DAFNA Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), DAFNA Capital Management LLC reported 76 stock positions worth $425.1 million. Its top holding was Revolution Medicines (RVMD) at 11.3% of the portfolio, followed by SS SPDR S&P Biotech ETF (XBI, 9.7%) and Stereotaxis (STXS, 7.4%). Compared with Q3 2025, it opened 12 new positions, sold out of 10, added to 16 and reduced 29. The biggest buy was Biohaven (BHVN, shares +306%) and the biggest sale an exit from Merus (MRUS).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001389933
- Portfolio Value
- $425.1M (Q4 2025)
- SEC Filing
- 0001389933-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 76 stocks · $425.1M
| RVMD Revolution Medicines Inc. | 11.33% | 604,514 | $48.1M | Reduce -8.0% |
| XBI SS SPDR S&P Biotech ETF | 9.65% | 336,505 | $41.0M | Reduce -16.2% |
| STXS Stereotaxis Inc. | 7.40% | 13,680,554 | $31.5M | No change |
| ATRC Atricure Inc. | 5.56% | 597,431 | $23.6M | Add +0.9% |
| CYTK Cytokinetics Inc. | 5.55% | 370,997 | $23.6M | Reduce -6.1% |
| IDYA Ideaya Biosciences Inc. | 4.12% | 506,740 | $17.5M | Reduce -6.2% |
| AXGN Axogen Inc. | 3.67% | 476,826 | $15.6M | Reduce -35.8% |
| XENE Xenon Pharmaceuticals Inc. | 3.04% | 287,939 | $12.9M | No change |
| IBB iShares Biotechnology ETF | 2.70% | 68,095 | $11.5M | Reduce -33.6% |
| BHVN Biohaven Ltd. | 2.54% | 955,235 | $10.8M | Add +306.1% |
| RCUS Arcus Biosciences Inc. | 2.42% | 431,329 | $10.3M | Reduce -31.3% |
| NBIX Neurocrine Biosciences Inc. | 2.36% | 70,615 | $10.0M | No change |
| DAWN Day One Biopharmaceuticals I | 2.19% | 999,163 | $9.3M | No change |
| TNDM Tandem Diabetes Care Inc. | 1.84% | 355,208 | $7.8M | No change |
| ASND Ascendis Pharma A/S | 1.41% | 28,177 | $6.0M | Reduce -15.1% |
| DXCM Dexcom Inc. | 1.38% | 88,279 | $5.9M | Add +34.7% |
| SNDX Syndax Pharmaceuticals Inc. | 1.37% | 277,855 | $5.8M | Reduce -44.5% |
| KALV Kalvista Pharmaceuticals Inc. | 1.36% | 356,802 | $5.8M | Reduce -15.6% |
| CMPS Compass Pathways PLC | 1.32% | 811,046 | $5.6M | No change |
| INGN Inogen Inc. | 1.31% | 827,071 | $5.6M | Add +36.6% |
| DNLI Denali Therapeutics Inc. | 1.24% | 318,500 | $5.3M | Add +89.0% |
| MBX MBX Biosciences Inc. | 1.23% | 165,265 | $5.2M | Add +94.4% |
| BCAX Bicara Therapeutics Inc. | 1.04% | 261,583 | $4.4M | Reduce -17.5% |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 1.00% | 130,175 | $4.3M | No change |
| ATXS Astria Therapeutics Inc. | 0.94% | 304,775 | $4.0M | Reduce -4.7% |
| EWTX Edgewise Therapeutics Inc. | 0.93% | 159,736 | $4.0M | Reduce -25.3% |
| IMVT Immunovant Inc. | 0.90% | 150,524 | $3.8M | Reduce -21.4% |
| PRCT Procept Biorobotics Corp. | 0.89% | 120,000 | $3.8M | New |
| HELP Cybin Inc. | 0.88% | 455,018 | $3.7M | New |
| ALKS Alkermes PLC | 0.86% | 130,248 | $3.6M | Reduce -3.3% |
| LRMR Larimar Therapeutics Inc. | 0.84% | 939,164 | $3.6M | Reduce -8.6% |
| STOK Stoke Therapeutics Inc. | 0.81% | 108,875 | $3.5M | Reduce -35.9% |
| LXEO Lexeo Therapeutics Inc. | 0.80% | 340,859 | $3.4M | Reduce -4.8% |
| BCRX Biocryst Pharmaceuticals Inc. | 0.77% | 418,255 | $3.3M | Add +91.6% |
| NKTR Nektar Therapeutics | 0.75% | 74,998 | $3.2M | Add +36.4% |
| PRQR Proqr Therapeutics NV | 0.74% | 1,567,561 | $3.2M | No change |
| IPSC Century Therapeutics Inc. | 0.65% | 2,793,586 | $2.8M | Add +63.9% |
| IMTX Immatics NV | 0.65% | 261,138 | $2.7M | Add +11.1% |
| GPCR Structure Therapeutics Inc. | 0.61% | 37,000 | $2.6M | Reduce -37.3% |
| MPLT Maplight Therapeutics Inc. | 0.59% | 143,764 | $2.5M | New |
| ALGN Align Technology Inc. | 0.59% | 16,000 | $2.5M | Add +45.5% |
| KURA Kura Oncology Inc. | 0.58% | 235,868 | $2.5M | Reduce -49.1% |
| AQST Aquestive Therapeutics Inc. | 0.57% | 375,915 | $2.4M | Reduce -26.7% |
| RAPP Rapport Therapeutics Inc. | 0.54% | 75,000 | $2.3M | No change |
| PROF Profound Medical Corp. | 0.53% | 285,710 | $2.2M | New |
| SPRY Ars Pharmaceuticals Inc. | 0.52% | 190,065 | $2.2M | Add +35.3% |
| MDWD Mediwound Ltd. | 0.49% | 113,612 | $2.1M | No change |
| VKTX Viking Therapeutics Inc. | 0.49% | 59,516 | $2.1M | Reduce -7.8% |
| PODD Insulet Corp. | 0.46% | 6,870 | $2.0M | No change |
| ALLO Allogene Therapeutics Inc. | 0.44% | 1,380,118 | $1.9M | No change |
| CLDX Celldex Therapeutics Inc. | 0.44% | 68,518 | $1.9M | Add +179.5% |
| TELA Tela Bio Inc. | 0.40% | 1,441,029 | $1.7M | No change |
| ENGN Engene Holdings Inc. | 0.35% | 163,645 | $1.5M | New |
| VRCA Verrica Pharmaceuticals Inc. | 0.34% | 173,451 | $1.4M | New |
| ALEC Alector Inc. | 0.33% | 908,351 | $1.4M | Add +13.8% |
| MLYS Mineralys Therapeutics Inc. | 0.33% | 38,490 | $1.4M | Reduce -53.9% |
| ANNX Annexon Inc. | 0.32% | 272,812 | $1.4M | New |
| ORIC Oric Pharmaceuticals Inc. | 0.27% | 141,045 | $1.2M | Add +34.8% |
| ARAY Accuray Inc. | 0.27% | 1,395,508 | $1.2M | Add +14.2% |
| ERAS Erasca Inc. | 0.22% | 254,436 | $947K | Reduce -27.3% |
| PYPD Polypid Ltd. | 0.21% | 207,900 | $902K | No change |
| INSP Inspire Medical Systems Inc. | 0.19% | 8,600 | $793K | Reduce -50.0% |
| ACET Adicet Bio Inc. | 0.19% | 93,812 | $790K | New |
| FHTX Foghorn Therapeutics Inc. | 0.16% | 126,859 | $685K | No change |
| BNTX Biontech SE-ADR | 0.16% | 7,000 | $666K | No change |
| NGNE Neurogene Inc. | 0.14% | 27,974 | $576K | Reduce -7.9% |
| FATE Fate Therapeutics Inc. | 0.13% | 550,000 | $540K | New |
| OBIO Orchestra Biomed Holdings Inc. | 0.12% | 126,841 | $526K | Reduce -65.1% |
| BCYC Bicycle Therapeutics PLC-ADR | 0.11% | 64,492 | $457K | No change |
| CGEN Compugen Ltd. | 0.10% | 272,402 | $417K | No change |
| KPTI Karyopharm Therapeutics Inc. | 0.09% | 51,000 | $375K | New |
| RARE Ultragenyx Pharmaceutical Inc. | 0.09% | 16,000 | $368K | New |
| AUTL Autolus Therapeutics PLC | 0.08% | 179,316 | $357K | No change |
| ADCT Adc Therapeutics SA | 0.06% | 77,081 | $272K | Reduce -36.9% |
| BWAY Brainsway Ltd.-ADR | 0.06% | 12,965 | $247K | Reduce -77.2% |
| CATX Perspective Therapeutics Inc. | 0.03% | 50,000 | $138K | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $5.5M (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 | $5.5M | No change |
Total filed on the 13F, all lines: $430.5M.
Portfolio Sells Q3 2025 → Q4 2025
| MRUS Merus NV | Sold out | 0.00% | −5.20 |
| IBB iShares Biotechnology ETF | Reduce -33.6% | 2.70% | −1.00 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −0.90 |
| CMPX Compass Therapeutics Inc. | Sold out | 0.00% | −0.83 |
| KRRO Korro Bio Inc. | Sold out | 0.00% | −0.73 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -44.5% | 1.37% | −0.56 |
| MLYS Mineralys Therapeutics Inc. | Reduce -53.9% | 0.33% | −0.46 |
| KURA Kura Oncology Inc. | Reduce -49.1% | 0.58% | −0.45 |
| XBI SS SPDR S&P Biotech ETF | Reduce -16.2% | 9.65% | −0.42 |
| KROS Keros Therapeutics Inc. | Sold out | 0.00% | −0.32 |
| BDTX Black Diamond Therapeutics I | Sold out | 0.00% | −0.29 |
| ASND Ascendis Pharma A/S | Reduce -15.1% | 1.41% | −0.24 |
| BCAX Bicara Therapeutics Inc. | Reduce -17.5% | 1.04% | −0.22 |
| STOK Stoke Therapeutics Inc. | Reduce -35.9% | 0.81% | −0.19 |
| BWAY Brainsway Ltd.-ADR | Reduce -77.2% | 0.06% | −0.16 |
| ALKS Alkermes PLC | Reduce -3.3% | 0.86% | −0.15 |
| AQST Aquestive Therapeutics Inc. | Reduce -26.7% | 0.57% | −0.15 |
| URGN Urogen Pharma Ltd. | Sold out | 0.00% | −0.14 |
| INSP Inspire Medical Systems Inc. | Reduce -50.0% | 0.19% | −0.13 |
| OBIO Orchestra Biomed Holdings Inc. | Reduce -65.1% | 0.12% | −0.10 |
| STRO Sutro Biopharma Inc. Com SHS | Sold out | 0.00% | −0.10 |
| ADCT Adc Therapeutics SA | Reduce -36.9% | 0.06% | −0.06 |
| BIOMX INC | Sold out | 0.00% | −0.05 |
| APRE Aprea Therapeutics Inc. | Sold out | 0.00% | −0.05 |
| NGNE Neurogene Inc. | Reduce -7.9% | 0.14% | +0.00 |
| LRMR Larimar Therapeutics Inc. | Reduce -8.6% | 0.84% | +0.01 |
| ERAS Erasca Inc. | Reduce -27.3% | 0.22% | +0.03 |
| EWTX Edgewise Therapeutics Inc. | Reduce -25.3% | 0.93% | +0.06 |
| KALV Kalvista Pharmaceuticals Inc. | Reduce -15.6% | 1.36% | +0.07 |
| VKTX Viking Therapeutics Inc. | Reduce -7.8% | 0.49% | +0.07 |
| CYTK Cytokinetics Inc. | Reduce -6.1% | 5.55% | +0.11 |
| IMVT Immunovant Inc. | Reduce -21.4% | 0.90% | +0.13 |
| GPCR Structure Therapeutics Inc. | Reduce -37.3% | 0.61% | +0.19 |
| LXEO Lexeo Therapeutics Inc. | Reduce -4.8% | 0.80% | +0.20 |
| RCUS Arcus Biosciences Inc. | Reduce -31.3% | 2.42% | +0.28 |
| ATXS Astria Therapeutics Inc. | Reduce -4.7% | 0.94% | +0.36 |
| AXGN Axogen Inc. | Reduce -35.8% | 3.67% | +0.36 |
| IDYA Ideaya Biosciences Inc. | Reduce -6.2% | 4.12% | +0.44 |
| RVMD Revolution Medicines Inc. | Reduce -8.0% | 11.33% | +3.64 |
Portfolio Buys Q3 2025 → Q4 2025
| BHVN Biohaven Ltd. | Add +306.1% | 2.54% | +1.65 |
| PRCT Procept Biorobotics Corp. | New | 0.89% | +0.89 |
| HELP Cybin Inc. | New | 0.88% | +0.88 |
| MBX MBX Biosciences Inc. | Add +94.4% | 1.23% | +0.85 |
| DNLI Denali Therapeutics Inc. | Add +89.0% | 1.24% | +0.62 |
| MPLT Maplight Therapeutics Inc. | New | 0.59% | +0.59 |
| PROF Profound Medical Corp. | New | 0.53% | +0.53 |
| IPSC Century Therapeutics Inc. | Add +63.9% | 0.65% | +0.44 |
| BCRX Biocryst Pharmaceuticals Inc. | Add +91.6% | 0.77% | +0.35 |
| ENGN Engene Holdings Inc. | New | 0.35% | +0.35 |
| VRCA Verrica Pharmaceuticals Inc. | New | 0.34% | +0.34 |
| ATRC Atricure Inc. | Add +0.9% | 5.56% | +0.33 |
| ANNX Annexon Inc. | New | 0.32% | +0.32 |
| CLDX Celldex Therapeutics Inc. | Add +179.5% | 0.44% | +0.28 |
| DXCM Dexcom Inc. | Add +34.7% | 1.38% | +0.27 |
| ALGN Align Technology Inc. | Add +45.5% | 0.59% | +0.24 |
| ACET Adicet Bio Inc. | New | 0.19% | +0.19 |
| SPRY Ars Pharmaceuticals Inc. | Add +35.3% | 0.52% | +0.17 |
| IMTX Immatics NV | Add +11.1% | 0.65% | +0.14 |
| FATE Fate Therapeutics Inc. | New | 0.13% | +0.13 |
| KPTI Karyopharm Therapeutics Inc. | New | 0.09% | +0.09 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 0.09% | +0.09 |
| INGN Inogen Inc. | Add +36.6% | 1.31% | +0.07 |
| CATX Perspective Therapeutics Inc. | New | 0.03% | +0.03 |
| NKTR Nektar Therapeutics | Add +36.4% | 0.75% | −0.04 |
| ORIC Oric Pharmaceuticals Inc. | Add +34.8% | 0.27% | −0.04 |
| ARAY Accuray Inc. | Add +14.2% | 0.27% | −0.24 |
| ALEC Alector Inc. | Add +13.8% | 0.33% | −0.26 |
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 |