ADAR1 Capital Management, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 18, 2026), ADAR1 Capital Management, LLC reported 290 stock positions worth $1.6 billion. Its top holding was Abivax SA-ADR (ABVX) at 9.4% of the portfolio, followed by Protagonist Therapeutics (PTGX, 6.4%) and Roivant Sciences (ROIV, 5.5%). Compared with Q4 2025, it opened 71 new positions, sold out of 29, added to 98 and reduced 59. The biggest buy was Denali Therapeutics (DNLI, shares +3491%) and the biggest sale an exit from Avidity Biosciences (RNAM).

Most Recent 13F
Q2 2026
Location
AUSTIN, TX
CIK
0001940272
Portfolio Value
$1.6B (Q1 2026)
SEC Filing
0001940272-26-000005 ↗ filed May 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 Q4 2025 Q1 2026: $1.6B $1.6B Q1 2026 Q2 2026: $2.1B Q2 2026

Holdings 290 stocks · $1.6B
ABVX Abivax SA-ADR 9.41% 1,394,019 $155.2M Add +5.8%
PTGX Protagonist Therapeutics Inc. 6.35% 994,119 $104.8M Reduce -5.3%
ROIV Roivant Sciences Ltd. 5.52% 3,285,906 $91.0M Reduce -4.2%
IMVT Immunovant Inc. 4.03% 2,679,010 $66.5M Add +8.0%
SPY SS SPDR S&P 500 ETF Trust-US 2.99% 75,940 $49.4M Add +38.9%
TERN Terns Pharmaceuticals Inc. 2.92% 914,699 $48.2M Add +68.9%
CYTK Cytokinetics Inc. 2.53% 632,556 $41.7M Add +17.1%
CRNX Crinetics Pharmaceuticals Inc. 2.51% 1,139,331 $41.4M Add +268.3%
BOXX Alpha Architect 1-3 MNTH Box 2.38% 337,125 $39.2M No change
DNLI Denali Therapeutics Inc. 2.18% 1,871,455 $35.9M Add +3490.9%
BEAM Beam Therapeutics Inc. 2.09% 1,446,375 $34.5M New
ZLAB Zai Lab Ltd.-ADR 1.63% 1,425,367 $26.8M Add +14.3%
SEPN Septerna Inc. 1.59% 1,089,818 $26.2M Reduce -5.9%
VIR Vir Biotechnology Inc. 1.49% 2,744,714 $24.6M New
DBVT DBV Technologies SA-Spon ADR 1.28% 1,012,866 $21.2M New
AVR Anteris Technologies Global 1.27% 3,789,132 $21.0M Add +205.9%
INSP Inspire Medical Systems Inc. 1.27% 405,197 $20.9M Add +2601.3%
SRRK Scholar Rock Holding Corp. 1.21% 407,273 $20.0M Add +485.3%
RYTM Rhythm Pharmaceuticals Inc. 1.11% 211,450 $18.4M Add +311.8%
SYRE Spyre Therapeutics Inc. 1.03% 338,323 $17.1M Add +893.6%
CTMX Cytomx Therapeutics Inc. 0.97% 3,410,190 $16.0M Reduce -18.5%
PRTA Prothena Corp. PLC 0.93% 1,581,443 $15.4M Add +8.5%
SNY Sanofi-ADR 0.93% 316,939 $15.3M Add +399.3%
PCVX Vaxcyte Inc. 0.91% 259,137 $15.1M Reduce -17.9%
MNPR Monopar Therapeutics Inc. 0.88% 264,278 $14.5M Add +13.0%
ABUS Arbutus Biopharma Corp. 0.85% 3,133,175 $14.1M Reduce -42.1%
AMLX Amylyx Pharmaceuticals Inc. 0.84% 1,000,604 $13.9M Add +12.4%
CLDX Celldex Therapeutics Inc. 0.82% 427,816 $13.6M Reduce -33.9%
TSHA Taysha Gene Therapies Inc. 0.81% 2,979,429 $13.3M Add +19.4%
XENE Xenon Pharmaceuticals Inc. 0.81% 228,899 $13.3M Add +12.2%
STRO Sutro Biopharma Inc. 0.79% 524,441 $13.1M Add +681.9%
RVMD Revolution Medicines Inc. 0.79% 133,893 $13.0M Reduce -7.7%
ELVN Enliven Therapeutics Inc. 0.78% 329,540 $12.9M Add +998.5%
CGON CG Oncology Inc. 0.76% 185,699 $12.6M Reduce -28.1%
BIL SS SPDR BB 1-3M T-Bill ETF 0.75% 135,585 $12.4M No change
ESTA Establishment Labs Holdings 0.73% 213,473 $12.1M Add +24.5%
REPL Replimune Group Inc. 0.73% 1,582,987 $12.1M Add +27.5%
IVA Inventiva SA - ADR 0.73% 2,174,398 $12.1M Reduce -19.8%
IONS Ionis Pharmaceuticals Inc. 0.73% 160,338 $12.0M Add +9.0%
NKTR Nektar Therapeutics 0.70% 161,252 $11.6M Add +123.9%
IKT Inhibikase Therapeutics Inc. 0.67% 6,606,572 $11.1M Reduce -18.1%
SPRY Ars Pharmaceuticals Inc. 0.66% 1,361,536 $10.9M Add +268.4%
HLXC Helix Acquisition Corp. Class A 0.62% 1,000,000 $10.3M New
OVID Ovid Therapeutics Inc. 0.61% 4,544,113 $10.1M Add +6.0%
OKUR Onkure Therapeutics Inc. Class A 0.61% 2,434,941 $10.1M Add +140.1%
REGN Regeneron Pharmaceuticals 0.57% 12,154 $9.4M Add +0.8%
MLTX Moonlake Immunotherapeutics 0.52% 457,137 $8.5M New
LXEO Lexeo Therapeutics Inc. 0.51% 1,467,350 $8.4M Add +5.3%
IRD Opus Genetics Inc. 0.51% 1,849,004 $8.4M Add +4522.5%
TEVA Teva Pharmaceutical-SP ADR 0.49% 268,391 $8.1M Add +13.7%
SVRA Savara Inc. 0.48% 1,464,535 $8.0M Add +4.2%
MPLT Maplight Therapeutics Inc. 0.46% 374,909 $7.6M New
LONA Leonabio Inc. 0.45% 727,481 $7.5M Add +84.8%
EQ Equillium Inc. 0.45% 3,726,659 $7.5M Reduce -33.5%
VKTX Viking Therapeutics Inc. 0.45% 227,717 $7.4M Add +759.5%
DMRA Damora Therapeutics Inc. 0.44% 279,000 $7.2M New
URGN Urogen Pharma Ltd. 0.43% 395,459 $7.1M Add +215.4%
BBIO Bridgebio Pharma Inc. 0.42% 94,292 $7.0M Reduce -55.8%
PRME Prime Medicine Inc. 0.42% 1,973,282 $6.9M New
VRTX Vertex Pharmaceuticals Inc. 0.41% 15,075 $6.7M Add +9.9%
KRRO Korro Bio Inc. 0.37% 540,054 $6.1M New
VRDN Viridian Therapeutics Inc. 0.36% 304,422 $6.0M Add +294.3%
DHR Danaher Corp. 0.36% 30,932 $5.9M Add +20.8%
INSM Insmed Inc. 0.35% 35,392 $5.8M New
ASND Ascendis Pharma A/S 0.35% 25,014 $5.7M Reduce -1.2%
BHF Brighthouse Financial Inc. 0.35% 95,523 $5.7M No change
SRPT Sarepta Therapeutics Inc. 0.35% 262,058 $5.7M Add +807.8%
OACCU Oaktree Acquisition III Life 0.33% 516,482 $5.5M No change
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.33% 499,581 $5.5M Add +9.4%
KRYS Krystal Biotech Inc. 0.31% 20,014 $5.2M No change
ABOS Acumen Pharmaceuticals Inc. 0.31% 2,156,334 $5.1M Add +142.0%
IVVD Invivyd Inc. 0.30% 3,822,427 $5.0M Reduce -2.0%
BHAVU Bhav Acquisition Corp. 0.30% 495,000 $4.9M New
TARA Protara Therapeutic Inc. 0.30% 940,512 $4.9M Reduce -17.3%
AGIO Agios Pharmaceuticals Inc. 0.29% 140,672 $4.8M Reduce -25.2%
LLY Eli Lilly & Co. 0.28% 5,060 $4.7M New
DNTH Dianthus Therapeutics Inc. 0.28% 55,000 $4.6M New
ARWR Arrowhead Pharmaceuticals Inc. 0.27% 70,300 $4.4M Add +20.8%
BLTE Belite Bio Inc. - ADR 0.26% 26,880 $4.3M Reduce -32.5%
EVMN Evommune Inc. 0.26% 184,062 $4.2M No change
MLYS Mineralys Therapeutics Inc. 0.25% 154,686 $4.2M Add +13.6%
JANX Janux Therapeutics Inc. 0.25% 298,546 $4.1M Add +21.6%
CLYM Climb Bio Inc. 0.25% 597,662 $4.1M Reduce -58.3%
PALI Palisade Bio Inc. 0.24% 2,264,845 $4.0M Add +13.0%
AEXA American Exceptionalism Class A 0.23% 357,539 $3.9M No change
SPRB Spruce Biosciences Inc. 0.23% 58,600 $3.8M Add +1.0%
NAMS Newamsterdam Pharma Co. NV 0.23% 118,623 $3.8M No change
ZURA Zura Bio Ltd. 0.23% 630,403 $3.8M Add +12.2%
ACLX Arcellx Inc. 0.22% 32,084 $3.7M Add +1.9%
CTNM Contineum Therapeutics Inc. Class A 0.22% 276,661 $3.6M Reduce -0.8%
GLUE Monte Rosa Therapeutics Inc. 0.22% 215,752 $3.5M No change
ONC Beone Medicines Ltd.-ADR 0.21% 11,701 $3.5M New
TENX Tenax Therapeutics Inc. 0.21% 213,462 $3.4M Add +235.3%
AVBP Arrivent Biopharma Inc. 0.20% 141,814 $3.3M New
PLRX Pliant Therapeutics Inc. 0.20% 2,585,126 $3.3M Add +3402.0%
ATAI Ataibeckley Inc. 0.20% 913,242 $3.2M No change
RLMD Relmada Therapeutics Inc. 0.19% 451,918 $3.1M Add +1364.1%
CATX Perspective Therapeutics Inc. 0.19% 749,335 $3.1M Add +687.2%
CRBP Corbus Pharmaceuticals Holdi 0.19% 331,781 $3.1M Add +15.7%
ELDN Eledon Pharmaceuticals Inc. 0.18% 974,421 $3.0M Reduce -46.5%
PHVS Pharvaris NV 0.18% 105,528 $3.0M Add +23.4%
APLS Apellis Pharmaceuticals Inc. 0.18% 72,500 $2.9M Add +262.5%
EWTX Edgewise Therapeutics Inc. 0.17% 90,599 $2.9M Reduce -0.4%
PEPG Pepgen Inc. 0.17% 1,607,638 $2.8M Add +4263.6%
CAPR Capricor Therapeutics Inc. 0.17% 90,593 $2.8M New
MASI Masimo Corp. 0.16% 15,000 $2.7M No change
INO Inovio Pharmaceuticals Inc. 0.16% 1,470,108 $2.6M Reduce -1.0%
TFX Teleflex Inc. 0.15% 21,186 $2.5M Reduce -73.7%
DRUG Bright Minds Biosciences Inc. 0.15% 33,900 $2.5M Add +868.6%
BIOA Bioage Labs Inc. 0.14% 135,560 $2.4M No change
ALEC Alector Inc. 0.14% 1,050,000 $2.3M Reduce -5.2%
PFE Pfizer Inc. 0.13% 77,400 $2.2M Add +6.9%
DCTH Delcath Systems Inc. 0.13% 224,385 $2.1M No change
BIIB Biogen Inc. 0.12% 11,000 $2.0M Reduce -54.7%
CNTB Connect Biopharma Holdings L 0.12% 742,400 $1.9M New
SMMT Summit Therapeutics Inc. 0.11% 91,869 $1.7M No change
GMED Globus Medical Inc. Class A 0.10% 20,100 $1.7M No change
ALKS Alkermes PLC 0.10% 46,400 $1.6M Reduce -27.2%
SLNO Soleno Therapeutics Inc. 0.10% 46,830 $1.6M Add +11.9%
CCIIU Cohen Circle Acquisition Cor 0.09% 150,000 $1.6M No change
RCKT Rocket Pharmaceuticals Inc. 0.09% 432,500 $1.5M Reduce -9.1%
SUPN Supernus Pharmaceuticals Inc. 0.09% 29,642 $1.5M Reduce -0.3%
CNTA Centessa Pharmaceuticals Ltd. 0.09% 38,566 $1.5M No change
FOLD Amicus Therapeutics Inc. 0.09% 105,000 $1.5M New
MAZE Maze Therapeutics Inc. 0.09% 50,095 $1.5M Reduce -72.1%
UNH Unitedhealth Group Inc. 0.09% 5,501 $1.5M New
ADGM Adagio Medical Holdings Inc. 0.08% 1,205,447 $1.4M Add +4.0%
FWRD Forward Air Corp. 0.08% 78,241 $1.3M Add +193.8%
SXT Sensient Technologies Corp. 0.08% 15,000 $1.3M New
KNSA Kiniksa Pharmaceuticals Inte 0.08% 26,913 $1.3M Reduce -6.3%
CRVS Corvus Pharmaceuticals Inc. 0.08% 87,901 $1.3M Reduce -81.1%
MSLE Satellos Bioscience Inc. 0.08% 222,555 $1.3M New
QURE Uniqure NV 0.08% 76,206 $1.2M Reduce -67.6%
NVO Novo-Nordisk A/S-Spons ADR 0.07% 33,000 $1.2M New
PMN Promis Neurosciences Inc. 0.07% 95,350 $1.2M New
LXRX Lexicon Pharmaceuticals Inc. 0.07% 750,000 $1.2M New
SDGR Schrodinger Inc. 0.07% 101,500 $1.2M New
XNCR Xencor Inc. 0.07% 93,665 $1.1M Add +66.8%
OABI Omniab Inc. 0.07% 705,190 $1.1M Add +0.4%
FDMT 4D Molecular Therapeutics Inc. 0.07% 116,712 $1.1M No change
KROS Keros Therapeutics Inc. 0.07% 97,318 $1.1M Add +416.3%
DAWN Day One Biopharmaceuticals I 0.06% 49,923 $1.1M New
BMY Bristol-Myers Squibb Co. 0.06% 17,500 $1.1M Reduce -12.5%
TNGX Tango Therapeutics Inc. 0.06% 50,000 $1.0M Reduce -64.3%
TNYA Tenaya Therapeutics Inc. 0.06% 1,507,800 $1.0M Add +0.2%
BSAAU Best Spac I Acquisition Corp. 0.06% 100,000 $1.0M No change
MCK McKesson Corp. 0.06% 1,200 $1.0M No change
BMRN Biomarin Pharmaceutical Inc. 0.06% 18,200 $1.0M Add +41.1%
ORKA Oruka Therapeutics Inc. 0.06% 20,840 $1.0M No change
EA Electronic Arts Inc. 0.06% 4,936 $1.0M No change
FULC Fulcrum Therapeutics Inc. 0.06% 130,560 $1.0M Reduce -89.6%
BCRX Biocryst Pharmaceuticals Inc. 0.06% 105,000 $1000K Add +133.3%
GH Guardant Health Inc. 0.06% 10,000 $924K Add +42.9%
CBIO Crescent Biopharma Inc. 0.06% 50,273 $924K Reduce -91.7%
CNTX Context Therapeutics Inc. 0.06% 351,094 $920K No change
ENGN Engene Holdings Inc. 0.06% 133,686 $910K Reduce -56.0%
SLN Silence Therapeutics PLC-ADR 0.06% 172,157 $907K Add +628.1%
ARE Alexandria Real Estate Equit 0.05% 19,500 $905K Add +19.6%
IBIO Ibio Inc. 0.05% 469,878 $893K Add +15.9%
BNTX Biontech SE-ADR 0.05% 10,000 $889K No change
GILD Gilead Sciences Inc. 0.05% 6,351 $885K Reduce -4.7%
NRIX Nurix Therapeutics Inc. 0.05% 56,070 $869K Reduce -22.2%
DYN Dyne Therapeutics Inc. 0.05% 47,463 $861K Add +11.2%
ISRG Intuitive Surgical Inc. 0.05% 1,830 $844K Add +79.4%
ANL Adlai Nortye Group Ltd. 0.05% 117,909 $816K New
WW WW International Inc.-New filed as WW INTL INC 0.05% 57,700 $793K Add +1.1%
RNA Atrium Therapeutics Inc. 0.05% 57,688 $771K New
ITGR Integer Holdings Corp. 0.05% 8,750 $770K New
KPTI Karyopharm Therapeutics Inc. 0.05% 136,736 $762K Add +173.5%
CMPX Compass Therapeutics Inc. 0.04% 139,000 $735K No change
NUVL Nuvalent Inc. Class A 0.04% 6,942 $711K Add +1.5%
CGEM Cullinan Therapeutics Inc. 0.04% 50,000 $711K No change
IDYA Ideaya Biosciences Inc. 0.04% 20,000 $666K No change
ENTA Enanta Pharmaceuticals Inc. 0.04% 51,357 $649K Add +24.2%
VERA Vera Therapeutics Inc. 0.04% 16,033 $645K Add +8.8%
VYNE THERAPEUTICS INC 0.04% 1,063,899 $636K Add +319.2%
BSX Boston Scientific Corp. 0.04% 10,000 $628K Add +100.0%
AVTR Avantor Inc. 0.04% 80,000 $627K Add +14.3%
ARVN Arvinas Inc. 0.04% 57,591 $610K Reduce -0.9%
KZR Kezar Life Sciences Inc. 0.04% 81,933 $608K Reduce -30.2%
KLRS Kalaris Therapeutics Inc. 0.04% 100,000 $577K No change
MIRM Mirum Pharmaceuticals Inc. 0.03% 6,200 $573K New
JAZZ Jazz Pharmaceuticals PLC 0.03% 3,000 $567K Reduce -62.5%
ASMB Assembly Biosciences Inc. 0.03% 19,947 $554K Add +1.0%
PRLD Prelude Therapeutics Inc. 0.03% 152,825 $523K New
GTERU Globa Terra Acquisition Corp. 0.03% 50,000 $518K No change
USFR Wisdomtree Floating Rate Tre 0.03% 10,000 $503K No change
ACRS Aclaris Therapeutics Inc. 0.03% 132,426 $497K Reduce -78.4%
PRAX Praxis Precision Medicines I 0.03% 1,500 $483K No change
LUNG Pulmonx Corp. 0.03% 374,497 $483K Add +5.4%
ELAN Elanco Animal Health Inc. 0.03% 20,000 $479K No change
PHAT Phathom Pharmaceuticals Inc. 0.03% 42,900 $477K No change
MDGL Madrigal Pharmaceuticals Inc. 0.03% 895 $469K No change
PYPD Polypid Ltd. 0.03% 103,950 $455K No change
BABA Alibaba Group Holding-SP ADR 0.03% 3,578 $449K No change
CORZ Core Scientific Inc. 0.03% 30,000 $449K No change
WHWK Whitehawk Therapeutics Inc. 0.03% 128,503 $443K Add +65.6%
NTRA Natera Inc. 0.03% 2,147 $429K No change
VTGN Vistagen Therapeutics Inc. 0.03% 751,141 $429K Add +20.5%
TXMD Therapeuticsmd Inc. 0.03% 209,210 $423K No change
SNDX Syndax Pharmaceuticals Inc. 0.02% 17,500 $409K Add +45.8%
TECX Tectonic Therapeutic Inc. 0.02% 13,001 $402K Reduce -56.7%
TRDA Entrada Therapeutics Inc. 0.02% 30,500 $385K New
BHVN Biohaven Ltd. 0.02% 44,777 $379K Add +30.6%
MRK Merck & Co. Inc. 0.02% 3,140 $378K Reduce -67.4%
VSTM Verastem Inc. 0.02% 71,100 $377K New
RGNX Regenxbio Inc. 0.02% 44,416 $372K Reduce -69.3%
ACET Adicet Bio Inc. 0.02% 53,827 $367K Reduce -58.2%
LEGN Legend Biotech Corp.-ADR 0.02% 20,000 $362K New
SRZN Surrozen Inc. 0.02% 12,000 $350K New
ZNTL Zentalis Pharmaceuticals Inc. 0.02% 144,636 $338K Add +80.8%
BCYC Bicycle Therapeutics PLC-ADR 0.02% 71,298 $331K New
NBIX Neurocrine Biosciences Inc. 0.02% 2,500 $329K New
WVE Wave Life Sciences Ltd. 0.02% 44,900 $326K New
KURA Kura Oncology Inc. 0.02% 40,000 $325K No change
KPRX Kiora Pharmaceuticals Inc. 0.02% 167,941 $324K No change
CORT Corcept Therapeutics Inc. 0.02% 8,000 $322K New
UPB Upstream Bio Inc. 0.02% 35,000 $315K New
KIDS Orthopediatrics Corp. 0.02% 19,845 $315K No change
ANNX Annexon Inc. 0.02% 55,000 $305K Add +14.6%
GERN Geron Corp. 0.02% 200,000 $298K Reduce -40.5%
JD Jd.com Inc.-ADR 0.02% 10,000 $296K No change
PMVP PMV Pharmaceuticals Inc. 0.02% 231,008 $286K Add +128.7%
TRAW Traws Pharma Inc. 0.02% 154,098 $282K Reduce -0.2%
JBIO Jade Biosciences Inc. 0.02% 20,000 $281K Reduce -4.8%
RARE Ultragenyx Pharmaceutical Inc. 0.02% 13,400 $281K New
PCAPU Procap Acquisition Corp. 0.02% 26,940 $279K No change
BCAX Bicara Therapeutics Inc. 0.02% 13,705 $273K No change
RXST Rxsight Inc. 0.02% 43,250 $266K Add +98.4%
PANW Palo Alto Networks Inc. 0.02% 1,600 $257K New
NTLA Intellia Therapeutics Inc. 0.02% 19,517 $250K New
CRWD CrowdStrike Holdings Inc. Class A 0.02% 640 $250K New
RBRK Rubrik Inc. Class A 0.01% 4,900 $240K New
RPRX Royalty Pharma PLC Class A 0.01% 5,000 $240K New
SGRY Surgery Partners Inc. 0.01% 20,000 $238K No change
LRMR Larimar Therapeutics Inc. 0.01% 52,745 $237K Reduce -71.6%
EOLS Evolus Inc. 0.01% 55,859 $230K Add +55.8%
QTTB Q32 Bio Inc. 0.01% 35,000 $225K Add +75.0%
LGVN Longeveron Inc. 0.01% 200,000 $208K New
ANAB Anaptysbio Inc. 0.01% 3,698 $205K New
CEPS Cantor Equity Partners Vi -A 0.01% 20,000 $202K New
KALV Kalvista Pharmaceuticals Inc. 0.01% 10,000 $201K No change
KYTX Kyverna Therapeutics Inc. 0.01% 22,428 $194K Reduce -61.0%
NUVB Nuvation Bio Inc. 0.01% 43,500 $187K New
BNTC Benitec Biopharma Inc. 0.01% 17,500 $186K New
LPCN Lipocine Inc. 0.01% 23,180 $185K New
RLYB Rallybio Corp. 0.01% 20,535 $184K New
RZLT Rezolute Inc. 0.01% 58,679 $179K Add +51.7%
QCLS Q/C Technologies Inc. 0.01% 50,000 $173K New
ERAS Erasca Inc. 0.01% 10,000 $162K New
COYA Coya Therapeutics Inc. 0.01% 40,900 $161K New
PSNL Personalis Inc. 0.01% 25,000 $159K New
SIBN Si-Bone Inc. 0.01% 12,580 $159K New
STLN Starling Oncology Inc. filed as THE ONCOLOGY INSTITUTE INC 0.01% 50,000 $154K New
HELP Cybin Inc. 0.01% 31,278 $150K Reduce -86.9%
STIM Neuronetics Inc. 0.01% 100,000 $145K New
ARDX Ardelyx Inc. 0.01% 23,900 $143K New
IFRX Inflarx NV 0.01% 158,271 $142K New
ACHV Achieve Life Sciences Inc. 0.01% 47,800 $141K No change
VYGR Voyager Therapeutics Inc. 0.01% 35,000 $135K No change
CMMB Chemomab Therapeutics Ltd. 0.01% 80,000 $126K No change
JSPR Jasper Therapeutics Inc. 0.01% 140,000 $123K No change
NEUP Neuphoria Therapeutics Inc. 0.01% 30,000 $122K No change
MIST Milestone Pharmaceuticals Inc. 0.01% 100,000 $119K Reduce -0.1%
ARCT Arcturus Therapeutics Holdin 0.01% 15,000 $116K New
MGNX Macrogenics Inc. 0.01% 40,000 $116K New
CCCC C4 Therapeutics Inc. 0.01% 43,000 $113K New
RXRX Recursion Pharmaceuticals-A 0.01% 35,000 $107K No change
DSGN Design Therapeutics Inc. 0.01% 10,000 $106K New
GOSS Gossamer Bio Inc. 0.01% 287,531 $94K Add +35.3%
IMMX Immix Biopharma Inc. 0.01% 10,000 $91K Reduce -80.0%
LITS Lite Strategy Inc. 0.00% 67,292 $78K No change
VERU Veru Inc. 0.00% 35,000 $77K No change
KYNB Kyntra Bio Inc. 0.00% 10,469 $71K No change
CLOV Clover Health Investments Co. 0.00% 40,000 $70K Reduce -17.2%
BMEA Biomea Fusion Inc. 0.00% 43,420 $66K No change
NMRA Neumora Therapeutics Inc. 0.00% 33,100 $65K Reduce -34.6%
OGN Organon & Co. 0.00% 10,000 $60K Reduce -71.4%
ESPR Esperion Therapeutics Inc. 0.00% 21,400 $59K New
MREO Mereo Biopharma Group PL-ADR 0.00% 150,000 $50K No change
ANTX AN2 Therapeutics Inc. 0.00% 13,861 $47K New
AQST Aquestive Therapeutics Inc. 0.00% 10,000 $42K New
ATYR Atyr Pharma Inc. 0.00% 50,685 $40K No change
BCAB Bioatla Inc. 0.00% 228,107 $37K Add +24.6%
KALA Kala Bio Inc. 0.00% 141,480 $24K No change
CHRS Coherus Oncology Inc. 0.00% 10,366 $18K No change
PRQR Proqr Therapeutics NV 0.00% 10,000 $16K No change
ARROWHEAD RESEARCH CORP (ARWR 0 01/15/32) 0.00% 10,000 $10K New
QUINCE THERAPEUTICS INC 0.00% 50,100 $5K Add +16.8%
IMUX Immunic Inc. 0.00% 30,000 $0 New

Options reported separately and not counted above: TERN calls ($10.5M), IWM puts ($6.8M), ABVX calls ($4.9M), LQDA puts ($3.8M), XBI puts ($1.9M), QURE calls ($1.6M), KPTI calls ($1.1M), KVACF calls ($900K), REPL calls ($765K), GUTS calls ($654K), NVO calls ($478K), RARE calls ($419K), and 4 more.

Other holdings (4): bonds, preferreds, convertibles and warrants · $8.6M (not counted above)
SecurityClassShares / PrincipalValueChange
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) NOTE 2.250% 2/0 · principal 45,000$4.9MNew
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) NOTE 2.500% 3/1 · principal 20,000$3.6MNew
BRIDGEBIO PHARMA INC (BBIO 1.75 03/01/31) NOTE 1.750% 3/0 · principal 30,000$49KNew
ASPCR A Spac III Acquisition Corp. RIGHT 01/02/2026 215,000$42KNo change

Total filed on the 13F, all lines: $1.7B.

Portfolio Sells Q4 2025 → Q1 2026
RNAM Avidity Biosciences Inc. Sold out 0.00% −2.95
RAPT Rapt Therapeutics Inc. Sold out 0.00% −1.29
ABUS Arbutus Biopharma Corp. Reduce -42.1% 0.85% −1.09
FULC Fulcrum Therapeutics Inc. Reduce -89.6% 0.06% −1.00
CDTX Cidara Therapeutics Inc. Sold out 0.00% −0.99
SEPN Septerna Inc. Reduce -5.9% 1.59% −0.83
BBIO Bridgebio Pharma Inc. Reduce -55.8% 0.42% −0.80
TFX Teleflex Inc. Reduce -73.7% 0.15% −0.58
IKT Inhibikase Therapeutics Inc. Reduce -18.1% 0.67% −0.56
PTGX Protagonist Therapeutics Inc. Reduce -5.3% 6.35% −0.50
CLDX Celldex Therapeutics Inc. Reduce -33.9% 0.82% −0.49
CBIO Crescent Biopharma Inc. Reduce -91.7% 0.06% −0.48
MAZE Maze Therapeutics Inc. Reduce -72.1% 0.09% −0.47
AAM Aa Mission Acquisition Cor-A Sold out 0.00% −0.46
IVVD Invivyd Inc. Reduce -2.0% 0.30% −0.42
CTMX Cytomx Therapeutics Inc. Reduce -18.5% 0.97% −0.36
QURE Uniqure NV Reduce -67.6% 0.08% −0.35
AVDL Avadel Pharmaceuticals Ltd. Sold out 0.00% −0.24
IWM iShares Russell 2000 ETF Sold out 0.00% −0.22
BLTE Belite Bio Inc. - ADR Reduce -32.5% 0.26% −0.22
BBOT Bridgebio Oncology Therapeut Sold out 0.00% −0.21
IVA Inventiva SA - ADR Reduce -19.8% 0.73% −0.21
EQ Equillium Inc. Reduce -33.5% 0.45% −0.20
BIIB Biogen Inc. Reduce -54.7% 0.12% −0.20
DVAX Dynavax Technologies Corp. Sold out 0.00% −0.20
CRVS Corvus Pharmaceuticals Inc. Reduce -81.1% 0.08% −0.19
CLYM Climb Bio Inc. Reduce -58.3% 0.25% −0.18
PCVX Vaxcyte Inc. Reduce -17.9% 0.91% −0.18
ATXS Astria Therapeutics Inc. Sold out 0.00% −0.17
GRCE Grace Therapeutics Inc. Sold out 0.00% −0.17
TARA Protara Therapeutic Inc. Reduce -17.3% 0.30% −0.16
OLMA Olema Pharmaceuticals Inc. Sold out 0.00% −0.15
ENGN Engene Holdings Inc. Reduce -56.0% 0.06% −0.15
HELP Cybin Inc. Reduce -86.9% 0.01% −0.14
RGNX Regenxbio Inc. Reduce -69.3% 0.02% −0.13
ACRS Aclaris Therapeutics Inc. Reduce -78.4% 0.03% −0.11
AGIO Agios Pharmaceuticals Inc. Reduce -25.2% 0.29% −0.09
INFQ Infleqtion Inc. Sold out 0.00% −0.08
RVMD Revolution Medicines Inc. Reduce -7.7% 0.79% −0.07
UTHR United Therapeutics Corp. Sold out 0.00% −0.07
JAZZ Jazz Pharmaceuticals PLC Reduce -62.5% 0.03% −0.07
PLYM Plymouth Industrial REIT Inc. Sold out 0.00% −0.07
QNRX Quoin Pharmaceuticals LT-ADR Sold out 0.00% −0.06
AZN Astrazeneca PLC-Spons ADR Sold out 0.00% −0.06
ACET Adicet Bio Inc. Reduce -58.2% 0.02% −0.06
ASND Ascendis Pharma A/S Reduce -1.2% 0.35% −0.06
VTYX Ventyx Biosciences Inc. Sold out 0.00% −0.06
MRK Merck & Co. Inc. Reduce -67.4% 0.02% −0.05
NRIX Nurix Therapeutics Inc. Reduce -22.2% 0.05% −0.05
ROIV Roivant Sciences Ltd. Reduce -4.2% 5.52% −0.05

Portfolio Buys Q4 2025 → Q1 2026
DNLI Denali Therapeutics Inc. Add +3490.9% 2.18% +2.11
BEAM Beam Therapeutics Inc. New 2.09% +2.09
VIR Vir Biotechnology Inc. New 1.49% +1.49
CRNX Crinetics Pharmaceuticals Inc. Add +268.3% 2.51% +1.43
TERN Terns Pharmaceuticals Inc. Add +68.9% 2.92% +1.29
DBVT DBV Technologies SA-Spon ADR New 1.28% +1.28
INSP Inspire Medical Systems Inc. Add +2601.3% 1.27% +1.16
SRRK Scholar Rock Holding Corp. Add +485.3% 1.21% +0.98
SYRE Spyre Therapeutics Inc. Add +893.6% 1.03% +0.95
AVR Anteris Technologies Global Add +205.9% 1.27% +0.81
ELVN Enliven Therapeutics Inc. Add +998.5% 0.78% +0.75
STRO Sutro Biopharma Inc. Add +681.9% 0.79% +0.73
RYTM Rhythm Pharmaceuticals Inc. Add +311.8% 1.11% +0.70
SNY Sanofi-ADR Add +399.3% 0.93% +0.70
HLXC Helix Acquisition Corp. Class A New 0.62% +0.62
MLTX Moonlake Immunotherapeutics New 0.52% +0.52
IRD Opus Genetics Inc. Add +4522.5% 0.51% +0.50
NKTR Nektar Therapeutics Add +123.9% 0.70% +0.48
MPLT Maplight Therapeutics Inc. New 0.46% +0.46
DMRA Damora Therapeutics Inc. New 0.44% +0.44
PRME Prime Medicine Inc. New 0.42% +0.42
OKUR Onkure Therapeutics Inc. Class A Add +140.1% 0.61% +0.39
VKTX Viking Therapeutics Inc. Add +759.5% 0.45% +0.38
KRRO Korro Bio Inc. New 0.37% +0.37
INSM Insmed Inc. New 0.35% +0.35
SPRY Ars Pharmaceuticals Inc. Add +268.4% 0.66% +0.34
SRPT Sarepta Therapeutics Inc. Add +807.8% 0.35% +0.30
BHAVU Bhav Acquisition Corp. New 0.30% +0.30
LLY Eli Lilly & Co. New 0.28% +0.28
DNTH Dianthus Therapeutics Inc. New 0.28% +0.28
LONA Leonabio Inc. Add +84.8% 0.45% +0.24
URGN Urogen Pharma Ltd. Add +215.4% 0.43% +0.21
ONC Beone Medicines Ltd.-ADR New 0.21% +0.21
SPY SS SPDR S&P 500 ETF Trust-US Add +38.9% 2.99% +0.20
AVBP Arrivent Biopharma Inc. New 0.20% +0.20
PLRX Pliant Therapeutics Inc. Add +3402.0% 0.20% +0.19
VRDN Viridian Therapeutics Inc. Add +294.3% 0.36% +0.18
RLMD Relmada Therapeutics Inc. Add +1364.1% 0.19% +0.18
CATX Perspective Therapeutics Inc. Add +687.2% 0.19% +0.17
ABOS Acumen Pharmaceuticals Inc. Add +142.0% 0.31% +0.17
CAPR Capricor Therapeutics Inc. New 0.17% +0.17
PEPG Pepgen Inc. Add +4263.6% 0.17% +0.15
TENX Tenax Therapeutics Inc. Add +235.3% 0.21% +0.15
APLS Apellis Pharmaceuticals Inc. Add +262.5% 0.18% +0.14
DRUG Bright Minds Biosciences Inc. Add +868.6% 0.15% +0.13
XENE Xenon Pharmaceuticals Inc. Add +12.2% 0.81% +0.12
CNTB Connect Biopharma Holdings L New 0.12% +0.12
FOLD Amicus Therapeutics Inc. New 0.09% +0.09
UNH Unitedhealth Group Inc. New 0.09% +0.09
OVID Ovid Therapeutics Inc. Add +6.0% 0.61% +0.09

Options Activity Q4 2025 → Q1 2026
TERN Terns Pharmaceuticals Inc. call New 200,000 $10.5M
ABVX Abivax SA-ADR call New 44,000 $4.9M
AAM Aa Mission Acquisition Cor-A call Sold out 405,089 $4.3Mbefore exit
LQDA Liquidia Corp. put Add +308.2% 100,000 $3.8M
XBI SS SPDR S&P Biotech ETF put New 15,000 $1.9M
AQST Aquestive Therapeutics Inc. put Sold out 254,000 $1.6Mbefore exit
QURE Uniqure NV call Add +233.3% 100,000 $1.6M
GOSS Gossamer Bio Inc. put Sold out 463,200 $1.4Mbefore exit
OMER Omeros Corp. put Sold out 75,000 $1.3Mbefore exit
KPTI Karyopharm Therapeutics Inc. call New 205,200 $1.1M
URGN Urogen Pharma Ltd. call Sold out 40,000 $937Kbefore exit
REPL Replimune Group Inc. call Add +300.0% 100,000 $765K
FULC Fulcrum Therapeutics Inc. call Sold out 65,000 $735Kbefore exit
NVO Novo-Nordisk A/S-Spons ADR call New 13,000 $478K
CTMX Cytomx Therapeutics Inc. call Sold out 100,000 $426Kbefore exit
RARE Ultragenyx Pharmaceutical Inc. call Add +100.0% 20,000 $419K
MLTX Moonlake Immunotherapeutics call New 20,000 $373K
CRBP Corbus Pharmaceuticals Holdi call New 35,000 $329K
DYN Dyne Therapeutics Inc. call Sold out 10,000 $196Kbefore exit
OTLK Outlook Therapeutics Inc. put Sold out 100,000 $158Kbefore exit
INO Inovio Pharmaceuticals Inc. call Sold out 75,500 $131Kbefore exit
GOSS Gossamer Bio Inc. call Sold out 35,100 $109Kbefore exit
VTGN Vistagen Therapeutics Inc. put Sold out 120,000 $79Kbefore exit
QUINCE THERAPEUTICS INC put Reduce -37.5% 50,000 $5K

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

Notes & Other Activity Q4 2025 → Q1 2026
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) NOTE 2.250% 2/0 · principal New 45,000 $4.9M
BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) NOTE 2.500% 3/1 · principal New 20,000 $3.6M
BRIDGEBIO PHARMA INC (BBIO 1.75 03/01/31) NOTE 1.750% 3/0 · principal New 30,000 $49K

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