Propel Bio Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Propel Bio Management, LLC reported 16 stock positions worth $82.4 million. Its top holding was Plains GP (PAGP) at 30.0% of the portfolio, followed by Achieve Life Sciences (ACHV, 16.9%) and Akero Therapeutics (AKRO, 14.8%). Compared with Q1 2025, it opened 2 new positions, sold out of 4, added to 5 and reduced 2. The biggest buy was Achieve Life Sciences (ACHV, shares +151%) and the biggest sale an exit from Madrigal Pharmaceuticals (MDGL).
- Most Recent 13F
- Q2 2026
- Location
- Los Angeles, CA
- CIK
- 0001969764
- Portfolio Value
- $82.4M (Q2 2025)
- SEC Filing
- 0000898432-25-000591 ↗ filed Aug 13, 2025
Holdings Value
Holdings 16 stocks · $82.4M
| PAGP Plains GP Holdings LP | 30.01% | 1,272,360 | $24.7M | No change |
| ACHV Achieve Life Sciences Inc. | 16.88% | 6,153,091 | $13.9M | Add +150.8% |
| AKRO Akero Therapeutics Inc. | 14.82% | 228,884 | $12.2M | No change |
| PHAT Phathom Pharmaceuticals Inc. | 10.74% | 922,927 | $8.9M | Reduce -18.7% |
| ABEO Abeona Therapeutics Inc. | 6.71% | 974,022 | $5.5M | Add +56.1% |
| APLT Applied Therapeutics Inc. | 4.26% | 11,285,420 | $3.5M | No change |
| MIST Milestone Pharmaceuticals Inc. | 4.22% | 1,791,557 | $3.5M | Add +23.4% |
| DCTH Delcath Systems Inc. | 3.73% | 226,052 | $3.1M | Add +27.3% |
| TCRX Tscan Therapeutics Inc. | 3.67% | 2,087,139 | $3.0M | No change |
| ZVRA Zevra Therapeutics Inc. | 2.48% | 231,874 | $2.0M | Add +28.9% |
| CAPR Capricor Therapeutics Inc. | 0.84% | 70,000 | $695K | New |
| MATPF Maat Pharma Saca | 0.55% | 94,181 | $452K | Reduce -43.4% |
| ATHIRA PHARMA INC | 0.55% | 1,492,792 | $451K | No change |
| EIGRQ Eiger Biopharmaceuticals Inc. | 0.51% | 146,381 | $423K | No change |
| WTS - Achieve Life Sci | 0.02% | 3,699,999 | $14K | New |
| CHINOOK THERAPEUTICS CVR | 0.00% | 79,357 | $3K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| MDGL Madrigal Pharmaceuticals Inc. | Sold out | 0.00% | −11.56 |
| RNAM Avidity Biosciences Inc. | Sold out | 0.00% | −6.12 |
| SNDX Syndax Pharmaceuticals Inc. | Sold out | 0.00% | −2.62 |
| MATPF Maat Pharma Saca | Reduce -43.4% | 0.55% | −0.66 |
| CMPX Compass Therapeutics Inc. | Sold out | 0.00% | −0.50 |
| PHAT Phathom Pharmaceuticals Inc. | Reduce -18.7% | 10.74% | +2.48 |
Portfolio Buys Q1 2025 → Q2 2025
| ACHV Achieve Life Sciences Inc. | Add +150.8% | 16.88% | +9.27 |
| ABEO Abeona Therapeutics Inc. | Add +56.1% | 6.71% | +3.26 |
| MIST Milestone Pharmaceuticals Inc. | Add +23.4% | 4.22% | +2.87 |
| DCTH Delcath Systems Inc. | Add +27.3% | 3.73% | +1.10 |
| ZVRA Zevra Therapeutics Inc. | Add +28.9% | 2.48% | +0.91 |
| CAPR Capricor Therapeutics Inc. | New | 0.84% | +0.84 |
| WTS - Achieve Life Sci | New | 0.02% | +0.02 |
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 |