DAFNA Capital Management LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), DAFNA Capital Management LLC reported 82 stock positions worth $348.0 million. Its top holding was SS SPDR S&P Biotech ETF (XBI) at 9.4% of the portfolio, followed by Stereotaxis (STXS, 6.9%) and Revolution Medicines (RVMD, 6.7%). Compared with Q4 2024, it opened 8 new positions, sold out of 7, added to 24 and reduced 15. The biggest buy was Mineralys Therapeutics (MLYS, shares +111%) and the biggest sale Lexeo Therapeutics (LXEO, shares −4%).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0001389933
Portfolio Value
$348.0M (Q1 2025)
SEC Filing
0001389933-25-000002 ↗ filed May 15, 2025

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 $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 Q2 2026

Holdings 82 stocks · $348.0M
XBI SS SPDR S&P Biotech ETF 9.43% 404,505 $32.8M Add +1.8%
STXS Stereotaxis Inc. 6.92% 13,680,554 $24.1M No change
RVMD Revolution Medicines Inc. 6.67% 656,176 $23.2M Add +4.0%
MRUS Merus NV 5.59% 461,804 $19.4M Add +2.2%
ATRC Atricure Inc. 5.49% 592,273 $19.1M Reduce -7.7%
CYTK Cytokinetics Inc. 4.60% 398,100 $16.0M No change
BPMC Blueprint Medicines Corp. 3.87% 152,263 $13.5M Add +1.7%
IBB iShares Biotechnology ETF 3.77% 102,500 $13.1M No change
AXGN Axogen Inc. 3.62% 680,782 $12.6M Reduce -19.6%
ASND Ascendis Pharma A/S 3.60% 80,398 $12.5M Reduce -22.2%
IDYA Ideaya Biosciences Inc. 2.77% 589,330 $9.7M Add +18.1%
XENE Xenon Pharmaceuticals Inc. 2.64% 273,739 $9.2M No change
KALV Kalvista Pharmaceuticals Inc. 2.50% 752,359 $8.7M Reduce -7.3%
NBIX Neurocrine Biosciences Inc. 2.28% 71,615 $7.9M No change
SNDX Syndax Pharmaceuticals Inc. 1.92% 544,502 $6.7M Add +0.5%
DAWN Day One Biopharmaceuticals I 1.67% 731,363 $5.8M No change
TNDM Tandem Diabetes Care Inc. 1.62% 294,208 $5.6M Add +31.8%
URGN Urogen Pharma Ltd. 1.57% 492,515 $5.4M No change
BHVN Biohaven Ltd. 1.52% 220,235 $5.3M No change
MLYS Mineralys Therapeutics Inc. 1.41% 309,200 $4.9M Add +111.1%
RCUS Arcus Biosciences Inc. 1.41% 625,126 $4.9M Add +145.9%
DXCM Dexcom Inc. 1.29% 65,552 $4.5M No change
BCRX Biocryst Pharmaceuticals Inc. 1.20% 558,255 $4.2M Reduce -16.3%
EWTX Edgewise Therapeutics Inc. 1.16% 183,140 $4.0M Reduce -2.1%
LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV 0.94% 130,175 $3.3M No change
INGN Inogen Inc. 0.94% 458,065 $3.3M Add +119.4%
PODD Insulet Corp. 0.90% 11,900 $3.1M Reduce -4.0%
ALKS Alkermes PLC 0.89% 94,200 $3.1M Reduce -22.0%
KURA Kura Oncology Inc. 0.88% 463,368 $3.1M Add +3.4%
STOK Stoke Therapeutics Inc. 0.85% 443,998 $3.0M Add +159.5%
IMVT Immunovant Inc. 0.83% 169,996 $2.9M Add +57.4%
BCAX Bicara Therapeutics Inc. 0.79% 212,001 $2.8M Add +101.0%
ARAY Accuray Inc. 0.63% 1,222,358 $2.2M No change
TSVT 2SEVENTY Bio Inc. 0.61% 429,252 $2.1M No change
PRQR Proqr Therapeutics NV 0.60% 1,567,561 $2.1M No change
CMPS Compass Pathways PLC 0.58% 711,046 $2.0M Add +192.4%
ALLO Allogene Therapeutics Inc. 0.58% 1,380,118 $2.0M Add +11.3%
TELA Tela Bio Inc. 0.51% 1,441,029 $1.8M No change
ALGN Align Technology Inc. 0.50% 11,000 $1.7M Add +100.0%
DNLI Denali Therapeutics Inc. 0.50% 127,900 $1.7M New
ATXS Astria Therapeutics Inc. 0.48% 314,775 $1.7M Add +5.0%
VKTX Viking Therapeutics Inc. 0.45% 64,516 $1.6M No change
RGLS Regulus Therapeutics Inc. 0.43% 847,176 $1.5M Reduce -3.2%
BWAY Brainsway Ltd.-ADR 0.43% 156,533 $1.5M Reduce -19.0%
ORIC Oric Pharmaceuticals Inc. 0.39% 242,000 $1.4M New
KROS Keros Therapeutics Inc. 0.38% 130,316 $1.3M No change
LXEO Lexeo Therapeutics Inc. 0.38% 378,083 $1.3M Reduce -3.8%
ITOS Iteos Therapeutics Inc. 0.37% 213,347 $1.3M Add +13.3%
PVLA Palvella Therapeutics Inc. 0.35% 43,348 $1.2M Reduce -39.3%
SPRY Ars Pharmaceuticals Inc. 0.34% 95,290 $1.2M Add +7.3%
LCTX Lineage Cell Therapeutics Inc. 0.33% 2,511,374 $1.1M No change
ALEC Alector Inc. 0.32% 912,928 $1.1M No change
FHTX Foghorn Therapeutics Inc. 0.32% 304,752 $1.1M Add +63.2%
IMTX Immatics NV 0.32% 245,000 $1.1M No change
GPCR Structure Therapeutics Inc. 0.29% 59,000 $1.0M Add +66.2%
VYNE THERAPEUTICS INC 0.29% 636,103 $1.0M New
MDWD Mediwound Ltd. 0.29% 64,479 $1.0M No change
GOSS Gossamer Bio Inc. 0.29% 907,854 $999K Reduce -35.6%
BNTX Biontech SE-ADR 0.27% 10,500 $956K Add +23.5%
AUTL Autolus Therapeutics PLC 0.26% 586,667 $909K No change
SAGE Sage Therapeutics Inc. 0.25% 108,200 $860K No change
KRRO Korro Bio Inc. 0.24% 47,086 $820K New
IPSC Century Therapeutics Inc. 0.23% 1,704,232 $811K No change
LRMR Larimar Therapeutics Inc. 0.23% 371,434 $799K No change
PYPD Polypid Ltd. 0.23% 291,273 $789K No change
TSHA Taysha Gene Therapies Inc. 0.21% 522,500 $726K No change
BCYC Bicycle Therapeutics PLC-ADR 0.20% 80,799 $686K Reduce -33.1%
NGNE Neurogene Inc. 0.17% 51,500 $603K No change
CRDF Cardiff Oncology Inc. 0.14% 150,000 $471K New
ERAS Erasca Inc. 0.13% 340,000 $466K New
IFRX Inflarx NV 0.13% 450,000 $459K New
ACET Adicet Bio Inc. 0.13% 600,000 $453K No change
AQST Aquestive Therapeutics Inc. 0.12% 142,000 $412K Add +11.8%
CGEN Compugen Ltd. 0.11% 272,402 $398K Reduce -39.1%
ADCT Adc Therapeutics SA 0.09% 224,081 $316K No change
STRO Sutro Biopharma Inc. Com SHS 0.08% 437,079 $284K No change
APRE Aprea Therapeutics Inc. 0.08% 137,174 $280K No change
BIOMX INC 0.06% 401,136 $223K No change
NVRO Nevro LLC filed as NEVRO CORP 0.06% 38,000 $222K No change
BDTX Black Diamond Therapeutics I 0.06% 140,000 $217K No change
SPRO Spero Therapeutics Inc. 0.03% 125,000 $90K No change
TNYA Tenaya Therapeutics Inc. 0.01% 47,319 $27K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $4.7M (not counted above)
SecurityClassShares / PrincipalValueChange
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal 4,000,000$4.7MNo change

Total filed on the 13F, all lines: $352.7M.

Portfolio Sells Q4 2024 → Q1 2025
LXEO Lexeo Therapeutics Inc. Reduce -3.8% 0.38% −0.29
BCYC Bicycle Therapeutics PLC-ADR Reduce -33.1% 0.20% −0.24
CNTA Centessa Pharmaceuticals Ltd. Sold out 0.00% −0.20
VIR Vir Biotechnology Inc. Sold out 0.00% −0.19
ACRV Acrivon Therapeutics Inc. Sold out 0.00% −0.17
MASI Masimo Corp. Sold out 0.00% −0.13
EWTX Edgewise Therapeutics Inc. Reduce -2.1% 1.16% −0.13
CATX Perspective Therapeutics Inc. Sold out 0.00% −0.11
BCRX Biocryst Pharmaceuticals Inc. Reduce -16.3% 1.20% −0.09
SLRN Acelyrin Inc. Sold out 0.00% −0.07
CGEN Compugen Ltd. Reduce -39.1% 0.11% −0.06
CMPX Compass Therapeutics Inc. Sold out 0.00% −0.06
ASND Ascendis Pharma A/S Reduce -22.2% 3.60% −0.06
BWAY Brainsway Ltd.-ADR Reduce -19.0% 0.43% −0.04
GOSS Gossamer Bio Inc. Reduce -35.6% 0.29% −0.04
ALKS Alkermes PLC Reduce -22.0% 0.89% +0.00
AXGN Axogen Inc. Reduce -19.6% 3.62% +0.03
PODD Insulet Corp. Reduce -4.0% 0.90% +0.07
RGLS Regulus Therapeutics Inc. Reduce -3.2% 0.43% +0.07
PVLA Palvella Therapeutics Inc. Reduce -39.3% 0.35% +0.13
ATRC Atricure Inc. Reduce -7.7% 5.49% +0.45
KALV Kalvista Pharmaceuticals Inc. Reduce -7.3% 2.50% +0.73

Portfolio Buys Q4 2024 → Q1 2025
MLYS Mineralys Therapeutics Inc. Add +111.1% 1.41% +0.95
MRUS Merus NV Add +2.2% 5.59% +0.70
BPMC Blueprint Medicines Corp. Add +1.7% 3.87% +0.52
DNLI Denali Therapeutics Inc. New 0.50% +0.50
INGN Inogen Inc. Add +119.4% 0.94% +0.45
RCUS Arcus Biosciences Inc. Add +145.9% 1.41% +0.44
ORIC Oric Pharmaceuticals Inc. New 0.39% +0.39
STOK Stoke Therapeutics Inc. Add +159.5% 0.85% +0.36
CMPS Compass Pathways PLC Add +192.4% 0.58% +0.35
BCAX Bicara Therapeutics Inc. Add +101.0% 0.79% +0.32
VYNE THERAPEUTICS INC New 0.29% +0.29
KRRO Korro Bio Inc. New 0.24% +0.24
XBI SS SPDR S&P Biotech ETF Add +1.8% 9.43% +0.23
ALGN Align Technology Inc. Add +100.0% 0.50% +0.21
IMVT Immunovant Inc. Add +57.4% 0.83% +0.15
CRDF Cardiff Oncology Inc. New 0.14% +0.14
ERAS Erasca Inc. New 0.13% +0.13
IFRX Inflarx NV New 0.13% +0.13
SPRY Ars Pharmaceuticals Inc. Add +7.3% 0.34% +0.10
FHTX Foghorn Therapeutics Inc. Add +63.2% 0.32% +0.09
SNDX Syndax Pharmaceuticals Inc. Add +0.5% 1.92% +0.08
GPCR Structure Therapeutics Inc. Add +66.2% 0.29% +0.05
BNTX Biontech SE-ADR Add +23.5% 0.27% +0.03
TNYA Tenaya Therapeutics Inc. New 0.01% +0.01
AQST Aquestive Therapeutics Inc. Add +11.8% 0.12% +0.00
ITOS Iteos Therapeutics Inc. Add +13.3% 0.37% −0.01
ALLO Allogene Therapeutics Inc. Add +11.3% 0.58% −0.10
KURA Kura Oncology Inc. Add +3.4% 0.88% −0.13
ATXS Astria Therapeutics Inc. Add +5.0% 0.48% −0.21
RVMD Revolution Medicines Inc. Add +4.0% 6.67% −0.43
TNDM Tandem Diabetes Care Inc. Add +31.8% 1.62% −0.45
IDYA Ideaya Biosciences Inc. Add +18.1% 2.77% −0.52

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