Alethea Capital Management, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Alethea Capital Management, LLC reported 13 stock positions worth $186.1 million. Its top holding was Axsome Therapeutics (AXSM) at 58.9% of the portfolio, followed by SS SPDR BB 1-3M T-Bill ETF (BIL, 31.5%) and Kura Oncology (KURA, 6.7%). Compared with Q4 2025, it opened 3 new positions, sold out of 3, added to 2 and reduced 3. The biggest buy was SS SPDR BB 1-3M T-Bill ETF (BIL, shares +171%) and the biggest sale an exit from Avidity Biosciences (RNAM).
- Most Recent 13F
- Q2 2026
- Location
- MERCER ISLAND, WA
- CIK
- 0001549408
- Portfolio Value
- $186.1M (Q1 2026)
- SEC Filing
- 0001549408-26-000002 ↗ filed May 13, 2026
Holdings Value
Holdings 13 stocks · $186.1M
| AXSM Axsome Therapeutics Inc. | 58.94% | 649,114 | $109.7M | Reduce -2.9% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 31.51% | 640,038 | $58.7M | Add +170.5% |
| KURA Kura Oncology Inc. | 6.68% | 1,529,369 | $12.4M | Add +7.5% |
| TLT iShares 20+ Year Treasury BD | 1.06% | 22,831 | $2.0M | Reduce -1.3% |
| TEM Tempus AI Inc. Class A | 0.77% | 31,554 | $1.4M | No change |
| RNA Atrium Therapeutics Inc. | 0.31% | 43,758 | $585K | New |
| WFC Wells Fargo & Co. | 0.26% | 6,030 | $480K | New |
| HEDJ Wisdomtree Europe Hedged Equ | 0.21% | 7,430 | $389K | No change |
| GPK Graphic Packaging Holding Co. | 0.09% | 16,330 | $162K | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.07% | 190 | $124K | Reduce -98.6% |
| IMRX Immuneering Corp. Class A | 0.06% | 22,935 | $121K | No change |
| TASEKO MINES LTD | 0.03% | 10,000 | $65K | No change |
| LPRO Open Lending Corp. | 0.01% | 12,000 | $15K | No change |
Options reported separately and not counted above: SPY puts ($8.8M).
Portfolio Sells Q4 2025 → Q1 2026
| RNAM Avidity Biosciences Inc. | Sold out | 0.00% | −15.62 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -98.6% | 0.07% | −4.54 |
| CDTX Cidara Therapeutics Inc. | Sold out | 0.00% | −0.50 |
| AXSM Axsome Therapeutics Inc. | Reduce -2.9% | 58.94% | −0.36 |
| RSPU Invesco S&P 500 Equal Weight | Sold out | 0.00% | −0.10 |
| TLT iShares 20+ Year Treasury BD | Reduce -1.3% | 1.06% | +0.08 |
Portfolio Buys Q4 2025 → Q1 2026
Options Activity Q4 2025 → Q1 2026
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 13,500 | $8.8M |
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 |