DAFNA Capital Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), DAFNA Capital Management LLC reported 75 stock positions worth $357.2 million. Its top holding was SS SPDR S&P Biotech ETF (XBI) at 9.6% of the portfolio, followed by Stereotaxis (STXS, 8.1%) and Revolution Medicines (RVMD, 7.0%). Compared with Q1 2025, it opened 3 new positions, sold out of 10, added to 22 and reduced 21. The biggest buy was Blueprint Medicines (BPMC, shares +11%) and the biggest sale Biocryst Pharmaceuticals (BCRX, shares −61%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001389933
- Portfolio Value
- $357.2M (Q2 2025)
- SEC Filing
- 0001389932-25-000011 ↗ filed Aug 14, 2025
Holdings Value
Holdings 75 stocks · $357.2M
| XBI SS SPDR S&P Biotech ETF | 9.65% | 415,505 | $34.5M | Add +2.7% |
| STXS Stereotaxis Inc. | 8.12% | 13,680,554 | $29.0M | No change |
| RVMD Revolution Medicines Inc. | 6.97% | 677,176 | $24.9M | Add +3.2% |
| BPMC Blueprint Medicines Corp. | 6.06% | 168,763 | $21.6M | Add +10.8% |
| MRUS Merus NV | 5.87% | 398,804 | $21.0M | Reduce -13.6% |
| ATRC Atricure Inc. | 5.43% | 592,273 | $19.4M | No change |
| CYTK Cytokinetics Inc. | 3.68% | 398,100 | $13.2M | No change |
| IDYA Ideaya Biosciences Inc. | 3.64% | 619,090 | $13.0M | Add +5.0% |
| IBB iShares Biotechnology ETF | 3.63% | 102,500 | $13.0M | No change |
| ASND Ascendis Pharma A/S | 3.51% | 72,677 | $12.5M | Reduce -9.6% |
| XENE Xenon Pharmaceuticals Inc. | 2.52% | 287,939 | $9.0M | Add +5.2% |
| NBIX Neurocrine Biosciences Inc. | 2.48% | 70,615 | $8.9M | Reduce -1.4% |
| AXGN Axogen Inc. | 2.25% | 741,782 | $8.0M | Add +9.0% |
| KALV Kalvista Pharmaceuticals Inc. | 1.84% | 581,757 | $6.6M | Reduce -22.7% |
| DXCM Dexcom Inc. | 1.60% | 65,552 | $5.7M | No change |
| DAWN Day One Biopharmaceuticals I | 1.60% | 879,163 | $5.7M | Add +20.2% |
| STOK Stoke Therapeutics Inc. | 1.59% | 501,972 | $5.7M | Add +13.1% |
| TNDM Tandem Diabetes Care Inc. | 1.54% | 294,208 | $5.5M | No change |
| RCUS Arcus Biosciences Inc. | 1.43% | 627,626 | $5.1M | Add +0.4% |
| SNDX Syndax Pharmaceuticals Inc. | 1.43% | 543,602 | $5.1M | Reduce -0.2% |
| MLYS Mineralys Therapeutics Inc. | 1.41% | 371,523 | $5.0M | Add +20.2% |
| URGN Urogen Pharma Ltd. | 1.34% | 349,515 | $4.8M | Reduce -29.0% |
| INGN Inogen Inc. | 1.19% | 605,625 | $4.3M | Add +32.2% |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 1.02% | 130,175 | $3.6M | No change |
| BHVN Biohaven Ltd. | 0.93% | 235,235 | $3.3M | Add +6.8% |
| PRQR Proqr Therapeutics NV | 0.90% | 1,567,561 | $3.2M | No change |
| EWTX Edgewise Therapeutics Inc. | 0.87% | 238,140 | $3.1M | Add +30.0% |
| PODD Insulet Corp. | 0.87% | 9,900 | $3.1M | Reduce -16.8% |
| IMVT Immunovant Inc. | 0.86% | 191,493 | $3.1M | Add +12.7% |
| ALKS Alkermes PLC | 0.83% | 103,748 | $3.0M | Add +10.1% |
| BCAX Bicara Therapeutics Inc. | 0.82% | 317,001 | $2.9M | Add +49.5% |
| TELA Tela Bio Inc. | 0.78% | 1,441,029 | $2.8M | No change |
| KURA Kura Oncology Inc. | 0.75% | 463,368 | $2.7M | No change |
| DNLI Denali Therapeutics Inc. | 0.66% | 168,500 | $2.4M | Add +31.7% |
| CMPS Compass Pathways PLC | 0.64% | 811,046 | $2.3M | Add +14.1% |
| ALGN Align Technology Inc. | 0.58% | 11,000 | $2.1M | No change |
| BCRX Biocryst Pharmaceuticals Inc. | 0.55% | 218,255 | $2.0M | Reduce -60.9% |
| ATXS Astria Therapeutics Inc. | 0.49% | 324,775 | $1.7M | Add +3.2% |
| KROS Keros Therapeutics Inc. | 0.49% | 130,316 | $1.7M | No change |
| VKTX Viking Therapeutics Inc. | 0.48% | 64,516 | $1.7M | No change |
| ARAY Accuray Inc. | 0.47% | 1,222,358 | $1.7M | No change |
| BWAY Brainsway Ltd.-ADR | 0.47% | 127,151 | $1.7M | Reduce -18.8% |
| ALLO Allogene Therapeutics Inc. | 0.44% | 1,380,118 | $1.6M | No change |
| LXEO Lexeo Therapeutics Inc. | 0.43% | 378,083 | $1.5M | No change |
| FHTX Foghorn Therapeutics Inc. | 0.40% | 300,452 | $1.4M | Reduce -1.4% |
| ITOS Iteos Therapeutics Inc. | 0.39% | 140,847 | $1.4M | Reduce -34.0% |
| ORIC Oric Pharmaceuticals Inc. | 0.38% | 135,271 | $1.4M | Reduce -44.1% |
| CMPX Compass Therapeutics Inc. | 0.38% | 526,660 | $1.4M | New |
| IMTX Immatics NV | 0.37% | 245,000 | $1.3M | No change |
| ALEC Alector Inc. | 0.36% | 912,928 | $1.3M | No change |
| MDWD Mediwound Ltd. | 0.35% | 64,479 | $1.2M | No change |
| GPCR Structure Therapeutics Inc. | 0.34% | 59,000 | $1.2M | No change |
| BDTX Black Diamond Therapeutics I | 0.33% | 471,000 | $1.2M | Add +236.4% |
| LRMR Larimar Therapeutics Inc. | 0.30% | 371,434 | $1.1M | No change |
| VYNE THERAPEUTICS INC | 0.29% | 636,103 | $1.0M | No change |
| GOSS Gossamer Bio Inc. | 0.29% | 849,921 | $1.0M | Reduce -6.4% |
| PVLA Palvella Therapeutics Inc. | 0.27% | 43,348 | $977K | No change |
| AUTL Autolus Therapeutics PLC | 0.27% | 425,616 | $970K | Reduce -27.4% |
| IPSC Century Therapeutics Inc. | 0.27% | 1,704,232 | $952K | No change |
| NGNE Neurogene Inc. | 0.21% | 51,096 | $764K | Reduce -0.8% |
| BNTX Biontech SE-ADR | 0.21% | 7,000 | $745K | Reduce -33.3% |
| PYPD Polypid Ltd. | 0.21% | 207,900 | $734K | Reduce -28.6% |
| KRRO Korro Bio Inc. | 0.20% | 57,691 | $721K | Add +22.5% |
| CGEN Compugen Ltd. | 0.14% | 272,402 | $485K | No change |
| AQST Aquestive Therapeutics Inc. | 0.13% | 142,000 | $470K | No change |
| BCYC Bicycle Therapeutics PLC-ADR | 0.13% | 64,492 | $448K | Reduce -20.2% |
| ERAS Erasca Inc. | 0.12% | 350,000 | $445K | Add +2.9% |
| ACET Adicet Bio Inc. | 0.09% | 540,000 | $329K | Reduce -10.0% |
| ADCT Adc Therapeutics SA | 0.09% | 122,081 | $327K | Reduce -45.5% |
| STRO Sutro Biopharma Inc. Com SHS | 0.09% | 437,079 | $312K | No change |
| NKTR Nektar Therapeutics | 0.07% | 10,000 | $258K | New |
| APRE Aprea Therapeutics Inc. | 0.06% | 137,174 | $232K | No change |
| BIOMX INC | 0.05% | 401,136 | $181K | No change |
| PRCT Procept Biorobotics Corp. | 0.05% | 3,000 | $173K | New |
| IFRX Inflarx NV | 0.04% | 200,000 | $158K | Reduce -55.6% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $5.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 4,000,000 | $5.0M | No change |
Total filed on the 13F, all lines: $362.3M.
Portfolio Sells Q1 2025 → Q2 2025
| BCRX Biocryst Pharmaceuticals Inc. | Reduce -60.9% | 0.55% | −0.66 |
| KALV Kalvista Pharmaceuticals Inc. | Reduce -22.7% | 1.84% | −0.65 |
| TSVT 2SEVENTY Bio Inc. | Sold out | 0.00% | −0.61 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -0.2% | 1.43% | −0.50 |
| RGLS Regulus Therapeutics Inc. | Sold out | 0.00% | −0.43 |
| SPRY Ars Pharmaceuticals Inc. | Sold out | 0.00% | −0.34 |
| LCTX Lineage Cell Therapeutics Inc. | Sold out | 0.00% | −0.33 |
| SAGE Sage Therapeutics Inc. | Sold out | 0.00% | −0.25 |
| URGN Urogen Pharma Ltd. | Reduce -29.0% | 1.34% | −0.23 |
| TSHA Taysha Gene Therapies Inc. | Sold out | 0.00% | −0.21 |
| CRDF Cardiff Oncology Inc. | Sold out | 0.00% | −0.14 |
| ASND Ascendis Pharma A/S | Reduce -9.6% | 3.51% | −0.09 |
| IFRX Inflarx NV | Reduce -55.6% | 0.04% | −0.09 |
| BCYC Bicycle Therapeutics PLC-ADR | Reduce -20.2% | 0.13% | −0.07 |
| BNTX Biontech SE-ADR | Reduce -33.3% | 0.21% | −0.07 |
| NVRO Nevro LLC | Sold out | 0.00% | −0.06 |
| ACET Adicet Bio Inc. | Reduce -10.0% | 0.09% | −0.04 |
| PODD Insulet Corp. | Reduce -16.8% | 0.87% | −0.03 |
| SPRO Spero Therapeutics Inc. | Sold out | 0.00% | −0.03 |
| PYPD Polypid Ltd. | Reduce -28.6% | 0.21% | −0.02 |
| TNYA Tenaya Therapeutics Inc. | Sold out | 0.00% | −0.01 |
| ORIC Oric Pharmaceuticals Inc. | Reduce -44.1% | 0.38% | −0.00 |
| ADCT Adc Therapeutics SA | Reduce -45.5% | 0.09% | +0.00 |
| GOSS Gossamer Bio Inc. | Reduce -6.4% | 0.29% | +0.01 |
| AUTL Autolus Therapeutics PLC | Reduce -27.4% | 0.27% | +0.01 |
| ITOS Iteos Therapeutics Inc. | Reduce -34.0% | 0.39% | +0.03 |
| NGNE Neurogene Inc. | Reduce -0.8% | 0.21% | +0.04 |
| BWAY Brainsway Ltd.-ADR | Reduce -18.8% | 0.47% | +0.04 |
| FHTX Foghorn Therapeutics Inc. | Reduce -1.4% | 0.40% | +0.08 |
| NBIX Neurocrine Biosciences Inc. | Reduce -1.4% | 2.48% | +0.21 |
| MRUS Merus NV | Reduce -13.6% | 5.87% | +0.29 |
Portfolio Buys Q1 2025 → Q2 2025
| BPMC Blueprint Medicines Corp. | Add +10.8% | 6.06% | +2.18 |
| IDYA Ideaya Biosciences Inc. | Add +5.0% | 3.64% | +0.87 |
| STOK Stoke Therapeutics Inc. | Add +13.1% | 1.59% | +0.75 |
| CMPX Compass Therapeutics Inc. | New | 0.38% | +0.38 |
| RVMD Revolution Medicines Inc. | Add +3.2% | 6.97% | +0.31 |
| BDTX Black Diamond Therapeutics I | Add +236.4% | 0.33% | +0.26 |
| INGN Inogen Inc. | Add +32.2% | 1.19% | +0.25 |
| XBI SS SPDR S&P Biotech ETF | Add +2.7% | 9.65% | +0.22 |
| DNLI Denali Therapeutics Inc. | Add +31.7% | 0.66% | +0.16 |
| NKTR Nektar Therapeutics | New | 0.07% | +0.07 |
| CMPS Compass Pathways PLC | Add +14.1% | 0.64% | +0.05 |
| PRCT Procept Biorobotics Corp. | New | 0.05% | +0.05 |
| BCAX Bicara Therapeutics Inc. | Add +49.5% | 0.82% | +0.03 |
| IMVT Immunovant Inc. | Add +12.7% | 0.86% | +0.02 |
| RCUS Arcus Biosciences Inc. | Add +0.4% | 1.43% | +0.02 |
| ATXS Astria Therapeutics Inc. | Add +3.2% | 0.49% | +0.00 |
| MLYS Mineralys Therapeutics Inc. | Add +20.2% | 1.41% | −0.00 |
| ERAS Erasca Inc. | Add +2.9% | 0.12% | −0.01 |
| KRRO Korro Bio Inc. | Add +22.5% | 0.20% | −0.03 |
| ALKS Alkermes PLC | Add +10.1% | 0.83% | −0.06 |
| DAWN Day One Biopharmaceuticals I | Add +20.2% | 1.60% | −0.07 |
| XENE Xenon Pharmaceuticals Inc. | Add +5.2% | 2.52% | −0.12 |
| EWTX Edgewise Therapeutics Inc. | Add +30.0% | 0.87% | −0.28 |
| BHVN Biohaven Ltd. | Add +6.8% | 0.93% | −0.59 |
| AXGN Axogen Inc. | Add +9.0% | 2.25% | −1.37 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 88 | $524.4M | RVMD, XBI, CMPS, STXS, NKTR |
| Q1 2026 | 82 | $433.7M | RVMD, XBI, STXS, DAWN, ATRC |
| Q4 2025 | 76 | $425.1M | RVMD, XBI, STXS, ATRC, CYTK |
| Q3 2025 | 74 | $399.3M | STXS, XBI, RVMD, CYTK, ATRC |
| Q2 2025 | 75 | $357.2M | XBI, STXS, RVMD, BPMC, MRUS |
| Q1 2025 | 82 | $348.0M | XBI, STXS, RVMD, MRUS, ATRC |
| Q4 2024 | 81 | $389.0M | XBI, STXS, RVMD, ATRC, MRUS |
| Q3 2024 | 83 | $418.6M | XBI, STXS, RVMD, CYTK, MRUS |
| Q2 2024 | 82 | $414.1M | XBI, STXS, MRUS, CYTK, RVMD |
| Q1 2024 | 71 | $434.7M | XBI, STXS, CYTK, IDYA, MRUS |