ADAR1 Capital Management, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 18, 2026), ADAR1 Capital Management, LLC reported 248 stock positions worth $1.3 billion. Its top holding was Abivax SA-ADR (ABVX) at 13.3% of the portfolio, followed by Protagonist Therapeutics (PTGX, 6.9%) and Roivant Sciences (ROIV, 5.6%). Compared with Q3 2025, it opened 78 new positions, sold out of 26, added to 79 and reduced 46. The biggest buy was Avidity Biosciences (RNAM, shares +919%) and the biggest sale Keros Therapeutics (KROS, shares −100%).

Most Recent 13F
Q2 2026
Location
AUSTIN, TX
CIK
0001940272
Portfolio Value
$1.3B (Q4 2025)
SEC Filing
0001940272-26-000003 ↗ filed Feb 18, 2026

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 Q2 2025 Q3 2025: $1.0B Q3 2025 Q4 2025: $1.3B $1.3B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $2.1B Q2 2026

Holdings 248 stocks · $1.3B
ABVX Abivax SA-ADR 13.29% 1,317,329 $177.6M Reduce -2.5%
PTGX Protagonist Therapeutics Inc. 6.85% 1,049,168 $91.6M Add +6.1%
ROIV Roivant Sciences Ltd. 5.57% 3,428,962 $74.4M Add +2.4%
IMVT Immunovant Inc. 4.72% 2,480,968 $63.1M Add +10.7%
RNAM Avidity Biosciences Inc. 2.95% 546,534 $39.4M Add +918.6%
BOXX Alpha Architect 1-3 MNTH Box 2.90% 337,125 $38.8M No change
SPY SS SPDR S&P 500 ETF Trust-US 2.79% 54,684 $37.3M No change
CYTK Cytokinetics Inc. 2.57% 540,166 $34.3M Add +4.1%
SEPN Septerna Inc. 2.41% 1,157,611 $32.3M Reduce -1.6%
ABUS Arbutus Biopharma Corp. 1.95% 5,415,109 $26.0M Add +86.5%
ZLAB Zai Lab Ltd.-ADR 1.64% 1,246,520 $22.0M Add +43.5%
TERN Terns Pharmaceuticals Inc. 1.64% 541,615 $21.9M Add +5316.1%
CTMX Cytomx Therapeutics Inc. 1.33% 4,182,769 $17.8M Add +3.4%
CLDX Celldex Therapeutics Inc. 1.31% 646,767 $17.6M Add +491.0%
RAPT Rapt Therapeutics Inc. 1.29% 509,679 $17.3M Add +0.4%
IKT Inhibikase Therapeutics Inc. 1.24% 8,063,949 $16.5M Add +53.7%
BBIO Bridgebio Pharma Inc. 1.22% 213,414 $16.3M Reduce -21.9%
MNPR Monopar Therapeutics Inc. 1.14% 233,908 $15.3M Add +79.9%
PCVX Vaxcyte Inc. 1.09% 315,642 $14.6M Add +48.1%
CRNX Crinetics Pharmaceuticals Inc. 1.08% 309,368 $14.4M Add +24.6%
FULC Fulcrum Therapeutics Inc. 1.06% 1,253,749 $14.2M Add +267.0%
PRTA Prothena Corp. PLC 1.04% 1,457,764 $13.9M Reduce -0.8%
LXEO Lexeo Therapeutics Inc. 1.03% 1,393,161 $13.8M Reduce -9.1%
TSHA Taysha Gene Therapies Inc. 1.03% 2,495,809 $13.7M Reduce -12.0%
CDTX Cidara Therapeutics Inc. 0.99% 59,677 $13.2M Add +177.3%
IVA Inventiva SA - ADR 0.94% 2,709,846 $12.6M New
ESTA Establishment Labs Holdings 0.93% 171,422 $12.5M Add +89.0%
BIL SS SPDR BB 1-3M T-Bill ETF 0.93% 135,585 $12.4M No change
REPL Replimune Group Inc. 0.90% 1,241,322 $12.1M Add +26.8%
IONS Ionis Pharmaceuticals Inc. 0.87% 147,130 $11.6M Add +9.9%
RVMD Revolution Medicines Inc. 0.86% 145,079 $11.6M Add +4.3%
AMLX Amylyx Pharmaceuticals Inc. 0.80% 890,356 $10.8M Add +2.8%
CGON CG Oncology Inc. 0.80% 258,139 $10.7M Add +3.7%
TFX Teleflex Inc. 0.74% 80,627 $9.8M New
IVVD Invivyd Inc. 0.72% 3,899,397 $9.6M Reduce -47.1%
REGN Regeneron Pharmaceuticals 0.70% 12,051 $9.3M Reduce -23.2%
XENE Xenon Pharmaceuticals Inc. 0.68% 203,969 $9.1M Add +7.9%
EQ Equillium Inc. 0.65% 5,608,078 $8.7M Add +0.9%
SVRA Savara Inc. 0.63% 1,405,452 $8.5M Reduce -29.3%
MAZE Maze Therapeutics Inc. 0.56% 179,532 $7.4M Add +589.3%
TEVA Teva Pharmaceutical-SP ADR 0.55% 235,971 $7.4M Reduce -11.9%
CBIO Crescent Biopharma Inc. 0.54% 606,000 $7.2M New
OVID Ovid Therapeutics Inc. 0.52% 4,285,000 $7.0M Add +33256.7%
BLTE Belite Bio Inc. - ADR 0.48% 39,839 $6.4M New
VRTX Vertex Pharmaceuticals Inc. 0.47% 13,716 $6.2M Add +95.9%
BHF Brighthouse Financial Inc. 0.46% 95,523 $6.2M Add +855.2%
AVR Anteris Technologies Global 0.46% 1,238,777 $6.2M Add +526.9%
AAM Aa Mission Acquisition Cor-A 0.46% 578,359 $6.2M No change
TARA Protara Therapeutic Inc. 0.45% 1,136,799 $6.1M Add +3127.4%
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.45% 456,720 $6.0M Reduce -39.1%
DHR Danaher Corp. 0.44% 25,600 $5.9M New
CLYM Climb Bio Inc. 0.43% 1,432,475 $5.7M Add +972.8%
QURE Uniqure NV 0.42% 235,155 $5.6M Add +76.4%
RYTM Rhythm Pharmaceuticals Inc. 0.41% 51,349 $5.5M Add +3.6%
OACCU Oaktree Acquisition III Life 0.41% 516,482 $5.5M No change
ASND Ascendis Pharma A/S 0.40% 25,314 $5.4M Reduce -30.4%
AGIO Agios Pharmaceuticals Inc. 0.38% 188,000 $5.1M Add +408.1%
SPRB Spruce Biosciences Inc. 0.38% 58,000 $5.1M New
MLYS Mineralys Therapeutics Inc. 0.37% 136,231 $4.9M Add +74.1%
KRYS Krystal Biotech Inc. 0.37% 20,014 $4.9M Add +8.1%
PALI Palisade Bio Inc. 0.35% 2,004,845 $4.7M New
SPRY Ars Pharmaceuticals Inc. 0.32% 369,569 $4.3M Add +524.0%
BIIB Biogen Inc. 0.32% 24,300 $4.3M Add +35.0%
NAMS Newamsterdam Pharma Co. NV 0.31% 118,623 $4.2M Add +3.7%
AEXA American Exceptionalism Class A 0.30% 357,539 $4.1M Add +615.1%
ARWR Arrowhead Pharmaceuticals Inc. 0.29% 58,200 $3.9M Add +16.9%
ATAIBECKLEY INC 0.28% 913,242 $3.7M No change
CRVS Corvus Pharmaceuticals Inc. 0.27% 465,875 $3.6M New
JANX Janux Therapeutics Inc. 0.25% 245,452 $3.4M Reduce -30.1%
GLUE Monte Rosa Therapeutics Inc. 0.25% 215,752 $3.4M No change
AVDL Avadel Pharmaceuticals Ltd. 0.24% 150,532 $3.2M New
CTNM Contineum Therapeutics Inc. Class A 0.24% 278,961 $3.2M Add +257.8%
EVMN Evommune Inc. 0.24% 184,062 $3.2M New
SNY Sanofi-ADR 0.23% 63,474 $3.1M Reduce -14.5%
SRRK Scholar Rock Holding Corp. 0.23% 69,589 $3.1M Add +246.4%
NKTR Nektar Therapeutics 0.23% 72,031 $3.0M Add +0.0%
IWM iShares Russell 2000 ETF 0.22% 12,070 $3.0M New
ZURA Zura Bio Ltd. 0.22% 562,065 $2.9M Reduce -13.8%
OKUR Onkure Therapeutics Inc. Class A 0.22% 1,014,158 $2.9M New
URGN Urogen Pharma Ltd. 0.22% 125,375 $2.9M Add +258.2%
LONA Leonabio Inc. filed as ATHIRA PHARMA INC 0.22% 393,701 $2.9M New
BBOT Bridgebio Oncology Therapeut 0.21% 226,248 $2.8M Reduce -54.9%
ELDN Eledon Pharmaceuticals Inc. 0.21% 1,821,812 $2.8M New
ENGN Engene Holdings Inc. 0.21% 303,686 $2.7M New
DVAX Dynavax Technologies Corp. 0.20% 170,000 $2.6M No change
INO Inovio Pharmaceuticals Inc. 0.19% 1,485,008 $2.6M New
VRDN Viridian Therapeutics Inc. 0.18% 77,198 $2.4M Reduce -24.1%
PHVS Pharvaris NV 0.18% 85,528 $2.4M Add +150.6%
CRBP Corbus Pharmaceuticals Holdi 0.17% 286,781 $2.3M Add +2711.6%
ATXS Astria Therapeutics Inc. 0.17% 173,557 $2.3M Reduce -10.5%
DCTH Delcath Systems Inc. 0.17% 224,385 $2.3M No change
EWTX Edgewise Therapeutics Inc. 0.17% 90,999 $2.3M Add +127.5%
GRCE Grace Therapeutics Inc. 0.17% 641,988 $2.2M Add +83.2%
RGNX Regenxbio Inc. 0.16% 144,848 $2.1M Reduce -29.5%
ACLX Arcellx Inc. 0.15% 31,484 $2.1M No change
OLMA Olema Pharmaceuticals Inc. 0.15% 81,399 $2.0M Add +124.9%
MASI Masimo Corp. 0.15% 15,000 $2.0M No change
HELP Cybin Inc. 0.15% 238,390 $2.0M Add +616.4%
SLNO Soleno Therapeutics Inc. 0.14% 41,830 $1.9M Add +65.8%
ABOS Acumen Pharmaceuticals Inc. 0.14% 891,183 $1.9M No change
ACRS Aclaris Therapeutics Inc. 0.14% 613,986 $1.8M Add +64.3%
PFE Pfizer Inc. 0.13% 72,400 $1.8M Add +63.1%
BIOA Bioage Labs Inc. 0.13% 135,560 $1.8M Reduce -92.8%
ALKS Alkermes PLC 0.13% 63,700 $1.8M Add +13.3%
GMED Globus Medical Inc. Class A 0.13% 20,100 $1.8M New
ALEC Alector Inc. 0.13% 1,108,000 $1.7M New
RCKT Rocket Pharmaceuticals Inc. 0.12% 475,800 $1.7M Reduce -17.4%
WW WW International Inc.-New filed as WW INTL INC 0.12% 57,100 $1.7M Add +8.9%
SMMT Summit Therapeutics Inc. 0.12% 91,869 $1.6M Reduce -10.8%
CCIIU Cohen Circle Acquisition Cor 0.12% 150,000 $1.6M No change
SUPN Supernus Pharmaceuticals Inc. 0.11% 29,742 $1.5M Add +106.3%
INSP Inspire Medical Systems Inc. 0.10% 15,000 $1.4M Add +150.0%
NRIX Nurix Therapeutics Inc. 0.10% 72,070 $1.4M Add +131.0%
JAZZ Jazz Pharmaceuticals PLC 0.10% 8,000 $1.4M Add +220.0%
OABI Omniab Inc. 0.10% 702,190 $1.3M Reduce -35.6%
TNGX Tango Therapeutics Inc. 0.09% 140,021 $1.2M New
ADGM Adagio Medical Holdings Inc. 0.09% 1,159,614 $1.2M New
KNSA Kiniksa Pharmaceuticals Inte 0.09% 28,728 $1.2M Reduce -61.8%
SYRE Spyre Therapeutics Inc. 0.08% 34,051 $1.1M No change
ACET Adicet Bio Inc. 0.08% 128,646 $1.1M New
BMY Bristol-Myers Squibb Co. 0.08% 20,000 $1.1M New
TNYA Tenaya Therapeutics Inc. 0.08% 1,505,300 $1.1M New
BSAAU Best Spac I Acquisition Corp. 0.08% 100,000 $1.0M No change
MRK Merck & Co. Inc. 0.08% 9,640 $1.0M Reduce -48.0%
INFQ Infleqtion Inc. filed as CHURCHILL CAP CORP X 0.08% 64,887 $1.0M New
EA Electronic Arts Inc. 0.08% 4,936 $1.0M No change
MCK McKesson Corp. 0.07% 1,200 $984K New
CNTA Centessa Pharmaceuticals Ltd. 0.07% 38,566 $965K Reduce -28.1%
BNTX Biontech SE-ADR 0.07% 10,000 $952K No change
VKTX Viking Therapeutics Inc. 0.07% 26,494 $932K Reduce -84.9%
UTHR United Therapeutics Corp. 0.07% 1,900 $926K Reduce -83.0%
PLYM Plymouth Industrial REIT Inc. 0.07% 41,065 $899K New
FDMT 4D Molecular Therapeutics Inc. 0.07% 116,712 $875K Add +598.4%
DNLI Denali Therapeutics Inc. 0.06% 52,116 $860K Add +1.2%
XNCR Xencor Inc. 0.06% 56,165 $860K Reduce -56.4%
KLRS Kalaris Therapeutics Inc. 0.06% 100,000 $844K New
QNRX Quoin Pharmaceuticals LT-ADR 0.06% 58,230 $840K New
DYN Dyne Therapeutics Inc. 0.06% 42,674 $835K Add +13.3%
AZN Astrazeneca PLC-Spons ADR 0.06% 9,000 $827K New
GILD Gilead Sciences Inc. 0.06% 6,666 $818K New
AVTR Avantor Inc. 0.06% 70,000 $802K Add +180.0%
ARE Alexandria Real Estate Equit 0.06% 16,300 $798K New
LUNG Pulmonx Corp. 0.06% 355,410 $785K Add +65.7%
IBIO Ibio Inc. 0.06% 405,531 $783K Add +1402.0%
TENX Tenax Therapeutics Inc. 0.06% 63,673 $776K Add +19.2%
STRO Sutro Biopharma Inc. 0.06% 67,077 $776K New
BMRN Biomarin Pharmaceutical Inc. 0.06% 12,900 $767K Add +163.3%
CMPX Compass Therapeutics Inc. 0.06% 139,000 $746K Add +178.0%
VERA Vera Therapeutics Inc. 0.06% 14,733 $746K New
KZR Kezar Life Sciences Inc. 0.06% 117,440 $739K Reduce -6.0%
VTYX Ventyx Biosciences Inc. 0.06% 81,600 $737K No change
GH Guardant Health Inc. 0.05% 7,000 $715K Add +16.7%
PHAT Phathom Pharmaceuticals Inc. 0.05% 42,900 $712K No change
LRMR Larimar Therapeutics Inc. 0.05% 185,689 $707K Reduce -21.2%
IDYA Ideaya Biosciences Inc. 0.05% 20,000 $691K No change
ARVN Arvinas Inc. 0.05% 58,091 $689K Reduce -29.7%
NUVL Nuvalent Inc. Class A 0.05% 6,842 $688K Reduce -42.2%
ASMB Assembly Biosciences Inc. 0.05% 19,747 $672K Add +4.2%
FWRD Forward Air Corp. 0.05% 26,635 $666K New
GOSS Gossamer Bio Inc. 0.05% 212,531 $659K No change
ENTA Enanta Pharmaceuticals Inc. 0.05% 41,357 $652K New
ORKA Oruka Therapeutics Inc. 0.05% 20,840 $632K No change
NGNE Neurogene Inc. 0.05% 30,633 $631K No change
TECX Tectonic Therapeutic Inc. 0.05% 30,007 $626K Reduce -46.4%
SRPT Sarepta Therapeutics Inc. 0.05% 28,866 $621K Reduce -91.8%
ISRG Intuitive Surgical Inc. 0.04% 1,020 $578K New
KYTX Kyverna Therapeutics Inc. 0.04% 57,428 $540K New
BABA Alibaba Group Holding-SP ADR 0.04% 3,578 $524K No change
MDGL Madrigal Pharmaceuticals Inc. 0.04% 895 $521K Reduce -81.7%
CGEM Cullinan Therapeutics Inc. 0.04% 50,000 $518K New
CNTX Context Therapeutics Inc. 0.04% 351,094 $516K No change
GTERU Globa Terra Acquisition Corp. 0.04% 50,000 $514K No change
USFR Wisdomtree Floating Rate Tre 0.04% 10,000 $503K No change
APLS Apellis Pharmaceuticals Inc. 0.04% 20,000 $502K No change
NTRA Natera Inc. 0.04% 2,147 $492K New
BSX Boston Scientific Corp. 0.04% 5,000 $477K New
ELVN Enliven Therapeutics Inc. 0.03% 30,000 $462K New
ELAN Elanco Animal Health Inc. 0.03% 20,000 $453K New
PYPD Polypid Ltd. 0.03% 103,950 $451K New
GERN Geron Corp. 0.03% 336,176 $444K Reduce -26.3%
PRAX Praxis Precision Medicines I 0.03% 1,500 $442K New
NVCR Novocure Ltd. 0.03% 34,000 $440K No change
CORZ Core Scientific Inc. 0.03% 30,000 $437K New
OMER Omeros Corp. 0.03% 25,000 $429K New
KURA Kura Oncology Inc. 0.03% 40,000 $416K Reduce -27.3%
VTGN Vistagen Therapeutics Inc. 0.03% 623,575 $413K Add +451.5%
BHVN Biohaven Ltd. 0.03% 34,277 $387K Add +40.8%
KROS Keros Therapeutics Inc. 0.03% 18,851 $384K Reduce -99.7%
KPTI Karyopharm Therapeutics Inc. 0.03% 50,000 $368K Add +100.0%
KIDS Orthopediatrics Corp. 0.03% 19,845 $352K New
BCRX Biocryst Pharmaceuticals Inc. 0.03% 45,000 $351K New
AUPH Aurinia Pharmaceuticals Inc. 0.03% 22,000 $351K New
DAY Dayforce Inc. 0.03% 5,000 $346K Reduce -50.0%
TXMD Therapeuticsmd Inc. 0.03% 209,210 $341K No change
KPRX Kiora Pharmaceuticals Inc. 0.02% 167,941 $331K No change
JBIO Jade Biosciences Inc. 0.02% 21,000 $324K New
SGRY Surgery Partners Inc. 0.02% 20,000 $309K No change
JD Jd.com Inc.-ADR 0.02% 10,000 $287K No change
PCAPU Procap Acquisition Corp. 0.02% 26,940 $276K No change
DRUG Bright Minds Biosciences Inc. 0.02% 3,500 $273K New
IDXX Idexx Laboratories Inc. 0.02% 400 $271K New
SPRO Spero Therapeutics Inc. 0.02% 113,839 $265K Reduce -1.5%
CATX Perspective Therapeutics Inc. 0.02% 95,193 $262K New
IMMX Immix Biopharma Inc. 0.02% 50,000 $262K New
JSPR Jasper Therapeutics Inc. 0.02% 140,000 $256K New
SNDX Syndax Pharmaceuticals Inc. 0.02% 12,000 $252K New
OGN Organon & Co. 0.02% 35,000 $251K Add +250.0%
ANNX Annexon Inc. 0.02% 48,000 $241K New
PEPG Pepgen Inc. 0.02% 36,842 $240K No change
EOLS Evolus Inc. 0.02% 35,859 $238K New
ACHV Achieve Life Sciences Inc. 0.02% 47,800 $238K No change
BCAX Bicara Therapeutics Inc. 0.02% 13,705 $231K No change
RXST Rxsight Inc. 0.02% 21,803 $227K New
MIST Milestone Pharmaceuticals Inc. 0.02% 100,100 $202K New
WHWK Whitehawk Therapeutics Inc. 0.01% 77,593 $188K New
TRAW Traws Pharma Inc. 0.01% 154,431 $175K New
KALV Kalvista Pharmaceuticals Inc. 0.01% 10,000 $162K No change
RLMD Relmada Therapeutics Inc. 0.01% 30,866 $149K New
VYNE THERAPEUTICS INC 0.01% 253,791 $147K New
QUINCE THERAPEUTICS INC 0.01% 42,912 $144K Reduce -94.5%
SLN Silence Therapeutics PLC-ADR 0.01% 23,643 $144K Add +26.8%
RXRX Recursion Pharmaceuticals-A 0.01% 35,000 $143K No change
VYGR Voyager Therapeutics Inc. 0.01% 35,000 $138K No change
ZONE Zone Frontier Inc. filed as CLEANCORE SOLUTIONS INC 0.01% 521,980 $136K New
CMMB Chemomab Therapeutics Ltd. 0.01% 80,000 $132K New
PMVP PMV Pharmaceuticals Inc. 0.01% 101,008 $126K No change
GBIO Generation Bio Co. 0.01% 22,144 $126K No change
NEUP Neuphoria Therapeutics Inc. 0.01% 30,000 $116K New
CLOV Clover Health Investments Co. 0.01% 48,300 $114K No change
ZNTL Zentalis Pharmaceuticals Inc. 0.01% 80,000 $108K Add +60.0%
BCAB Bioatla Inc. 0.01% 183,107 $104K New
SABS Sab Biotherapeutics Inc. 0.01% 26,344 $99K Add +75.6%
KYNB Kyntra Bio Inc. filed as FIBROGEN INC 0.01% 10,469 $92K New
RZLT Rezolute Inc. 0.01% 38,679 $91K Reduce -95.3%
NMRA Neumora Therapeutics Inc. 0.01% 50,600 $91K New
PLRX Pliant Therapeutics Inc. 0.01% 73,819 $90K New
LITS Lite Strategy Inc. 0.01% 67,292 $89K Reduce -77.0%
IRD Opus Genetics Inc. 0.01% 40,000 $80K New
KALA Kala Bio Inc. 0.01% 141,480 $79K Reduce -0.4%
VERU Veru Inc. 0.01% 35,000 $75K New
QTTB Q32 Bio Inc. 0.01% 20,000 $66K New
MREO Mereo Biopharma Group PL-ADR 0.00% 150,000 $63K New
BMEA Biomea Fusion Inc. 0.00% 43,420 $54K New
ATYR Atyr Pharma Inc. 0.00% 50,685 $40K Reduce -71.0%
PRQR Proqr Therapeutics NV 0.00% 10,000 $20K No change
IVF Invo Fertility Inc. 0.00% 26,722 $20K New
IOBTQ Io Biotech Inc. 0.00% 24,964 $15K New
CHRS Coherus Oncology Inc. 0.00% 10,366 $15K No change

Options reported separately and not counted above: IWM puts ($6.8M), AAM calls ($4.3M), GUTS calls ($3.1M), AQST puts ($1.6M), GOSS puts ($1.4M), OMER puts ($1.3M), URGN calls ($937K), KVACF calls ($881K), LQDA puts ($845K), FULC calls ($735K), QURE calls ($718K), CTMX calls ($426K), and 9 more.

Other holdings (1): bonds, preferreds, convertibles and warrants · $41K (not counted above)
SecurityClassShares / PrincipalValueChange
ASPCR A Spac III Acquisition Corp. RIGHT 01/02/2026 215,000$41KNo change

Total filed on the 13F, all lines: $1.3B.

Portfolio Sells Q3 2025 → Q4 2025
KROS Keros Therapeutics Inc. Reduce -99.7% 0.03% −8.48
ETNB 89BIO Inc. Sold out 0.00% −3.10
BIOA Bioage Labs Inc. Reduce -92.8% 0.13% −0.97
MTSR Metsera Inc. Sold out 0.00% −0.80
RZLT Rezolute Inc. Reduce -95.3% 0.01% −0.76
SRPT Sarepta Therapeutics Inc. Reduce -91.8% 0.05% −0.63
JANX Janux Therapeutics Inc. Reduce -30.1% 0.25% −0.60
VRNA Verona Pharma Ltd. Sold out 0.00% −0.55
UTHR United Therapeutics Corp. Reduce -83.0% 0.07% −0.40
VKTX Viking Therapeutics Inc. Reduce -84.9% 0.07% −0.39
PRTA Prothena Corp. PLC Reduce -0.8% 1.04% −0.39
BBOT Bridgebio Oncology Therapeut Reduce -54.9% 0.21% −0.37
FRNM Freenome Inc. Reduce -39.1% 0.45% −0.34
ASND Ascendis Pharma A/S Reduce -30.4% 0.40% −0.32
MRUS Merus NV Sold out 0.00% −0.31
ASPC A Spac III Acquisition Class A Sold out 0.00% −0.22
KNSA Kiniksa Pharmaceuticals Inte Reduce -61.8% 0.09% −0.20
BBIO Bridgebio Pharma Inc. Reduce -21.9% 1.22% −0.20
KRRO Korro Bio Inc. Sold out 0.00% −0.19
MDGL Madrigal Pharmaceuticals Inc. Reduce -81.7% 0.04% −0.18
REGN Regeneron Pharmaceuticals Reduce -23.2% 0.70% −0.18
SNY Sanofi-ADR Reduce -14.5% 0.23% −0.12
QUINCE THERAPEUTICS INC Reduce -94.5% 0.01% −0.12
MLTX Moonlake Immunotherapeutics Sold out 0.00% −0.11
SMMT Summit Therapeutics Inc. Reduce -10.8% 0.12% −0.09
IVVD Invivyd Inc. Reduce -47.1% 0.72% −0.09
WVE Wave Life Sciences Ltd. Sold out 0.00% −0.09
XNCR Xencor Inc. Reduce -56.4% 0.06% −0.09
MRK Merck & Co. Inc. Reduce -48.0% 0.08% −0.08
OABI Omniab Inc. Reduce -35.6% 0.10% −0.08
LLY Eli Lilly & Co. Sold out 0.00% −0.08
SVRA Savara Inc. Reduce -29.3% 0.63% −0.07
LITS Lite Strategy Inc. Reduce -77.0% 0.01% −0.06
RCKT Rocket Pharmaceuticals Inc. Reduce -17.4% 0.12% −0.06
ZURA Zura Bio Ltd. Reduce -13.8% 0.22% −0.06
CNTA Centessa Pharmaceuticals Ltd. Reduce -28.1% 0.07% −0.06
LENZ Lenz Therapeutics Inc. Sold out 0.00% −0.05
NUVL Nuvalent Inc. Class A Reduce -42.2% 0.05% −0.05
INTELLIGENT BIO SOLUTIONS IN Sold out 0.00% −0.04
DAY Dayforce Inc. Reduce -50.0% 0.03% −0.04
GPCR Structure Therapeutics Inc. Sold out 0.00% −0.04
RGNX Regenxbio Inc. Reduce -29.5% 0.16% −0.04
AVTX Avalo Therapeutics Inc. Sold out 0.00% −0.04
TECX Tectonic Therapeutic Inc. Reduce -46.4% 0.05% −0.04
VRDN Viridian Therapeutics Inc. Reduce -24.1% 0.18% −0.04
ANSC Agriculture & Natural Soluti Sold out 0.00% −0.03
AKRO Akero Therapeutics Inc. Sold out 0.00% −0.03
GERN Geron Corp. Reduce -26.3% 0.03% −0.03
HRMY Harmony Biosciences Holdings Sold out 0.00% −0.03
RARE Ultragenyx Pharmaceutical Inc. Sold out 0.00% −0.03

Portfolio Buys Q3 2025 → Q4 2025
RNAM Avidity Biosciences Inc. Add +918.6% 2.95% +2.72
TERN Terns Pharmaceuticals Inc. Add +5316.1% 1.64% +1.63
IMVT Immunovant Inc. Add +10.7% 4.72% +1.11
CLDX Celldex Therapeutics Inc. Add +491.0% 1.31% +1.03
IVA Inventiva SA - ADR New 0.94% +0.94
CDTX Cidara Therapeutics Inc. Add +177.3% 0.99% +0.78
FULC Fulcrum Therapeutics Inc. Add +267.0% 1.06% +0.75
TFX Teleflex Inc. New 0.74% +0.74
ABUS Arbutus Biopharma Corp. Add +86.5% 1.95% +0.63
ESTA Establishment Labs Holdings Add +89.0% 0.93% +0.56
CBIO Crescent Biopharma Inc. New 0.54% +0.54
OVID Ovid Therapeutics Inc. Add +33256.7% 0.52% +0.52
ROIV Roivant Sciences Ltd. Add +2.4% 5.57% +0.51
REPL Replimune Group Inc. Add +26.8% 0.90% +0.49
MAZE Maze Therapeutics Inc. Add +589.3% 0.56% +0.49
BLTE Belite Bio Inc. - ADR New 0.48% +0.48
DHR Danaher Corp. New 0.44% +0.44
TARA Protara Therapeutic Inc. Add +3127.4% 0.45% +0.44
BHF Brighthouse Financial Inc. Add +855.2% 0.46% +0.41
CLYM Climb Bio Inc. Add +972.8% 0.43% +0.40
IKT Inhibikase Therapeutics Inc. Add +53.7% 1.24% +0.39
SPRB Spruce Biosciences Inc. New 0.38% +0.38
AVR Anteris Technologies Global Add +526.9% 0.46% +0.37
PALI Palisade Bio Inc. New 0.35% +0.35
PCVX Vaxcyte Inc. Add +48.1% 1.09% +0.32
PTGX Protagonist Therapeutics Inc. Add +6.1% 6.85% +0.30
CRVS Corvus Pharmaceuticals Inc. New 0.27% +0.27
SPRY Ars Pharmaceuticals Inc. Add +524.0% 0.32% +0.26
AEXA American Exceptionalism Class A Add +615.1% 0.30% +0.25
AVDL Avadel Pharmaceuticals Ltd. New 0.24% +0.24
EVMN Evommune Inc. New 0.24% +0.24
AGIO Agios Pharmaceuticals Inc. Add +408.1% 0.38% +0.23
IWM iShares Russell 2000 ETF New 0.22% +0.22
OKUR Onkure Therapeutics Inc. Class A New 0.22% +0.22
LONA Leonabio Inc. New 0.22% +0.22
RVMD Revolution Medicines Inc. Add +4.3% 0.86% +0.22
ELDN Eledon Pharmaceuticals Inc. New 0.21% +0.21
ENGN Engene Holdings Inc. New 0.21% +0.21
INO Inovio Pharmaceuticals Inc. New 0.19% +0.19
VRTX Vertex Pharmaceuticals Inc. Add +95.9% 0.47% +0.19
CRBP Corbus Pharmaceuticals Holdi Add +2711.6% 0.17% +0.16
SRRK Scholar Rock Holding Corp. Add +246.4% 0.23% +0.15
URGN Urogen Pharma Ltd. Add +258.2% 0.22% +0.15
CTNM Contineum Therapeutics Inc. Class A Add +257.8% 0.24% +0.15
GMED Globus Medical Inc. Class A New 0.13% +0.13
ALEC Alector Inc. New 0.13% +0.13
HELP Cybin Inc. Add +616.4% 0.15% +0.13
ARWR Arrowhead Pharmaceuticals Inc. Add +16.9% 0.29% +0.12
OLMA Olema Pharmaceuticals Inc. Add +124.9% 0.15% +0.12
EWTX Edgewise Therapeutics Inc. Add +127.5% 0.17% +0.10

Options Activity Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 45,500 $30.3Mbefore exit
IWM iShares Russell 2000 ETF put New 27,500 $6.8M
XBI SS SPDR S&P Biotech ETF put Sold out 40,000 $4.0Mbefore exit
GUTS Fractyl Health Inc. call New 1,428,571 $3.1M
AQST Aquestive Therapeutics Inc. put New 254,000 $1.6M
GOSS Gossamer Bio Inc. put New 463,200 $1.4M
OMER Omeros Corp. put New 75,000 $1.3M
LQDA Liquidia Corp. put New 24,500 $845K
FULC Fulcrum Therapeutics Inc. call Reduce -13.3% 65,000 $735K
QURE Uniqure NV call Reduce -85.0% 30,000 $718K
CTMX Cytomx Therapeutics Inc. call New 100,000 $426K
NVCR Novocure Ltd. call Sold out 30,000 $388Kbefore exit
BHVN Biohaven Ltd. call Sold out 25,000 $375Kbefore exit
QUINCE THERAPEUTICS INC put New 80,000 $268K
OLMA Olema Pharmaceuticals Inc. call Sold out 25,000 $245Kbefore exit
REPL Replimune Group Inc. call Reduce -50.0% 25,000 $243K
RARE Ultragenyx Pharmaceutical Inc. call New 10,000 $230K
DYN Dyne Therapeutics Inc. call Reduce -50.0% 10,000 $196K
ATYR Atyr Pharma Inc. put Sold out 222,500 $161Kbefore exit
OTLK Outlook Therapeutics Inc. put New 100,000 $158K
INO Inovio Pharmaceuticals Inc. call New 75,500 $131K
MLTX Moonlake Immunotherapeutics call Sold out 17,000 $122Kbefore exit
GOSS Gossamer Bio Inc. call Reduce -36.3% 35,100 $109K
IOVA Iovance Biotherapeutics Inc. call Sold out 50,000 $109Kbefore exit
VTGN Vistagen Therapeutics Inc. put New 120,000 $79K
ATYR Atyr Pharma Inc. call Sold out 84,800 $61Kbefore 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 2025 → Q4 2025
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) NOTE 2.500% 3/1 · principal Sold out 20,000 $2.8Mbefore exit
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) NOTE 2.250% 2/0 · principal Sold out 45,000 $44Kbefore 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