Sio Capital Management, LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Sio Capital Management, LLC reported 47 stock positions worth $249.1 million . Its top holding was Maximus (MMS) at 15.4% of the portfolio, followed by Disc Medicine (IRON, 6.1% ) and Globus Medical Class A (GMED, 5.8% ). Compared with Q1 2025, it opened 7 new positions, sold out of 11, added to 31 and reduced 6. The biggest buy was Maximus (MMS, shares +17% ) and the biggest sale an exit from Icon (ICLR).
Location NEW YORK, NY
CIK 0001482416
Portfolio Value $249.1M (Q2 2025) Holdings 47 stocks · $249.1M 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 Q1 2025 MMS Maximus Inc. 548,086 $38.5M Add +17.0% IRON Disc Medicine Inc. 284,787 $15.1M Add +287.4% GMED Globus Medical Inc. Class A 245,570 $14.5M Add +18.6% CNC Centene Corp. 262,500 $14.2M New MRK Merck & Co. Inc. 173,951 $13.8M Reduce -35.7% DRUG Bright Minds Biosciences Inc. 512,338 $13.4M Add +0.9% NBIX Neurocrine Biosciences Inc. 100,725 $12.7M Reduce -46.3% BMRN Biomarin Pharmaceutical Inc. 225,114 $12.4M Add +59.5% ANNX Annexon Inc. 4,095,764 $9.8M Add +20.5% SNY Sanofi-ADR 187,500 $9.1M New TYRA Tyra Biosciences Inc. 810,274 $7.8M Add +94.5% ANIP Ani Pharmaceuticals Inc. 112,923 $7.4M Add +29.4% EWTX Edgewise Therapeutics Inc. 539,730 $7.1M New AVR Anteris Technologies Global 1,839,022 $7.0M Reduce -22.4% SEPN Septerna Inc. 584,435 $6.2M Reduce -25.9% AORT Artivion Inc. 158,736 $4.9M Add +31.0% DNTH Dianthus Therapeutics Inc. 236,070 $4.4M Add +101.8% PRQR Proqr Therapeutics NV 2,075,139 $4.2M Add +1.0% PMVP PMV Pharmaceuticals Inc. 3,735,396 $4.0M No change AVNS Avanos Medical Inc. 288,849 $3.5M Add +1.0% MRUS Merus NV 62,719 $3.3M New AQST Aquestive Therapeutics Inc. 947,489 $3.1M Add +141.9% VTYX Ventyx Biosciences Inc. 1,307,964 $2.8M Reduce -49.4% MBX MBX Biosciences Inc. 241,000 $2.7M New IDYA Ideaya Biosciences Inc. 124,230 $2.6M Add +1.0% ALGS Aligos Therapeutics Inc. 335,937 $2.4M Add +85.9% VIR Vir Biotechnology Inc. 478,343 $2.4M Add +1.0% NEUROONE MED TECHNOLOGIES CO 3,523,663 $2.4M New SENS Senseonics Holdings Inc. 4,852,298 $2.3M New TVTX Travere Therapeutics Inc. 122,210 $1.8M Add +1.0% ERAS Erasca Inc. 1,369,748 $1.7M Add +1.0% ATXS Astria Therapeutics Inc. 318,256 $1.7M Add +1.0% SVRA Savara Inc. 726,851 $1.7M Add +1.0% ENTA Enanta Pharmaceuticals Inc. 178,774 $1.4M Add +1.0% TELA Tela Bio Inc. 636,300 $1.2M Add +1.0% ALEC Alector Inc. 845,531 $1.2M Add +1.0% CNTX Context Therapeutics Inc. 1,341,636 $879K Add +1.0% OVID Ovid Therapeutics Inc. 2,232,000 $736K No change MODULAR MED INC 785,824 $585K Add +211.8% FHTX Foghorn Therapeutics Inc. 122,889 $578K Add +1.0% APRE Aprea Therapeutics Inc. 279,369 $472K Add +1.0% NYXH Nyxoah SA 50,839 $380K No change AVTX Avalo Therapeutics Inc. 72,173 $360K Add +1.0% EMBC Embecta Corp. 31,169 $302K Reduce -97.2% BOLD Boundless Bio Inc. 163,679 $165K Add +1.0% NXTC Nextcure Inc. 131,300 $60K Add +1.0% TERN Terns Pharmaceuticals Inc. 10,100 $38K Add +1.0%
Options reported separately and not counted above: IDXX puts ($9.7M), INMB puts ($3.0M), ATYR puts ($6K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $32K (not counted above) Security Class Shares / Principal Value Change HUMAW Humacyte Inc.-CW27 *W EXP 08/27/202 49,998 $19K No change RCKTW Rocket Pharmaceuticals in-27 *W EXP 09/02/202 400,000 $14K No change
Total filed on the 13F, all lines: $249.2M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ ICLR Icon PLC Sold out 0.00% −10.78 ZBH Zimmer Biomet Holdings Inc. Sold out 0.00% −6.43 LH Labcorp Holdings Inc. Sold out 0.00% −5.91 TFX Teleflex Inc. Sold out 0.00% −4.51 EMBC Embecta Corp. Reduce -97.2% 0.12% −4.16 HAE Haemonetics Corp. Sold out 0.00% −2.58 TARA Protara Therapeutic Inc. Sold out 0.00% −1.95 MRK Merck & Co. Inc. Reduce -35.7% 5.53% −1.83 PRAX Praxis Precision Medicines I Sold out 0.00% −1.29 NBIX Neurocrine Biosciences Inc. Reduce -46.3% 5.08% −1.20 ETNB 89BIO Inc. Sold out 0.00% −1.10 AKRO Akero Therapeutics Inc. Sold out 0.00% −1.04 VXRT Vaxart Inc. Sold out 0.00% −0.69 IRWD Ironwood Pharmaceuticals Inc. Sold out 0.00% −0.45 AVR Anteris Technologies Global Reduce -22.4% 2.80% +0.18 VTYX Ventyx Biosciences Inc. Reduce -49.4% 1.12% +0.22 SEPN Septerna Inc. Reduce -25.9% 2.48% +1.10
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ MMS Maximus Inc. Add +17.0% 15.44% +5.77 CNC Centene Corp. New 5.72% +5.72 IRON Disc Medicine Inc. Add +287.4% 6.05% +4.95 SNY Sanofi-ADR New 3.64% +3.64 EWTX Edgewise Therapeutics Inc. New 2.84% +2.84 ANNX Annexon Inc. Add +20.5% 3.95% +1.96 BMRN Biomarin Pharmaceutical Inc. Add +59.5% 4.97% +1.95 TYRA Tyra Biosciences Inc. Add +94.5% 3.11% +1.94 MRUS Merus NV New 1.32% +1.32 GMED Globus Medical Inc. Class A Add +18.6% 5.82% +1.23 ANIP Ani Pharmaceuticals Inc. Add +29.4% 2.96% +1.19 DNTH Dianthus Therapeutics Inc. Add +101.8% 1.77% +1.12 MBX MBX Biosciences Inc. New 1.10% +1.10 AORT Artivion Inc. Add +31.0% 1.98% +1.08 NEUROONE MED TECHNOLOGIES CO New 0.96% +0.96 SENS Senseonics Holdings Inc. New 0.93% +0.93 AQST Aquestive Therapeutics Inc. Add +141.9% 1.26% +0.91 PRQR Proqr Therapeutics NV Add +1.0% 1.70% +0.87 ALGS Aligos Therapeutics Inc. Add +85.9% 0.97% +0.52 IDYA Ideaya Biosciences Inc. Add +1.0% 1.05% +0.44 TELA Tela Bio Inc. Add +1.0% 0.50% +0.26 ENTA Enanta Pharmaceuticals Inc. Add +1.0% 0.54% +0.25 AVNS Avanos Medical Inc. Add +1.0% 1.42% +0.18 ATXS Astria Therapeutics Inc. Add +1.0% 0.68% +0.17 ALEC Alector Inc. Add +1.0% 0.48% +0.16 MODULAR MED INC Add +211.8% 0.23% +0.15 ERAS Erasca Inc. Add +1.0% 0.70% +0.14 CNTX Context Therapeutics Inc. Add +1.0% 0.35% +0.11 FHTX Foghorn Therapeutics Inc. Add +1.0% 0.23% +0.10 TVTX Travere Therapeutics Inc. Add +1.0% 0.73% +0.07 SVRA Savara Inc. Add +1.0% 0.67% +0.06 VIR Vir Biotechnology Inc. Add +1.0% 0.97% +0.04 APRE Aprea Therapeutics Inc. Add +1.0% 0.19% +0.02 TERN Terns Pharmaceuticals Inc. Add +1.0% 0.02% +0.01 NXTC Nextcure Inc. Add +1.0% 0.02% +0.01 BOLD Boundless Bio Inc. Add +1.0% 0.07% −0.01 AVTX Avalo Therapeutics Inc. Add +1.0% 0.14% −0.03 DRUG Bright Minds Biosciences Inc. Add +0.9% 5.37% −0.18
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ IDXX Idexx Laboratories Inc. put New 18,000 $9.7M SLNO Soleno Therapeutics Inc. put Sold out 78,300 $5.6Mbefore exit INMB Inmune Bio Inc. put New 1,299,300 $3.0M ATYR Atyr Pharma Inc. put New 1,100 $6K
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 55 $583.5M AVR, COR, MMS, ALLO, GMED Q1 2026 71 $693.9M MMS, WAY, ICLR, COR, DNTH Q4 2025 63 $603.1M CELC, CI, SNY, MMS, ZBH Q3 2025 49 $395.1M MMS, CELC, SNY, DNTH, ALKS Q2 2025 47 $249.1M MMS, IRON, GMED, CNC, MRK Q1 2025 51 $330.2M ICLR, MMS, MRK, ZBH, NBIX Q4 2024 49 $355.3M ICLR, MMS, CI, LH, SNY Q3 2024 35 $223.1M LH, TEVA, MMS, ZBH, VXRT Q2 2024 43 $265.1M LH, TFX, ZBH, SNN, OGN Q1 2024 45 $287.0M LH, CI, GMED, MDGL, GSK