ADAR1 Capital Management, LLC

Name: ADAR1 Capital Management, LLC 13F holdings, Q2 2026
Creator: ADAR1 Capital Management, LLC
Published: 2026-08-14

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

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), ADAR1 Capital Management, LLC reported 260 stock positions worth $2.1 billion. Its top holding was Abivax SA-ADR (ABVX) at 11.4% of the portfolio, followed by Protagonist Therapeutics (PTGX, 5.6%) and Roivant Sciences (ROIV, 5.3%). Compared with Q1 2026, it opened 40 new positions, sold out of 70, added to 98 and reduced 64. The biggest buy was Abivax SA-ADR (ABVX, shares +29%) and the biggest sale an exit from Terns Pharmaceuticals (TERN).

Most Recent 13F: Q2 2026
Location: AUSTIN, TX
CIK: 0001940272
Portfolio Value: $2.1B (Q2 2026)
SEC Filing: 0001940272-26-000015 ↗ filed Aug 14, 2026

Holdings Value

Holdings 260 stocks · $2.1B


ABVX Abivax SA-ADR	11.39%	1,804,703	$240.5M	Add +29.5%
PTGX Protagonist Therapeutics Inc.	5.58%	960,863	$117.8M	Reduce -3.4%
ROIV Roivant Sciences Ltd.	5.29%	3,157,008	$111.7M	Reduce -3.9%
SPY SS SPDR S&P 500 ETF Trust-US	4.56%	129,087	$96.4M	Add +70.0%
IMVT Immunovant Inc.	4.25%	2,330,716	$89.8M	Reduce -13.0%
ZLAB Zai Lab Ltd.-ADR	3.03%	3,369,034	$64.0M	Add +136.4%
AGIO Agios Pharmaceuticals Inc.	2.26%	1,288,053	$47.8M	Add +815.6%
CRNX Crinetics Pharmaceuticals Inc.	2.17%	1,222,080	$45.7M	Add +7.3%
BOXX Alpha Architect 1-3 MNTH Box	1.87%	337,125	$39.5M	No change
CYTK Cytokinetics Inc.	1.85%	457,907	$39.0M	Reduce -27.6%
SEPN Septerna Inc.	1.49%	940,747	$31.5M	Reduce -13.7%
AVR Anteris Technologies Global	1.47%	3,145,096	$31.0M	Reduce -17.0%
EDIT Editas Medicine Inc.	1.36%	8,889,000	$28.8M	New
DNLI Denali Therapeutics Inc.	1.25%	1,029,080	$26.5M	Reduce -45.0%
SYRE Spyre Therapeutics Inc.	1.19%	283,982	$25.2M	Reduce -16.1%
VIR Vir Biotechnology Inc.	1.19%	2,456,677	$25.0M	Reduce -10.5%
PRAX Praxis Precision Medicines I	1.18%	74,253	$24.9M	Add +4850.2%
INSM Insmed Inc.	1.15%	228,520	$24.4M	Add +545.7%
CLDX Celldex Therapeutics Inc.	1.09%	619,542	$23.1M	Add +44.8%
VKTX Viking Therapeutics Inc.	1.06%	574,038	$22.4M	Add +152.1%
TSHA Taysha Gene Therapies Inc.	0.98%	3,040,466	$20.7M	Add +2.0%
MNPR Monopar Therapeutics Inc.	0.95%	217,595	$20.1M	Reduce -17.7%
OVID Ovid Therapeutics Inc.	0.94%	7,417,479	$20.0M	Add +63.2%
ELVN Enliven Therapeutics Inc.	0.93%	387,718	$19.7M	Add +17.6%
ENTA Enanta Pharmaceuticals Inc.	0.93%	1,344,510	$19.6M	Add +2518.0%
NKTR Nektar Therapeutics	0.81%	244,184	$17.0M	Add +51.4%
INSP Inspire Medical Systems Inc.	0.79%	374,617	$16.7M	Reduce -7.5%
RVMD Revolution Medicines Inc.	0.78%	87,509	$16.4M	Reduce -34.6%
ESTA Establishment Labs Holdings	0.75%	185,619	$15.9M	Reduce -13.1%
PRTA Prothena Corp. PLC	0.72%	1,554,535	$15.2M	Reduce -1.7%
RYTM Rhythm Pharmaceuticals Inc.	0.72%	136,158	$15.1M	Reduce -35.6%
IKT Inhibikase Therapeutics Inc.	0.71%	7,387,205	$15.0M	Add +11.8%
QURE Uniqure NV	0.71%	324,672	$15.0M	Add +326.1%
RLYB Rallybio Corp.	0.70%	926,352	$14.8M	Add +4411.1%
REGN Regeneron Pharmaceuticals	0.66%	22,208	$13.8M	Add +82.7%
IVA Inventiva SA - ADR	0.65%	3,606,656	$13.6M	Add +65.9%
STRO Sutro Biopharma Inc.	0.64%	404,014	$13.4M	Reduce -23.0%
IONS Ionis Pharmaceuticals Inc.	0.62%	166,286	$13.2M	Add +3.7%
BBIO Bridgebio Pharma Inc.	0.62%	176,689	$13.2M	Add +87.4%
SRPT Sarepta Therapeutics Inc.	0.62%	730,649	$13.1M	Add +178.8%
CTMX Cytomx Therapeutics Inc.	0.60%	3,365,118	$12.6M	Reduce -1.3%
VOR Vor Biopharma Inc.	0.59%	680,626	$12.5M	New
BIL SS SPDR BB 1-3M T-Bill ETF	0.59%	135,585	$12.4M	No change
EQ Equillium Inc.	0.57%	3,758,569	$12.0M	Add +0.9%
ANL Adlai Nortye Group Ltd.	0.55%	1,017,805	$11.7M	Add +763.2%
CLYM Climb Bio Inc.	0.51%	822,649	$10.7M	Add +37.6%
HLXC Helix Acquisition Corp. Class A	0.50%	1,000,000	$10.6M	No change
ZURA Zura Bio Ltd.	0.49%	1,759,295	$10.4M	Add +179.1%
OKUR Onkure Therapeutics Inc. Class A	0.48%	2,238,684	$10.2M	Reduce -8.1%
MAZE Maze Therapeutics Inc.	0.48%	339,276	$10.1M	Add +577.3%
XENE Xenon Pharmaceuticals Inc.	0.48%	166,550	$10.1M	Reduce -27.2%
TEVA Teva Pharmaceutical-SP ADR	0.45%	277,848	$9.4M	Add +3.5%
URGN Urogen Pharma Ltd.	0.44%	252,395	$9.3M	Reduce -36.2%
FTH Faeth Therapeutics Inc.	0.43%	361,010	$9.0M	New
AMLX Amylyx Pharmaceuticals Inc.	0.42%	494,378	$8.9M	Reduce -50.6%
DBVT DBV Technologies SA-Spon ADR	0.41%	528,295	$8.7M	Reduce -47.8%
SVRA Savara Inc.	0.41%	1,403,409	$8.6M	Reduce -4.2%
PCVX Vaxcyte Inc.	0.40%	146,034	$8.5M	Reduce -43.6%
CGON CG Oncology Inc.	0.40%	118,664	$8.4M	Reduce -36.1%
MLYS Mineralys Therapeutics Inc.	0.38%	298,886	$8.1M	Add +93.2%
ASND Ascendis Pharma A/S	0.36%	28,604	$7.6M	Add +14.3%
AMAN Amanat Acquisition Corp. Class A	0.36%	750,000	$7.6M	New
NRIX Nurix Therapeutics Inc.	0.36%	313,236	$7.6M	Add +458.6%
BHVN Biohaven Ltd.	0.35%	501,687	$7.5M	Add +1020.4%
PRME Prime Medicine Inc.	0.35%	1,997,552	$7.4M	Add +1.2%
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR	0.35%	674,695	$7.3M	Add +35.0%
IRD Opus Genetics Inc.	0.35%	1,783,781	$7.3M	Reduce -3.5%
LXEO Lexeo Therapeutics Inc.	0.35%	1,565,950	$7.3M	Add +6.7%
DMRA Damora Therapeutics Inc.	0.34%	280,000	$7.3M	Add +0.4%
REPL Replimune Group Inc.	0.34%	655,784	$7.3M	Reduce -58.6%
LONA Leonabio Inc.	0.34%	777,100	$7.1M	Add +6.8%
KRRO Korro Bio Inc.	0.34%	540,054	$7.1M	No change
RACC Research Alliance Corp. Class A	0.33%	650,000	$7.0M	New
IFRX Inflarx NV	0.32%	3,000,000	$6.7M	Add +1795.5%
RLAY Relay Therapeutics Inc.	0.32%	358,333	$6.7M	New
JANX Janux Therapeutics Inc.	0.31%	420,881	$6.5M	Add +41.0%
PLRX Pliant Therapeutics Inc.	0.30%	5,509,724	$6.3M	Add +113.1%
WHWK Whitehawk Therapeutics Inc.	0.29%	1,341,394	$6.1M	Add +943.9%
KRYS Krystal Biotech Inc.	0.29%	16,420	$6.1M	Reduce -18.0%
ABUS Arbutus Biopharma Corp.	0.29%	1,268,147	$6.1M	Reduce -59.5%
PFE Pfizer Inc.	0.29%	252,400	$6.1M	Add +226.1%
BHF Brighthouse Financial Inc.	0.29%	95,523	$6.0M	No change
EWTX Edgewise Therapeutics Inc.	0.28%	143,199	$5.8M	Add +58.1%
ALEC Alector Inc.	0.27%	2,883,583	$5.8M	Add +174.6%
FULC Fulcrum Therapeutics Inc.	0.27%	1,565,029	$5.7M	Add +1098.7%
ARWR Arrowhead Pharmaceuticals Inc.	0.27%	69,800	$5.7M	Reduce -0.7%
ABOS Acumen Pharmaceuticals Inc.	0.27%	2,111,334	$5.6M	Reduce -2.1%
OACCU Oaktree Acquisition III Life	0.27%	516,482	$5.6M	No change
GMED Globus Medical Inc. Class A	0.26%	70,100	$5.5M	Add +248.8%
GLUE Monte Rosa Therapeutics Inc.	0.25%	216,752	$5.2M	Add +0.5%
DGAC.U Disciplined Growth Acquisiti	0.24%	500,000	$5.0M	New
BHAVU Bhav Acquisition Corp.	0.24%	495,000	$5.0M	No change
DHR Danaher Corp.	0.23%	25,932	$4.9M	Reduce -16.2%
BOLD Boundless Bio Inc.	0.23%	1,968,216	$4.9M	New
AVLN Avalyn Pharma Inc.	0.23%	146,447	$4.8M	New
SPRY Ars Pharmaceuticals Inc.	0.23%	600,999	$4.8M	Reduce -55.9%
ATAI Ataibeckley Inc.	0.23%	913,242	$4.8M	No change
PRLD Prelude Therapeutics Inc.	0.23%	900,900	$4.8M	Add +489.5%
JATT Jatt II Acquisition Corp.	0.22%	417,724	$4.7M	New
RNTX Rein Therapeutics Inc.	0.22%	4,500,000	$4.7M	New
PEPG Pepgen Inc.	0.22%	2,591,085	$4.7M	Add +61.2%
CTNM Contineum Therapeutics Inc. Class A	0.22%	278,961	$4.6M	Add +0.8%
CATX Perspective Therapeutics Inc.	0.20%	1,210,117	$4.1M	Add +61.5%
APGE Apogee Therapeutics Inc.	0.19%	31,000	$4.1M	New
NAMS Newamsterdam Pharma Co. NV	0.19%	118,623	$4.0M	No change
CRBP Corbus Pharmaceuticals Holdi	0.19%	421,787	$4.0M	Add +27.1%
BIIB Biogen Inc.	0.18%	17,900	$3.9M	Add +62.7%
XNCR Xencor Inc.	0.18%	232,560	$3.7M	Add +148.3%
SLN Silence Therapeutics PLC-ADR	0.18%	338,373	$3.7M	Add +96.5%
SPRB Spruce Biosciences Inc.	0.17%	67,717	$3.7M	Add +15.6%
PHVS Pharvaris NV	0.17%	105,528	$3.6M	No change
ENGN Engene Therapeutics Inc.	0.17%	2,104,986	$3.6M	Add +1474.6%
PALI Palisade Bio Inc.	0.17%	1,726,662	$3.6M	Reduce -23.8%
TARA Protara Therapeutic Inc.	0.17%	940,512	$3.6M	No change
SGMT Sagimet Biosciences Inc. Class A	0.16%	437,500	$3.4M	New
ONC Beone Medicines Ltd.-ADR	0.16%	11,701	$3.3M	No change
IVVD Invivyd Inc.	0.16%	3,807,427	$3.3M	Reduce -0.4%
TENX Tenax Therapeutics Inc.	0.15%	220,462	$3.2M	Add +3.3%
ZNTL Zentalis Pharmaceuticals Inc.	0.15%	652,750	$3.2M	Add +351.3%
RLMD Relmada Therapeutics Inc.	0.15%	451,918	$3.1M	No change
DCTH Delcath Systems Inc.	0.13%	224,385	$2.8M	No change
BMRN Biomarin Pharmaceutical Inc.	0.13%	49,000	$2.8M	Add +169.2%
SMMT Summit Therapeutics Inc.	0.13%	191,869	$2.8M	Add +108.8%
KROS Keros Therapeutics Inc.	0.13%	246,818	$2.6M	Add +153.6%
ELDN Eledon Pharmaceuticals Inc.	0.12%	647,812	$2.6M	Reduce -33.5%
SNY Sanofi-ADR	0.12%	57,100	$2.4M	Reduce -82.0%
AEXA American Exceptionalism Class A	0.12%	205,408	$2.4M	Reduce -42.5%
TNGX Tango Therapeutics Inc.	0.11%	76,761	$2.4M	Add +53.5%
ISRG Intuitive Surgical Inc.	0.11%	6,030	$2.4M	Add +229.5%
INO Inovio Pharmaceuticals Inc.	0.11%	2,143,910	$2.4M	Add +45.8%
OABI Omniab Inc.	0.11%	947,412	$2.3M	Add +34.4%
CAPR Capricor Therapeutics Inc.	0.10%	90,593	$2.2M	No change
DRUG Bright Minds Biosciences Inc.	0.10%	30,300	$2.1M	Reduce -10.6%
ORKA Oruka Therapeutics Inc.	0.09%	20,840	$2.0M	No change
VYNE THERAPEUTICS INC	0.09%	2,950,000	$1.9M	Add +177.3%
MCK McKesson Corp.	0.09%	2,500	$1.9M	Add +108.3%
LXRX Lexicon Pharmaceuticals Inc.	0.09%	750,000	$1.8M	No change
CRVS Corvus Pharmaceuticals Inc.	0.08%	117,101	$1.7M	Add +33.2%
CUE Cue Biopharma Inc.	0.08%	55,193	$1.7M	New
MSLE Satellos Bioscience Inc.	0.08%	222,555	$1.7M	No change
KNSA Kiniksa Pharmaceuticals Inte	0.08%	26,913	$1.7M	No change
CNTB Connect Biopharma Holdings L	0.08%	700,000	$1.7M	Reduce -5.7%
CCIIU Cohen Circle Acquisition Cor	0.07%	150,000	$1.6M	No change
RCKT Rocket Pharmaceuticals Inc.	0.07%	435,500	$1.5M	Add +0.7%
TRAX First Tracks Biotherapeutics	0.07%	71,910	$1.4M	New
EVMN Evommune Inc.	0.07%	104,035	$1.4M	Reduce -43.5%
CCCC C4 Therapeutics Inc.	0.06%	291,957	$1.4M	Add +579.0%
BCRX Biocryst Pharmaceuticals Inc.	0.06%	133,000	$1.3M	Add +26.7%
SUPN Supernus Pharmaceuticals Inc.	0.06%	27,842	$1.3M	Reduce -6.1%
NVO Novo-Nordisk A/S-Spons ADR	0.06%	27,000	$1.3M	Reduce -18.2%
AVTR Avantor Inc.	0.06%	130,000	$1.3M	Add +62.5%
INM Inmed Pharmaceuticals Inc.	0.06%	800,000	$1.2M	New
PMN Promis Neurosciences Inc.	0.06%	92,850	$1.2M	Reduce -2.6%
ARTV Artiva Biotherapeutics Inc.	0.05%	118,624	$1.2M	New
TNYA Tenaya Therapeutics Inc.	0.05%	1,555,500	$1.1M	Add +3.2%
ALXO Alx Oncology Holdings Inc.	0.05%	533,660	$1.1M	New
ARE Alexandria Real Estate Equit	0.05%	19,500	$1.0M	No change
RNAC Cartesian Therapeutics Inc.	0.05%	98,877	$1.0M	New
CYCLERION THERAPEUTICS INC	0.05%	298,757	$1.0M	New
EA Electronic Arts Inc.	0.05%	4,936	$1.0M	No change
BNTX Biontech SE-ADR	0.05%	10,600	$986K	Add +6.0%
ACAD Acadia Pharmaceuticals Inc.	0.05%	38,955	$986K	New
DYN Dyne Therapeutics Inc.	0.04%	42,821	$951K	Reduce -9.8%
MPLT Maplight Therapeutics Inc.	0.04%	26,497	$950K	Reduce -92.9%
GPCR Structure Therapeutics Inc.	0.04%	17,500	$939K	New
WVE Wave Life Sciences Ltd.	0.04%	160,000	$930K	Add +256.4%
AURA Aura Biosciences Inc.	0.04%	130,152	$924K	New
CCXI Churchill Capital Corp. Class A	0.04%	50,000	$873K	New
KZIA Kazia Therapeutics-Spon ADR	0.04%	61,550	$867K	New
NUVL Nuvalent Inc. Class A	0.04%	6,942	$857K	No change
LRMR Larimar Therapeutics Inc.	0.04%	272,745	$832K	Add +417.1%
VERA Vera Therapeutics Inc.	0.04%	18,322	$786K	Add +14.3%
ADGM Adagio Medical Holdings Inc.	0.04%	1,205,447	$785K	No change
RNA Atrium Therapeutics Inc.	0.04%	57,688	$776K	No change
TXMD Therapeuticsmd Inc.	0.04%	342,447	$757K	Add +63.7%
IDYA Ideaya Biosciences Inc.	0.04%	20,000	$745K	No change
SIBN Si-Bone Inc.	0.03%	45,000	$734K	Add +257.7%
RPRX Royalty Pharma PLC Class A	0.03%	12,500	$701K	Add +150.0%
EOLS Evolus Inc.	0.03%	100,000	$694K	Add +79.0%
IBIO Ibio Inc.	0.03%	375,531	$657K	Reduce -20.1%
FWRD Forward Air Corp.	0.03%	48,241	$652K	Reduce -38.3%
GERN Geron Corp.	0.03%	505,817	$647K	Add +152.9%
SYK Stryker Corp.	0.03%	2,000	$630K	New
IOVA Iovance Biotherapeutics Inc.	0.03%	146,090	$608K	New
MGNX Macrogenics Inc.	0.03%	129,822	$600K	Add +224.6%
GILD Gilead Sciences Inc.	0.03%	4,648	$587K	Reduce -26.8%
NTRA Natera Inc.	0.03%	2,147	$583K	No change
SPTX Seaport Therapeutics Inc.	0.03%	26,000	$565K	New
ASMB Assembly Biosciences Inc.	0.03%	20,447	$562K	Add +2.5%
HELP Cybin Inc.	0.03%	81,278	$537K	Add +159.9%
BNTC Benitec Biopharma Inc.	0.03%	40,000	$535K	Add +128.6%
PYPD Polypid Ltd.	0.03%	103,950	$528K	No change
LUNG Pulmonx Corp.	0.02%	404,497	$526K	Add +8.0%
MLTX Moonlake Immunotherapeutics	0.02%	27,000	$526K	Reduce -94.1%
GTERU Globa Terra Acquisition Corp.	0.02%	50,000	$520K	No change
TRAW Traws Pharma Inc.	0.02%	597,729	$504K	Add +287.9%
USFR Wisdomtree Floating Rate Tre	0.02%	10,000	$504K	No change
TECX Tectonic Therapeutic Inc.	0.02%	14,501	$498K	Add +11.5%
MDGL Madrigal Pharmaceuticals Inc.	0.02%	895	$481K	No change
ARVN Arvinas Inc.	0.02%	57,591	$479K	No change
KIDS Orthopediatrics Corp.	0.02%	25,000	$478K	Add +26.0%
COGT Cogent Biosciences Inc.	0.02%	12,200	$472K	New
PHAT Phathom Pharmaceuticals Inc.	0.02%	42,900	$465K	No change
MIRM Mirum Pharmaceuticals Inc.	0.02%	3,900	$457K	Reduce -37.1%
KPRX Kiora Pharmaceuticals Inc.	0.02%	167,941	$442K	No change
KURA Kura Oncology Inc.	0.02%	40,000	$439K	No change
CNTX Context Therapeutics Inc.	0.02%	750,969	$416K	Add +113.9%
STIP iShares 0-5 Year Tips Bond E	0.02%	4,000	$409K	New
KLRS Kalaris Therapeutics Inc.	0.02%	100,000	$407K	No change
BCAX Bicara Therapeutics Inc.	0.02%	13,705	$407K	No change
MRK Merck & Co. Inc.	0.02%	3,140	$403K	No change
NMRA Neumora Therapeutics Inc.	0.02%	210,000	$357K	Add +534.4%
IRTC Irhythm Holdings Inc.	0.02%	3,000	$357K	New
ACHV Achieve Life Sciences Inc.	0.02%	53,800	$351K	Add +12.6%
BABA Alibaba Group Holding-SP ADR	0.02%	3,578	$343K	No change
WW WW International Inc.-New filed as WW INTL INC	0.02%	21,300	$340K	Reduce -63.1%
CNSP CNS Pharmaceuticals Inc.	0.02%	70,000	$335K	New
CBIO Crescent Biopharma Inc.	0.02%	18,275	$329K	Reduce -63.6%
BSX Boston Scientific Corp.	0.02%	7,500	$320K	Reduce -25.0%
ALT Altimmune Inc.	0.01%	102,823	$313K	New
VSTM Verastem Inc.	0.01%	75,800	$290K	Add +6.6%
ANTX AN2 Therapeutics Inc.	0.01%	58,808	$285K	Add +324.3%
DERM Journey Medical Corp.	0.01%	39,517	$280K	New
PCAPU Procap Acquisition Corp.	0.01%	26,940	$279K	No change
PMVP PMV Pharmaceuticals Inc.	0.01%	201,008	$269K	Reduce -13.0%
CMPX Compass Therapeutics Inc.	0.01%	122,132	$267K	Reduce -12.1%
JD Jd.com Inc.-ADR	0.01%	10,000	$255K	No change
RZLT Rezolute Inc.	0.01%	48,679	$253K	Reduce -17.0%
ANAB Anaptysbio Inc.	0.01%	3,698	$250K	No change
NGNE Neurogene Inc.	0.01%	7,800	$245K	New
IHI iShares U.S. Medical Devices	0.01%	4,900	$242K	New
RXST Rxsight Inc.	0.01%	50,000	$241K	Add +15.6%
COYA Coya Therapeutics Inc.	0.01%	40,900	$239K	No change
BCYC Bicycle Therapeutics PLC-ADR	0.01%	50,638	$215K	Reduce -29.0%
CEPS Cantor Equity Partners Vi -A	0.01%	20,000	$207K	No change
SCYX Scynexis Inc.	0.01%	49,387	$201K	New
PSNL Personalis Inc.	0.01%	15,000	$201K	Reduce -40.0%
QCLS Q/C Technologies Inc.	0.01%	50,000	$195K	No change
CABA Cabaletta Bio Inc.	0.01%	50,000	$156K	New
RXRX Recursion Pharmaceuticals-A	0.01%	41,000	$150K	Add +17.1%
OGN Organon & Co.	0.01%	10,000	$135K	No change
MIST Milestone Pharmaceuticals Inc.	0.01%	100,000	$134K	No change
NEUP Neuphoria Therapeutics Inc.	0.01%	30,000	$131K	No change
STIM Neuronetics Inc.	0.01%	100,000	$130K	No change
CMMB Chemomab Therapeutics Ltd.	0.01%	80,000	$130K	No change
VYGR Voyager Therapeutics Inc.	0.01%	35,000	$123K	No change
TRDA Entrada Therapeutics Inc.	0.01%	15,500	$114K	Reduce -49.2%
VERU Veru Inc.	0.01%	35,000	$110K	No change
CAES Cantor Equity Partners Vii-A	0.00%	10,000	$101K	New
CLNN Clene Inc.	0.00%	15,000	$92K	New
VTGN Vistagen Therapeutics Inc.	0.00%	351,141	$79K	Reduce -53.3%
LGVN Longeveron Inc.	0.00%	108,406	$76K	Reduce -45.8%
BMEA Biomea Fusion Inc.	0.00%	43,420	$64K	No change
LITS Lite Strategy Inc.	0.00%	67,292	$62K	No change
JSPR Jasper Therapeutics Inc.	0.00%	140,000	$59K	No change
ARDX Ardelyx Inc.	0.00%	11,000	$56K	Reduce -54.0%
GOSS Gossamer Bio Inc.	0.00%	212,531	$35K	Reduce -26.1%
ATYR Atyr Pharma Inc.	0.00%	50,685	$30K	No change
PRQR Proqr Therapeutics NV	0.00%	10,000	$19K	No change
CHRS Coherus Oncology Inc.	0.00%	10,366	$15K	No change

Options reported separately and not counted above: IWM puts ($18.8M), SPY puts ($18.7M), XBI puts ($10.7M), ABVX calls ($5.9M), KVACF calls ($930K), AMLX puts ($720K), RARE calls ($668K), NVO calls ($623K), CRBP calls ($563K), STI calls ($125K).

Other holdings (7): bonds, preferreds, convertibles and warrants · $5.8M (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	$3.5M	No change
ARROWHEAD RESEARCH CORP (ARWR 0 01/15/32)	NOTE 1/1 · principal	10,000	$1.2M	New
TRAVERE THERAPEUTICS INC (TVTX 0.5 05/15/32)	NOTE 0.500% 5/1 · principal	10,000	$1.0M	New
BRIDGEBIO PHARMA INC (BBIO 1.75 03/01/31)	NOTE 1.750% 3/0 · principal	30,000	$50K	No change
BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29)	NOTE 2.250% 2/0 · principal	45,000	$49K	No change
ASPCR A Spac III Acquisition Corp.	RIGHT 01/02/2026	215,000	$19K	No change
BSAAR Best Spac I Acquisition - RT	RIGHT 05/27/2030	100,000	$17K	New

Total filed on the 13F, all lines: $2.1B.

Portfolio Sells Q1 2026 → Q2 2026


TERN Terns Pharmaceuticals Inc.	Sold out	0.00%	−2.92
BEAM Beam Therapeutics Inc.	Sold out	0.00%	−2.09
SRRK Scholar Rock Holding Corp.	Sold out	0.00%	−1.21
DNLI Denali Therapeutics Inc.	Reduce -45.0%	1.25%	−0.93
DBVT DBV Technologies SA-Spon ADR	Reduce -47.8%	0.41%	−0.87
SNY Sanofi-ADR	Reduce -82.0%	0.12%	−0.81
PTGX Protagonist Therapeutics Inc.	Reduce -3.4%	5.58%	−0.78
CYTK Cytokinetics Inc.	Reduce -27.6%	1.85%	−0.68
ABUS Arbutus Biopharma Corp.	Reduce -59.5%	0.29%	−0.57
PCVX Vaxcyte Inc.	Reduce -43.6%	0.40%	−0.51
MLTX Moonlake Immunotherapeutics	Reduce -94.1%	0.02%	−0.49
INSP Inspire Medical Systems Inc.	Reduce -7.5%	0.79%	−0.48
SPRY Ars Pharmaceuticals Inc.	Reduce -55.9%	0.23%	−0.43
AMLX Amylyx Pharmaceuticals Inc.	Reduce -50.6%	0.42%	−0.42
MPLT Maplight Therapeutics Inc.	Reduce -92.9%	0.04%	−0.42
VRTX Vertex Pharmaceuticals Inc.	Sold out	0.00%	−0.41
RYTM Rhythm Pharmaceuticals Inc.	Reduce -35.6%	0.72%	−0.40
REPL Replimune Group Inc.	Reduce -58.6%	0.34%	−0.39
CTMX Cytomx Therapeutics Inc.	Reduce -1.3%	0.60%	−0.37
CGON CG Oncology Inc.	Reduce -36.1%	0.40%	−0.36
VRDN Viridian Therapeutics Inc.	Sold out	0.00%	−0.36
XENE Xenon Pharmaceuticals Inc.	Reduce -27.2%	0.48%	−0.33
VIR Vir Biotechnology Inc.	Reduce -10.5%	1.19%	−0.31
LLY Eli Lilly & Co.	Sold out	0.00%	−0.28
DNTH Dianthus Therapeutics Inc.	Sold out	0.00%	−0.28
BLTE Belite Bio Inc. - ADR	Sold out	0.00%	−0.26
ROIV Roivant Sciences Ltd.	Reduce -3.9%	5.29%	−0.23
ACLX Arcellx Inc.	Sold out	0.00%	−0.22
PRTA Prothena Corp. PLC	Reduce -1.7%	0.72%	−0.21
AVBP Arrivent Biopharma Inc.	Sold out	0.00%	−0.20
EVMN Evommune Inc.	Reduce -43.5%	0.07%	−0.19
APLS Apellis Pharmaceuticals Inc.	Sold out	0.00%	−0.18
IRD Opus Genetics Inc.	Reduce -3.5%	0.35%	−0.16
MASI Masimo Corp.	Sold out	0.00%	−0.16
STRO Sutro Biopharma Inc.	Reduce -23.0%	0.64%	−0.16
TFX Teleflex Inc.	Sold out	0.00%	−0.15
IVVD Invivyd Inc.	Reduce -0.4%	0.16%	−0.14
BIOA Bioage Labs Inc.	Sold out	0.00%	−0.14
OKUR Onkure Therapeutics Inc. Class A	Reduce -8.1%	0.48%	−0.13
DHR Danaher Corp.	Reduce -16.2%	0.23%	−0.12
AEXA American Exceptionalism Class A	Reduce -42.5%	0.12%	−0.12
ALKS Alkermes PLC	Sold out	0.00%	−0.10
SEPN Septerna Inc.	Reduce -13.7%	1.49%	−0.10
SLNO Soleno Therapeutics Inc.	Sold out	0.00%	−0.10
CNTA Centessa Pharmaceuticals Ltd.	Sold out	0.00%	−0.09
FOLD Amicus Therapeutics Inc.	Sold out	0.00%	−0.09
UNH Unitedhealth Group Inc.	Sold out	0.00%	−0.09
SXT Sensient Technologies Corp.	Sold out	0.00%	−0.08
SVRA Savara Inc.	Reduce -4.2%	0.41%	−0.08
SDGR Schrodinger Inc.	Sold out	0.00%	−0.07

Portfolio Buys Q1 2026 → Q2 2026


ABVX Abivax SA-ADR	Add +29.5%	11.39%	+1.98
AGIO Agios Pharmaceuticals Inc.	Add +815.6%	2.26%	+1.97
SPY SS SPDR S&P 500 ETF Trust-US	Add +70.0%	4.56%	+1.57
ZLAB Zai Lab Ltd.-ADR	Add +136.4%	3.03%	+1.41
EDIT Editas Medicine Inc.	New	1.36%	+1.36
PRAX Praxis Precision Medicines I	Add +4850.2%	1.18%	+1.15
ENTA Enanta Pharmaceuticals Inc.	Add +2518.0%	0.93%	+0.89
INSM Insmed Inc.	Add +545.7%	1.15%	+0.80
RLYB Rallybio Corp.	Add +4411.1%	0.70%	+0.69
QURE Uniqure NV	Add +326.1%	0.71%	+0.63
VKTX Viking Therapeutics Inc.	Add +152.1%	1.06%	+0.61
VOR Vor Biopharma Inc.	New	0.59%	+0.59
ANL Adlai Nortye Group Ltd.	Add +763.2%	0.55%	+0.50
FTH Faeth Therapeutics Inc.	New	0.43%	+0.43
MAZE Maze Therapeutics Inc.	Add +577.3%	0.48%	+0.39
AMAN Amanat Acquisition Corp. Class A	New	0.36%	+0.36
OVID Ovid Therapeutics Inc.	Add +63.2%	0.94%	+0.33
BHVN Biohaven Ltd.	Add +1020.4%	0.35%	+0.33
RACC Research Alliance Corp. Class A	New	0.33%	+0.33
RLAY Relay Therapeutics Inc.	New	0.32%	+0.32
IFRX Inflarx NV	Add +1795.5%	0.32%	+0.31
NRIX Nurix Therapeutics Inc.	Add +458.6%	0.36%	+0.31
SRPT Sarepta Therapeutics Inc.	Add +178.8%	0.62%	+0.28
CLDX Celldex Therapeutics Inc.	Add +44.8%	1.09%	+0.27
ZURA Zura Bio Ltd.	Add +179.1%	0.49%	+0.26
WHWK Whitehawk Therapeutics Inc.	Add +943.9%	0.29%	+0.26
CLYM Climb Bio Inc.	Add +37.6%	0.51%	+0.26
DGAC.U Disciplined Growth Acquisiti	New	0.24%	+0.24
BOLD Boundless Bio Inc.	New	0.23%	+0.23
AVLN Avalyn Pharma Inc.	New	0.23%	+0.23
JATT Jatt II Acquisition Corp.	New	0.22%	+0.22
RNTX Rein Therapeutics Inc.	New	0.22%	+0.22
FULC Fulcrum Therapeutics Inc.	Add +1098.7%	0.27%	+0.21
BBIO Bridgebio Pharma Inc.	Add +87.4%	0.62%	+0.20
PRLD Prelude Therapeutics Inc.	Add +489.5%	0.23%	+0.20
APGE Apogee Therapeutics Inc.	New	0.19%	+0.19
TSHA Taysha Gene Therapies Inc.	Add +2.0%	0.98%	+0.17
SGMT Sagimet Biosciences Inc. Class A	New	0.16%	+0.16
GMED Globus Medical Inc. Class A	Add +248.8%	0.26%	+0.16
PFE Pfizer Inc.	Add +226.1%	0.29%	+0.16
ELVN Enliven Therapeutics Inc.	Add +17.6%	0.93%	+0.15
ALEC Alector Inc.	Add +174.6%	0.27%	+0.14
ZNTL Zentalis Pharmaceuticals Inc.	Add +351.3%	0.15%	+0.13
MLYS Mineralys Therapeutics Inc.	Add +93.2%	0.38%	+0.13
SLN Silence Therapeutics PLC-ADR	Add +96.5%	0.18%	+0.12
EQ Equillium Inc.	Add +0.9%	0.57%	+0.12
ENGN Engene Therapeutics Inc.	Add +1474.6%	0.17%	+0.12
XNCR Xencor Inc.	Add +148.3%	0.18%	+0.11
NKTR Nektar Therapeutics	Add +51.4%	0.81%	+0.10
EWTX Edgewise Therapeutics Inc.	Add +58.1%	0.28%	+0.10

Options Activity Q1 2026 → Q2 2026


IWM iShares Russell 2000 ETF	put	Add +127.3%	62,500	$18.8M
SPY SS SPDR S&P 500 ETF Trust-US	put	New	25,000	$18.7M
XBI SS SPDR S&P Biotech ETF	put	Add +349.3%	67,400	$10.7M
TERN Terns Pharmaceuticals Inc.	call	Sold out	200,000	$10.5Mbefore exit
ABVX Abivax SA-ADR	call	Add +0.9%	44,400	$5.9M
LQDA Liquidia Corp.	put	Sold out	100,000	$3.8Mbefore exit
QURE Uniqure NV	call	Sold out	100,000	$1.6Mbefore exit
KPTI Karyopharm Therapeutics Inc.	call	Sold out	205,200	$1.1Mbefore exit
REPL Replimune Group Inc.	call	Sold out	100,000	$765Kbefore exit
AMLX Amylyx Pharmaceuticals Inc.	put	New	40,100	$720K
GUTS Fractyl Health Inc.	call	Sold out	1,428,571	$654Kbefore exit
CRBP Corbus Pharmaceuticals Holdi	call	Add +71.4%	60,000	$563K
MLTX Moonlake Immunotherapeutics	call	Sold out	20,000	$373Kbefore exit
QUINCE THERAPEUTICS INC	put	Sold out	50,000	$5Kbefore 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 2026 → Q2 2026


ARROWHEAD RESEARCH CORP (ARWR 0 01/15/32)	NOTE 1/1 · principal	New	10,000	$1.2M
TRAVERE THERAPEUTICS INC (TVTX 0.5 05/15/32)	NOTE 0.500% 5/1 · principal	New	10,000	$1.0M
BSAAR Best Spac I Acquisition - RT	RIGHT 05/27/2030	New	100,000	$17K

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