -85.4%	0.04%	−0.22
TSHA Taysha Gene Therapies Inc.	Reduce -5.8%	0.92%	−0.22
BIOA Bioage Labs Inc.	Reduce -3.0%	1.10%	−0.21
VIR Vir Biotechnology Inc.	Sold out	0.00%	−0.21
SWTX Springworks Therapeutics Inc.	Sold out	0.00%	−0.19
VRDN Viridian Therapeutics Inc.	Reduce -40.4%	0.22%	−0.17
ARGX Argenx SE - ADR	Sold out	0.00%	−0.16
ALDX Aldeyra Therapeutics Inc.	Sold out	0.00%	−0.16
SRRK Scholar Rock Holding Corp.	Reduce -49.4%	0.07%	−0.16
TECX Tectonic Therapeutic Inc.	Reduce -23.8%	0.09%	−0.15
KVACF Keen Vision Acquisition Corp.	Sold out	0.00%	−0.14
APGE Apogee Therapeutics Inc.	Sold out	0.00%	−0.13
TENX Tenax Therapeutics Inc.	Reduce -65.7%	0.04%	−0.11
SGRY Surgery Partners Inc.	Reduce -50.0%	0.04%	−0.10
VTGN Vistagen Therapeutics Inc.	Reduce -73.1%	0.04%	−0.10
KYMR Kymera Therapeutics Inc.	Sold out	0.00%	−0.10
KALA Kala Bio Inc.	Reduce -5.2%	0.02%	−0.10
AMLX Amylyx Pharmaceuticals Inc.	Reduce -28.1%	1.17%	−0.09
IONS Ionis Pharmaceuticals Inc.	Reduce -9.9%	0.87%	−0.09
ARVN Arvinas Inc.	Reduce -35.9%	0.07%	−0.09
RGNX Regenxbio Inc.	Reduce -1.2%	0.20%	−0.08
ATXS Astria Therapeutics Inc.	Reduce -22.3%	0.14%	−0.08
NETD Nabors Energy Transition C-A	Sold out	0.00%	−0.07
NTRA Natera Inc.	Sold out	0.00%	−0.07
KZR Kezar Life Sciences Inc.	Reduce -15.2%	0.05%	−0.06
PYPD Polypid Ltd.	Sold out	0.00%	−0.06
STOK Stoke Therapeutics Inc.	Sold out	0.00%	−0.05
PHAT Phathom Pharmaceuticals Inc.	Reduce -32.4%	0.05%	−0.05
SPRO Spero Therapeutics Inc.	Reduce -19.7%	0.02%	−0.05
TARA Protara Therapeutic Inc.	Reduce -71.3%	0.02%	−0.05
AVTX Avalo Therapeutics Inc.	Reduce -69.1%	0.04%	−0.04

Portfolio Buys Q2 2025 → Q3 2025


IMVT Immunovant Inc.	Add +319.0%	3.60%	+2.20
ETNB 89BIO Inc.	Add +141.2%	3.10%	+1.69
ROIV Roivant Sciences Ltd.	Add +72.5%	5.05%	+1.46
SPY SS SPDR S&P 500 ETF Trust-US	Add +141.1%	3.63%	+1.33
LXEO Lexeo Therapeutics Inc.	Add +955.7%	1.01%	+0.92
IVVD Invivyd Inc.	New	0.81%	+0.81
MTSR Metsera Inc.	New	0.80%	+0.80
EQ Equillium Inc.	New	0.79%	+0.79
CRNX Crinetics Pharmaceuticals Inc.	Add +367.5%	1.03%	+0.78
QURE Uniqure NV	New	0.78%	+0.78
SEPN Septerna Inc.	Add +38.9%	2.21%	+0.74
ASND Ascendis Pharma A/S	Add +2492.4%	0.72%	+0.68
JANX Janux Therapeutics Inc.	Add +465.4%	0.86%	+0.62
REGN Regeneron Pharmaceuticals	Add +367.1%	0.88%	+0.59
BBOT Bridgebio Oncology Therapeut	New	0.58%	+0.58
ATAIBECKLEY INC	New	0.48%	+0.48
UTHR United Therapeutics Corp.	New	0.47%	+0.47
MNPR Monopar Therapeutics Inc.	Add +28.8%	1.06%	+0.47
REPL Replimune Group Inc.	Add +9312.4%	0.41%	+0.39
NKTR Nektar Therapeutics	Add +355.9%	0.41%	+0.34
KRYS Krystal Biotech Inc.	New	0.33%	+0.33
VRTX Vertex Pharmaceuticals Inc.	New	0.27%	+0.27
SNY Sanofi-ADR	Add +642.1%	0.35%	+0.27
FULC Fulcrum Therapeutics Inc.	Add +540.3%	0.31%	+0.25
PCVX Vaxcyte Inc.	Add +117.3%	0.77%	+0.24
RNAM Avidity Biosciences Inc.	New	0.23%	+0.23
MASI Masimo Corp.	New	0.22%	+0.22
ESTA Establishment Labs Holdings	Add +262.8%	0.37%	+0.20
MDGL Madrigal Pharmaceuticals Inc.	Add +364.4%	0.22%	+0.17
SMMT Summit Therapeutics Inc.	Add +758.1%	0.21%	+0.17
VKTX Viking Therapeutics Inc.	Add +159.4%	0.46%	+0.17
GLUE Monte Rosa Therapeutics Inc.	New	0.16%	+0.16
MRUS Merus NV	Add +81.9%	0.31%	+0.15
CCIIU Cohen Circle Acquisition Cor	New	0.15%	+0.15
BIIB Biogen Inc.	Add +252.9%	0.25%	+0.15
WW WW International Inc.-New	New	0.14%	+0.14
CTMX Cytomx Therapeutics Inc.	Add +31.3%	1.29%	+0.14
ACLX Arcellx Inc.	Add +125.5%	0.26%	+0.11
VRNA Verona Pharma Ltd.	Add +80.8%	0.55%	+0.11
EA Electronic Arts Inc.	New	0.10%	+0.10
BNTX Biontech SE-ADR	New	0.10%	+0.10
CLDX Celldex Therapeutics Inc.	Add +90.5%	0.28%	+0.09
QUINCE THERAPEUTICS INC	Add +442.1%	0.13%	+0.09
SRPT Sarepta Therapeutics Inc.	Add +66.3%	0.67%	+0.08
OABI Omniab Inc.	Add +234.4%	0.17%	+0.08
RCKT Rocket Pharmaceuticals Inc.	Add +108.8%	0.19%	+0.08
ACRS Aclaris Therapeutics Inc.	New	0.07%	+0.07
LITS Lite Strategy Inc.	New	0.07%	+0.07
DAY Dayforce Inc.	New	0.07%	+0.07
SUPN Supernus Pharmaceuticals Inc.	New	0.07%	+0.07

Options Activity Q2 2025 → Q3 2025


SPY SS SPDR S&P 500 ETF Trust-US	put	Add +12.3%	45,500	$30.3M
QURE Uniqure NV	call	New	200,000	$11.7M
JANX Janux Therapeutics Inc.	call	Sold out	264,900	$6.1Mbefore exit
AAM Aa Mission Acquisition Cor-A	call	New	405,089	$4.3M
XBI SS SPDR S&P Biotech ETF	put	New	40,000	$4.0M
SMMT Summit Therapeutics Inc.	call	Sold out	100,000	$2.1Mbefore exit
SRPT Sarepta Therapeutics Inc.	call	Sold out	55,000	$941Kbefore exit
NKTR Nektar Therapeutics	put	Sold out	35,000	$904Kbefore exit
KVACF Keen Vision Acquisition Corp.	call	New	75,000	$863K
URGN Urogen Pharma Ltd.	call	New	40,000	$798K
FULC Fulcrum Therapeutics Inc.	call	New	75,000	$690K
NVCR Novocure Ltd.	call	New	30,000	$388K
INMB Inmune Bio Inc.	put	Sold out	130,200	$301Kbefore exit
OLMA Olema Pharmaceuticals Inc.	call	New	25,000	$245K
REPL Replimune Group Inc.	call	New	50,000	$210K
ATYR Atyr Pharma Inc.	put	Add +345.0%	222,500	$161K
GOSS Gossamer Bio Inc.	call	New	55,100	$145K
MLTX Moonlake Immunotherapeutics	call	New	17,000	$122K
IOVA Iovance Biotherapeutics Inc.	call	New	50,000	$109K
STI Solidion Technology Inc.	call	New	13,500	$63K
ATYR Atyr Pharma Inc.	call	New	84,800	$61K

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

Notes & Other Activity Q2 2025 → Q3 2025


BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27)	NOTE 2.500% 3/1 · principal	Reduce -99.0%	20,000	$2.8M
AAM.WS Aa Mission Acquisition -30	*W EXP 08/01/203	Sold out	505,099	$50Kbefore exit
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	Reduce -99.0%	45,000	$44K
JVSAR Jvspac Acquisition Corp.-RTS	RIGHT 11/26/2026	Sold out	24,000	$21Kbefore exit
IROHR Iron Horse Acquisitions Righ	RIGHT 99/99/9999	Sold out	12,320	$6Kbefore exit
KVAWF Keen Vision Acquisition C-28	*W EXP 03/15/202	Sold out	75,000	$4Kbefore exit
EMCRF Embrace Change Acq-Rights	RIGHT 10/25/2026	Sold out	13,144	$2Kbefore exit
EMCWF Embrace Change Acquisitio-26	*W EXP 10/25/202	Sold out	18,000	$360before 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