Alethea Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Alethea Capital Management, LLC reported 33 stock positions worth $155.4 million. Its top holding was Axsome Therapeutics (AXSM) at 52.4% of the portfolio, followed by SS SPDR BB 1-3M T-Bill ETF (BIL, 18.4%) and Avidity Biosciences (RNAM, 12.5%). Compared with Q2 2025, it opened 22 new positions, sold out of 20, added to 4 and reduced 1. The biggest buy was Kura Oncology (KURA, shares +46%) and the biggest sale Invesco S&P 500 Equal Weight (RSPU, shares −97%).

Most Recent 13F
Q2 2026
Location
MERCER ISLAND, WA
CIK
0001549408
Portfolio Value
$155.4M (Q3 2025)
SEC Filing
0001549408-25-000009 ↗ filed Nov 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $123.1M Q1 2024 Q2 2024: $131.8M Q2 2024 Q3 2024: $138.5M Q3 2024 Q4 2024: $116.8M Q4 2024 Q1 2025: $134.0M Q1 2025 Q2 2025: $132.1M Q2 2025 Q3 2025: $155.4M $155.4M Q3 2025 Q4 2025: $205.9M Q4 2025 Q1 2026: $186.1M Q1 2026 Q2 2026: $241.4M Q2 2026

Holdings 33 stocks · $155.4M
AXSM Axsome Therapeutics Inc. 52.44% 670,883 $81.5M Add +0.5%
BIL SS SPDR BB 1-3M T-Bill ETF 18.42% 311,974 $28.6M Add +0.1%
RNAM Avidity Biosciences Inc. 12.51% 446,127 $19.4M Add +4.1%
KURA Kura Oncology Inc. 7.91% 1,388,794 $12.3M Add +46.3%
TLT iShares 20+ Year Treasury BD 1.33% 23,123 $2.1M No change
JNJ Johnson & Johnson 0.40% 3,323 $616K New
CDTX Cidara Therapeutics Inc. 0.37% 5,957 $570K New
VTR Ventas Inc. 0.36% 8,040 $563K New
UNH Unitedhealth Group Inc. 0.36% 1,627 $562K New
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.36% 5,170 $561K New
CNP Centerpoint Energy Inc. 0.35% 13,820 $536K New
MCD McDonald's Corp. 0.34% 1,739 $528K New
EXC Exelon Corp. 0.34% 11,693 $526K New
VZ Verizon Communications Inc. 0.33% 11,732 $516K New
BF.B Brown-Forman Corp. Class B 0.33% 18,864 $511K New
ED Consolidated Edison Inc. 0.33% 5,058 $508K New
AWK American Water Works Co. Inc. 0.33% 3,648 $508K New
MAA Mid-America Apartment Comm 0.31% 3,430 $479K New
TAP Molson Coors Beverage Co. Class B 0.31% 10,557 $478K New
CCI Crown Castle Inc. 0.31% 4,941 $477K New
INVH Invitation Homes Inc. 0.29% 15,478 $454K New
PAYX Paychex Inc. 0.28% 3,493 $443K New
LKQ LKQ Corp. 0.27% 13,716 $419K New
HEDJ Wisdomtree Europe Hedged Equ 0.26% 7,925 $399K No change
T AT&T Inc. 0.23% 12,782 $361K New
LMT Lockheed Martin Corp. 0.21% 663 $331K New
STZ Constellation Brands Inc. Class A 0.20% 2,362 $318K New
XOM Exxon Mobil Corp. 0.17% 2,379 $268K New
RSPU Invesco S&P 500 Equal Weight 0.14% 2,872 $220K Reduce -96.9%
IMRX Immuneering Corp. Class A 0.10% 22,935 $161K No change
XEVMX Eaton Vance Cal Muni Bond 0.07% 10,658 $101K No change
TASEKO MINES LTD 0.03% 10,000 $42K No change
LPRO Open Lending Corp. 0.02% 12,000 $25K No change

Options reported separately and not counted above: KURA calls ($278K).

Portfolio Sells Q2 2025 → Q3 2025
RSPU Invesco S&P 500 Equal Weight Reduce -96.9% 0.14% −4.92
NRG NRG Energy Inc. Sold out 0.00% −0.40
NFLX Netflix Inc. Sold out 0.00% −0.34
DASH DoorDash Inc. Class A Sold out 0.00% −0.32
TPR Tapestry Inc. Sold out 0.00% −0.30
SMCI Super Micro Computer Inc. Sold out 0.00% −0.29
CTVA Corteva Inc. Sold out 0.00% −0.28
EBAY eBay Inc. Sold out 0.00% −0.26
XYL Xylem Inc. Sold out 0.00% −0.26
ECL Ecolab Inc. Sold out 0.00% −0.25
SYK Stryker Corp. Sold out 0.00% −0.25
KR Kroger Co. Sold out 0.00% −0.25
MA Mastercard Inc. Class A Sold out 0.00% −0.24
VLO Valero Energy Corp. Sold out 0.00% −0.24
GRMN Garmin Ltd. Sold out 0.00% −0.23
CPAY Corpay Inc. Sold out 0.00% −0.23
LLY Eli Lilly & Co. Sold out 0.00% −0.23
EOG EOG Resources Inc. Sold out 0.00% −0.22
GEHC GE Healthcare Technology Sold out 0.00% −0.22
TRGP Targa Resources Corp. Sold out 0.00% −0.21
FISV Fiserv Inc. Sold out 0.00% −0.19

Portfolio Buys Q2 2025 → Q3 2025
KURA Kura Oncology Inc. Add +46.3% 7.91% +3.77
RNAM Avidity Biosciences Inc. Add +4.1% 12.51% +3.30
JNJ Johnson & Johnson New 0.40% +0.40
CDTX Cidara Therapeutics Inc. New 0.37% +0.37
VTR Ventas Inc. New 0.36% +0.36
UNH Unitedhealth Group Inc. New 0.36% +0.36
SJM The JM Smucker Co. New 0.36% +0.36
CNP Centerpoint Energy Inc. New 0.35% +0.35
MCD McDonald's Corp. New 0.34% +0.34
EXC Exelon Corp. New 0.34% +0.34
VZ Verizon Communications Inc. New 0.33% +0.33
BF.B Brown-Forman Corp. Class B New 0.33% +0.33
ED Consolidated Edison Inc. New 0.33% +0.33
AWK American Water Works Co. Inc. New 0.33% +0.33
MAA Mid-America Apartment Comm New 0.31% +0.31
TAP Molson Coors Beverage Co. Class B New 0.31% +0.31
CCI Crown Castle Inc. New 0.31% +0.31
INVH Invitation Homes Inc. New 0.29% +0.29
PAYX Paychex Inc. New 0.28% +0.28
LKQ LKQ Corp. New 0.27% +0.27
T AT&T Inc. New 0.23% +0.23
LMT Lockheed Martin Corp. New 0.21% +0.21
STZ Constellation Brands Inc. Class A New 0.20% +0.20
XOM Exxon Mobil Corp. New 0.17% +0.17
AXSM Axsome Therapeutics Inc. Add +0.5% 52.44% −0.28
BIL SS SPDR BB 1-3M T-Bill ETF Add +0.1% 18.42% −3.21

Options Activity Q2 2025 → Q3 2025
KURA Kura Oncology Inc. call New 150,000 $278K

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 41$241.4MAXSM, BIL, KURA, IMRX, TLT
Q1 2026 13$186.1MAXSM, BIL, KURA, TLT, TEM
Q4 2025 13$205.9MAXSM, RNAM, BIL, KURA, SPY
Q3 2025 33$155.4MAXSM, BIL, RNAM, KURA, TLT
Q2 2025 31$132.1MAXSM, BIL, RNAM, RSPU, KURA
Q1 2025 11$134.0MAXSM, BIL, RNAM, SPY, KURA
Q4 2024 30$116.8MAXSM, BIL, RNAM, KURA, TLT
Q3 2024 30$138.5MAXSM, BIL, RNAM, KURA, TLT
Q2 2024 31$131.8MAXSM, BIL, RNAM, KURA, TLT
Q1 2024 32$123.1MAXSM, BIL, RNAM, KURA, TLT