BML Capital Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), BML Capital Management, LLC reported 19 stock positions worth $108.7 million. Its top holding was Aclaris Therapeutics (ACRS) at 24.9% of the portfolio, followed by Atea Pharmaceuticals (AVIR, 19.9%) and Adverum Biotechnologies (ADVM, 12.7%). Compared with Q2 2025, it opened 4 new positions, sold out of 8, added to 4 and reduced 3. The biggest buy was PMV Pharmaceuticals (PMVP, shares +6%) and the biggest sale an exit from Essa Pharma (EPIX).
- Most Recent 13F
- Q2 2026
- Location
- ZIONSVILLE, IN
- CIK
- 0001616824
- Portfolio Value
- $108.7M (Q3 2025)
- SEC Filing
- 0001754960-25-000762 ↗ filed Nov 10, 2025
Holdings Value
Holdings 19 stocks · $108.7M
| ACRS Aclaris Therapeutics Inc. | 24.91% | 14,250,000 | $27.1M | No change |
| AVIR Atea Pharmaceuticals Inc. | 19.94% | 7,473,963 | $21.7M | Reduce -1.8% |
| ADVM Adverum Biotechnologies Inc. | 12.74% | 3,057,526 | $13.9M | No change |
| TIL Instil Bio Inc. | 10.61% | 645,600 | $11.5M | Add +20.7% |
| ORMP Oramed Pharmaceuticals Inc. | 7.69% | 3,167,231 | $8.4M | Add +2.7% |
| PMVP PMV Pharmaceuticals Inc. | 6.82% | 5,292,000 | $7.4M | Add +5.8% |
| ALMS Alumis Inc. | 4.44% | 1,210,415 | $4.8M | No change |
| LVTX Lava Therapeutics NV | 2.83% | 1,970,610 | $3.1M | No change |
| KZR Kezar Life Sciences Inc. | 2.59% | 720,787 | $2.8M | Add +13.5% |
| CNTB Connect Biopharma Holdings L | 1.76% | 1,267,500 | $1.9M | Reduce -30.4% |
| IMA Imagenebio Inc. | 1.37% | 182,509 | $1.5M | New |
| LONA Leonabio Inc. filed as ATHIRA PHARMA INC | 1.23% | 323,066 | $1.3M | No change |
| ASTC Astrotech Corp. | 0.99% | 220,410 | $1.1M | No change |
| TGT Target Corp. | 0.83% | 10,000 | $897K | New |
| VTGN Vistagen Therapeutics Inc. | 0.49% | 150,000 | $533K | No change |
| ARVN Arvinas Inc. | 0.39% | 50,000 | $426K | New |
| LSTA Lisata Therapeutics Inc. | 0.26% | 109,841 | $288K | Reduce -47.6% |
| MURA Mural Oncology PLC | 0.11% | 57,500 | $119K | New |
| THRD Third Harmonic Bio Inc. | 0.00% | 3,824,417 | $0 | No change |
Options reported separately and not counted above: WMT puts ($519K).
Portfolio Sells Q2 2025 → Q3 2025
| EPIX Essa Pharma Inc. | Sold out | 0.00% | −5.50 |
| IKENA ONCOLOGY INC | Sold out | 0.00% | −4.14 |
| MIST Milestone Pharmaceuticals Inc. | Sold out | 0.00% | −1.69 |
| ELEV Elevation Oncology Inc. | Sold out | 0.00% | −1.66 |
| AVIR Atea Pharmaceuticals Inc. | Reduce -1.8% | 19.94% | −1.05 |
| CRVS Corvus Pharmaceuticals Inc. | Sold out | 0.00% | −0.36 |
| TSBX Turnstone Biologics Corp. | Sold out | 0.00% | −0.30 |
| LSTA Lisata Therapeutics Inc. | Reduce -47.6% | 0.26% | −0.20 |
| HLVX Hillevax Inc. | Sold out | 0.00% | −0.14 |
| VRCA Verrica Pharmaceuticals Inc. | Sold out | 0.00% | −0.07 |
| CNTB Connect Biopharma Holdings L | Reduce -30.4% | 1.76% | +0.39 |
Portfolio Buys Q2 2025 → Q3 2025
| PMVP PMV Pharmaceuticals Inc. | Add +5.8% | 6.82% | +2.76 |
| ORMP Oramed Pharmaceuticals Inc. | Add +2.7% | 7.69% | +2.38 |
| TIL Instil Bio Inc. | Add +20.7% | 10.61% | +2.07 |
| IMA Imagenebio Inc. | New | 1.37% | +1.37 |
| TGT Target Corp. | New | 0.83% | +0.83 |
| ARVN Arvinas Inc. | New | 0.39% | +0.39 |
| KZR Kezar Life Sciences Inc. | Add +13.5% | 2.59% | +0.36 |
| MURA Mural Oncology PLC | New | 0.11% | +0.11 |
Options Activity Q2 2025 → Q3 2025
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 |