Octagon Capital Advisors LP In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Octagon Capital Advisors LP reported 29 stock positions worth $455.3 million . Its top holding was Dianthus Therapeutics (DNTH) at 9.6% of the portfolio, followed by Arrivent Biopharma (AVBP, 9.3% ) and Verona Pharma (VRNA, 7.0% ). Compared with Q1 2025, it opened 2 new positions, sold out of 6, added to 7 and reduced 11. The biggest buy was Verona Pharma (VRNA, shares +55% ) and the biggest sale Apellis Pharmaceuticals (APLS, shares −57% ).
Location NEW YORK, NY
CIK 0001839435
Portfolio Value $455.3M (Q2 2025) Holdings 29 stocks · $455.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 DNTH Dianthus Therapeutics Inc. 2,341,667 $43.6M No change AVBP Arrivent Biopharma Inc. 1,946,054 $42.4M Reduce -5.5% VRNA Verona Pharma Ltd. 337,000 $31.9M Add +55.1% TSHA Taysha Gene Therapies Inc. 12,592,500 $29.1M Add +17.7% SPRY Ars Pharmaceuticals Inc. 1,350,000 $23.6M Add +116.0% GOSS Gossamer Bio Inc. 18,350,000 $22.6M No change OCUL Ocular Therapeutix Inc. 2,425,000 $22.5M No change MRUS Merus NV 389,000 $20.5M Add +26.3% TRVI Trevi Therapeutics Inc. 3,672,000 $20.1M Add +10.5% COGT Cogent Biosciences Inc. 2,763,000 $19.8M No change ATYR Atyr Pharma Inc. 3,820,000 $19.4M Add +7.5% APLS Apellis Pharmaceuticals Inc. 903,500 $15.6M Reduce -56.9% NUVB Nuvation Bio Inc. 7,691,334 $15.0M Reduce -2.6% TRML Tourmaline Bio Inc. 905,000 $14.5M No change KALV Kalvista Pharmaceuticals Inc. 1,273,333 $14.4M Reduce -7.1% MIND MEDICINE MINDMED INC 2,130,000 $13.8M Reduce -29.4% CNTA Centessa Pharmaceuticals Ltd. 1,030,000 $13.5M Reduce -27.7% PHVS Pharvaris NV 672,595 $11.8M Reduce -12.6% KYMR Kymera Therapeutics Inc. 266,000 $11.6M New ABVX Abivax SA-ADR 1,267,000 $9.7M Add +3.0% DBVT DBV Technologies SA-Spon ADR 1,018,021 $9.3M New CRBP Corbus Pharmaceuticals Holdi 1,115,000 $7.7M No change MLTX Moonlake Immunotherapeutics 148,000 $7.0M Reduce -50.0% UNCY Unicycive Therapeutics Inc. 1,000,000 $4.8M No change NGNE Neurogene Inc. 303,000 $4.5M No change BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II 250,000 $2.7M No change MAZE Maze Therapeutics Inc. 177,667 $2.2M Reduce -62.0% KLRS Kalaris Therapeutics Inc. 360,000 $961K Reduce -25.2% ERAS Erasca Inc. 700,000 $889K Reduce -86.4%
Other holdings (1): bonds, preferreds, convertibles and warrants · $301K (not counted above) Security Class Shares / Principal Value Change NUVB.WS Nuvation Bio Inc. -CW27 *W EXP 02/10/202 154,112 $301K Reduce -99.4%
Total filed on the 13F, all lines: $455.6M.
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ APLS Apellis Pharmaceuticals Inc. Reduce -56.9% 3.43% −6.52 SNDX Syndax Pharmaceuticals Inc. Sold out 0.00% −2.41 SRRK Scholar Rock Holding Corp. Sold out 0.00% −2.30 VSTM Verastem Inc. Sold out 0.00% −2.25 RGLS Regulus Therapeutics Inc. Sold out 0.00% −1.76 CNTA Centessa Pharmaceuticals Ltd. Reduce -27.7% 2.97% −1.48 ERAS Erasca Inc. Reduce -86.4% 0.20% −1.33 VRDN Viridian Therapeutics Inc. Sold out 0.00% −1.32 CATX Perspective Therapeutics Inc. Sold out 0.00% −1.04 MLTX Moonlake Immunotherapeutics Reduce -50.0% 1.53% −0.98 MIND MEDICINE MINDMED INC Reduce -29.4% 3.04% −0.80 MAZE Maze Therapeutics Inc. Reduce -62.0% 0.48% −0.64 KLRS Kalaris Therapeutics Inc. Reduce -25.2% 0.21% −0.63 KALV Kalvista Pharmaceuticals Inc. Reduce -7.1% 3.16% −0.27 PHVS Pharvaris NV Reduce -12.6% 2.60% −0.03 NUVB Nuvation Bio Inc. Reduce -2.6% 3.29% +0.27 AVBP Arrivent Biopharma Inc. Reduce -5.5% 9.30% +1.03
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ VRNA Verona Pharma Ltd. Add +55.1% 7.00% +4.00 SPRY Ars Pharmaceuticals Inc. Add +116.0% 5.17% +3.46 TSHA Taysha Gene Therapies Inc. Add +17.7% 6.39% +3.16 KYMR Kymera Therapeutics Inc. New 2.55% +2.55 DBVT DBV Technologies SA-Spon ADR New 2.05% +2.05 ATYR Atyr Pharma Inc. Add +7.5% 4.25% +1.92 MRUS Merus NV Add +26.3% 4.49% +1.68 ABVX Abivax SA-ADR Add +3.0% 2.13% +0.46 TRVI Trevi Therapeutics Inc. Add +10.5% 4.41% −0.13
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ CNTA Centessa Pharmaceuticals Ltd. put Sold out 600,000 $8.6Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ NUVB.WS Nuvation Bio Inc. -CW27 *W EXP 02/10/202 Reduce -99.4% 154,112 $301K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 26 $1.1B DNTH, DFTX, ABVX, COGT, ALMS Q1 2026 29 $903.6M DNTH, COGT, ABVX, ALMS, DFTX Q4 2025 26 $798.8M ABVX, DNTH, COGT, TSHA, GOSS Q3 2025 25 $640.2M ABVX, DNTH, GOSS, COGT, AVBP Q2 2025 29 $455.3M DNTH, AVBP, VRNA, TSHA, SPRY Q1 2025 Amended 33 $460.1M APLS, DNTH, AVBP, TRVI, CNTA Q4 2024 30 $587.1M APLS, AVBP, DNTH, CNTA, VRNA Q3 2024 40 $623.9M APLS, VRNA, GPCR, DNTH, AVBP Q2 2024 44 $606.1M APLS, DNTH, GPCR, INSM, DYN Q1 2024 56 $822.6M APLS, ALPN, DNTH, VRNA, DYN