BML Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), BML Capital Management, LLC reported 23 stock positions worth $130.5 million. Its top holding was Atea Pharmaceuticals (AVIR) at 21.0% of the portfolio, followed by Third Harmonic Bio (THRD, 15.9%) and Aclaris Therapeutics (ACRS, 15.5%). Compared with Q1 2025, it opened 1 new position, sold out of 5, added to 10 and reduced 3. The biggest buy was Instil Bio (TIL, shares +28%) and the biggest sale an exit from AN2 Therapeutics (ANTX).
- Most Recent 13F
- Q2 2026
- Location
- ZIONSVILLE, IN
- CIK
- 0001616824
- Portfolio Value
- $130.5M (Q2 2025)
- SEC Filing
- 0001754960-25-000555 ↗ filed Aug 11, 2025
Holdings Value
Holdings 23 stocks · $130.5M
| AVIR Atea Pharmaceuticals Inc. | 20.99% | 7,609,812 | $27.4M | No change |
| THRD Third Harmonic Bio Inc. | 15.91% | 3,824,417 | $20.8M | No change |
| ACRS Aclaris Therapeutics Inc. | 15.50% | 14,250,000 | $20.2M | No change |
| TIL Instil Bio Inc. | 8.54% | 534,899 | $11.1M | Add +28.4% |
| EPIX Essa Pharma Inc. | 5.50% | 4,221,546 | $7.2M | No change |
| ORMP Oramed Pharmaceuticals Inc. | 5.32% | 3,083,253 | $6.9M | Add +2.1% |
| ADVM Adverum Biotechnologies Inc. | 5.04% | 3,057,526 | $6.6M | Add +11.5% |
| IKENA ONCOLOGY INC | 4.14% | 4,030,102 | $5.4M | Add +8.6% |
| PMVP PMV Pharmaceuticals Inc. | 4.06% | 5,000,000 | $5.3M | Add +33.4% |
| ALMS Alumis Inc. | 2.78% | 1,210,415 | $3.6M | Add +2339.0% |
| KZR Kezar Life Sciences Inc. | 2.23% | 635,183 | $2.9M | Add +55.6% |
| LVTX Lava Therapeutics NV | 1.99% | 1,970,610 | $2.6M | Add +0.5% |
| MIST Milestone Pharmaceuticals Inc. | 1.69% | 1,136,091 | $2.2M | No change |
| ELEV Elevation Oncology Inc. | 1.66% | 5,890,434 | $2.2M | Reduce -0.0% |
| CNTB Connect Biopharma Hldgs Ltd. | 1.37% | 1,821,558 | $1.8M | Reduce -13.0% |
| ASTC Astrotech Corp. | 0.98% | 220,410 | $1.3M | No change |
| ATHIRA PHARMA INC | 0.75% | 3,230,667 | $976K | Add +0.9% |
| LSTA Lisata Therapeutics Inc. | 0.47% | 209,814 | $608K | Reduce -3.3% |
| CRVS Corvus Pharmaceuticals Inc. | 0.36% | 118,766 | $475K | New |
| TSBX Turnstone Biologics Corp. | 0.30% | 1,103,386 | $396K | No change |
| VTGN Vistagen Therapeutics Inc. | 0.23% | 150,000 | $300K | No change |
| HLVX Hillevax Inc. | 0.14% | 91,913 | $183K | Add +342.7% |
| VRCA Verrica Pharmaceuticals Inc. | 0.07% | 174,651 | $93K | No change |
Options reported separately and not counted above: TSLA puts ($1.7M).
Portfolio Sells Q1 2025 → Q2 2025
| ANTX AN2 Therapeutics Inc. | Sold out | 0.00% | −6.33 |
| WHWK Whitehawk Therapeutics Inc. | Sold out | 0.00% | −2.72 |
| SAGE Sage Therapeutics Inc. | Sold out | 0.00% | −0.87 |
| NXTC Nextcure Inc. | Sold out | 0.00% | −0.11 |
| ACHL Achilles Therapeutics PL-ADR | Sold out | 0.00% | 0.00 |
| LSTA Lisata Therapeutics Inc. | Reduce -3.3% | 0.47% | +0.05 |
| ELEV Elevation Oncology Inc. | Reduce -0.0% | 1.66% | +0.42 |
| CNTB Connect Biopharma Hldgs Ltd. | Reduce -13.0% | 1.37% | +0.44 |
Portfolio Buys Q1 2025 → Q2 2025
| TIL Instil Bio Inc. | Add +28.4% | 8.54% | +2.68 |
| ALMS Alumis Inc. | Add +2339.0% | 2.78% | +2.54 |
| PMVP PMV Pharmaceuticals Inc. | Add +33.4% | 4.06% | +0.75 |
| KZR Kezar Life Sciences Inc. | Add +55.6% | 2.23% | +0.62 |
| CRVS Corvus Pharmaceuticals Inc. | New | 0.36% | +0.36 |
| IKENA ONCOLOGY INC | Add +8.6% | 4.14% | +0.29 |
| HLVX Hillevax Inc. | Add +342.7% | 0.14% | +0.12 |
| ORMP Oramed Pharmaceuticals Inc. | Add +2.1% | 5.32% | +0.08 |
| ATHIRA PHARMA INC | Add +0.9% | 0.75% | +0.01 |
| LVTX Lava Therapeutics NV | Add +0.5% | 1.99% | −0.02 |
| ADVM Adverum Biotechnologies Inc. | Add +11.5% | 5.04% | −4.66 |
Options Activity Q1 2025 → Q2 2025
| TSLA Tesla Inc. | put | New | 200 | $1.7M |
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 | 15 | $175.1M | ACRS, AVIR, ENGN, KHC, OM |
| Q1 2026 | 15 | $155.4M | ACRS, AVIR, ORMP, TLYS, OM |
| Q4 2025 | 13 | $113.0M | ACRS, AVIR, ORMP, TIL, PMVP |
| Q3 2025 | 19 | $108.7M | ACRS, AVIR, ADVM, TIL, ORMP |
| Q2 2025 | 23 | $130.5M | AVIR, THRD, ACRS, TIL, EPIX |
| Q1 2025 | 27 | $123.6M | AVIR, ACRS, THRD, ADVM, ANTX |
| Q4 2024 | 25 | $161.0M | ACRS, SGOV, AVIR, ADVM, ANTX |
| Q3 2024 | 29 | $169.9M | SGOV, TIL, AVIR, ACRS, BIL |
| Q2 2024 | 27 | $136.5M | SGOV, AVIR, BIL, ACRS, ADVM |
| Q1 2024Amended | 30 | $149.4M | SGOV, AVIR, BIL, ADVM, ACRS |