Sio Capital Management, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Sio Capital Management, LLC reported 49 stock positions worth $355.3 million. Its top holding was Icon (ICLR) at 11.5% of the portfolio, followed by Maximus (MMS, 8.0%) and Cigna (CI, 7.6%). Compared with Q3 2024, it opened 22 new positions, sold out of 8, added to 9 and reduced 5. The biggest buy was a new position in Icon (ICLR) and the biggest sale an exit from Teva Pharmaceutical-SP ADR (TEVA).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001482416
Portfolio Value
$355.3M (Q4 2024)
SEC Filing
0001214659-25-002716 ↗ filed Feb 14, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $287.0M Q1 2024 Q2 2024: $265.1M Q2 2024 Q3 2024: $223.1M Q3 2024 Q4 2024: $355.3M $355.3M Q4 2024 Q1 2025: $330.2M Q1 2025 Q2 2025: $249.1M Q2 2025 Q3 2025: $395.1M Q3 2025 Q4 2025: $603.1M Q4 2025 Q1 2026: $693.9M Q1 2026 Q2 2026: $583.5M Q2 2026

Holdings 49 stocks · $355.3M
ICLR Icon PLC 11.54% 195,500 $41.0M New
MMS Maximus Inc. 8.01% 381,423 $28.5M Add +145.8%
CI The Cigna Group 7.62% 98,003 $27.1M Add +269.8%
LH Labcorp Holdings Inc. 7.31% 113,293 $26.0M Reduce -34.6%
SNY Sanofi-ADR 5.25% 387,000 $18.7M New
ZBH Zimmer Biomet Holdings Inc. 5.20% 174,811 $18.5M Add +37.1%
DRUG Bright Minds Biosciences Inc. 4.58% 451,793 $16.3M New
AVR Anteris Technologies Global 3.72% 2,370,000 $13.2M New
ANNX Annexon Inc. 3.42% 2,367,007 $12.1M Add +65.2%
TFX Teleflex Inc. 3.34% 66,772 $11.9M Add +70.0%
VTRS Viatris Inc. 2.56% 730,000 $9.1M New
OGN Organon & Co. 2.55% 606,410 $9.0M New
VTYX Ventyx Biosciences Inc. 2.49% 4,046,797 $8.9M Add +105.2%
ANIP Ani Pharmaceuticals Inc. 2.49% 160,051 $8.8M New
EMBC Embecta Corp. 2.47% 425,574 $8.8M New
VIR Vir Biotechnology Inc. 2.18% 1,054,651 $7.7M New
VXRT Vaxart Inc. 2.15% 11,515,315 $7.6M Reduce -15.4%
TARA Protara Therapeutic Inc. 2.14% 1,437,500 $7.6M New
CRGX Cargo Therapeutics Inc. 1.92% 473,292 $6.8M Add +172.2%
NMRA Neumora Therapeutics Inc. 1.90% 636,300 $6.7M New
SEPN Septerna Inc. 1.75% 271,687 $6.2M New
PRQR Proqr Therapeutics NV 1.53% 2,054,593 $5.4M New
PMVP PMV Pharmaceuticals Inc. 1.52% 3,572,167 $5.4M Add +11.1%
IRON Disc Medicine Inc. 1.31% 73,511 $4.7M Reduce -60.9%
ATXS Astria Therapeutics Inc. 1.27% 504,887 $4.5M No change
IRWD Ironwood Pharmaceuticals Inc. 1.13% 907,783 $4.0M New
AORT Artivion Inc. 0.98% 121,178 $3.5M No change
ERAS Erasca Inc. 0.96% 1,356,186 $3.4M Reduce -38.9%
TYRA Tyra Biosciences Inc. 0.94% 240,870 $3.3M Reduce -39.9%
IDYA Ideaya Biosciences Inc. 0.89% 123,000 $3.2M No change
ACOG Alpha Cognition Inc. 0.72% 434,700 $2.6M New
QTTB Q32 Bio Inc. 0.68% 697,413 $2.4M New
TELA Tela Bio Inc. 0.54% 630,000 $1.9M New
NUVB Nuvation Bio Inc. 0.50% 668,115 $1.8M No change
CNTX Context Therapeutics Inc. 0.39% 1,328,352 $1.4M No change
ALEC Alector Inc. 0.33% 615,628 $1.2M New
ENTA Enanta Pharmaceuticals Inc. 0.29% 177,004 $1.0M No change
OVID Ovid Therapeutics Inc. 0.26% 1,000,000 $934K New
APRE Aprea Therapeutics Inc. 0.26% 276,603 $910K No change
FHTX Foghorn Therapeutics Inc. 0.16% 121,672 $574K No change
CCCC C4 Therapeutics Inc. 0.16% 155,000 $558K New
AVTX Avalo Therapeutics Inc. 0.15% 71,458 $531K No change
BOLD Boundless Bio Inc. 0.13% 162,058 $470K No change
NYXH Nyxoah SA 0.11% 50,839 $407K No change
MODULAR MED INC 0.10% 251,990 $345K Add +108.7%
MESO Mesoblast Ltd.- Spon ADR 0.06% 11,600 $230K New
NXTC Nextcure Inc. 0.03% 130,000 $100K No change
TERN Terns Pharmaceuticals Inc. 0.02% 10,000 $55K No change
SVRA Savara Inc. 0.00% 3,747 $12K New
Other holdings (2): bonds, preferreds, convertibles and warrants · $107K (not counted above)
SecurityClassShares / PrincipalValueChange
HUMAW Humacyte Inc.-CW27 *W EXP 08/27/202 49,998$92KNo change
RCKTW Rocket Pharmaceuticals in-27 *W EXP 09/02/202 400,000$15KNo change

Total filed on the 13F, all lines: $355.4M.

Portfolio Sells Q3 2024 → Q4 2024
TEVA Teva Pharmaceutical-SP ADR Sold out 0.00% −10.90
LH Labcorp Holdings Inc. Reduce -34.6% 7.31% −10.05
KVUE Kenvue Inc. Sold out 0.00% −4.92
BDSX Biodesix Inc. Sold out 0.00% −3.46
TYRA Tyra Biosciences Inc. Reduce -39.9% 0.94% −3.28
VXRT Vaxart Inc. Reduce -15.4% 2.15% −3.03
RLAY Relay Therapeutics Inc. Sold out 0.00% −3.00
IRON Disc Medicine Inc. Reduce -60.9% 1.31% −2.83
CMPS Compass Pathways PLC Sold out 0.00% −2.58
ERAS Erasca Inc. Reduce -38.9% 0.96% −1.76
XFOR X4 Pharmaceuticals Inc. Sold out 0.00% −0.39
RAPT THERAPEUTICS INC Sold out 0.00% −0.28
VSTM Verastem Inc. Sold out 0.00% −0.18

Portfolio Buys Q3 2024 → Q4 2024
ICLR Icon PLC New 11.54% +11.54
SNY Sanofi-ADR New 5.25% +5.25
DRUG Bright Minds Biosciences Inc. New 4.58% +4.58
AVR Anteris Technologies Global New 3.72% +3.72
CI The Cigna Group Add +269.8% 7.62% +3.50
VTRS Viatris Inc. New 2.56% +2.56
OGN Organon & Co. New 2.55% +2.55
ANIP Ani Pharmaceuticals Inc. New 2.49% +2.49
EMBC Embecta Corp. New 2.47% +2.47
VIR Vir Biotechnology Inc. New 2.18% +2.18
TARA Protara Therapeutic Inc. New 2.14% +2.14
NMRA Neumora Therapeutics Inc. New 1.90% +1.90
SEPN Septerna Inc. New 1.75% +1.75
MMS Maximus Inc. Add +145.8% 8.01% +1.53
PRQR Proqr Therapeutics NV New 1.53% +1.53
IRWD Ironwood Pharmaceuticals Inc. New 1.13% +1.13
ACOG Alpha Cognition Inc. New 0.72% +0.72
QTTB Q32 Bio Inc. New 0.68% +0.68
VTYX Ventyx Biosciences Inc. Add +105.2% 2.49% +0.57
TELA Tela Bio Inc. New 0.54% +0.54
CRGX Cargo Therapeutics Inc. Add +172.2% 1.92% +0.48
ALEC Alector Inc. New 0.33% +0.33
OVID Ovid Therapeutics Inc. New 0.26% +0.26
CCCC C4 Therapeutics Inc. New 0.16% +0.16
MESO Mesoblast Ltd.- Spon ADR New 0.06% +0.06
SVRA Savara Inc. New 0.00% +0.00
MODULAR MED INC Add +108.7% 0.10% −0.02
ANNX Annexon Inc. Add +65.2% 3.42% −0.39
PMVP PMV Pharmaceuticals Inc. Add +11.1% 1.52% −0.63
ZBH Zimmer Biomet Holdings Inc. Add +37.1% 5.20% −0.97
TFX Teleflex Inc. Add +70.0% 3.34% −1.01

Options Activity Q3 2024 → Q4 2024
ISRG Intuitive Surgical Inc. put Sold out 59,000 $29.0Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2024 → Q4 2024
CMXWQ Caremax-CW *W EXP 06/08/202 Sold out 12,808 $108before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 55$583.5MAVR, COR, MMS, ALLO, GMED
Q1 2026 71$693.9MMMS, WAY, ICLR, COR, DNTH
Q4 2025 63$603.1MCELC, CI, SNY, MMS, ZBH
Q3 2025 49$395.1MMMS, CELC, SNY, DNTH, ALKS
Q2 2025 47$249.1MMMS, IRON, GMED, CNC, MRK
Q1 2025 51$330.2MICLR, MMS, MRK, ZBH, NBIX
Q4 2024 49$355.3MICLR, MMS, CI, LH, SNY
Q3 2024 35$223.1MLH, TEVA, MMS, ZBH, VXRT
Q2 2024 43$265.1MLH, TFX, ZBH, SNN, OGN
Q1 2024 45$287.0MLH, CI, GMED, MDGL, GSK