In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Samsara Biocapital, LLC reported 20 stock positions worth $969.2 million . Its top holding was Scholar Rock (SRRK) at 31.3% of the portfolio, followed by Mineralys Therapeutics (MLYS, 22.0% ) and Kalaris Therapeutics (KLRS, 11.3% ). Compared with Q3 2025, it opened 3 new positions, sold out of 8, added to 5 and reduced 8. The biggest buy was Scholar Rock (SRRK, shares +23% ) and the biggest sale Mineralys Therapeutics (MLYS, shares −6% ).
Location PALO ALTO, CA
CIK 0001744967
Portfolio Value $969.2M (Q4 2025) Holdings 20 stocks · $969.2M 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 SRRK Scholar Rock Holding Corp. 6,897,652 $303.8M Add +22.9% MLYS Mineralys Therapeutics Inc. 5,871,018 $213.1M Reduce -6.3% KLRS Kalaris Therapeutics Inc. 12,948,081 $109.3M Add +13.1% SEPN Septerna Inc. 3,149,128 $87.8M No change ALMS Alumis Inc. 5,756,984 $56.2M Add +19.9% NGNE Neurogene Inc. 1,717,127 $35.4M No change IVA Inventiva SA - ADR 5,194,805 $24.2M New GOSS Gossamer Bio Inc. 7,222,559 $22.4M Add +17.8% UPB Upstream Bio Inc. 736,047 $20.0M Reduce -23.5% AQST Aquestive Therapeutics Inc. 2,500,000 $16.1M No change JBIO Jade Biosciences Inc. 968,798 $14.9M Add +82.4% VTVT VTV Therapeutics Inc. Class A 298,496 $11.9M Reduce -20.3% RANI Rani Therapeutics Holdings Class A 8,500,000 $11.5M New PVLA Palvella Therapeutics Inc. 104,817 $11.0M Reduce -50.0% ABVX Abivax SA-ADR 75,442 $10.2M No change XFOR X4 Pharmaceuticals Inc. 1,960,000 $7.8M New NKTX Nkarta Inc. 3,507,666 $6.5M Reduce -6.9% ACLX Arcellx Inc. 60,873 $4.0M Reduce -25.0% STRO Sutro Biopharma Inc. 204,503 $2.4M Reduce -6.9% CTNM Contineum Therapeutics Inc. Class A 72,245 $826K Reduce -87.3%
Other holdings (1): bonds, preferreds, convertibles and warrants · $41K (not counted above) Security Class Shares / Principal Value Change NUVB.WS Nuvation Bio Inc. -CW27 *W EXP 02/10/202 124,119 $41K Reduce -6.9%
Total filed on the 13F, all lines: $969.3M.
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 ▲ MLYS Mineralys Therapeutics Inc. Reduce -6.3% 21.98% −9.03 LENZ Lenz Therapeutics Inc. Sold out 0.00% −2.09 AVDL Avadel Pharmaceuticals Ltd. Sold out 0.00% −1.35 CTNM Contineum Therapeutics Inc. Class A Reduce -87.3% 0.09% −0.79 PVLA Palvella Therapeutics Inc. Reduce -50.0% 1.13% −0.58 AURA Aura Biosciences Inc. Sold out 0.00% −0.47 ZYME Zymeworks Inc. Sold out 0.00% −0.46 ACLX Arcellx Inc. Reduce -25.0% 0.41% −0.46 SRZN Surrozen Inc. Sold out 0.00% −0.41 RYTM Rhythm Pharmaceuticals Inc. Sold out 0.00% −0.40 NKTX Nkarta Inc. Reduce -6.9% 0.67% −0.35 UPB Upstream Bio Inc. Reduce -23.5% 2.06% −0.30 TERN Terns Pharmaceuticals Inc. Sold out 0.00% −0.13 BOLT Bolt Biotherapeutics Inc. Sold out 0.00% −0.03 STRO Sutro Biopharma Inc. Reduce -6.9% 0.24% −0.01 VTVT VTV Therapeutics Inc. Class A Reduce -20.3% 1.23% +0.09
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 ▼ SRRK Scholar Rock Holding Corp. Add +22.9% 31.35% +4.06 ALMS Alumis Inc. Add +19.9% 5.80% +3.30 KLRS Kalaris Therapeutics Inc. Add +13.1% 11.28% +2.64 IVA Inventiva SA - ADR New 2.49% +2.49 RANI Rani Therapeutics Holdings Class A New 1.18% +1.18 JBIO Jade Biosciences Inc. Add +82.4% 1.54% +0.94 XFOR X4 Pharmaceuticals Inc. New 0.81% +0.81 GOSS Gossamer Bio Inc. Add +17.8% 2.31% +0.21
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ NUVB.WS Nuvation Bio Inc. -CW27 *W EXP 02/10/202 Reduce -6.9% 124,119 $41K SRZNW Surrozen Inc.-CW25 *W EXP 08/01/203 Sold out 99,999 $2Kbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 24 $1.2B SRRK, ALMS, MLYS, SEPN, ALMR Q1 2026 22 $1.0B SRRK, MLYS, ALMS, SEPN, KLRS Q4 2025 20 $969.2M SRRK, MLYS, KLRS, SEPN, ALMS Q3 2025 25 $765.9M MLYS, SRRK, KLRS, SEPN, NGNE Q2 2025 27 $488.9M SRRK, MLYS, SEPN, KLRS, NGNE Q1 2025 35 $560.8M SRRK, KLRS, MLYS, NGNE, ALMS Q4 2024 41 $728.6M SRRK, CRGX, SEPN, MLYS, NGNE Q3 2024 40 $520.3M CRGX, MLYS, SRRK, NGNE, ALMS Q2 2024 38 $477.8M CRGX, MLYS, SRRK, NGNE, ACLX Q1 2024 37 $646.3M SRRK, CRGX, MLYS, NGNE, NKTX