Affinity Asset Advisors, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Affinity Asset Advisors, LLC reported 71 stock positions worth $648.9 million. Its top holding was Verona Pharma (VRNA) at 8.9% of the portfolio, followed by Insmed (INSM, 7.4%) and Xenon Pharmaceuticals (XENE, 5.3%). Compared with Q1 2025, it opened 11 new positions, sold out of 15, added to 18 and reduced 23. The biggest buy was Insmed (INSM, shares +239%) and the biggest sale an exit from SS SPDR S&P 500 ETF Trust-US (SPY).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001773195
- Portfolio Value
- $648.9M (Q2 2025)
- SEC Filing
- 0001999371-25-011256 ↗ filed Aug 13, 2025
Holdings Value
Holdings 71 stocks · $648.9M
| VRNA Verona Pharma Ltd. | 8.89% | 610,000 | $57.7M | Reduce -0.8% |
| INSM Insmed Inc. | 7.37% | 475,000 | $47.8M | Add +239.3% |
| XENE Xenon Pharmaceuticals Inc. | 5.31% | 1,100,000 | $34.4M | Reduce -17.2% |
| ACLX Arcellx Inc. | 5.02% | 495,000 | $32.6M | Reduce -6.6% |
| BPMC Blueprint Medicines Corp. | 4.94% | 250,000 | $32.0M | New |
| NUVL Nuvalent Inc. Class A | 4.88% | 415,000 | $31.7M | Reduce -9.8% |
| APGE Apogee Therapeutics Inc. | 4.63% | 691,899 | $30.0M | Reduce -39.9% |
| ALKS Alkermes PLC | 4.41% | 1,000,000 | $28.6M | No change |
| PTGX Protagonist Therapeutics Inc. | 3.75% | 440,000 | $24.3M | Add +10.0% |
| MDGL Madrigal Pharmaceuticals Inc. | 3.73% | 80,000 | $24.2M | No change |
| TEVA Teva Pharmaceutical-SP ADR | 3.62% | 1,400,000 | $23.5M | No change |
| LXEO Lexeo Therapeutics Inc. | 2.22% | 3,589,355 | $14.4M | Add +142.4% |
| TVTX Travere Therapeutics Inc. | 2.21% | 970,000 | $14.4M | Reduce -9.3% |
| ESTA Establishment Labs Holdings | 2.20% | 334,863 | $14.3M | Add +19.6% |
| TRVI Trevi Therapeutics Inc. | 2.14% | 2,534,058 | $13.9M | Add +102.7% |
| WVE Wave Life Sciences Ltd. | 2.00% | 2,000,308 | $13.0M | Add +9.6% |
| VERA Vera Therapeutics Inc. | 1.98% | 545,000 | $12.8M | Add +53.5% |
| MLYS Mineralys Therapeutics Inc. | 1.88% | 900,000 | $12.2M | Reduce -18.2% |
| CNTA Centessa Pharmaceuticals Ltd. | 1.82% | 900,162 | $11.8M | Reduce -41.8% |
| NRIX Nurix Therapeutics Inc. | 1.70% | 967,620 | $11.0M | Add +19.4% |
| RZLT Rezolute Inc. | 1.51% | 2,200,000 | $9.8M | Add +29.4% |
| VTYX Ventyx Biosciences Inc. | 1.50% | 4,536,182 | $9.7M | New |
| SYRE Spyre Therapeutics Inc. | 1.40% | 606,678 | $9.1M | Add +25.9% |
| ELVN Enliven Therapeutics Inc. | 1.24% | 400,000 | $8.0M | New |
| PRQR Proqr Therapeutics NV | 1.10% | 3,499,512 | $7.1M | Add +6.5% |
| AKBA Akebia Therapeutics Inc. | 1.09% | 1,950,000 | $7.1M | Add +30.0% |
| INZY Inozyme Pharma Inc. | 1.08% | 1,749,359 | $7.0M | Reduce -54.8% |
| AUTL Autolus Therapeutics PLC | 1.07% | 3,045,000 | $6.9M | No change |
| ORKA Oruka Therapeutics Inc. | 1.04% | 603,479 | $6.8M | Add +10.7% |
| BBIO Bridgebio Pharma Inc. | 1.00% | 150,000 | $6.5M | Reduce -50.0% |
| VRDN Viridian Therapeutics Inc. | 0.84% | 390,000 | $5.5M | No change |
| AXSM Axsome Therapeutics Inc. | 0.80% | 50,000 | $5.2M | Reduce -50.0% |
| ERAS Erasca Inc. | 0.80% | 4,085,787 | $5.2M | Add +22.3% |
| NAMS Newamsterdam Pharma Co. NV | 0.77% | 275,000 | $5.0M | Reduce -15.4% |
| CBIO Crescent Biopharma Inc. | 0.70% | 280,031 | $4.5M | New |
| ROIV Roivant Sciences Ltd. | 0.69% | 400,000 | $4.5M | Add +166.7% |
| CRNX Crinetics Pharmaceuticals Inc. | 0.67% | 152,252 | $4.4M | No change |
| PCVX Vaxcyte Inc. | 0.63% | 125,000 | $4.1M | Add +400.0% |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.57% | 350,000 | $3.7M | No change |
| MRUS Merus NV | 0.57% | 70,000 | $3.7M | Reduce -78.3% |
| CATX Perspective Therapeutics Inc. | 0.56% | 1,050,000 | $3.6M | Reduce -52.8% |
| AVTX Avalo Therapeutics Inc. | 0.47% | 607,872 | $3.0M | Reduce -7.5% |
| OACCU Oaktree Acquisition III Life | 0.41% | 250,000 | $2.7M | No change |
| JAZZ Jazz Pharmaceuticals PLC | 0.41% | 25,000 | $2.7M | New |
| MNPR Monopar Therapeutics Inc. | 0.37% | 67,500 | $2.4M | Add +8.9% |
| RAPP Rapport Therapeutics Inc. | 0.35% | 199,643 | $2.3M | New |
| GERN Geron Corp. | 0.33% | 1,500,000 | $2.1M | No change |
| THRD Third Harmonic Bio Inc. | 0.31% | 370,000 | $2.0M | No change |
| CGEM Cullinan Therapeutics Inc. | 0.31% | 263,817 | $2.0M | No change |
| QURE Uniqure NV | 0.29% | 135,000 | $1.9M | Reduce -66.3% |
| CLYM Climb Bio Inc. | 0.29% | 1,500,000 | $1.9M | No change |
| AVR Anteris Technologies Global | 0.25% | 425,000 | $1.6M | Add +9.0% |
| ATXS Astria Therapeutics Inc. | 0.25% | 300,000 | $1.6M | New |
| NKTX Nkarta Inc. | 0.20% | 800,000 | $1.3M | No change |
| MIRM Mirum Pharmaceuticals Inc. | 0.19% | 24,692 | $1.3M | Reduce -50.3% |
| SVRA Savara Inc. | 0.18% | 500,000 | $1.1M | New |
| OLMA Olema Pharmaceuticals Inc. | 0.16% | 250,000 | $1.1M | Reduce -23.1% |
| NXTC Nextcure Inc. | 0.16% | 2,302,598 | $1.1M | No change |
| OKUR Onkure Therapeutics Inc. Class A | 0.13% | 347,990 | $832K | Reduce -11.7% |
| ABVX Abivax SA-ADR | 0.12% | 100,000 | $765K | Reduce -50.0% |
| JBIO Jade Biosciences Inc. | 0.10% | 65,317 | $653K | New |
| STRO Sutro Biopharma Inc. Com SHS | 0.08% | 752,722 | $537K | No change |
| TSHA Taysha Gene Therapies Inc. | 0.07% | 200,000 | $462K | New |
| CNTX Context Therapeutics Inc. | 0.05% | 518,025 | $339K | Reduce -21.6% |
| ENGN Engene Holdings Inc. | 0.04% | 77,000 | $280K | New |
| RPTX Repare Therapeutics Inc. | 0.04% | 200,000 | $278K | No change |
| ZURA Zura Bio Ltd. | 0.04% | 223,335 | $235K | No change |
| OVID Ovid Therapeutics Inc. | 0.03% | 667,516 | $220K | No change |
| RADX Radiopharm Theranostics Ltd. | 0.03% | 35,635 | $166K | Reduce -44.8% |
| ADGM Adagio Medical Holdings Inc. | 0.02% | 80,000 | $108K | Reduce -62.5% |
| QTTB Q32 Bio Inc. | 0.01% | 27,777 | $41K | No change |
Options reported separately and not counted above: EXEL puts ($19.8M), AMGN calls ($11.2M), CRSP calls ($9.7M), EXEL calls ($6.6M), CAPR puts ($1.7M), NVAX calls ($1.6M), QURE calls ($1.4M), OMER puts ($942K), INMB puts ($818K), ALT calls ($774K), KPTI calls ($679K), GALT puts ($528K), and 2 more.
Other holdings (6): bonds, preferreds, convertibles and warrants · $27.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| KARYOPHARM THERAPEUTICS (KPTI 3 10/15/25) | NOTE 3.000%10/1 · principal | 15,250,000 | $11.6M | No change |
| OMEROS CORP (OMER 9.5 06/15/29) | NOTE 9.500% 6/1 · principal | 9,025,000 | $7.1M | New |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | 7,000,000 | $6.7M | No change |
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | 245,000 | $2.0M | Add +1.3% |
| RCKTW Rocket Pharmaceuticals in-27 | *W EXP 09/02/202 | 75,000 | $2K | No change |
| IMTXW Immatics NV -CW | *W EXP 07/01/202 | 187,204 | $112 | No change |
Total filed on the 13F, all lines: $676.3M.
Portfolio Sells Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −2.78 |
| APGE Apogee Therapeutics Inc. | Reduce -39.9% | 4.63% | −2.50 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -17.2% | 5.31% | −2.08 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -41.8% | 1.82% | −1.86 |
| MRUS Merus NV | Reduce -78.3% | 0.57% | −1.68 |
| IMVT Immunovant Inc. | Sold out | 0.00% | −1.22 |
| AXSM Axsome Therapeutics Inc. | Reduce -50.0% | 0.80% | −1.13 |
| MLYS Mineralys Therapeutics Inc. | Reduce -18.2% | 1.88% | −1.02 |
| TVTX Travere Therapeutics Inc. | Reduce -9.3% | 2.21% | −0.97 |
| NBIX Neurocrine Biosciences Inc. | Sold out | 0.00% | −0.92 |
| ACLX Arcellx Inc. | Reduce -6.6% | 5.02% | −0.74 |
| BBIO Bridgebio Pharma Inc. | Reduce -50.0% | 1.00% | −0.72 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −0.59 |
| NUVL Nuvalent Inc. Class A | Reduce -9.8% | 4.88% | −0.53 |
| MAZE Maze Therapeutics Inc. | Sold out | 0.00% | −0.46 |
| KYMR Kymera Therapeutics Inc. | Sold out | 0.00% | −0.45 |
| QURE Uniqure NV | Reduce -66.3% | 0.29% | −0.41 |
| AVTX Avalo Therapeutics Inc. | Reduce -7.5% | 0.47% | −0.41 |
| NAMS Newamsterdam Pharma Co. NV | Reduce -15.4% | 0.77% | −0.34 |
| AEROVATE THERAPEUTICS INC | Sold out | 0.00% | −0.33 |
| CATX Perspective Therapeutics Inc. | Reduce -52.8% | 0.56% | −0.23 |
| MBX MBX Biosciences Inc. | Sold out | 0.00% | −0.21 |
| ETNB 89BIO Inc. | Sold out | 0.00% | −0.21 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -50.3% | 0.19% | −0.18 |
| MGTX Meiragtx Holdings PLC | Sold out | 0.00% | −0.17 |
| OKUR Onkure Therapeutics Inc. Class A | Reduce -11.7% | 0.13% | −0.15 |
| VKTX Viking Therapeutics Inc. | Sold out | 0.00% | −0.10 |
| ABVX Abivax SA-ADR | Reduce -50.0% | 0.12% | −0.09 |
| BDTX Black Diamond Therapeutics I | Sold out | 0.00% | −0.06 |
| CMPX Compass Therapeutics Inc. | Sold out | 0.00% | −0.04 |
| OLMA Olema Pharmaceuticals Inc. | Reduce -23.1% | 0.16% | −0.04 |
| RADX Radiopharm Theranostics Ltd. | Reduce -44.8% | 0.03% | −0.03 |
| CNTX Context Therapeutics Inc. | Reduce -21.6% | 0.05% | −0.01 |
| OMER Omeros Corp. | Sold out | 0.00% | −0.01 |
| ADGM Adagio Medical Holdings Inc. | Reduce -62.5% | 0.02% | −0.01 |
| ALLK Allakos LLC | Sold out | 0.00% | −0.01 |
| INZY Inozyme Pharma Inc. | Reduce -54.8% | 1.08% | +0.49 |
| VRNA Verona Pharma Ltd. | Reduce -0.8% | 8.89% | +2.42 |
Portfolio Buys Q1 2025 → Q2 2025
| INSM Insmed Inc. | Add +239.3% | 7.37% | +5.60 |
| BPMC Blueprint Medicines Corp. | New | 4.94% | +4.94 |
| VTYX Ventyx Biosciences Inc. | New | 1.50% | +1.50 |
| LXEO Lexeo Therapeutics Inc. | Add +142.4% | 2.22% | +1.37 |
| ELVN Enliven Therapeutics Inc. | New | 1.24% | +1.24 |
| TRVI Trevi Therapeutics Inc. | Add +102.7% | 2.14% | +0.83 |
| CBIO Crescent Biopharma Inc. | New | 0.70% | +0.70 |
| RZLT Rezolute Inc. | Add +29.4% | 1.51% | +0.69 |
| AKBA Akebia Therapeutics Inc. | Add +30.0% | 1.09% | +0.62 |
| VERA Vera Therapeutics Inc. | Add +53.5% | 1.98% | +0.56 |
| PTGX Protagonist Therapeutics Inc. | Add +10.0% | 3.75% | +0.54 |
| PCVX Vaxcyte Inc. | Add +400.0% | 0.63% | +0.47 |
| ROIV Roivant Sciences Ltd. | Add +166.7% | 0.69% | +0.44 |
| JAZZ Jazz Pharmaceuticals PLC | New | 0.41% | +0.41 |
| PRQR Proqr Therapeutics NV | Add +6.5% | 1.10% | +0.38 |
| RAPP Rapport Therapeutics Inc. | New | 0.35% | +0.35 |
| ESTA Establishment Labs Holdings | Add +19.6% | 2.20% | +0.31 |
| ATXS Astria Therapeutics Inc. | New | 0.25% | +0.25 |
| SVRA Savara Inc. | New | 0.18% | +0.18 |
| ORKA Oruka Therapeutics Inc. | Add +10.7% | 1.04% | +0.11 |
| SYRE Spyre Therapeutics Inc. | Add +25.9% | 1.40% | +0.11 |
| NRIX Nurix Therapeutics Inc. | Add +19.4% | 1.70% | +0.10 |
| JBIO Jade Biosciences Inc. | New | 0.10% | +0.10 |
| TSHA Taysha Gene Therapies Inc. | New | 0.07% | +0.07 |
| ENGN Engene Holdings Inc. | New | 0.04% | +0.04 |
| ERAS Erasca Inc. | Add +22.3% | 0.80% | +0.04 |
| AVR Anteris Technologies Global | Add +9.0% | 0.25% | +0.01 |
| MNPR Monopar Therapeutics Inc. | Add +8.9% | 0.37% | −0.00 |
| WVE Wave Life Sciences Ltd. | Add +9.6% | 2.00% | −0.44 |
Options Activity Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 400,000 | $223.8Mbefore exit |
| IWM iShares Russell 2000 ETF | put | Sold out | 300,000 | $59.8Mbefore exit |
| XBI SS SPDR S&P Biotech ETF | put | Sold out | 500,000 | $40.5Mbefore exit |
| EXEL Exelixis Inc. | put | New | 450,000 | $19.8M |
| ALNY Alnylam Pharmaceuticals Inc. | call | Sold out | 55,000 | $14.9Mbefore exit |
| AMGN Amgen Inc. | call | Reduce -42.9% | 40,000 | $11.2M |
| CRSP Crispr Therapeutics AG | call | New | 200,000 | $9.7M |
| PTGX Protagonist Therapeutics Inc. | call | Sold out | 172,500 | $8.3Mbefore exit |
| CORT Corcept Therapeutics Inc. | call | Sold out | 70,000 | $8.0Mbefore exit |
| EXEL Exelixis Inc. | call | Add +11.1% | 150,000 | $6.6M |
| VERA Vera Therapeutics Inc. | call | Sold out | 265,000 | $6.4Mbefore exit |
| EWTX Edgewise Therapeutics Inc. | put | Sold out | 200,000 | $4.4Mbefore exit |
| MLYS Mineralys Therapeutics Inc. | put | Sold out | 200,000 | $3.2Mbefore exit |
| IBRX Immunitybio Inc. | put | Sold out | 1,025,000 | $3.1Mbefore exit |
| CMPX Compass Therapeutics Inc. | put | Sold out | 1,330,700 | $2.5Mbefore exit |
| NAMS Newamsterdam Pharma Co. NV | call | Sold out | 99,800 | $2.0Mbefore exit |
| CAPR Capricor Therapeutics Inc. | put | New | 175,000 | $1.7M |
| NVAX Novavax Inc. | call | New | 250,000 | $1.6M |
| NAMS Newamsterdam Pharma Co. NV | put | Sold out | 75,000 | $1.5Mbefore exit |
| TRML Tourmaline Bio Inc. | call | Sold out | 100,000 | $1.5Mbefore exit |
| QURE Uniqure NV | call | New | 100,000 | $1.4M |
| OMER Omeros Corp. | put | New | 314,000 | $942K |
| INMB Inmune Bio Inc. | put | New | 354,000 | $818K |
| ALT Altimmune Inc. | call | New | 200,000 | $774K |
| KPTI Karyopharm Therapeutics Inc. | call | New | 157,500 | $679K |
| GALT Galectin Therapeutics Inc. | put | Reduce -86.4% | 250,000 | $528K |
| APGE Apogee Therapeutics Inc. | put | New | 2,500 | $109K |
| ABUS Arbutus Biopharma Corp. | call | New | 9,300 | $29K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| OMEROS CORP (OMER 5.25 02/15/26) | NOTE 5.250% 2/1 · principal | Sold out | 15,525,000 | $14.3Mbefore exit |
| OMEROS CORP (OMER 9.5 06/15/29) | NOTE 9.500% 6/1 · principal | New | 9,025,000 | $7.1M |
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | Add +1.3% | 245,000 | $2.0M |
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 | 99 | $2.0B | ROIV, APGE, SYRE, XENE, ERAS |
| Q1 2026 | 90 | $1.7B | APGE, XENE, ERAS, INSM, ROIV |
| Q4 2025 | 80 | $1.3B | APGE, INSM, ABVX, VTYX, XENE |
| Q3 2025 | 80 | $1.0B | VRNA, INSM, SPY, XENE, MDGL |
| Q2 2025 | 71 | $648.9M | VRNA, INSM, XENE, ACLX, BPMC |
| Q1 2025 | 75 | $603.1M | XENE, APGE, VRNA, ACLX, ALKS |
| Q4 2024 | 68 | $588.3M | XENE, APGE, ACLX, ALKS, TEVA |
| Q3 2024 | 70 | $601.0M | XENE, APGE, NUVL, ACLX, ALKS |
| Q2 2024 | 78 | $576.0M | XENE, APGE, MDGL, ACLX, TEVA |
| Q1 2024 | 69 | $571.1M | APGE, XENE, MDGL, CRNX, AUTL |