DAFNA Capital Management LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), DAFNA Capital Management LLC reported 88 stock positions worth $524.4 million. Its top holding was Revolution Medicines (RVMD) at 20.1% of the portfolio, followed by SS SPDR S&P Biotech ETF (XBI, 5.9%) and Compass Pathways (CMPS, 5.4%). Compared with Q1 2026, it opened 14 new positions, sold out of 8, added to 18 and reduced 27. The biggest buy was Denali Therapeutics (DNLI, shares +132%) and the biggest sale an exit from Day One Biopharmaceuticals I (DAWN).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0001389933
Portfolio Value
$524.4M (Q2 2026)
SEC Filing
0001389933-26-000006 ↗ filed Aug 14, 2026

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $434.7M Q1 2024 Q2 2024: $414.1M Q2 2024 Q3 2024: $418.6M Q3 2024 Q4 2024: $389.0M Q4 2024 Q1 2025: $348.0M Q1 2025 Q2 2025: $357.2M Q2 2025 Q3 2025: $399.3M Q3 2025 Q4 2025: $425.1M Q4 2025 Q1 2026: $433.7M Q1 2026 Q2 2026: $524.4M $524.4M Q2 2026

Holdings 88 stocks · $524.4M
RVMD Revolution Medicines Inc. 20.09% 562,630 $105.4M Reduce -3.1%
XBI SS SPDR S&P Biotech ETF 5.93% 196,505 $31.1M Reduce -38.3%
CMPS Compass Pathways PLC 5.43% 2,011,952 $28.5M Reduce -16.8%
STXS Stereotaxis Inc. 4.49% 13,680,554 $23.5M No change
NKTR Nektar Therapeutics 4.24% 318,380 $22.2M Add +92.8%
DNLI Denali Therapeutics Inc. 3.62% 739,014 $19.0M Add +132.0%
IDYA Ideaya Biosciences Inc. 3.53% 497,240 $18.5M Add +4.3%
ATRC Atricure Inc. 3.19% 597,431 $16.7M No change
XENE Xenon Pharmaceuticals Inc. 2.89% 250,772 $15.1M No change
CYTK Cytokinetics Inc. 2.79% 171,998 $14.7M Reduce -20.9%
RCUS Arcus Biosciences Inc. 2.60% 441,829 $13.6M Reduce -0.5%
ASND Ascendis Pharma A/S 2.47% 48,469 $12.9M Add +109.1%
NBIX Neurocrine Biosciences Inc. 1.86% 57,769 $9.7M Reduce -18.2%
AXGN Axogen Inc. 1.84% 208,960 $9.7M Reduce -16.4%
PODD Insulet Corp. 1.80% 61,870 $9.4M Add +469.2%
EWTX Edgewise Therapeutics Inc. 1.76% 226,819 $9.2M Add +102.1%
BCAX Bicara Therapeutics Inc. 1.61% 284,955 $8.5M Reduce -32.4%
IBB iShares Biotechnology ETF 1.54% 42,595 $8.1M Reduce -31.4%
SNDX Syndax Pharmaceuticals Inc. 1.40% 335,255 $7.3M Add +54.2%
MPLT Maplight Therapeutics Inc. 1.17% 171,006 $6.1M No change
LRMR Larimar Therapeutics Inc. 1.17% 2,008,164 $6.1M Reduce -1.0%
IPSC Century Therapeutics Inc. 1.12% 2,400,458 $5.9M Reduce -1.4%
DXCM Dexcom Inc. 1.11% 86,279 $5.8M No change
IMVT Immunovant Inc. 1.10% 149,524 $5.8M Reduce -0.7%
INGN Inogen Inc. 1.04% 845,179 $5.5M No change
TNDM Tandem Diabetes Care Inc. 1.02% 355,208 $5.4M No change
ALKS Alkermes PLC 1.01% 101,266 $5.3M Reduce -27.4%
STOK Stoke Therapeutics Inc. 0.82% 130,875 $4.3M No change
ALLO Allogene Therapeutics Inc. 0.79% 2,000,000 $4.2M Add +46.0%
BCRX Biocryst Pharmaceuticals Inc. 0.76% 400,248 $4.0M Reduce -7.0%
LKFT Lakefront Biotherapeutic-ADR 0.74% 130,175 $3.9M No change
KIDS Orthopediatrics Corp. 0.69% 189,130 $3.6M Add +97.7%
HELP Cybin Inc. 0.65% 514,061 $3.4M Add +3.1%
RAPP Rapport Therapeutics Inc. 0.60% 75,000 $3.1M No change
KYMR Kymera Therapeutics Inc. 0.59% 27,000 $3.1M New
PRQR Proqr Therapeutics NV 0.54% 1,530,361 $2.8M Reduce -2.4%
NGNE Neurogene Inc. 0.53% 89,032 $2.8M Add +57.2%
ANL Adlai Nortye Group Ltd. 0.53% 239,553 $2.8M New
PRCT Procept Biorobotics Corp. 0.52% 120,000 $2.7M No change
AQST Aquestive Therapeutics Inc. 0.51% 645,915 $2.7M Add +75.3%
CLDX Celldex Therapeutics Inc. 0.49% 68,518 $2.5M No change
GPCR Structure Therapeutics Inc. 0.48% 46,500 $2.5M No change
ALGN Align Technology Inc. 0.45% 14,000 $2.4M Reduce -6.7%
VKTX Viking Therapeutics Inc. 0.44% 59,516 $2.3M No change
NGEN Nervgen Pharma Corp. 0.41% 1,050,000 $2.2M New
BHVN Biohaven Ltd. 0.39% 137,593 $2.0M Reduce -83.7%
MAZE Maze Therapeutics Inc. 0.37% 65,000 $1.9M Add +85.7%
ALEC Alector Inc. 0.35% 908,351 $1.8M No change
LXEO Lexeo Therapeutics Inc. 0.33% 377,059 $1.8M No change
PROF Profound Medical Corp. 0.33% 260,360 $1.7M Reduce -1.0%
RNA Atrium Therapeutics Inc. 0.33% 128,000 $1.7M New
ANNX Annexon Inc. 0.32% 297,812 $1.7M Add +152.8%
CTMX Cytomx Therapeutics Inc. 0.31% 438,407 $1.6M Add +90.6%
RARE Ultragenyx Pharmaceutical Inc. 0.30% 47,100 $1.6M Reduce -22.9%
EPRX Eupraxia Pharmaceuticals Inc. 0.28% 225,600 $1.5M New
DSGN Design Therapeutics Inc. 0.28% 102,600 $1.5M New
FATE Fate Therapeutics Inc. 0.27% 525,000 $1.4M Reduce -4.5%
MDWD Mediwound Ltd. 0.26% 94,405 $1.4M No change
KURA Kura Oncology Inc. 0.25% 120,568 $1.3M Reduce -48.9%
SPRY Ars Pharmaceuticals Inc. 0.25% 164,285 $1.3M Add +17.9%
MLYS Mineralys Therapeutics Inc. 0.23% 44,490 $1.2M Add +15.6%
IMTX Immatics NV 0.23% 116,960 $1.2M Reduce -48.2%
TELA Tela Bio Inc. 0.21% 1,441,029 $1.1M No change
PYPD Polypid Ltd. 0.20% 207,900 $1.1M No change
CRBP Corbus Pharmaceuticals Holdi 0.19% 107,773 $1.0M New
INSP Inspire Medical Systems Inc. 0.15% 18,200 $812K No change
ACET Adicet Bio Inc. 0.15% 93,812 $811K No change
SPTX Seaport Therapeutics Inc. 0.13% 32,400 $704K New
MBX MBX Biosciences Inc. 0.12% 11,809 $652K Reduce -93.3%
BNTX Biontech SE-ADR 0.12% 7,000 $651K No change
ARTV Artiva Biotherapeutics Inc. 0.12% 67,101 $651K New
PLRX Pliant Therapeutics Inc. 0.11% 487,000 $555K No change
SCYX Scynexis Inc. 0.11% 135,868 $553K No change
EDIT Editas Medicine Inc. 0.11% 170,470 $552K New
OBIO Orchestra Biomed Holdings Inc. 0.10% 126,841 $547K No change
FHTX Foghorn Therapeutics Inc. 0.10% 111,859 $546K No change
ARAY Accuray Inc. 0.08% 1,680,508 $433K No change
QTTB Q32 Bio Inc. 0.08% 32,896 $419K New
NVCT Nuvectis Pharma Inc. 0.07% 20,000 $368K New
CGEN Compugen Ltd. 0.07% 168,232 $360K Reduce -34.7%
IBIO Ibio Inc. 0.06% 170,053 $298K Reduce -12.2%
AUTL Autolus Therapeutics PLC 0.05% 179,316 $287K No change
BCYC Bicycle Therapeutics PLC-ADR 0.05% 64,492 $273K No change
TNYA Tenaya Therapeutics Inc. 0.04% 300,000 $222K New
VRCA Verrica Pharmaceuticals Inc. 0.03% 23,750 $145K Reduce -84.5%
ENGN Engene Therapeutics Inc. 0.02% 74,650 $129K Reduce -60.2%
KARD Kardigan Inc. 0.02% 5,000 $119K New
ADCT Adc Therapeutics SA 0.02% 77,081 $82K Add +6.9%

Portfolio Sells Q1 2026 → Q2 2026
DAWN Day One Biopharmaceuticals I Sold out 0.00% −4.84
XBI SS SPDR S&P Biotech ETF Reduce -38.3% 5.93% −3.45
BHVN Biohaven Ltd. Reduce -83.7% 0.39% −1.26
KALV Kalvista Pharmaceuticals Inc. Sold out 0.00% −1.24
MBX MBX Biosciences Inc. Reduce -93.3% 0.12% −1.08
LRMR Larimar Therapeutics Inc. Reduce -1.0% 1.17% −0.94
IBB iShares Biotechnology ETF Reduce -31.4% 1.54% −0.87
CYTK Cytokinetics Inc. Reduce -20.9% 2.79% −0.51
FULC Fulcrum Therapeutics Inc. Sold out 0.00% −0.36
BCAX Bicara Therapeutics Inc. Reduce -32.4% 1.61% −0.32
NBIX Neurocrine Biosciences Inc. Reduce -18.2% 1.86% −0.29
IMTX Immatics NV Reduce -48.2% 0.23% −0.29
ENGN Engene Therapeutics Inc. Reduce -60.2% 0.02% −0.27
ORIC Oric Pharmaceuticals Inc. Sold out 0.00% −0.22
ZBIO Zenas Biopharma Inc. Sold out 0.00% −0.19
KURA Kura Oncology Inc. Reduce -48.9% 0.25% −0.19
BCRX Biocryst Pharmaceuticals Inc. Reduce -7.0% 0.76% −0.18
VRCA Verrica Pharmaceuticals Inc. Reduce -84.5% 0.03% −0.16
NAMS Newamsterdam Pharma Co. NV Sold out 0.00% −0.15
IPSC Century Therapeutics Inc. Reduce -1.4% 1.12% −0.15
ALGN Align Technology Inc. Reduce -6.7% 0.45% −0.14
ALKS Alkermes PLC Reduce -27.4% 1.01% −0.13
AXGN Axogen Inc. Reduce -16.4% 1.84% −0.07
PROF Profound Medical Corp. Reduce -1.0% 0.33% −0.06
KPTI Karyopharm Therapeutics Inc. Sold out 0.00% −0.06
CGEN Compugen Ltd. Reduce -34.7% 0.07% −0.06
PRQR Proqr Therapeutics NV Reduce -2.4% 0.54% −0.04
NMRA Neumora Therapeutics Inc. Sold out 0.00% −0.03
IBIO Ibio Inc. Reduce -12.2% 0.06% −0.03
RARE Ultragenyx Pharmaceutical Inc. Reduce -22.9% 0.30% +0.00
FATE Fate Therapeutics Inc. Reduce -4.5% 0.27% +0.12
IMVT Immunovant Inc. Reduce -0.7% 1.10% +0.24
RCUS Arcus Biosciences Inc. Reduce -0.5% 2.60% +0.39
CMPS Compass Pathways PLC Reduce -16.8% 5.43% +2.34
RVMD Revolution Medicines Inc. Reduce -3.1% 20.09% +7.07

Portfolio Buys Q1 2026 → Q2 2026
DNLI Denali Therapeutics Inc. Add +132.0% 3.62% +2.21
NKTR Nektar Therapeutics Add +92.8% 4.24% +1.50
PODD Insulet Corp. Add +469.2% 1.80% +1.27
ASND Ascendis Pharma A/S Add +109.1% 2.47% +1.24
EWTX Edgewise Therapeutics Inc. Add +102.1% 1.76% +0.94
KYMR Kymera Therapeutics Inc. New 0.59% +0.59
ANL Adlai Nortye Group Ltd. New 0.53% +0.53
NGEN Nervgen Pharma Corp. New 0.41% +0.41
KIDS Orthopediatrics Corp. Add +97.7% 0.69% +0.34
RNA Atrium Therapeutics Inc. New 0.33% +0.33
EPRX Eupraxia Pharmaceuticals Inc. New 0.28% +0.28
DSGN Design Therapeutics Inc. New 0.28% +0.28
NGNE Neurogene Inc. Add +57.2% 0.53% +0.27
SNDX Syndax Pharmaceuticals Inc. Add +54.2% 1.40% +0.23
CRBP Corbus Pharmaceuticals Holdi New 0.19% +0.19
ANNX Annexon Inc. Add +152.8% 0.32% +0.17
AQST Aquestive Therapeutics Inc. Add +75.3% 0.51% +0.16
SPTX Seaport Therapeutics Inc. New 0.13% +0.13
MAZE Maze Therapeutics Inc. Add +85.7% 0.37% +0.13
ARTV Artiva Biotherapeutics Inc. New 0.12% +0.12
EDIT Editas Medicine Inc. New 0.11% +0.11
HELP Cybin Inc. Add +3.1% 0.65% +0.10
QTTB Q32 Bio Inc. New 0.08% +0.08
NVCT Nuvectis Pharma Inc. New 0.07% +0.07
CTMX Cytomx Therapeutics Inc. Add +90.6% 0.31% +0.06
TNYA Tenaya Therapeutics Inc. New 0.04% +0.04
KARD Kardigan Inc. New 0.02% +0.02
ALLO Allogene Therapeutics Inc. Add +46.0% 0.79% +0.02
SPRY Ars Pharmaceuticals Inc. Add +17.9% 0.25% −0.01
MLYS Mineralys Therapeutics Inc. Add +15.6% 0.23% −0.01
ADCT Adc Therapeutics SA Add +6.9% 0.02% −0.05
IDYA Ideaya Biosciences Inc. Add +4.3% 3.53% −0.13

Notes & Other Activity Q1 2026 → Q2 2026
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal Sold out 4,000,000 $5.9Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 88$524.4MRVMD, XBI, CMPS, STXS, NKTR
Q1 2026 82$433.7MRVMD, XBI, STXS, DAWN, ATRC
Q4 2025 76$425.1MRVMD, XBI, STXS, ATRC, CYTK
Q3 2025 74$399.3MSTXS, XBI, RVMD, CYTK, ATRC
Q2 2025 75$357.2MXBI, STXS, RVMD, BPMC, MRUS
Q1 2025 82$348.0MXBI, STXS, RVMD, MRUS, ATRC
Q4 2024 81$389.0MXBI, STXS, RVMD, ATRC, MRUS
Q3 2024 83$418.6MXBI, STXS, RVMD, CYTK, MRUS
Q2 2024 82$414.1MXBI, STXS, MRUS, CYTK, RVMD
Q1 2024 71$434.7MXBI, STXS, CYTK, IDYA, MRUS