Propel Bio Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Propel Bio Management, LLC reported 20 stock positions worth $117.1 million. Its top holding was Plains GP (PAGP) at 20.8% of the portfolio, followed by Achieve Life Sciences (ACHV, 16.1%) and Phathom Pharmaceuticals (PHAT, 10.5%). Compared with Q3 2025, it opened 8 new positions, sold out of 4, added to 4 and reduced 4. The biggest buy was Viridian Therapeutics (VRDN, shares +214%) and the biggest sale an exit from Akero Therapeutics (AKRO).
- Most Recent 13F
- Q2 2026
- Location
- Los Angeles, CA
- CIK
- 0001969764
- Portfolio Value
- $117.1M (Q4 2025)
- SEC Filing
- 0000898432-26-000087 ↗ filed Feb 11, 2026
Holdings Value
Holdings 20 stocks · $117.1M
| PAGP Plains GP Holdings LP | 20.79% | 1,272,360 | $24.4M | No change |
| ACHV Achieve Life Sciences Inc. | 16.07% | 3,786,425 | $18.8M | No change |
| PHAT Phathom Pharmaceuticals Inc. | 10.49% | 740,918 | $12.3M | Add +34.0% |
| VRDN Viridian Therapeutics Inc. | 7.51% | 282,531 | $8.8M | Add +213.9% |
| MIST Milestone Pharmaceuticals Inc. | 7.10% | 4,118,321 | $8.3M | Reduce -19.6% |
| KYTX Kyverna Therapeutics Inc. | 5.35% | 666,666 | $6.3M | New |
| CMPS Compass Pathways PLC | 5.08% | 861,778 | $5.9M | Add +69.0% |
| IVA Inventiva SA - ADR | 3.97% | 1,000,000 | $4.7M | New |
| DCTH Delcath Systems Inc. | 3.78% | 438,509 | $4.4M | No change |
| ABEO Abeona Therapeutics Inc. | 3.74% | 830,780 | $4.4M | Reduce -14.7% |
| CLDX Celldex Therapeutics Inc. | 3.58% | 154,300 | $4.2M | Reduce -0.5% |
| NKTR Nektar Therapeutics | 2.99% | 82,822 | $3.5M | Add +69.0% |
| OCS Oculis Holding AG | 2.95% | 172,839 | $3.5M | New |
| SABS Sab Biotherapeutics Inc. | 2.08% | 652,881 | $2.4M | New |
| RGNX Regenxbio Inc. | 1.44% | 116,896 | $1.7M | New |
| LONA Leonabio Inc. filed as ATHIRA PHARMA INC | 0.96% | 149,279 | $1.1M | No change |
| LENZ Lenz Therapeutics Inc. | 0.81% | 59,085 | $945K | New |
| AARD Aardvark Therapeutics Inc. | 0.52% | 46,408 | $609K | New |
| ZVRA Zevra Therapeutics Inc. | 0.49% | 63,683 | $571K | Reduce -72.5% |
| KLRS Kalaris Therapeutics Inc. | 0.30% | 42,053 | $355K | New |
Portfolio Sells Q3 2025 → Q4 2025
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −10.88 |
| APLT Applied Therapeutics Inc. | Sold out | 0.00% | −6.83 |
| TCRX Tscan Therapeutics Inc. | Sold out | 0.00% | −3.52 |
| MIST Milestone Pharmaceuticals Inc. | Reduce -19.6% | 7.10% | −3.16 |
| JSPR Jasper Therapeutics Inc. | Sold out | 0.00% | −2.45 |
| ZVRA Zevra Therapeutics Inc. | Reduce -72.5% | 0.49% | −1.72 |
| ABEO Abeona Therapeutics Inc. | Reduce -14.7% | 3.74% | −1.41 |
| CLDX Celldex Therapeutics Inc. | Reduce -0.5% | 3.58% | −0.44 |
Portfolio Buys Q3 2025 → Q4 2025
| VRDN Viridian Therapeutics Inc. | Add +213.9% | 7.51% | +5.56 |
| KYTX Kyverna Therapeutics Inc. | New | 5.35% | +5.35 |
| PHAT Phathom Pharmaceuticals Inc. | Add +34.0% | 10.49% | +3.98 |
| IVA Inventiva SA - ADR | New | 3.97% | +3.97 |
| OCS Oculis Holding AG | New | 2.95% | +2.95 |
| CMPS Compass Pathways PLC | Add +69.0% | 5.08% | +2.15 |
| SABS Sab Biotherapeutics Inc. | New | 2.08% | +2.08 |
| RGNX Regenxbio Inc. | New | 1.44% | +1.44 |
| LENZ Lenz Therapeutics Inc. | New | 0.81% | +0.81 |
| AARD Aardvark Therapeutics Inc. | New | 0.52% | +0.52 |
| KLRS Kalaris Therapeutics Inc. | New | 0.30% | +0.30 |
| NKTR Nektar Therapeutics | Add +69.0% | 2.99% | +0.20 |
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 |