Squadron Capital Management LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Squadron Capital Management LLC reported 30 stock positions worth $250.0 million . Its top holding was Relmada Therapeutics (RLMD) at 23.6% of the portfolio, followed by Cogent Biosciences (COGT, 12.1% ) and Kalvista Pharmaceuticals (KALV, 7.9% ). Compared with Q4 2025, it opened 13 new positions, sold out of 12, added to 8 and reduced 7. The biggest buy was Relmada Therapeutics (RLMD, shares +26% ) and the biggest sale Maze Therapeutics (MAZE, shares −47% ).
Location OAK BROOK, IL
CIK 0002050709
Portfolio Value $250.0M (Q1 2026) Holdings 30 stocks · $250.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 RLMD Relmada Therapeutics Inc. 8,474,571 $59.0M Add +26.5% COGT Cogent Biosciences Inc. 787,492 $30.3M Add +1.0% KALV Kalvista Pharmaceuticals Inc. 985,100 $19.8M Add +40.7% KOD Kodiak Sciences Inc. 380,000 $14.5M Add +30.3% ABVX Abivax SA-ADR 130,000 $14.5M Reduce -10.3% EWTX Edgewise Therapeutics Inc. 350,000 $11.0M No change NKTR Nektar Therapeutics 125,000 $9.0M New ANL Adlai Nortye Group Ltd. 1,265,231 $8.8M New ZNTL Zentalis Pharmaceuticals Inc. 3,631,000 $8.5M New MAZE Maze Therapeutics Inc. 257,500 $7.7M Reduce -47.5% SCYX Scynexis Inc. 7,608,695 $7.0M New RLAY Relay Therapeutics Inc. 672,500 $6.7M New CCCC C4 Therapeutics Inc. 2,250,000 $5.9M New IKT Inhibikase Therapeutics Inc. 3,500,000 $5.9M Reduce -17.2% PALI Palisade Bio Inc. 3,000,000 $5.3M Reduce -33.3% EPRX Eupraxia Pharmaceuticals Inc. 680,000 $4.9M Add +36.0% GHRS GH Research PLC 325,000 $4.6M Add +3.2% PMN Promis Neurosciences Inc. 324,977 $4.1M New LPCN Lipocine Inc. 450,000 $3.6M Reduce -15.1% IVA Inventiva SA - ADR 535,000 $3.0M Add +78.3% ALXO Alx Oncology Holdings Inc. 1,460,000 $2.9M New CNTX Context Therapeutics Inc. 1,100,000 $2.9M New NXTC Nextcure Inc. 265,000 $2.8M Add +11.8% SLGL Sol-Gel Technologies Ltd. 31,000 $2.5M New KTTA Pasithea Therapeutics Corp. 2,100,000 $1.6M No change TRAW Traws Pharma Inc. 511,714 $936K Reduce -28.3% TXMD Therapeuticsmd Inc. 420,421 $849K New SPRB Spruce Biosciences Inc. 12,200 $797K Reduce -82.6% HOWL Werewolf Therapeutics Inc. 563,535 $469K New NEUP Neuphoria Therapeutics Inc. 76,728 $312K New
Options reported separately and not counted above: KALV calls ($6.3M), KPTI puts ($4.2M), IDYA puts ($4.0M), IDYA calls ($3.5M), AVBP calls ($2.5M), RLAY calls ($1.5M), ZNTL calls ($936K).
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ MAZE Maze Therapeutics Inc. Reduce -47.5% 3.08% −5.98 TERN Terns Pharmaceuticals Inc. Sold out 0.00% −3.43 ABVX Abivax SA-ADR Reduce -10.3% 5.79% −2.93 TARS Tarsus Pharmaceuticals Inc. Sold out 0.00% −2.92 UPB Upstream Bio Inc. Sold out 0.00% −2.79 PALI Palisade Bio Inc. Reduce -33.3% 2.10% −2.62 SPRB Spruce Biosciences Inc. Reduce -82.6% 0.32% −2.40 XENE Xenon Pharmaceuticals Inc. Sold out 0.00% −2.11 DBVT DBV Technologies SA-Spon ADR Sold out 0.00% −2.05 HELP Cybin Inc. Sold out 0.00% −1.92 BLTE Belite Bio Inc. - ADR Sold out 0.00% −1.86 VTYX Ventyx Biosciences Inc. Sold out 0.00% −1.65 IKT Inhibikase Therapeutics Inc. Reduce -17.2% 2.35% −1.51 WVE Wave Life Sciences Ltd. Sold out 0.00% −1.33 CMPS Compass Pathways PLC Sold out 0.00% −1.20 AVTX Avalo Therapeutics Inc. Sold out 0.00% −1.05 LPCN Lipocine Inc. Reduce -15.1% 1.44% −0.46 CLYM Climb Bio Inc. Sold out 0.00% −0.18 TRAW Traws Pharma Inc. Reduce -28.3% 0.37% +0.01
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ RLMD Relmada Therapeutics Inc. Add +26.5% 23.60% +9.16 NKTR Nektar Therapeutics New 3.60% +3.60 ANL Adlai Nortye Group Ltd. New 3.50% +3.50 ZNTL Zentalis Pharmaceuticals Inc. New 3.40% +3.40 KALV Kalvista Pharmaceuticals Inc. Add +40.7% 7.93% +2.89 SCYX Scynexis Inc. New 2.79% +2.79 RLAY Relay Therapeutics Inc. New 2.68% +2.68 CCCC C4 Therapeutics Inc. New 2.37% +2.37 KOD Kodiak Sciences Inc. Add +30.3% 5.80% +2.16 PMN Promis Neurosciences Inc. New 1.65% +1.65 ALXO Alx Oncology Holdings Inc. New 1.17% +1.17 CNTX Context Therapeutics Inc. New 1.15% +1.15 SLGL Sol-Gel Technologies Ltd. New 0.98% +0.98 IVA Inventiva SA - ADR Add +78.3% 1.19% +0.57 TXMD Therapeuticsmd Inc. New 0.34% +0.34 EPRX Eupraxia Pharmaceuticals Inc. Add +36.0% 1.97% +0.29 HOWL Werewolf Therapeutics Inc. New 0.19% +0.19 NEUP Neuphoria Therapeutics Inc. New 0.12% +0.12 GHRS GH Research PLC Add +3.2% 1.83% +0.04 COGT Cogent Biosciences Inc. Add +1.0% 12.13% −0.24 NXTC Nextcure Inc. Add +11.8% 1.13% −0.37
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ KALV Kalvista Pharmaceuticals Inc. call New 315,000 $6.3M KPTI Karyopharm Therapeutics Inc. put New 750,000 $4.2M IDYA Ideaya Biosciences Inc. put New 120,000 $4.0M IDYA Ideaya Biosciences Inc. call New 104,300 $3.5M VERA Vera Therapeutics Inc. call Sold out 60,000 $3.0Mbefore exit AVBP Arrivent Biopharma Inc. call Reduce -67.5% 110,000 $2.5M RLAY Relay Therapeutics Inc. call New 150,000 $1.5M ZBIO Zenas Biopharma Inc. call Sold out 36,000 $1.3Mbefore exit ZNTL Zentalis Pharmaceuticals Inc. call New 400,000 $936K NTLA Intellia Therapeutics Inc. call Sold out 81,000 $728Kbefore exit
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