Propel Bio Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Propel Bio Management, LLC reported 18 stock positions worth $86.1 million. Its top holding was Plains GP (PAGP) at 31.6% of the portfolio, followed by Madrigal Pharmaceuticals (MDGL, 11.6%) and Akero Therapeutics (AKRO, 10.8%). Compared with Q4 2024, it opened 2 new positions, sold out of 5, added to 4 and reduced 2. The biggest buy was Delcath Systems (DCTH, shares +945%) and the biggest sale an exit from Ardelyx (ARDX).
- Most Recent 13F
- Q2 2026
- Location
- Los Angeles, CA
- CIK
- 0001969764
- Portfolio Value
- $86.1M (Q1 2025)
- SEC Filing
- 0000898432-25-000357 ↗ filed May 15, 2025
Holdings Value
Holdings 18 stocks · $86.1M
| PAGP Plains GP Holdings LP | 31.57% | 1,272,360 | $27.2M | No change |
| MDGL Madrigal Pharmaceuticals Inc. | 11.56% | 30,032 | $9.9M | Reduce -30.2% |
| AKRO Akero Therapeutics Inc. | 10.76% | 228,884 | $9.3M | Reduce -33.4% |
| PHAT Phathom Pharmaceuticals Inc. | 8.27% | 1,134,927 | $7.1M | Add +14.7% |
| ACHV Achieve Life Sciences Inc. | 7.61% | 2,453,092 | $6.5M | No change |
| APLT Applied Therapeutics Inc. | 6.41% | 11,285,420 | $5.5M | Add +17.4% |
| RNAM Avidity Biosciences Inc. | 6.12% | 178,500 | $5.3M | No change |
| ABEO Abeona Therapeutics Inc. | 3.45% | 624,022 | $3.0M | No change |
| TCRX Tscan Therapeutics Inc. | 3.35% | 2,087,139 | $2.9M | No change |
| DCTH Delcath Systems Inc. | 2.63% | 177,600 | $2.3M | Add +944.7% |
| SNDX Syndax Pharmaceuticals Inc. | 2.62% | 183,259 | $2.3M | No change |
| ZVRA Zevra Therapeutics Inc. | 1.57% | 179,874 | $1.3M | No change |
| MIST Milestone Pharmaceuticals Inc. | 1.35% | 1,451,557 | $1.2M | New |
| MATPF Maat Pharma Saca | 1.21% | 166,423 | $1.0M | Add +5181.6% |
| CMPX Compass Therapeutics Inc. | 0.50% | 228,317 | $434K | New |
| ATHIRA PHARMA INC | 0.49% | 1,492,792 | $425K | No change |
| EIGRQ Eiger Biopharmaceuticals Inc. | 0.49% | 146,381 | $423K | No change |
| CHINOOK THERAPEUTICS CVR | 0.04% | 79,357 | $39K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| ARDX Ardelyx Inc. | Sold out | 0.00% | −4.79 |
| KYMR Kymera Therapeutics Inc. | Sold out | 0.00% | −2.25 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -30.2% | 11.56% | −1.63 |
| KURA Kura Oncology Inc. | Sold out | 0.00% | −1.12 |
| JSPR Jasper Therapeutics Inc. | Sold out | 0.00% | −0.42 |
| CMPS Compass Pathways PLC | Sold out | 0.00% | −0.09 |
| AKRO Akero Therapeutics Inc. | Reduce -33.4% | 10.76% | +1.27 |
Portfolio Buys Q4 2024 → Q1 2025
| DCTH Delcath Systems Inc. | Add +944.7% | 2.63% | +2.42 |
| MIST Milestone Pharmaceuticals Inc. | New | 1.35% | +1.35 |
| MATPF Maat Pharma Saca | Add +5181.6% | 1.21% | +1.18 |
| CMPX Compass Therapeutics Inc. | New | 0.50% | +0.50 |
| PHAT Phathom Pharmaceuticals Inc. | Add +14.7% | 8.27% | +0.28 |
| APLT Applied Therapeutics Inc. | Add +17.4% | 6.41% | −1.77 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 29 | $191.1M | PAGP, ACHV, CORT, PHAT, DCTH |
| Q1 2026 | 38 | $158.7M | PAGP, ACHV, PHAT, DCTH, CORT |
| Q4 2025 | 20 | $117.1M | PAGP, ACHV, PHAT, VRDN, MIST |
| Q3 2025 | 16 | $99.9M | PAGP, ACHV, AKRO, MIST, APLT |
| Q2 2025 | 16 | $82.4M | PAGP, ACHV, AKRO, PHAT, ABEO |
| Q1 2025 | 18 | $86.1M | PAGP, MDGL, AKRO, PHAT, ACHV |
| Q4 2024 | 21 | $100.7M | PAGP, MDGL, AKRO, ACHV, APLT |
| Q3 2024 | 21 | $172.4M | APLT, PAGP, PHAT, ACHV, TCRX |
| Q2 2024 | 24 | $154.2M | APLT, PAGP, TCRX, MDGL, ACHV |
| Q1 2024 | 28 | $171.8M | APLT, HIGH, TCRX, MDGL, ACHV |