Propel Bio Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Propel Bio Management, LLC reported 16 stock positions worth $99.9 million. Its top holding was Plains GP (PAGP) at 23.2% of the portfolio, followed by Achieve Life Sciences (ACHV, 11.9%) and Akero Therapeutics (AKRO, 10.9%). Compared with Q2 2025, it opened 5 new positions, sold out of 5, added to 2 and reduced 3. The biggest buy was Milestone Pharmaceuticals (MIST, shares +186%) and the biggest sale Achieve Life Sciences (ACHV, shares −38%).
- Most Recent 13F
- Q2 2026
- Location
- Los Angeles, CA
- CIK
- 0001969764
- Portfolio Value
- $99.9M (Q3 2025)
- SEC Filing
- 0000898432-25-000886 ↗ filed Nov 12, 2025
Holdings Value
Holdings 16 stocks · $99.9M
| PAGP Plains GP Holdings LP | 23.23% | 1,272,360 | $23.2M | No change |
| ACHV Achieve Life Sciences Inc. | 11.94% | 3,786,425 | $11.9M | Reduce -38.5% |
| AKRO Akero Therapeutics Inc. | 10.88% | 228,884 | $10.9M | No change |
| MIST Milestone Pharmaceuticals Inc. | 10.26% | 5,124,890 | $10.2M | Add +186.1% |
| APLT Applied Therapeutics Inc. | 6.83% | 11,285,420 | $6.8M | No change |
| PHAT Phathom Pharmaceuticals Inc. | 6.51% | 552,927 | $6.5M | Reduce -40.1% |
| ABEO Abeona Therapeutics Inc. | 5.15% | 974,022 | $5.1M | No change |
| DCTH Delcath Systems Inc. | 4.72% | 438,509 | $4.7M | Add +94.0% |
| CLDX Celldex Therapeutics Inc. | 4.01% | 155,000 | $4.0M | New |
| TCRX Tscan Therapeutics Inc. | 3.52% | 1,932,304 | $3.5M | Reduce -7.4% |
| CMPS Compass Pathways PLC | 2.93% | 510,000 | $2.9M | New |
| NKTR Nektar Therapeutics | 2.79% | 49,000 | $2.8M | New |
| JSPR Jasper Therapeutics Inc. | 2.45% | 1,028,806 | $2.4M | New |
| ZVRA Zevra Therapeutics Inc. | 2.21% | 231,874 | $2.2M | No change |
| VRDN Viridian Therapeutics Inc. | 1.94% | 90,000 | $1.9M | New |
| LONA Leonabio Inc. filed as ATHIRA PHARMA INC | 0.62% | 149,279 | $618K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| ACHV Achieve Life Sciences Inc. | Reduce -38.5% | 11.94% | −4.94 |
| PHAT Phathom Pharmaceuticals Inc. | Reduce -40.1% | 6.51% | −4.23 |
| CAPR Capricor Therapeutics Inc. | Sold out | 0.00% | −0.84 |
| MATPF Maat Pharma Saca | Sold out | 0.00% | −0.55 |
| EIGRQ Eiger Biopharmaceuticals Inc. | Sold out | 0.00% | −0.51 |
| TCRX Tscan Therapeutics Inc. | Reduce -7.4% | 3.52% | −0.15 |
| WTS - Achieve Life Sci | Sold out | 0.00% | −0.02 |
| CHINOOK THERAPEUTICS CVR | Sold out | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| MIST Milestone Pharmaceuticals Inc. | Add +186.1% | 10.26% | +6.04 |
| CLDX Celldex Therapeutics Inc. | New | 4.01% | +4.01 |
| CMPS Compass Pathways PLC | New | 2.93% | +2.93 |
| NKTR Nektar Therapeutics | New | 2.79% | +2.79 |
| JSPR Jasper Therapeutics Inc. | New | 2.45% | +2.45 |
| VRDN Viridian Therapeutics Inc. | New | 1.94% | +1.94 |
| DCTH Delcath Systems Inc. | Add +94.0% | 4.72% | +0.99 |
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 |