Alethea Capital Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Alethea Capital Management, LLC reported 13 stock positions worth $205.9 million. Its top holding was Axsome Therapeutics (AXSM) at 59.3% of the portfolio, followed by Avidity Biosciences (RNAM, 15.6%) and SS SPDR BB 1-3M T-Bill ETF (BIL, 10.5%). Compared with Q3 2025, it opened 2 new positions, sold out of 22, added to 1 and reduced 5. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale SS SPDR BB 1-3M T-Bill ETF (BIL, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- MERCER ISLAND, WA
- CIK
- 0001549408
- Portfolio Value
- $205.9M (Q4 2025)
- SEC Filing
- 0001549408-26-000001 ↗ filed Feb 11, 2026
Holdings Value
Holdings 13 stocks · $205.9M
| AXSM Axsome Therapeutics Inc. | 59.30% | 668,710 | $122.1M | Reduce -0.3% |
| RNAM Avidity Biosciences Inc. | 15.62% | 446,127 | $32.2M | No change |
| BIL SS SPDR BB 1-3M T-Bill ETF | 10.50% | 236,611 | $21.6M | Reduce -24.2% |
| KURA Kura Oncology Inc. | 7.18% | 1,422,682 | $14.8M | Add +2.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 4.61% | 13,927 | $9.5M | New |
| TLT iShares 20+ Year Treasury BD | 0.98% | 23,123 | $2.0M | No change |
| TEM Tempus AI Inc. Class A | 0.90% | 31,554 | $1.9M | New |
| CDTX Cidara Therapeutics Inc. | 0.50% | 4,630 | $1.0M | Reduce -22.3% |
| HEDJ Wisdomtree Europe Hedged Equ | 0.19% | 7,430 | $394K | Reduce -6.3% |
| RSPU Invesco S&P 500 Equal Weight | 0.10% | 2,847 | $213K | Reduce -0.9% |
| IMRX Immuneering Corp. Class A | 0.07% | 22,935 | $151K | No change |
| TASEKO MINES LTD | 0.03% | 10,000 | $57K | No change |
| LPRO Open Lending Corp. | 0.01% | 12,000 | $19K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -24.2% | 10.50% | −7.92 |
| JNJ Johnson & Johnson | Sold out | 0.00% | −0.40 |
| VTR Ventas Inc. | Sold out | 0.00% | −0.36 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.36 |
| SJM The JM Smucker Co. | Sold out | 0.00% | −0.36 |
| CNP Centerpoint Energy Inc. | Sold out | 0.00% | −0.35 |
| MCD McDonald's Corp. | Sold out | 0.00% | −0.34 |
| EXC Exelon Corp. | Sold out | 0.00% | −0.34 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.33 |
| BF.B Brown-Forman Corp. Class B | Sold out | 0.00% | −0.33 |
| ED Consolidated Edison Inc. | Sold out | 0.00% | −0.33 |
| AWK American Water Works Co. Inc. | Sold out | 0.00% | −0.33 |
| MAA Mid-America Apartment Comm | Sold out | 0.00% | −0.31 |
| TAP Molson Coors Beverage Co. Class B | Sold out | 0.00% | −0.31 |
| CCI Crown Castle Inc. | Sold out | 0.00% | −0.31 |
| INVH Invitation Homes Inc. | Sold out | 0.00% | −0.29 |
| PAYX Paychex Inc. | Sold out | 0.00% | −0.28 |
| LKQ LKQ Corp. | Sold out | 0.00% | −0.27 |
| T AT&T Inc. | Sold out | 0.00% | −0.23 |
| LMT Lockheed Martin Corp. | Sold out | 0.00% | −0.21 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.20 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.17 |
| HEDJ Wisdomtree Europe Hedged Equ | Reduce -6.3% | 0.19% | −0.07 |
| XEVMX Eaton Vance Cal Muni Bond | Sold out | 0.00% | −0.07 |
| RSPU Invesco S&P 500 Equal Weight | Reduce -0.9% | 0.10% | −0.04 |
| CDTX Cidara Therapeutics Inc. | Reduce -22.3% | 0.50% | +0.13 |
| AXSM Axsome Therapeutics Inc. | Reduce -0.3% | 59.30% | +6.86 |
Portfolio Buys Q3 2025 → Q4 2025
Options Activity Q3 2025 → Q4 2025
| KURA Kura Oncology Inc. | call | Sold out | 150,000 | $278Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 41 | $241.4M | AXSM, BIL, KURA, IMRX, TLT |
| Q1 2026 | 13 | $186.1M | AXSM, BIL, KURA, TLT, TEM |
| Q4 2025 | 13 | $205.9M | AXSM, RNAM, BIL, KURA, SPY |
| Q3 2025 | 33 | $155.4M | AXSM, BIL, RNAM, KURA, TLT |
| Q2 2025 | 31 | $132.1M | AXSM, BIL, RNAM, RSPU, KURA |
| Q1 2025 | 11 | $134.0M | AXSM, BIL, RNAM, SPY, KURA |
| Q4 2024 | 30 | $116.8M | AXSM, BIL, RNAM, KURA, TLT |
| Q3 2024 | 30 | $138.5M | AXSM, BIL, RNAM, KURA, TLT |
| Q2 2024 | 31 | $131.8M | AXSM, BIL, RNAM, KURA, TLT |
| Q1 2024 | 32 | $123.1M | AXSM, BIL, RNAM, KURA, TLT |