DAFNA Capital Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), DAFNA Capital Management LLC reported 74 stock positions worth $399.3 million. Its top holding was Stereotaxis (STXS) at 10.7% of the portfolio, followed by SS SPDR S&P Biotech ETF (XBI, 10.1%) and Revolution Medicines (RVMD, 7.7%). Compared with Q2 2025, it opened 7 new positions, sold out of 8, added to 10 and reduced 24. The biggest buy was Axogen (AXGN, shares +0%) and the biggest sale an exit from Blueprint Medicines (BPMC).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0001389933
Portfolio Value
$399.3M (Q3 2025)
SEC Filing
0001389933-25-000008 ↗ filed Nov 14, 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 Q1 2025 Q2 2025: $357.2M Q2 2025 Q3 2025: $399.3M $399.3M Q3 2025 Q4 2025: $425.1M Q4 2025 Q1 2026: $433.7M Q1 2026 Q2 2026: $524.4M Q2 2026

Holdings 74 stocks · $399.3M
STXS Stereotaxis Inc. 10.65% 13,680,554 $42.5M No change
XBI SS SPDR S&P Biotech ETF 10.07% 401,505 $40.2M Reduce -3.4%
RVMD Revolution Medicines Inc. 7.69% 657,176 $30.7M Reduce -3.0%
CYTK Cytokinetics Inc. 5.44% 394,940 $21.7M Reduce -0.8%
ATRC Atricure Inc. 5.23% 592,273 $20.9M No change
MRUS Merus NV 5.20% 220,451 $20.8M Reduce -44.7%
IBB iShares Biotechnology ETF 3.71% 102,500 $14.8M No change
IDYA Ideaya Biosciences Inc. 3.68% 539,923 $14.7M Reduce -12.8%
AXGN Axogen Inc. 3.32% 742,282 $13.2M Add +0.1%
XENE Xenon Pharmaceuticals Inc. 2.89% 287,939 $11.6M No change
NBIX Neurocrine Biosciences Inc. 2.48% 70,615 $9.9M No change
RCUS Arcus Biosciences Inc. 2.14% 627,626 $8.5M No change
SNDX Syndax Pharmaceuticals Inc. 1.93% 500,702 $7.7M Reduce -7.9%
DAWN Day One Biopharmaceuticals I 1.76% 999,163 $7.0M Add +13.7%
ASND Ascendis Pharma A/S 1.65% 33,177 $6.6M Reduce -54.4%
KALV Kalvista Pharmaceuticals Inc. 1.29% 422,731 $5.1M Reduce -27.3%
BCAX Bicara Therapeutics Inc. 1.25% 317,001 $5.0M No change
INGN Inogen Inc. 1.24% 605,625 $4.9M No change
CMPS Compass Pathways PLC 1.16% 811,046 $4.6M No change
LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV 1.13% 130,175 $4.5M No change
DXCM Dexcom Inc. 1.10% 65,552 $4.4M No change
TNDM Tandem Diabetes Care Inc. 1.08% 355,208 $4.3M Add +20.7%
KURA Kura Oncology Inc. 1.03% 463,368 $4.1M No change
ALKS Alkermes PLC 1.01% 134,748 $4.0M Add +29.9%
STOK Stoke Therapeutics Inc. 1.00% 169,791 $4.0M Reduce -66.2%
SLNO Soleno Therapeutics Inc. 0.90% 53,000 $3.6M New
BHVN Biohaven Ltd. 0.88% 235,235 $3.5M No change
EWTX Edgewise Therapeutics Inc. 0.87% 213,736 $3.5M Reduce -10.3%
PRQR Proqr Therapeutics NV 0.84% 1,567,561 $3.3M No change
LRMR Larimar Therapeutics Inc. 0.83% 1,027,764 $3.3M Add +176.7%
CMPX Compass Therapeutics Inc. 0.83% 946,661 $3.3M Add +79.8%
MLYS Mineralys Therapeutics Inc. 0.79% 83,490 $3.2M Reduce -77.5%
NKTR Nektar Therapeutics 0.78% 54,998 $3.1M Add +450.0%
IMVT Immunovant Inc. 0.77% 191,493 $3.1M No change
KRRO Korro Bio Inc. 0.73% 60,804 $2.9M Add +5.4%
AQST Aquestive Therapeutics Inc. 0.72% 512,589 $2.9M Add +261.0%
DNLI Denali Therapeutics Inc. 0.61% 168,500 $2.4M No change
LXEO Lexeo Therapeutics Inc. 0.60% 358,083 $2.4M Reduce -5.3%
ALEC Alector Inc. 0.59% 798,351 $2.4M Reduce -12.6%
ATXS Astria Therapeutics Inc. 0.58% 319,775 $2.3M Reduce -1.5%
RAPP Rapport Therapeutics Inc. 0.56% 75,000 $2.2M New
TELA Tela Bio Inc. 0.54% 1,441,029 $2.1M No change
PODD Insulet Corp. 0.53% 6,870 $2.1M Reduce -30.6%
MDWD Mediwound Ltd. 0.51% 113,612 $2.0M Add +76.2%
ARAY Accuray Inc. 0.51% 1,222,358 $2.0M No change
IMTX Immatics NV 0.50% 235,000 $2.0M Reduce -4.1%
ALLO Allogene Therapeutics Inc. 0.43% 1,380,118 $1.7M No change
VKTX Viking Therapeutics Inc. 0.42% 64,516 $1.7M No change
BCRX Biocryst Pharmaceuticals Inc. 0.41% 218,255 $1.7M No change
GPCR Structure Therapeutics Inc. 0.41% 59,000 $1.7M No change
MBX MBX Biosciences Inc. 0.37% 85,000 $1.5M New
SPRY Ars Pharmaceuticals Inc. 0.35% 140,500 $1.4M New
ALGN Align Technology Inc. 0.34% 11,000 $1.4M No change
KROS Keros Therapeutics Inc. 0.32% 80,716 $1.3M Reduce -38.1%
INSP Inspire Medical Systems Inc. 0.32% 17,200 $1.3M New
ORIC Oric Pharmaceuticals Inc. 0.31% 104,671 $1.3M Reduce -22.6%
BDTX Black Diamond Therapeutics I 0.29% 307,070 $1.2M Reduce -34.8%
OBIO Orchestra Biomed Holdings Inc. 0.23% 363,636 $902K New
BWAY Brainsway Ltd.-ADR 0.21% 56,966 $858K Reduce -55.2%
IPSC Century Therapeutics Inc. 0.21% 1,704,232 $849K No change
ERAS Erasca Inc. 0.19% 350,000 $763K No change
PYPD Polypid Ltd. 0.17% 207,900 $693K No change
BNTX Biontech SE-ADR 0.17% 7,000 $690K No change
CLDX Celldex Therapeutics Inc. 0.16% 24,518 $634K New
FHTX Foghorn Therapeutics Inc. 0.16% 126,859 $620K Reduce -57.8%
URGN Urogen Pharma Ltd. 0.14% 27,515 $549K Reduce -92.1%
NGNE Neurogene Inc. 0.13% 30,375 $526K Reduce -40.5%
BCYC Bicycle Therapeutics PLC-ADR 0.13% 64,492 $499K No change
ADCT Adc Therapeutics SA 0.12% 122,081 $488K No change
CGEN Compugen Ltd. 0.10% 272,402 $400K No change
STRO Sutro Biopharma Inc. Com SHS 0.10% 437,079 $380K No change
AUTL Autolus Therapeutics PLC 0.07% 179,316 $292K Reduce -57.9%
BIOMX INC 0.05% 401,136 $211K No change
APRE Aprea Therapeutics Inc. 0.05% 137,174 $202K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $5.4M (not counted above)
SecurityClassShares / PrincipalValueChange
ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) NOTE 2.250% 4/0 · principal 4,000,000$5.4MNo change

Total filed on the 13F, all lines: $404.8M.

Portfolio Sells Q2 2025 → Q3 2025
BPMC Blueprint Medicines Corp. Sold out 0.00% −6.06
ASND Ascendis Pharma A/S Reduce -54.4% 1.65% −1.86
URGN Urogen Pharma Ltd. Reduce -92.1% 0.14% −1.20
MRUS Merus NV Reduce -44.7% 5.20% −0.67
MLYS Mineralys Therapeutics Inc. Reduce -77.5% 0.79% −0.61
STOK Stoke Therapeutics Inc. Reduce -66.2% 1.00% −0.60
KALV Kalvista Pharmaceuticals Inc. Reduce -27.3% 1.29% −0.55
ITOS Iteos Therapeutics Inc. Sold out 0.00% −0.39
PODD Insulet Corp. Reduce -30.6% 0.53% −0.34
VYNE THERAPEUTICS INC Sold out 0.00% −0.29
GOSS Gossamer Bio Inc. Sold out 0.00% −0.29
PVLA Palvella Therapeutics Inc. Sold out 0.00% −0.27
BWAY Brainsway Ltd.-ADR Reduce -55.2% 0.21% −0.25
FHTX Foghorn Therapeutics Inc. Reduce -57.8% 0.16% −0.24
AUTL Autolus Therapeutics PLC Reduce -57.9% 0.07% −0.20
KROS Keros Therapeutics Inc. Reduce -38.1% 0.32% −0.17
ACET Adicet Bio Inc. Sold out 0.00% −0.09
NGNE Neurogene Inc. Reduce -40.5% 0.13% −0.08
ORIC Oric Pharmaceuticals Inc. Reduce -22.6% 0.31% −0.07
PRCT Procept Biorobotics Corp. Sold out 0.00% −0.05
IFRX Inflarx NV Sold out 0.00% −0.04
BDTX Black Diamond Therapeutics I Reduce -34.8% 0.29% −0.04
EWTX Edgewise Therapeutics Inc. Reduce -10.3% 0.87% −0.01
IDYA Ideaya Biosciences Inc. Reduce -12.8% 3.68% +0.04
ATXS Astria Therapeutics Inc. Reduce -1.5% 0.58% +0.10
IMTX Immatics NV Reduce -4.1% 0.50% +0.13
LXEO Lexeo Therapeutics Inc. Reduce -5.3% 0.60% +0.17
ALEC Alector Inc. Reduce -12.6% 0.59% +0.23
XBI SS SPDR S&P Biotech ETF Reduce -3.4% 10.07% +0.43
SNDX Syndax Pharmaceuticals Inc. Reduce -7.9% 1.93% +0.50
RVMD Revolution Medicines Inc. Reduce -3.0% 7.69% +0.71
CYTK Cytokinetics Inc. Reduce -0.8% 5.44% +1.75

Portfolio Buys Q2 2025 → Q3 2025
AXGN Axogen Inc. Add +0.1% 3.32% +1.06
SLNO Soleno Therapeutics Inc. New 0.90% +0.90
NKTR Nektar Therapeutics Add +450.0% 0.78% +0.71
AQST Aquestive Therapeutics Inc. Add +261.0% 0.72% +0.59
RAPP Rapport Therapeutics Inc. New 0.56% +0.56
LRMR Larimar Therapeutics Inc. Add +176.7% 0.83% +0.53
KRRO Korro Bio Inc. Add +5.4% 0.73% +0.53
CMPX Compass Therapeutics Inc. Add +79.8% 0.83% +0.45
MBX MBX Biosciences Inc. New 0.37% +0.37
SPRY Ars Pharmaceuticals Inc. New 0.35% +0.35
INSP Inspire Medical Systems Inc. New 0.32% +0.32
OBIO Orchestra Biomed Holdings Inc. New 0.23% +0.23
ALKS Alkermes PLC Add +29.9% 1.01% +0.18
DAWN Day One Biopharmaceuticals I Add +13.7% 1.76% +0.16
MDWD Mediwound Ltd. Add +76.2% 0.51% +0.16
CLDX Celldex Therapeutics Inc. New 0.16% +0.16
TNDM Tandem Diabetes Care Inc. Add +20.7% 1.08% −0.46

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