BML Capital Management, LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 3, 2026), BML Capital Management, LLC reported 13 stock positions worth $113.0 million . Its top holding was Aclaris Therapeutics (ACRS) at 38.0% of the portfolio, followed by Atea Pharmaceuticals (AVIR, 23.7% ) and Oramed Pharmaceuticals (ORMP, 8.0% ). Compared with Q3 2025, it opened 3 new positions, sold out of 9, added to 2 and reduced 3. The biggest buy was a new position in Carmax (KMX) and the biggest sale an exit from Adverum Biotechnologies (ADVM).
Location ZIONSVILLE, IN
CIK 0001616824
Portfolio Value $113.0M (Q4 2025) Holdings 13 stocks · $113.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 ACRS Aclaris Therapeutics Inc. 14,250,000 $42.9M No change AVIR Atea Pharmaceuticals Inc. 7,490,000 $26.7M Add +0.2% ORMP Oramed Pharmaceuticals Inc. 3,167,231 $9.0M No change TIL Instil Bio Inc. 645,600 $7.1M No change PMVP PMV Pharmaceuticals Inc. 5,292,000 $6.6M No change KMX Carmax Inc. 155,000 $6.0M New KZR Kezar Life Sciences Inc. 720,787 $4.5M No change TGT Target Corp. 37,500 $3.7M Add +275.0% OM Outset Medical Inc. 543,180 $2.0M New PLRX Pliant Therapeutics Inc. 1,546,137 $1.9M New IMA Imagenebio Inc. 177,026 $1.2M Reduce -3.0% CNTB Connect Biopharma Holdings L 408,887 $1.2M Reduce -67.7% LSTA Lisata Therapeutics Inc. 73,348 $136K Reduce -33.2%
Options reported separately and not counted above: CVNA puts ($2.0M), WMT puts ($492K), TSLA puts ($205K).
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ ADVM Adverum Biotechnologies Inc. Sold out 0.00% −12.74 ALMS Alumis Inc. Sold out 0.00% −4.44 LVTX Lava Therapeutics NV Sold out 0.00% −2.83 LONA Leonabio Inc. Sold out 0.00% −1.23 ASTC Astrotech Corp. Sold out 0.00% −0.99 CNTB Connect Biopharma Holdings L Reduce -67.7% 1.02% −0.74 VTGN Vistagen Therapeutics Inc. Sold out 0.00% −0.49 ARVN Arvinas Inc. Sold out 0.00% −0.39 IMA Imagenebio Inc. Reduce -3.0% 1.08% −0.29 LSTA Lisata Therapeutics Inc. Reduce -33.2% 0.12% −0.14 MURA Mural Oncology PLC Sold out 0.00% −0.11 THRD Third Harmonic Bio Inc. Sold out 0.00% 0.00
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ KMX Carmax Inc. New 5.30% +5.30 AVIR Atea Pharmaceuticals Inc. Add +0.2% 23.67% +3.73 TGT Target Corp. Add +275.0% 3.24% +2.42 OM Outset Medical Inc. New 1.78% +1.78 PLRX Pliant Therapeutics Inc. New 1.67% +1.67
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ CVNA Carvana Co. put New 150 $2.0M WMT Walmart Inc. put Add +26.4% 335 $492K TSLA Tesla Inc. put New 1,000 $205K
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 2024 Amended 30 $149.4M SGOV, AVIR, BIL, ADVM, ACRS