In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Rosalind Advisors, Inc. reported 29 stock positions worth $274.5 million . Its top holding was Delcath Systems (DCTH) at 12.0% of the portfolio, followed by Savara (SVRA, 7.5% ) and Fennec Pharmaceuticals (FENC, 7.3% ). Compared with Q3 2025, it opened 5 new positions, sold out of 5, added to 7 and reduced 7. The biggest buy was a new position in Replimune (REPL) and the biggest sale an exit from Rezolute (RZLT).
Location TORONTO, A6
CIK 0001622627
Portfolio Value $274.5M (Q4 2025) Holdings 29 stocks · $274.5M 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 Q3 2025 DCTH Delcath Systems Inc. 3,300,389 $33.0M No change SVRA Savara Inc. 3,403,721 $20.5M Reduce -14.9% FENC Fennec Pharmaceuticals Inc. 2,613,508 $20.1M Add +25.8% XERS Xeris Biopharma Holdings Inc. 2,111,700 $16.6M Add +17.6% VRDN Viridian Therapeutics Inc. 450,000 $14.0M Reduce -25.0% MDWD Mediwound Ltd. 749,054 $13.8M No change VSTM Verastem Inc. 1,788,475 $13.8M Reduce -7.3% REPL Replimune Group Inc. 1,410,497 $13.7M New ATYR Atyr Pharma Inc. 1,039,080 $13.6M No change HELP Cybin Inc. 1,657,540 $13.6M Add +10.5% EYPT Eyepoint Inc. 690,000 $12.6M Add +6.2% CGON CG Oncology Inc. 300,000 $12.5M No change CYTK Cytokinetics Inc. 195,045 $12.4M Reduce -51.2% XFOR X4 Pharmaceuticals Inc. 2,605,920 $10.4M Add +68.7% MIND MEDICINE MINDMED INC 750,000 $10.0M No change PROF Profound Medical Corp. 1,068,955 $8.4M Add +54.4% NSPR Inspiremd Inc. 3,905,743 $7.0M No change OCUL Ocular Therapeutix Inc. 400,000 $4.9M No change AVBP Arrivent Biopharma Inc. 215,871 $4.3M New TLPH Talphera Inc. 3,579,273 $4.1M Reduce -18.4% MYO Myomo Inc. 3,839,772 $3.5M Add +1.3% PYPD Polypid Ltd. 696,556 $3.0M Reduce -24.2% OKUR Onkure Therapeutics Inc. Class A 730,488 $2.1M New RGNT Regentis Biomaterials Ltd. 251,510 $1.7M New TRVI Trevi Therapeutics Inc. 100,000 $1.3M No change NRXS Neuraxis Inc. 286,138 $1.0M New KURA Kura Oncology Inc. 100,000 $1.0M No change GUTS Fractyl Health Inc. 385,731 $849K Reduce -92.3% BFRI Biofrontera Inc. 1,140,764 $650K No change
Options reported separately and not counted above: INVESCO QQQ TR puts ($3.0M), STATE STR SPDR S&P 500 ETF T puts ($1.9M), ANAVEX LIFE SCIENCES CORP puts ($1.9M), SPDR SERIES TRUST puts ($1.3M), ISHARES TR puts ($1.1M), ARRIVENT BIOPHARMA INC calls ($540K), VERASTEM INC calls ($160K), UNIQURE NV calls ($95K), REPLIMUNE GROUP INC calls ($12K), VIKING THERAPEUTICS INC calls ($2K), REPLIMUNE GROUP INC puts ($0), REZOLUTE INC calls ($0), and 1 more.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ RZLT Rezolute Inc. Sold out 0.00% −6.00 VRNA Verona Pharma Ltd. Sold out 0.00% −3.77 IDYA Ideaya Biosciences Inc. Sold out 0.00% −3.37 CYTK Cytokinetics Inc. Reduce -51.2% 4.52% −3.25 QURE Uniqure NV Sold out 0.00% −2.58 GUTS Fractyl Health Inc. Reduce -92.3% 0.31% −2.50 VSTM Verastem Inc. Reduce -7.3% 5.03% −0.99 ATXS Astria Therapeutics Inc. Sold out 0.00% −0.39 PYPD Polypid Ltd. Reduce -24.2% 1.10% +0.02 TLPH Talphera Inc. Reduce -18.4% 1.49% +0.10 VRDN Viridian Therapeutics Inc. Reduce -25.0% 5.10% +0.53 SVRA Savara Inc. Reduce -14.9% 7.48% +2.43
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ REPL Replimune Group Inc. New 5.00% +5.00 XFOR X4 Pharmaceuticals Inc. Add +68.7% 3.80% +1.93 PROF Profound Medical Corp. Add +54.4% 3.07% +1.87 HELP Cybin Inc. Add +10.5% 4.94% +1.82 AVBP Arrivent Biopharma Inc. New 1.58% +1.58 EYPT Eyepoint Inc. Add +6.2% 4.59% +1.32 XERS Xeris Biopharma Holdings Inc. Add +17.6% 6.04% +0.87 OKUR Onkure Therapeutics Inc. Class A New 0.77% +0.77 RGNT Regentis Biomaterials Ltd. New 0.62% +0.62 FENC Fennec Pharmaceuticals Inc. Add +25.8% 7.33% +0.46 NRXS Neuraxis Inc. New 0.38% +0.38 MYO Myomo Inc. Add +1.3% 1.27% +0.08
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ ATYR PHARMA INC put Sold out 1,570,200 $4.5Mbefore exit INVESCO QQQ TR put Add +80.0% 450,000 $3.0M STATE STR SPDR S&P 500 ETF T put Add +70.0% 510,000 $1.9M ANAVEX LIFE SCIENCES CORP put New 1,168,600 $1.9M SPDR SERIES TRUST put Reduce -9.0% 1,937,600 $1.3M ARRIVENT BIOPHARMA INC call New 107,900 $540K IDEAYA BIOSCIENCES INC call Sold out 35,900 $237Kbefore exit VERASTEM INC call Reduce -58.5% 268,600 $160K UNIQURE NV call New 100,000 $95K REPLIMUNE GROUP INC call Reduce -54.9% 230,900 $12K SCHOLAR ROCK HLDG CORP put Sold out 100,000 $10Kbefore exit VIKING THERAPEUTICS INC call New 100,000 $2K REPLIMUNE GROUP INC put New 264,700 $0 VISTAGEN THERAPEUTICS INC call New 493,400 $0
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 29 $266.2M DCTH, FENC, XERS, SVRA, VSTM Q1 2026 32 $244.1M DCTH, XERS, FENC, SVRA, PCVX Q4 2025 29 $274.5M DCTH, SVRA, FENC, XERS, VRDN Q3 2025 29 $283.0M DCTH, CYTK, FENC, VSTM, RZLT Q2 2025 29 $206.6M DCTH, FENC, CYTK, OCUL, IDYA Q1 2025 31 $205.2M DCTH, VSTM, XERS, MYO, IDYA Q4 2024 Amended 28 $185.7M DCTH, MYO, MDWD, CMRX, XERS Q3 2024 29 $150.7M DCTH, MYO, CRMD, ABEO, MDWD Q2 2024 35 $126.5M DCTH, MYO, MDWD, OPTINOSE INC, ABEO Q1 2024 31 $106.9M MYO, LYRA, MDWD, OPTINOSE INC, XERS