Squadron Capital Management LLC In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Squadron Capital Management LLC reported 34 stock positions worth $292.1 million . Its top holding was Relmada Therapeutics (RLMD) at 17.4% of the portfolio, followed by C4 Therapeutics (CCCC, 11.5% ) and Cogent Biosciences (COGT, 11.5% ). Compared with Q1 2026, it opened 16 new positions, sold out of 12, added to 9 and reduced 7. The biggest buy was C4 Therapeutics (CCCC, shares +220% ) and the biggest sale an exit from Kalvista Pharmaceuticals (KALV).
Location OAK BROOK, IL
CIK 0002050709
Portfolio Value $292.1M (Q2 2026) Holdings 34 stocks · $292.1M Holdings quarter Q2 2026 Q1 2026 Q4 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 RLMD Relmada Therapeutics Inc. 7,350,000 $50.9M Reduce -13.3% CCCC C4 Therapeutics Inc. 7,200,000 $33.6M Add +220.0% COGT Cogent Biosciences Inc. 865,000 $33.5M Add +9.8% KOD Kodiak Sciences Inc. 500,000 $19.5M Add +31.6% RLAY Relay Therapeutics Inc. 970,000 $18.1M Add +44.2% ZNTL Zentalis Pharmaceuticals Inc. 3,700,000 $17.9M Add +1.9% EWTX Edgewise Therapeutics Inc. 290,000 $11.8M Reduce -17.1% MAZE Maze Therapeutics Inc. 335,000 $10.0M Add +30.1% IVA Inventiva SA - ADR 2,435,000 $9.2M Add +355.1% ANL Adlai Nortye Group Ltd. 764,876 $8.8M Reduce -39.5% ELVN Enliven Therapeutics Inc. 160,000 $8.1M New PALI Palisade Bio Inc. 3,000,000 $6.3M No change IKT Inhibikase Therapeutics Inc. 3,000,000 $6.1M Reduce -14.3% ADAG Adagene Inc.-ADR 1,250,000 $5.3M New FBRX Forte Biosciences Inc. 225,000 $4.8M New IFRX Inflarx NV 2,000,000 $4.5M New ASMB Assembly Biosciences Inc. 160,000 $4.4M New PMN Promis Neurosciences Inc. 324,977 $4.3M No change CTNM Contineum Therapeutics Inc. Class A 260,000 $4.3M New CMPS Compass Pathways PLC 300,000 $4.2M New DFTX Definium Therapeutics Inc. 85,000 $4.0M New SLGL Sol-Gel Technologies Ltd. 52,000 $3.9M Add +67.7% BIOA Bioage Labs Inc. 155,000 $3.8M New SCYX Scynexis Inc. 756,884 $3.1M Reduce -20.4% PRQR Proqr Therapeutics NV 1,511,496 $2.8M New RZLT Rezolute Inc. 403,410 $2.1M New LPCN Lipocine Inc. 810,000 $2.1M Add +80.0% CUE Cue Biopharma Inc. 50,000 $1.6M New CALC Calcimedica Inc. 1,244,864 $1.3M New QNCX Quince Therapeutics Inc. 40,375 $734K New KTTA Pasithea Therapeutics Corp. 1,000,000 $515K Reduce -52.4% INM Inmed Pharmaceuticals Inc. 325,000 $504K New NMRA Neumora Therapeutics Inc. 100,000 $170K New NXTC Nextcure Inc. 64,464 $103K Reduce -75.7%
Options reported separately and not counted above: AVBP calls ($6.4M), BIOA calls ($6.1M), RZLT calls ($4.7M), CMPS calls ($4.3M), IRON calls ($2.2M), ZNTL calls ($2.1M), CCCC calls ($1.9M), RARE calls ($1.8M), NVCT calls ($712K).
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ KALV Kalvista Pharmaceuticals Inc. Sold out 0.00% −7.93 RLMD Relmada Therapeutics Inc. Reduce -13.3% 17.41% −6.18 ABVX Abivax SA-ADR Sold out 0.00% −5.79 NKTR Nektar Therapeutics Sold out 0.00% −3.60 EPRX Eupraxia Pharmaceuticals Inc. Sold out 0.00% −1.97 GHRS GH Research PLC Sold out 0.00% −1.83 SCYX Scynexis Inc. Reduce -20.4% 1.05% −1.74 ALXO Alx Oncology Holdings Inc. Sold out 0.00% −1.17 CNTX Context Therapeutics Inc. Sold out 0.00% −1.15 NXTC Nextcure Inc. Reduce -75.7% 0.04% −1.10 ANL Adlai Nortye Group Ltd. Reduce -39.5% 3.01% −0.49 KTTA Pasithea Therapeutics Corp. Reduce -52.4% 0.18% −0.45 EWTX Edgewise Therapeutics Inc. Reduce -17.1% 4.03% −0.38 TRAW Traws Pharma Inc. Sold out 0.00% −0.37 TXMD Therapeuticsmd Inc. Sold out 0.00% −0.34 SPRB Spruce Biosciences Inc. Sold out 0.00% −0.32 IKT Inhibikase Therapeutics Inc. Reduce -14.3% 2.08% −0.27 HOWL Werewolf Therapeutics Inc. Sold out 0.00% −0.19 NEUP Neuphoria Therapeutics Inc. Sold out 0.00% −0.12
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ CCCC C4 Therapeutics Inc. Add +220.0% 11.51% +9.14 RLAY Relay Therapeutics Inc. Add +44.2% 6.21% +3.54 ELVN Enliven Therapeutics Inc. New 2.78% +2.78 ZNTL Zentalis Pharmaceuticals Inc. Add +1.9% 6.14% +2.74 IVA Inventiva SA - ADR Add +355.1% 3.15% +1.96 ADAG Adagene Inc.-ADR New 1.80% +1.80 FBRX Forte Biosciences Inc. New 1.64% +1.64 IFRX Inflarx NV New 1.53% +1.53 ASMB Assembly Biosciences Inc. New 1.51% +1.51 CTNM Contineum Therapeutics Inc. Class A New 1.46% +1.46 CMPS Compass Pathways PLC New 1.45% +1.45 DFTX Definium Therapeutics Inc. New 1.37% +1.37 BIOA Bioage Labs Inc. New 1.30% +1.30 PRQR Proqr Therapeutics NV New 0.96% +0.96 KOD Kodiak Sciences Inc. Add +31.6% 6.67% +0.87 RZLT Rezolute Inc. New 0.72% +0.72 CUE Cue Biopharma Inc. New 0.54% +0.54 CALC Calcimedica Inc. New 0.44% +0.44 MAZE Maze Therapeutics Inc. Add +30.1% 3.42% +0.35 SLGL Sol-Gel Technologies Ltd. Add +67.7% 1.32% +0.34 QNCX Quince Therapeutics Inc. New 0.25% +0.25 INM Inmed Pharmaceuticals Inc. New 0.17% +0.17 NMRA Neumora Therapeutics Inc. New 0.06% +0.06 COGT Cogent Biosciences Inc. Add +9.8% 11.46% −0.67 LPCN Lipocine Inc. Add +80.0% 0.71% −0.73
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ AVBP Arrivent Biopharma Inc. call Add +66.4% 183,000 $6.4M KALV Kalvista Pharmaceuticals Inc. call Sold out 315,000 $6.3Mbefore exit BIOA Bioage Labs Inc. call New 250,000 $6.1M RZLT Rezolute Inc. call New 900,000 $4.7M CMPS Compass Pathways PLC call New 305,000 $4.3M KPTI Karyopharm Therapeutics Inc. put Sold out 750,000 $4.2Mbefore exit IDYA Ideaya Biosciences Inc. put Sold out 120,000 $4.0Mbefore exit IDYA Ideaya Biosciences Inc. call Sold out 104,300 $3.5Mbefore exit IRON Disc Medicine Inc. call New 30,000 $2.2M ZNTL Zentalis Pharmaceuticals Inc. call Add +6.5% 426,000 $2.1M CCCC C4 Therapeutics Inc. call New 400,000 $1.9M RARE Ultragenyx Pharmaceutical Inc. call New 55,000 $1.8M RLAY Relay Therapeutics Inc. call Sold out 150,000 $1.5Mbefore exit NVCT Nuvectis Pharma Inc. call New 38,700 $712K
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 34 $292.1M RLMD, CCCC, COGT, KOD, RLAY Q1 2026 30 $250.0M RLMD, COGT, KALV, KOD, ABVX Q4 2025 29 $224.1M RLMD, COGT, MAZE, ABVX, KALV